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Applebaum describes the accounting errors in the Trump 2017 Budget which makes unrealistic assumptions of 3% growth to show higher revenue generation of $2.1 trillion over ten years, and uses that revenue to fix higher deficits from tax cuts- counting the same number twice. A former Treasury Secretary, Lawrence Summers, calls it the most egregious accounting error he has seen in 40 years.

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The boost to Microsoft's share price expected from Windows 8 release in 2012.

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WSJ's John Lyons interviews Brazil's finance minister Guido Mantega in May 2012. Mantega says Brazil is following a"developmental economics" model for growth, which is more appropriate for Brazil. This includes credit expansion and loans to the auto industry by state owned bank Banco de Brasil in 2012, in an effort to revive growth. He sees the 20% decline in the value of the Brazilian currency, the real, helping increase exports.

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A reminder from a veteran of investing about the enthusiasm and euphoria of Mr. Market, the term Benjamin Graham, author of the Intelligent Investor, used to describe the collective emotions of the people in the market during times of overoptimism when prices of shares have overextended and are overpriced. Graham warned of Mr Market in 1945, 1959, and in 1971, each time the market swooned and faltered. Zweig of the WSJ, points out data from Robert Shiller of Yale, the price/earnings ratio of the S&P 500 index jumping from 13.1 to 15.5 since March 2009, in 3 months. Ofcourse, this required aspecial disposition. Being well read and immersed in literature, mathematics and philosophy, helps to view things "from the standpoint of eternity, rather than day to day." And having a sense of detachment, a "certain aloofness," and "unruffled serenity." Graham mentions his internal equipment, his "embracing stoicism as a gospel sent to him from heaven." So Zweig again reminds investors on behalf of Graham as it were, and cautions about the mood swings ocurring lately from despair to a sudden optimism, which he describes as an insecure and desperate need to believe that things have taken a new turn when on closer examination things have only been papered over. Actually when one looks closely the credit tightening has eased by resolute action from the Fed and the Treasury and the Obama administration. But the underlying problem behind toxic mortgage securities remains at large. Private equity is being relied on to fix this problem in agovernment private partnership but no sigificant dent has been made in the toxic securities. Banks have made profits for one quarter, the outlook has improved and bank stock prices got a boost, but underlying problems remain. The loss in GDP this first quarter of 2009 compared to the prior year is 6% which is much better than the the 15-16 % drop in Germany and Japan, and 21% in Mexico. And the steep drops in unemployment are moderating. But large numbers of foreclosures continue with no dent in this in sight. And stimulus expenditures are only slowly trickling through, see the link to this. And the situation can only be described as improving but fragile....

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A 16% cutback in the budget of the British Broadcasting Corporation (B.B.C.). The license fee paid by television owners in Britain will be frozen at $230 for 6 years.

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The Economist magazine points out that the higher reserves in emerging markets (estimated at $7.7 trillion total by The Economist), flexible exchange rates, and smaller current account deficits, make this a different situation compared to 1997. Only countries like Argentina, Turkey, and Thailand pose higher risks because of political uncertainty and failure to adopt the lessons of the 1997 crisis. China, Russia and Brazil have large reserves to cope with the crisis. Emerging markets will have to adapt over time and the gradual tightening anticipated under an employment levels conscious Yellen would give them the time to make the changes needed.