Business Summary Links By Day
Charles
Hugh Smith On The Phony "Economic Recovery," Stress and "Losing
It" Durden
3-30-12 Everyday Stress Can Shut Down the Brain's Chief Command
Center. Neural circuits
responsible for conscious self-control are highly vulnerable to even mild
stress. When they shut down, primal impulses go unchecked and mental paralysis
sets in. (Scientific American; subscription required, hopefully your local
library has a copy) This helps explain the natural "fight or flight"
response we feel when suddenly confronted with danger or potential danger, but
more importantly it illuminates how we lose the ability to analyze
circumstances rationally when we are "stressed out." Once our
rational analytic abilities are shut down, we are prone to making a series of
ill-informed and rash decisions. This has the potential to set up a destructive
positive feedback loop: the more stressed out we become, the lower the quality
of our decision-making, which then generates poor results that then stress us
out even more, further degrading our already-impaired rational processes. This
feedback loop quickly leads to "losing it completely." Doesn't
this describe our increasingly dysfunctional and disconnected-from-reality
legislative process? ,
Everything Is
Going To Be Alright? http://albertpeia.com/everythingsnotalright.htm
Is the U.S.
economy going to be okay? Well, if the only source you listened to was
the mainstream media, you would be left with the distinct impression that the U.S.
economy is heading toward a full recovery and that everything is going to be
alright. Unfortunately, that is not the case at all. The United States
is rapidly becoming poorer as a nation and less competitive in the global
marketplace. At the same time, consumer debt levels are rising, corporate
debt levels are rising, state and local government debt levels are rising and
the U.S.
government is indulging in a debt binge unlike anything the world has ever
seen. Considering the insane amount of money the U.S. government has been pumping
into the economy, we should have seen a much more robust recovery by now.
Instead, the employment statistics have barely moved and government dependence is at
an all-time high. That is really sad, because this is as good as "the
recovery" is going to get. The next major economic downturn is just
around the bend, and in future years millions of us will desperately yearn for
the "good old days" of 2012… , Dave’s Daily: http://www.etfdigest.com THE FIRST
QUARTER GETS SOME WINDOW DRESSING 3-30-12 ‘Economic data Friday was mixed and
depending on your vision or bias was spun to suit. Personal Income &
Spending was a dangerously mixed bag with income down and spending up:
(Personal Income .2% vs .4% expected & prior .3%.
Spending .8% vs .6% expected & .4% prior. Core
PCE was .1% vs .2% prior). With spending up a good
portion of this goes to food and energy excluded in the “core” PCE. Since the
“core” stuff is what the Bernank et al focus on it
will justify ongoing ZIRP and perhaps more QE. It’s all contrived and absurd frankly.Later the Chicago PMI (62.2 vs
63 expected & prior 64) also disappointed with a miss but bulls didn’t mind.Consumer Sentiment (76.2 vs
75 expected & prior 74.3) rose and beat estimates but also has a larger
stock market component than does Consumer Confidence data released previously.Bulls chose to embrace the spending side of data
and Consumer Sentiment ignoring everything else.Apple’s
(AAPL) share price declined on news that Google (GOOG) would be stepping up
efforts to compete with Apple products like iPads and
smart phones. Also much in the news
was widely disseminated story that without the company’s earnings first
quarter EPS for the S&P 500 would be flat versus up 1.50%. So despite the
heavy weighting of shares (15-20%) in many indexes, not mention hedge fund and
institutional portfolios, the stock were sold Friday. This is sector rotation
of a different kind. It may only have little to do with recent stories of
company sweat shops in China … , Mark
Grant Explains The Farce, The Hustle, And The Scam Durden 3-30-12 When
considering the financial condition of each and every country in the European
Union there are certain facts that are left out and left out on purpose.
In our opinion, the structural deformity of the European Union is, in
itself, one of the main reasons that any attempt at a fiscal or economic fix
never seems to work. Whether some proposed
firewall is $760 billion or $1.3 Trillion or $13 Trillion makes no difference
as in zero, nada, nothing and null. It is an IOU, a promise to
pay and it is not counted in any European sovereign debt numbers nor is it
counted in the figures for the European Union’s debt. It will not stop Spain
or Portugal or Italy
from asking for or needing money. This whole discussion is a head fake, a deception and a ruse
carefully plotted out for investors in one more attempt to mislead the entire
world. If you wish to be a statistic in the Greater Fool Theory be my guest but
I refuse to be apart of this unadulterated
scam. , Germany
is Now Openly Engaging In Monetary Policies Against the ECB… What’s Next?March 30, 2012 By http://gainspainscapital.com ‘While the mainstream financial media and 99%
of investors continue to believe that Germany will align itself with the EU,
we’ve been pounding the table Germany will in fact look after its own interests rather than the EU’s and
that it might in fact leave the Euro temporarily.We’ll
start with German Finance Minister Wolfgang Schauble,
who was hinting that the EU was off-track in its policies and that Germany was
focusing on a “political union” NOT a “monetary union” as far back as November
2011.Wolfgang Schauble
admits euro bail-out fund won’t halt crisisEurope’s “big
bazooka” bail-out fund is not ready and won’t stem the debt crisis that on
Tuesday pounded Italy and the European Central Bank (ECB), admitted Wolfgang Schauble, Germany’s finance minister.http://www.telegraph.co.uk/finance/financialcrisis/8924462/Wolfgang-Schauble-admits-euro-bail-out-fund-wont-halt-crisis.htmlThis
is a pretty strong admission from the finance minister of the country that Europe
looks to as a financial backstop…, Massive
$17 Trillion Hole Found In Obamacare Durden
3-30-12 Two years ago, when introducing then promptly
enacting Obamacare, the president stated that
healthcare law reform would not cost a penny over $1 trillion ($900 billion to
be precise), and that it would not add ‘one dime’ to the debt. It appears that
this estimate may have been slightly optimistic… by a factor of 1700%. Because
coincident with the recent Supreme Court debacle, in which a constitutional law
president may be about to find that his magnum
opus law is, in fact, unconstitutional, someone actually read the
whole thing cover to cover, instead of merely relying on the CBO’s, pardon Morgan Stanley and Goldman Sachs’, funding
estimates. That someone is Republican Jeff Sessions who after actually running
the numbers has uncovered that the true
long-term funding gap is a mind-boggling $17 trillion, just a
tad more than the original sub $1 trillion forecast. This latest revelation
means that total underfunded US welfare liabilities: Medicare, Medicaid and
social security now amount to $99 trillion! Add to this total US debt which in
2 months will be $16 trillion, and one can see why Japan, which is about to
breach 1 quadrillion in total debt (yen, but who's counting), may want to start
looking in the rearview mirror for up and comer competitors. And while Obama
may have been taking creative license with a number that is greater than total US GDP, he was most certainly correct when
saying that Obamacare would not add a penny to US
debt. Because the second the US government comes to market to fund a true total debt/GDP ratio of 750%, it is
game over, and the Fed will have its hands full selling Treasury puts every
waking nanosecond to have any time left for the daily 3pm stock market ramp. , This
Time Is No Different - Reflections On 1929 Optimism Durden
3-30-12 When it comes to markets, the following clip, as well
as memories of recent market collapses, highlights that it is usually brightest
just before it's pitch black. , Stocks
Odd Man Out As Every Other Asset Class Has Now Faded LTRO2 , MarketWatch Goes Full Propaganda Retard Durden
3-30-12 [ Yeah, OD on hopium
causes retardation! Pathetic! ] , Guest
Post: The Consumption Dysfunction Durden 3-30-12 The sharp
drop in the personal savings rate in the month of February, which just hit to
lowest level since January of 2008, is indicative of the problem. While
personal savings rates could be bled down further to sustain the current level
of subpar economic growth - the world today is vastly different than prior to
the last two recessions … , Another
Failed Grand Plan In Europe , European
Bailout Stigma Shifts From Banks To Sovereigns As Bundesbank
Refuses PIG Collateral , Treasuries
Crash Back To Equity's Unreality , Is The
Chinese Stock Market About To Crash? , From Enron
To Sino-Forest - Same Old Song Durden 3-30-12 Enron
--> Worldcom --> Adelphia --> Lehman -->
MF Global --> Greece
--> Sino Forest --> ????
We would rank these as some of the more notorious bankruptcies. These weren't
normal course of business bankruptcies. These were dark and deviant. They have
many similarities. Opaque and
convoluted accounting and finances are common to them all.
Whether it was Jedi for Enron, repo 105 for Lehman, or off-market swaps with
Goldman for Greece,
they all used every trick in the book to keep debt off balance sheet and to
obfuscate the risk. It is hard to watch
what is going on in Europe and not believe that Greece is just the first of many.
Countries and their banks. Countries
and their regions. Countries and EU programs. Banks and their national central banks. Banks
and the ECB. It is hard to pin down the fatal flaw, but for us it is harder to believe that there is nothing to see there
and we should happily move along. , Why
The Mega Millions Jackpot Is Nothing But Another Tax On America's Poor , Greece:
Now They’re Not Even Trying Anymore
: testosteronepit : 03/30/2012
As Monti said, "The financial aspect of the
crisis is over." For the moment. But the problems
are worse than ever., California
Slammed With Fukushima Radiation : George Washington : 03/30/2012 - 12:26 Fukushima
Radiation Plume Hit Southern and Central California , Is
Spanish Regional Debt Out Of Control? , Must
Read: Jim Grant Crucifies The Fed; Explains Why A Gold Standard Is The Best
Option Durden 3-30-12 In the not quite 100 years since
the founding of your institution, America has exchanged central banking for a
kind of central planning and the gold standard for what I will call the Ph.D.
standard. I regret the changes and will propose reforms, or, I suppose,
re-reforms, as my program is very much in accord with that of the founders of
this institution. Have you ever read the Federal Reserve Act? The authorizing
legislation projected a body “to provide for the establishment of the Federal
Reserve banks, to furnish an elastic currency, to afford means of rediscounting
commercial paper and to establish a more effective supervision of banking in the
United States,
and for other purposes.” By now can we identify the operative phrase? Of
course: “for other purposes.” As you
prepare to mark the Fed’s centenary, may I urge you to reflect on just how far
you have wandered from the intentions of the founders? The
institution they envisioned would operate passively, through the discount
window. It would not create credit but rather liquefy the existing stock of
credit by turning good-quality commercial bills into cash— temporarily. This it
would do according to the demands of the seasons and the cycle. The Fed would
respond to the community, not try to anticipate or lead it. It would not
override the price mechanism— as today’s Fed seems to do at every available
opportunity—but yield to it. , The
Insanity Of The Sarkozy Carry-Trade's Contagion Risk
In 3 Charts , Chicago
PMI Misses As Survey Respondents Warn Oil Price Shock "Tipping Point Fast
Approaching" , The Sad
Reality Of Macro Data Performance Durden 3-30-12 Presented
with little comment except to note that the next time someone uses the phrase
"...but the data is coming in strong..." please show this chart as US and European macro data prints have consistently
missed expectations for well over a month now... , Following
Greek Bond Humiliation, Europe's Biggest Equity Investor Is Slashing Its
European Exposure
Durden
3-30-12 Remember this from September
2010? "Norway,
which has amassed the world’s second-biggest sovereign wealth fund, says Greece
won’t default on its debts. “The point is,
do you expect these guys to default?” said Harvinder
Sian, senior fixed-income strategist at Royal Bank of Scotland Group Plc, in an
interview. “Norway has taken the view that they will not.
The Greek holdings are particularly interesting because the consensus in the
market is that they will at some point restructure or default.” Norway
says its long-term perspective will protect it from losses. “One could say we are investing for infinity."...
Uhm, Big Oops.
Needless to say, this stupidity was roundly mocked by Zero Hedge
at
the time. Yet we can only applaud the fact that unlike other European
investors (read primarily Italian banks) which are merely sinking ever deeper
into the quicksand by dodecatupling down on pyramid
scheme assets, the Norwegian SWF finally "plans to sharply reduce its European exposure while raising investments
in emerging markets and Asia-Pacific, the finance ministry said on Friday."
While we ridiculed their stupidity in 2010, we applaud Norway's prudence in this case, as
unlike other insolvent European entities, the
crude-rich country is not falling for the latest round of central planning
bullshit, and is finally acting as a fiduciary agent. "We're reducing our European exposure because we see
that economic development in the global economy is changing and this should
also be reflected in our investment strategy," Johnsen said. "Most
likely we'll have to sell some assets in Europe."
Remember: in game theory he who defects first, defects best. We expect to see
many more funds openly declaring they will commence dumping European assets,
all of which are buoyed 100% artificially by the ECB, and US taxpayers,
shortly. , Don't
Be (April) Fooled: New ETF Money Flows Still Bond-Bound , American
Spending Goes Into Overdrive As Savings Plunge To 2008 Levels , Visualizing
The Fed's Clogged Plumbing , The
Full Math Behind The "Expanded" European Bailout Fund , Apple’s
Earnings Are Masking Weakness in Stocks and the Economy Mar 30th, 2012
(Yahoo Finance) — [I]f it weren’t for Apple’s (AAPL) record results, fourth
quarter profit growth for the S&P 500 would go from 6.1% to 3.0%
Miscellaneous Business Headlines
Going Passive, Aggressively at The Wall Street
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06:49PM Train Reading: How to Invest $640 Mega Millions at
The Wall Street Journal 06:26PM A Record First Quarter: BAC, JPM, MSFT Lead the DOW at
Barrons.com 05:53PM Next Week's Tape: Another Solid Gain Expected In Payrolls at
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Darlings at The Wall Street Journal
05:12PM Accounting Issues Hit Groupon: 4Q
Results Revised Lower, Shares Drop 9% at The Wall Street
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The Wall Street Journal 04:47PM That's A Wrap: Stocks Register Record First Quarter at
The Wall Street Journal 04:46PM Liz Claiborne Shares Soar Amid Talks With Private-Equity
Suitors at The Wall Street Journal
04:22PM Liz Claiborne Shares Soar Amid Talks With Private-Equity
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04:19PM Two indicators on market direction at
MarketWatch 04:05PM Minyanville's T3 Weekly Recap: Market
Unable to Build on Gap Up as Historic Q1 Comes to a Close at
Minyanville 04:00PM STOCKS CLIMB AND THE QUARTER IS OVER: Here's What You Need To
Know Business Insider
03:45PM Buzz on the Street: Bulls Keep Hanging On at
Minyanville 03:35PM Spooky Stock Market Parallels To Last Two Aprils at
Forbes 03:19PM A Quarter Marked by Big Returns and Very Low Volume at
Barrons.com 03:18PM Will Stock Rally Stall? Ask Bernanke. at
The Wall Street Journal 03:13PM Big Part of Consumer Spending Paid by Uncle Sam at
The Wall Street Journal 02:55PM Will the Situation in the Stock Market, US Dollar Affect Gold?
at Minyanville
01:56PM Taking the High Out of High Yield at
The Wall Street Journal 01:51PM U.S. stock markets rise leaves many behind at
MarketWatch 01:45PM Midday Market Report: Consumer Sentiment Beats Expectations
at Minyanville
01:21PM Vivus Shares Keep Rallying; Traders
Prep for FDA Ruling at The Wall Street Journal
01:16PM ETFs for Friday's Consumer Data at
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MarketWatch 01:10PM ETFs for Friday's Consumer Data at
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ETF Trends 12:48PM InPlay:
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1409, Nasdaq Comp +4.2 hovering near midday bounce
high Briefing.com
12:43PM U.S. Economy Will Trump Europe In 2012 at
Forbes 12:42PM Will 2012 Be a Repeat of 1998? at
Forbes 12:38PM Fed Revisions Note Better Industrial Output at
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12:14PM MasterCard, Visa Shares Drift Lower After Global Payments
Breach at The Wall Street Journal
12:11PM Pros Using Options on ETFs to Hedge a
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12:06PM Pros Using Options on ETFs to Hedge a
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12:00PM U.S. stock markets rise leaves many behind at
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The Wall Street Journal 10:56AM Research in Motion: Most Analysts Not Impressed at
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10:11AM Amazon Is Not A Threat To Best Buy, Markets Overreacting,
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The Wall Street Journal 08:58AM Futures Perk Up as Bulls Rush into the Quarter's End at
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Still In Vogue at The Wall
Street Journal
AP Business
Highlights
...Yahoo Market
Update…
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{ some prior links of current interest }