The Mess That Greenspan Made - Part 6

The Dismal Trend in Median Income

I don’t recall what prompted the search for this chart at the St. Louis Federal Reserve but, when it was found, it was deemed to be so thoroughly depressing that it just had to be shared, knowing that it could be made to look even worse if such things as the dearth of recent household formation and rising health care costs were somehow superimposed.

Sadly, a chart showing real mean (average) household income could not be located at the St. Louis Fed. If one were available, then another good example of rising income inequality vis-a-vis the difference between median and mean could be offered.

Alas, this graphic on median vs. mean wages at the Social Security Administration can substitute – what was once a gap of $5,000 per year has grown to be a gap of $15,000.

 

Monday Morning Links

MUST READS
Why are interest rates so low? – Ben Bernanke’s Blog
Fighting in Aden as Yemen’s Houthis make gains – Reuters
In Yemen, the Middle East’s cold war could get hot – Wasthington Post
Greece battles to convince creditors to unlock bail-out cash – Telegraph
China’s Zhou Says PBOC Has Room to Act on Growth Slowdown – Bloomberg
China central bank governor calls for vigilance on deflation – Reuters
Lessons Richard Bowen’s FCIC Testimony Should Have Taught the Nation – NEP
How 1980s Atlanta Became the Backdrop for the Future – The Atlantic
A Progressively Maladjusted “Economic Sphere” – CBB
Eating Our Seed Corn – Hussman Funds
Circle of Economic Life – Alhambra Partners
Oil sands outlook – Econbrowser

MARKETS/INVESTING
Global stocks get boost from European, Yellen – AP
Oil prices drop on possible Iran deal, dollar – Reuters
When to Expect a 1937 Style Market Crash – Reading the World
How DIY Bond Traders Displaced Wall Street’s Hot Shots – Bloomberg
U.S. Retirement Assets Reach $24.7T – Financial Planning
Frenzied speculative activity in China’s equity markets – Sober Look
Too Much of Everything Spurs Commodity Exodus as Price Wars Rage – Bloomberg
Gold falls 1 pct on strong dollar, Fed’s Yellen rate hike comment – Reuters
Goldman Sachs Research Warns of Peak Gold Production – GoldCore
China gold flows to hit Q1 record – Mineweb

ECONOMY/WORLD/HOUSING/BANKING
How Poor Are the Poor? – NY Times
Forecasters Shrug off Winter Economic Blues – WSJ
Why We Feel So Poor, In Two Charts – Dollar Collapse
How Many Slots Are Open in the Upper Middle Class? – of two minds
Tax on bank deposits in Auastralia’s federal budget – Financial Review
China’s military and growing political power – voxeu
Will The US Housing Market Bloom Anew In The Spring? – Capital Spectator
Housing market strong but some sink deeper into debt – News Press
Janet Yellen Wants You to Take the New Normal or Else – Jr. Deputy Accountant
The Fed Has Not Learnt From The Crisis – Forbes

 

Easing is Easy, Hiking is Hard

The recent weakness in major U.S. equity indexes (that now appears ready to continue for the fifth straight day) has surely not escaped the attention of Federal Reserve officials who have been attempting to “prepare markets” for the eventual end of super-accommodative monetary policy but, as shown below via this item at The Fiscal Times the other day, we’ve been down this road many times before since the 2008 financial crisis.

On a completely unrelated note, see this Friday Funny at reason.com that weighs in on the Ted Cruz presidential campaign announcement in The Next Political Messiah.

Friday Morning Links

MUST READS
Mini-corrections emerge as new Wall Street M.O. – USA Today
Planes of Saudi-led alliance hit Yemen capital, Houthi heartland – Reuters
Yemen Government’s Fall Is Blow to Obama’s War on Terror – Bloomberg
Saudi battle for Yemen exposes fragility of global oil supply – Telegraph
Germany hunts for co-pilot motive amid reports of depression – AP
Look out Rockies – millions of novice Chinese skiers may be headed your way – Quartz
House GOP leader asks for Obamacare horror stories but gets love letters instead – Vox
As the G.O.P. Promises to Address Inequality, Follow the Money – New Yorker
The Real Singapore Model – Project Syndicate
Fed focuses on shadow banking – Business Times
Dreaming of ‘Normal’ Monetary Policy – Bloomberg
The Fed’s dollar question – The Hill

MARKETS/INVESTING
Stock futures point to fifth day of losses – MarketWatch
Buh-bye, Wall Street! I’m a lot happier now – CNBC
Biotech woes: Deja vu all over again – CNBC
China’s Stock Bubble Leaves BNP Speechless – Zero Hedge
4 ways robo-advisers will change investing – MarketWatch
Gold falls on dollar after 7-day rally; set for 2nd weekly gain – Reuters
German Gold Repatriation Is “Proceeding Smoothly” – Deputy Head – Kitco
China should boost gold reserves to 5 pct, says World Gold Council – Reuters
The Largest Gold Mints Of The World – BullionStar
Further downside on gold prices limited – CPM – Mineweb

ECONOMY/WORLD/HOUSING/BANKING
More Illegal Immigrants Snagging White-Collar Jobs – Fiscal Times
Is Inflation Returning? Inflation Expectations are Rising – Marc to Market
The U.S. economy is about to pull itself out of this slump – MarketWatch
Japan nears deflation as consumer prices stop rising – BBC
Japan Retail Sales Tumble 1.8% In February – RTT News
Cutting China’s Smog Will Come at a Massive Cost – Bloomberg
A Potentially Powerful New Weapon in China’s War on Pollution – WSJ
Shaky housing market about to get even shakier – Housing Wire
Draghi Says ECB Will Reach QE Target Even in Shorter First Month – Bloomberg
In Australia, More Rate Cuts Become a Matter of When, Not If – WSJ

 
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