2012

Mario Draghi's comments earlier today showing the ECB's commitment to the euro to do whatever it takes to keep the single currency intact were greeted by most with a sense of relief. In Germany, there was consternation within the German…

This daily will have to be quick since I am in transit. The best highlight here is jobless claims and how the auto sector is affecting both production and employment positively, potentially keeping the US from falling into outright…

I want to tie a few threads together regarding the synchronised global slowdown and the related drop in corporate earnings. US firms had been insulated on earnings due to not increasing staff and the global nature of their profiles. With…

Stephen Roach knows that quantitative easing represents what got us into this mess. But the market is addicted to it like an addict wanting "crack". So, the Fed is going to give the addict what it wants because advocates of easy money are…

The Euro is the national currency of a country that does not exist. Though there is a continent of Europe, as there is of America, there has never been a country of the United States of Europe, and there probably never will be. The Euro is…

Barton Biggs (1932-2012) will be remembered by most of us for the words he wrote as strategist at Morgan Stanley. He worked at the firm for 30-odd years. He did not waver in his dismissal of Internet bubble promoters. At the same time,…

Apple is in a market share/margin quandary that was inevitable, Steve Jobs or not.

Sandy Weill repudiates his pre-crisis "financial supermarket" legacy in suggesting that banks were too big and too leveraged. He openly advocates re-instituting Glass-Steagall. He also supports mark to market.

I want to revisit Richard Koo's comments three weeks ago after his meeting with a number of German policymakers. I think they are illuminating in terms of why Euro crisis policy is as it is. And given the downturn in German economic…

Moody's Investors Service issued the following press release in connection with a ratings action on German and Dutch regional debt. The action was taken as a result of the change of each sovereign's debt to a negative outlook.