Brent Nyitray
Fairlington Blade
Let the mutherfuker burn!
jnc4p
Kevin S. Willis
Michigoose
lmsinca
markinaustin
Arcanaut
novahockey
quarterback
ScottC
yellojktVital Statistics:
| Last | Change | Percent | |
| S&P Futures | 1435.1 | 4.1 | 0.29% |
| Eurostoxx Index | 2556.1 | 31.1 | 1.23% |
| Oil (WTI) | 95.63 | 0.1 | 0.10% |
| LIBOR | 0.408 | -0.001 | -0.15% |
| US Dollar Index (DXY) | 80.77 | -0.272 | -0.34% |
| 10 Year Govt Bond Yield | 1.66% | -0.02% | |
| RPX Composite Real Estate Index | 192.8 | 0.2 |
Markets are giving back earlier gains after a disappointing jobs report. Bonds and MBS are rallying on the number. The markets should be selling off on the lousy jobs report, but perhaps they are reacting to the possibility of more QE. Don’t fight the Fed, as they say.
Nonfarm payrolls increased by only 96k, a surprisingly weak number given yesterday’s ADP number which showed an increase of 200k. The Street was expecting 130k. June and July payrolls were revised down by 20k each. The unemployment rate fell to 8.1% from 8.3% due to a drop in the labor force participation rate, which now stands at 63.5%, the lowest level since the 81-82 recession.
Lawrence Yun has an interesting post showing how low mortgage rates are over the past 40 years. Unfortunately, it is mainly the professionals who are able to take advantage of these rates – the first time homebuyer is largely shut out.
Chart: 30 year fixed rate mortgage:
Filed under: Morning Report |
All Things in Moderation 
Big metals move on the certainty of more QE.
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ACK!
Richard Cohen and I agree on something.
“All hail Obama, man of steel!”
http://www.washingtonpost.com/blogs/post-partisan/post/all-hail-obama-man-of-steel/2012/09/07/8fb57546-f8e6-11e1-8b93-c4f4ab1c8d13_blog.html?hpid=z4
(if I ever say that about Krauthammer, slap me quick)
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That’s a huge (>2x) discrepancy between the ADP numbers and the DoL numbers. Why did that happen?
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The Man of Steel and his alter ego:
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Mike:
A long but pretty decent explanation about BLS vs. ADP
http://econintersect.com/wordpress/?p=25972
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yello:
Is that him or a double? Hard to tell.
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A fascinating read:
It’s a pretty comprehensive catalog of the arguments against the current Republican Party:
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Is that him or a double? Hard to tell.
It’s the real thing. The official photo was taken in Metropolis, Illinois and was from when he was the Illinois senator.
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yello
So that’s why he looks a lot younger and less stressed.
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banned:
Thanks. Exactly what I wanted — with graphs even! I’m going to have to dig through the links to figure out the benefits of viewing small/medium businesses as being the employment driver versus large businesses.
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My own opinion supported by no in depth analysis whatsever, is that small businesses create more jobs total but that big businesses create much better jobs.
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banned:
From a CBO report quoted in one of the links in your link (oy, that borders on incomprehensible).
“So, while small firms do generate jobs at higher rates, on net, than larger firms do, that relationship arises primarily because new firms, which typically start out small, create a comparatively large share of net new jobs. Conversely, older, more established small firms create a comparatively small share of net new jobs.”
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Economists sometimes get tired of writing “on the other hand” and so use conversely instead.
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Some economists just plain run out of hands.
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“There might be some knock-on effect from Mr. Draghi, but the main catalyst was word that China has approved 60 infrastructure projects worth more than $150 billion.
Yes, it is finally giving the green light to infrastructure (highways, railways, ports, etc.), despite the hangover from the last binge in 2008-2009. This is China’s federal government, not regional governments. It is likely to follow through with this, unlike programs announced by regional governments.
The roughly $150 billion estimate for projects that have been approved by the National Development and Reform Commission is still only one-fourth the size of the 2008-2009 bailout package, but it is enough to get Chinese steel stocks up, along with the whole global commodities group: ArcelorMittal, Rio Tinto, Cliffs Natural Resources, and BHP Billiton all up about 3 percent. ”
http://www.cnbc.com/id/48939457
God I love the Chinese!
I wish I could send them a cake or something.
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BTW
The VIX has oly had one lower day in the last 5 years than today. That means if any exteraneous event occurs such as an Israeli airstrike, terrorist incident etc. you would be looking at one mammoth drop in the markets.
There are so many naked investors right now, it looks like a French beach in August.
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From a Clint Eastwood interview by way of Benin:
“I had three points I wanted to make. That not everybody in Hollywood is on the left, that Obama has broken a lot of the promises he made when he took office, and that the people should feel free to get rid of any politician who’s not doing a good job. But I didn’t make up my mind exactly what I was going to say until I said it.”
“It was supposed to be a contrast with all the scripted speeches, because I’m Joe Citizen. I’m a movie maker, but I have the same feelings as the average guy out there.”
If by that he means a guy with more money than Romney (about 375 million) and almost as many illegitimate kids as Romney has legitimate ones (4), then I can see where he’s coming from.
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[pssst: Mitt’s got five sons][although I hear that the youngest is a wild child and doesn’t appear much on the campaign trail. Can’t vouch for the veracity of that rumor, though.]
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I have, as an adult, bridled at two standard English descriptions.
1] She is an invalid.
2] He was an illegitimate son.
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yes, and Clint has 4 illegitmate ones (that we know of)
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The Personal Life section of the Clint Eastwood Wikipedia entry is fascinating. You literally need a scorecard to keep track.
Further down:
I have no qualms about his personal life or his politics, but he seems an odd fit for the family values crowd. If by ‘values’ you mean something other than shooting punks.
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Mark
I reserve the term bastard for some now forgotten posters on PL.
(but I know what you mean)
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Hey, Don Juan–
Your favorite list is up on Benen’s site! 🙂
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“But then earlier this year, journalist Janny Scott cast serious doubt on this version of events in her biography, “A Singular Woman: The Untold Story of Barack Obama’s mother.” Scott reviewed letters from Dunham to the CIGNA insurance company, and revealed the dispute was over disability coverage, not health insurance coverage. (See pages 335-339).
Disability coverage will help replace wages lost to an illness. (Dunham received a base pay of $82,500, plus a housing allowance and a car, to work in Indonesia for Development Alternatives Inc. of Bethesda.) But that is different than health insurance coverage denied because of a pre-existing condition, which was a major part of the president’s health care law.”
http://www.washingtonpost.com/blogs/fact-checker/post/fact-checking-obamas-and-bidens-speeches-at-the-democratic-convention-in-charlotte/2012/09/07/ef79e0b6-f8a0-11e1-8b93-c4f4ab1c8d13_blog.html?hpid=z3
This cuaght my eye. Sweet Jesus that was a lot of money 20+ years ago. She should have bought him a new car. I’ve got to hand it to the guy. His parent were complete losers and he became president of the US. He really deserves credit and of course so do his grandparents.
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I have lost my zest for Benin. His board is full of Moonies selling flowers by the road side and waiting for the van to take them back to the compound. It’s too hard to have a decent conversation.
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All of his old regulars (like me) have given up on commenting over there; pity.
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All of his old regulars (like me) have given up on commenting over there; pity.
Is that a variation on “Nobody goes there anymore, it’s too crowded.” or “You should have seen the Atlantic Ocean back then.”?
Bonus points to whoever can name the second quote without Google.
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yello:
Don’t know the answer to your quote, but did you see the comment that I made to you about being a grumpy old man? I think it’s on the DNC open thread.
And it’s kind of like “Nobody goes there anymore, it’s too crowded” in that Benen’s blogging went from fairly intimate and personal (like ATiM) when he had his own site, to a little more exposure on WaMo with a few more commenters, to crazy, over-moderated crap on the Maddow blog.
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As we head into football week 2, I think I just fell in love with Chris Kluwe (punter for the Vikings).
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Don’t know the answer to your quote, but did you see the comment that I made to you about being a grumpy old man?
I saw it. I still appreciate nekkid wimmin but I prefer then primed but not painted.
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*snort*
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Michi:
I’m a fan of the laconic response of Mike Mussina in 2002.
“During last week’s Piazza drama, in fact, Yankees pitcher Mike Mussina was asked if he would accept a gay teammate. He replied, “I’m going to make the assumption that I already have.””
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