Business Summary Links By Day
The
Federal Reserve Is Not Going To Save Us From The Great Depression That Is
Coming http://albertpeia.com/fedcantwontsaveusfromgreatdepression.htm ‘Federal
Reserve Chairman Ben Bernanke delivered his annual address to Congress on
Tuesday, and he did very little to give lawmakers much confidence about where
the U.S. economy is heading. Bernanke told members of Congress that
recent economic data points "suggest further weakness
ahead" and that the Federal Reserve is projecting that the U.S.
unemployment rate will remain at 7 percent or above all the way through the end
of 2014. Now, it is important to keep in mind that Federal Reserve
forecasts are almost always way too optimistic. The actual numbers almost
always end up being much worse than what the Fed says they will be. So if
Bernanke is saying that the U.S. unemployment rate will be 7 percent or higher
until the end of 2014, then what will the real numbers end up looking
like? During his testimony, Bernanke seemed unusually gloomy about the
direction of the U.S.
economy. He seemed resigned to the fact that there really isn't that much
more that the Federal Reserve can do…’
, The
New Depression: The Breakdown of the Paper Money Economy Jul 17th, 2012
15:10 by MK by Richard Duncan“When we broke the link between money and gold, this
removed all constraints on credit creation. This explosion of credit created
the world we live in, but it now seems that credit cannot expand any further
because the private {and importantly, public} sector is incapable of repaying
the debt it has already… , The End of the Bernanke Put is Here http://albertpeia.com/endofbernankeput.htm For well over a year, even after Ben
Bernanke admitted that the consequences of QE outweighed the benefits , Dave’s Daily: http://www.etfdigest.com
BULLS ASSUME QE3 WILL
HAPPEN 7-17-12
“We have
reached a profound point in economic history where the truth is unpalatable to
the political class – and that truth is that the scale and magnitude of the
problem is larger than their ability to respond – and it terrifies them.” Hugh
Hendry
“Given the
political realities, the Fed is the only game in town that can do anything to
bolster the economy.” Senator Schumer
Naturally bulls assume QE3 will occur because it must
politically. Members of congress made that plain today given the proximity of
the election. Although Bernanke urged congress to avoid the so-called “fiscal
cliff” that is drawing every nearer most polls brushed that off. So too did
bulls who are desperate for a rally and expect QE3 will be there for the fix
they need. End. Of. Story.Goldman
Sachs did what most companies have successfully done—lowered estimates making
“beating” these a snap. And despite earnings lower by 11% that beat
estimates—it’s the only game in town. Other companies are guiding lower like
Johnson & Johnson (JNJ) as the company’s unadjusted earnings plunged while
adjusted earnings beat expectations slightly. Coca-Cola (KO) reported earnings
that also beat. In late earnings news, Intel (INTC) reported earnings that
disappointed by initial reaction as they cut outlook and Yahoo (YHOO) shares
rose after its report.It’s interesting how, since the
court ruling on Obamacare, the healthcare sector
(XLV) has risen and done so in dramatic fashion. I guess the deal for
healthcare providers allowed for more customers and their premiums immediately rose.Economic data primarily consisted of a negligible rise
in the CPI (.2% “core”); GS Same Store Sales (.0% vs
.3% weekly & yearly 2.6% vs 3% previous);
Industrial Production rose (.4% vs.3% expected & prior -.1% while Capacity
Utilization dropped to 78.9); and, Homebuilders Confidence rose to 35 which was
this high in March 2007. We know what happened after that, eh? Anyway, closely
related REITs (IYR) continue to move higher believing real estate has bottomed
even though there aren’t much single family homes in the sector.Goldman
Sachs lowered GDP estimates to 1.2% which remains in stark contrast to Fed
forecasts of near 2%.In the eurozone things are
“quiet” although some bullish pundits have described conditions as “stable”
which for most would be a short-term transitory description. German Investor
Confidence fell to -19.6 which isn’t much in the way of “stable”.In
China
the government has decided to increase rail construction by 9% hoping this
would be stimulative. The Japanese tried the same
thing over the past 20 years with little effect…just sayin’.Meanwhile
crop conditions (JJG) continue to deteriorate throughout the growing regions
meaning you’ll be paying more for ethanol and corn flakes.Large
pension plans continue to struggle producing only meager returns. CALPERS, the
large California
public workers plan, returned only 1% for its fiscal year ending in June.
Others seem to be in the same boat making it more difficult to meet payout needs.Bonds (IEF) continue to levitate a low yields as ZIRP
continues to keep yields almost negative in the U.S.Stocks,
after a weak intra-morning sell-off on lack of Bernanke QE3 hints, rallied in
the afternoon since QE3 naysayers just don’t get it—it will be done by
September at the latest…’ , Capitalism
Versus Cronyism ZeroHedge.com Tyler Durden The sad 'this-is-how-politics-works' punchline of this brief animated clip is "those who can afford political influence get
the benefits; and those who cannot afford it suffer the consequences"
as Professor Matt Zwolinski attempts to balance the
question the common claim that 'capitalism exploits the masses for the benefit
of the few' - implicitly advocating increased government power - by suggesting
(shock, horror) that government power
may be more exploitative than free-market capitalism. In just
over two minutes, Zwolinski argues that bigger
government (thanks to cronyism among other things) makes citizens more
vulnerable to exploitation given its power to coerce - intriguing given the recent
comments by Obama. , Why Eurobonds
Are Pointless , The
Trade Off To Record Corporate Profits: Your Miserable Salary , Stocks
Drink Gold's Kool Aid Milkshake , Intel Cuts 2012
Outlook INTC missed the Q2 topline ($13.5 billion vs Exp. of
$13.54 billion), even as it met bottom-line estimates of $0.54, but it is the company's
forecast for 2012 that has caught traders off guard, because the technology
company is merely the latest one to revise its outlook for the year lower. , ZIRP
Strikes Again: Pension Under-Funding For S&P 500 Companies Hits Record The public pension and retirement 'schemes'
are in considerable trouble (as we noted here
and here)
and now, according to a recent
S&P study, private companies are at record levels of pension
under-funding. Fiscal 2011 shows that the under-funded level for S&P
500 companies' defined pensions reached an epic $354.7 billion - an increase of
over $100 billion from 2010 and surpassing the 2008 record of $308.4 billion -
and OPEB under-funding reached $223.4 billion. An aggregate $578 billion or 29.5% underfunding or the $1.96 trillion in
obligations is increasing as the rates of return are reduced
thanks to yet more unintended consequences of the Fed's ZIRP and perhaps most
worrying is there comment that "The
American dream of a golden retirement for baby boomers is quickly dissipating;
plans have been reduced and the burden shifted with future retirees needing to
save more for their retirement. For many baby-boomers it may already be too late to safely build-up assets,
outside of working longer or living more frugally in retirement." , Does
Not Compute: PFG Head Says Spent Stolen Client Money To Comply With Regulator
Demands Guest
Post: Quite Possibly The Dumbest Thing I’ve Heard An Economist Say In the eyes of our most decorated
‘scientists’, the brilliance and guile of Ingvar Kamprad,
Sam Walton, Ray Kroc, Asa Candler,
Richard Branson, Steve Jobs, and millions of others are far less important
than an effective government bureaucracy. His entire book, in fact, is an
impassioned argument for even more government control and redistribution
of wealth. Right… because it’s been working so well. These ideas are
totally absurd. Yet this what passes as science today. And because it’s
science, society simply believes it to be true.
, The
Post-World War II American Renaissance Lightning Will Not Strike Twice There have been quite a few stories comparing
the post-WWII American economic "renaissance" with expectations that
the same confluence of beneficial circumstances may repeat now, resulting in
the same benign outcome. Many of these stories touch upon the key points
debated in today's everyday politics: taxes, massive debt overhang, and the
treatment of private business. Sadly, most of these stories are also just that:
mythical representations of an idealized reality, which however have no analogy
to what actually happened in the 1950s. In other words, none of the conditions that were in
place in 1950 which allowed net US debt to decline from 80% of GDP to just 46%
in one decade, are here now. , Are
401(k) Loan Defaults Set To Resurge? As they note, many people use the
money to pay off other debt or to meet day-to-day expenses, and "Of course, participants are not deliberately
defaulting," the study said. "They only do so when they have no other
option." As unemployment rates look set to rise, one can only
imagine that these 401(k) loan losses, based on their study, are set to rise
significantly. , Peugeot,
Its Record High Default Probability, And A Brief Primer On Corporate Viability
Under Socialism , Guest
Post: How White Collar Crime Became The "Business Model" Of
Corporate/State America There are a number of cultural and governmental
impediments to prosecuting WCCs. One
of which is the corrupting influence of money to neuter regulations and to
co-opt politically appointed regulators and prosecutors. Another is perception. Wealth in our
country is equated with royalty or a high station in society, so people have a
hard time seeing the white collar criminal as the deviant that he is. People
have a hard time wanting to punish someone who looks nice, has nice clothes,
drives a nice car, lives in a good neighborhood, went to a prestigious school,
belongs to exclusive clubs, etc. vs. someone who does not have those things. If
you're poor in this country, that's almost a crime in and of itself to some
people. Conversely, rich people have all sorts of credibility, whether its deserved or not. Why should I listen to an actor about a
topic that's not related to acting? Sure, he may have some interesting things
to say, but he shouldn't be given automatic credibility on the subject and yet
many people do just that. , Sicily
Is San Bernardino: With First Italian Region On Verge Of Default, Montius Pilate Washes His Hands , Chuck
Schumer To CTRL-P "Get To Work Mr. Chairman"... For The Benefit Of My Donors
17-Jul-12
05:48PM Are Bulls Banking on Bernanke to Spook the Bears? at
Wall St. Cheat Sheet 05:39PM Wynn Resorts Earnings: Double Digit Profit Growth at
Wall St. Cheat Sheet 05:11PM Chipotle Second Quarter Earnings Sneak Peek at
Wall St. Cheat Sheet 05:06PM CSX Earnings: Profit Rises for Third Straight Quarter at
Wall St. Cheat Sheet 05:01PM Intel Earnings: Investors Lack Direction at
Wall St. Cheat Sheet 05:00PM Yahoo! Earnings: Keeping the PROFIT Streak Alive at
Wall St. Cheat Sheet 04:56PM Fidelity National Information Services Earnings: Booking a
Profit Again at Wall St. Cheat Sheet
04:34PM Intel Earnings: Beats on Profit, Growth Slowing at
Wall St. Cheat Sheet 04:24PM Ultra Low Intrest Rates Clinch
Bullish Case For Dividends, Commodities at Forbes
03:58PM Qualcomm Quarterly Earnings on Deck at
Wall St. Cheat Sheet 03:51PM St Jude Medicals Second Quarter Earnings Sneak Peek at
Wall St. Cheat Sheet 03:48PM Strykers Second Quarter Earnings
Sneak Peek at Wall St. Cheat Sheet
03:47PM A Sneak Peek Into BlackRocks Second
Quarter Earnings at Wall St. Cheat Sheet
03:42PM Abbott Labs Quarterly Earnings on Deck at
Wall St. Cheat Sheet 03:40PM Inside IBMs Upcoming Quarterly
Earnings Report at Wall St. Cheat Sheet
03:11PM Will Q2 Earnings Lift or Sink the Market? ETFguide 03:01PM InPlay:
New session highs for Dow +92 and S&P +10, Nasdaq
Comp +18 still holding under its opening high Briefing.com
01:49PM SNEAK PEEK Into Ebays Upcoming Second
Quarter Earnings at Wall St. Cheat Sheet
01:36PM InPlay: Fresh rebound high for stock indices Dow +80 and
S&P +8.6 set new session highs as well on this move -- Nasdaq
Comp +15 Briefing.com
01:22PM 3 Stocks That Will Sail Away With Your Money at
Motley Fool 01:17PM Yum Brands Second Quarter Earnings Sneak Peek at
Wall St. Cheat Sheet 12:23PM InPlay:
Stock indices extend recovery back toward first hour highs -- Dow +61, S&P
+6.1, Nasdaq Comp +11 Briefing.com
12:07PM Covered Calls: What Works, What Doesn't at
Forbes 11:46AM Index, ETF option volumes near midday optionMONSTER 11:40AM Index, ETF option volumes near midday optionMONSTER 11:37AM Baker Hughes Second Quarter Earnings Sneak Peek at
Wall St. Cheat Sheet 11:35AM Bank of America Earnings Approaching at
Wall St. Cheat Sheet 11:31AM First Horizon National Second Quarter Earnings Sneak Peek at
Wall St. Cheat Sheet 11:27AM Ingersoll-Rand Second Quarter Earnings Sneak Peek at
Wall St. Cheat Sheet 11:25AM Income ETFs with Strongest Charts
at Forbes 11:24AM General Electrics Second Quarter Earnings Sneak Peek at
Wall St. Cheat Sheet 11:14AM Income ETFs with Strongest Charts
at Forbes 11:12AM Schlumberger Second Quarter Earnings Sneak Peek at
Wall St. Cheat Sheet 11:07AM Xerox Second Quarter Earnings Sneak Peek at
Wall St. Cheat Sheet 11:05AM SunTrust Banks Second Quarter Earnings Sneak Peek at
Wall St. Cheat Sheet 11:00AM Schumer Pushes Fed Toward QE3, Tells Bernanke 'Get To Work Mr.
Chairman' at Forbes
10:58AM General Electric Second Quarter Earnings Sneak Peek at
Wall St. Cheat Sheet 10:53AM American Electric Second Quarter Earnings Sneak Peek at
Wall St. Cheat Sheet 10:02AM InPlay:
Stock indices slide to new lows following release of Fed Chair text -- Dow +11,
S&P -0.04, Nasdaq Comp +0.8 Briefing.com
09:51AM Bernanke To Hint At More Stimulus? Gold Doesn't Think So at
Forbes 09:50AM SPX and INDU Updates: Market Snapshot Allows a Bullish
Potential, at Least for the Moment at Minyanville
09:38AM InPlay: Firmer tone early with stock indices edging above
Mon/Fri highs -- S&P +7, Dow +67, Nasdaq Comp +16
Briefing.com 09:37AM Johnson & Johnson Books PROFIT, Revenue Lighter at
Wall St. Cheat Sheet 09:36AM Forest Labs Earnings BEAT Estimates at
Wall St. Cheat Sheet 09:32AM Goldman Sachs Earnings BEAT the Street Despite Profit Decline
at Wall St. Cheat Sheet 09:30AM State Street Earnings Keep Profitability STREAK Alive at
Wall St. Cheat Sheet 09:24AM Coca-Cola Earnings: Revenue SURGES at
Wall St. Cheat Sheet 09:19AM Omnicom Group Profits SURGE at Wall St. Cheat Sheet
09:17AM Mattel Earnings BEAT Analyst View on Double-Digit Profit Rise
at Wall St. Cheat Sheet 09:15AM Here Comes the Fed! at Minyanville
09:10AM Alcatel-Lucent, SA and SPDR S&P 500 ETF Most Active Stocks
in Pre-Market Today on the NYSE at Minyanville
08:58AM Pre-Market Primer: Stocks Rise on Hopes of Monetary Easing at
Minyanville 08:29AM J&J Earnings: Books a Profit, Revenue Lighter at
Wall St. Cheat Sheet 08:29AM Forest Labs Earnings: Despite Declines, Surges Past Estimates
at Wall St. Cheat Sheet 08:26AM Goldman Sachs Earnings: Tops Wall Street Despite Profit Decline
at Wall St. Cheat Sheet 08:15AM State Street Earnings: Keeping the Profitability Streak Alive
at Wall St. Cheat Sheet 08:05AM Coca-Cola Earnings: Consecutive Profit Quarter Streak SUCCESS
at Wall St. Cheat Sheet 08:01AM Johnson & Johnson Earnings: Books a Profit, Revenue Not Enought to Satisfy Investors at
Wall St. Cheat Sheet 07:56AM Goldman Sachs Earnings: Beats Wall Street Despite Profit Decline
at Wall St. Cheat Sheet 07:55AM Omnicom Group Earnings: Profit SURGES Again at
Wall St. Cheat Sheet 07:55AM [video] Big Ben Needs to Strike at
TheStreet 07:50AM Comerica Earnings: IMPRESSIVE Top and Bottom Line Numbers at
Wall St. Cheat Sheet 07:37AM Mattel Earnings: Beats Analyst View on Double Digit Profit Rise
at Wall St. Cheat Sheet 07:22AM Will the Fed Give Markets Another LIFT? at
Wall St. Cheat Sheet 07:07AM Mattel Earnings: Beats Analysts on Double Digit Profit Rise
at Wall St. Cheat Sheet 07:06AM Goldman Sachs Earnings ON HORIZON at
Wall St. Cheat Sheet 07:06AM Coca-Cola Quarter Earnings SNEAK PEEK at
Wall St. Cheat Sheet 06:56AM Goldman Sachs Earnings ON DECK at
Wall St. Cheat Sheet 06:55AM Johnson & Johnson Quarterly Earnings Around the Corner at
Wall St. Cheat Sheet 06:54AM Coca-Cola Quarterly Earnings SNEAK PEEK at
Wall St. Cheat Sheet 05:30AM [video] 7% to 8% Growth In S&P 500 EPS Is Still Possible
This Year at TheStreet
Bernanke
Predicts Slow Progress on Unemployment
bloomberg.com | Reducing
unemployment is likely to be “frustratingly slow” and repeated the Fed is ready
to take further action to boost the recovery.
Bernanke gloomy
on economic outlook
ft.com |
Testimony disappointed markets.
Ben
Bernanke and Mervyn King describe Libor fixing as
‘fraud’
guardian.co.uk | Process
for setting the rate was “structurally flawed.”
Obama
has investments in companies that ship jobs overseas
Washington Examiner | Obama’s own portfolio shows a
willingness to invest in American corporations that have shifted employment
overseas.
Criminal
Inquiry Shifts To JPMorgan’s Mispricing Of Hundreds Of
Billions In CDS: Is Dimon The Next Diamond?
Zero Hedge | It will
take any regulator, enforcer, or criminal investigator precisely 1 minute to find
out if there was fraud, or gambling, going on here.
CNBC:
How Close Are We to New Great Depression?
CNBC | “We’re
in a very unfortunate position to be here.”
Credit
bureaus to get federal oversight for first time
Herb Weisbaum | America’s
credit bureaus are about to get some new scrutiny.
AP Business
Highlights
...Yahoo Market
Update…
Compendium of
Important Business / National / World News / Topics / Articles / Headlines
http://albertpeia.com/articlelinkspage3.htm
http://albertpeia.com/archives.htm
Infowars.com | Now is the time to put an end to Obama’s
treasonous and tyrannical behavior.
http://albertpeia.com/impeachobama.htm
Nancy Pelosi Wants to Amend the First Amendment Kurt Nimmo
| When Pelosi says “special interests,” she means interests opposed to
establishment Democrats. [ Here’s a look at the pelosi
/ wobama styled new california ( 16 Reasons To
Move Away From California http://albertpeia.com/16reasonstomoveawayfromcalifornia.htm ) . pelosi’s incompetent / senile in that chronological order. At
this point, wobama the b for b***s*** is just
incompetent but acts and seems as if he’s senile, particularly with regard to
previous things he’s said and prior promises that he’s made. ]
Wobama’s Choom Gang Bangin’ { This
brief video (11 mb) is well done and worth a
watch! }
http://www.albertpeia.com/wobamaschoomgangbangin.wmv
PAPER:
Obama's grandfather tortured by the British? A fantasy (like most of the
President's own memoir)... { http://albertpeia.com/wobamaschoomgangfantasy.htm }
Drudgereport: Obama: 'Sometimes I Forget' Magnitude of Recession…{ Oh!
How conveniently forgetful, though the vast majority of americans don’t have
wobama’s luxury of feigned amnesia suffering from what wobama did and didn’t do
contrary to promises last time around the perpetual campaign trail littered
with his typical jive-talking b***s***! The following headline will help him
remember some of his sordid, pot-clouded high school past! }...
FLASHBACK: Obama's Sordid High School Past...
By Ben Shapiro ‘While the Washington
Post has been diligently digging into relatively innocent high
school pranks
by Mitt Romney, they’ve spent the last few years diligently ignoring President
Obama’s far more controversial high school days.Obama,
by all accounts, was a habitual drug user in high school. He tried cocaine, he
admits in Dreams From
My Father; he “tried drugs enthusiastically.” The Chicago Tribune reported back in 2007
that Obama thanked the “Choom Gang” in his high school yearbook; “chooming” was Hawaiian slang for smoking pot. The Honolulu Advertiser reported that Obama’s
senior portrait “prominently displayed … A package of ‘Zig-Zag’
rolling papers and a matchbook.” One of Obama’s close friends was arrested for
drug possession during high school.In his memoir,
Obama talked about routinely getting high. “Junkie.
Pothead,” he wrote. “That’s where I’d been headed: the final, fatal role of the
young would-be black man.” But, according to Obama, he only got high because he
was contemplating deep matters: drugs could “push questions of who I was out of
my mind.” Obama told students in 2007 that this activity constituted “goofing
off” and “wasting time”:"I will confess to you
that I was kind of a goof off in high school as my mom reminded me," Obama
said. "I went to high school in Hawaii,
so there's a lot of opportunity to goof off because the weather is really good
all the time …"You know, I made some bad decisions …. You know, got into
drinking and experimenting with drugs. There was a whole stretch of time where
I didn't apply myself. It wasn't until I got out of … high school, and went to
college that I started realizing, man, I wasted a lot of time.”The
New York Times, however, went
out of its way to find Obama’s classmates to testify that drugs played only a “bit
part” in Obama’s youth. Yet Obama would later brag on the campaign trail
that he “inhaled frequently … that was the point.”During
his high school years, Obama hung out with communist radical Frank Marshall
Davis; in 2007, the Los Angeles Times
reported that during his high school days, “he felt the first stirrings of
anger toward whites. He says he also delved into black
nationalism.” He was “offended or even enraged when white classmates
adopted black street slang or revealed their underlying consciousness of his
race by going out of their way to tell him how much they admired a black
musician or athlete.” This activity is certainly more reflective of Obama’s
ideological history than Mitt Romney’s pranks on teachers and fellow students.
And as for the drug use – well, that seems just a bit more serious than walking
a teacher into a door or cutting a student’s hair. But leave it to the Post to ignore or downplay all of that in
favor of continuing stories about Romney’s dog, his high school hijinks, and whatever other nonsense they can use to
protect President Obama from his own incompetence.’ Ben Shapiro is Breitbart
News Editor-at-Large. Follow him on twitter @benshapiro.
Cracks
in the Washington Post story on Romney’s ‘pranks’ emerge
Correction
Request: Washington Post Uses Falsehood in Romney Hit Piece
Media
Downplays Obama's Past, Tries to Define Romney with Teen Prank
If we're going to delve deep into a candidate's past, let's delve deep into a
candidate's past. Here's Obama in his own words admitting to physically shoving
a little girl named Coretta. Yes, it was at this moment that the first
shot in the War on Women was fired.
http://albertpeia.com/obamashovesgirl.png
No doubt that after expending all that energy
bullying an innocent little girl, young Obama readied himself
for round two by eating a Golden Retriever. More on this breaking story here.If
you're wondering what the rules are regarding a candidate's past; how far back
we're allowed to go in an attempt to define them -- the answer is simple: the
corrupt media will let us know.
Washington
Post Disgraces Itself By Targeting Romney's 'Anti-Gay' High School Pranks by Ben
Shapiro { It is true! The once great now failed
newspaper, the washington post, is an absolute disgrace! But a shadow of its former self, the post is biased presumably owing to shared desperation with the failed
president wobama in return for access. So egregious
had the bias become wherein ‘sensitive’ commentary antithetical to wobama and his, seldom seemed to work/post properly; and, then of course, the post’s
pro-wobama perpetual darkness-induced blind
‘constituency’. I stopped posting
there and have not visited their site since nor will I ever again. A rather pathetic swansong / end / wind-down / final chapter for what was once a great
newspaper for which I had the utmost regard and respect! }
Obama WILL NOT pursue gay marriage as part of party
platform...
STONE: 'Playing a
cruel and cynical game'...
Unites Republicans?
New Black Panther Niggers Plan Newspaper Cover With
Zimmerman In Noose { and civilized people everywhere should respond with
niggers in nooses and contributions to the Klu Klux Klan! } ...
LOONEY CLOONEYLAND: BIG CAMPAIGN BOXOFFICE FOR NIGGERO
– Meanwhile, looney clooneyland ain’t doin’ so well with the niggero model –
see next headline! ...
Failed Wobama model illustrated: 16 Reasons To Move Away From California http://albertpeia.com/16reasonstomoveawayfromcalifornia.htm
Postal Service loses $3.2b in first quarter...
78% of California 8th graders fail national science
test...
_______________________________________
{ some prior links of current interest }