From Carpe Diem:
The Wall Street Journal reports on a fascinating new paper by Columbia University finance professor Charles Calomiris (“The Political Foundations of Scarce and Unstable Credit”), which is based on a forthcoming book he’s co-authored with Stephen Haber. Here are some excerpts from the WSJ article “Why Canada Can Avoid Banking Crises and U.S. Can’t”:
Since 1790, the United States has suffered 16 banking crises. Canada has experienced zero — not even during the [...]
BERLIN—Germany is sending strong signals that it would eventually be willing to back ideas such as joint European bonds or a banking union if European leaders are willing to give up more sovereignty and transfer significant powers over national budgets to Europe, a step that, if embraced, would redesign monetary union and be one of the boldest steps taken by the bloc since the euro was launched.
Europe has been [...]
From the WSJ article:
“A bailout loan could stretch the resources of both the IMF and the euro zone
to breaking point and raise serious questions about the purpose of the euro,”
another of the people said.
“Neither the IMF, nor the euro zone, can shoulder this bill with three other
euro-zone bailouts in progress. The money is simply not there,” a second person
Alas don’t worry Spain is going a begging:
Spanish government officials are [...]
From Carpe Diem:
From today’s WSJ article “The Future is More Than Facebook” by Forbes publisher Rich Karlgaard:
“Manufacturing? America will own the mid-21st century. Geopolitical instability and rising oil prices will wreck the late 20th-century rationale for outsourcing. Chinese labor costs are rising 20% a year while robotic costs are dropping by 30% a year. Do the math.
“Made in the USA” is set to have a major comeback. The showstopper will [...]
The Wall Street Journal – J.P. Morgan’s $2 Billion Blunder
Bank Admits Losses on Massive Trading Bet Gone Wrong; Dimon’s Mea Culpa
A massive trading bet boomeranged on J.P. Morgan Chase & Co., leaving the bank with at least $2 billion in trading losses and its chief executive, James Dimon, with a rare black eye following a long run as what some called the “King of Wall Street.” The losses stemmed from wagers [...]
The Nets are done with Jersey. That is that. They wrapped their final semester-at-sea in Newark with a stinker loss to Philadelphia Monday; Net-loather Chris Christie did not wander out to mid-court and warble Elvis Costello’s “I Hope You’re Happy Now”; there was no high-speed, 50-Ferrari trooper escort to the Verrazano Bridge. They have a road game left at Toronto, but the Nets belong to Brooklyn. Time to blow [...]
A WSJ article posted 3/6/2012 that the following national retailers are closing stores.
I Googled each brand name to see how many stores they are closing in 2012:
Abercrombie & Fitch (closing 180 stores 20% by 2015)
Gap (closing 187 stores 21%)
Sears (closing 3 Sears & 10 K-Mart)
JC Penny ( closing 19 stores out of 1100; closing 250 outlet stores)
Target on Line Shop (closing this function)
Borders (closing all)
Walden Books (closing all 844 [...]
Presented with little comment – except the irony is simply too much to bear as BATS crashes from $15.75 to $0.038 in minutes…perhaps reflecting the WSJ article on HFT abuse and that BATS is being investigated for HFT abuse (ahem) on the day it goes public. We note that there were some trades executed at $0.00! The reason for the crash apparently is because BATS stock is ony trading on the BATS exchange, where apparently [...]
From Bruce Krasting:
Jon Hilsenrath, at the WSJ, must have had a phone call with Ben Bernanke on Saturday. Accordingly, Jon put an article out just in time to influence the market on Monday morning. The headline says it all:
Fed Takes Break To Weigh Outlook
No doubt, Bernanke is watching the price of crude and the tape is telling him his inflation forecast is no good. The leak this evening is just Ben’s [...]
From Mark J. Perry’s Carpe Diem:
From today’s WSJ article “Exxon Declares Gas is King”:
“Natural gas will replace coal as the leading fuel for generating electricity in the U.S. by 2025, when it will also become the world’s No. 2 overall fuel source thanks to its abundance and a drive for cleaner-burning energy, according to the latest long-term outlook from Exxon Mobil Corp.
“Natural gas will overtake coal as the second-largest fuel source overall, [...]
An article today in The Wall Street Journal highlights the latest rise in the price of wheat.Â Blaming bad weather, it notes that the â€œglobal wheat market is caught between freezing winds and a sirocco.â€
The WSJ therefore warns that â€œinvestors should beware of whiplash as weather normalizes.â€Â Given that wheat is â€œup 13% since the start of Decemberâ€, it is good advice â€“ if weather were [...]