Dan Hachey’s Reading List

May 26th, 2009 – Comment

UPDATE: Links fixed Don’t Monetize the Debt… the President of the Dallas Fed on Inflation and central bank independence…. I din’t think anyone realized the size of unfunded liabilities of health care and pensions totalled $99 trillion, conventional wisdom had it at approximately more than half that…this is a disturbing revelation. It is refreshung to be presented with the […]


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UPDATE: Links fixed
Don’t Monetize the Debt…

the President of the Dallas Fed on Inflation and central bank independence….

I din’t think anyone realized the size of unfunded liabilities of health care and pensions totalled $99 trillion, conventional wisdom had it at approximately more than half that…this is a disturbing revelation. It is refreshung to be presented with the frank verbiage from the Fed branches, referring also to the San Francisco Fed Economic letter I sent out last week.

http://online.wsj.com/article/SB124303024230548323.html

OK, we’ve added another state in the last little while (we’re running out)…The Crisis isn’t California’s alone….According to a study 47 (yes 47) states face a budget gap and there aren’t a lot of good solutions….Not to add fuel to the fire, but at last count about 80% of municipalities were in the same boat. Los Angeles recently declared a state of financial emergency…NY can’t be too far behind as their transit system just got a $2+ billion bail out in the past few weeks…

http://www.businessweek.com/bwdaily/dnflash/content/may2009/db20090522_625957.htm?chan=top+news_top+news+index+-+temp_news+%2B+analysis

50% of employers suspend graduate recruitment in the UK….

http://www.guardian.co.uk/business/2009/may/26/employers-slash-graduate-recruitment-schemes

David Rosenberg – Breakfast with Dave

I attach the latest from Rosie the unflappable…

Hot Points

- massive easing by the Fed has not stopped credit from contracting indicating that the money multiplier is breaking down

- NY Times data indicates Euro banks face $1 trillion in new Eastern European loan losses

- inflows into Gold ETFs has soared 6 fold over the past year to 455.2 tons

- retailers to face an imminent major margin squeeze

- have to break above 4.10% to declare end of bull run in 10 yr Treasuries

- CDN $ overdone, $0.80-0.85 is the range

- S&P 600-840  From here, more downside than upside

- deflation

- deflation

- deflation

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