Morning Journal-The 'fast and furious' (gun sales to Mexican cartels) scandal is not over

Economics
This Week’s Data

February business inventories rose 0.6%, in line with expectations; positively, business sales increased 0.8%.

March housing starts fell 44,000 versus estimates of a 7,000 increase; howver, building permits surged 30,000 versus forecasts of a 2,000 decline.
http://www.calculatedriskblog.com/2012/04/housing-starts-decline-in-march.html

Other
The argument against a near term mean reversion of corporate profits (medium):
http://pragcap.com/kashkari-why-corporate-profits-wont-collapse

Weekly gasoline prices (short):
http://advisorperspectives.com/dshort/updates/Gasoline-Update.php

LA port traffic continues to rise (short):
http://www.calculatedriskblog.com/2012/04/la-area-port-traffic-increases-in-march.html

Politics

Domestic

The best congress money can buy (medium):
http://www.realclearmarkets.com/articles/2012/04/16/the_best_congress_money_can_buy__99617.html

Competition is good for governments too (medium):
http://www.nytimes.com/2012/04/15/business/competition-is-good-for-governments-too-economic-view.html?_r=1

More coming on ‘Fast and Furious’--US government weapons sales to Mexican cartels (medium):
http://michellemalkin.com/2012/04/16/katie-pavlich-exposes-fast-and-furious-barack-obamas-bloodiest-scandal-and-the-shameless-cover-up/

Mark Steyn on the Buffett Rule (medium):
http://www.ocregister.com/opinion/buffett-349130-obama-tax.html#

Thoughts on too big to fail (medium):
http://www.zerohedge.com/news/guest-post-another-empty-obama-promise

News on Stocks in Our Portfolios

Earnings reports:

Reported Expected

Coca Cola $.89 $.88

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.