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Municipal Pathologies Come to a Head
Frederick Sheehan is the author of Panderer to Power: The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession (McGraw-Hill, 2009). Discussions about municipal finance generally assume three…
European Banks: Pre-Stress Test Anxiety
The market awaits for the European Bank Supervisors to provide more details about the stress tests. If the market has a better sense of the robustness of the stress tests it might lift some uncertainty among investors. There are…
It’s time to pay for lunch
Lately there has been much ink spilled (or at least the electronic equivalent) about the meaning in the downward shift of the yield curve, the significance of a two-year Treasury that sports a 5/8% yield, and a 10-year that trades in a new…
Global Equities Lower, Risk Off In Bonds, Dollar Firms
Highlights The US dollar is sporting a firmer profile against most of the major currencies but is largely confined to yesterday’s ranges. The yen is a main exception and been bid higher across the board as risk appetites wane. …
Mandelbrot: Fractals and the art of roughness
A good talk by the author of the study of complexity in financial markets. Also see these three books about chaos theory, roughness and fractals (all on the CW reading list): Benoit Mandelbrot – The Misbehavior of Markets Mark…
Is Military Spending The Third Rail Of Budget Cutting?
This Huffington Post article by Ron Paul (R-TX) and Barney Frank (D-MA) is interesting: As members of opposing political parties, we disagree on a number of important issues. But we must not allow honest disagreement over some issues to…
Ten Reasons To Be Bullish And Other Links
Must-reads: Short-term bounce but fundamental weakness 10 Reasons To Be Bullish & 1 BIG Reason To Be Bearish - Trader's Narrative Chart of the Day: S&P 500 stocks above 50-Day moving average – is this bullish? Technicians…
Baltic Dry Index Sinks For 28th Consecutive Day
The Baltic Dry Index has fallen for the 28th consecutive session today. It is the longest decline in six years. During this swoon the index has fallen 49%. The main driver seems to be concerns about the cooling of China's…
Pimco: Seeking Alpha in Equity Returns in Europe
The bond guys PIMCO have decided to move into equities. They are doing so cautiously. I mentioned some comments they made by Gross regarding safe, high dividend stocks like utilities. At the time, he was suggesting almost all asset…
More on China’s reserve holdings, banks and infrastructure
There are several noteworthy developments from China. The first, while still a bit sketchy, seems the most promising. President Hu seemed to signal an acceleration of infrastructure construction in the western part of…