Earnings last week stole the spotlight from the economic calendar, and that is likely to happen again this week. Though the economic data may not have much of an impact as investors key in on major profit reports and any guidance, there will be a couple of important events to look at.
Fed Chief Ben Bernanke's semi-annual testimony on monetary policy on Tuesday and Wednesday will capture financial headlines. Bernanke is likely to comment on Fed plans to buy longer-term government securities and may be pressed by lawmakers to expand the plan.
He is also likely to signal that unemployment may go higher but a weak recovery may start sometime later this year.
Existing home sales on Thursday will also be of interest. Pending home sales have come off the bottom but existing sales have yet to reflect a solid acceleration.
Timing may be an issue since pending home sales look at contracts signed but not yet closed. The National Association of Realtors has blamed low appraisals for scuttling some of the deals.
Sunday, July 19, 2009
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Read this article: "Ron Paul vs. Bernanke". It is well documented. illustrated with fun picture and video and accompanied with relevant quotes:
"I will argue here that, to the contrary, there is much that the Bank of Japan, in cooperation with other government agencies, could do to help promote economic recovery in Japan.
Most of my arguments will not be new to the policy board and staff of the BOJ, which of course has discussed these questions extensively.
However, their responses, when not confused or inconsistent, have generally relied on various technical or legal objections—- objections which, I will argue, could be overcome if the will to do so existed."
Prof. Benjamin Shalom Bernanke
Japanese Monetary Policy: A Case of Self-Induced Paralysis?
For presentation at the ASSA meetings, Boston MA,
January 9, 2000.
Read: Prepare for the Crash, The Age of Turbulence.
"Plea for a New World Economic Order."
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