Morning Journal-Why the economy isn't growing

Economics

This Week’s Data

May pending (existing) home sales rose 5.9%, well above estimates of up 1.2%.
http://www.calculatedriskblog.com/2012/06/nar-pending-home-sales-index-increased.html

Weekly jobless claims fell 1,000 versus expectations of a 2,000 decrease.
http://www.calculatedriskblog.com/2012/06/weekly-initial-unemployment-claims_28.html

The second revised first quarter GDP came in up 1.7%, in line with forecasts; the price index was reported at +2.0% versus estimates of +1.7%.

Other

Why the economy isn’t growing. Part II (medium):
http://scottgrannis.blogspot.com/2012/06/business-investment-remains-flat.html

Thoughts on money, banking and the recent problems of our financial system (medium):
http://pragcap.com/misunderstanding-banking-is-helping-bankrupt-an-entire-society

Politics

Domestic

The great American storyteller (medium):
http://www.nationalreview.com/articles/304037/obama-story-teller-victor-davis-hanson

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.