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Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.
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Articles about events, conflicts and disease around the world
U.S. Housing Market Tracker (Renee Lightner, Andrew Van Dam and Nick Timiraos, The Wall Street Journal) Source for four comprehensive interactive graphics that characterize the U.S. housing market from before the Great Financial Crisis. One of them (without the interactive features actiive) is shown below.
If this is a head fake, it sure is an elaborate one (Josh Brown, Reformed Broker) It can’t possibly be. Companies are missing on revenue left and right. Economic data is coming in looking like ass. The Fed is hellbent on getting a rate hike in. And yet, a new record high for the NYSE Composite as the week closed out. A setup that could portend the next leg higher after 10 months of consolidation. How? Why? Is it a trick?
Josh doesn't think so. For one thing the NYSE Advance-Decline line has been trendinf higher for almost 7 months and another is the breakout last week was from a 10-month resistance limited consolidation.
China’s True Growth Is a Mystery; Economists Weigh the Clues (Mark Mangier, The Wall Street Journal) China is hardly alone among emerging countries in releasing questionable statistics. But Beijing has come under particular scrutiny because of the size and importance of its economy and the hunger that a growth-starved world has for genuine output. There also is suspicion the shortcomings involve willful doctoring rather than data-collection problems common to India and other developing countries. Here are how some other estimates of China's GDP compare with the official number:
China may join the unconventional monetary club (Gavyn Davies, Financial Times) Here is yet another estimate of China's GDP. This is calculated by something called the Fulcrum model (link in excerpt below) and estimated 1Q 2015 to be higher than any of the estimates in the previous article (latest estimate just above 6%).
Other Economics and Business Items of Note and Miscellanea
Widow of Home Shopping founder sues Morgan Stanley for $170M (Investment News) Lynda Speer names adviser, branch manager and firm in arbitration claim alleging excessive trading, negligent supervision and unjust enrichment, according to filing. Ms. Speer is asking for damages in excess of $78 million for violations of Florida Statute Chapter 517, which governs securities transactions. The claim also seeks portfolio damages of $55 million to $66 million and disgorgement and excess commission damages from $37 million to $44 million. A Morgan Stanley spokesperson said the claims are "without merit".
Top 15 Most Expensive States for Long-Term Care: 2015 (ThinkAdvisor) Also check out data for all states at Compare Long Term Care Costs Across the United States (Genworth).
Could Machines Put Central Bankers Out of a Job? (The Wall Street Journal) The fast-changing technological infrastructure of financial transactions, including nonbank finance, digital currencies, peer-to-peer lending and crowd-funding present a challenge to the monetary policies of the Federal Reserve and other top central banks. The central bank is no longer "central" in this brave new monetary system and therefore has reduced control over economic activity. See paper by former Fed board governor Randall Kroszner, presented at February's annual conference at the Atlanta Fed.
Senate Democrats Push Back on DOL Fiduciary Plan (ThinkAdvisor) Key Senate Democrats met this week with Labor Secretary Tom Perez to argue that his plan -- which would force brokers handling retirement accounts to put their clients’ interests ahead of their own -- could backfire and make it harder for consumers to get investment advice. The Labor Department, which says biased advice and hidden fees cost investors as much as $17 billion a year, issued the proposal on April 14 for a 75-day public comment period. Econintersect: So it is better for investors to lose $17 billion a year in hidden fees than not to lose that money by not getting the advice that produced the unauthorized compensation (aka skimming)? If the defense is that it is not skimming then why isn't it clearly disclosed?
The 'connected car' is creating a massive new business opportunity for auto, tech, and telecom companies (Business Insider) The connected car is equipped with internet connections and software that allow people to stream music, look up movie times, be alerted of traffic and weather conditions, and even power driving-assistance services such as self-parking. By 2020, BI estimates that 75% of new cars will be connected to the internet.
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