Like Bush, But Without the Deep Understanding of the Issues (Matthew Yglesias)
We didn't get a chance to watch the debate last night, but if either of these quotes are accurate, then OMG. John McCain: "I'm glad whenever they cut interest rates, I wish interest rates were zero." We're guessing Kudlow probably liked that one. And Rudy: "the way to balance to books is to sell more overseas -- sell energy independence, sell health care."
U.S. stocks rally to new heights on Fed minutes (Marketwatch)
As we mentioned before, we're in the best of all bull markets. Good news sends stocks up (like the employment report from last week), while bad news sends stocks up, because it seems to indicate a rate cut. Even bad mergers send the market up... even when the companies themselves sink, because it means the strategic buyer is back. Here's hoping to a really ugly earnings season and a rate cut soon thereafter.
Winter heating bills may rise 11% (Chicago Sun-Times)
Ugh, knew it! This year's winter isn't expected to be like last year's glorious winter, when we wore t-shirt son 80-degree days in January. Nope, don't let the warm October fool ya. It's gonna be cold, and gas bills are going to rise. Hopefully your landlord takes care of that.
U.S. Affects a Strong Silence on Its Weak Currency (NYT)
It's great to see Europeans getting all huffy about the US dollar because US exports are getting cheap. Here's the thing, if they wanted to weaken their dollar, there's some obvious steps. Go on a massive public spending binge, artificially inflate the housing market and erect all kinds of barriers to competitive enterprise. Oh wait... hmm, maybe it's not so clear cut.
For Private Investment, the Party Isn’t Over (NYT)
So no carried interest tax, at least not anytime soon. And the stock market hits an all time high? Coincidence? We think not.
Zagat: High-End NY Restaurants Prices Up 71% Since 2001 (Infectious Greed)
Paul K finds an interesting press release from Zagat showing that high-end restaurant prices are soaring, while the average restaurant holds things steady. Maybe it's not about inflation, but about supply and demand. There's tons of good eateries always popping up, but the relative lack of high end places, coupled with the boom in "chef culture" (treating chefs like rock stars, gossip blogs about chefs, TV shows about chefs, etc.) has pushed more people to go to those restaurants.
Hong Kong to cut taxes on salaries, corporate profit (Marketwatch)
Wait, something seems off here. The government of Hong Kong says it will cut taxes on individuals and corporate profits as part of a plan to return wealth to the people during a time of record government surpluses. But aren't surpluses the time when you concoct big public schemes, new social programs and gigantic stadium projects? Isn't Hong Kong's airport over the water? Why not bring that sucker on dry land where it belongs? We still think there must be a catch.