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 | 1414.9 | 5.7 | 0.40% |
| Eurostoxx Index | 2622.9 | -7.6 | -0.29% |
| Oil (WTI) | 86.67 | -0.1 | -0.07% |
| LIBOR | 0.309 | 0.001 | 0.32% |
| US Dollar Index (DXY) | 79.58 | -0.001 | 0.00% |
| 10 Year Govt Bond Yield | 1.72% | 0.02% | |
| RPX Composite Real Estate Index | 191.6 | 0.4 |
Markets are higher this morning after Japan elected Shinzo Abe, who has advocated further fiscal and monetary stimulus. The Empire Manufacturing Survey showed manufacturing in NY state contracted more than expected. Bonds are down and MBS are down small.
The negotiations on the fiscal cliff continue. The President has tied any discussions on entitlement cuts to increasing taxes on the rich and an increase in the debt ceiling. Boehner has proposed a millionaire’s surtax and an increase in the debt ceiling. Of course, Boehner can strike a deal with the President, but that doesn’t mean he can deliver the votes in the House.
Barry Ritholz has MBIA’s presentation on Countrywide’s fraud.
Samuelson discusses the Fed’s targeting of both unemployment and inflation and lays out some of the unintended consequences.
Filed under: Morning Report |
All Things in Moderation 
I find Samuelson unpersuasive, perhaps because of too many debates with Scott — Fed policy doesn’t occur in a bubble. External factors likely also played a significant role in the high unemployment/inflation period during the 1970s, which may or may not be similar in the coming years.
A somewhat different take on QE4EVAH from The Economist.
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Tim Scott to replace Jim DeMint
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The Boehner proposal is another for-public-consumption-only red herring designed to prove he did all he could to avoid the Obama tax hikes-reversions-whatever semantics you want to use. This is theater and a particularly long boring show at that.
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Samuelson is officially making the pro-let them eat cake argument that since trying to lower unemployment might not work, why bother.
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