President Obama

Tyler Durden's picture

Full-Time Pain: Mort Zuckerman Says Most Americans "Wouldn't Call This A Recovery"





When we first brought the transformation of the American economy into a part-time worker society in 2010, many scoffed and suggested that when the 'recovery' really gets going the temp jobs will all be morphed into high-paying full-time jobs. That hasn't happened, and in fact, as we noted most recently, it's got worse. As Mort Zuckerman blasts in his rampagingly honest WSJ Op-Ed, "Most people will have the impression that the 288,000 jobs created last month were full-time. Not so." And more directly, "most Americans wouldn't call this an economic recovery." The lack of breadwinners working full time is a burgeoning disaster that we have covered extensively. There are 48 million people in the U.S. in low-wage jobs, resulting, as Zuckerman concludes, "Faith in the American dream is eroding fast."

 
Tyler Durden's picture

Goldman Warns, Congress Is Preparing To Tame The Fed





Having already warned that looming political uncertainty is not at all priced-in to US equities, Goldman's Alec Phillips points out that legislation was introduced earlier this week (July 7) in the US House that would attempt to revamp the FOMC's monetary policy process. The bill would require the FOMC to justify to Congress each policy decision relative to a Taylor rule specified in the legislation. While Goldman, do not expect the bill to get very far, but the issue does appear to be a growing focus for some lawmakers and we expect further action on it in the near term.

 
tedbits's picture

Weekly Wrap - July 11, 2014





This week was interesting to say the least and it is ending with a bang.  We are covering a number of brief subjects this week.  I hope you enjoy them.

 
Tyler Durden's picture

Germany Expels CIA Chief Over Spying Scandal Amid "Deep Rift"





You know things are not going your way when a long-time ally and peer in the world's power structure 'shuns' you. On the heels of the exposure of a 2nd "spy case", Germany has had enough...

*GERMANY EXPELS U.S. DIPLOMAT OVER ESPIONAGE AFFAIR
*GERMAN GOVT TAKING ISSUE 'VERY SERIOUSLY,' CHANCELLERY SAYS
*EXPULSION LINKED TO INVESTIGATION OF ALLEGED U.S. SPYING

It appears the US surveillance efforts was crossing Merkel's red line and the 'diplomat' appears to the CIA station chief. Of course, we are sure President Obama knew nothing about this spying...

 
Tyler Durden's picture

Reality-Optional Economics: Cockamamie Stories Infecting the Body Politic





The total tonnage of economic malarkey being shoveled over the American public these days would make the late Dr. Joseph Goebbels (Nazi Minister of “Public Enlightenment and Propaganda”) turn green in his grave with envy. It’s a staggering phenomenon because little about it is conspiratorial; rather, it’s the consensual expression of a public that wants desperately to believe things that are untrue, and an economic leadership equally credulous, unmanned, and avid to furnish the necessary narratives that might preserve their jobs and perqs.

 
Tyler Durden's picture

President Obama To Dictate How He'll Fix The Immigration Scandal - Live Feed





Having explained how well the economy is going - best in the world, apparently - President Obama is moving on to the immigration scandal. In an unexpected address from his fund-raising trip to Texas (Dallas actually - 100s of miles from the border), and on the heels of his 'executive action' demands on immigration reform, Obama will explain how it's none of his fault and unless 'the other side' give him carte blanche, it's a humanitarian crisis... think of the children (and the taxpayer funding)...

 
Tyler Durden's picture

President Obama To Explain Why Wal-Mart's CEO Is Wrong; Economy Is Doing Great - Live Feed





Stocks at record highs... Unemployment rates at multi-year lows... magical job creation 'impressive'... President Obama has a lot to proclaim "mission accomplished" over - except its all fallacious (as Wal-Mart's CEO recently explained). Of course, this will all be solved if everyone was paid 'fairly' at least $15/hour despite the greatest irony of Obama's inequality fight is that "his policies are squeezing the middle class and causing the Fed – with the President’s encouragement – to engage in the radical monetary policy, which is exacerbating inequality. This simple truth cannot be repeated often enough."

 
Tyler Durden's picture

White House Dictates: $3.8 Billion Needed To Stem The Surge Of Immigrants





At almost double the $2 billion that many had expected, The Washington Post reports that The White House will request $3.8 billion from Congress in emergency funding to deal with an influx of unaccompanied minors from Central America. Funds would be allocated to send more immigration judges to the southern border, build additional detention facilities and add border patrol agents, to help stem the recent surge of women and children from El Salvador, Guatemala and Honduras.

 
Tyler Durden's picture

Flat Equity Futures Prepare For Big Move Following Econ Data Avalanche





Once again, US equity futures are roughly unchanged (while Treasurys have seen a surprising overnight bid coming out of Asia) ahead of an avalanche of macroeconomic news both in Europe, where the ECB will deliver its monthly message, and in the US where we will shortly get jobless claims, ISM non-manufacturing, trade balance, nonfarm payrolls, unemployment, average earnings, Markit U.S. composite PMI, Markit U.S. services PMI due later. Of course the most important number is the June NFP payrolls and to a lesser extent the unemployment rate, which consensus expects at 215K and 6.3%, although the whisper number is about 30K higher following yesterday's massive ADP outlier. Nonetheless, keep in mind that a) ADP is a horrible predictor of NFP, with a 40K average absolute error rate and b) in December the initial ADP print was 151K higher than the nonfarms. Those watching inflation will be far more focused on hourly earnings, expected to rise 0.2% M/M and 1.9% Y/Y. Should wages continue to stagnate and decline on a real basis, expect to hear the "stagflation" word much more often in the coming weeks.

 
Tyler Durden's picture

Frontrunning: July 2





  • France's Sarkozy faces corruption probe in blow to comeback hopes (Reuters)
  • Ukraine Says Military Offensive Against Rebels Yielding Results (WSJ)
  • JPMorgan Investors Show Support for Dimon in Cancer Fight (BBG)
  • World’s ATM Moves to Frankfurt as Yellen’s Fed Slows Cash (BBG)
  • Argentina Seen Backtracking on Fernandez Vows as Legacy at Risk (BBG)
  • Palestinian teen killed in possible revenge attack (Reuters)
  • The Bill and Hillary Clinton Money Machine Taps Corporate Cash (WSJ)
  • London House Prices Surge the Most Since 1987, Nationwide Says (BBG)
  • Last Jew in Afghanistan faces ruin as kebabs fail to sell (Reuters)
 
Tyler Durden's picture

Losing Faith? Democrat Confidence In The Economy Tumbles To 2014 Lows





It appears the faithful are losing belief... Gallup reports that Democrats economic confidence has faded to its lowest since January (less than half the levels of confidence when President Obama unleashed his 2nd term). Despite exuberance conference board (government sponsored) surveys of confidence (and seasonally adjusted happiness in PMIs and ISMs), Gallup notes U.S. Economic Confidence Index remained flat in June having hovered at this lower level for most of the year (with no post-weather rebound). The outlook also remains dismal - hovering at its lowest since Dec 2013 with only 39% of Americans saying the economy is getting better and 56% saying it is getting worse.

 
Tyler Durden's picture

Losing Faith? Democrat Confidence In The Economy Tumbles To 2014 Lows





It appears the faithful are losing belief... Gallup reports that Democrats economic confidence has faded to its lowest since January (less than half the levels of confidence when President Obama unleashed his 2nd term). Despite exuberance conference board (government sponsored) surveys of confidence (and seasonally adjusted happiness in PMIs and ISMs), Gallup notes U.S. Economic Confidence Index remained flat in June having hovered at this lower level for most of the year (with no post-weather rebound). The outlook also remains dismal - hovering at its lowest since Dec 2013 with only 39% of Americans saying the economy is getting better and 56% saying it is getting worse.

 
Tyler Durden's picture

President Obama To Dictate His New 'Executive Action' On Immigration Reform - Live Feed





It's been a busy day for President Obama and he needs a win... a bright shiny PR moment, surrounded with immigrant children explaining how he is the Pied Piper that will save them all from the despotic servitude they come from. In an unplanned press conference President Obama will address his immigration reform at 1450ET through executive action. No lesser man than Cantor-buster Dave Brat opined that the President's policies "sound nice", like "the Kids’ Act, the DREAM Act, the ENLIST Act," but did little to address the growing influx of children. “The reason we have those thousands crossing the border is because of poor policy in the first place,” Brat added. We are sure Obama disagrees - besides, this has to be good for GDP, right? - The Broken Border Fallacy.

 
Pivotfarm's picture

Burning Banknotes !





There are some out there in the economic world that believe that banknotes are detrimental to the health of the economy and that they are currently stifling the recovery of the markets. Their solution: burn the damn things and let them go up in smoke. Replace them with electronic money and then the central banks around the world will be able to do more than just providing alternatives that don’t work to revamping the financial markets and boosting economic growth.

 
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