Morning Journal, Lies about deficits

Economics
This Week’s Data

December retail chain store sales, ex auto and ex gasoline, rose 0.2%.

The December Institute for Supply Management nonmanufacturing index came in at 52.6 versus expectations of 53.0 and November’s reading of 52.0.

December nonfarm payrolls grew 200,000 versus forecasts of a 150,000 increase; unemployment came in at 8.5 versus estimates of 8.7% and November’ reading of 8.6%.
http://www.calculatedriskblog.com/2012/01/december-employment-report-200000-jobs.html

The lies about budget deficits (medium and today’s must read):
http://www.realclearmarkets.com/articles/2012/01/05/the_lies_they_tell_us_about_budget_deficits_99443.html


The faulty assumptions about pension returns (short):
http://www.ritholtz.com/blog/2012/01/not-even-corporate-managements-believe-their-own-equity-return-assumptions/

One source of the many sources of our economic woes is the amount capital dedicated to the pursuit of scalping the financial system versus investing in growth capital (short):
http://www.realclearmarkets.com/articles/2012/01/05/the_lies_they_tell_us_about_budget_deficits_99443.html

Politics

Domestic

More on Obama’s ‘recess appointments’ (medium):
http://www.powerlineblog.com/archives/2012/01/that-was-then-this-is-now.php

International War Against Radical Islam

Iran ups the ante (short):
http://www.zerohedge.com/news/iran-hold-new-massive-naval-exercise-near-straits-hormuz-run-parallel-joint-us-israel-wargame

Steve Cook received his education in investments from Harvard, where he earned an MBA, New York University, where he did post graduate work in economics and financial analysis and the CFA Institute, where he earned the Chartered Financial Analysts designation in 1973. His 40 years of investment experience includes institutional portfolio management at Scudder, Stevens and Clark and Bear Stearns. Steve's goal at Strategic Stock Investments is to help other investors build wealth and benefit from the investing lessons he learned the hard way.