What is happening this year is astounding. After saying year after year after year that the recovery is coming, and even doing so to the point of condescension, the admissions of wrongfulness are starting to roll in, if only softly at first. How ludicrous does “transitory” look now?
"The [American Bar Association] wants to do exactly what the text calls for: limit lawyers' expression of viewpoints that it disapproves of... state courts and state bars should resist the pressure to adopt it."
While there are many hopes of an end to the current “profits” recession, there is mounting evidence those hopes may once again be disappointed. One of the latest such indications is rising employee compensation. While rising employee compensation is good from the view it should lead to rising consumption, it also reduces corporate profitability (wages reduce profits.)Furthermore, this is especially problematic currently as rising compensation is being offset by soaring healthcare costs due to the Affordable Care Act.
That's what St. Louis Fed president James Bullard would like to know: "I think that Dustin Moskovitz should be here, maybe he can helicopter in from Sun Valley or something instead of sending all these people, if he wants low interest rates."
After Yellen, Saudi-Yemen, and Fischer headlines roundtripped crude prices for the day, Baker Hughes' oil rig count was unchanged for the week at 406 (ending 8 straight weeks of rises). Crude prices are rising modestly on the news...
Prediction: If Hillary Clinton wins, within a year of her inauguration, she will be under investigation by a special prosecutor on charges of political corruption, thereby continuing a family tradition.
Despite Yellen's hawkish tone, market participants clung to dovish hopes in her words... but Stan Fischer just clarified "Yellen's comments are consistent with a possible September hike" and that has spoiled th eparty in stocks, bonds, gold, and the dollar...
The past several years have seen a surprising spike in professional suicides, mostly confined to the banking sector in general and Deutsche Bank in particular. Overnight this tragic group expanded into multinational corporation sector, after one the top executives at South Korea's multination conglomerate Lotte Group was found dead on Friday, in what is a suspected suicide, in what police described was a "typical case of death by hanging."
"The reason for the wide range is that the economy is frequently buffeted by shocks and thus rarely evolves as predicted.... What we do know, however, is that we want a policy toolkit that will allow us to respond to a wide range of possible conditions."