Archive for the ‘Financial links of the day’ Category

The Top Ten Financial Links Of The Day

Wednesday, May 18th, 2011

Money News – Employers to see 2012 medical costs jump (boy, did NOT see that comin’!)

JS Online – Rock-Tenn Co., a cardboard and paper packaging supplier based in Georgia, will permanently close its plant on the northwest side of Milwaukee and lay off 199 workers, according to a filing with the Wisconsin Department of Workforce Development.

MunKnee – Top myths on the US debt-ceiling crisis

Bullion Bulls Canada – The silver take-down: Anatomy of a crime

The American Dream – America is rapidly bleeding wealth and jobs: 28 statistics about the gutting of the US economy

Whiskey & Gunpowder – The great myth of the inflation cure

The Market Oracle – The federal debt default tornado is coming: Prepare your storm shelter

Global Economic Analysis – Inquiring minds are digging deeper into China’s bank credit bubbles, fixed asset investment bubble, and property bubbles. Please considerCloser Look: 100 Trillion Yuan in Banking Assets on Caixin Online.

The Daily Bell -A Mises Media classic: Money, banking and the Federal Reserve

Seeking Alpha – Today’s update on new housing starts and building permits for April isn’t surprising, but it’s still not encouraging. Permits slipped 4% last month and are down by nearly 13% from a year ago. Housing starts look even worse, falling nearly 11% in April, pushing the seasonally adjusted annual rate down by 24% vs. the year-earlier number.

The Top Ten Financial Links Of The Day

Tuesday, May 17th, 2011

Business Journal - A 10 percent rate reduction in Medicaid payments could cause 5,100 jobs to be lost and reduce sales tax revenue by more than $5 million in North Texas alone, according to the Dallas-Fort Worth Hospital Council.

Baltimore Sun – Nearly 1,500 workers are in danger of losing their jobs under a reorganization plan by the Superfresh supermarket chain that would sell almost all its stores in Maryland, most of which are in the Baltimore area

Tampa Bay - Friday the 13th hit hard for 1,942 workers in the Titusville area. That’s how many employees were affected by the latest round of layoffs announced by United Space Alliance LLC, an organization that partners with NASA to run the space shuttle operation.

PC Mag -  A month after shedding 550 employees due to the shutdown of its Flip video camera line, Cisco Systems has announced more job cuts by the end of this summer to save $1 billion in annual expenses. Although Moore did not specify how many jobs would be cut, AP estimates that 4,000-5,000 of the company’s 73,400 employees, or 6 percent of the workforce, will get cut. The figure is based on the same percentage the $1 billion savings translates to against its annual expenses.

Washington Post – The Obama administration will begin to tap federal retiree programs to help fund operations after the government lost its ability Monday to borrow more money from the public, adding urgency to efforts in Washington to fashion a compromise over the debt (and yet there is no rioting in the streets? God help us all).

Economic Policy Journal – Shadow Stat misery index highest on record

Pajamas Media - Senate GOP embarrasses Dems over Boeing

Economix – Where the jobs were lost

The Market Oracle – Stock market warning signs

The Market Ticker – Obama’s birth certificate is a forgery

**Thanks to the indespensible J.M. Heinrichs for the linkie love

The Top 10 Ten Financial Links Of The Day

Tuesday, May 3rd, 2011

Dallas Business JournalCVS Caremark Corp. plans to permanently lay off 250 employees from its call center at 1300 E. Campbell Road in Richardson, according to information released today by the Texas Workforce Commission..

Investors – A tale of two recessions and two presidents

CNS News – Mainland China has decreased its holdings of U.S. Treasury securities since last October, according to a report updated today by the U.S. Treasury Department.

Washington Examiner – Gov’t can’t do anything about gas prices? Then why did this happen in 2008?

Daily Caller – Economic stody: Despite Obama’s claim, the poor are not getting poorer

FDIC – Five more banks bit the dust last Friday

The Blog Prof – Liberal elite tells those suffering from high food prices to “get a better job.”

Ol Remus – This weeks Woodpile Report is up and running

Labour Union Report – Union leaders teach union studies courses on communism, violence, industrial sabotage and frying cats

Spiegel – The rise of the right

**Thanks to J.M. Heinrichs for the linkages

The Top 10 Financial Links Of The Day

Monday, April 25th, 2011

Of Two Minds – Anatomy of a crisis: 2011

MJ Perry – Tax Rates and Share of Tax Revenues from Top 1%

WSJ – Where the tax money is

Washington Post – China’s train wreck (very much worth the read)

Streetwise Professor - It is becoming clear that Obama’s criticism of speculators was not a one-off. Instead, it is part of a broader campaign to demonize them. Today’s installment of the Two Minutes’ Hate came courtesy of the Justice Department (so tempted to use quotes around that). Eric Holder announced the formation of an Oil and Gas Price Fraud Working Group consisting of Department of Justice, the National Association of Attorneys General, the Commodity Futures Trading Commission, the Federal Trade Commission, the Department of the Treasury, the Federal Reserve Board, the Securities and Exchange Commission, as well as the Departments of Agriculture and Energy.  The Group’s charge is:

CNBC - The combination of rising gasoline prices and the steepest increase in the cost of food in a generation is threatening to push the US economy into a recession, according to Craig Johnson, president of Customer Growth Partners (so, you mean to tell me the economy isn’t still in a recession?)

Wallet Pop – 11 prices that will rise along with your gas

Reuters - The bipartisan Committee for a Responsible Federal Budget has taken a crack at deciphering President Barack Obama’s murky new budget plan, called the “Framework for Shared Prosperity and Shared Fiscal Responsibility.” And its findings are devastating:

WSJ - Members of the International Monetary Fund emerged from their huddle in Washington last weekend resolved to keep every option open to slow the flood of dollars pouring into their countries, including capital controls. That’s a dangerous game, given the need for investment to drive economic development. But it’s also increasingly typical of the world’s reaction to America’s mismanagement of the dollar and its eroding financial leadership.

International Liberty - Greetings from Argentina – An Obamaesque Land of Crony Capitalism and a Warning to America

The Top 10 Financial Links Of The Day

Wednesday, April 13th, 2011

Of Two Minds – Students: you are exploited debt-serfs

Macon - Dalton-based Shaw Industries has notified Georgia state officials that it plans to close a plant in the north Georgia town of Chatsworth, which will involve layoffs for hundreds of workers. A Tuesday letter from Shaw to the Georgia Department of Labor states that closing the facility on U.S. Highway 76 in Chatsworth will result in about 302 employees being laid off.

Financial Post – Why housing is still in a vicious downward spiral

People Daily – Data from shows that turnover in the commercial housing market in Beijing fell in March 2011.

The Market Oracle - Gold and oil will soar when the Saudi monarchy falls

Zero Hedge - Two years after Obama promised to cut the budget in half by the end of his first term (it appears he was confused by math symbols: he meant divide by half), here he is again, reading from the teleprompter, and making a bunch of senseless promises that have no chance in hell of coming true. Most notably, Obama will promise to cut $4 trillion over the next decade.  Of course since by $2020 the budget deficit will be measured in quadrillions, a $4 trillion cut out of $X quadrillion is actually perfectly feasible. Which is why we take back everything we said: Obama will absolutely come through on his promise.

Casey Research – Keeping capital in a depression

The Automatic Earth – Bill Gross: Master of monetary psy-ops

Bloomberg - More than 1,000 kilometers from Tokyo, Seoul is having its very own crisis of faith in tap water, and radiation isn’t to blame. In South Korea, the carcasses of 9.7 million cattle, pigs and poultry were buried in mass graves across the frozen countryside after outbreaks of foot-and-mouth disease and bird- flu last winter. That’s raised concerns that pollutants may enter groundwater now that the soil has thawed, said Jun Kwan Soo, a professor of environmental engineering at Yeungnam University.

Gallup – Consumer confidence plummets in March

The Top Ten Financial Links Of The Day

Tuesday, April 12th, 2011

The Washington Times - Barack Obama has some ’splaining to do about taxpayers’ profitable “investment” in General Motors. It turns out the president is imagining things.

Biorational Institute - The ultimate plan of financial self-defense for the small saver and investor

Market Watch – Cisco Systems Inc. said Tuesday it would cut 550 jobs as part of a plan to exit aspects of its consumer business.

Business JournalWells Fargo & Co. said Thursday it is cutting 1,900 mortgage jobs as home lending and refinancing slows, according to media reports.

FDIC – 3 more banks bit the dust last Friday

Yahoo Finance – American ghost towns of the 21st century

Business Spectator – This housing bubble will break Ozzy banks

Washington Examiner – This Democratic Senate and White House are clearly willing to disappoint their base on many issues. They’ve agreed to spending cuts and tax cuts for the wealthy, scrapped a public option, and continued warrantless wiretaps, indefinite detention of terrorism suspects and unnecessary wars on Arab dictators. But in last week’s budget debate we glimpsed the party’s unshakable core: dedication to the abortion lobby.

The Market Oracle – Food inflation hard times: a new normal
Zero Hedge – For anyone wondering why a hypothetical situation in which Bill Dudley met with former colleague Jan Hatzius and told him “ok, we bailed you guys out, now it’s your time to kill oil” seems all too possible in our day and age, the latest news on the economy from Gallup should make it all too clear. As of April 11, the polling agency’s Economic Confidence Index has dropped to -37: the lowest reading since August of 2010. It appears that disgust with $4+ gas (Poverty Effect for all) is more than offsetting Brian Sack’s attempt reclaim the Russell 36,000 (Wealth Effect for some). Gallup’s conclusion is absolutely spot on: ‘Global events, continued political battles about the budget in the nation’s capital, and a weak, if modestly improving job market add to consumer uncertainties. As a result, it is not surprising that consumer confidence plummets even as Wall Street continues to do well.

The Top 10 Financial Links Of The Day

Monday, April 11th, 2011

The Atlantic – The Management Myth

CNBC - The US is going down a similar road as that taken by Greece and Portugal with regard to its budget decisions, John E. Silvia, chief economist at Wells Fargo.

Pajamas Media – President Obama’s support among blacks and Hispanics has fallen to new lows according to a Gallup poll. Black support declined by 7% and among Hispanics by 11%, farther than at any point since his inauguration.

LA Times – White House fears gas prices could sink Obama

Daily Finance – Using the backyard grill this summer just became more expensive

WSJ - Even as the economy picks up steam, many of the nation’s malls and shopping centers are suffering a hangover due to changing consumer habits and the fallout from a massive building boom. Mall vacancies hit their highest level in at least 11 years in the first quarter, new figures from real-estate research company Reis Inc. showed. In the top 80 U.S. markets, the average vacancy rate was 9.1%, up from 8.7%.

MJ Perry – Two America’s: Public vs Private

Boston Herald – Liberals on the run from volutary tax

Pajamas Media – High energy pri ces ht poor, minorities hardest (and women, don’t forget about women)

One for Don Morris

**Thanks to J.M. Heinrichs for all his great links

The Top 10 Financial Links Of The Day

Monday, March 28th, 2011

Yahoo Finance – Why housing is going through a double dip

The Blog Prof - Federal judge to seniors: take Medicare or lose Social Security

Maclean’s - The CMHC: Canada’s mortgage monster

NYT – Community College vs. Student Loan Debt

Keith Hennessey – What happened to stimulus vs ?

National Review - What General Electric has in common with the guy who runs Obama’s IRS: not paying taxes. That New York Times report on G.E.’s remarkable ability to avoid paying U.S. taxes has been getting a lot of attention today, but there was one paragraph that reminded me of why I’m a flat-tax guy:

Orlando Sentinal – The Florida House delivered a major blow to public employee unions Friday, approving a bill that would ban automatic dues deduction from a government paycheck and require members to sign off on the use of their dues for political purposes.

Investors – Public pensions in the red even with rosy assumptions

Washington Examiner – Just when you think they finally get it

Marketplace – Japan’s supply chain’s missing links

**Thanks to J.M. Heinrichs for his many links

The Top 10 Financial Links Of The Day

Wednesday, March 23rd, 2011

Yahoo Finance - Is the Canada bubble set to burst?

LA Times - A new national poll finds American voters give President Obama a record low approval for his handling of the U.S. economy. With barely 19 months left until the next presidential election, fewer than 1 in 3 American voters approve of the Obama administration’s economic job.

Politico - Attempts to undermine the legitimate currency of this country are simply a unique form of domestic terrorism,” U.S. Attorney Tompkins said in announcing the verdict. “While these forms of anti-government activities do not involve violence, they are every bit as insidious and represent a clear and present danger to the economic stability of this country,” she added. “We are determined to meet these threats through infiltration, disruption and dismantling of organizations which seek to challenge the legitimacy of our democratic form of government.

Slate – Raises don’t make employees work harder.

CNBC - Sales of previously owned U.S. homes fell unexpectedly sharply in February and prices touched their lowest level in nearly nine years, implying a housing market recovery was still a long off.

Keith Hennessey – Gas tax increase or budget gimmick?

Vancouver Sun – Shaw Communications has laid off 500 people across the country, including 140 in Calgary, as part of a reorganization.

WGALThe book retailer Borders has announced plans to close its Northeast Distribution Center outside Carlisle by this summer. Company officials said the 333 employees at the facility will be offered severance packages.

Bizz Journals -  AT&T said it would achieve about $40 billion in cost cuts through its planned acquisition of T-Mobile USA from Deutsche Telekom. Those synergies will likely include thousands of job losses, The Wall Street Journal reports.

Business Insider - Last October, when everyone was jubilant about the housing “recovery,” Gary Shilling of A. Gary Shilling & Co., predicted that house prices would fall another 20%. In the five months since, house prices have resumed their decline. In his most recent research note, Gary sticks by his “20%” decline prediction.  We’ve included a summary and updated charts from his argument below.

**Thanks be to J.M. Heinrichs for his linkages

The Top 10 Financial Links Of The Day

Monday, March 21st, 2011

USA Today – US job forecast 2011

USA Today – The Labor Department said Friday that the unemployment rate rose in 351 metro areas, fell in only 16, and was unchanged in 5. That’s worse than December, when the rate fell in 207 areas and increased in 122.

Bay Citizen – San Francisco’s public-employee pension fund is in weaker shape than many people realize, according to an analysis by Stanford University Professor Joe Nation released Tuesday. It is underfunded by some $6.8 billion, Nation’s report finds.

Money Runner – Is Pbama “slow”…as in stupid?

The Examiner – Fresh from defeat in Wisconsin, union leaders are planning a new campaign not just to head off future challenges to their collective bargaining powers but also to make the case that organized labor’s benefits and prerogatives — wages, health care, and pensions that are more generous than those of comparable workers in the private sector — are the moral equivalent of rights won by black Americans during the civil rights movement.

CNBC - One would think that after the worst financial crisis since the Great Depression, Americans could at least catch a break for a while with deflationary forces keeping the cost of living relatively low. That’s not the case.

The Washington PostThe Securities and Exchange Commission is moving toward charging former and current Fannie Mae and Freddie Mac executives with violations related to the financial crisis, setting up a clash with the housing regulator that oversees the companies, according to sources familiar with the matter.
Gallup - Unemployment, as measured by Gallup without seasonal adjustment, was at 10.2% in mid-March — essentially the same as the 10.3% at the end of February but higher than the 10.0% of mid-February and the 9.8% at the end of January. The U.S. unemployment rate is about the same today as the 10.3% rate Gallup found in mid-March a year ago.
Auto Blog – Study: $5/gallon gas could overload public transit system in U.S.
National Review -  Picking Up Where ’96 Welfare Reform Left Off
**With thanks to J.M. Heinrichs for his linkiest contributions

The Top 10 Financial Links Of The Day

Thursday, March 17th, 2011

Washington Post –  Workers who have lost their jobs but are not currently looking for new ones are not counted in the Department of Labor’s much-watched unemployment rate. Economists say the longer these workers stay out of the job market, the harder it will be for them to find employment, creating a vicious cycle that can spiral for months or longer.

Hot Air – Video: Political leader who couldn’t pass a budget lectures on fiscal responsibility

Mercatus – Do We Need the 30-Year Fixed-Rate Mortgage?

A Traditional Life Lived - New Tone: Union Protesters INVADE Tennessee Senate Chambers during session

Fin Viz – Visualizing charts (much cooler than how I described it).

Weekly Standard - We have now gotten to the point — as I noted yesterday — where if national defense, interstate highways, national parks, homeland security, and all other discretionary programs somehow became absolutely free, we’d still have a budget deficit. The White House Office of Management and Budget projects that in the current fiscal year (2011), mandatory spending alone will exceed all federal receipts. So even if we didn’t spend a single cent on discretionary programs, we still wouldn’t be able to balance our budget this year — let alone pay off any of the $14 trillion in debt that we have already accumulated.

Irvine Housing – Southern California median home price falls, sales hit three-year low
The Market Oracle – Unfolding Nuclear Catastrophe in Japan, Leaking Radioactive Contamination
Zero Hedge – With the world’s attention diverted to Japan for the past week, WTI managed to drop substantially trading just above $96. Well, just as we predicted a few days ago observing the ongoing developments in Bahrain and Libya, and the imminent realization that Japan will need to boost its petrochemical imports due to drop in nuclear power output, crude spike by the most in over a week, in what was virtually a straight line touching $102/bbl and closing just below.
Of Two Minds – Anatomy of a trade
**Many thanks to J.M. Heinrichs for his linkages

The Top 10 Financial Links Of The Day

Wednesday, March 16th, 2011

Yahoo Finance – Wholesale prices rise 1.6 pct. due to biggest jump in food costs in more than 36 years

Marketplace – As highways age, the U.S. looks to renew efforts to create an infrastructure bank to lure private investors into public construction projects.

Business Insider -  Niall Ferguson spoke with CNBC this morning about the state of the global economy, the rise of China, and the chaos in the Middle East. “At best case we’re going to re-run the 1970s, only with Barack Obama instead of Jimmy Carter in the White House,” he said.

The Hill – The Obama administration and senior Republicans offered a fresh show of support for nuclear power Monday even as the crisis involving Japanese reactors deepened (**J.M. – … as the media announces its complete lack of knowledge, and its willingness to discuss it at length.)

Pajamas Media – Relax: this is not another Chernobyl or Three Mile Island, and I’ll tell you exactly why. The only thing to fear is the sensationalist reporting that has the world panicked. (UPDATE: Fuel rod fire?)

Les Jones – Normal Interest Rates Would be a Disaster for U.S. Debt

MSNBC (spit) -School districts in California have issued nearly 19,000 layoff notices so far to teachers amid uncertainty over the state budget, the California Teachers Association estimated Tuesday.

CS Monitor –  US vs Canadian home prices

Reuters – Obama housing aide to be mortgage banking lobbyist

Dr Housing Bubble – The financial psychology of negative equity – 1,880,000 California mortgage holders have no equity in their homes. California home prices will fall 15 to 25 percent in the coming years. 1 out of 3 California mortgage holders at risk of walking away or defaulting.

**With many thanks to J.M. Heinrichs for his links