Hard hitting global and local news
Via translation, El Confidential comments on the Banking Drag of €238 Billion Nonperforming Loans at Spanish Banks . The profitability of banks has plummeted. And only the loose monetary policy of the ECB has improved the results.
Personal Income, Consumer Spending Weaker Than Economists Expect Today’s Personal Income and Outlays report came in below Consensus Estimates . Inflation is not building based on the Fed’s favorite reading, the core PCE price index which inched a lower-than-expected 0.1 percent higher in September with the year-on-year rate steady and flat at only plus 1.3 percent
As a guest post, here is the opinion of IMD Professor Carlos A. Primo Braga on on the economic, political and psychological drivers of Brazil’s currency slide.
Originally posted here: Former Australia Prime Minister Chastises EU on Securing Borders, Economic Migration; Mish for President Review
MarkeyWatch author Brett Arends offers this opinion: Why Dennis Hastert’s Conviction is an Outrage . If you aren’t outraged by what just happened to “disgraced†former House Speaker Dennis Hastert, you’re not paying attention. No, it doesn’t matter if you think he’s a raging hypocrite
Originally posted here: Courage to Act; Reflections on Fed Hubris; What if Whatever it Takes is Not Enough? Fed Troika?
Read the article: China Turns Tables on US-Backed Agitators
3rd Quarter Advance GDP Estimate +1.5%; December Hike Odds Up to 46.5% The third quarter advance (initial) GDP estimate came in at 1.5% a bit under the Econoday Consensus of 1.7%, a bit over the Atlanta Fed GDPNow Forecast of 1.1%, and well below the Blue Chip consensus of 2.1%.