Links: 2013-07-24
I have a bit of a backlog of links that I am releasing here. So some of these links are from late last week. Expect a lot more tomorrow. On Friday, I will be in transit the whole day and will probably not post.
United States
Caterpillar slashes outlook, plans more cost cuts | Reuters
Jim Chanos is short Caterpillar I understand. He believes the slowdown in China will have a material impact on the company
Defense firms weathering budget cuts more easily than expected – The Washington Post
Weiner Not Dropping Out of NYC Mayoral Race | TIME.com
Right now, Larry Summers is the front-runner for Fed chair
Shock and Awe(ful) – Tim Duy’s Fed Watch
The Time Bernanke Got It Wrong – NYTimes.com
From late last week:
“It is amazing that a lot of criticism of the Federal Reserve today focuses on what it clearly got right — the response to the debt crisis in 2008 and thereafter, a response that may well have prevented Great Depression II — and not on what it got wrong: policies that allowed the dangerous imbalances to grow and bring on the crisis. “
Why Yellen should be the next Fed chair | FT Alphaville
Key Mistakes Sway Jury in Zimmerman Trial
Demography: Broke in the ’burbs | The Economist
Elizabeth Warren, hard-liner – Burgess Everett and Manu Raju – POLITICO.com
New home sales hit five-year high, prices soar | Reuters
U.S. House Prices Climbed 7.3% in Year Through May – Bloomberg
Detroit will start a wave of municipal bankruptcies – FT.com
America in the 1970s: New York City – In Focus – The Atlantic
Europe
A Grexit is starting to look more feasible for Athens – FT.com
I think you should read this and keep the following in mind:
“In private conversations with policy makers, I only rarely encounter someone who tells me with a straight face that Athens could stabilise its economy at full employment while happily servicing its current debt in full.”
Fifth of Greeks live below poverty line – Telegraph
Irish house prices record annual rise for first time since 2008 | Business | guardian.co.uk
Belgium to Crown Seventh King Amid Doubts About an Eighth – Bloomberg
BBC News – The Vatican Bank is rocked by scandal again
Eurozone ‘could exit recession’ in third quarter – Telegraph
Asia and EM
Signs Suggest China Warming to Stimulus Amid Bad Economic News – WSJ.com
China capitulates – Telegraph Blogs
I have been saying this would happen eventually.
“Already we hear talk of more investment on railway projects, social housing, infrastructure, green energy, sewage, broadband and G4, the tried and tested levers of fiscal stimulus.
Ting Lu from Bank of America calls it the “Li Keqiang Put”. That is certainly what it looks like.”
From copper to cameras; feeling the heat from China slowdown | Reuters
“China’s manufacturing engine lost further momentum in July and the job market weakened, a survey showed on Wednesday, complicating a transition to consumer-driven growth and boding ill for so many leveraged to the world’s second-largest economy.”
China: Record Downgrades Foreshadow First Onshore Default – Bloomberg
China Imports Punish Low-Wage U.S. Workers Longer, Study Finds – China Real Time Report – WSJ
BBC News – Japan exports continue to recover on a weak yen
“Japanese exports continue to recover, rising for a fourth month in a row in June, boosted by a weak yen and a revival in demand from Europe.”
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