Morning Journal-Debate between Ron Paul and Paul Krugman

Economics

This Week’s Data

The International Council of Shopping Centers reported weekly sales of major retailers down 0.3% versus the prior week but up 4.2% versus the comparable period lat year; Redbook Research reported month to date retail chain store sales up 3.2% versus the similar timeframe last month and up 2.9% on a year over year basis.

The April Institute for Supply Management’s manufacturing index came in at 54.8 versus expectations of 53.0.
http://www.capitalspectator.com/archives/2012/05/manufacturing_g_1.html#more

March construction spending rose 0.1% versus estimates of a 0.5% increase.

April auto sales were up 2.5%, in line with forecasts.

Weekly mortgage applications advanced 0.1% while purchase applications were up 2.9%.

Other
Private sector job growth continues to improve (short):
http://mjperry.blogspot.com/2012/05/net-private-sector-job-gains-at-2006.html

An interesting debate between Ron Paul and Paul Krugman (13 minute video):
http://mjperry.blogspot.com/2012/05/net-private-sector-job-gains-at-2006.html

The bull case on the economy (medium):
http://mjperry.blogspot.com/2012/04/myth-of-decline-us-is-stronger-and.html

Another round of food inflation? (short):
http://www.zerohedge.com/news/another-bout-global-food-inflation-just-around-corner


Politics

Domestic

Thoughts on the War on Women (medium):
http://www.nationalreview.com/articles/297356/left-s-favorite-bad-statistic-rich-lowry

The Employee Free Choice Act---not. (medium):
http://townhall.com/columnists/thomassowell/2012/05/01/a_cynical_process

End too big to fail---from the Dallas Fed (just read the summary):
http://www.zerohedge.com/news/dallas-fed-why-we-must-end-tbtf-now

News on Stocks in Our Portfolios

More quarterly earnings per share reports:

Reported Expected

Automatic Data Processing $.92 $.91
Ecolabs .50 .48
Mastercard 5.36 5.27

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.