How The Internet Will Transform Government

Posted on October 9, 2012 by Kevin S. Willis

Although I think the application is a little broader: the Internet is already transforming everything. The first example Clay Shirky cites is that of a girl who took pictures of her school lunch every day, and then was told she had to take it down.

As he points out: why did the school think they could get away with it? Because for the entire history of humanity up until this point, they pretty much could.

Doesn’t make me optimistic about the possibility that the Internet will lead to world peace, however.

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Morning Report 10/9/12

Posted on October 9, 2012 by Brent Nyitray

Vital Statistics:

  Last Change Percent
S&P Futures  1452.0 2.2 0.15%
Eurostoxx Index 2493.4 -2.7 -0.11%
Oil (WTI) 90.29 1.0 1.07%
LIBOR 0.347 -0.004 -1.00%
US Dollar Index (DXY) 79.64 0.098 0.12%
10 Year Govt Bond Yield 1.72% -0.02%  
RPX Composite Real Estate Index 194.6 0.3  

Markets are slightly higher this morning in spite of the fact that the IMF cut its global growth forecast. Alcoa kicks off earnings season after the close tonight.  S&P expects earnings to drop by 2% this quarter. Bonds are down slightly while MBS are up.

The National Federation of Independent Businesses reported small business optimism dropped slightly in September.  Overall, the mood is one of “uncertainty” and the outlook remains glum.  Topping the list of concerns was the rising cost of health care insurance, followed by economic conditions, energy costs, and taxes & regulation. Access to credit is not an issue anymore. 

 

 

FBR banking analyst Paul Miller says its time to start falling in love with mortgage banks again. Of course virtually all of the publicly traded mortgage banks went under during the crisis. He makes an aggressive interest rate forecast – mortgage rates dropping to 3% over the next quarter or two.  As a result, he sees the refi boom lasting until late 2013. Ben Bernake’s Refi Nation continues…

The battle over last Friday’s surprising payroll continues with a novel angle:  the payroll employment survey numbers were too low. Needless to say, the interpretation of the jobs report has fallen along partisan lines, with those who doubt the numbers being compared to the black helicopter crowd.  Jack Welch opened up a hornet’s nest with that tweet calling B.S. on the B.L.S. Is there an election coming up or something?

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