News
CNN: Money | Recession warnings on the rise
conomists have been ringing alarm bells after disappointing readings on some key economic indicators, including those measuring consumer spending, manufacturing, job cuts and gross domestic product.
WSJ | S&P Still Mum on U.S. Credit Rating
S&P, which along with Moody's Investors Service put the U.S. government on a review for possible downgrade last month, was seen during the fractious debate over the debt ceiling as taking the most aggressive position of the ratings firms.
CNN: Money | How China hurts its own economy
When lending, Beijing favors state companies over private ones. Trouble is, that's not where innovation happens.
Bloomberg | Consumer Confidence in U.S. Declines
The Bloomberg Consumer Comfort Index was minus 47.6 in the period to July 31, the lowest since May, compared with minus 46.8 the prior week. Confidence among women fell to the lowest level since October 2009, while Americans making more than $100,000 a year were the most pessimistic since November 2009.
WSJ | Gold at Record for Second Day on Refuge Demand
Gold futures continued their march into record territory, with some traders and analysts expecting prices to soon breach $1,700 a troy ounce as worries about the health of the global economy mount.
WSJ | Ex-Fed Officials Back More Stimulus
The Federal Reserve should consider a new round of securities purchases to spur the economy if growth and employment keep languishing and inflation recedes, former top Fed officials said in a roundtable with The Wall Street Journal.
Econ Comments
Project Syndicate | The Second Great Contraction
Why is everyone still referring to the recent financial crisis as the “Great Recession”? The term, after all, is predicated on a dangerous misdiagnosis of the problems that confront the United States and other countries, leading to bad forecasts and bad policy.
CNN: Money | The recession never truly ended
How can we have a double dip when we never climbed out in the first place?
Financial Times | The coming crises of governments
The global crises of financial and housing markets are now being superseded by new crises of governments.
Daily Caller | Why there won’t be a double-dip recession
Granted, the economy is sputtering, with less than 1 percent growth in the first half of the year. But if there is a recession in the cards, it will be the first time one occurs when the yield curve is steeply positive (an ultra-easy Fed) and corporate profits are strong.
Market Watch | Stocks pricing in a new recession
You know it’s going to be a wild day in the market when investors look to Silvio Berlusconi for a pep talk.
Minyanville | Are We Heading For a Double Dip? Four Basic Perspectives
Sometimes its better to analyze the analyses.
Blogs
Free Banking | Behind the Scenes at the Hayek v. Keynes Debate
A body of economic doctrine that lends itself to such a serious misapprehension of the basis for economic prosperity can hardly be expected to provide sound advice for nursing a sick economy to health.
Econlog | Econlog More Thoughts on Metaphors
I think of government as a monopoly offering lousy service and determined to maintain and extend its franchise come hell or high water.
AEI: American | AEI: American What Investment Returns Are Public Pensions Really Assuming?
Most public sector pension plans assume they’ll receive an 8 percent investment return in future years. There are a few problems with that assumption. First, as I’ve previously argued, even if 8 percent is an accurate figure, pensions shouldn’t be using this number to calculate the value of their liabilities.
Reports
RCM: Wells Fargo | RCM: Wells Fargo Slow Ride Gets Slower: Weak ISM Non-Manufacturing Print
Against a backdrop of what has felt like universally bad economic news in recent weeks, the ISM non-manufacturing index for July came in at 52.7—weaker than expected and consistent with slow growth.
