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A recovery in auto sales in the U.S. market to the annual 14 million vehicle level in 2012
06/01/2012
The aging of vehicles to about 10.8 years on average for vehicles on the road in the U.S. is supporting a reovery in the automobile market in 2012. The strong recovery for Japanese automakers in the U.S. is reducing the advantage of American automakers who benefitted from the shortages of Japanese cars after the tsunami in Japan in 2011. The recovery for Japanese automakers is uneven with Toyota doing better than Honda in the U.S.
Linked Articles
May Car Sales Keep Up Healthy Pace
New York Times 06/01/2012
U.S. Auto Sales Keep RisingWall Street Journal 06/02/2012
China's second Stimulus in 2012 following the one in 2008-2009, and World Bank chief Zoellick's advice for a different policy mix
05/30/2012
A more measured response this time from the Development Reform Commission (DRC) and the State Council. Targeted spending on select and strategic projects to avoid inflating the housing bubble any further, and screening out projects with dubious merit.
Linked Articles
In China, a New Round of Stimulus
New York Times 05/30/2012
World Bank Chief Urges Euro BondsWall Street Journal 05/31/2012
The Reagan memo with advice by George Shultz and other advisors and the Romney plan for economic recovery in 2012
05/26/2012
Similiarities in the approach of relying on the private sector for investment and job creation, with the Presidents job being to set the tone and put the right policies in place for the long term.
Linked Articles
Gramm and Hubbard: What a Romney Recovery Might Look Like
Wall Street Journal 06/06/2012
The Reagan MemoWall Street Journal 05/26/2012
The focus on reviving the economy of Mohammed Morsi, new president of Egypt
05/25/2012
Egypt faces an economic crisis as it runs out of foreign reserves to finance basic imports. Morsi's election comes at a time when the dominant issues for years in Egypt will shift from the political to the economic as it tries to catch up with other countries in the developing world in Asia and Latin America that have made significant progress.
Linked Articles
Egypt’s president is U.S. critic, but could be an ally - The Washington Post
Washington Post 06/26/2012
Muslim Brotherhood claims lead for its candidate in Egypt’s presidential election - The Washington PostWashington Post 05/25/2012
Alexei Kudrin and other experts see the potential for a deep economic and political crisis in Russia as the situation in the eurozone worsens
05/23/2012
The Center for Strategic Studies in Moscow was prescient in predicitng political dissatisfaction before parliamentary elections. The former finance minister, Alexei Kudrin, anticipated the 2008 global financial crisis and set aside reserves in the sovereign wealth fund to cope with the crisis. Both now see the potential for a worsening economic and political situation in Russia as Greece nears exit from the eurozone and the banking crisis in Europe leads to reduced loans to Russia. At the same time the political polarization in Russia between pro and anti Putin factions creates other tensions.
Linked Articles
Report Says Support for Putin Is Dropping
Wall Street Journal 05/23/2012
Russian Recession Could Prompt Political Woes, Report SaysNew York Times 05/24/2012
Enrique Pena Nieto's vision for the future of Mexico
05/20/2012
Nieto describes his vision and outlines his plan for Mexico in an op-ed in the NYT and in an interview with Lally Weymouth of the Washington Post. He says this is a new generation and this is not the PRI party of the past.
Linked Articles
New York Times 07/02/2012
Interview with Mexican presidential candidate Enrique Peña Nieto - The Washington PostWashington Post 05/20/2012
Reasons for the caution suggested for buying Facebook IPO shares
05/17/2012
Linked Articles
Three Fears for Facebook as IPO Approaches
Wall Street Journal 05/17/2012
Here Are 10 Reasons Not to Buy Facebook Before You Buy It AnywayWall Street Journal 05/17/2012
The $436 million payment by Greece to holdout bondholder Dart Management and the $1.5 billion demanded by holdout bondholder Elliott Management leading to Argentine default in 2014
05/15/2012
Greece made the payment to Dart Management at a time of 20% unemployment and daily protests on Athens streets, a month before elections in June 2012. Greece only did this as a last resort for release of EU funds that were being held up to make pament of interest on debt. This exacerabated discontent inside Greece as pensions were being cut and layoffs taking place, including increase in electricity bills. The Syriza party made gains in that election and the two main parties lost ground to other parties, including a violent anti-immigrant party. Argentina's Christina Kirchner faces a difficult time with the unions and centrist parties in Buenos Aires province, with a shortage of cash and sovereign wealth fund down to $29 billion in May 2014. Stevenson points out the payment to Elliott Management could lead to a situation where Argentina owed $15-$27 billion to all holdout and exchange investors in its bonds.
Linked Articles
Argentina Finds Relentless Foe in Paul Singer's Hedge Fund
New York Times 07/30/2014
Bet on Greek Bonds Paid Off for a Vulture FundNew York Times 05/15/2012
The remarkable achievement of Governor Jerry Brown of California- a budget surplus of $851 million for fiscal 2013
05/14/2012
The impossible becomes possible in California as political hurdles are overcome and the state's economy improves. The budget preserves spending priorities for education and healthcare by cutting back in other areas, another remarkable feat- a lasting legacy for Brown's second act as governor. His father was governor in the Kennedy years, he was governor in the 1980's.
Linked Articles
State’s Rare Sight: A Budget Surplus
Wall Street Journal 01/10/2013
Brown Proposes $8.3 Billion in Cuts for CaliforniaNew York Times 05/14/2012
Must Follow Rules for Bank Cleanup and Bailout for the U.S. and Europe
05/10/2012
Five rules that would provide a prudent approach to cleanup of the banking systems in the U.S. and Europe. Failure to follow these rules for prudent and safe financial management in banking cleanup, bailout and recapitalization can lead to prolonged problems in the banking system and the economy.
Linked Articles
Wall Street Journal 06/01/2012
Avoiding the Next Big BailoutWall Street Journal 05/10/2012
The behind--the-scenes account and timeline for the trading losses at the CIO London office of JP Morgan Chase bank
05/10/2012
Linked Articles
Wall Street Journal 05/18/2012
J.P. Morgan’s London Whale: A TimelineWall Street Journal 05/10/2012
Middle aged Americans and the unemployment rate
05/05/2012
About 3.5 million Americans between the ages of 45-64 unemployed as of May 2012, unemployment being higher for middle aged Americans than younger people.
Linked Articles
For Middle-Aged Job Seekers, a Long Road Back
Wall Street Journal 06/23/2012
The incredible shrinking labor force - The Washington PostWashington Post 05/05/2012
A consensus in Germany and France for improving France's competitiveness
05/01/2012
A consensus between Germany and France for slightly higher inflation in Germany, increase in German worker's wages, and wage restraint by unions in France in return for avoiding layoffs. This is a way to restore competitiveness of France after the balance was upset when German workers exercized wage restraint during the last decade, leading to France becoming less competitive with higher wages relative to Germany. Hourly wages in France estimated at 34 euros are 14% higher than in Germany.
Linked Articles
Europe Moving Toward Small Steps to Promote Growth
New York Times 05/10/2012
France Moves to Make Labor More FlexibleWall Street Journal 05/01/2012
Four Rules for Tackling the Economic Crisis and how actions by Britain and France differ from Spain
06/01/2012
Linked Articles
France Raises Taxes in Tough Budget
Wall Street Journal 09/28/2012
Bank-Bailout LessonsWall Street Journal 06/01/2012
The importance of vocational training in cities like Dayton, Ohio, with historically low college graduation rates
05/28/2012
These cities are being squeezed by high unemployment and declining incomes from lower paid manufacturing jobs. This makes college education more elusive than ever, and much worse so with the over $1 trillion in college debt in the U.S with spiralling cost of higher education. Vocational training in higher paid fields for families that cannot afford college and children who are not likely to go to college, is the only way not to leave behind a generation of growing children behind in these cities. It is an issue of the utmost importance for renewing America's smaller cities that do not have the advantages of San Francisco, Washington D.C. and Raleigh, S. Carolina, with their advanced university and technology hubs and access to finance.
Linked Articles
As College Graduates Cluster, Some Cities Are Left Behind
New York Times 05/30/2012
It’s time to drop the college-for-all crusade - The Washington PostWashington Post 05/28/2012
Romney and the potential for a Reagan style economic recovery 2013-2016- (1) George Shultz's memo to Reagan and insights from Krugman
05/26/2012
Linked Articles
New York Times 06/07/2012
The Reagan MemoWall Street Journal 05/26/2012
Span's Cajas Savings bank, problems with managment and culture, lack of financial controls, and the large losses from the real estate bubble
05/24/2012
Bankia was the new name for seven troubled cajas savings banks that were merged. The failure of the government's handling of the bad real estate debt, the collapse of the IPO price for bankia's IPO, and the insovency followed by takeover of Bankia by the government, is what led to the $125 recapitalization request by Spain to the EU. The cajas in Galicia give an insight into the operation of these savings banks, in many cases run by leaders who became influential in the political system and expanded healvily int real estate during the bubble years. Management remained in place for decades with authoritarian leaders and there were no financial controls.
Linked Articles
Clash of Cultures Upends Spain's Cajas
New York Times 08/20/2012
Spain to Recapitalize Bankia in Latest BailoutWall Street Journal 05/24/2012
Spain to inject 9 billion euros into Bankia- analysts estimate the capital hole at Bankia at 25 billion euros
05/21/2012
Analysts estimate the capital requirements at Bankia to cope with 12% nonperforming real estate loans on a 190 billon loan portfolio for BFA-Bankia, and to meet other capital requirements, is 25 billion euros. The Spanish government said it would inject 9 billion euros to recapitalize Bankia in May 2012.
Linked Articles
Limbo on Bankia Undermines Confidence in Spain's Handling of Crisis
Wall Street Journal 05/21/2012
Spain to Recapitalize Bankia in Latest BailoutWall Street Journal 05/24/2012
How JP Morgan Chase let its London trading desk operate without risk management controls leading to large losses
05/18/2012
CEO Dimon is described as distracted by other issues. Ina Drew, the seasoned head of the Chief Investment that manages a $300 billionplus portfolio after the merger of other failed banks into JP Morgan Chase in 2008-2009, contracts Lyme disease in 2010 and is no longer the hands on person when she returns in 2011. Ms. Duersten, in charge of the North American trading desk at the New York office leaves in 2011 after 16 years at Chase. The controls over the London trading desk from New York are slipping away and Mr. Iksil and Mr. Macris of the London trading desk take massive trading positions to expose Chase to large losses. CEO Dimon learns about the Chase trading positions and the London Whale (Mr Iksil) from the Wall Street Journal on April 6, 2012, for the first time, astounding the business community and the financial world.
Linked Articles
Discord at JPMorgan Investment Office Blamed in Huge Loss
New York Times 05/19/2012
Inside J.P. Morgan's BlunderWall Street Journal 05/18/2012
Hollande, Ayrault, and "the strong signal to Germany"
05/15/2012
French president Hollande's appointment of Ayrault, a professor of German studies as premier, is seen as "a strong signal to Germany." So is the appointment of a former minister of European Affairs, Muscovici, as finance minster. This sets the tone and groundwork for a closer fiscal and political union in Europe, to provide the foundation for the euro as a common currency in the eurozone. Germany and France now have two leaders whose mentors were strong proponents of European Union, former German chancellor Kohl and former European Commission president Jacques Delours.
Linked Articles
Logic Pushing Europe Toward Greater Integration
New York Times 06/07/2012
Ayrault Named French PremierWall Street Journal 05/15/2012
Risks for retail investors in the Facebook IPO share offering of May 2012
05/14/2012
Linked Articles
IPO Analysts Warn of Longer-Term Facebook Risks
Wall Street Journal 05/14/2012
Facebook Insiders Boost Plans to Cash Out in IPOWall Street Journal 05/17/2012
Paul Volcker, the traders at JP Morgan's London office, and "losses that would be socialized with the potential gains all private"
05/12/2012
Volcker described the situation to the U.S. Senate Banking committee the day before the story came out about the massive trades made by JP Morgan's trader, known as the "London whale." Losses would be socialized under "too big to fail" for the largest U.S. banks.
Linked Articles
Paul Volcker vs. JPMorgan’s London Whale - The Washington Post
Washington Post 05/12/2012
'London Whale' Rattles Debt MarketWall Street Journal 05/13/2012
Living wills of major banks in the U.S. under Dodd-Frank legislation
05/10/2012
The "orderly liquidation authority" of the FDIC and the U.S. Federal Reserve under the Dodd-Frank legislation provides a framework for bank resolution in the event of a crisis- something lacking in the 2008 financial crisis when Lehman Brothers collapsed. The largest finanial firms are required to write living wills so that orderly resolution can take place. Nine of the largest finacnial firms in the U.S. including Deutsche Bank, Credit Suisse and UBS, have submitted the wills to the Fed and the FDIC.
Linked Articles
Wall Street Journal 05/10/2012
Banks' 'Living Wills' UnveiledWall Street Journal 07/03/2012
Criticism of Japan's central bank on the lack of an activist monetary policy to support economic growth 2010-2012
05/07/2012
Shinzo Abe of the LDP, the leading candidate for prime minister after general elections in Dec. 2012, says he will appoint a new central bank chief who supports an activist monetary policy. Abe supports the BOJ setting an inflation target of 2% compared to the 1% under current Bank of Japan chief Shirakawa. Both the governing DPJ and the LDP parties are strongly critical of Shirakawa and prefer to see an activist stance against deflation similiar to the one Ben Bernanke is taking against unemployment in the U.S. Abe returns to power after becoming LDP prime minister following the government of Junichiro Koizumi.
Linked Articles
Vote Challenges Japan's Central Bank
Wall Street Journal 12/13/2012
Pressure Rises on BOJ to Reach Inflation TargetWall Street Journal 05/07/2012
Greece, Europe and the Austerity measures- "a swimmer underwater who needs to be able to take a breath" (1)
05/03/2012
Austerity measures alone cannot address the financial problems in the eurozone countries of Greece, Ireland, Portugal, Spain and Italy. The need to create opportunities for economic growth.
Linked Articles
Election Heralds Power Shift in Alliance With Germany
Wall Street Journal 05/03/2012
France Reassures Greece on Euro Zone MembershipNew York Times 08/25/2012
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