Author Archive: Finance Addict
I confess: I'm a Finance Addict. An opinionated ex-banker who follows the global economy and keeps a critical eye on the so-called Masters of the Universe. Contact me at editor(at)financeaddict.com
Here are the economic releases and events to pay attention to today,
Monday Wednesday (hey, it’s been a long week!), November 2:
- Statement from the Fed’s Open Market Committee and press briefing from Fed Chairman Ben Bernanke
Will we hear any talk of nominal GDP targeting?
- ADP employment report for October
Analysts expect an addition of 100,000 jobs, vs. September’s 91,000. However, they’ll be more interested in the non-farm payroll figures due out on Friday, which carry more weight and include jobs in the public sector.
“Show me what democracy looks like!
This is what democracy looks like!”
This is one of the chants used by Occupy Wall Street protesters whenever they take their show on the road from the home base of Zuccotti Park to destinations like the Brooklyn Bridge or Bank of America’s uptown headquarters. A catchy call-and-response, a confrontation in couplet form that makes use of a word thrown around all too casually by politicians who want anything but: democracy.
Well George Papandreou, prime minister of Greece, has taken up the gauntlet. Continue Reading
- ISM Manufacturing index for October
Consensus is for a slight increase to 52.0 from 51.6 in September.
I got a good chuckle out of the ol’ Vampire Squid after reading an odd little article in this weekend’s Financial Times. “Goldman proud to bring yuppies to Harlem“, it proclaimed, and went on to chronicle Goldman Sachs’ successful and not-so-successful efforts to comply with Community Reinvestment Act.
For those who may not know, the CRA is a 1977 U.S. law that’s meant to provide low-income neighborhoods with greater access to combat loan discrimination that had been documented up until that point. It’s not without its controversies and criticisms, including questions of whether it encouraged the kind of unsound lending that lead to the subprime mortgage crisis (the answer seems to be no, it did not.) Continue Reading
- Chicago purchasing managers’ index for October
Analysts expect a decrease to 58 from September’s surprisingly strong 60.4.
- Dallas Fed manufacturing survey
Expectations are for a contraction of -0.5.