Morning Journal-The moral case for free enterprise

Economics

This Week’s Data

The International Council of Shopping Centers reported weekly sales of major retailers up 2.0% versus the prior week and up 3.0% versus the comparable period a year ago; Redbook Research reported month to date retail chain store sales up 2.2% on a year over year basis.

Weekly mortgage applications fell 2.1% but purchase applications rose 3.0%.
http://www.calculatedriskblog.com/2012/07/mba-record-low-mortgage-rates-mortgage.html

The US May trade deficit came in at $48.7 billion, down from April (lower oil prices) and in line with estimates.
http://www.calculatedriskblog.com/2012/07/trade-deficit-declines-in-may-to-487.html

Other

The argument for QEIII (medium):
http://www.bloomberg.com/news/2012-07-09/fed-harms-itself-by-missing-goals-stevenson-and-wolfers.html

Some demoralizing thoughts on the economy (medium):
http://www.minyanville.com/special-features/random-thoughts/articles/todd-harrison-todd-harrison-minyanville-todd/7/10/2012/id/42274

Politics

Domestic

A step in the right direction? Yeah, right. (medium):
http://www.nypost.com/p/news/opinion/opedcolumnists/steps_in_the_double_talk_direction_q3SG1WHwohLs9lB3SLnRMI

More on your tax dollars at work (medium):
http://www.nationalreview.com/articles/305894/rise-food-stamp-nation-rich-lowry

And (medium):
http://www.jewishworldreview.com/cols/will070812.php3

The moral case for free enterprise (8 minute video):
http://www.powerlineblog.com/archives/2012/07/the-moral-case-for-free-enterprise.php

International

Third aircraft carrier returns to Middle East (medium):
http://www.zerohedge.com/news/third-us-aircraft-carrier-returning-unexpectedly-mideast-ahead-schedule

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.