Tuesday, November 29, 2011

Morning Journal-the Economy looks good, the politicians corrupt and Iran takes in the snoot


Economics
This Week’s Data


October new home sales rose 1.7% but only after the prior two months were revised downward.
http://www.calculatedriskblog.com/2011/11/new-home-sales-in-october-307000-saar.html

Other

Household debt continues to decline:
http://www.calculatedriskblog.com/2011/11/ny-fed-q3-report-on-household-debt-and.html

As has the credit card delinquency rate:
http://mjperry.blogspot.com/2011/11/credit-card-deliqnuency-rate-falls-to.html

The NY Fed explains its lousy forecasts (medium):
http://www.minyanville.com/businessmarkets/articles/forecast-error-unexpected-events-Wall-Street/11/28/2011/id/38088


A depressing look at the trends emerging in the US economy (medium):
http://www.zerohedge.com/news/guest-post-future-jobs

More evidence of the corrupt relationship the big banks have with the government (long, but a must read):
http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html

Politics

Domestic


Why tax reform is a must (short):
http://marginalrevolution.com/marginalrevolution/2011/11/the-57000-page-tax-return.html

A short history of pledges to cut spending (medium):
http://www.anncoulter.com/columns/2011-11-23.html

Charles Krauthammer looks at Grover Norquist (medium):
http://www.washingtonpost.com/opinions/the-grover-norquist-tax-myth/2011/11/23/gIQAsuJhtN_story.html

International

Another great call by Obama (short):
http://mjperry.blogspot.com/2011/11/following-keystone-xl-pipeline-delay.html

Satellite image confirms Iranian missile base was destroyed (short):
http://www.zerohedge.com/news/satellite-image-confirms-iranian-missile-base-was-destroyed