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CMT : Music Video : Heads Carolina, Tails California : Jo Dee Messina
Jay Carney works at fiverr.com:
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Who knew there was a market for chinface, except shill:
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Everyone will end up working at fiverr.com
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From the article,
It is important to understand that income inequality is a byproduct of a well-functioning capitalist economy. Individuals’ earnings are directly related to their productivity. Wealthy people are not wealthy because they have more money; it is because they have greater productivity. Different incomes, thus, reflect different productivity levels.
The Real Housewives of Wall Street | Rolling Stone Politics
See, the wives of Morgan Stanley bankers (Christy Mack and Susan Karches) are more productive, so the Fed loans them $220 million to buy asset backed securities on the cheap. Capitalism in it's finest moment of meritocracy.
Sebastian would see the merit in this, after all, those wives worked really hard all their lives for that quick quarter of a billion payout.
Bubblisimo Gerkinov wrote:
That's from 2008.
That's when the economy really started working better, because income inequality has accelerated since then, at least according to the St. Louis Fed. I am just the messenger here.
I've yet to see CR jump on a soap box and presume to have any solutions for income inequality.
Here is your answer from the St. Louis Fed.
U.S. Income Inequality: It's Not So Bad
it is important to understand that income inequality has many economic benefits and is the result of, and not a detriment to, a well-functioning economy.
No one cares about income inequality. The more concentrated the wealth, the better the economy is working.
The only recovery measure that matters is the S&P 500. USA! USA!
Got my DOW 15K hat ready.
The recession started a boom in part time employment:
Graph: Employed, Usually Work Part Time (LNS12600000) - FRED - St. Louis Fed
Rates. At. All. Time. Low.
Sell now or be priced in forever?
Mike in Long Island wrote:
In fact, it was a one- sided shootout.
Baldy, Harwood, Dawson From Thunder Mountain At Top Of Emile's Ski Run. Photo by tekewin | Photobucket
Tuesday: Case-Shiller House Prices, Chicago PMI, Consumer Confidence
Read less at Calculated Risk: Tuesday: Case-Shiller House Prices, Chicago PMI, Consumer Confidence
One out of three ain't bad, but it ain't Meatloaf either.
I don't use the Chicago PMI, either, since it gives so many false signals, but I do acknowledge that it was markedly lower.
The what? Never heard of it. Hey, the S&P is up to a new record today! Stocks for the long run.
Yep...take all your money, if you have any left, and stick it under the floor boards.
I've stuffed all the money I have room for around the house, spread all I can between two credit unions, and maxed my I-bonds for the year. Nothing left to invest in, too much cash left over. My floor doesn't come up, so maybe you have another idea?
There was no Chicago PMI report today. I don't see it.
I wonder how stock futures knew it was going to be a miss. BEA might have accidentally emailed it a day early.
R&R median prediction from history: 2.3%. Hmm. Spreadsheet error.
Guess we need more of whatever Japan is doing.
I'm sure there are profound moral reasons, other than birth, for the extremely uneven distribution of the benefits of economic growth in the US, however anemic. The Europeans should replace their flawed system with our flawed system.
If Germany was as smart as the US, 1/5 of their population would be on welfare like the US. Income could be distributed more to the top few percent, and they would have a formal policy of bankers being immune from criminal prosecution. But only if they were as smart as the US. Where is the German Krugman when you need him?
Daily Show on gold...
The Golden Rage - The Daily Show with Jon Stewart - 04/24/13 - Video Clip | Comedy Central
Technically, they are in Missouri. Kansas City, Missouri.
I was referring to the Wizard of Oz, not the address of the bank.
RiF, large primes up to $155. Cha-ching! Still mining?
KC Fed: We're still in Kansas.
//HG throws in sock?
Hardly the serious, high-impact conditions I thought we'd see.
Political scare tactics and casual lies. Par for the course.
I guess the sequester was all bark and no bite.
Karl Denninger's Douchebag Challenge
Not sure how Krugman would react to this article, other than to suggest issue more [GDP deflated] debt.
House GOP advances bill to protect Treasury investors if government reaches debt limit - The Washington Post
You need to compare debt to nominal GDP, not to real GDP.
Thanks for looking for that Krugman quote. Since 2001, we have been accumulating debt at a far faster rate than GDP growth, so by Krugman's measure, we are not doing OK. For various reasons, US debt grows faster than the official deficit.
The good news that the deficit is rapidly shrinking and CBO projects a deficit of 5.3% of GDP in 2013. Yippee! By Krugman's measure that is a failure because it is still much larger than GDP growth. I don't think anyone is projecting >5.3% GDP growth, and again the debt grows more than just the official deficit. If things go gangbusters and the deficit shrinks to 2.4% by 2015, GDP has to grow to over 2.4%. Only 5 years out of 12 since 2001 have had GDP growth >2.4%.
take a hike, kid
It is my quantum of solace. Now I feel bad for shooting the messenger, however true.
I think it is a little too early for gloating. The R&R error was embarrassing, and the specific conclusion on 90% was wrong, but the data still supports the broader conclusion that higher debt leads to lower growth.
If infinite debt and money printing worked, why has it failed in the past? Why does anyone bother to work when we can print enough for everyone on the planet to live in luxury?
I'd like to see one statement by Krugman where he says there is a some limit to debt growth and stimulus and where he thinks that limit might be.
Did you note it was by Henry Blodget.....
Oh, that's right - he's now on the side of the good guys.
Most people I know were permanently banned from the securities business by the SEC for fraud. No biggie.
sum luk wrote:
Sober Look: The slowdown in economic activity is right on schedule - for the 4th year in a row
You are not wearing the right shade of glasses.
Yen keeps banging on the 100:1 FX with the dollar. How many quadrillion yen does it take?
Well, I didn't let the bad news on durable goods orders go without comment.
Only good news on the good news channel. I suspect we'll get a one sentence mention of the durables as an aside to the final good news post at the end of the day. Or maybe I'm jumping the gun on the apparent omission.
Was there a durable goods release today? Say no more, wink, wink.
AAPL clawing back above $400. Lots of cash, but apparently out of ideas.
Unless I'm not doing it right.
If you own your house outright or can't get refi at a lower rate, no benefit.
In other words, refi's aren't all they're cracked up to be.
The Fed forcing rates low is really a wealth transfer from lenders to 1) the homeowner, 2) the government (through reduced mortgage deductions. I kind of like that deal.
What turns me off is the 100% screaming certainty that turns out not to materialize. I've been suckered once too many.
Like I said, occasional insight. Usually entertaining, usually hyperbolic. You have to take everyone with a grain(s) of salt.
I haven't visited that site in years. Will have to take another look.
Some occasional insight if you can get past the bold, italics, and CAPS..
Durable goods -5.7%. As KD says, that'll buff right out.
Duke of Con Dao wrote:
no breaking bad fans here? greatest tv show since The Wire
Greatest TV show, EVAR.
I'd like to see the distressing gap start to close. I guess it needs more time.
The future's so bright, I gotta monetize $1 trillion per year
You need to get with the program.
According to Mt. Gox, large prime numbers are going for $124 each today.
Inflation is not a problem in the US or Argentina. Just ask the government. They'll give you the official figures.