Archive - Dec 14, 2012 - Blog entry
Biggest Social Media Sites Censor Alternative News
Submitted by George Washington on 12/14/2012 15:04 -0500“Unreliable News Sources”
In housing debt we trust.
Submitted by drhousingbubble on 12/14/2012 12:25 -0500The assumption that households are doing much better simply because the stock market is up is really a problematic understanding of how wealth is dispersed across the United States. I vividly remember a handful of parties back during the peak of the bubble where people would often quote how much their net worth went up courtesy of the housing bubble. “My home that I bought in the 1990s is now worth over $1 million.” As all of you know, until you sell the home those gains are largely on paper and many did not sell. In fact, many tapped out large portions of that equity and spent it. This is why even with home prices moderately recovering US households still have close to record low equity in their homes. It probably does not help that low down payment FHA insured loans are such a large part of the market encouraging Americans to make the biggest purchase of their lives with very little down. The Fed reported last week on net worth figures and it is worth digging deep into the data.
14 Dec 2012 – “ Stuck in the Middle with You ” (Stealers Wheel, 1972)
Submitted by AVFMS on 12/14/2012 12:01 -0500Utterly boring Friday session, worsened by year end inactivity… PMI figures, which were actually needed on the more positive side to justify the latest levels in Risk were just so so in Europe. But, who cares? Periphery recovering further with Spain actually the best performer on the week (outside the bailed-out gang). US stuck despite better figures.
"Stuck in the Middle with You" (Bunds 1,35% unch; Spain 5,37% -1; Stoxx 2628 +0,2%; EUR 1,314 +60)
TiMe MaGaZiNe ReaDeR PoLL: PRoPaGaNGNaM STYLe
Submitted by williambanzai7 on 12/14/2012 10:11 -0500And this year's winner is...
Europe: The Vision Thing
Submitted by Marc To Market on 12/14/2012 10:07 -0500The euro has been the strongest currency this week. At pixel time it is up about 1.2%. The Dow Jones Stoxx 600 made new 18-month highs earlier in the week before consolidating in the second half of the week. Bond markets were mostly lower, though Greece, for obvious reasons, Spain and Portugal were exceptions to the generalization.
Four Drivers, Little Movement
Submitted by Marc To Market on 12/14/2012 06:40 -0500With few exceptions, the global capital markets which began the week with a bang, are finishing with a whimper. The US dollar is little changed against the major and emerging market currencies. Asia stocks were by and large flat, with the notable exception of Chinese stocks, where the major indices jumped a little more than 4%.
European bourses are mixed, with gains and losses mostly less than 0.25% near midday in London. Spanish and Italian bond yields are slightly lower, but activity is quiet.
Despite the subdued tone there are four developments to note
Central Banks Renew Currency Swap Lines
Submitted by CalibratedConfidence on 12/14/2012 01:26 -0500Global Central Banks agree to another year of access to FRBNY FX Swap Lines
