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Monthly Archives: March 2012

Short Economic Stories March 31 2012

In the US: Mr. Bernanke got the week going with a speech before markets opened on Monday. His comments were interpreted as a sign that more dollar printing would be on the way (hello QE3!). Mind you, there was no explicit commitment. In so doing, Mr. Bernanke is continuing to paint the Fed into a corner and further cementing the reliance of equity markets […] Read the rest of this entry »

Short Economic Stories March 24 2012

In the US: Weekly initial unemployment claims dropped under 350,000 for the first time in four years. Good. Now if we could find jobs for the 6-7 million others that have lost jobs and fallen out of the UI system, that would be nice. The latest housing data has been a mixed bag. House prices are stabilizing, but sales volumes remain low. And this […] Read the rest of this entry »

Short Economic Stories March 17 2012

In the US: Let’s talk about the stress test results that were announced by the Fed this week. The 19 largest (systemically important) banks were tested to see how they’ll hold up if they were faced with a terrible economy. We’re told that 4 banks failed, and that Citigroup was one of them. Other than that, break out the champaign. The worst case scenario […] Read the rest of this entry »

Short Economic Stories March 10 2012

The greedometers are increasingly suggesting that we’re currently in the warm-up act a few months before a secular top in risk assets. (More in the private client letter on Wednesday.) In addition, talk about low trading volume. Wow! Watching Friday’s equity markets, you would have thought two guys were buying and selling. When only 300M S&P500 company shares have traded by 3pm, you know […] Read the rest of this entry »

Short Economic Stories March 3 2012

Bailouts spreading The US financial system was on the front line of news stories in 2008 & 2009. Since then, it has quietly repaired and rebuilt itself. More wealth, more debt, and hence more risk is now concentrated in even fewer and larger banks as a result. In the short run there was and is no other way. But eventually the mega banks will […] Read the rest of this entry »