For the past two years, I have maintained a GDP growth forecast for the US of 2% a year. I have not stuck with this figure because I am stubborn, obstinate, or too lazy to update my analysis of the future of the world?s largest economy. I have kept this number nailed to the mast
?For the president to not focus on the financial industry in the wake of a financial crisis, he would have to be blind,? said former Federal Reserve governor, Paul Volker
It was 3:30 am when one of my old staffers from Morgan Stanley in London called. He was now running a proprietary trading desk at Goldman Sachs, and I didn?t think he was rousing me out of a dead sleep to reminisce about the good old days. He told me that the firm?s research department
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?Banks make money on a big fat yield spread. The Fed is killing that,? said Michael Pento of Pento Portfolio Strategies.
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It?s always nice when intelligent people agree with you. That was my feeling after the Federal Reserve gave notice today that it was downgrading its forecast of US economic growth for 2012 from 2.6% to 2.15%. That is a major step down from the 3% and higher predictions they were hanging on to earlier. The
?When it comes to reputational risk, the banks can?t really fall off the floor,? said Bart Naylor, a consumer advocate.
Diary Entry for Monday, June 18, 2012 Dear Diary, 4:30 PM Sunday- Looks like my Monday is going to start early this week. One of my Athens readers e-mailed me that New Democracy was a slam dunk to win the election and would form a right of center, pro bailout, pro Euro (FXE) coalition government.
?Now, you are starting to see people front run hedge fund books. People are front running John Paulson?s book. Everybody can see this. People are starting to line up the ducks and ask which hedge funds are going to have redemptions. Which position should I get in front of? Gold is a big problem in