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MBA: Mortgage Applications Decrease in Latest Weekly Survey, Purchase Index up 14% YoY

From the MBA: Mortgage Applications Drop in Latest MBA Weekly Survey as Rates IncreaseMortgage applications decreased 4.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly MortgageShow More Summary

Michael Klare: Russia v. China – Washington Debates Who Should Be Public Enemy Number One

Yves here. It’s mind-boggling to think that the US is confronting China as a hostile power. We are deeply integrated with them economically, so it’s hard to see how this makes any sense. And it reveals classic American short-sightedness, since by letting them become our preferred vendor (as in exporting US jobs to them), we […]

China is #1

A NYT article reported on a new commitment by China to reduce its emissions of greenhouse gases. At one point it referred to China as the world's second largest economy. Actually, using a purchasing power parity measure of GDP, which...Show More Summary

Bank of England Warns Greece Threatens Financial Stability

The Bank of England on Wednesday said the outlook for financial stability in the U.K. has worsened in recent days, and that the risks associated with Greece and its failure so far to reach a deal with its international creditors threaten to trigger a selloff in financial markets that could ripple through to the wider global economy.

Victoria's Secret on-call policy remains under wraps

The underwear retailer stays mum about whether it's ending the controversial labor practice regarding worker schedules

Why you need to know your VantageScores

Although the FICO score continues to dominate the credit landscape, a rival tool is gaining ground

Affordable Housing Crisis Grows Across the Country as Apartment Rents Skyrocket

An update on where and how tenants are being squeezed by rising rents versus stagnant to low wage growth.

Export-Import Bank expires

The federal agency's charter expired for the first time since the Great Depression

Cycle Screening Measures Just Say No To Rally

Cycle screening measures were slightly weaker on Tuesday. The aggregate measure slipped to an even more extreme oversold level. Such negative readings usually begin to moderate at least several days before the market turns up. There are other signs that also say not to trust a rally. Market Update Pro subscribers (Professional Edition), click here to…

Japan and the Great Divergence, 725 to 1874

Japan was the first Asian nation to achieve modern economic growth. This column discusses new evidence suggesting that Japan’s growth started from a lower level than Britain’s and grew more slowly until the Meiji Restoration. The key...Show More Summary

Procyclical emerging market policy: New evidence

Industrialised and developing countries have differing fiscal strategies for dealing with the business cycle. But are countries’ strategies different according to whether they are industrialised? This column presents new evidence suggesting that the picture is complex. Show More Summary

The euro and the Greek blackmail

(June 30, 2015 10:12 PM, by Alberto Mingardi) We're showered with information and comments on the Greek crisis, and rightly so. The Greek Prime minister Alexis Tsipras has called for a referendum on the terms offered by creditors to Greece. Then night talks between Mr Juncker and Mr... (0 COMMENTS)

Here’s What The Market Is Pausing To Reload For

The market hung around just below the support lines it had slightly broken on Monday. This leaves the status of the breakdown in some doubt. Was it just a back kiss of the breakdown to be followed by an extension of the decline, or the beginning of a bottoming process? That’s for the market to…

With Greece, Is the IMF at Risk of Repeating Its Own Mistakes?

As Greece defaults on its payments to the International Monetary Fund, is the emergency lender at risk of repeating bailout history? So say some of its sharpest critics.

Confirmation bias and bubbles

I’ve done a number of posts pointing out that people are hard-wired to find patterns where they don’t exist.  Studies have shown that people will see “bubbles”, even in data that is generated to follow a random walk. Now of course just because most people would believe in bubbles even if they did not exist, […]

The psychology of saving

‘There is one dramatic success for behavioural economics — the way it has shaped pensions’ “THERE ARE IDIOTS. Look around.” So began a famous economics paper by Larry Summers — a lauded academic before he became US Treasury secretary. It is perhaps the most concise expression of behavioural economics, the branch of economics that tries […]

Fed’s Bullard Shrugs Off Greek Events, Points to Chance of Sept Rate Increase

Federal Reserve Bank of St. Louis President James Bullard said Tuesday Greek economic problems are unlikely to affect the U.S., leaving the Fed on track for rate rises later this year.

Some Americans may see more money in their paycheck soon

President Obama announced a plan that would include more people for overtime pay

One Industry That Will Hate Obama’s New Overtime Rules: The Media

Today the Obama administration officially proposed new regulations that it says will entitle at least 4.6 million additional Americans to overtime pay. On the whole, it seems like a reasonable move that may encourage businesses to hire...Show More Summary

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