Thursday Financial Briefing

Stocks were flat in trading over the day. The Dow closed up slightly at 10,409.56 and the S&P 500 close down a bit at 1,114.61. CNBC assures us that all is well in the equities world.

Fannie and Freddie were delisted from the NYSE, which makes me wonder: given that Joe Taxpayer shelled out $145 Billion or so to bail them out, what are the chances that money is ever going to be repaid? Between slim and none, as the old saying goes, and slim left town.

More after the jump.

You know, I've often been struck by how much Jean-Claude Trichet reminds me of Vizzini out of The Princess Bride ("Inconceivable!"). It turns out I'm not the only one who made that connection. Mauldin makes the splendid point that not everyone can run a trade surplus; if you run a surplus, that means someone else -- often several someone elses -- must run a deficit. But politicians continue to speechify about global trade and taxation as if it were somehow possible for all countries to run at a surplus. It cannot be done.

This would make a pretty funny movie. I kind of envision one of those "all star cast" things they did back in the 1970's that always seemed to feature Shelley Winters or Red Skelton or Peter Falk.

If you can get past the eye-watering disdain for the Tea Party in particular and Republicans in general, this article actually makes a good point about farm and agricultural subsidies. Farmers have been getting handouts from Uncle Sugar for long, long time -- if it's not okay for auto-makers, it's not okay for farmers either.

BP is "convinced" to put $20 Billion into an escrow fund to offset claims resulting from the Gulf Coast oil-spill. In what I'm sure was a completely unrelated move, BP suspends their dividend for the rest of the year. Our cousins in Britain will no doubt take this news soberly and with a complete lack of rancor.

Small businesses are being targeted by Uncle Sugar in a massive tax shakedown. Pull quote:

While Washington pays lip service to the challenges facing small businesses, it repeatedly chooses its own expansion over results. In effect, government has become a huge silent partner in all businesses, often taking a majority of the profits and forcing many unprofitable business decisions without the risk that it will be fired.

Contra Art Laffer's recent column on how the expiring Bush-era tax cuts would lead to a double-dip recession in 2011, this article from Messrs Wesbury and Stein argue that the economy will shrug off the expiration of these tax cuts. They then challenged Mr. Laffer to a booger-flicking duel, but Mr. Laffer has not responded to the challenge as yet.

Another ominous sign of the feared double-dip.

Spain's borrowing costs have nearly doubled in the past month, and look to go higher still. Meanwhile, Spain, the ECB, and the IMF all deny that a bailout is in the works. Shades of Greece, anyone?

Via Insty, James Pethoukis on why the economy won't improve enough to save the Democrats' asses in the November elections.

Also via Insty comes news that Knoxville now allows "backyard chickens". The city ordinance only allows for up to 6 hens, and then only for eggs -- don't want the neighborhood kids getting traumatized when you whack a clucker's head off with a hatchet for the dinner stewpot that night. This feels like economic news to me for some reason.

Housing starts in the US fell 10% in May. This points to continuing oversupply in private housing -- an inventory full of unsold and repossessed houses -- as well as expiration of the tax credit.

Dr. Doom dispenses a little financial medicine. No one will take his advice, of course, but at least he can ride the "I saw it coming first!" scooter a few more years and maybe wrangle another book deal or two out of it.

The French receive news that the retirement age is being hiked to 62. In a land with a 35-hour work week and where a 3-week August vacation is taken as a basic human right, this has provoked the usual Gallic outrage, and prompted one cheese-nibbling stick-figure Frenchie to moan:

"Today is a day of sadness and anger," agreed Jean-Luc Melanchon, who heads the Left Party. "The end of retirement at 60 is the end of a world."
Quelle agonie!

Break-ups are always hard, dude. You move on, find another girl that looks just like her, and then dump her.

In California, it is common for the bone-ers to declare boning therapeutic and force more of it on the bone-ees. This is why California is boned.

Today's briefing brought to you by the Hypno-Toad. All glory to the Hypno-Toad!

Posted by: Monty at 07:00 AM



Comments

1 Good morning Monty...good morning everybody...

Posted by: CanaDave at June 17, 2010 07:06 AM (vo+x6)

2 Hypno-Toad.
Hypno-Toad.
HYPNO-TOAD!


Posted by: Comrade Arthur at June 17, 2010 07:17 AM (H5aj/)

3 Morning..CNN hits a new low. Yes, I know its hard..they pull this 'expert' out of their ass who says Obama spoke above the intelligence of his audience Tues night, which is why we didn't get it. There is nothing CNN won't do to cover for this mans failures. The premise isn't that much off. It was the ignorance of the majority of Americans that got this guy elected, but the fact that CNN would try and excuse his performance is just another example of CNN's ass covering for Obama. Sickening.

Posted by: David C at June 17, 2010 07:21 AM (ihhMS)

4 Pre-market trending to another sideways day.

Posted by: Ludicrous Speed at June 17, 2010 07:24 AM (PWj+8)

5 this post is becoming a must-read for me. thanks.
I just don't understand why the stock market isn't nearly down to zero. who is making money? who is doing well?

Posted by: kelley in virginia at June 17, 2010 07:25 AM (XFcBK)

6 who is making money? who is doing well?
Goldman Sachs?

Posted by: CanaDave at June 17, 2010 07:27 AM (vo+x6)

7 The Wesbury/Stein article was laughable. As is typical of simplistic Leftist thinking they confuse causation and correlation. If they think this economy can endure a tax increase, and then GROW in spite of it, they must beon dope. The economy is making almost no headway now, and interest rates can't drop any further. Unemployment shows little sign of improvement, and getting more folks back to work takes more than just a little bump in consumption - the investment side must also kick in. More welfare reform (or apparently spending reduction of any kind) is off the table with this band of crooks in charge, and it appears that unemployment benefits will be extended to eternity. Increasing taxes on company earnings will do little but force an even faster transfer of productive capacity out of the US and into the third world - thereby making US part of the third world.
If they want to raise the top income tax rate, they should at least compensate for some of that by a cut to the long term capital gains rate. Those cuts have always done far more good than harm in the past, both in terms of economic activity and in terms of tax revenue.

Posted by: Reactionary at June 17, 2010 07:29 AM (xUM1Q)

8 Ugh, new job is still seeing layoffs as a possibilty. Operation costs exceeding sales etc. I'm thinking turn the AC to something other than 72-73 and maybe that will save some money.

Posted by: Mark at June 17, 2010 07:31 AM (l7hW9)

9 Good Morning Monty

Will not be around long this morning have to take wifey to airport.

The bailout of FF wasn't intended to bail out FF. It was to bailout the foreign investors who bought that bad paper. Most notably China.

They just didn't want the average Joe to know that. What they should have done is let FF fail and throw the lot of the people who have been running it in jail. Especially Good ol Gorlich who came up with the method of hiding bad paper mixed with good.

People railed about AIG and credit default swaps. This was even worse and yet for some reason you never hear about it from the press.

Posted by: Vic at June 17, 2010 07:31 AM (6taRI)

10 Who are Brian S. Wesbury and Robert Stein? Obviously more concerned with Dem propaganda than with real economics.

Posted by: Vic at June 17, 2010 07:33 AM (6taRI)

11 Hypno-toad reminds me too much of Jar-Jar.

Posted by: CDR M at June 17, 2010 07:36 AM (Mv/2X)

12 Why isHypno-Toad wearing a collar? Monty, is it your pet?

Posted by: conscious, but incoherent at June 17, 2010 07:39 AM (YVZlY)

13 I thought that I had read back in 2007/2008 that blacks were leading the expansion of small businesses ownership. Strange that Obama and the dems would then be crushing small business. I'm going have to bing this.

Posted by: CDR M at June 17, 2010 07:40 AM (BuYeH)

14 I'm feeling sleepy...

Posted by: the economy at June 17, 2010 07:41 AM (4WbTI)

15 The liberal aristocracy are apt to swoon not over intelligence -- which is found just as much in nurses, mechanics, and executives as it is in the halls of academe -- but over the appearance of intelligence, advanced degrees and faculty appointments, the trappings of an elite education.
http://tinyurl.com/2v469vy
And Hypno-Toad was really much better back in Seasons One and Two. It just hasn't been the same since Season Three.

Posted by: Truman North at June 17, 2010 07:42 AM (FjC5u)

16 According to the local financial guy, all employer-based health plans will be taxable come January. As in employees will be taxed. So, in addition to the Bush tax cuts expiring, an additional burden will hit the American worker.

That is, if he's still working.

Posted by: Miss Marple (redneck teabagger) at June 17, 2010 07:43 AM (xxe/9)

17 If they want to raise the top income tax rate, they should at least compensate for some of that by a cut to the long term capital gains rate. Those cuts have always done far more good than harm in the past, both in terms of economic activity and in terms of tax revenue.
Marginal rate cuts have, every time they have been tried, raised revenue and grown the economy. The only argument for raising marginal rates is that of class warfare-- that is it preferable for everyone to suffer, as long as people who are more successful than you are suffer more.

Posted by: Truman North at June 17, 2010 07:44 AM (FjC5u)

18 I thought that I had read back in 2007/2008 that blacks were leading the expansion of small businesses ownership. Strange that Obama and the dems would then be crushing small business. I'm going have to bing this.
Posted by: CDR M at June 17, 2010 07:40 AM (BuYeH)
There's nothing the Dems hate more than for average black people to be successful and participate in the market. After all - those who do are proof that they don't need set asides and special treatment, and thatoption-limiting racism is a fading relic of a past age.

Posted by: Reactionary at June 17, 2010 07:47 AM (xUM1Q)

19 Ah yes, from the SBA.gov website in the April 2007 report on minorities in business. "Black owned firms had the largest growth rate for several measures between 1997 and 2002".

Posted by: CDR M at June 17, 2010 07:47 AM (Mv/2X)

20 According to the local financial guy, all employer-based health plans will be taxable come January. As in employees will be taxed. So, in addition to the Bush tax cuts expiring, an additional burden will hit the American worker.
Posted by: Miss Marple (redneck teabagger) at June 17, 2010 07:43 AM (xxe/9)
I had heard a rumor to that effect. Does anyone have a link to some source material? That tax increase will be massive, if correct. Almost no one sees this coming - it will be quite a rude shock. Hopefully the kind of shock that enrages people. If the stupid party doesn't make hay out of it come election season then they are even dumber than I have up 'til now imagined. The killer is that a lot of employer plans can't even be opted out of unless you have a spouse with coverage elsewhere. The single person can't even escape by self insuring.

Posted by: Reactionary at June 17, 2010 07:51 AM (xUM1Q)

21 My gut is telling me that the GOP is not stupid; they have simply cornered the market on being the distinguished opposition party in a one-party State.

Posted by: Truman North at June 17, 2010 07:53 AM (FjC5u)

22 Lots of towns have chickens now. Missoula and Bozeman MT went all-in last year.

Posted by: jeannie at June 17, 2010 07:57 AM (Lbj1S)

23 According to the local financial guy, all employer-based health plans
will be taxable come January.

As I recall it was only the "Cadillac" plans that were singled out for taxes. That was why the unions were all in a huff because it was their plans that would take a hit.

The House bill had an exemption for the unions but the Senate bill did not. Since they wound up passing the Senate bill in that Christmas eve nighmare and then forced the House to east the shit sandwich with no changes that is what we wound up with.

But since Bambi is changing the final bill via executive fiat now I suppose there is nothing preventing him form exempting union health plans from taxation either.

Who needs a congress when you have "The Won".


Posted by: Vic at June 17, 2010 07:58 AM (6taRI)

24 All of a sudden, I want to be a Chinese student
http://tinyurl.com/259f7mo

Posted by: Truman North at June 17, 2010 08:01 AM (FjC5u)

25 Another example of the pussification of America. When I was a kid back in the 80's my neighbor in the city raised chickens and slaughtered them. My brother and I thought it was the greatest watching him slaughter them. Hell, my grandfather told me stories about befriending an animal on the farm only to have it show up on the dinner table a few weeks later. Today's kids think chicken comes from yellow Styrofoam.

Posted by: schneedoo at June 17, 2010 08:02 AM (f6+Gp)

26 22 Lots of towns have chickens now. Missoula and Bozeman MT went all-in last year.
Posted by: jeannie at June 17, 2010 07:57 AM (Lbj1S)
I live in a small rural town and the people down the road from us run free range chickens. Sometimeson the early morning drive to work I see young wild turkeys shucking and jiving along with the chickens. They seem to get along fine. A very weird sight the first few times I saw it.

Posted by: Johnnyreb at June 17, 2010 08:05 AM (cqZXM)

27 From The Hill article about the final bill in the Senate:

The legislation still contains an excise tax on high-cost, so-called
Cadillac health insurance plans, which is strongly opposed by labor
unions and many Democrats but is backed by the White House and is one of
the biggest revenue raisers in the legislation. Opponents of the tax
are looking to the House-Senate conference committee to roll it back;
the Reid amendment makes minor changes, such as exempting longshoremen.The
new language boosts the increase in the Medicare payroll tax that would
hit people earning more than $200,000 and families earning more than
$250,000 from 0.5 percent to 0.9 percent.

http://tinyurl.com/yk64wjx

Posted by: Vic at June 17, 2010 08:05 AM (6taRI)

28 Break-ups are always hard, dude. You move on, find another girl that looks just like her, and then dump her.

I think you left out a step. The way I learned the Post Break-Up Recovery Protocol, it goes like this:

1. Find another girl that looks just like her.
2. Bang her.
3. Dump her.


Posted by: Phinn at June 17, 2010 08:06 AM (GiUTT)

29 Another one for the Please Give Massachusetts Back to England dept
http://tinyurl.com/2c3eqgb

Posted by: Truman North at June 17, 2010 08:08 AM (FjC5u)

30 Isn't it lovely to have a legislature passing bills that are understood by no one, and unreadable by anyone but a full time paid professional? Mussolini had his drawbacks, but I bet that he didn't have to rely on obfuscation in legislation to move his totalitarianism forward. Honest, open tyranny seems to me a better thing than oppression on the sly, or via the appearance of utter incompetence.
That's the thing I hate most about the vile Left- everything they say is a lie. All the time. They will lie to your face,evenif they knowthat you are aware of their lies. They can't stop themselves from lying - it's habitual.Of course, they are always the first to accuse others of falsehood. In contrast, a Rightist will tell you what he REALLY thinks, even if you don't like it.

Posted by: Reactionary at June 17, 2010 08:08 AM (xUM1Q)

31 50-state "moocher index"

Posted by: Truman North at June 17, 2010 08:09 AM (FjC5u)

32 "my grandfather told me stories about befriending an animal on the farm only to have it show up on the dinner table a few weeks later."
Once got attached to my Aunt's lamb who had been rejected by it's mother. Fed it out of a bottle, her name was "Lamby Pie". Couple weeks later asked to see her. She ate her! She ate....Lamby Pie!

Posted by: Joanie (Oven Gloves) at June 17, 2010 08:09 AM (HaYO4)

33 Flies. Must bring flies to the Master.

Posted by: Hypno-Toad Acolate at June 17, 2010 08:11 AM (PXgFc)

34
THE DEMOCRAT TAX Sweet Spot:

Not the uber-rich. The uber rich, people like Warren Buffet, Ted Turner, that Bing guy, Jerry Seinfeld etc... will not be taxed any more than they are now.

The democrat tax sweet spot? That lowering 250k mark and the new rich. First time millionaires who don't have multi-millions -or even billions - their net worth is 5-20 million. Jerry Seinfeld's pocket change.




Posted by: Lemon Kitten at June 17, 2010 08:14 AM (0fzsA)

35 Hey, they only ate the other guys. That's one and done. Luxury.

Posted by: The Chicken at June 17, 2010 08:16 AM (PXgFc)

36
There is an ongoing debate among global policymakers about when and how
fast to exit from the strong monetary and fiscal stimulus that
prevented the Great Recession of 2008-2009 from turning into a new
Great Depression.

I think that's bullshit.

Doing nothing and letting failure fail would have been better.
"Stimulus"? "Stimulus" has only make everything worse.




Posted by: Lemon Kitten at June 17, 2010 08:19 AM (0fzsA)

37 Guys if you have access to CNBC put it on now....

fascinating round table discussion...subject BO and BP

Posted by: curious at June 17, 2010 08:20 AM (p302b)

38 Get used to the chicken. By the time this is over, we'll all be growing our own food in our backyards. Yes, it's coming to that.

Posted by: ahem at June 17, 2010 08:25 AM (TdZdf)

39 The story about the rich heiress and the dog is indeed rather funny on the surface. Though, when I see people who show more affection to their animals than to their children it is disturbing to me. Maybe the son was a spoiled bastard who deserved to get nothing, but if he was a decent son he should have been better taken care of than the damn dog. Some friends of mine have kids in the annoyingearly-to-mid teen years- and they have one of those yippy schnausers. Based on what I've seen during my visits the kids get way less positive attention than that stupid dog, which does little but eat and poop and bark. The dog is the new "baby" in the family. It doesn't seem right to me.

Posted by: Reactionary at June 17, 2010 08:28 AM (xUM1Q)

40
**Breaking**

City of Cambridge rules Barack Obama is wrong, Police did not act stupidly.

Posted by: a sign post up ahead at June 17, 2010 08:29 AM (b5sJf)

41 Jobless claims (week ending June 12) up 12,000 from 472,000

May consumer price index down 0.2%
May core consumer price index up 0.1%

Posted by: curious at June 17, 2010 08:32 AM (p302b)

42 41

Unexpected?!?

Posted by: nickless at June 17, 2010 08:33 AM (MMC8r)

43 38

If you like zucchini, you'll be fine. I started a veg. garden this year because I'd seen that just about everything grows well around here. A few of everything in about a 20X20 plot. Anyway, as an afterthought I built a little raised bed and planted a pack of zucchini seeds. Within a week or two, huge stalky plants had arrived. And now, two or three a day are growing to harvest size. If anyone knows how to run a car on squash, I think I may be on to something...

Posted by: Lincolntf at June 17, 2010 08:33 AM (TPEo9)

44
Here's a piece on the report. Read it.

btw, did you know Race Professor got a sweet gig on PBS?

Posted by: a sign post up ahead at June 17, 2010 08:34 AM (bLZ8Q)

45 Small businesses are being targeted by Uncle Sugar in a massive tax shakedown.

Kill that golden goose you dumb fucks in Washington, DC. Or better yet, abort it in the womb so it never creates one new job. Are we back to Bush era level of total employed? No. Will we at any time during Zero's term? No. Where's the outrage?

As a recovered former small business owner I can speak from a couple decades of experience in dealing with the nightmare of local, state, and Federal taxes. Every stinking year more new taxes, more layers of complexity added.

It's like having a business partner that does nothing of value, demands one-third of revenue, half your time, almost all of the profits, and prevents the business from growing. All reward, no risk.

Posted by: Upscale Community Organizing Thought Criminal at June 17, 2010 08:35 AM (IhHdM)

46 1. Find another girl that looks just like her.
2. Bang her.
3. Dump her.


Leads me to speculate that our feckless utopian boy-king must have once been spurned by an Indonesian who looked an awful lot like the Statue of Liberty.

Posted by: Wodeshed at June 17, 2010 08:36 AM (MFbfZ)

47 Essentially the female guest jsut said "we are in our third jobless recovery"


Posted by: curious at June 17, 2010 08:37 AM (p302b)

48 Gotta go folks. Back this afternoon, maybe.

Posted by: Vic at June 17, 2010 08:38 AM (6taRI)

49 Monty-

I especially liked the "booger flicking" line. Thanks for this daily post. I love it.

Posted by: Wodeshed at June 17, 2010 08:40 AM (MFbfZ)

50 Oh noooooooo...Somebody hurt Qweefy's feelings. Warning: the link is to the daily kos.

Keith Olbermann shuts down his diary on Daily Kos after posters accuse him of bashing O' for ratings: http://bit.ly/aUw0A0

If I can understand people's frustration with seeing a speech by a Democratic president criticized in a venue such as mine, why is it impossible for some people here to accept my frustration about the speech? You don't agree with me, fine. You don't want to watch because you don't agree with me, fine. But to accuse me, after five years of risking what I have to present the truth as I see it, of staging something for effect, is deeply offensive to me and is an indication of what has happened here.

You want Cheerleaders? Hire the Buffalo Jills. You want diaries with conspiracy theories, go nuts. If you want this site the way it was even a year ago, let me know and I'll be back.

Posted by: conscious, but incoherent at June 17, 2010 08:43 AM (YVZlY)

51
According to the local financial guy, all
employer-based health plans will be taxable come January. As in
employees will be taxed. So, in addition to the Bush tax cuts
expiring, an additional burden will hit the American worker.

Posted by: Miss Marple


The democrats live and breathe - TO TAX.

Posted by: Lemon Kitten at June 17, 2010 08:43 AM (0fzsA)

52 oops! I don't know what happened to the formatting.

Posted by: conscious, but incoherent at June 17, 2010 08:44 AM (YVZlY)

53 Ok, had not had coffee it was MSNBC not CNBC and it was "the morning joe show" which I thought had been canceled, but guess not. He had on guiliani, cramer and ratigan. As usual Mica Bryzinski tried to defend the president and was just quiet when she just couldn't talk above the guys. Guiliani says the president made two key mistakes, the first he trusted that bp was telling him the truth and he didn't want to own this politically because he saw what happened with katrina. so he stayed away and "partied" and the second being he didn't call in experts like T boone pickens and exxon and all the other companies who had a somewhat vested interest in the outcome of all this. apparently T boone picken said he would have had three ships there the first day collecting oil. They also alluded to donald trump saying not complimentary stuff about how it was handled. It was a lively discussion, it should be on you tube and in the end joe scarborough said he was going to callt he WH and check out everything they all told him.

rudy Guiliani did step right up to the plate....so he sort of has street cred on this one...


Posted by: curious at June 17, 2010 08:45 AM (p302b)

54 "If you want this site the way it was even a year ago, let me know and I'll be back."


If he had any balls, he would have declared that he quit and was taking them home.

Posted by: Lincolntf at June 17, 2010 08:47 AM (TPEo9)

55
....Every stinking year more new taxes,
more layers of complexity added.
It's
like having a business partner that does nothing of value, demands
one-third of revenue, half your time, almost all of the profits, and
prevents the business from growing. All reward, no risk.


-Posted by: Upscale Community Organizing Thought Criminal


Back in the USSR.....


Posted by: Lemon Kitten at June 17, 2010 08:47 AM (0fzsA)

56 Associate Press (AP): they're associated with the DNC--how UNEXPECTED!

Posted by: ParisParamus at June 17, 2010 08:48 AM (8NZ+B)

57
New claims for jobless
benefits rise sharply

WASHINGTON (AP) -- The number of people filing new claims for jobless
benefits jumped unexpectedly last week after three straight declines,
another sign that hiring remains weak.Initial claims for jobless
benefits rose by 12,000 to a seasonally adjusted 472,000, the Labor
Department said Thursday. It was the highest level in a month.

How does my ass taste?

Posted by: The New Normal at June 17, 2010 08:50 AM (7+pP9)

58 June 17 (Bloomberg) -- The number of Americans seeking jobless benefits last week unexpectedly rose to a one-month high, indicating firings are staying elevated even as the U.S. economy grows.
Initial jobless claims increased by 12,000 to 472,000 in the week ended June 12, Labor Department figures showed today in Washington. Economists surveyed by Bloomberg News projected 450,000 claims, according to the median forecast.
The economy is growing as firings stay elevated. Comrades your chocolate ration has been increased from 25 grams to 20 grams

Posted by: TheQuietMan at June 17, 2010 08:50 AM (1Jaio)

59
Where's that tape of Barney Frank(D) defending the solvency of Fannie and Freddie?



Posted by: Lemon Kitten at June 17, 2010 08:52 AM (0fzsA)

60 "42
41

Unexpected?!?


Posted by: nickless at June 17, 2010 08:33 AM (MMC8r)"
CNBC didn't use the word "unexpected" they somehow knew better lol but the quiet man found that bloomberg did: "June 17 (Bloomberg) -- The number of Americans
seeking jobless benefits last week unexpectedly rose to a one-month
high, indicating firings are staying elevated even as the U.S.
economy grows. Posted by: TheQuietMan at June 17, 2010 08:50 AM (1Jaio)

Posted by: curious at June 17, 2010 08:56 AM (p302b)

61
Here's Maxine Waters(D) defending the solvency of Fannie and Freddie.

Posted by: Lemon Kitten at June 17, 2010 08:57 AM (0fzsA)

62 so the guys and gal on squawk box are starting to wonder if this is "the new normal" and like the bp CEO essentially they want their lives back, they want things back to the way they were...they seem pretty down this morning.

Also apparently Joe Kernan and Rick Santelli were "the stars" of Chris Matthews documentary about the rising new right last night and they were not too happy about that....kernam mubled something about them (MSNBC) being their sister station and being surprised and Santelli said "they're not my sister station" Wow trouble in the little NBC paradise?

Posted by: curious at June 17, 2010 08:59 AM (p302b)

63 so you link an article about the evil agriculture industry that was written by a new york times writer? who only shows samples of the abusers of the federal subsidy program to demonize the entire program?

Posted by: colby at June 17, 2010 09:00 AM (0Dt9j)

64 The reason the drops in housing starts and housing permits yesterday was so important was because those set the course for housing for the rest of the year. Housing is seasonal, and we are already in the heart of peak sales for the year right now. Fall always drops off, and winter sales are always dead.

And housing starts are a good proxy for sales 3 months from now, and permits for sales 6 months from now. Both are dropping dramatically.

With those numbers falling, there is absolutely zero chance of housing getting better for the rest of this year. What's worse, interest rates are as low as they can go, so they can only go up. As soon as they go up,which they will do sooner or later, then housing gets even worse.

As the man said, we are truly and thoroughly boned.

Posted by: wws at June 17, 2010 09:00 AM (wk1nH)

65 Its really bad news, and yet my first reaction is to laugh that the MSM keeps saying jobless claims unexpectedly rose! It is so expected, it's as expected as the sun rise each morning.

Posted by: ziggyee at June 17, 2010 09:01 AM (xR75R)

66 All of a sudden, I want to be a Chinese student
http://tinyurl.com/259f7mo

Posted by: Truman North at June 17, 2010 08:01 AM (FjC5u)
Thats it!! I am drawing the line! I will not have sex with Oprah to assuage my white guilt!
Haley Barry on the other hand...

Posted by: dananjcon at June 17, 2010 09:02 AM (pr+up)

67 Unexpectedly Alert! Gird your loins, boys, it's a gonna be a bumpy ride.

WASHINGTON (AP) -- The number of people filing new claims for jobless
benefits jumped unexpectedly last week after three straight declines,
another sign that hiring remains weak.

http://tinyurl.com/34c23p3

Posted by: DngrMse at June 17, 2010 09:02 AM (c+xkQ)

68
What group of economically corrupt illiterates caused the housing crisis?

Oh yeah- Barney Frank (D) and his party.

*Memory hole.*


These videos should be a part of every Republican political campaign.

Posted by: Lemon Kitten at June 17, 2010 09:02 AM (0fzsA)

69 This administration has got to go down in history as the "unexpectedly administration"

Posted by: Velvet Ambition at June 17, 2010 09:03 AM (twLQ1)

70 Monty, does writing a daily description of the economy ever make you feel like Herb Morrison?

Posted by: dogg'O'maddness at June 17, 2010 09:06 AM (OlN4e)

71 Early November:

AP- Numbers of Democrats in Congress declined unexpectedly...

Posted by: nickless at June 17, 2010 09:09 AM (MMC8r)

72

BREAKING -- OBAMA, BIDEN DECLARE “RECOVERY SUMMER”: Vice President Biden
today will kick off “Recovery Summer,” a six-week-long push designed to
highlight the jobs accompanying a surge in stimulus-funded projects to
improve highways, parks, drinking water and other public works. Biden
will present President Obama with a report laying out a spike in
stimulus activity this summer, and how it will contribute to a steady
climb to a total of 3.5 million Recovery Act jobs by the end of the
year. Biden, Obama and other administration officials will travel to
more than two dozen Recovery Act project sites in coming weeks.
Tomorrow, the president will travel to Columbus, Ohio, to mark the
groundbreaking of the 10,000th Recovery Act road project, around
Nationwide Children’s Hospital. On Monday, Biden will travel to Midland,
Mich., for the groundbreaking of the new Dow Kokam advanced battery
manufacturing facility.

Posted by: The New Normal at June 17, 2010 09:10 AM (7+pP9)

73 ok, I am noticing on my financial channels an obvious change in demeanor. The days of the "green shoot" appear to have given way to the days of "the green people" (ie, during various times of the day, needing to run to the facilities and barf).....they are depressed and they can't hide it anymore and they can't seem to get themselves up enough to "bullshit around it"

Posted by: curious at June 17, 2010 09:10 AM (p302b)

74 There is more economic knowledge on this site than bambis ENTIRE cabinet.

that fucktard is wearing thin on me.

Posted by: MelodicMetal at June 17, 2010 09:11 AM (x4S2a)

75 Monty, does writing a daily description of the economy ever make you feel like Herb Morrison?

Nah. I'm more like an American sportscaster at the World Cup: I don't really understand what's going on, I don't really care, but I kind of have to be there, so I might as well try to make it entertaining for the people at home.

ok, I am noticing on my financial channels an obvious change in demeanor

CNBC should be shut down as a pump-and-dump operation. That's why I was so flummoxed that even hysterical perma-bull Cramer actually called the market "rally" for what it was : bullshit right from the pasture. I find it odd when both Cramer and I are on the same side -- the universe feels out of joint.

Posted by: Monty at June 17, 2010 09:16 AM (4Pleu)

76 There is more economic knowledge on this site than bambis ENTIRE cabinet.
And we're better at beer pong.
And we look better shirtless.

Posted by: Big Fat Meanie at June 17, 2010 09:17 AM (3iMgs)

77 Recovery summer? That just means putting up more of those Recovery Act signs.

Posted by: TheQuietMan at June 17, 2010 09:17 AM (1Jaio)

78 I see Monty as more of Les Nessman character myself.
"The economy...it's falling like sacks of wet cement...oh, the humanity...."

Posted by: Big Fat Meanie at June 17, 2010 09:18 AM (3iMgs)

79 "I don't really understand what's going on, I don't really care, but I
kind of have to be there, so I might as well try to make it entertaining
for the people at home."Posted by: Monty at June 17, 2010 09:16 AM (4Pleu)


Doesn't that phrase sound like something that could come out of DC?

Posted by: curious at June 17, 2010 09:22 AM (p302b)

80 Posted by: The New Normal at June 17, 2010 09:10 AM (7+pP9)
This group of hacks in the WH are nothing more than Madison Ave. P-R guys.Used car salesmanand carnival barkers envy their slight of hand duplicity.

Posted by: dananjcon at June 17, 2010 09:24 AM (pr+up)

81 Oh geez I forgot, friday is a triple witching friday....

Posted by: curious at June 17, 2010 09:24 AM (p302b)

82 The Potemkin Village schemes continue. A local bridge was closed last month. Cars were backed up behind stop signs and traffic lights for half a mile in every direction for the next three weeks. The police had to 'man the lights' to keep the anger down, and provide as much traffic clearing as was possible.

I rode past the bridge a couple of days ago. Nothing has been done yet. No demolition whatsoever. Nothing but signs trumpeting Big Brother. An entire month of backups, diverted traffic, cars speeding down windy country roads 20 miles an hour over the limit. Nothing accomplished but the erection of a sign extolling the virtues of Big Brother.

The chocolate ration has truly been raised by this administration.

Posted by: Upscale Community Organizing Thought Criminal at June 17, 2010 09:25 AM (IhHdM)

83 Biden
will present President Obama with a report laying out a spike in
stimulus activity this summer, and how it will contribute to a steady
climb to a total of 3.5 million Recovery Act jobs by the end of the
year.

According to Geoff's graph, the administration was telling us we'd be at 7.5% unemployment by now. A box full of basset hound puppies gives more cogent economic forecasts than this administration.

Posted by: nickless at June 17, 2010 09:37 AM (MMC8r)

84 "The Breakup Did Obama just dump his best friend on Wall Street?"Clusterstock sums it up like this: "For a long time it seemed JPMorgan (JPM) CEO Jamie Dimon would stand
out as an exception owing to his Chicago roots, close ties with the
President's people, the strength of his bank, and the fact that he
regards himself as a progressive, politically.

But as the financial reform debate has dragged on, and JPMorgan (JPM) appears to be on the
receiving end of some potentially stiff medicine, the Obama-Dimon
relationship has deteriorated."


Posted by: curious at June 17, 2010 09:42 AM (p302b)

85 "Rep. Spencer Bachus of Alabama, the ranking member on the House
Financial Services Committee, said leaving the government-sponsored
enterprises untouched is “like fighting terrorists without attacking the
jihad movement.”
Did Barney have a "hissey fit"? We gotta find this tape...

Posted by: curious at June 17, 2010 09:44 AM (p302b)

86 "Will Every American SueBP?"

Posted by: curious at June 17, 2010 09:47 AM (p302b)

87 "Polo Ralph Lauren: When Founders Cash Out""If you could sell this year and pay out the least in taxes for the
foreseeable future, wouldn’t you?"

Posted by: curious at June 17, 2010 09:51 AM (p302b)

88 "Will Every American Sue BP?"

Just about every American could make some sort of claim, imo. I keep in my head the prices of just about every seafood item. I've seen increases in shrimp, salmon, oysters, and clams. While not every one of these came from the Gulf, supply and demand still rules. No shrimp? Buy salmon. Salmon demand rises, supply tight, price increases. In my case, average weekly cost in higher prices adds about $10.00 to my bill, may be as much as $500.00 before the sucker stops spewing and the fisheries are reopened. Multiply this by a couple hundred million Americans and you're talking some serious money.

Posted by: Joe Biden (D)umbass at June 17, 2010 09:58 AM (IhHdM)

89 Wow - this "Recovery Summer" truly is doubling down on stupid!!!
Don't they realize that if they go around preaching "Recovery Now!!!" and nothing happens, their entire party is dead this fall??? And their credibility is shot forever, not just to us morons, but to Everyone????
But I think we are seeing the central (failed) calculus behind the "stimulus" bill. They gambled that there would be a cyclical recovery by now, and they back loaded the pork so that it would show up just before the election. They could then claim the recovery was due to the pork. I'll be the plan looked real good on paper.
But now it's all going wrong, and they have no way out. What they are going to have is a declining economy, increasing unemployment, and a lot of highly visible pork that is clearly making things worse, not better.
They are boned - and they have no way out of the trap they've built for themselves.

Posted by: Tom Servo at June 17, 2010 10:00 AM (T1boi)

90 via WS 24/7: "Barneys'
$60M loss For
troubled ritzy retailer, red is new black"

collateral damage?

Oh my did the philly fed index just "fall off a cliff" (rick santelli, CNBC)

Posted by: curious at June 17, 2010 10:02 AM (p302b)

91
"They are boned - and they have no way out of the
trap they've built for themselves.

Posted by: Tom Servo at June 17, 2010 10:00 AM (T1boi)"Did they actually believe the intern who said "on WS it's all psychology, it's what they believe, it's hope the numbers really don't matter all that much"CNBC showing the testimony of Bp CEO

Posted by: curious at June 17, 2010 10:05 AM (p302b)

92 Gold is at 1245

Posted by: Rat Patrol at June 17, 2010 10:08 AM (dQdrY)

93 When does the census lay off all the part time workers it pretended to hire? Betcha that's gonna leave an "unexpected" mark.

Posted by: shibumi at June 17, 2010 10:47 AM (OKZrE)

94 Gold is at 1245
So islunch!

Posted by: Big Fat Meanie at June 17, 2010 10:52 AM (8lCJT)

95 Good stuff to keep abreast of. Still, this is seriously depressing shit. Honestly though, I think I'm going to stop reading these morning financial briefing for awhile.

I choose the blue pill.

Posted by: Sam at June 17, 2010 11:11 AM (Cxsey)

96 Monty:
I really look forward to this post every day. Good stuff!
Oh, and I have been telling my wife for years that when the economy collapses, everyone will need something to barter. As an English professor, my skills will be, shall we say, somewhat less than clamored after?
So, I'm going to raise chickens and make wine. I've got a huge garage and a back yard that's a little over an acre.
Cowboy's Wine and Egg Emporium!

Posted by: Catholic Cowboy at June 17, 2010 11:36 AM (tGClb)

97 Does anyone have a link to container shipping and railroad shipping, as well as trucking? These seem to be indicators of where the economy is headed or at, also.

Posted by: Marianne at June 17, 2010 11:37 AM (jSigh)

98 96 The key is to diversify your talents -- and knowing how to read may come in handy; somebody has to keep everybody else's little urchins from being illiterate little urchins, no?

Posted by: unknown jane at June 17, 2010 12:00 PM (5/yRG)

99 As an English professor, my skills will be, shall we say, somewhat less than clamored after?

I hope that's not true! It can't all be beans and weenies, Cowboy. We all need some culture -- especially the Renaissance Morons, who often ponder the mysteries of Pope and Dryden while clouting a hobo in the head with a length of rebar.

Posted by: Monty at June 17, 2010 12:04 PM (4Pleu)

100 I hope that's not true! It can't all be beans and weenies, Cowboy. We all need some culture
-- especially the Renaissance Morons, who often ponder the mysteries of
Pope and Dryden while clouting a hobo in the head with a length of
rebar.
Monty darling, you're giving me a headache.

Please have Sumner bring the car around front.

Posted by: mpfs at June 17, 2010 12:18 PM (iYbLN)

101 Does anyone have a link to container shipping and
railroad shipping, as well as trucking? These seem to be indicators of
where the economy is headed or at, also.

Posted by: Marianne

Rail = Weekly carload summary, data.
US Rail Freight, chart.

Container = Dry Baltic Index.

Posted by: Garbonzo the Garrulous at June 17, 2010 01:03 PM (zgd5N)

102 Also,

Rail = 2006 -2010 Comparison chart

Posted by: Garbonzo the Garrulous at June 17, 2010 01:06 PM (zgd5N)

103 Garbonzo,

Thanks for the links! Those'll come in handy!

Posted by: Monty at June 17, 2010 01:10 PM (4Pleu)

104 Try correcting the DJ for inflation ... lower the stock value increases by the same percentage one once of gold has climbed.


Posted by: Kristopher at June 17, 2010 01:10 PM (kCEOg)

105 ... and the Depression continues with no end in sight ...

Posted by: Gerry at June 17, 2010 03:55 PM (MIwY5)

106
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