Morning Journal-Andrea Mitchell gets the mother of all smack downs

Economics

This Week’s Data

May wholesale inventories rose 0.3%, in line with forecast; however, wholesale sales dropped 0.8%. This is not a good numbers combo.

Weekly jobless claims fell 24,000 versus expectations of a 4,000 decline, though seasonal factors accounted for much of the drop..
http://www.calculatedriskblog.com/2012/07/weekly-initial-unemployment-claims_12.html


Other

We can’t and won’t solve our fiscal problems because we are operating on the wrong set of economic premises (medium):
http://www.zerohedge.com/news/guest-post-why-we%E2%80%99re-light-years-away-solving-our-problems

The future of the ‘fiscal cliff’ (medium):
http://pragcap.com/the-future-of-the-fiscal-cliff

More on the ECRI recession call (short):
http://advisorperspectives.com/dshort/guest/Shedlock-120711-Email-from-Hussman-on-Recession-Call.php

Politics

Domestic

Real life examples of what stimulates growth and what doesn’t (medium):
http://spectator.org/archives/2012/07/11/california-demon

Romney addresses the NAACP (medium):
http://www.powerlineblog.com/archives/2012/07/why-is-mitt-romney-addressing-the-naacp-convention.php

Thursday morning humor: John Sununu slam dunks Andrea Mitchell on the issue of ‘outsourcing’ (2 minute video):
http://www.powerlineblog.com/archives/2012/07/outsource-this.php

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.