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 | 1453.1 | -4.0 | -0.27% |
| Eurostoxx Index | 2561.6 | -8.2 | -0.32% |
| Oil (WTI) | 91.7 | -0.4 | -0.46% |
| LIBOR | 0.319 | -0.002 | -0.62% |
| US Dollar Index (DXY) | 79.14 | 0.120 | 0.15% |
| 10 Year Govt Bond Yield | 1.80% | -0.02% | |
| RPX Composite Real Estate Index | 193.7 | 0.5 |
Markets are weaker on a weaker this morning ahead of the EU summit in Brussels. Euro sovereign yields continue to drop, which means the benign backdrop to the markets continues. Earnings reports continue to exceed expectations, though the bar is set very low this quarter. Bonds and MBS are slightly higher.
It turns out that last week’s dramatic drop in initial jobless claims was due to technical problems with seasonal adjustments in one state, as reported by CNBC. Initial Jobless Claims increased to 388k from a revised 342k last week.
The Leading Economic Indicators had a big jump, up from -.4 to + .6, We still seem to be oscillating around 0, with a positive reading followed by a negative one. This is indicative of a slow growth trend.
Similarly, the Philly Fed Business Outlook Survey noted that conditions in the manufacturing sector remain weak. Labor conditions dropped as 22% of all firms reported decreases in employment and 11% reported increases. The average workweek dropped as well. In terms of the mix of employees, more firms decreased the number of full-time employees and increased the number of temp workers.
Prepare for a battle over the fiscal cliff. No tax hikes on the wealthy, no deal. Of course Obama has said that before.
The WSJ discusses yesterday’s big housing starts number. As the inventory of foreclosures declines and underwater sellers sense a turnaround in pricing, more and more buyers are looking to new construction. Foreclosures as a percent of sales dropped to 14% in September, and are down from 50% a couple of years ago.
Filed under: Morning Report |
All Things in Moderation 
“Prepare for a battle over the fiscal cliff. No tax hikes on the wealthy, no deal. Of course Obama has said that before.”
I’ve never seen a persuasive case about why the Republicans would go along with this. If they can’t get all the tax cuts extended, their second best political option is to let all the rate hikes kick in and blame the Democrats, and now specifically President Obama, for raising taxes on everyone.
I wish the election were over so we can get to the real action in the lame duck session.
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their second best political option is to let all the rate hikes kick in and blame the Democrats,
The Ds second best option is to let them all kick in and blame the Rs.
That is the last best hope for all of us, as well, b/c it is the only way we talk seriously about tax reform going forward.
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Nicholas Kristof has a follow up piece to the story about his friend who had cancer with no health insurance. He died on Monday morning.
“Scott’s Story and the Election
By NICHOLAS D. KRISTOF
Published: October 17, 2012”
Original piece here:
I still don’t have much sympathy for a Harvard graduate who chose to cease working to enjoy a life of playing poker and reading books. Also, Kristof’s premise that Obamacare would reduce the cost that everyone else bears in cases like this due to the insurance mandate is misplaced, as he doesn’t factor in the cost of the insurance subsidies that his friend would have been eligible for due to his low income.
As an aside, this is also why I’m against any limitations on campaign contributions and political advertising that exempt media companies like the NY Times. This is a pretty clear piece of advocacy, if not advertising, for President Obama’s reelection and I don’t see any good reason why one set of rules on free speech should apply to Nicholas Kristof and the NY Times, and a different set apply to me and everyone else.
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“markinaustin, on October 18, 2012 at 8:53 am said: Edit Comment
their second best political option is to let all the rate hikes kick in and blame the Democrats,
The Ds second best option is to let them all kick in and blame the Rs.
That is the last best hope for all of us, as well, b/c it is the only way we talk seriously about tax reform going forward.”
I believe that the Republicans will be more effective in blaming the Democrats for letting the dreaded “Bush Tax Cuts” expire than vice versa. They have so much more experience blaming the Democrats for raising taxes than the Democrats have blaming Republicans.
I’m all in favor of the fiscal cliff taking effect as well and eliminating all the arguments over “baselines”.
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Yep, JNC.
When the Ds had control their hubris led them to believe they would be in control for a long time. I recall their predictions in columns and blogs. So thye blew out two years on PPACA and never did the committee work or pass authorization bills or set up the tax code the way they wanted it. Then much to their surprise they were run off from the HoR in 2010. I recall Rove’s permanent majority, too.
What do these people think about except their immediate power? They mainly suck.
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Ezra Klein on the fiscal cliff.
http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/10/18/obamas-plan-push-republicans-off-the-fiscal-cliff/
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Oof.. Google miss.
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Another good piece from Ezra:
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Softie misses
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