Mike Shedlock

Contributor since: 26 Feb 2010

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• Bernanke Blames Congress for US Losing Marbles to China; Battle Over Symbolism

  Published 02 June 2015 | viewed 0 times

  It's very seldom that I agree with Bernanke on anything. He is wrong about the savings glut, about the cause of income inequality, about deflation,…

• Default and Get it Over With; Stop The Needless Torture

  Published 01 June 2015 | viewed 0 times

  Greek officials keep stating a deal is near. Meanwhile, Goldman Sachs Warns Greece May Need to Default on Debts as IMF deadline looms. Goldman Sachs…

• Chicago PMI Unexpectedly Crashes: New Orders, Production and Employment Down by More Than 10%

  Published 29 May 2015 | viewed 0 times

  Unexpected Chicago PMI Crash Looking for signs of strength? You will not find them in today's Chicago PMI report. The Bloomberg Consensus estimate was for…

• First Quarter GDP -0.7%; GDPNow Second Quarter Forecast +0.8%; Economists Get Zero Accolades; Smoothed Recession Odds

  Published 29 May 2015 | viewed 0 times

  First quarter GDP came in at -0.7% pretty much in line with the Bloomberg Consensus estimate of -0.8%. First-quarter GDP was revised down about as…

• Run on Greek Banks Accelerates; ECB Halts Emergency Funding Hike; Untangling the Lies

  Published 27 May 2015 | viewed 0 times

  The curious story of the day is back-to-back reports, minutes apart, by the same news agency, saying different things. I commented on that just a…

• Regional Manufacturing Comparative Wrap-Up: Empire State, Philly, Kansas City, Richmond, Dallas

  Published 26 May 2015 | viewed 0 times

  Two more regional manufacturing reports came out today, from Dallas and Richmond. The Dallas region was the weakest in six years thanks to oil. For…

• Polish Voters Elect Eurosceptic President; Disenchantment with Brussels Spreads

  Published 25 May 2015 | viewed 0 times

  Andrzej Duda outed president Bronis?aw Komorowski, the the pro-Brussels incumbent centrist Civic Platform party president, in an election over the weekend. Komorowski was expected to…

• Greece Will Default on June IMF Repayment Says Interior Minister; Greek Choice Same As It's Always Been

  Published 24 May 2015 | viewed 0 times

  One way or another the crisis in Greece is highly likely to come to a head in June. Greek finances are in such sorry shape…

• Yellen Yap: Point by Point Rebuttal

  Published 22 May 2015 | viewed 0 times

  Inquiring minds are reading Fed Chair Janet Yellen's Outlook for the Economy speech, delivered today at the Providence, Rhode Island Chamber of Commerce. Here are…

• CPI Shows Sharply Rising Medical Costs; Huge Obamacare Hikes Planned

  Published 22 May 2015 | viewed 0 times

  The CPI came in exactly in line with the Bloomberg Consensus option today. It's the details, not the overall number that is worrying. Medical care…

• Another US Foreign Policy Success: Isis Controls Half of Syria after Palmyra Seizure

  Published 22 May 2015 | viewed 0 times

  Congratulations are in order for team Bush and team Obama for another stunning US foreign policy success: Isis Controls Half of Syria after Palmyra Seizure.…

• CNBC's Santelli and Mish Discuss Municipal Bonds; Egan-Jones on Chicago; SP Blames Moody's; Message to Bondholders

  Published 20 May 2015 | viewed 0 times

  I was back on CNBC with Rick Santelli on Tuesday May 19. The topic once again was municipal bonds with a spotlight on Chicago. Here…

• Another Perspective on Today's Strong Housing Numbers

  Published 19 May 2015 | viewed 0 times

  Following today's better than expected housing numbers (See Housing Starts and Permits Surge Most in Seven Years) Doug Short at Advisor Perspectives pinged me with…

• Why Are Economists' Predictions So Damn Awful?

  Published 18 May 2015 | viewed 0 times

  Economists have bought into the transitory soft patch thesis of the Fed, hook line and sinker. Please consider Economists' Forecast: Here We Grow Again. Forecasters…

• Consumer Confidence Plunges Below Any Economist's Estimate; Consumers Shock Economists

  Published 15 May 2015 | viewed 0 times

  Consumer confidence is the third miss by economists in a single day. Please consider the Bloomberg Consensus Estimate for Consumer Confidence. Consumer confidence has fallen…

• Second Quarter GDP Forecast: Blue Chip vs. GDPNow; Where Might the Fed be Wrong?

  Published 14 May 2015 | viewed 0 times

  Following yesterday's dismal retail sales report, inquiring minds may be interested in the Atlanta Fed GDPNow Forecast. The GDPNow model forecast for real GDP growth…

• Calpers Wins Pension Lawsuit, Not Good News for Chicago (or Bondholders in General)

  Published 13 May 2015 | viewed 0 times

  Judge Rejects Bondholders' Lawsuit Over Pension Debt In bankruptcy, the federal courts have ruled that cities can reduce pension obligations. They can, but they don't…

• Dismal Retail Sales Numbers Suggest Recession Likely Underway...

  Published 13 May 2015 | viewed 0 times

  Overall +0.0%, YoY +0.9%, Department Stores -2.2% Economists were surprised by the dismal retail sales report this morning. That's not surprising because economists are nearly…

• Senate Democrats Throw Obama Under the Bus: Fast Track Trade Bill Stalls; Right For Wrong Reasons

  Published 13 May 2015 | viewed 0 times

  Democrats Throw Obama Under the Bus In rare political reverse alignment, Senate republicans voted for Obama's Fast Track proposal while Sen. Tom Carper, D-Del., was…

• Moody's Cuts Chicago Bond Rating to Junk; City Faces $2.2 Billion in Various Termination Fees; Irresponsible to Tell the Truth

  Published 13 May 2015 | viewed 0 times

  The shockingly bad fiscal health of Chicago just got a lot worse. Not only were Chicago Teachers "Insulted by a 7% Pay Cut Offer", the…