Birinyi expects greed for U.S. stocks to trump politics

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Laszlo Birinyi, president and founder of research and money management firm Birinyi Associates Inc., talks on Bloomberg Television about the outlook for the U.S. stock market and his investment strategy.

Source: Bloomberg, August 12, 2011.

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Unconventional unconventional policy

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“For central banks that are effectively at zero interest rates, further easing would mean pushing a little further into unconventional territory,” said Manoj Pradhan and Spyros Andreopoulos of Morgan Stanley. “The Fed could push the interest on excess reserves into negative territory, or work with the Treasury to support the mortgage markets. If innovation in asset purchases is the need of the hour, then taking on positions in the interest rate swap market can lower long-term rates. The Fed can even pursue equity purchases should market conditions warrant such a choice. The ECB could turn more unconventional simply by mimicking the Fed’s large and unsterilised asset purchase programme. Emerging markets, having unwound the policy easing they provided in the crisis, could rewind some of this unwind and deliver a combination of lower required reserve ratios, rate cuts and fiscal easing where possible.” […]

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Laugh out Loud: I didn’t drive the economy into the ditch!

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A bit more than a “ditch”, Mr O. […]

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South African momentum loss

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By Cees Bruggemans, Chief Economist of FNB.

Last year, despite being only a 2.8% growth year, had the feeling of being a fairly normal recovery in the South African economy.

There was a strong surge by durable consumer goods, with growth in car sales approaching 30%, even if […]

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