No Deal Monday Morning With Stock Futures Slightly Down in Pre-Market.
Shutdown, According to Monday’s WSJ, Likely to Prolong Fed’s Stimulus. This chart WSJ survey.
STUFF YOU KNOW AND YOU’RE NOT ALONE…
The Daily Beast’s John Avlon Reported, ‘Republicans With A Death Wish’. Going into Sunday morning there was no deal to end the government shutdown or progress on paying the nation’s bills. Avlon reports on the vicious Civil War within the Republican Party between Tea Party types and ‘responsible’ centre -Right. Seems Sen Ted Cruz stands at the head of the table in the hunt for ‘Republican Heretics’, who are not ‘sufficiently conservative enough’. Cruz calls them ‘collaborators’ with Obama. But lately Cruz has not been seen. Grover Norquist criticized Cruz by saying, ‘He pushed House Republicans into traffic and wandered away.’ As of Sunday Avlon reports that the inmates are running the asylum and leadership looks impotent. The GOP is in a tightly controlled panic mode. With mid-term elections coming in 2014 and the big one in 2016 donors are warning the GOP to clean up their act. Avlon’s piece was originally published in The Telegraph October 12th.
This is Cruz not to be confused with…
Tail-gunner Joe.
scary, huh?
Rana Foroohar, columnist for Time Magazine, The Curious Capitalist, 10-11-13:
She labels it- The Gridlock Economy Blues. Rana warns readers that the New New Normal will be both the economy and politics, and both will be more volatile. ‘Politicians play chicken with the country’s credit, borrowing rates and the politics becomes more polarized and extreme as a result.’ She goes on to write that it is difficult to imagine how any decision can break the cycle. And, she warns, this is the real New Normal, and we will all pay the price.’
Q: What currencies were used in earliest colonial times?
A: Americans Used English, French and Spanish currency. Spanish was the favorite- pieces of eight.
Q: When was the first ‘American’ coin struck.
A: In 1793 at the U.S. Mint in Philadelphia.
Q: There has been more than One Federal Reserve or U.S. Bank in the United States: Name the other two.
A: The first bank was chartered by the Continental Congress as the Bank of North America in 1781. The Second U.S. bank was granted a 20-year charter and opened in 1816. Our current Federal Reserve Bank was created as a nation’s central bank in 1913. There are 12 regional banks representing the country with the New York Federal Reserve Bank- First among equals.
The Week Was All About Politics: Here’s The Highlights…
MARKET ANXIETY NOT FELT BY SOME PROMINENT MONEY MANAGERS. The WSJ reported Tuesday morning that while some measure of anxiety was spreading in the financial markets there are some that don’t think the shutdown will last or, more important, fear that the U.S. will fail to make payments on debts due.
Cliff Robbins, CEO, of Blue Harbor Group, ‘I don’t see the lurching fear but if we do it will be a buying opportunity.’
Mr. Staley, managing partner of BlueMoutain Capital, ‘I don’t expect consolidation in the banking arena. This will help the current group of megabanks to regain the pricing power that Wall Street historically had.’
Some of the managers discussed the current inequality of income as a serious problem. The inequality is unprecedented, said Richard Robb, founder of Christoferson, Robb and Company.
Robert C. Doll, CFA. In his Oct 7th, Weekly Investment Commentary.
- Fed taper talks continues to stall the investment community but focus is on timing rather than on the actual need to begin.
- Rancorous debate in Washington has compromised investor confidence.
- Earnings outlook may be far from encouraging in the upcoming earnings release period.
IS TWITTER THE BEST IPO OPPORTUNITY SINCE TESLA?
IT WAS ANOTHER BAD DAY FOR MARKETS TUESDAY!
AND THE REPUBLICANS HAD THE EFFRONTRY TO SAY THEY WERE NOT WORRIED ABOUT THE 2014 ELECTIONS.
Mark Hulbert @ MarketWatch.com on October 9th reported, ‘No signs of a top. Banking stocks are hot.’ Hulbert reported that the entire financial sector, in general was growing in popularity with investors. There was no one particular bank the experts liked especially well. Hulbert reviewed over 100 sectors of the Dow Jones classification system and the second most upgrades recently were in the financials.
Bloomberg reported 10-8-2013, The recession in Europe has created a huge business in payday lenders. The interest rate being charged by these payday lenders is at a theoretical 5,853% per annum. Yep, five thousand and eight hundred fifty three percent! There are more than 8 million short term loans in the U.K. with more than 2 billion pounds a year.
Get Used To This Face. Janet Yellen should be confirmed as Fed Chief. What makes her different, besides being really smart, is that she believes the Central Bank should promote employment. Expect her to speak about ‘full employment’ and inflation in her testimony before Congress. Her economic theory is full employment or low inflation; you cannot have both. and the Kingston Trio advocated ‘Clean Body or Clean Mind.’
MARKETS GOT ALL GIGGLY WEDNESDAY ON NEWS THAT THE PREZ AND THE GUYS WOULD BE HAVING A SIT-DOWN.
Thursday a Huge Bounce! DJIA +300 plus!
WSJ Friday 10/11 Released Poll on Who’s to Blame! Republicans scored worst- lowest scores in 20-years!
70% interviewed said the Republicans put politics before what was good for the country. Ugly.
HEY! We Got Earnings Season Coming Up!
Opps! Continued -Robert C. Doll, CFA @ Nuveen Asset Management reported in his 10/07 Investment Commentary: ‘The U.S. economy has shown impressive resilience over the past three years, suggesting the recovery may only be blown off course in the event of something sizeable and protracted.’
No deal at the close of business Friday but markets UP over 100 on the Dow.
QUESTIONS CALL PAUL @ 586 295 0430 or WRITE HIM @ pstanley@westminsterfinancial.com. Share this blog with someone who cares.
SECURITIES OFFERED THROUGH WESTMINSTER FINANCIAL SECURITIES, INC. MEMBER FINRA/SIPC
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