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"Reaching for yield"

"I have seen this movie before. I know how it ends." Me, too. Yikes. ...



The Italian Runaway Train

There has been lot’s of debate in the press and in academic circles over the last week or so about whether Italy’s latest contraction constitutes a triple dip recession or simply a continuation of what’s been going on over...



Fed Bets It Won't Wait Too Long on Rates

Many economists fear the Fed will wait too long before raising interest rates, but officials believe markets and economic indicators aren't signaling an economy near...



Medicare scam targets motorized wheelchairs; Billions lost...

Medicare scam targets motorized wheelchairs; Billions lost...(Second column, 4th story, link) ...



The Fed And The Problem with the Phillips Curve

The Problem with the Phillips Curve by David Merkel, CFA of The Aleph Blog I remember sitting in my intermediate macroeconomics class at Johns Hopkins, when the Professor was trying to develop the concept of the Phillips Curve, which posits a trade-off...



'The Skills Gap is Most Evident in Retail Trade and Restaurants'

About that skills gap -- this is from Dean Baker: The Skills Gap is Most Evident in Retail Trade and Restaurants: Floyd Norris has an interesting column comparing the numbers of job openings, hirings, and quits from 2007 with the most recent three...



A Better Way Up From Poverty

I've learned I was wrong to talk about 'makers and takers.' We have to do more to unwind the cycle of dependency on...



Secular Stagnation: The Book

Why we're feeling (economically)...



The Daily Docket: Lehman Sets $4.6B Unsecured Creditor Distribution

General unsecured creditors of Lehman Brothers Inc. will receive $4.6 billion in their first distribution, perhaps as soon as next month. The Wall Street Journal has the Daily Bankruptcy Review article here. (Daily Bankruptcy Review is a daily newsletter...



Alibaba Discovers Suspicious Accounting at Film Unit

The disclosure may raise concerns that the e-commerce giant is biting off more than it can chew in a recent spree of...



CITI: The Economy Has Entered Its Scary 'Phase 3' Where Bubbles Form Prior To A Crash

Citi analyst Matt King has published this diagram of where he thinks we are in the economic cycle, and it's slightly terrifying. (We first saw the note on FT Alphaville.) Basically, we're in "Phase 3" of a four-phase credit/equity...



'Data Mining Can be a Productive Activity'

Jennifer Castle and David Hendry on data mining ‘Data mining’ with more variables than observations: While ‘fool’s gold’ (iron pyrites) can be found by mining, most mining is a productive activity. Similarly, when properly...



As Tesla Chases Ford and GM Values, Analyst Keep Cheering

Tesla Motors Inc. (NASDAQ: TSLA) has long been a controversial stock. It has made many investors rich now with ten-fold gains, and the stock has destroyed short sellers. While we recently covered...



The Supply-Side Case for Government Redistribution

Inequality and poverty take a toll on the productivity of the workforce. Policies to reduce both can be...



Bill Ackman to Sue U.S. Over Fannie, Freddie Mortgage Profits

NEW YORK (TheStreet) -- Fannie Mae  and Freddie Mac  common shareholders led by investor Bill Ackman’s Pershing Square Capital Management plan to file on Friday the latest of...



SEC Said To Investigate Bill Ackman On Allergan Bid

Regulators are said to be probing whether Valeant Pharmaceuticals' and Bill Ackman's hostile bid for Allergan violates lawsActivist investor Bill Ackman and his quest to bring Valeant Pharmaceuticals Intl Inc (NYSE:VRX) together with Allergan,...



SolarCity: Morgan Stanley Says Hold; Well-Positioned, But Market Share ‘Unsustainable’

Shares of solar energy distribution company SolarCity (SCTY), which was founded by Tesla (TSLA) CEO Elon Musk, are rising 76 cents, or 1%, at $71.84, despite a cautious note from Morgan Stanley’s Timothy Radcliff, who initiated...



Unemployment, and product and labour-market tightness

High US unemployment rates following the crisis are a primary policy concern, but are poorly explained by existing models. This column introduces a new model of frictional labour and product markets. Price rigidities yield testable predictions pointing...



Opinion: Russia, an economic black hole for its neighbours

Pity any Russians wanting to sit down to their regular Sunday lunch of kangaroo steak, medium-rare. Thanks to the trade restrictions Vladimir Putin announced last week, Australia – along with the EU, US, Norway and Canada – found its...



Blog Post: TheAlephBlog: Avoid Buying Individual Stocks in Distress

#88621042 / gettyimages.comThere is a temptation, particularly among novice value investors, to throw money at a stock that has fallen hard.  Bargains are hard to pass up.read...



Hedge Fund News: Louis Bacon, Chase Coleman & Third Point

Louis Bacon and Peter Nygard Move Bahamas Feud to New York (NYTimes) The hedge fund billionaire Louis M. Bacon has filed a lawsuit against the Canadian clothing magnate Peter Nygard, claiming a long history of character assassination and numerous...



How to Avoid the Next Ferguson: Ditch the Riot Gear

Ferguson, Missouri turned into a war zone Wednesday night, with police unleashing tear gas, rubber bullets, and smoke bombs on protesters. It didn’t have to unfold that...



Here's Another Sign That Hillary Clinton's the New Boss in Town

Wednesday night, Politico’s Ken Vogel broke the news that David Brock,...



Construction is Major Weakness in French Stagnation

Metal support poles sit stacked as construction workers hammer wood in France. Bloomberg News Patrick Liébus has sent employees at his roofing firm in south-eastern France on a three-week vacation instead of two this August as he...



Hot Links: Bad Reasons

Stuff I’m Reading this Morning… Europe is a shitshow, with zero-percent GDP growth and the German Bund hitting a 1 percent yield. (BusinessInsider) and (MarketWatch) However, Putin is out there making conciliatory statements about...



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JANA Partners' Letter to PetSmart's Board

Barry Rosenstein's activist hedge fund firm JANA Partners has filed an amended 13D with the SEC regarding their position in PetSmart (PETM).  They currently own 9.8% of the company and are the largest shareholder.Rosenstein's letter to...



Prosecutors Could Send Bankers to Jail

William Cohan had a column in the NYT noting that the Justice Department's settlements with the major banks over their securitization of fraudulent mortgages largely let the banks off the hook. His alternative route would have been criminal (as...



Banco Espírito Santo Posts Record Loss

Portugal's Banco Espírito Santo reported a record $4.68 billion net loss for the second quarter, as it was forced to write down much of its exposure to its troubled...



Liberals for Social Security Insolvency

Democrats want to expand benefits even as the retiree program's finances...



ISDA Makes It Official: Argentina in Default

Those who purchased credit default insurance against an Argentine default are to receive payment, as the root of the problem may be eliminated in new contracts currently being writtenThe dust has settled and the International Swaps and Derivatives...



Slowdown in Italy adds to fears over Ukraine...

Slowdown in Italy adds to fears over Ukraine...(Second column, 6th story, link)Related stories:PUTIN LAUNCHES FOOD FIGHT...Russia Sanctions Accelerate Risk to Dollar Dominance... ...



Check Out The Massive Outflows From High-Yield Bond Funds (HYG, SPX, SPY, QQQ)

People won't stop talking about high-yield bonds, and this chart from Alain Bokobza and his team at Societe Generale shows exactly why: high-yield investors are now running for the exits. In The Wall Street Journal this weekend, Katy Burne...



Federal Reserve Board issues Report on the Economic Well-Being of U.S. Households

Federal Reserve Board issues Report on the Economic Well-Being of U.S....



Fed Watch: On That ECI Number

Tim Duy (see Dean Baker too): On That ECI Number: The employment cost index is bearing the blame for today's market sell-off. Sam Ro at Business Insider reports: ...traders agree that today's sell-off is probably due to one stat: the...



Ways in which the Deep South is a giant bargain

Not sure if you folks saw this nice chart on Business Insider, but it shows how much $100 is actually worth in each state based on goods and services you're able to purchase. Aside from Hawaii and DC, the worst states are New York and California -...



Bill Ackman to Sue U.S. Over Fannie, Freddie Mortgage Profits

NEW YORK (TheStreet) -- Fannie Mae  and Freddie Mac  common shareholders led by investor Bill Ackman’s Pershing Square Capital Management plan to file on Friday the latest of...



SolarCity Corp (SCTY) Downgraded By Baird

Shares of SolarCity Corp (SCTY) slumped by as much as 2% after Baird analysts downgraded them to "Neutral"SolarCity Corp (NASDAQ:SCTY) stock has received a downgrade from analysts at Baird, who cut their rating from Outperform to Neutral. Their...



Economists respond to incentives, and other obvious findings about the academic review process

Many organisations rely on prosocial behaviours – choices that benefit others but have a personal cost – to achieve their objectives. For instance, foundations rely on charitable contributions for funding, governments partly rely on...



Why is euro-area inflation so low?

Sober Look has the numbers, for instance: The area’s CPI is now below 0.5% on a year-over-year basis. Yesterday we saw German CPI hit new lows (see chart) and Italy’s inflation rate is now hovering just above zero. What is the most...



German Interest Rates Go Negative

Investing.comThe German bond market is considered one of the safe-havens for investors looking to get out of riskier asset classes like stocks. As tensions remain high on the Ukraine-Russia border, German bond prices have been rallying pushing yields...



Allergan, Seeking to Fend Off Hostile Bid, Approaches Salix

Allergan approached Salix Pharmaceuticals and at least one other company about a potential acquisition, as the Botox maker seeks to fend off a $53 billion hostile takeover from Valeant...



A Better Way Up From Poverty

I've learned I was wrong to talk about 'makers and takers.' We have to do more to unwind the cycle of dependency on...



Growth Rebound Stokes Fed Debate

Federal Reserve officials delivered a modestly more upbeat assessment of the economy Wednesday amid a second-quarter growth rebound and deepening debate inside the central bank about when to start raising interest...



Martin O'Malley Is 'Seriously Considering' Running For President

Maryland Gov. Martin O'Malley (D) further hinted in a Monday interview with Fusion's Jorge Ramos that he would run for president in 2016. Ramos asked O'Malley if he would endorse former Secretary of State Hillary Clinton, as he did in...