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The US produced two good economic numbers this morning that exceeded consensus, in the ADP employment report and the ISM Services index.
The markets popped on that good news, but then the rally faded and could not break out of the symmetrical triangle on the SP 500 futures.
The news from China overnight was not good, and Europe continues to weigh heavily. And of course Europe, especially Spain and Greece among others, remains highly unsettled.
Most daytraders still do not understand that the world has changed a bit, and some of the usual things that would goose stocks in the States are intermingled with this little thing called 'the rest of the world.'
The US Presidential debates are tonight and the Unemployment claims are tomorrow. We will also get some news on European interest rates. We will get the latest FOMC minutes on Thursday afternoon.
The Non-Farm Payrolls on Friday is expecting an add of 120,000 jobs and a slight tick higher in the unemployment percentage to 8.2%. Some fellow on financial TV was saying that expectations for jobs on Friday were 60,000 to 100,000 which did not seem right so I looked expectations up on Briefing.com. For 'private sector' jobs ex gov expectations are for an add of 130,000.
"The only way to forestall the work of criticism (critical thought) is through censorship, which has the same relation to criticism that lynching has to justice."
Northrop Frye
Would you be surprised to learn that secret deals between the two major US political parties and the major news media control access to the Presidential debates, thereby controlling the discussion, turning them into show pieces and beauty contests obsessed with the trivial and the technicalities of performance art, rather than substantive discussions of the issues?
Did you wonder why third party messages and non-corporately sponsored ideas are completely ignored in the discussions, debates, and for the most part in the 'free press?'
It appears that for at least once the Democrats and Republicans were able to agree on something. They agreed to monopolize access to the presidential debate, with the help of a compliant and greedy corporate media, in a way that would almost certainly violate the antitrust laws, assuming these politicians were subject to any laws but their own.
This is not a serious and original discussion of the issues. This is bread and circuses. Bread for the media and the politicians, and circuses for the people.
This is a radio show with the formidable title, 'Post Keynesian Economics' that is a very interesting discussion amongst Randy Wray, Mike Hudson, and Bill Black of the University of Kansas City, a bright light of thought in the economics profession.
Find out why the dynamics of private sector are essential to understanding the economy. Plus, we’ll discuss government transparency and accountability. If you're just little rusty on your economic theory and policy, join us at the table for the perfect refresher course.
The moderator, Jabulani Leffall, does a remarkably good job keeping the discussion on track, and managing the flow of questions from callers in to the radio show. I was astonished at how informative and listern friendly it was.
It discusses many current issues in the economy without getting too preoccupied with the economic school of thought and models beauty contests that seem to occupy so much economic discussion, turning them into snoratoriums for non-specialists.
It is a little wonkish at the beginning, but it broadens out quickly to a practical discussion of real, current things. I credit the moderator for this, as well as the three professors who are known as 'economic mavericks,' e.g. not on the corporate financial payrolls, which is a problem with other economic departments as illustrated in the documentary Inside Job.
Economics Roundtable - Post Keynesian Economics
You don't see these three economists on the mainstream media very often, which is a shame. But they aren't representing any corporate interests, so that is probably why they are not so popular on the corporate controlled media.
I enjoyed listening to it over a cup of coffee. It was remarkably pertinent to the real world, which is refreshing amongst economic discussions amongst three professors of economics.
