Karl Denninger

Karl Denninger, "Volcker Pulls Back The Curtain"

Running 'Cause I Can't Fly (Free subscription) | yesterday

Karl Denninger, "Priority? What's That?"

Running 'Cause I Can't Fly (Free subscription) | 12/07/2009

Karl Denninger, "ISM Services CONTRACTION!"

Running 'Cause I Can't Fly (Free subscription) | 12/03/2009

"ISM Services CONTRACTION!" by Karl Denninger "Oops..... 48.7 - that's contraction in the services sector folks, and very not-expected. The NMI (Non-Manufacturing Index) registered 48.7 percent in November, 1.9 percentage points lower than the 50.6 percent registered in October, indicating contraction in the non-manufacturing sector after two consecutive months of expansion....

Matt Trivisonno & His Payroll Withholding Chart

Cara Community - Comments (Free subscription) | yesterday

In reply to Blog for December 9, 2009 : He set up a new blog for it today. http://www.dailyjobsupdate.com/ Let's hope that hothead Karl Denninger at Market Ticker references his charts in the future.

ShopperTrak Reports Weak November

SeekingAlpha.com (Free subscription) | yesterday

Karl Denninger submits: So much for "Black Friday was reasonably good." Like hell: CHICAGO, IL, December 9, 2009 – ShopperTrak RCT Corporation’s Retail Traffic Index (SRTI) today reported that total U.S. foot traffic for the month of November fell 6.1 percent while the company’s National Retail Sales Estimate (NRSE) reported retail sales slipped a very slight...

The Good Guy, Bad Guy Narrative Never Gets Old

Waldenswimmer (Free subscription) | yesterday

I acknowledge my debt to Karl Denninger for the graph above (which I think you can see in a separate window by clicking thereon), which he frequently displays on his Market Ticker blog as a Big Picture of American profligacy. I think it's particularly powerful in assessing whether the Little People vs. Robber Barons narrative actually gets at the heart of the American malaise or not....

Volcker Pulls Back The Curtain from The Market Ticker

Snuffysmith's Blog (Free subscription) | yesterday

Volcker Pulls Back The Curtain from The Market Ticker by nospam@example.com (Karl Denninger) Funny how this speech didn't get any ink over here in the United States... I wonder why? The former US Federal Reserve chairman told an audience that included some of the world's most senior financiers that their industry's "single most important" contribution in the last 25 years has...

The Santa Rally May Have Started

Planet Yelnick (Free subscription) | yesterday

... Greece) crashing. Back in the USSA, we are getting more solid Black Friday retail numbers, and as Karl Denninger so elegantly puts it, they suck : The NPD Group’s Weekly Tracking Service, the industry source for actual point-of-sale data (POS) from Black Friday . Total revenue for the week of Black Friday was slightly more than $2.7 billion, down 1.2 percent from 2008, but an improvement...

Are Leading Indicators Rolling Over?

Planet Yelnick (Free subscription) | yesterday

... would actually have been up . Also of concern is the more sober retail numbers for November Karl Denninger reports how ShopperTrak now says foot traffic was down 6% and sales down 0.1%. My take remains that retail will be late this season and driven by discounts. Online sales are up (see my post on Amazon ). Fedex shows increased traffic, including of small packages. Hence the momentary...

Without Recourse Against the State

FutureJacked (Free subscription) | 12/07/2009

... fertile ground. Here is a nice quote out of New Jersey from Paul Mulshine at The Star Ledger ( h/t Karl Denninger ): "There exists the real possibility that a future Legislature will not make an appropriation for the payment of principal or interest on one or more of the contract bonds. In such a scenario, the bondholders would be without recourse against the state or its assets."...

The Financial Week That Was

Kid Dynamite's World (Free subscription) | 12/06/2009

... Loeb: "It's a bull market in government regulation and intervention." Via Dealbreaker - Karl Denninger : none of the trial mortgage modifications have been made permanent. - Via Felix Salmon: Fama and French's latest study on fund returns: "For the vast majority of actively managed funds, true α is probably negative; that is, the fund managers do not have enough...

Government Debt: No Way Out?

SeekingAlpha.com (Free subscription) | 12/04/2009

Karl Denninger submits: You have to admire the audacity of these clowns: "To my mind, a natural place to start is asset sales," he told reporters after a speech in Charlotte, North Carolina, playing down fears of market disruptions. "We have to move over time to channeling resources away from the housing market. It doesn't seem advisable to me to build a recovery based...

Excellent summary on why Quantitative Easing won't work

Mark Wadsworth (Free subscription) | 12/03/2009

As I have explained before *, QE won't work in the UK as numbers on bits of paper are being shuffled between the commercial banks and two departments of HM Treasury (the Debt Management Office and the Bank of England) in a closed loop. In the USA, the government is actually giving the banks new money, by buying bad and doubtful loans off them for rather more than market value. Karl Denninger...

Seasonal Adjustments Ratchet Unemployment

Planet Yelnick (Free subscription) | 12/04/2009

... retail season. Overall, however, this report has good news in it: the job drop may be bottoming . Karl Denninger runs this chart showing the change of trend on a YoY basis: Calculated Risk has more on this theme. As you can see in comparisons with prior recessions, our current one is long and deep, but appears to be bottoming, albeit slowly. What to watch: what happens in the January...

Retail Sales, Gallup Edition: A Splash of Cold Water

SeekingAlpha Retail Stocks (Free subscription) | 12/02/2009

Karl Denninger submits: I thought that "per-person" spending was down, but traffic was way up, and on balance Black Friday was reasonably good..... if so, what's this ? Gallup's Thanksgiving week results tend to confirm fears of a weak holiday sales season as consumer spending was unchanged from the prior week, even though it included Friday and Saturday of the Black Friday...