Monthly Archives: December 2010

If this is Socialism, call me Comrade

Posted on December 31, 2010 by macromon

No politics or partisanship here, “just the facts ma’am”.  The stock market as measured by the S&P500 is up just about 50 percent since President Obama’s inauguration to today’s close.   Only Eisenhowser comes close, but not even in the same … Continue reading →

Posted in Equities, Politics | Tagged , , | 17 Comments

The S&P500 in 2011: What’s past is prologue?

Posted on December 31, 2010 by macromon

Let’s be honest and a little humble as we venture into the “great wide open” of 2011. Nobody really has a clue what path the markets will take.  Given what we’ve all been through and the uncertainty and plethora of … Continue reading →

Posted in Equities, Monetary Policy | Tagged , , , | 9 Comments

Global Corporate Tax Rates

Posted on December 30, 2010 by macromon

Lots of chatter the President is going to propose  a corporate tax cut in his State of the Union speech.    Corporations hold billions off-shore and maybe it will nudge some of it back into domestic capital expenditures or hiring? … Continue reading →

Posted in Fiscal Policy, Policy, Politics | Tagged , | Leave a comment

Yuan Set for Almost 10% Real Appreciation in 2010

Posted on December 30, 2010 by macromon

We find it interesting there is very little mention of China’s  real exchange rate in the media.  With official inflation in China set to outpace that in U.S. by 5 percent this year,  coupled with a nominal appreciation of the … Continue reading →

Posted in BRICs, China, Monetary Policy | Tagged , , , , , | 2 Comments

Chart of the Day: Bond ETF Performance

Posted on December 29, 2010 by macromon

Interesting chart showing performance of Bond ETFs.   All have slid into year-end, converging around a 3-5 percent annual return, setting up nicely for a “jump ship” trade into equities.   Muni bonds have been a relative disaster. (LQD)    Liquid Investment … Continue reading →

Posted in Bonds, Muni Market | Tagged , | Leave a comment

U.S Employment: 25 percent of Jobs Are In 15 Occupations

Posted on December 28, 2010 by macromon

Interesting chart and detailed data on the profile of U.S. employment  from the Department of Labor.  Take a look at the Top 25 percent (x/ nurses) and you can see why employment is so sensitive to the “wealth effect” generated … Continue reading →

Posted in Employment | Tagged , | 1 Comment

Ukraine Parliamentary Procedure

Posted on December 28, 2010 by macromon

Let’s play Hardball!   Looking forward to this year’s “Thrilla on Capitol Hilla” between Chairman Ben Bernanke and Congressman Ron Paul, the new Chairman of the Domestic Monetary Policy Subcommittee of the House Financial Services Committee.  Our bet Bernanke will play … Continue reading →

Posted in Monetary Policy, Policy | Tagged , , | 2 Comments

The Great Monetary Policy Swan Dive

Posted on December 28, 2010 by macromon

Great chart from the OECD illustrating the dramatic actions taken by the world’s major central banks during the financial crisis.   The massive collapse in short-term interest rates has reduced income of savers and the splash of the heavyweight central banks … Continue reading →

Posted in Bonds, BRICs, Charts, China, Monetary Policy, Policy | Tagged , , , , | 1 Comment

Farmland Prices Surge 16%, Near All-Time High

Posted on December 28, 2010 by macromon

The Des Moines Register reports the average price for an acre of Iowa farmland increased to $5,064, up 16 percent for the year,  according to Iowa State University’s annual survey.  The all-time inflation adjusted high is $5,711 per acre in … Continue reading →

Posted in Commodities, Real Estate | Tagged , | Leave a comment

The Ambiguity of Stock Value

Posted on December 27, 2010 by macromon

Professor Robert Shiller,  of Yale University,  is probably best known for his book, Irrational Exuberance, which called the top of the dot.com bubble and the second edition called the top in the housing market.  During our days on Wall Street … Continue reading →

Posted in Currency, Equities | Tagged , , , | 20 Comments