The Big Picture |
- Cockpit View: Twilight Landing At Los Angeles LAX
- DeLong: The Intellectual Collapse of the Chicago School of Economics Continues…
- Afternoon Reading List
- Cash Levels at 30%
- The Fed’s “Fatal Flaw” or Why Nothing’s Changed Since the Crisis
- Job Trends: Job Postings Per Capita
- SNL: Don’t Buy Stuff
- ADP says job adds punk
- Mid-Week Reads
- ISM confirms, please Fed save?
| Cockpit View: Twilight Landing At Los Angeles LAX Posted: 02 Jun 2011 01:59 AM PDT Cockpit view landing approach of a commercial airliner at Los Angeles airport (30 min. compressed into 3 min.) In the evening at dusk, with the last rays of light and the first lights of the city, as if you were sitting atop the cabin of the aircraft fly over the California cities of Thousand Oaks and Malibu, along the coast of the Pacific State Route 1 to Santa Monica. Above Downtown Los Angeles will continue down the river to take track and reach the door 68A in Terminal 6. With a small Canon S95 camera and a tripod with velcro subject to the cockpit of the plane, the author of this amazing video, filmed a landing at Los Angeles International Airport. In 3 minutes and speed close to Mach 2 summarizes the 30 minutes after the aircraft approaches to taking land at the airport known as LAX IATA code. Info on Meridian: http://t.co/4qf5wCV | |||||||||||||||||||||||||||||||||
| DeLong: The Intellectual Collapse of the Chicago School of Economics Continues… Posted: 01 Jun 2011 06:34 PM PDT I didn’t need a global economic collapse to know that the Chicago School of Economics was intellectually bankrupt — but the crisis sure has revealed that much to many many others:
Unfortunately, those guys are quote late to the party:
Not only that, they are too narrowly focused. Its not just the Chicago School — which happens to be especially wrong — its all of economics that stunk the joint up:
And from the wayback machine:
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| Posted: 01 Jun 2011 01:30 PM PDT Here are today's Instapaper reads:
What are you reading? | |||||||||||||||||||||||||||||||||
| Posted: 01 Jun 2011 11:39 AM PDT
> That seems to be the dominant question I am getting from readers. Our long/short portfolio was as long as 86% not too long ago. We have been doing selective trimming over the past few weeks, but nothing too aggressive. As of this morning, we were about 70% long, 30% cash. We have no shorts at the moment. Our selling has been selective, based on individual names — not a market call. Markets remain in their range, and within 5% of recent highs. Our last bear call (February to March) never really reached the deep levels we were hoping for. The next two levels that bear watching are SPX 1313, and 1249. I am more inclined to be a bear here than the metrics suggest, but over the long haul, I have learned to trust the data rather than my instincts. | |||||||||||||||||||||||||||||||||
| The Fed’s “Fatal Flaw” or Why Nothing’s Changed Since the Crisis Posted: 01 Jun 2011 09:00 AM PDT The Fed's "Fatal Flaw": Morgenson & Rosner on Why Nothing's Changed Since the Crisis ~~~ Source: | |||||||||||||||||||||||||||||||||
| Job Trends: Job Postings Per Capita Posted: 01 Jun 2011 08:30 AM PDT click for interactive graphic Rankings First Quarter 2011 50 most populous metro areas ranked by job postings per capita.
Interactive chart: (Indeed) | |||||||||||||||||||||||||||||||||
| Posted: 01 Jun 2011 08:00 AM PDT NBC Saturday Night Live The sure-fire way to get out of debt | |||||||||||||||||||||||||||||||||
| Posted: 01 Jun 2011 07:45 AM PDT According to ADP, the pace of private sector hiring was anemic, totaling only 38k, well below expectations of 175k and down from 177k in April. The large drag was in the goods producing sector which shed 10k jobs led by manufacturing, the area around the world that has seen clear softening. There is no question though that the Japanese earthquake likely is a main catalyst for the slowdown but there is certainly a concerted effort in Asia to moderate growth and certain areas of Europe have their own issues. All of the job losses in the goods producing category were in large companies as small and medium sized businesses added jobs. Even taking out mfr’g, the service sector only added 48k jobs, down from a gain of 141k in April and 165k in Mar as large companies had no net job gains. Friday’s Payroll figure is expected to rise 180k with a private sector gain of 209k and its highly likely that economists reduce those estimates after today’s ADP report. Bottom line, I mentioned Japan as a catalyst for the weakness but there is clearly something else going on to account for the softness now in a variety of economic data points. | |||||||||||||||||||||||||||||||||
| Posted: 01 Jun 2011 07:00 AM PDT Here are today's Instapaper reads:
What are you reading? | |||||||||||||||||||||||||||||||||
| ISM confirms, please Fed save? Posted: 01 Jun 2011 06:39 AM PDT Confirming what we’ve seen with the regional mfr’g surveys over the past few weeks, the national ISM at 53.5 is down from 60.4 in April and compares with a likely stale estimate of 57.1. It is now at the lowest level since Aug ’09. New Orders fell more than 10 pts to 51, the weakest since June ’09 and Backlogs also fell near 10 pts to 50.5, both now barely above the breakeven level of 50. Employment slowed to 58.2 from 62.7 and Export Orders fell 7 pts to 55. Inventories at the mfr’g level fell below 50 and were little changed for customers. Prices Paid moderated by 9 pts to a still high level of 76.5 and ISM said “mfr’s continue to experience significant cost pressures from commodities and other inputs”. Of the 18 industries surveyed, 14 reported growth. While many are saying that continued weak data just brings on QE3, its clear that QE2 has been a complete failure in helping the actual economy (it helped asset prices) more than just temporarily. To think that QE3 will actually matter to growth is evidence of what the Fed has done to market participants over the past 10+ years that every single time the US economy hiccups, the market is trained like a dog to expect the Fed to take out all the firepower. With this said, as long as Bernanke is running the Fed, QE3 and more will be likely at the expense of the US$. |
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