BLOG.JMHAMILTONPUBLISHING.COM: Category Archive for Economics

"There's this to be said for the contempt the citizenry has for Congress: It's not only fully deserved but remarkably consistent."

Posted by J.M. Hamilton Blog at 2/11/2012 8:48 AM | Add Comment

"Meanwhile, Laurence Fink, chief executive of BlackRock (BLK), last week told Bloomberg television that investors should have 100% of their holdings in equities..."

Posted by J.M. Hamilton Blog at 2/11/2012 8:44 AM | Add Comment

“Clearly Greece can’t and shouldn’t do without the European Union but it could do without the German boot.”

Posted by J.M. Hamilton Blog at 2/11/2012 7:59 AM | Add Comment

“We must transform our economy from one focused on speculating, spending and borrowing to one constructed on the solid foundation of educating, innovating, and building.”

Posted by J.M. Hamilton Blog at 2/11/2012 7:52 AM | Add Comment

The Goverment Bailout of Detroit Has been Magnifient! “Detroit’s showing us it can be done,” he said as the music swelled.

Posted by J.M. Hamilton Blog at 2/10/2012 7:32 PM | Add Comment

“The Greeks understand that it’s not five minutes to midnight but 30 seconds to midnight,” Luxembourg Finance Minister Luc Frieden said.

Posted by J.M. Hamilton Blog at 2/10/2012 7:27 PM | Add Comment

"But the problems will fester and the housing market will continue to suffer."

Posted by J.M. Hamilton Blog at 2/10/2012 7:26 PM | Add Comment

The changes are tectonic, a result of social and economic processes unfolding over many decades.

Posted by J.M. Hamilton Blog at 2/10/2012 7:18 PM | Add Comment

Rally Halted

Posted by J.M. Hamilton Blog at 2/10/2012 7:16 PM | Add Comment

‘Crony Capitalism’

Posted by J.M. Hamilton Blog at 2/10/2012 7:13 PM | Add Comment

“Property rights and contract law once again take a beating,” Simon said

Posted by J.M. Hamilton Blog at 2/10/2012 7:07 PM | Add Comment

“State revenues are to be used first and foremost for debt service.”

Posted by J.M. Hamilton Blog at 2/10/2012 7:03 PM | Add Comment

Hedge funds profited from a 10 percent rise in the European banking sector in January, after the European Central Bank provided banks with 489 billion euros ($648 billion) of ultra-cheap, long-term cash, with more expected at the end of this month.

Posted by J.M. Hamilton Blog at 2/10/2012 6:57 PM | Add Comment

Aluminum prices, just under $3,000 a ton in 2007, were expected to continue their rise. Instead, the prices fell to under $1,500 a ton during 2009 before settling to around $2,200 today.

Posted by J.M. Hamilton Blog at 2/10/2012 6:42 PM | Add Comment

“There is no stigma whatsoever on these facilities,” Draghi said

Posted by J.M. Hamilton Blog at 2/10/2012 6:35 PM | Add Comment

So we should reject the attempt to divert the national conversation away from soaring inequality toward the alleged moral failings of those Americans being left behind.

Posted by J.M. Hamilton Blog at 2/10/2012 6:31 AM | Add Comment

The Stoxx Europe 600 Index slid 0.4 percent to 262.56 at 8:12 a.m. in London.

Posted by J.M. Hamilton Blog at 2/10/2012 6:19 AM | Add Comment

GREECE: “State revenues are to be used first and foremost for debt service.” Whatever money was left over could be used for other purposes, such as paying police salaries or purchasing hospital supplies.

Posted by J.M. Hamilton Blog at 2/9/2012 6:52 PM | Add Comment

Sounds Like Messrs. Buffett and Fink are recommending their Portfolio, I wouldn't want to hold anything but Dollars or Gold, when Greece or the PIIGS Default - J.M.H.

Posted by J.M. Hamilton Blog at 2/9/2012 6:51 PM | Add Comment

“Every time you try and wait, the snowball gets bigger, the problems get bigger and the dynamics become more difficult to control. This is about a status quo that is very difficult to sustain.”

Posted by J.M. Hamilton Blog at 2/9/2012 6:39 PM | Add Comment

"Greece Must Go Bankrupt"

Posted by J.M. Hamilton Blog at 2/9/2012 7:11 AM | Add Comment

King may announce today that he will pump another 50 billion pounds ($79 billion) into the U.K. economy as the central bank ramps up protection for a nascent recovery.

Posted by J.M. Hamilton Blog at 2/9/2012 7:00 AM | Add Comment

Greece’s recession is three years old. Unemployment is approaching 20 percent.

Posted by J.M. Hamilton Blog at 2/9/2012 6:51 AM | Add Comment

Goldman Sachs is picking up the pieces from the wreckage of the American International Group.

Posted by J.M. Hamilton Blog at 2/8/2012 7:55 PM | Add Comment

“The MERS- related litigation could run into the billions.”

Posted by J.M. Hamilton Blog at 2/8/2012 7:44 PM | Add Comment

Inflation ‘Misinformation’

Posted by J.M. Hamilton Blog at 2/8/2012 7:42 PM | Add Comment

For now, the deal’s fate rests with the Federal Reserve Board governors, who will meet in Washington on Wednesday afternoon.

Posted by J.M. Hamilton Blog at 2/8/2012 7:36 PM | Add Comment

“Bottom line is we moved away from the disaster scenario and now it’s being endorsed or even underwritten by central bank activity in the U.S. and Europe.”

Posted by J.M. Hamilton Blog at 2/8/2012 7:17 AM | Add Comment

With unemployment at 19 percent, businesses closing, credit scarce and the proposed new wage cuts expected to further decimate the shrinking middle class, the hard left and extreme right are rising.

Posted by J.M. Hamilton Blog at 2/8/2012 7:13 AM | Add Comment

As we have previously argued, stabilizing the housing market will probably require reductions in mortgage principal as well as access to lower interest rates.

Posted by J.M. Hamilton Blog at 2/7/2012 8:08 PM | Add Comment

Mr. Bernanke has repeatedly called on Congress to adopt a long-term plan for deficit reduction. He said Tuesday that this should be done “as soon as possible.”

Posted by J.M. Hamilton Blog at 2/7/2012 8:04 PM | Add Comment

"After each book, I felt like I knew less," he told me. "For an academic, that's a pretty frustrating feeling."

Posted by J.M. Hamilton Blog at 2/7/2012 7:41 PM | Add Comment

That, however, doesn't mean investors should dump all their equities. Montgomery recommends a lower-than-normal allocation to stocks and other financial assets and a higher ones to gold and other real assets.

Posted by J.M. Hamilton Blog at 2/7/2012 6:56 AM | Add Comment

What happened to the $600 Billion in Liquidity the E.U.'s Central Bank Pumped into the Banks?

Posted by J.M. Hamilton Blog at 2/6/2012 7:47 PM | Add Comment

"We want Greece to stay in the euro. To say it clearly, this is the opinion of both of us," German Chancellor Merkel said.

Posted by J.M. Hamilton Blog at 2/6/2012 4:26 PM | Add Comment

"That said, our economy remains deeply depressed."

Posted by J.M. Hamilton Blog at 2/6/2012 8:37 AM | Add Comment

“We can no longer completely exclude extreme scenarios such as a disorderly default or -- a bit further down the line -- an exit from the euro area."

Posted by J.M. Hamilton Blog at 2/6/2012 8:36 AM | Add Comment

The message from the lobby group, which represents 100 of the largest U.S. financial companies, is clear: When it comes to the risks posed by big banks, don’t worry, be happy.

Posted by J.M. Hamilton Blog at 2/6/2012 8:34 AM | Add Comment

Mr. Schrems, a law student at the University of Vienna and a user of Facebook since 2008, has led a vocal campaign in Europe against what he maintains are Facebook’s illegal practices of collecting and marketing users’ personal data

Posted by J.M. Hamilton Blog at 2/6/2012 8:23 AM | Add Comment

Raising five sons born in the space of seven years, Howard and Margaret Paul worked every day but Christmas, spoke English at home but swore at their sons in German

Posted by J.M. Hamilton Blog at 2/6/2012 8:20 AM | Add Comment

Jobs Created Under President Obama...

Posted by J.M. Hamilton Blog at 2/5/2012 4:37 PM | Add Comment

"It would be dangerous for the eurozone’s highly indebted countries to abandon austerity now. Any country that enters a period of heightened risk aversion with a large debt overhang faces only bad choices."

Posted by J.M. Hamilton Blog at 2/5/2012 8:52 AM | Add Comment

Messrs. Keene, Prewitt and Gross on Bloomberg Surveillance

Posted by J.M. Hamilton Blog at 2/5/2012 8:39 AM | Add Comment

"Fannie and Freddie need to push lenders to agree to more principal reduction, and need to be pushed themselves, with legislation."

Posted by J.M. Hamilton Blog at 2/5/2012 8:37 AM | Add Comment

Deutsche Bank AG Chief Executive Officer Josef Ackermann said a collapse of Greece’s economy would open a “Pandora’s box” that would kill a euro-area recovery.

Posted by J.M. Hamilton Blog at 2/5/2012 8:31 AM | Add Comment

No.

Posted by J.M. Hamilton Blog at 2/5/2012 8:20 AM | Add Comment

Yields on 10-year munis are now down to 90.77% of comparable Treasury yields, according to Thomson Reuters MMD.

Posted by J.M. Hamilton Blog at 2/5/2012 8:12 AM | Add Comment

“Two major, interrelated issues remain unresolved — labor relations and wages in the private sector, and the fiscal measures that must be taken to ensure we are within the target for 2012.”

Posted by J.M. Hamilton Blog at 2/5/2012 8:01 AM | Add Comment

Stating that he isn't concerned about the plight of the very poor because they have a safety net came off as almost Dickensian: "Are there no prisons? Are there no workhouses?"

Posted by J.M. Hamilton Blog at 2/4/2012 9:01 AM | Add Comment

"For a man who’s not worried about the rich, he sure seems to want them to rake in more cash."

Posted by J.M. Hamilton Blog at 2/4/2012 8:35 AM | Add Comment

Economists were surprised by the strength of the new numbers, which showed a gain of 243,000 jobs last month and larger gains in earlier months than previously reported.

Posted by J.M. Hamilton Blog at 2/4/2012 8:35 AM | Add Comment

"The F.D.I.C. is moving in the right direction, although there is much to do before big banks can be treated like MF Global."

Posted by J.M. Hamilton Blog at 2/3/2012 7:34 PM | Add Comment

These numbers do make it appear that the economy is gaining momentum, even if the January gain does turn out to be overstated.

Posted by J.M. Hamilton Blog at 2/3/2012 7:26 PM | Add Comment

As it was in 1980, could it be again in 2012?

Posted by J.M. Hamilton Blog at 2/3/2012 6:56 PM | Add Comment

So Mr. Romney’s position seems to be that we need not worry about the poor thanks to programs that he insists, falsely, don’t actually help the needy, and which he intends, in any case, to destroy.

Posted by J.M. Hamilton Blog at 2/3/2012 6:30 AM | Add Comment

"Money can become less liquid and frozen by 'price' in addition to the classic liquidity trap explained by 'risk.'"

Posted by J.M. Hamilton Blog at 2/3/2012 6:30 AM | Add Comment

‘Bottomless Pit’

Posted by J.M. Hamilton Blog at 2/3/2012 6:26 AM | Add Comment

"We can’t put $100 trillion of credit in a system-wide mattress, but we can move in that direction by delevering and refusing to extend maturities and duration."

Posted by J.M. Hamilton Blog at 2/2/2012 7:24 PM | Add Comment

Bernanke said. “We’re always trying to bring inflation back to the target.”

Posted by J.M. Hamilton Blog at 2/2/2012 7:18 PM | Add Comment

“We have a huge opportunity, at this moment, to bring manufacturing back,” Mr. Obama said

Posted by J.M. Hamilton Blog at 2/2/2012 7:15 PM | Add Comment

“Do not charge your brother interest, whether on money or food or anything else that may earn interest.” “Foreigners” can be charged interest, however.

Posted by J.M. Hamilton Blog at 2/2/2012 7:10 PM | Add Comment

“A credit crunch would tip the euro zone back into a severe recession,” Marie Diron

Posted by J.M. Hamilton Blog at 2/2/2012 6:46 PM | Add Comment

ISM: "Indications are that 2012 business environment will improve over 2011."

Posted by J.M. Hamilton Blog at 2/2/2012 5:57 AM | Add Comment

Mr. Obama’s proposal is intended to force the mortgage giants to inject more competition into the refinancing market

Posted by J.M. Hamilton Blog at 2/1/2012 7:11 PM | Add Comment

“Portugal’s debt is sustainable, and we do not see the need” for emergency negotiations between Lisbon and private bondholders, he said.

Posted by J.M. Hamilton Blog at 2/1/2012 7:09 PM | Add Comment

Macromavens' Pomboy points out the rising tide of Fed liquidity no longer is lifting all so-called risk assets together.

Posted by J.M. Hamilton Blog at 2/1/2012 7:02 AM | Add Comment

Sound tax policy calls for raising the capital gains tax, which, at 15 percent, is the lowest since the Great Depression.

Posted by J.M. Hamilton Blog at 2/1/2012 6:56 AM | Add Comment

Since a peak in mid-2006, home prices tracked by the index have plunged by almost 33 percent.

Posted by J.M. Hamilton Blog at 1/31/2012 7:01 PM | Add Comment

Merkel told reporters. “You have to find a way through more action by the Greek government, more contributions by private creditors, for example, in order to close this gap.”

Posted by J.M. Hamilton Blog at 1/31/2012 6:47 AM | Add Comment

On Tuesday, a coalition of big American labor unions, Democratic politicians and trade advocacy groups plans to start campaigning for the Obama administration to file a series of trade cases against China in the auto industry.

Posted by J.M. Hamilton Blog at 1/31/2012 6:33 AM | Add Comment

Gretchen Morgenson...

Posted by J.M. Hamilton Blog at 1/30/2012 6:57 PM | Add Comment

“Many people now say that it will never work to push all the Southern European countries into austerity, hoping that, one day, they will pay back what they owe.”’

Posted by J.M. Hamilton Blog at 1/30/2012 6:12 PM | Add Comment

Ms. Lagarde said: “No one is immune. It’s not just a euro zone crisis. It’s a crisis that could have collateral effects, spillover effects around the world.”

Posted by J.M. Hamilton Blog at 1/30/2012 6:09 PM | Add Comment

And we’re quite fortunate that Mr. Obama did not, in fact, do a Cameron.

Posted by J.M. Hamilton Blog at 1/30/2012 6:48 AM | Add Comment

The anticipated agreement on private sector involvement, or PSI, will open the way to a 130 billion- euro second bailout from Greece’s European partners and the International Monetary Fund for the country

Posted by J.M. Hamilton Blog at 1/30/2012 6:45 AM | Add Comment

Occupy protests focused on Oakland after a former Marine and Iraq war veteran, Scott Olsen, was critically injured during a demonstration in October.

Posted by J.M. Hamilton Blog at 1/30/2012 6:35 AM | Add Comment

“One had those ethics violations,” he said of Mr. Gingrich, referring to his time as House speaker. “As for the other one,” he said of Mr. Romney, “he is just a liar.”

Posted by J.M. Hamilton Blog at 1/30/2012 6:30 AM | Add Comment

we find this to be the case – global factors, including US interest rates, and global risk aversion (as captured by the volatility of the S&P500 index) – are key determinants of whether capital surges towards emerging markets

Posted by J.M. Hamilton Blog at 1/29/2012 9:13 AM | Add Comment

Tightening debt-to-income and loan-to-value ratios (conditional on the debts’ currency denomination) would also contribute to contain domestic credit directly, and might be more effective than traditional monetary tightening – ie increasing domestic inter

Posted by J.M. Hamilton Blog at 1/29/2012 9:11 AM | Add Comment

65%: fear tax increases

Posted by J.M. Hamilton Blog at 1/29/2012 9:03 AM | Add Comment

Private investors hold about 60 percent of Greece’s 350 billion euros of debt.

Posted by J.M. Hamilton Blog at 1/29/2012 8:55 AM | Add Comment

"He reckons inflation-adjusted home prices will have to drop another 10% to 15% before they stabilize."

Posted by J.M. Hamilton Blog at 1/28/2012 7:11 AM | Add Comment

By extending its zero-rate target for fed funds through 2014, the Fed aims to alter expectations to induce more buying of longer-term securities.

Posted by J.M. Hamilton Blog at 1/28/2012 7:09 AM | Add Comment

Simpson also said the Republican presidential candidates are “almost like robots” in their aversion to any taxes as a way to help shrink the government’s $1.3 trillion deficit.

Posted by J.M. Hamilton Blog at 1/28/2012 7:04 AM | Add Comment

Default swaps insuring $10 million of Greek debt for five years cost $6.3 million in advance and $100,000 annually, according to CMA. That implies an 82 percent chance the government will default

Posted by J.M. Hamilton Blog at 1/27/2012 7:00 PM | Add Comment

"And then, GOP, watch out! Sure, it appears Paul is unlikely to mount a third-party campaign — he’s said so himself."

Posted by J.M. Hamilton Blog at 1/27/2012 6:57 PM | Add Comment

Wolfgang Schäuble. “I don’t agree with George Soros—not surprisingly.”

Posted by J.M. Hamilton Blog at 1/27/2012 6:47 PM | Add Comment

“We have to see banks trust each other,” Mr. Draghi said. “That’s when we will say, ‘O.K., the market is functioning.’”

Posted by J.M. Hamilton Blog at 1/27/2012 6:45 PM | Add Comment

Jeffrey Winters, an American political scientist, has devised another way to appreciate the difference between the merely rich and the super-rich.

Posted by J.M. Hamilton Blog at 1/27/2012 6:31 PM | Add Comment

Geithner said at the annual meeting. “That’s going to require a bigger commitment of resources.”

Posted by J.M. Hamilton Blog at 1/27/2012 6:25 PM | Add Comment

The price swings of 2011, led by worries about Europe's debt troubles and fears China would slam the brakes on its economy, have cast doubts about whether the decadelong commodities rally can continue.

Posted by J.M. Hamilton Blog at 1/27/2012 5:28 AM | Add Comment

"And this vision helps explain why Republicans were so furiously opposed to the single most successful policy initiative of recent years: the auto industry bailout."

Posted by J.M. Hamilton Blog at 1/27/2012 5:25 AM | Add Comment

To flourish, Japan needs to ease regulations, tap its female workforce and liberalize immigration. Lawmakers are doing none of the above.

Posted by J.M. Hamilton Blog at 1/27/2012 5:17 AM | Add Comment

Greece is effectively bankrupt, staggering under a debt load that the I.M.F. now estimates as equal to about 160 percent of its gross product

Posted by J.M. Hamilton Blog at 1/27/2012 5:11 AM | Add Comment

Throughout such tough negotiations, Ms. Brainard has won a reputation as even-keeled, never ruffled and extraordinarily detailed.

Posted by J.M. Hamilton Blog at 1/26/2012 7:08 PM | Add Comment

Members of the group pledge to match their spending on wine with donations to charity.

Posted by J.M. Hamilton Blog at 1/26/2012 7:00 PM | Add Comment

Gross Says Europe Is Biggest Risk to U.S. Economy

Posted by J.M. Hamilton Blog at 1/26/2012 6:47 PM | Add Comment

Corporate defaults may almost double in Europe as companies struggle to refinance debt and banks hoard cash borrowed from the European Central Bank or use it to buy government bonds.

Posted by J.M. Hamilton Blog at 1/26/2012 5:49 AM | Add Comment

The task force will most likely follow the lead of New York and Delaware, which are investigating potential flaws in the creation of mortgage-backed securities that could lead to charges of tax evasion, insurance fraud and securities fraud.

Posted by J.M. Hamilton Blog at 1/26/2012 5:31 AM | Add Comment

Millions of homeowners continue to face foreclosure.

Posted by J.M. Hamilton Blog at 1/25/2012 8:03 PM | Add Comment

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