[credit provider=”Bruce Krasting” url=”http://brucekrasting.com/on-closing-the-white-house/”] So the White House is closing its doors to the public today. Budget cuts related to the sequester are the blame.The WH tours are closed after a decision by the Secret Service that it could not afford to maintain security. The savings for shuttering the WH […]
With the DOW blowing by milestones I went looking for other things that were at record levels. The first one that I looked at was M2. No surprise at all, M2 is bigger than ever. Charts of the long and short term trajectory of money supply:
[credit provider=”en.wikipedia.org” url=”http://en.wikipedia.org/wiki/File:WhiteHouseSouthFacade.JPG”] The Office of Management and Budget (OMB) has come out with a detailed breakdown of the spending cuts associated with the sequester (LINK). This is one heck of a document, it runs 83 pages.Those who believe that government is too big should spend some time looking this […]
[credit provider=”Bruce Krasting”] I think the President has done an excellent job of scaring the crap out of everyone over the sequester. The administration has used all of the key department heads to get on national TV and warn the country that some very terrible things are about to happen. […]
[credit provider=”brucekrasting.com” url=”http://brucekrasting.com/treasury-shoots-itself-in-the-foot/?utm_source=rss&utm_medium=rss&utm_campaign=treasury-shoots-itself-in-the-foot”] The Treasury Department came out with some proposals on how to fund infrastructure investments. Nothing new; an infrastructure bank that would borrow money outside of the government using government guarantees, and a newfangled debt instrument called:
The following are the word from the G20 final communiqué that could weigh on the FX markets in coming days:
Every politician in America knows that Social Security (SS) is a third rail. Any Pol who tries to mess with the country’s largest and most popular entitlement program is going to have the likes of the AARP coming after them. It’s not possible to win an election on a platform […]
We got a big reminder of the importance of government spending in the Q4 GDP report. The damn military delayed some expenditures for a few months, and it knocked 1.3% of the quarter’s growth rate. If it weren’t for the pikers at the Pentagon, we would have been in the […]
A few snippets of data from the Congressional Budget Office’s Budget and Economic Outlook 2003.
Say you’re a Doc, working out of NYU Hospital on 1st and 34th, and on October 29 you park your car in the lot next door. Sandy rolls in, and the next morning your car is 20 feet underwater. You’ve got insurance, so a week later, check in hand, you […]
In my time I’ve watched a bunch of countries go south. In the 80’s it was all of South America. Poland, Yugoslavia and South Africa also hit the skids during those years.
The Federal Reserve makes a ton of money on its $3T horde of government bonds. In 2012 the Fed earned a tidy $90B by borrowing short and lending long. That income number is the difference between interest income and expense. The P/L does not reflect the fact that the Fed […]
NOTE: This post was originally published on Thursday January 24, 2013.
The comment, earlier today, from the Japanese Economics Minister, Akira Amari, that the Yen exchange rate was now “ in line with fundamentals”, and the market’s quick back-up reaction, got me a laugh, and has me thinking. Have things changed so much? Or is this just an illusion?
The surprise of the week was not the goofy ending to the cliff. It was the minutes from the Fed.
OK, still confused about what the cliff deal means? Everyone is spinning this one way or the other, so if you just want the facts and the bottom line, who can you trust? I have a place for you to get the Facts. The source of this information is impeccable, […]
One of the biggest leveraged hedge funds in the world got hit with a 2×4 during the 4th Q. This fund has a mixed bag of assets, but was heavily exposed to big FX positions.