The Greedometer and Triangle Wealth Management websites were attacked last night. An outage of nearly 10 hours was sustained. Steps have been taken to defend against future attacks.
Philadelphia Fed President Charles Plosser is on the newswires indicating he’d like to see QE3 wound-down at a faster pace. This news probably shocks and worries many (especially in the investment business). However, I would not be surprised to see an increase in the QE3 taper announced at the March 19 FOMC meeting/press conference. March will likely see the QE3 program reduced from $65B to […] Read the rest of this entry
There’s a great story in the weekend FT (Japan in danger of missing 2020 budget target). The upshot: Japan is not likely to meet its year 2020 target to produce an annual budget with no new debt. Japan has the worst demographic profile and debt to GDP of any developed country. How Japan escapes this mess without a decade-long depression is beyond me. Their […] Read the rest of this entry
Young people frequently get a bad rap / are accused of being lazy. I’m sure this has always been the case. What has not always been the same, however, is the current level of household formation. This chart speaks volumes about how young people are moving back with the folks instead of going into mortgage debt (like everyone that came before them). 2013 saw […] Read the rest of this entry
I have previously documented the BEA’s abysmal job in estimating Q3 GDP over the past 14 years (here’s a link). It turns out the BEA’s wildly overstated estimates extend to all quarters. This short story provides the BEA’s estimates of 2008 GDP at several points in time. First, here’s what the BEA now says about 2008 GDP: Q1 -2.7%, Q2 +2%, Q3 -2%, Q4 […] Read the rest of this entry
Q4 personal income dropped very nearly to zero. Consumers -in typical fashion- kept spending though. Based on the data since WWII, the U.S. economy is probably going to fall into recession at some point in Q2. Many of you will be familiar with the Chicago Fed CFNAI data I post every month. That data suggests the economy experienced a 1-quarter contraction in Q2 2012, […] Read the rest of this entry
Today’s 2.8% real GDP growth estimate from the BEA is absolutely meaningless. That fact did not stop the stock market from selling-off because of fears the Fed may take the QE3 punch bowl away. As much as I firmly believe the Fed should do exactly that, today’s BEA estimate of GDP was not a reason to expect QE3 to be taken away. (Don’t worry, […] Read the rest of this entry