Hard hitting global and local news
Link: Housing Rebound Didn’t Lift Economy as Much as Economists Expected: Why?; Six Questions for Zandi
Cash is King for Holiday Shopping; 63% of Millennials Have No Credit Cards; Millennial Attitudes and Deflationary Trends As we head into the black Friday holiday shopping season, cash is king .
Philly Fed Slightly Positive After Two Months of Contraction, but New Orders and Shipments Negative, Workweek Collapsed In what likely amounts to a bit of economic noise, the Philadelphia Fed regional manufacturing report posted a rise of 1.9, slightly beating the economic consensus of 0. Unlike Monday’s Empire State report which is pointing to out-and-out weakness for the November factory sector, the Philly Fed’s November report is no worse than flat and points to little month-to-month change for a sector, however, that continues to struggle.
Read More: Nouriel Roubini: "Positive Impacts of Paris Attacks Modest Unless More Attacks Follow"
Pat Buchanan asks (and correctly answers) the question Is Putin Our Ally in Syria? The President’s strategy is to contain, degrade and defeat ISIS. While no one has provided the troops to defeat ISIS, the U.S.
The Financial Times asks Could Attacks Have Been Prevented? While not every terrorist plot can be thwarted, authorities misses a huge number of warning signs. Coupled with inane acceptance of Syrian refugees, the EU virtually invited terrorist activity
More: Protect Yourself from NSA Attacks and Don’t Do Anything Stupid
Empire State Manufacturing Negative Fourth Month, Work Week Lowest Since Mid-2011 The string of manufacturing negatives continues unabated with the Empire State Survey. Economists expected another negative month, but the result was worse than the lowest Econoday economist’s prediction of -8.50.
Bloomberg notes Japan Enters Recession as Economy Contracts in the Third Quarter . Japan’s economy contracted in the third quarter on sluggish business investment, confirming what many economists had predicted: The nation fell into its second recession since Prime Minister Shinzo Abe took office in December 2012.
In an opinion piece on MarketWatch, writer Steve Goldstein says Paris Attacks Show U.S. Should Reverse Policy on Syria’s Assad