As the Wall Street Journal reports today, the Obama administration is in a mad dash to rush out the regulatory wish list of the progressive left before leaving office. Everything from the electric industry to finance, healthcare, food, and even the labor market are in the Obama administration’s cross hairs. You might think that after almost 8 years of sub-par economic growth, starting from one of the most depressed bases in decades, that it would sink in that vast regulatory overreach creates uncertainty for business and hinders growth. You would of course be wrong. The small-business sector … [Read more...]
Do Business Cycles Die of Old Age?
At a forum yesterday, former Fed Chair Bernanke said, "There is no sense in which expansions die of old age." That might be true in Dr. Bernanke's model of the economy, but the historical record suggests otherwise. … [Read more...]
Worthy Reads: Credit Defaults set to Rise
Credit Defaults set to Rise (Financial Times) The Plan to Fortify the Grid (WSJ) Jeff Immelt Takes Bernie to School (Washington Post) A Troubling Divergence for Bulls (Marketwatch) Consumers in no Hurry to Upgrade Mobile Phones (Moneybeat) King Obama Attempts to Kill off the Anemic Growth we have (WSJ) See also Labor Department Increases burden on Job Creators (WSJ) … [Read more...]
Stocks Rarely This Expensive
The S&P Price-to-Sales ratio is back near its high for the cycle and the highest level outside of the greatest stock market bubble in history. … [Read more...]
Worthy Reads: Recession Imminent?
Recession Imminent? (CNBC) The Stock Market's Surprising New Stars (MarketWatch) They Want Your IRA (WSJ) Buy or Rent (NYTimes) More bad policy from Obama Administration (WSJ) Japan's Problems Can't be Solved with Monetary Policy (WSJ) … [Read more...]
You Will Get Crushed in These Bonds
The global bond market is broken. Years of zero interest rates and trillions spent buying everything from government bonds to corporate bonds by the world’s central banks should have made that clear long ago. The world’s monetary authorities have sucked liquidity out of global bond markets. And now we have the scourge of negative interest rates to deal with. Negative rates and a continued ramping in central bank bond buying activity has made the situation even more disturbing. Two of the world’s largest central banks have cut short-term interest rates into negative territory, igniting a … [Read more...]
Incredible Shrinking Bond Yields
0.10% is what you are paid today to lend the German government money for 10 years. It would take almost 700 years to double your money at that rate. … [Read more...]
Worthy Reads: All that Glitters is Still Gold
All that Glitters is still Gold (WSJ) 5 Investing Lessons you Can Learn From Baseball (Money) Sub-zero Interest Rates Confound (WSJ) HSBC Calls End to Manufacturing Slowdown (Business Insider) Draghi to Dominate European Corporate Bond Market (WSJ) Oil Bust Roils Calgary Housing Market (WSJ) Big Data at Domino's (Forbes) The Vancouver Housing Bubble (WSJ) Like a Broken Record, IMF Calls for More Global Stimulus (Fortune) … [Read more...]
Abenomics in Trouble
Abenomics, aka printing money and crushing interest rates, doesn't appear to be working for Abe-san any longer. The yen is soaring and inflation expectations in Japan are falling. … [Read more...]
Worthy Reads: Mutual Funds Worst Performance in Two Decades
Active Managers have Worst Performance in Two Decades (Financial Times) What $350,000 buys you in San-Fransisco) (Fortune) Are Earnings Recession Positive for Stocks? (MarketWatch) Why Fannie & Freddie Cannot be Recapitalized (Moneybeat) Wisdom Wanes for "don't fight the Fed" (Financial Times) The Monetary Petri Dish (WSJ) IMF Sees China Weighing on Global Stocks More (WSJ) … [Read more...]
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