Topic: Lawrence Summers
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Stocks plunge: four factors behind investor pessimism
The stock market is tanking. At midday Aug. 4, the Dow had fallen 300 points. The bond market is also beginning to growl like a bear. Investors are buying long-dated bonds while eschewing shorter-term securities to protect their assets, a clear indication that they feel the economy is likely to weaken further. High-profile economists are also turning gloomy. Former Treasury Secretary Lawrence Summers put the chances of another recession at 1-in-3; Harvard economist Martin Feldstein put it at 1-in-2. What's behind all the pessimism? Here are four big factors that are weighing on stocks and could determine the course of the global economy in the coming months:
All Content
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The Circle Bastiat
'Fiscal cliff': Cut the spending – and the melodramaThe 'fiscal cliff' is the crisis that didn't need to be, if the Bush tax cuts had been made permanent and Keynesian influence hadn't spread.
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Economist Mom
Romney, Obama and the long, partisan road to tax reformWhen it comes to tax reform, there is a lot of common ground, but still many differences, between Romney's approach and Obama's approach, Rogers writes.
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The Vote
'Robin Hood tax': What is it and why does Occupy want it?As Jamie Dimon testifies before Congress (again), Occupy protesters don pointy hats to promote the 'Robin Hood tax' on stock and bond transactions – an idea Washington opposes.
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Tax VOX
Should we delay the tax cut debate until 2013?Over the past week, Bill Clinton, Larry Summers, and Glenn Hubbard have all made the same suggestion: Congress should extend all of the 2001/2003 tax cuts into early next year. It seems like an awful idea.
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The Daily Reckoning
In defense of Mr. MarketThe reason we want a collapse on Wall Street is that it’s only way for the economy to get back on its feet. If the feds would just leave well enough alone Mr. Market would have handled the whole thing. And we’d be out of this Great Correction by now.
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The New Economy
Is US a model for austerity-wary Europe?Despite its sluggishness, the US economy is growing while Europe's is contracting. A rising number of policymakers blame Europe's austerity moves.
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Private Empire
Pulitzer Prize-winner Steve Coll takes a close look at secretive behemoth that is Exxon Mobil.
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Jim Yong Kim selected as new World Bank president
Jim Yong Kim, currently the president of Dartmouth College, beat out two other candidates to take over the World Bank, beginning this summer.
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US stocks, job growth rise. Strong recovery ahead?
US stocks are up while volatility is down. Employment is growing. This time, a strong recovery is a real possibility, says former Obama aide Summers.
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Are new unemployment figures a boost for Obama?
Unemployment in the US has fallen to 8.3 percent, the lowest level since February 2009. It looks like good news for President Obama, but Republicans aren't buying it. And there are other political and economic trends that should give the White House pause.
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The Daily Reckoning
Is lower consumer demand actually a problem?‘Demand fear’ is the worry that there aren’t enough people who want things and have the money to pay for them. But why not be satisfied with the demand as it is?
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The Daily Reckoning
Goldman Sachs to Europe's rescueItaly's new leader, Mario Monti, is an ex-Goldman Sachs executive. Who knows more about debt problems than anyone else? The people who cause them, of course.
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Fannie Mae and Freddie Mac regulator throws lifeline to underwater homeowners
Fannie Mae and Freddie Mac: The overhaul, which would only help a fraction of the country's 11 million underwater borrowers, is the latest government effort to breathe life into the crippled US housing market.
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Economist Mom
Bernanke goes bigThe Federal Reserve chairman is right in saying that we should be able to address current budget problems and plan for long-term fiscal sustainability at the same time
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The New Economy
Spend or cut to boost economy? US can do both. Smartly.Deficit-cutting 'super committee' and Obama jobs plan don't have to work at cross purposes.
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Chapter & Verse
Ron Suskind's critical book on Obama sparks controversySome sources now say that scathing remarks about Obama and his administration are "fiction [and] distortion."
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Robert Reich
We need a bold jobs plan, but Obama shies awayHistory has shown that the US government needs to boost spending to rise out of a downturn. But with the 2012 election on the horizon, the White House hesitates to take the political risk.
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Stocks plunge: four factors behind investor pessimism
The stock market is tanking. At midday Aug. 4, the Dow had fallen 300 points. The bond market is also beginning to growl like a bear. Investors are buying long-dated bonds while eschewing shorter-term securities to protect their assets, a clear indication that they feel the economy is likely to weaken further. High-profile economists are also turning gloomy. Former Treasury Secretary Lawrence Summers put the chances of another recession at 1-in-3; Harvard economist Martin Feldstein put it at 1-in-2. What's behind all the pessimism? Here are four big factors that are weighing on stocks and could determine the course of the global economy in the coming months:
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Tax VOX
Obama, where are your economists?Politicians need a team of stellar economists for advice during campaign season, and Obama seems to have lost his
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The Daily Reckoning
Japan was a 'zombie state,' even before the earthquakeThe country has been living beyond its means for years, leaving future generations to pay
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The Vote
Mitt Romney at CPAC: The big thing he didn't talk aboutThe possible GOP presidential candidate chided Obama's 'European-style' rule. But in Friday's speech at CPAC, Mitt Romney avoided a topic on which he may be vulnerable: health care.
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Obama's full-court press to make up with business community
Obama has named economist Gene Sperling as head of the National Economic Council. The president has made other moves to patch up relations with the business community.
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William Daley: Obama signals shift to center with pick for chief of staff
Obama brings aboard William Daley, a moderate Democrat and fellow Chicagoan, as his new chief of staff. Daley, seen as a tough but fair manager, could help White House ties to the business community.
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The Vote
Press Secretary Robert Gibbs leaving White House, sort ofRobert Gibbs will leave the post of White House press secretary in February. But he will remain an adviser to President Obama, in addition to joining the speaking circuit.
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On Obama's agenda: maintain momentum and parry GOP jabs at 'ObamaCare'
Obama achieved several legislative victories just before going on vacation. But with a GOP-led House vowing to target 'ObamaCare' and government spending, difficult battles await.
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