Monday, November 29, 2010

WEEKLY ECONOMIC UPDATE November 29, 2010

Kip A. Hoover Presents:

WEEKLY ECONOMIC UPDATE


WEEKLY QUOTE
“Part of being a champ is acting like a champ. You have to learn how to win and not run away when you lose.”
 – Nancy Kerrigan


WEEKLY TIP
If you’re financing a new car, look for the best interest rate before setting foot in the dealership. It could be to your advantage to take a cash rebate and get a loan elsewhere.


WEEKLY RIDDLE
What has exactly three feet, but not a single toe?


Last week’s riddle:
A coin lies inside an otherwise empty bottle that has a cork inserted in its neck. How can you remove this coin without removing the cork or breaking the bottle?

Last week’s answer:
Push the cork into the bottle and put the bottle upside down to let the coin out.


November 29, 2010

CONSUMERS SPEND, BUT FED REVISES ITS FORECAST The latest Commerce Department data shows consumer spending at +0.4% for October and +2.8% for 3Q 2010. Personal incomes rose by 0.5% last month, and the federal government revised its 3Q economic growth estimate north to +2.5%. Still, the FOMC minutes from November 3 weren’t encouraging: the Federal Reserve thinks unemployment could stay above 9% in 2011, and it feels inflation could remain below 2% until 2013. The Fed’s GDP forecast for 2010 was revised down to the range of 2.4-2.5%, which is hardly what is needed to reduce joblessness.1,2

DEMAND LAGS IN HOUSING MARKETWill that demand increase by next spring? Hopefully. Existing home sales were down 2.2% in October according to the National Association of Realtors. The Census Bureau said new home sales slipped by 8.1% last month, with the average price of a new home falling by a shocking 14.0%. Only 23,000 new homes were bought in the U.S. in October, and new home sales were down 28.5% in year-over-year terms.3,4

CONSUMER SENTIMENT HITS A 5-MONTH PEAK The final Reuters/University of Michigan consumer sentiment index for November rose to 71.6, the best reading since 76.0 in June and above the consensus 69.5 forecast of economists polled by Reuters. The sub-indexes measuring consumer expectations and current economic conditions were also at highs unseen since June.5

UNEXPECTED DROP IN DURABLE GOODS ORDERSThe Commerce Department reported a 3.3% decline in the category, on the heels of an upwardly revised 5.0% gain for September. The month-over-month drop in hard goods orders was the largest since January 2009.1

NASDAQ ADVANCES DURING ABBREVIATED WEEK The NASDAQ gained 0.65% across three-and-a-half trading days to settle at 2,534.56 at Friday’s closing bell. The Dow was down 1.00% for the week, closing Friday at 11,091.87; the S&P 500 lost 0.86% last week, settling at 1,189.40 Friday.6

COMING NEXT WEEK: Tuesday, we have the September Case-Shiller index of home prices and the Conference Board’s latest consumer confidence poll. Wednesday, we get the November ISM manufacturing report and the Fed’s December Beige Book, along with data on November auto sales and October construction spending. Thursday, we receive data on October pending home sales plus the latest reports on jobless claims. Friday, we get November’s unemployment report, the November ISM service sector report, and data on October factory orders.

% CHANGE
Y-T-D
1-YR CHG
5-YR AVG
10-YR AVG
DJIA
+6.37
+6.81
+0.29
+0.52
NASDAQ
+11.70
+18.52
+2.40
-1.20
S&P 500
+6.66
+8.97
-1.24
-1.18
REAL YIELD
11/26 RATE
1 YR AGO
5 YRS AGO
10 YRS AGO
10 YR TIPS
0.75%
1.15%
2.05%
4.03%


Source: cnbc.com, bigcharts.com, ustreas.gov, bls.gov - 11/26/106,7,8,9
Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly.
These returns do not include dividends.


Please feel free to forward this article to family, friends or colleagues.
If you would like us to add them to our distribution list, please reply with their address.
We will contact them first and request their permission to add them to our list.


«RepresentativeDisclosure»

This material was prepared by Peter Montoya Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information should not be construed as investment, tax or legal advice. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor's 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world's largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional.

Citations.
1 - bloomberg.com/news/2010-11-24/u-s-michigan-consumer-sentiment-increases-to-five-month-high.html [11/24/10]
2 - nytimes.com/2010/11/24/business/economy/24fed.html [11/23/10]
3 - curiouscapitalist.blogs.time.com/2010/11/24/housing-drop-more-bad-news-for-the-economy/ [11/24/10]
4 - census.gov/const/newressales.pdf [11/24/10]
5 - abcnews.go.com/Business/wireStory?id=12233911 [11/24/10]
6 - cnbc.com/id/40382919 [11/26/10]
7 - bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=11%2F27%2F09&x=0&y=0 [11/26/10]
7 - bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=11%2F27%2F09&x=0&y=0 [11/26/10]
7 - bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=11%2F27%2F09&x=0&y=0 [11/26/10]
7 - bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=11%2F25%2F05&x=0&y=0 [11/26/10]
7 - bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=11%2F25%2F05&x=0&y=0 [11/26/10]
7 - bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=11%2F25%2F05&x=0&y=0 [11/26/10]
7 - bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=11%2F27%2F00&x=0&y=0 [11/26/10]
7 - bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=11%2F27%2F00&x=0&y=0 [11/26/10]
7 - bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=11%2F27%2F00&x=0&y=0 [11/26/10]
8 - ustreas.gov/offices/domestic-finance/debt-management/interest-rate/real_yield.shtml [11/26/10]
8 - ustreas.gov/offices/domestic-finance/debt-management/interest-rate/real_yield_historical.shtml [11/26/10]
9 - treasurydirect.gov/instit/annceresult/press/preanre/2000/ofm11200.pdf [7/12/00]


Friday, November 26, 2010

THE IMPLICATIONS IF THE BUSH-ERA TAX CUTS EXPIRE

THE IMPLICATIONS IF THE BUSH-ERA TAX CUTS EXPIRE

Congress should vote to extend them ... but what if it doesn’t?
Kip A. Hoover
As 2010 draws to a close, Congress will likely act to extend the Bush-era tax cuts into 2011 or beyond. However, this is the same Congress that has done nothing about the estate tax for a year. So let’s play “what if” for a moment. What if we witness an “epic fail” on Capitol Hill and the EGTRRA and JGTRRA cuts disappear?
How would the middle-class tax burden increase? Deloitte Tax LLP (a tax advisory firm) and CCH (a tax software and publishing firm) ran some numbers and came up with some model scenarios. They aren’t pretty.
According to the Deloitte projections, a typical family of four earning $50,000 would see its tax bill jump by about $2,900 in 2011. CCH estimates that the average married couple with two kids would suffer a $2,143 income tax increase. As for single taxpayers, Deloitte figures than a single filer earning $50,000 in 2011 would pay about $1,100 more to the IRS if the cuts expire.1
These projections clearly show why the Obama administration favors preserving the cuts for the middle class, even in light of the staggering federal deficit.
If the Bush-era tax cuts sunset, the “marriage penalty” will return in 2011 with the shrinking of the 15% tax bracket. The child tax credit will also be cut in half from $1,000 to $500. These two factors alone would account for much of the above tax increases.1
Don’t panic just yet, because the average tax rate for a middle-class family is really much lower. As the Wall Street Journal noted earlier this year, a middle-income family usually ends up paying less than 10% of its gross income in federal income tax after deductions and exemptions according to the IRS.2
What would happen for the wealthy? The 33% and 35% tax brackets would rise to 36% and 39.6% next year if taxes reset to Clinton-era levels. This would affect only about 4% of taxpayers – notably, the ones most influential in job creation.2,3
An analysis from the Joint Committee on Taxation finds that taxpayers with gross incomes above $1 million would get an average tax cut of about $6,300 in 2011 should the Bush-era cuts expire. That is peanuts compared to the $100,000 average tax cut the JCT says they would get if the Bush-era cuts were extended. As for taxpayers whose gross incomes fall between $500,000 and $1 million, they would get an average tax cut of about $6,700 in 2011 without the EGTRRA/JGTRRA extension, compared to about $17,500 with the Bush-era tax cuts in place.2,3
Capital gains rates would go up. Investors in the 10% and 15% brackets don’t have to pay taxes on long-term capital gains in 2010, but a 10% capital gains tax would return for them in 2011. The rest of us would see capital gains taxes rise from 15% to 20%.4
So would estate tax rates. If the Bush-era tax cuts aren’t preserved, estate tax rates will go back to 2001 levels – that means a 55% tax on individual estates greater than $1 million ($2 million for married couples). The non-profit Tax Policy Center estimates that if the exemption drops to $1 million next year, it will force seven times as many estates to file estate tax returns in 2011 as in 2009. The TPC figures that 44,000 estates will pay tax next year if we go back to the 2001 limits, compared to just 5,500 in 2009.5
You might see a temporary tax hike – even if lawmakers act in time. The IRS finalizes its withholding tables for the coming tax year in November of the current year. This gives employers enough lead time to integrate the information into paycheck withholding systems.
Well, guess what: November is almost over and the IRS still has no answer from Congress on income taxes. So the IRS could direct employers to increase paycheck deductions starting on January 1, as the withholding tables must be based on the present tax law which states that the EGTRRA and JGTRRA cuts will vanish in 2011.1
You may want to adjust your withholding on that first paycheck or two of 2011. If an EGTRRA and JGTRRA extension is approved in December, your paychecks may be smaller until new withholding tables are implemented. Congress should have known better: with consumer spending so fragile, this was not a good time to take a bite out of after-tax income.1,6
Kip A. Hoover may be reached at 440-729-0036 or kip.hoover@lpl.com.

This material was prepared by Peter Montoya Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information should not be construed as investment, tax or legal advice. The publisher is not engaged in rendering legal, accounting or other professional services. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. If assistance or further information is needed, the reader is advised to engage the services of a competent professional.

Citations
1 - bankrate.com/finance/taxes/how-expiring-bush-tax-cuts-will-affect-you-3.aspx [10/18/10]
1 - bankrate.com/finance/taxes/how-expiring-bush-tax-cuts-will-affect-you-4.aspx [10/18/10]
1 - bankrate.com/finance/taxes/how-expiring-bush-tax-cuts-will-affect-you-5.aspx [10/18/10]
1 - bankrate.com/finance/taxes/how-expiring-bush-tax-cuts-will-affect-you-7.aspx [10/18/10]
2 - nytimes.com/2010/08/11/us/politics/11tax.html [8/10/10]
3 – online.wsj.com/article/SB10001424052748703977004575393483572603148.html [7/28/10]
4 - bankrate.com/finance/money-guides/no-taxes-due-for-some-investors-1.aspx [1/16/09]
5 - nytimes.com/2010/11/13/your-money/taxes/13wealth.html [11/12/10]
6 - businessweek.com/news/2010-09-17/paychecks-could-be-whacked-if-u-s-tax-vote-slips.html [9/17/10]

Monday, November 22, 2010

Weekly Economic Update for November 22, 2010

Kip A. Hoover Presents:

WEEKLY ECONOMIC UPDATE


WEEKLY QUOTE
“You are the only real obstacle in your path to a fulfilling life.”
 – Les Brown


WEEKLY TIP
Ramp up your college savings with rewards programs. There are credit cards and online shopping programs that can allow you to direct a steady stream of rebates toward your education fund.


WEEKLY RIDDLE
A coin lies inside an otherwise empty bottle that has a cork inserted in its neck. How can you remove this coin without removing the cork or breaking the bottle?


Last week’s riddle:
It can be as round as a dishpan, as deep as a tub, and still the oceans couldn’t fill it up. What is it?

Last week’s answer:
A sieve.


November 22, 2010

NO RISE IN CORE CPI OR CORE PPI IN OCTOBERLast month, the Consumer Price Index rose 0.2% with core CPI flat for the third month in a row. Core CPI has advanced at a crawl in the past 12 months: just 0.6% compared to a Federal Reserve annualized target of 2.0%. Producer prices rose 0.4% last month, duplicating their August and September increase. Yet core producer prices fell 0.6%.1,2

HOUSING STARTS SLIP, MORTGAGE RATES JUMPThe Commerce Department announced an 11.7% slump in new residential construction starts for the month of October, and a 1.9% slip from year-ago levels. A drop in apartment and condo construction accounted for most of the October decline. Last week, Freddie Mac said that the average rate on a 30-year conventional home loan had jumped to 4.39% from 4.17% a week prior. The average rate for a 15-year FRM had increased to 3.76%, up from 3.57% in Freddie’s previous survey.3,4

RETAIL SALES 7.3% BETTER THAN A YEAR AGO Car buying drove a 1.2% gain in U.S. retail sales in October. In fact, the Census Bureau reported a 14.7% year-over-year increase in sales volume at car dealerships. The year-over-year gain in overall retail sales was 7.3%, and 13.5% for non-store retailers.5

CONFERENCE BOARD INDEX UP 0.5% The Conference Board’s index of leading economic indicators notched its second straight half-percent increase in October. This was also its fourth straight advance.6

GM IPO TURNS THE WEEK AROUNDThursday’s eagerly awaited initial public offering from General Motors sent the Dow on a triple-digit rally and turned a down week into a flat one. Here is how the three marquee indices performed last week: DJIA, +0.10% to 11,203.55; S&P 500, +0.04% to 1,199.73; NASDAQ, 0.00% to 2,518.12 (it actually fell .09 on the week).7,8

COMING NEXT WEEK: No economic releases are scheduled for Monday. Tuesday, we have October existing home sales and the release of the minutes from the Fed’s November 3 policy meeting, plus the second estimate of 3Q GDP. Wednesday, we have even more data: the October consumer spending report, October new home sales, October durable goods orders and the final November consumer sentiment survey from the University of Michigan.

% CHANGE
Y-T-D
1-YR CHG
5-YR AVG
10-YR AVG
DJIA
+7.44
+8.43
+0.81
+0.71
NASDAQ
+10.97
+16.75
+2.61
-1.24
S&P 500
+7.59
+9.57
-0.78
-1.06
REAL YIELD
11/19 RATE
1 YR AGO
5 YRS AGO
10 YRS AGO
10 YR TIPS
0.77%
1.21%
2.09%
4.03%


Source: cnbc.com, bigcharts.com, ustreas.gov, bls.gov - 11/19/107,8,9,10,11
Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly.
These returns do not include dividends.


Please feel free to forward this article to family, friends or colleagues.
If you would like us to add them to our distribution list, please reply with their address.
We will contact them first and request their permission to add them to our list.


«RepresentativeDisclosure»

This material was prepared by Peter Montoya Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information should not be construed as investment, tax or legal advice. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor's 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. It is not possible to invest directly in an index. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world's largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional.

Stock investing involves market risk including loss of principal.

Citations.
1 - marketwatch.com/story/us-consumer-prices-up-02-in-october-2010-11-17 [11/17/10]
2 - blogs.barrons.com/stockstowatchtoday/2010/11/16/producer-prices-lower-than-expected-but-crude-prices-jump/ [11/16/10]
3 - articles.latimes.com/print/2010/nov/18/business/la-fi-housing-mortgage-20101118 [11/18/10]
4 - freddiemac.com/pmms/release.html [11/18/10]
5 - census.gov/retail/marts/www/marts_current.pdf [11/15/10]
6 - boston.com/news/nation/washington/articles/2010/11/19/new_figures_indicate_economy_is_picking_up [11/19/10]
7 - cnbc.com/id/40279101 [11/19/10]
8 - cnbc.com/id/40155548 [11/12/10]
9 - bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=11%2F19%2F09&x=0&y=0 [11/19/10]
9 - bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=11%2F19%2F09&x=0&y=0 [11/19/10]
9 - bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=11%2F19%2F09&x=0&y=0 [11/19/10]
9 - bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=11%2F18%2F05&x=0&y=0 [11/19/10]
9 - bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=11%2F18%2F05&x=0&y=0 [11/19/10]
9 - bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=11%2F18%2F05&x=0&y=0 [11/19/10]
9 - bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=DJIA&close_date=11%2F20%2F00&x=0&y=0 [11/19/10]
9 - bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=COMP&close_date=11%2F20%2F00&x=0&y=0 [11/19/10]
9 - bigcharts.marketwatch.com/historical/default.asp?detect=1&symbol=SPX&close_date=11%2F20%2F00&x=0&y=0 [11/19/10]
10 - ustreas.gov/offices/domestic-finance/debt-management/interest-rate/real_yield.shtml [11/19/10]
10 - ustreas.gov/offices/domestic-finance/debt-management/interest-rate/real_yield_historical.shtml [11/19/10]
11 - treasurydirect.gov/instit/annceresult/press/preanre/2000/ofm11200.pdf [7/12/00]



Thursday, November 18, 2010

COULD QE2 LEAD TO BUBBLES?

COULD QE2 LEAD TO BUBBLES?

Why some analysts are worried about the Fed’s latest monetary easing effort.

Provided by Kip A. Hoover

Is the glass half full? The Federal Reserve has committed to buying $600 billion worth of Treasury bonds between now and June, and it wants to purchase up to $900 billion in debt by the end of September 2011.1 This second round of quantitative easing has been dubbed QE2. In a nutshell, the effort would pour cash into the banking system to promote lending and inflation, and it has the potential to help stocks, the housing market and consumer spending.
Or is it half empty? Some economists are worried about the impact of this tactic. They fear it may create a stock bubble – an inflated equities market motivated by speculation and low interest rates instead of earnings. Likewise, some see a commodities bubble that could burst dramatically in the years ahead.
QE2 has already earned some prominent detractors. Bond market guru Bill Gross just called it “a Ponzi scheme” that will end the 30-year bull market in bonds (an event he has actually forecast for some time). Jim Rogers, the Quantum Fund co-founder who astutely called the worldwide bull market in commodities in 1999, recently labeled QE2 “petrol on the fire” of the commodities market and told an Oxford University audience that Fed chair Ben Bernanke “does not understand economics … all he understands is printing money.”2,3
Will more investors turn to stocks? The Fed’s bond-buying program implies lower long-term interest rates, lower bond yields and a weaker dollar. In an environment with lower bond yields, investors are predisposed to enter other asset classes such as real estate and stocks. If the stock and housing markets improve, that will certainly aid consumer confidence which, in turn, should aid consumer spending.
On
Main Street
, there are two speed bumps on the way to that rosy domestic outcome: a lack of customers and/or demand (especially in the housing market) and unemployment. The Fed’s strategy may have a tough time getting around those economic obstacles.
Why are other nations growing testy? QE2 could invite a trade war. A weak greenback means a big advantage for U.S. exports. Our products will be cheaper in other nations thanks to the increase in the money supply holding down the value of the dollar. Correspondingly, imported goods will cost us more and we will buy less of them. That’s terrible news for nations such as China, Germany, Russia, Japan, France, Great Britain and Hong Kong – all of whom are counting on exports to aid in their economic recoveries.
If U.S. interest rates are too low for too long, investors may try the emerging markets and/or the commodities markets seeking higher returns. So the commodities markets and the emerging markets could get even hotter.
If that happens, it would imply higher prices for oil, crops and raw materials in the United States, which would hamper our economy. Of course, many analysts think the commodities markets will keep advancing with or without influences like QE2 – the ongoing condition is simply too much demand and not enough supply.
Is this the “Hail Mary” play? With interest rates so low and one round of bond-buying already in the history books, the Fed doesn’t have many options left to jump-start the economy. Here’s hoping its latest move gives the recovery more traction.
Kip A. Hoover may be reached at 440-729-0036 or kip.hoover@lpl.com. www.teichmanfinancial.com

This material was prepared by Peter Montoya Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information should not be construed as investment, tax or legal advice. The publisher is not engaged in rendering legal, accounting or other professional services. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. If assistance or further information is needed, the reader is advised to engage the services of a competent professional.

The fast price swings of commodities will result in significant volatility in an investors holdings
Stock investing involves market risk including loss of principal
International and emerging market investing involves special risks not associated with investing solely in the U.S. including currency fluctuation, political risk, differences in accounting, limited availability of information and a small unknown financial market in a developing country with a short operating history and may not be suitable for all investors. 

Citations
1 – money.cnn.com/2010/11/03/news/economy/fed_decision/index.htm [11/3/10]
2 - blogs.wsj.com/marketbeat/2010/10/27/pimcos-bill-gross-qe2-is-a-ponzi-scheme/ [10/27/10]
3 - bloomberg.com/news/2010-11-04/bernanke-doesn-t-understand-economics-investor-jim-rogers-tells-oxford.html [11/4/10]