Hard hitting global and local news
In a followup guest post on the Big Picture blog, Kotok offers More on Munis, Detroit, Bloomberg, Whitney & Wilson . In our recent commentary on municipal bonds and Detroit, we argued in favor of buying the highest-grade AAA tax-free municipal bond It currently yields more than the corresponding taxable US Treasury obligation.
Juergen Stark, former ECB chief economist (who resigned in 2011 over a dispute regarding bond purchases), says in an interview in Handelsblatt "The Euro crisis will worsen in late autumn" Via Google Translate A year ago, ECB chief Draghi announced plans to do anything to save the euro. The former ECB chief economist Juergen Stark considers this fatal. He fears that the ECB will soon have to support France with bond purchases
Link: Euro Sucks Italian Blood; Prime Minister Blames Tax Evasion; Reflections on Italy’s Shadow Economy
View article: Payroll Employment for Age Group 18 to 29 Shows Fewer Full-Time Employment "Regardless of Education"
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Continued here: Spain Levies Consumption Tax on Sunlight
Originally posted here: Interesting Hussman Tweets on Case Shiller PE, Institutional Selling, Book Values
Motor Vehicles and Parts +1.3% Non-Defense Aircraft and Parts +31.4% Defense Aircraft and Parts +18.7% Other Durable Goods +0.1% One quick glance at new orders will give you the "easily seen" look at the durable goods numbers. Although such analysis is "easily seen" not many bother
See the article here: Only Hope For Italy is Bankruptcy
View article: Unions and Fundamental Freedoms: Two Upcoming U.S. Supreme Court Cases