|By Binyamin Appelbaum, The New York Times, 07/29/2011|
MarketMinder's View: The present pace of recovery is very similar to the post-recession growth period following the 2001 recession. That wasn’t a financial crisis. Moreover, true financial panics like 2008’s happen so infrequently a sufficiently broad data set using reliable information just doesn’t exist. That means rule-based conclusions like, “we get slow growth after financial panics,” lack a very solid foundation.
|By Paul Krugman, The New York Times, 07/29/2011|
MarketMinder's View: We agree Q1 GDP wasn’t great. But there’s no such thing as “what we should be producing,” so the gap between reality and “shoulda-been GDP” can’t grow. For more, see our 05/03/2011 cover story, “No Stagflation Nation.”
|By Myra P. Saefong, MarketWatch, 07/29/2011|
MarketMinder's View: Investing in commodities is a highly speculative bet—they’re prone to wild swings, which, despite this article’s assertion, aren’t limited to platinum. Just take a cursory glance at silver’s movement from this past spring. Fact is, over the long term, precious metals have a historically lower rate of return than stocks and are subject to volatility that often exceeds that of stocks.
|By Staff, Reuters, 07/29/2011|
MarketMinder's View: As ECB President Jean-Claude Trichet recently alluded to, ratings agencies have a tendency to follow markets, not lead them. That seems to be mostly what’s at work here as well.
|By Sebastian Moffett, Digby Larner and William Horobin, The Wall Street Journal, 07/29/2011|
MarketMinder's View: Yes, French banks (who are some of the largest holders of Greek debt by country) took it on the chin a touch due to the recently announced Greek plan that includes haircuts. But the French banking industry can easily handle haircuts of this nature without causing any major macroeconomic hiccups.
|By Staff, International Business Times, 07/29/2011|
MarketMinder's View: It appears Greece has met agreed-upon terms and is set to receive €8 billion of aid.
|By Staff, BBC, 07/29/2011|
MarketMinder's View: Japan’s economic recovery from March’s earthquake seems to be continuing. Industrial output and household spending rising isn’t just a plus for Japan, but an overall positive for the global economy.
|By Staff, The New York Times, 07/28/2011|
MarketMinder's View: This assumes far too direct a cause-and-effect relationship between recent market volatility and the debt ceiling debate, making one think the latter is only thing occurring lately—which, incidentally, it isn’t.
|By Editors, Bloomberg, 07/28/2011|
MarketMinder's View: We entirely agree with the criticism of the ratings agencies’ track records. But we differ in our view of recent actions, which mostly seem a confused mish-mosh of opinions on politics here and abroad. And if you buy into their making big changes in their business model today—or that Dodd-Frank has successfully changed the game for raters—we think you’re buying into political spin a bit too much. Fact is, few reforms have actually been made—which is highlighted by the fact there’s no material new competition for the big three raters.
|By David Weidner, The Wall Street Journal, 07/28/2011|
MarketMinder's View: To put it lightly, it’s off-target to suggest any individual—especially when relying on political rhetoric—is likely to better handicap the debt ceiling debate’s outcome than a market composed of millions of individual actors, making uncounted daily decisions based on self-interest.
|By Adam Shell, USA Today, 07/28/2011|
MarketMinder's View: What’s actually happened the last several trading sessions is volatility—a normal market occurrence. And volatility can and does happen whether Congress is gridlocked or unified, so to conclude the last couple days indicate gridlock’s damaging markets is to take an overly short-term and selective view.
|By Mohamed El-Erian, The Washington Post, 07/28/2011|
MarketMinder's View: Actually, the debt ceiling debate is playing out rather like politics as usual—it’s just happening right now, and we don’t yet know the final outcome, so to many it seems more heated than past debates (that are largely forgotten after they’re resolved). Using the debate as an excuse to find ways to “improve prospects for the economy” is really beyond the federal government’s purview.
|By Stephanie Flanders, BBC, 07/28/2011|
MarketMinder's View: A sensible assessment of the debt ceiling amidst general media hand-wringing. For more, see today’s cover story, “Confused About Credibility?”
|By Guy Chazan, The Wall Street Journal, 07/28/2011|
MarketMinder's View: As we’ve said, as conventional energy becomes increasingly expensive and rare, innovators will find ways to unearth new sources, ultimately making consumers better off. For more, see our 07/07/2011 cover story, “Government’s Very Un-Invisible Hand.”
|By Don Boudreaux, Café Hayek, 07/28/2011|
MarketMinder's View: The slides included in the presentation are highly interesting, especially as relates to the alleged decline of US manufacturing. For more, see our 11/09/2010 column, “The Ever-Evolving Economic Engine.”
|By Chip Mellor and Dick Carpenter, The Wall Street Journal, 07/28/2011|
MarketMinder's View: An enlightening look at the pernicious effects overly heavy-handed regulation can have: “Only one in 20 workers needed the government’s permission to pursue their chosen occupation in the 1950s, notes University of Minnesota Prof. Morris Kleiner. Today that figure is nearly one in three.” Cutting regulation would be unlikely to immediately generate a jobs boom, but it could aid future job creation.
|By Caroline Corbett & Lance Roberts, Seeking Alpha, 07/27/2011|
MarketMinder's View: Though today’s economy isn’t without challenges, we think they’re overstated here, and QE2’s given too much credit for recent growth. And while growth may taper, that’s not unusual at this point in the business cycle. Nor is continued high unemployment, which regularly persists well after growth resumes. See our 06/02/2011 cover story, The Great Non-Depression, for more.
|By Phillip Inman, The Guardian, 07/27/2011|
MarketMinder's View: Like American consumer confidence surveys, the UK’s CBI survey is entirely backward-looking. How manufacturers feel about the past three months doesn’t say anything about what happens from here.
|By Michael Corkery, The Wall Street Journal, 07/27/2011|
MarketMinder's View: Bankruptcy wouldn’t be good for Jefferson County, but one high-profile case doth not a muni crisis make. Though massive amounts of muni defaults were predicted at the end of 2010, the reality is in 2011 defaults are way down and muni prices up.
|By Jack Hough, Smart Money, 07/27/2011|
MarketMinder's View: We wouldn’t say a downgrade is irrelevant, but we wonder why anyone listens to the ratings agencies at all. Further it’s important to note in a Treasury auction today, rates were down and demand was up—not what you’d expect if the market were expecting impending doom.
|By Jon Bruner, Forbes, 07/27/2011|
MarketMinder's View: A few headline-grabbing IPOs do not a bubble make. Here’s a rational look at the current IPO market relative to the very frothy days of 1999 and 2000.
|By Mark J. Perry, Carpe Diem, 07/27/2011|
MarketMinder's View: “Since technological progress makes goods and services cheaper, and of higher quality, to stand in its way, in the name of saving jobs, will make us a poorer nation. What we're witnessing in our economy is what economic historian Joseph Schumpeter termed ‘creative destruction,’ the process in which something new replaces something older." Forever and ever, amen.
|By Tim Kiladze, The Globe and Mail, 07/27/2011|
MarketMinder's View: US non-financial firms have “a whopping $1.2 trillion in cash and short-term liquid investments” on hand. As these funds are spent on things like expansion and research and development, that provides a nice demand boost to the private sector—positive for growth.
|By Steven Davis, Bloomberg, 07/26/2011|
MarketMinder's View: This article mischaracterizes this recovery as being different from others and only uses the mainly Tech, Telecom and Media-led bear of 2001 for comparison. In reality, employment recoveries have lagged market and economic recoveries throughout history. This time should not be materially different, and employment figures should improve as global economic growth continues. For more, see our 05/12/2011 cover story, “WPA, Reducto Ad Absurdum.”
|By Alain Sherter, BNet, 07/26/2011|
MarketMinder's View: Politicians have little incentive to compromise on a deficit plan and raise the debt ceiling far ahead of August 2, which is looking increasingly like an arbitrary deadline. Markets seem to be reflecting their understanding of that—they know the US government has plenty of tax revenue to prioritize and cover debt interest payments. For more, see our 07/20/2011 cover story, “Gang of Six Weighs In.”
|By Michael Derby, The Wall Street Journal, 07/26/2011|
MarketMinder's View: Yes, the housing market continues to languish and, at its current pace of recovery, appears to be a long way off before reaching the frenetic pace of 2007. But we needn’t have that torrid pace to have normal economic growth. The economy has grown just fine (and is already bigger than ever before in fact) without a robust housing recovery. Seeing some improvement in housing now would only be additive to our gains already. For more, see our 05/25/2011 cover story, “A Headache Over Housing.”
|By James Surowiecki, The New Yorker, 07/26/2011|
MarketMinder's View: “The truth is that the United States doesn’t need, and shouldn’t have, a debt ceiling. Every other democratic country, with the exception of Denmark, does fine without one. There’s no debt limit in the Constitution. And, if Congress really wants to hold down government debt, it already has a way to do so that doesn’t risk economic chaos—namely, the annual budgeting process.” Well said. For more, see our 07/20/2011 cover story, “Gang of Six Weighs In.”
|By Jonathan Berr, Daily Finance, 07/26/2011|
MarketMinder's View: The death of the US consumer has been widely exaggerated. In fact, consumer spending was far more resilient through the recession than believed, and consumers continue to spend today—just not in all the same places as before. However, we disagree we must move away from an economy “dependent on the consumer.” If we move to a “production” economy, just who is consuming what we produce?
|By Paul Davidson, USA Today, 07/26/2011|
MarketMinder's View: Texas has enacted various sensible, pro-business initiatives that have greatly benefited its economic situation. Numerous other states feeling the pinch of high unemployment would do well to look to Texas for answers.
|By Luigi Zingales, Project Syndicate, 07/26/2011|
MarketMinder's View: What this piece has right is that “To act, politicians need consensus, which often does not emerge until the costs of inaction have become highly visible”—which explains why debt ceiling debates frequently continue down to the wire. For more, read our column Full Faith and Credit.
|By Jim Cramer, MSN.com, 07/26/2011|
MarketMinder's View: Debt rhetoric has dominated headlines for the past several weeks. But Q2 2011 earnings are quietly surprising to the upside. For more, see today’s cover story, “On Earnings and Economic Growth.”
|By Jason Zweig, The Australian, 07/25/2011|
MarketMinder's View: Something that always exists (like the debt ceiling) and has gotten moved 90 times since 1940 doesn’t qualify as either a black or neon swan. It’s just a thing politicians normally and periodically use to score points with their respective bases. Nothing outlandish about that.
|By Staff, Reuters, 07/25/2011|
MarketMinder's View: A brief, selective default is in the cards and was in fact part of the agreement that arose from the last European Council summit. But don’t take that to mean a disorderly, total default. Rather, this recent, rather rational proposal is yet the latest iteration from the eurozone, showing their commitment to preventing whole-scale default and a disorderly dissolution of the euro. Again, Moody’s is late to the party here. For more, see our 07/22/2011 cover story, “Huddling Up on Greece.”
|By Doug Short, Seeking Alpha, 07/25/2011|
MarketMinder's View: Among the many problems with this analysis is the indexes used don’t include dividends. Why ever not? Dividends are part and parcel of an investor’s returns. Further, the indexes are inflation adjusted, but it doesn’t say what index is used for the adjustment. If returns are altered as much as they are here, you generally want to be skeptical of the analysis.
|By Derek Thomson, The Atlantic, 07/25/2011|
MarketMinder's View: The point here is that default in the absence of an August 2 debt ceiling agreement isn’t likely—the US government can prioritize payments to cover interest on Treasurys. Our guess is a delay in raising the debt ceiling will be too politically caustic for either side to handle, so we’ll likely get an 11th hour deal, as has frequently been the case in last debt ceiling debates—for more, see our recent column, “Full Faith and Credit.”
|By Emily Kaiser, Christian Science Monitor, 07/25/2011|
MarketMinder's View: This title about says it all. Bond markets are signaling they don’t much believe a US default is coming.
|By Paul Krugman, The New York Times, 07/25/2011|
MarketMinder's View: Well, not much to disagree with here. This underscores our view: Why does anyone listen to the ratings agencies in the first place?
|By Mark Leftly, The Independent, 07/25/2011|
MarketMinder's View: It’s certainly a possibility. Shale gas is abundant in the US and getting increasingly cheap to extract. What’s more, the technology is much cleaner than many detractors believe. See our column, “Addressing the Rising Fracas Over Fracking,” for more.
|By Dave Kansas, The Wall Street Journal, 07/25/2011|
MarketMinder's View: We actually disagree with this title—bad news shouldn’t be ignored. It should be rationally assessed, then weighed against other news—positive and neutral. Which is what the article actually does, making it a worthwhile read.
|By Uwe E. Reinhardt, The New York Times, 07/22/2011|
MarketMinder's View: A few questions to ponder while reading this piece: What was US unemployment in 2007? Were we far less globalized then? Does globalization only take away jobs, or could growth of foreign business seeking to trade in the US result in in-sourcing? And what of growing wealth abroad— are we to assume this detracts from Americans’ wealth? Lastly, if you think globalization is a negative (which it isn’t) then what is the solution? And has that proposed solution historically been beneficial? We agree unemployment is not good for those affected, but when you keep these questions in mind, arguments that globalization detracts from America—jobs, wealth or economic growth—literally fall apart.
|By One Eyed Guide, Seeking Alpha, 07/22/2011|
MarketMinder's View: Housing isn’t as big a part of the economy as this article posits it is. Want evidence? During the time housing’s been weak, the economy’s gone from expansion to contraction, contraction to recovery and recovery to expansion. A housing recovery would be an incremental plus, but it isn’t required for growth to continue.
|By Paul Krugman, The New York Times, 07/22/2011|
MarketMinder's View: This is an unrealistically negative piece that also ascribes unrealistic expectations to what government can and can’t do for unemployment. Fact is, unemployment is a lagging economic indicator. While unemployment is hard for some, what’s needed most is economic growth, policies clearing the road for more growth and then patience.
|By Michael Stutchbury, The Australian, 07/22/2011|
MarketMinder's View: US debt ceiling debates nearly identical to the present one have happened many times with no ill effects. Across the Atlantic, EU leaders have proven time and again they will do what’s necessary to backstop the ailing PIIGS—and the global economy and stock markets have continued to do fine all the while. So while the euro dramatically and suddenly splintering and/or US defaulting wouldn’t be good, they are also very unlikely events.
|By Tom Mucha, Global Post, 07/22/2011|
MarketMinder's View: Here’s a little known fact about US debt: “While the Chinese, Japanese and plenty of other foreigners own substantial amounts, it’s really Americans who hold most of America’s debt.” We’d add to this that the US government is the single biggest owner of our debt—meaning it’s both a liability and an asset to our federal government.
|By Jessica Holzer, The Wall Street Journal, 07/22/2011|
MarketMinder's View: Here’s another aspect of problems with Dodd-Frank’s litany of rule reforms: Many of them may yet be tested in court. So for all the wrangling over the law, studying by regulators and, ultimately, rule changes, some could very well fall by the wayside without ever seeing the light of day.
|By Jim Puzzanghera, Los Angeles Times, 07/22/2011|
MarketMinder's View: Such a huge overhaul of the financial system wasn’t going to be an easy or quick task—and unintended consequences are slowly making themselves known. It’s sensible to watch future developments as they emerge. For more, see our 04/14/2011 cover story, “A Lesson in the Law of Unintended Consequences.”
|By Niki Kitsantonis and Matthew Saltmarsh, The New York Times, 07/22/2011|
MarketMinder's View: European leaders emerged from Thursday’s summit with a compromise deal to provide Greece with a new bailout. This package allows for a temporary Greek default and restructuring, though it backs the debt holders impacted to an extent as well. This is a positive step the markets have received well, but it’s unlikely to be a permanent fix to the issues.
|By Peter Morici, Seeking Alpha, 07/21/2011|
MarketMinder's View: In our view, this is an unrealistically negative view that largely misperceives almost every sensationalized topic in the headlines today: Free trade is bad, debt is a looming catastrophe, resolving the debt ceiling debate requires huge budget cuts, the 2008 financial crisis was caused by Enron-like fraud at banks and private markets don’t work. We disagree on all counts. For more, see our 07/20/2011 cover story, “Beyond the Headlines.”
|By Cullen Roche, Seeking Alpha, 07/21/2011|
MarketMinder's View: We think it’s a bit of an overstatement to claim contraction is definitively underway based on a single data point, particularly when many others clearly show expansion. In fact, it seems this supposedly certain conclusion is contradicted by material in the story itself: “Headline flash PMI fell below 50 for the first time since July 2010, suggesting slowing momentum of manufacturing activities.” Was July 2010’s below-50 reading indicative of certain economic contraction ahead?For more, see our 07/13/2011 cover story, “Fisher Investments on China’s Three Pillars.”
|By Staff, The Guardian, 07/21/2011|
MarketMinder's View: Debt fears of many flavors have swirled for a few years now—with some occasionally dying down, only to resurface later. But while issues in Europe have yet to be resolved and the political fight in the US has yet to complete, it’s helpful to recall history shows morphing fears in the early years of an economic expansion and bull market are quite normal. This time, those morphing fears are seemingly debt-related.
|By Jeff Reeves, MarketWatch, 07/21/2011|
MarketMinder's View: This piece uses examples of job losses (quite liberally in fact) in three industries to argue the unemployment rate may hit 10% across the entire economy. Unemployment can be incredibly trying on people—but this conflates a few recent losses in the headlines to a much larger systemic wave of unemployment. Moreover, the unemployment rate’s bizarre calculation means it could rise or fall while having nothing to do with the three industries cited—which isn’t addressed here at all.
|By Dave Altig, Seeking Alpha, 07/21/2011|
MarketMinder's View: This is a sensible piece deconstructing the argument weak consumer spending crimped employment ranks and therefore led to a much weaker recovery this time around than in the past. In reality, economic growth rates today are nearly perfectly in line with the last two recessions and subsequent recoveries.
|By Don Boudreaux, Café Hayek, 07/21/2011|
MarketMinder's View: An excellent discussion of the follies of protectionist rhetoric and the benefits of free trade from Dr. Boudreaux. For more, see our 05/18/2011 cover story, “Make a Trade for Trade.”
|By Takashi Nakamichi, Dow Jones Newswires, 07/21/2011|
MarketMinder's View: Forget surplus or deficit talk, it’s total trade that’s most important. But we highlight this article because Japan’s rising exports show industrial output is recovering from the disasters earlier this year, and supply chain issues seem poised to diminish moving forward.
|By Stephen Gandel, Time, 07/20/2011|
MarketMinder's View: As illustrated well by government efforts to stimulate job growth in the past two years, there’s just far more that goes into hiring decisions than government policy, spending or tax decisions. Can they help set the stage? Sure. But private companies’ hiring plans hinge on much more than simply that.
|By Aaron Smith, CNN Money, 07/20/2011|
MarketMinder's View: This one is kind of a head-scratcher. Mostly because China buys vast amount of US debt in part to maintain it’s managed currency peg, which they seem to view as being in their best interest.
|By Morgan Housel, The Motley Fool, 07/20/2011|
MarketMinder's View: There are sensible aspects to this piece. But a good analysis on this topic shouldn’t ignore early 1990s and 2000s post-recession growth periods (as this article does)—two perfectly fine expansions.
|By Staff, Reuters, 07/20/2011|
MarketMinder's View: There is some good in this piece—like the sensible discussion of studies showing most folks’ gut sense of when it’s time to raise cash is misleading. But the discussion here relying on investor surveys, anecdotes regarding how some investors feel about stocks and other strange metrics regarding their sentiment plays right into heightening the steer-by-gut sense these same studies attempt to dispel.
|By Lee Barney, Financial Planning, 07/20/2011|
MarketMinder's View: “The 225 S&P 500 companies that share full reporting information received 46.3% of their sales outside of the US in 2010.” It’s a global world—and while the foreign share of US corporate sales fell slightly last year, the aggregate amount rose. This illustrates the folly of assuming corporate results are directly and solely tied to single-country GDP—even if that single country is the US.
|By Jean Eaglesham, The Wall Street Journal, 07/20/2011|
MarketMinder's View: The burden of studying and then drafting new rules tied to laws like Dodd-Frank has been squarely placed on regulators, who simultaneously face a time crunch to complete them. But as the article states, “It’s better to get the rules right than to get them out quickly.”
|By Jack Hough, SmartMoney, 07/20/2011|
MarketMinder's View: While we’d quibble with the advice at the end of this piece, the analysis of the debt ceiling debate is solid.
|By Katy Burne and Kellie Geressy-Nilsen, The Wall Street Journal, 07/20/2011|
MarketMinder's View: Forget the discussion of Treasurys here. The discussion of investment grade corporates is highly informative. “The default rate among US investment-grade companies is the lowest it has ever been, with none failing to meet bond obligations in the past year and a half, according to Standard & Poor's. The last time a US high-grade company defaulted was November 2009.”
|By Simon Nixon, The Wall Street Journal, 07/19/2011|
MarketMinder's View: Stress test results released last Friday have been alternately criticized for being too lenient, or not factoring in defaults appropriately, or ignoring commercial lending—the list goes on. But there was significant transparency in the data released, allowing investors (and markets) to come to their own conclusions regarding the state of eurozone financial institutions. For more, see today’s cover story, “Grading on a Curve.”
|By Doug Kass, The Street, 07/19/2011|
MarketMinder's View: “The marketplace has almost become a random walk.” Question: When weren’t stocks’ day-to-day movements entirely random? That’s not a change from the past—it’s exactly the same. Stretching your view to a less myopic timeframe (one more realistically approximating most investors’ actual time horizon than day to day) shows the odds are stacked in favor of positive long-term performance.
|By Neil Hume, Financial Times, 07/19/2011|
MarketMinder's View: As we’ve said, the eurozone is undoubtedly in a difficult spot with respect to PIIGS debt issues. But that yields in Italy and Spain are rising—while posing additional challenges—isn’t terribly surprising, nor need it spell the eurozone’s end or broader disaster. For more, see our 07/12/2011 cover story, “The Plot Thinnens?”
|By Stephen Castle and Matthew Saltmarsh, The New York Times, 07/19/2011|
MarketMinder's View: The eurozone undoubtedly has some big decisions to make when it comes to backstopping Greece and preventing wider contagion—but instituting additional taxes on banks hardly seems like an ideal route. Nor, as we’ve said before, is it the only option—on the contrary, the eurozone has many options when it comes to facing this crisis that don’t involve penalizing banks, whether they hold Greek debt or not.
|By Eric Parnell, Seeking Alpha, 07/19/2011|
MarketMinder's View: When the market rises over 100% for more than two years, that should perhaps be a reason to question your thesis. For example, the comparison to the Great Depression is quite a reach, as we’ve said before. Also, the issues raised here had little (if anything) to do with 2008’s downturn. Actually, things have changed—among others, FAS 157 was suspended within days of the market’s 2009 bottom. So to claim nothing’s changed says a lot more about misperceptions regarding the panic’s causes than it does markets today.
|By Andrew Smithers, Financial Times, 07/19/2011|
MarketMinder's View: The inputs used in this analysis are a bit odd, and the conclusions drawn even odder: “But if a credible policy is introduced, corporate cash flow will almost certainly fall sharply, as an improvement in the US deficit must be matched by a deterioration in the cash flow of foreign and private sectors of the economy.” Why is that, exactly? The assumption is there are only a few set buyers in the market: government and business. But this ignores so many other actors who participate in market activity.
|By James Wilson, Financial Times, 07/19/2011|
MarketMinder's View: Title aside, this highlights well the various options facing the eurozone and ECB. Yes, the situation in Greece is difficult and will require some ultimate agreement on steps to move forward, but the key is there are still options—and the outcome needn’t be so dire. For more, see our 07/12/2011 cover story, “The Plot Thinnens?”
|By Don Boudreaux, Café Hayek, 07/19/2011|
MarketMinder's View: “If saving is good for Americans, the nationality or place of residence of the savers whose saved resources are invested in the American economy is irrelevant. If saving is good for Americans, then given Americans’ saving rate, savings invested in the American economy by non-Americans are a blessing.” Just as with free trade, international investment, regardless of its origin, is a net positive for those who participate, enlarging the pie for all—not a zero-sum game in which foreign investors win at others’ expense.
|By Min Zeng, The Wall Street Journal, 07/19/2011|
MarketMinder's View: As we’ve said, the debt ceiling debate’s likely resolved with a higher limit—but even if it’s not, the Treasury bond market isn’t indicating a likely looming panic or default. For more, see our 07/14/2011 cover story, “On Debt Ceilings and Downgrades.”
|By Staff, The New York Times, 07/19/2011|
MarketMinder's View: Removing trade restrictions and barriers whenever possible is always a positive we’re all for. Protectionism—in all its forms—isn’t good. So the WTO’s decision in this case seems correct, in our view. For more, see our 05/18/2011 cover story, “Make a Trade for Trade.”
|By Stephen Gandel, Time, 07/18/2011|
MarketMinder's View: Is this really surprising? Central bankers globally (and many economists) forecast headline inflation’s rise earlier this year was likely temporary. So it shouldn’t be a shock that we’re now seeing signs of cooler inflation.
|By Steve McCann, American Thinker, 07/18/2011|
MarketMinder's View: This is an overly dour take on the standing of several major global economic regions, which ultimately bizarrely concludes a gold standard is returning. But the supporting argument for this seems quite long on opinion and extremely short on facts.
|By Ben Levinsohn, The Wall Street Journal, 07/18/2011|
MarketMinder's View: Most of this article is actually about why China’s economic, or GDP, growth seems poised to continue—and we agree with that aspect of the piece. However, drawing too tight a connection between GDP and stock market results is a mistake: It leaves out myriad other factors, like equity supply, which could dampen results. For more, see our 07/13/2011 cover story, “Fisher Investments on China’s Three Pillars.”
|By Doug Short, Seeking Alpha, 07/18/2011|
MarketMinder's View: Technical analysis plus secular market cycles usually results in less-than-useful analysis.
|By Staff, Reuters, 07/18/2011|
MarketMinder's View: Well, this about sums it up. Lately, credit ratings agencies have opined left and right regarding the ongoing US debt ceiling debate. But this story makes it clear: Threats to downgrade the US’ AAA credit rating represent their opinion of the politics of the issue, not the economics. That’s why Moody’s argues the ceiling should be eliminated. For more, see our 07/14/2011 cover story, “Fisher Investments on Debt Ceilings and Downgrades.”
|By Landon Thomas, Jr., The New York Times, 07/18/2011|
MarketMinder's View: This article makes two interesting points without stating either of them outright: First, the EU bank stress tests provided a huge amount of transparency—the true strength of the tests. That’s how the author knows each bank’s sovereign debt exposure. And second, capital ratios, the focus of many pundits and governments, aren’t all that meaningful if the methodology for valuing that capital changes. That’s illustrated here by questioning the assets banks hold.
|By Russel Kinnel, Morningstar, 07/18/2011|
MarketMinder's View: Despite dire predictions as 2011 began, municipal defaults are down sharply year to date relative to 2010. For more, see our 05/19/2011 cover story, “Attack of the Muni Monsters.”
|By Morgan Housel, The Motley Fool, 07/18/2011|
MarketMinder's View: Media outlets routinely highlight the negative and allow the good to get muddled among the muck, but “good news is out there—you just have to look for it.”
|By Jeanne Sahadi, CNN Money, 07/15/2011|
|By Conor Dougherty and Elizabeth Holmes, The Wall Street Journal, 07/15/2011|
MarketMinder's View: Slowing sales are still sales, and retail sales were in fact up in June. Not only that, but data like sales numbers typically fluctuate month to month and rarely (if ever) indicate anything about stocks’ or the economy’s growth. For more, see our 06/15/2011 cover story, “The Great Expectations Gap.”
|By Ambrose Evans-Pritchard, The Telegraph, 07/15/2011|
MarketMinder's View: We’re not sure why a high price of an industrial commodity signals its impending use as backing for global currency. Further, as a long-term investment, gold has been prone to booms and busts, but has been overall fairly lackluster. For more, see our 02/12/2010 cover story, “Gold’s Safety Blanket Myth.”
|By Caroline Baum, Bloomberg, 07/15/2011|
MarketMinder's View: “Bond market has seen this movie before and can write the script.” Historically, these debates are always contentious, but they always result in a deal passed last minute. For more, see our 07/12/2011 column, “Full Faith and Credit.”
|By Editorial Staff, The Wall Street Journal, 07/15/2011|
MarketMinder's View: Outstanding title aside, this article makes some salient points about the dangers of letting non-market, politically motivated forces dictate how a product is produced.
|By Steven Chase, The Globe and Mail, 07/15/2011|
MarketMinder's View: More free trade is always a net positive. For more, see our 04/12/2011 cover story, “The Totality of Trade.”
|By Colleen Barry, Associated Press, 07/15/2011|
MarketMinder's View: Italy passed a key austerity vote in its attempt to keep lending yields down and avoid needing a bailout down the road. Whether they’re successful remains to be seen.
|By Tim Begany, San Francisco Chronicle, 07/14/2011|
MarketMinder's View: There’s no technical definition of a “double dip,” so we suppose you could declare it to be the five criteria included here and proclaim we’re consequently in one. But what about positive US GDP growth (which, incidentally, is at all-time highs)? US corporate profits (growing, and at record highs)? US exports (also at record highs)? To ignore extant economic positives commonly seen as indications of growth makes it possible to define practically any time period as a double dip. For more, see our 07/07/2011 cover story, “Defining Double Dip.”
|By Damian Paletta, Carol Lee and Matt Phillips, The Wall Street Journal, 07/14/2011|
MarketMinder's View: Ratings agencies, as we’ve discussed, are notoriously late to the party. And that they would consider even a temporary suspension of other payments—like to the Social Security trust fund, for example—a default seems to confuse the definition of a default, which typically implies the inability to pay debt obligations. The Social Security trust fund isn’t debt—it’s a legislative entitlement program.
|By Bill Gross, The Washington Post, 07/14/2011|
MarketMinder's View: We’d largely agree raising the debt ceiling is the most likely outcome of the current political debate. But should politicians hold their ground and refuse to raise it, disaster needn’t ensue. The US Treasury has sufficient resources to pay its obligations, making default an extremely slim possibility. For more, see our 07/12/2011 column, “Full Faith and Credit.”
|By Derek Thompson, The Atlantic, 07/14/2011|
MarketMinder's View: Blaming sluggish unemployment improvement on technological and productivity gains is akin to bemoaning the scarcity of San Francisco Giants tickets because of their World Series Championship last year. As we’ve said, unemployment lags economic recovery. Businesses’ growth seems poised to continue, which means it’s likely they’ll gradually have to hire more folks to continue that growth. For more, see our 05/12/2011 cover story, “WPA, Reductio Ad Absurdum.”
|By Mark Gongloff, The Wall Street Journal, 07/14/2011|
MarketMinder's View: Bond markets are largely shrugging today over Moody’s threat Wednesday to downgrade the US’ credit rating—not only is the US’s debt ceiling debate well-known (and hence unlikely to shock markets much), but the likelihood the US actually defaults come August 2 is remote, considering the Treasury takes in nearly 10 times the amount needed to make monthly debt interest payments. For more, see today’s cover story, “Fisher Investments on Debt Ceilings and Downgrades.”
|By David McCourt, The Wall Street Journal, 07/14/2011|
MarketMinder's View: A highly sensible piece exploring the vastly different nature of Greece’s and Ireland’s current fiscal troubles—and consequently the different responses required to address them. Ireland, while facing a debt problem, has many more free market, pro-growth components to its economy—potentially allowing it to conquer its problems relatively quickly, should European officials take the necessary steps to bolster rather than stymie their efforts.
|By Binyamin Appelbaum, The New York Times, 07/14/2011|
MarketMinder's View: A point we’ve made before, but the study here highlights an important detail: “In 1950, the United States Steel Corporation employed 30,000 workers at its plant in Gary, Ind. Today, that factory employs only 5,000 workers. But they produce more steel: 7.5 million tons a year now, compared with 6 million tons then.” That the US manufactures more with fewer people is a positive—a sign of increasing productivity that frees human capital to pursue other avenues. For more, see our 11/09/2010 column, “The Ever-Evolving Economic Engine.”
|By Tamara Audi, The Wall Street Journal, 07/14/2011|
MarketMinder's View: In so many of life’s perceived problems (in this case, a traffic mess in LA), right-minded, profit-seeking capitalists see an opportunity. That, folks, is just one way in which capitalism is great.
|By Michael R. Crittenden and Jeffrey Sparshott, The Wall Street Journal , 07/13/2011|
MarketMinder's View: Just like QE2, additional stimulus from the Fed probably isn’t necessary and would likely be ineffective. That said, the Fed chief paying lip service to possible action isn’t very surprising. Bernanke has done that several times prior to QE2’s end.
|By Jeanne Sahadi, CNN Money, 07/13/2011|
MarketMinder's View: The hubbub over the debt ceiling—an entirely political issue—is only likely to increase leading up to the August 2nd deadline. For a debt ceiling reality check, see our 07/12/2011 column, “Full Faith and Credit.”
|By Philip Aldrick and Amanda Andrews, The Telegraph , 07/13/2011|
MarketMinder's View: Predictably, Moody’s downgraded Irish bonds again. The eurozone’s debt struggles are a valid issue to keep an eye on, but it’s important to keep in mind EU leaders have bought (and can likely continue to buy) time to agree to a more permanent solution. That helps mitigate the likelihood of a sudden, disorderly eurozone breakup any time soon. For more, see our 07/07/2011 cover story, “Catching Wild Pitchers.”
|By Tom Petruno, Los Angeles Times, 07/13/2011|
MarketMinder's View: Investors are often enticed by gold's perceived stability, but the truth is gold’s long-term track record is not very impressive—nor does it show much stability. For more, see our 02/12/2010 cover story, “Gold’s Safety Blanket Myth.”
|By Aaron Back, The Wall Street Journal, 07/13/2011|
MarketMinder's View: China’s economy expanded more than forecast in the second quarter. As the Chinese economy grows (which seems poised to continue), increased foreign investment inflows and freer trade likely benefit the US (and other trading partners). For more, see our 05/13/2011 cover story, “Capital Wanted: Invest Within.”
|By Kurt Brouwer, MarketWatch, 07/13/2011|
MarketMinder's View: This is a sensible take on the highly political debt ceiling debate. For more, see our 07/12/2011 column, “Full Faith and Credit.”
|By Donna Borak, American Banker, 07/13/2011|
MarketMinder's View: Like many aspects of the lumbering Dodd-Frank bill, the Financial Stability Oversight Council has been largely bogged down by bureaucracy since its creation. For more, see our 07/01/2011 cover story, “A Little Less Legislation, Please.”
|By Donald J. Boudreaux, Pittsburgh Tribune-Review, 07/13/2011|
MarketMinder's View: Dr. Boudreaux provides an abridged version of Bastiat’s “Petition,” which shows the fallacyof the belief “that government makes a nation's people wealthier by preventing the importation of low-cost goods and services that compete with the outputs of domestic producers.”
|By Guy Dinmore and Giulia Segreti, Financial Times, 07/13/2011|
MarketMinder's View: Italy (and the eurozone) continue demonstrating the political willingness to do what’s likely necessary to support the euro. Here’s another example from a country that’s had some success in implementing austerity measures in the past year. For more, see our 07/12/2011 cover story, “The Plot Thinnens?”
|By Bruce Bartlett, The New York Times, 07/12/2011|
MarketMinder's View: Although there is much talk in Congress about reducing deficit spending, that alone didn’t drive 1937’s downturn. Monetary policy played a huge contributing role, and the Fed has maintained its stance on accommodative policy. There’s little reason to suspect they will begin serious tightening anytime soon. For more, see our 07/07/2011 cover story, “Defining Double Dip.”
|By Matt Cover, CNS News, 07/12/2011|
MarketMinder's View: Folks commonly focus too heavily on unemployment and not on other, more telling economic metrics. Since high unemployment persists today, many are personally impacted and emotionally attached to the data—making it seem like the predominant economic statistic. But unemployment rates are far from the economic indicator of utmost importance.
|By James Cooper, The Fiscal Times, 07/12/2011|
MarketMinder's View: US GDP is at an all-time high, which means the recovery isn’t a long way off, it’s already over—the US is expanding. There’s a whole lot more to the US economy than just government spending. This article overemphasizes government stimulus efforts quite a bit and pays little regard to the major positives going on. And some stimulative measures won’t simply go away in 2012—for example, the Fed’s accommodative monetary policy seems likely to persist for some time.
|By Martin Crutsinger, MSN Money, 07/12/2011|
MarketMinder's View: It’s important to think about trade in terms of its totality across the globe. Not just in terms of imports or exports for one particular country. That overall US trade grew to $400 billion in May is in the real story here. For more, see our 06/22/2011 cover story, “As the World Changes (Or Not).”
|By Jim Cramer, MSN Money, 07/12/2011|
MarketMinder's View: We don’t agree with all aspects of this piece, but on balance, it’s a sensible retort to the economic “Armageddon” talk that’s easy to find lately. For more, see our 06/27/2011 cover story, “Not So Breaking News.”
|By Justin Lahart and James R Hagerty, The Wall Street Journal, 07/12/2011|
MarketMinder's View: Economic growth can be lumpy, and this is a sensible look at where jobs growth has been in the US. Looking forward, the growing areas should outweigh those still lagging.
|By Matt Krantz, USA Today, 07/12/2011|
MarketMinder's View: Lost amid all the media consternations of the next economic crisis, many companies are readying themselves to “report the fattest earnings in history.” Now, it wouldn’t be surprising to see growth rates cool from whopping quarters in the recent past, but that says more about rising year-over-year comparisons than it does macroeconomic health.
|By Staff, Associated Press, 07/12/2011|
MarketMinder's View: Beyond lowered growth expectations were positive reports of recoveries in the nation’s factories and demand from households and businesses. For more see our 06/30/2011 cover story, “A Rising Sun.”
|By Ambrose Evans-Pritchard, The Telegraph, 07/11/2011|
MarketMinder's View: Actually, no, divine intervention is not necessary at this point. The two countries noted above are both servicing their debt in the market, and extrapolating troubles in Greece/Portugal/Ireland to these larger economies has been done dozens of times the past two years, each time falling flat. Are Italy and Spain in the best shape in the world? No. But this dramatically overstates the cases.
|By Paul Krugman, The New York Times, 07/11/2011|
MarketMinder's View: Sure, this recovery has been a bit slower than most would’ve liked, but the economy is growing and jobs are coming around (albeit slowly). That jobs aren’t uniformly growing hot and fast at this point in an economic cycle is actually on par with the past two post-recession periods.
|By Josh Sanburn, Time, 07/11/2011|
MarketMinder's View: True, a US government default would not be good. But this article presumes a default is the definitive outcome if the debt ceiling isn’t raised—which isn’t the case. So all the effects here are not only speculation on debt ceiling debate, but also speculation on the choices the Treasury would make if the debt ceiling isn’t raised for the 91st time prior to August 2.
|By Daniel Griswold, Barron’s, 07/11/2011|
MarketMinder's View: This is a spot-on discussion of trade. For more, see our 04/12/2011 cover story, “The Totality of Trade.”
|By Mark J. Perry, Carpe Diem, 07/11/2011|
MarketMinder's View: Patents are up considerably over the years, proving US residents aren’t afraid to aid in innovation. Innovation never hurts an economy; it only helps.
|By Brian Milner, The Globe and Mail, 07/11/2011|
MarketMinder's View: When others are fearful and heading for the hills, it’s actually the best of times to be buying up stocks. Avoiding herd mentality can greatly benefit a portfolio.
|By Doug Palmer, Reuters, 07/11/2011|
MarketMinder's View: The much-debated July tranche of aid for Greece has been paid.
|By Jessica Holzer, The Wall Street Journal, 07/08/2011|
MarketMinder's View: The fact shareholders at a huge majority of the companies approved executive pay is evidence shareholders (who have a vested interest in the companies) believe executives have been receiving fair compensation. For more, see our 04/26/2011 cover story, “Let’s All Say on Pay.”
|By Staff, Associated Press, 07/08/2011|
MarketMinder's View: More evidence the eurozone economy outside of PIIGS is doing just fine.
|By Vivek Wadhwa, The Washington Post, 07/08/2011|
MarketMinder's View: We’re never a fan of too much government regulation—and tech is a great example of why. The cost and time of trying to jump through government loopholes only hurts tech companies’ ability to innovate, which arguably does little good for everyone.
|By Joseph E. Stiglitz, Slate, 07/08/2011|
MarketMinder's View: Well, this is all hard to figure since the global economy has been growing for two years and is widely expected to accelerate.
|By Gabriele Parussini, The Wall Street Journal, 07/08/2011|
MarketMinder's View: We’re not too worried here—what matters is actual total global trade, not just the deficit or surplus of any one country. For more, see our 04/12/2011 cover story, “The Totality of Trade.”
|By Anatole Kaletsky, The Australian, 07/08/2011|
MarketMinder's View: Well, first, the US isn’t in a decline. Nor is a true debt default very likely. And political gridlock is typically overall a net positive for stocks. There’s nothing shockingly new about gridlock today, and it doesn’t signal some kind of constitutional failure. The framers built our government this way knowing gridlock would ensue. Finally, sure, the US is the world’s biggest economy—but a little increased competition for the top spot only makes the world better.
|By Laura Tyson, Financial Times, 07/07/2011|
MarketMinder's View: Fact is, job recovery always lags economic recovery after every recession we can measure. And, we’ve already seen signs the employment market is improving. For more, see our 05/12/2011 cover story, “WPA, Reductio Ad Absurdum.”
|By Matthew Lynn, MarketWatch, 07/07/2011|
MarketMinder's View: For the near term? Nothing, in our view—world governments have significant reserves in dollars because it makes sense for them. Could another currency overtake the US? Sure, but that takes time and requires the new currency to have bigger, broader, deeper markets than the dollar. For more, see our 03/23/2011 cover story, “Top Dollar.”
|By Anthony Mirhaydari, MSN Money, 07/07/2011|
MarketMinder's View: First (as said nearby), employment recovers well after the economy—and we’ve already seen some gains on that front recently. Second, trade barriers will hurt more than help as the world becomes increasingly globalized and other countries continue to sign free trade agreements. If anything, the “two keys” mentioned here will likely hamper continued economic expansion, not help.
|By Jacob Bunge and Steven Russolillo, The Wall Street Journal, 07/07/2011|
MarketMinder's View: In our view, this merger makes perfect sense in our super-globalized world. It could also mean reduced costs and provide investors with more access to foreign investments. For more, see our 02/17/2011 cover story, “Ich Bin Ein NYSE Berliner.”
|By Staff, BBC News, 07/07/2011|
MarketMinder's View: Central banks globally continue acting in response to local conditions in reversing the extraordinary monetary stimulus of the past few years.
|By Stephanie Clifford, The New York Times, 07/07/2011|
MarketMinder's View: Despite the many headlines about consumers being dead and not spending, it appears the opposite is true (and has been true for a while now): Consumers are well and alive and buying. For more, see our 06/29/2010 cover story, “The Consumer Lives!”
|By Binyamin Appelbaum, The New York Times, 07/07/2011|
|By Zheng Lifei, Sophie Leung, Victoria Ruan, Paul Panckhurst, Huang Zhe and Nerys Avery, Bloomberg, 07/06/2011|
MarketMinder's View: China continues to battle inflation, and thus far, the PBOC has been able to tighten effectively without choking growth—a trend that looks likely to continue, at least for the near term. For more, see our 02/09/2011 cover story, “New Lunar Year, Same Rising Inflation.”
|By Kathleen Madigan, The Wall Street Journal, 07/06/2011|
MarketMinder's View: Despite coming in slightly below expectations, the US service sector continued expanding in June—a positive sign overshadowed by a dour headline. For more, see our 06/20/2011 cover story, “Below the Radar.”
|By Brett Arends, MarketWatch, 07/06/2011|
MarketMinder's View: We’d argue the last financial crisis is, in fact, very much over. This isn’t unusual, however. Investors are prone to keep fighting the last war. That’s not to say the world is risk-free—it never is. But investing is done best by looking ahead, not fretting the past.
|By Gail MarksJarvis, Chicago Tribune, 07/06/2011|
MarketMinder's View: Weekly employment figures may (and have) cause short-term stock price fluctuations due to investor sentiment. But over the long term, they portend nothing about stocks’ direction.
|By Luke Baker, Reuters, 07/06/2011|
MarketMinder's View: European officials are rightly questioning reliance on the government-controlled rating oligopoly. For more, see our 06/19/2011 cover story, “The Scarlet Letter.”
|By Doug Kass, The Street, 07/06/2011|
MarketMinder's View: Here’s some good advice for stock investors: “The fear of being out should trump the fear of being in over nearly any meaningful time frame.”
|By Mark J. Perry, Carpe Diem, 07/06/2011|
MarketMinder's View: Dr. Perry offers a tongue-in-cheek solution from 1845 France for those who think increasing worker productivity in the manufacturing sector is a “problem”: Tie workers’ right hands behind their backs. Fact is, technology and productivity gains allow fewer Americans to create more—undoubtedly a positive.
|By Paul Krugman, The New York Times, 07/06/2011|
MarketMinder's View: QE2 is now out to sea and “the world as we knew it has not ended.” For more, see our 07/05/2011 cover story, “QE2 Sets Sail.”
|By Douglas McIntyre, MSNBC.com, 07/05/2011|
MarketMinder's View: The reasons stated in this article read like a laundry list of perceived issues that are either incorrectly interpreted or just plain overstated. For example, it’s just a bit odd to claim our recovery is threatened by the fact growth isn’t evenly distributed across all regions. When exactly has growth been evenly distributed? And other factors cited, like Greece, are not new, surprising news. For more, see our 06/29/2011 cover story, “Spend and Trade.”
|By Alan Tonelson, The Christian Science Monitor, 07/05/2011|
MarketMinder's View: We won’t opine on the political aspects of the president’s plan here since that’s not the central problem with this article. Our gripe is this piece’s argument that globalization and free trade are somehow bad. They’re not. The perception that a trade deficit is damaging is faulty and the perceived solution—protectionism—is even more flawed. For more, see our 06/20/2011 cover story, “Below the Radar.”
|By Donna Bryson, Associated Press, 07/05/2011|
MarketMinder's View: Remember the old saying, “If you tax something, you get less of it”? Do African nations really want fewer multinational corporations doing business there?
|By Chris Isidore, CNN.com, 07/05/2011|
MarketMinder's View: Yes, there is risk of a recession—as there always is. But this piece starts from an odd premise: “CNN Money surveyed 27 economists and asked them to choose from a list of possible threats facing the economy.” But were these 27 economists asked how likely a recession was? Because the link in the story to the full survey data shows all 27 project positive GDP growth. That would seem to indicate they don’t find the probability of these risks causing a recession very high.
|By Jim McTague, Barron’s, 07/05/2011|
MarketMinder's View: As Dodd-Frank turns one year old, many rules and ramifications of the Act are still being decided. For more, see our 07/01/2011 cover story, “A Little Less Legislation, Please.”
|By Ezra Dyer, The New York Times, 07/05/2011|
MarketMinder's View: A good example of globalization at work.
|By William Cohan, The Washington Post, 07/05/2011|
MarketMinder's View: In our view, giving US corporations reason to repatriate funds and reinvest that capital would be a sensible, positive move for the US economy.
|By Christopher Rugaber, MSNBC.com, 07/05/2011|
MarketMinder's View: Rising factory orders are a strong indicator the transitory effects of supply chain disruptions in Japan are fading.
|By Mark Luschini, CNN Money, 07/01/2011|
MarketMinder's View: Stock markets are usually more turbulent than not, so no surprise there. But fact is, the reasons stated in this article (namely, lack of jobs) don’t have a predictive quality for stocks. High unemployment is a consequence of former economic weakness, not a cause of future weakness. As markets and the economy have already proven, a recovery can (and did) happen, even as a jobs recovery lagged.
|By Staff, BBC News, 07/01/2011|
MarketMinder's View: Yes, eurozone manufacturing is the lowest it’s been in a while. But numbers like these typically fluctuate month to month, and what’s important is that manufacturing, though slowed, is still growing.
|By Staff, Associated Press, 07/01/2011|
MarketMinder's View: Bad move on California’s part. The state is in effect punishing small businesses. But why? They provide jobs and tax revenue to the state. We suppose California having this backwards isn’t so surprising, sadly.
|By Hao Li, International Business Times, 07/01/2011|
MarketMinder's View: Greece did what was necessary, in our view, to obtain aid and help the country’s fiscal future—it doesn’t have a debt problem, so much as it has a socialism problem. Less government spending and selling off assets moves them, in our view, in a better direction. For more, see our 06/17/2011 cover story, “Kicking the Greek Debt Can.”
|By Alex Kowalski, Bloomberg, 07/01/2011|
MarketMinder's View: More evidence the US economy is growing just fine despite fears about debt, jobs, etc. For more, see our 06/02/2011 cover story, “The Great Non-Depression.”
|By Jamie Dunkley, The Telegraph, 07/01/2011|
MarketMinder's View: “Overseas profits made by UK companies could be exempt from tax under new proposals being developed to prevent businesses re-domiciling their headquarters overseas.” And we think it’s a great idea and something the US should consider.
|By David Gauthier-Villars, The Wall Street Journal, 07/01/2011|
MarketMinder's View: While the eurozone members will continue their bickering, it’s in their best interest for now to continue backstopping Greece to maintain their monetary union. For more, see our 06/21/2011 cover story, “PIIGS Political Posturing.”
|By Steven N. Kaplan, Bloomberg, 07/01/2011|
MarketMinder's View: Critics have been highly, well, critical of executive pay during and following the financial crisis. But the fact shareholders (who have a vested interest in the companies) mostly approve of CEOs’ pay means they believe the executives are doing their jobs and doing them well. For more, see our 08/06/2009 column, “Hoopla Over Pay.”
|By Staff, BBC News, 07/01/2011|
MarketMinder's View: Fewer trade barriers? We’re all for it—freer trade globally is a huge positive. For more, see our 06/29/2011 cover story, “Spend and Trade.”