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In the last 24 hours
Tim Iacono - Iacono Research
Student-Debt Forgiveness … In the News
It’s probably not such a bad thing that, in recent years, it has become much more expensive to get a law degree here in the U.S., at least based on the graduate school debt levels reported in this Wall Street Journal story the other day in the graphic below, but the idea that some of that law school debt may end up being forgiven is somewhat troubling. Based on the WSJ story, there has recently been a sharp increase in college loans that have built-in maximum payment/long-term forgiveness featu
Thursday, April 24, 2014
Tim Iacono - Iacono Research
Thursday Morning Links
MUST READS Apple shares soar on increased buyback – CNN/Money Facebook earnings surge on mobile advertising – BBC If a Bubble Bursts in Palo Alto, Does It Make a Sound? – NY Times Bizarre reality of US housing market: Sales tank, prices soar – Quartz Ukraine Steps Up Offensive, Putin Issues Warning – Businessweek Vladimir Putin has learned what U.S. didn’t – Reuters Germany puts military exports to Russia on hold – AP Putin’s Dilemma: Fending Off the U.S Imperial Hand – Counterpunch America has
Thursday, April 24, 2014
Tim Iacono - Iacono Research
Me Again
That was quite a rebound for gold, just in the time it took yours truly to get in a morning workout. From down $10+ an ounce to up $5+ an ounce, the current Bloomberg story about the disastrous knock-on effects of (what else?) China gold demand and technical levels being breached to the downside are now mute, at least for the time being. Short-covering and renewed safe haven demand after renewed violence in Ukraine are also credited with the rebound from multi-month lows, however, gold traders h
Thursday, April 24, 2014
Mish - Global Economic Analysis
French Telecom Company Does Biggest Junk Bond Sale Ever; Bidding Wars for Junk; AOL Flashback
With central bankers globally suppressing interest rates, the such for yield elsewhere is on. One of the places investors have turned is speculative junk bond offerings. Please consider French Company Does Biggest Junk Bond Sale Ever. Numericable (NUM), which provides cable and internet service in France and other European markets, sold a record amount of high-yield bonds Wednesday with some priced in dollars and others in euros. It's sold $7.78 billion and €2.25 billion in notes that yield
Thursday, April 24, 2014
Andy Hoffman - Miles Franklin
Bubbles and “Anti-Bubbles”
My “prior life” ended nine years ago, when I left Salomon Smith Barney after devoting every ounce of my being to financial markets for 16 years.  My insatiable desire for Wall Street success started with my first internship – at Paine Webber – at age 18; and the passion, dedication, and love I had for oil and gas – which I analyzed every day from 1996 through 2005 – was no less than what I put into gold and silver today.  Back then, I was a bit more idealistic, at least, until April 2000, when I
Thursday, April 24, 2014
More than 24 hours ago
Mish - Global Economic Analysis
Einhorn Shorts "Cool Kid" Bubble Tech Stocks
Greenlight Capital hedge fund manager Einhorn Shorting Tech as ‘Cool Kid’ Stocks Show Bubble. Greenlight Capital Inc., the $10.3 billion hedge-fund firm run by David Einhorn, said it was betting against a group of technology stocks as evidence grows of a bubble. “There is a clear consensus that we are witnessing our second tech bubble in 15 years,” the New York-based firm said in a quarterly letter to clients today. Greenlight said that companies it’s betting against may fall by at least 90
Wednesday, April 23, 2014
Tim Iacono - Iacono Research
Money Problems by Age Group
More fascinating survey data from the folks at Gallup on the nation’s economic woes comes via this report on how money problems vary by age group here in the U.S. To no one’s surprise, college costs and student loans are of most concern for the young (highlighted in blue) while health care costs top the list for older Americans (in black), however, overall lack of money (in red) ranks highest when all age groups are included. One interesting aspect of these results is that concern over the cost
Wednesday, April 23, 2014
Tim Iacono - Iacono Research
New Home Sales Plunge 14.5 Percent
So much for the idea that, after an unusually severe winter that kept home buyers away, the spring housing market data would show a larger than expected rebound. The Commerce Department reported(.pdf) that new home sales plunged more than 14 percent in February, from an upwardly revised annual rate of 449,000 to just 384,000 in March, the lowest pace in eight months. This represents a year-over-year decline of 13.3 percent, consistent with the report on existing home sales as detailed here yeste
Wednesday, April 23, 2014
Mish - Global Economic Analysis
China Manufacturing Output and New Orders Contract Once Again
Chinese manufacturing remains in contraction for 2014. Output and new orders were down for the 4th consecutive month, but at a slightly reduced pace according to the HSBC Flash China Manufacturing PMI. Commenting on the Flash China Manufacturing PMI survey, Hongbin Qu, Chief Economist, China & Co - Head of Asian Economic Research at HSBC said: “The HSBC Flash China Manufacturing PMI stabilised at 48.3 in April, up from 48.0 in March. Domestic demand showed mild improvement and deflationary
Wednesday, April 23, 2014
Mish - Global Economic Analysis
Amazing Surge in Middle-Aged Folks Moving in With Parents
Moving back home with parents is not just for millennials. A large number of those aged 50 to 64 are moving back home, for economic reasons, not for providing care to aged parents. The LA Times reports Moving in with Parents Becomes More Common for the Middle-Aged At a time when the still sluggish economy has sent a flood of jobless young adults back home, older people are quietly moving in with their parents at twice the rate of their younger counterparts. For seven years through 2012, the
Wednesday, April 23, 2014
Tim Iacono - Iacono Research
What to Do About Secular Stagnation?
Not that it really needed it, but the debate over “secular stagnation” has been rekindled in recent days by a new paper(.pdf) by economists Gauti Eggertsson and Neil Mehrotra of Brown University that, basically, says we’ve got to save less and spend more if we’re going to achieve higher growth during a period when population growth is slowing and inequality is rising. Higher rates of inflation and more government debt is also encouraged. Here’s Eggertson talking to the folks at CNBC a few days a
Wednesday, April 23, 2014
Andy Hoffman - Miles Franklin
Frogs Aboil
Yesterday, I noted Zero Hedge’s headline at the start of a quiet, post-Easter session in which European markets were closed; i.e., “Sleepy Holiday Market prepares for scripted, daily low-volume levitation.”  Today, on yet another quiet news morning, Zero Hedge writes “Traders walk in on another Sleepy Session in Search of its Volume-less Levitation Catalyst,” and “S&P Rallies to First 5-Day Streak in 6 Months on No Volume.”  Such is the “financial zeitgeist” created by five years of market manip
Tuesday, April 22, 2014
Mish - Global Economic Analysis
ECB Threatens Negative Interest Rates; Bank of NY Mellon Threatens Charging for Euro Deposits
ECB president Mario Draghi has been making lots of noise recently about cutting interest rates because the euro is too strong and banks aren't lending enough. Realistically, there's not much room to cut with rates already at a rock-bottom .25 percent. Some suggest negative interest rates are the just the ticket to spur lending. Should that happen, the Bank of New York Mellon Eyes Charging Clients for Euro Deposits. Bank of New York Mellon said it was considering charging clients for depositi
Tuesday, April 22, 2014
Tim Iacono - Iacono Research
No Spring Rebound for Existing Home Sales
The National Association of Realtors reported that sales of existing homes fell 0.2 percent in March to a seasonally adjusted annual rate of 4.59 million units as there appears to have been no spring rebound in home sales after the severe winter weather that saw home sales slow sharply last December. Unfortunately for buyers, home prices continue to rise. This marks the seventh time in the last eight months that sales have moved lower, a change in direction that came just after the Federal Res
Tuesday, April 22, 2014
Andy Hoffman - Miles Franklin
Of Course…What Do You Expect?
Andy Hoffman joins Kerry Lutz of the Financial Survival Network  to discuss Sunday night sentiment attacks on gold and silver, 36 hours not a single buyer for Japanese debt, China’s state of economy and Obamacare.  To download the audio, please click on the link below: Andrew Hoffman – Of Course… What Do You Expect?
Tuesday, April 22, 2014
Tim Iacono - Iacono Research
Tuesday Morning Links
MUST READS Gunmen detain 3 journalists in eastern Ukraine – AP Ukraine Accord Nears Collapse, Biden Visits Kiev – Bloomberg Russia is already feeling the pain of Western sanctions – CNBC Putin’s career roadmap goes back to emperors Peter and Catherine – Quartz Nevada Standoff a Symptom of Increasing Authoritarianism – Ron Paul Institute On Tour With Rock-Star Economist Thomas Piketty – New York Magazine The Systematic Errors In Thomas Piketty’s New Book – Real Clear Markets How Income Inequality
Tuesday, April 22, 2014
Tim Iacono - Iacono Research
Someday, We’ll Miss Joe Biden
It may well be that caricatures and impersonations of Vice President Joe Biden in such places as Saturday Night Live have unalterably shaped opinions of the man to his detriment. Nevertheless, you can’t help but chuckle a little bit when you seen headlines and photos like the combination below from this story at Bloomberg. In Biden’s defense, he’s only got about a quarter-smile going on there (which, for most of the general population, would be a pretty wide, full smile) and this may or may not
Tuesday, April 22, 2014
Mish - Global Economic Analysis
Inane Step in Wrong Direction: Germany Plans to Lower Retirement Age for Some Workers From 65 to 63
With people living longer and longer, and with Germany forcing higher retirement ages on Greece and Spain, lowering the retirement age in Germany for any set of workers makes no sense whatsoever. Yet, that is exactly what's slated to happen. Wrong Signal The Financial Times reports Germany Attacked Over Plan to Cut Retirement Age. Speaking to national paper Die Welt, Günther Oettinger, German EU commissioner, said that Germany’s plans to allow longer-serving employees to retire at the age of
Tuesday, April 22, 2014
Andy Hoffman - Miles Franklin
Fundamentals Always Win! 
This weekend, a long-time reader – and silver holder – wrote the following… If silver is so precious, and the ‘artificial’ price so low, than how come it’s not out of circulation yet?  How come silver is available when you want it?  I call it BS.  If I’m wrong, and I may be wrong, please explain why. This reader has been a big fan, so it’s disheartening to hear this as he, as well as anyone, knows the Miles Franklin Blog’s popularity emanates from its adherence to truth.  And in the case of PM p
Tuesday, April 22, 2014
Mish - Global Economic Analysis
Chinese Court Seizes Japanese Ship to Settle WWII Dispute
Tensions between China and Japan escalated once again, this time over a grudge dating back to WWII. The Financial Times reports Japanese Ship Seized in WWII Claims Dispute. A Chinese court has seized a Japanese cargo ship over legal claims related to the second world war as escalating tensions between the two countries spill into the realm of commerce. Japan was quick to denounce the confiscation of the vessel, warning it could have a “chilling effect on all Japanese companies doing business
Tuesday, April 22, 2014
Tim Iacono - Iacono Research
On the Fed’s “Automatic Stabilizer”
The closing paragraphs of Doug Noland’s latest Credit Bubble Bulletin seemed worth sharing here, not that anyone really cares about this sort of thing anymore, but just as a reminder of how far out into the deep water we have collectively been swimming. Fed QE operations (“leveraging”) have incentivized what I believe is unprecedented leveraged speculation on a global basis. This additional leveraging has unleashed only more liquidity/purchasing power that has exacerbated inflationary distor
Monday, April 21, 2014
Tim Iacono - Iacono Research
Saving vs. Spending
This new Gallup survey is kind of surprising – I thought the nation was slowly headed back to its spendthrift ways with the official savings rate having dipped back into the low single-digits after a brief sobering up period following the financial crisis. Apparently not. These results are downright un-American. Of course, it bears repeating that us ‘Mericans often say and do two very different things as evidenced by the repeated divergence between measures of consumer confidence and consumer s
Monday, April 21, 2014
Tim Iacono - Iacono Research
Loose Talk On China Demand Sinks Gold
Precious metals started the week strong on heightened tensions in Ukraine, but the combination of misleading reports on China gold demand from the mainstream financial media and renewed interest in U.S. stocks by Western investors were enough to send prices sharply lower. Early in the week, the gold price rose to a one-month high at $1,330 an ounce and silver held the $20 mark, but both metals ended substantially lower. The trade-weighted dollar rose and the Labor Department’s March inflation re
Monday, April 21, 2014
Mish - Global Economic Analysis
Japan Trade Deficit Largest in History; Imports Soar, Exports Barely Up In Spite of Collapsed Yen
Those who think a collapsing currency are a sure-fire way to increase exports need to rethink their beliefs. Despite a falling Yen, Japan Posts Largest-Ever Trade Deficit. The gap between the value of Japan’s exports and that of its imports grew by more than two-thirds in the 12 months through March, to Y13.7tn ($134bn), according to government data released on Monday. It was the third consecutive fiscal year of deficits, the longest streak since comparable records began in the 1970s. Toyota,
Monday, April 21, 2014
Mish - Global Economic Analysis
Glen Greenwald Wins Pulitzer Prize for Exposing NSA Spy Scandal; His Reaction on Video; My Reaction: 
A big round of well deserved applause for Glen Greenwald is in order for willing a Pulitzer Prize for public service. Greenwald says the announcement was "really gratifying." Please consider Glenn Greenwald Reacts To Pulitzer Prize Glenn Greenwald told CNN's Brian Stelter on Sunday that receiving the Pulitzer Prize for public service was "really gratifying." On Monday, Greenwald and other journalists at The Guardian and The Washington Post were awarded the Pulitzer for their reporting on the
Monday, April 21, 2014
Tim Iacono - Iacono Research
C.F. Martin & Company, Established 1833
There was a nice article in Fortune magazine not long ago about Martin Guitar of Nazareth, PA and it’s been hanging around in my Drafts folder, waiting for some Sunday morning when there wasn’t anything else readily available to hoist up. As some of you may know, I grew up just a few miles from Nazareth and Martin Guitar ranks probably a distant second to Mario Andretti in the town’s claim to fame. Even with consumer spending on the uptick, you might not think buyers would be spending their doll
Monday, April 21, 2014
Mish - Global Economic Analysis
"Low Inflation has Positive Impact and Helps Spain's Competitiveness" Says Economy Minister
Luis de Guindos, Spain's Economy Minister, sings the praises of low inflation. Via translation from El Economista, please consider Economy Minister Says Deflation Has "Positive Impact". James Daniel, Spain's mission advisor to the IMF, said that inflation close to zero in the country increases the burden of debt and real interest rates and difficult to reduce unemployment. Daniel's words contradict the perception Luis de Guindos, the Spanish Minister of Economy and Competitiveness, who also
Sunday, April 20, 2014
Tim Iacono - Iacono Research
The Weekend Update is Now Available
The latest issue of the Iacono Research Weekend Update has been posted to the website and is now available for subscribers here. There will be no changes to the model portfolio or the buy ratings this week, but last week’s covered call sales are reviewed in the following discussion topic: Last Week’s Covered Call Sales The executive summary is as follows: Amid better-than-expected economic news in general and strong retail sales in particular, U.S. stocks rebounded sharply from big declines th
Sunday, April 20, 2014
Mish - Global Economic Analysis
Illinois Madness Never Stops; House Committee Wants Taxpayers to Spend $100 Million on Barack Obama
Illinois is broke. Its public pension plans are the most troubled in the nation. Illinois passed massive "temporary" tax hikes to fix the pension problem, but that did not make a dent in  the problem. Nonetheless, ideas to waste more taxpayer money are always on the table. Here's a recent example. $100 Million for Barack Obama Library Today, the Illinois Policy Institute reports by email ... An Illinois House Committee wants taxpayers to pay $100 million for a Barack Obama library. Someho
Sunday, April 20, 2014
Mish - Global Economic Analysis
"Insatiable" Idiocy from the Economist on What to Do About Russia; Warmongers Can't Think
In "Insatiable" the Economist says "The cost of stopping the Russian bear now is high—but it will only get higher if the West does nothing". Economist: Mr Putin has used the Ukrainian crisis to establish some dangerous precedents. He has claimed a duty to intervene to protect Russian-speakers wherever they are. He has staged a referendum and annexation, in defiance of Ukrainian law. And he has abrogated a commitment to respect Ukraine’s borders, which Russia signed in 1994 when Ukraine gave up
Saturday, April 19, 2014

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