The price action over the last 10 trading days has been nothing short of astonishing. From 22-Jul up until the 30 point cathartic clean out on Tuesday, we had 8 consecutive down days for spoos. Wednesday would have been the 9th, something not seen since 1978. We...
The basics of the BROMP (Boehner - Reid - Obama - McConnell - Pelosi) plan are out and spoos seem pretty happy!! Last week the market fell for this foolish idea that a debt default could actually be engineered in DC. Of course it was a scare tactic with no teeth....
Bob Barro, a highly distinguished Harvard economist, and more importantly one of my graduate macro professors at the University of Rochester back in the 80s, has always been one of the great skeptics of Keynesian economics - specifically Keynesian counter cyclical...
It appears that a US government shutdown is coming closer to reality - again. Since 1976 there have been 17 - with the 1995/96 shutdown of 21 days the longest in modern history. If on August 2nd there is no budget deal, then we should see number 18. Did financial...
It was a little over 1 year ago that Le TARP was announced. It soothed beaten European markets for a short time before its core operating facility - the EFSF - was stripped of the bulk of its advertised power to act directly in markets by a German led contingent of...
Catchy title huh? Of course I don't have the plan. But the rumor mill is swirling with possibilities - Greek haircuts, bank taxes, ECB accepting defaulted bonds, EFSF secondary buying, EFSF loans etc. etc. Expectations are high and we will need to see something fairly...
Catchy title huh? Of course I don't have the plan. But the rumor mill is swirling with possibilities - Greek haircuts, bank taxes, ECB accepting defaulted bonds, EFSF secondary buying, EFSF loans etc. etc. Expectations are high and we will need to see something fairly spectacular in today's announcement to avoid short term disappointment. Whatever […]
