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Nelson Schwartz
Good economic news - a day earlier than usual. Much stronger than expected hiring in June:
Medical Malpractice Premiums have been falling, not just slowing, since 2008.
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% who think at least 10% of world is Jewish Americas: 33% W Europe: 27% MENA: 27% (Jews actually 0.2% of world pop)
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Check out my take on Morgan Stanley and its CEO, James Gorman-a real tale of the new Wall Street in Sunday Biz.
Hiring up, unemployment down but where's my raise? Nowhere in sight in private sector.…
Internals on household survey are just bizarre.
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Labor force fell by 833k, unemployed fell by 733k, employed fell by 73k. Make sense of that.
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Long-term unemployed dropped by 287k to 3.5m. Would be better if not accompanied by such steep declines in labor force.
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White collar prof services wins with gain of 75,000 hires, blue collar manufacturing only adds 12,000.
But fall in participation rate will reignite debate over why people are leaving the workforce, i.e. structural vs. demographic.
One notable improvement in jobs data: drop in U-6, broadest unemployment rate, to 12.3 percent-lowest since Oct 2008…
Good news on hiring, but wages still flat for the rest of us. Welcome to the new normal.
Air & Space Magazine has a longer writeup on that 727 that was stolen from Angola:…
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Super fascinating US history lesson of the day: What went on inside the Fed during financial crisis @NelsonSchwartz
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Key point: they thought it was a choice. RT @NelsonSchwartz: Was letting Lehman fail in 2008 the right call?
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Other Fed officials, like Hoenig and Lacker, were sure letting Lehman go was the right call.
Eric Rosengren of the Boston Fed was unusually prescient about what Leman's failure would mean in 2008.
Was letting Lehman fail in 2008 the right call? Check out the debate at the time among Fed officials on @nyteconomix
Ms. Yellen - Distribution of spending across households is very unequal. Yup.
A first taste of the problem with IOER: A congressman points out the Fed is paying banks higher interest rates than seniors get on savings.
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"@NelsonSchwartz: Yellen says "lots of people" have stock market exposure but 50% don't have any at all." Welcome to being ignored #poor
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Ms. Yellen: No conflict most of the time, and especially now, in terms of balancing dual employment and price stability mandates.
Ms. Yellen - I support both mandates: employment and price stability.