Comments »Official Washington congratulated itself for reaching a deal to cut $38 billion from the deficit of the current fiscal year. But some observers aren’t impressed. “Flimflam & swindle,” is how David Stockman characterized the deal in a recent Fiscal Times column.
“I’ve seen a lot of accounting smoke and mirrors in my day in government, but this was beyond the pale,” said Stockman, my guest on Daily Ticker. “There was nothing real and substantive that actually cuts something and saves a dollar in the whole thing. I calculated, the cash reduction might be a couple of billion dollars.”
Monthly Archives: April 2011
Amazon experiences failure, collapses internet sites
Flash: SanDisk prelim $1.03 vs $1.00 Thomson Reuters consensus; revs $1.29 bln vs $1.26 bln Thomson Reuters consensus
SanDisk beats by $0.03, beats on revs (48.99 +0.54)
Reports Q1 (Mar) earnings of $1.03 per share, excluding non-recurring items, $0.03 better than the Thomson Reuters consensus of $1.00; revenues rose 19.2% year/year to $1.29 bln vs the $1.26 bln consensus. Co reports Q1 non-GAAP gross margins of 43.1% vs 43.0% consensus. “Our embedded mobile business drove growth in the first quarter, and SanDisk executed well to deliver strong business results,” said Sanjay Mehrotra, President and CEO. “We have been actively managing our supply chain following the recent events in Japan and believe we remain on track to deliver a strong 2011 for SanDisk.”
Incomplete oil data upsets markets
Comments »Saudi Arabia said on Sunday that its production had been at least 700,000 barrels a day lower in March than existing estimates, including those published by the Organization of Petroleum Exporting Countries. The surprise news pushed the price of oil down by more than $1 per barrel Monday morning.
Pentagon cuts inevitable
Comments »A few months ago, budget experts stood alone, clamoring for steep reductions in military spending to help put the nation back on a sustainable path.
Big Banks Push Back on Financial Reform by Lobbying for Credit Rating Agencies
Roubini: U.S. Debt Problems Under Control
McDonald’s Conveys Worries Over Rising Food Inflation
BMW Unveils its New Electric Vehicle at NY Auto Show
Gold Hits New Highs off a Weak Dollar
Cotton and Sugar in the Midst of Mean Correction
After rising to astronomical levels, both cotton and corn are getting hammered in recent weeks, with cotton down 15% and sugar off by 8% over the past 2 weeks. Conversely, silver and coffee are charging higher, with silver up 14% and coffee 11%, over the same time frame.
Over the past three months, cotton is up 20%, sugar is down 16%, silver is up 63% and coffee is up 25%.
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