Monthly Archives: May 2013

Youth Without Hope: 60% Unemployment

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“Greece has a 60% unemployment rate for people in the 18-25 age bracket.  Think of this. This is a generation that is unlikely ever to save their career plans out of the recession that has overtaken Greece and is getting worse.  It will mar them for the rest of their lives.  The experts said this was impossible in 2007. The bankers in northern Europe believed the hype. They lent money to Greece’s government and businesses. Now they need bailouts from the European Union — the government — and the central bank, and the IMF. They care nothing about Greece. They just want someone to pay interest on their loans. They are getting what they ask for. Greece isn’t.”

http://teapartyeconomist.com/2013/05/14/youth-without-hope-60-unemployment/

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Only Half Of College Grads Work Jobs That Require A Degree

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“A college degree might not be worth the hassle and expense, according to a new study.  Almost half of four-year college graduates are working jobs that don’t require a bachelor’s degree, according to a study by McKinsey & Co. that asked 4,900 graduates about their careers after college.  Furthermore, around a third of college graduates said they did not feel that college had fully prepared them for the working world. Over half said they’d choose a different school or a different major if they could do it again.”

http://www.economicpolicyjournal.com/2013/05/only-half-of-college-grads-work-jobs.html

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Calculating the ROI of a 4-Year College Degree

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“People tend to assume that getting a college education is a good financial investment. But a new Brookings report ‘Should Everyone go to College?’ finds that the actual value of a 4-year bachelor’s degree can vary dramatically depending on factors such as field of study, type of college, graduation rate, and future occupation. The more selective the school, the higher the return on investment (ROI) as calculated by Payscale. The bad schools are pretty bad, as Payscale found that 1 in 5 have a negative ROI over 30 years.  The lifetime earnings of a graduate also varies widely with the type of major and subsequent occupation.”

http://www.mymoneyblog.com/roi-college-degree.html

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Bankers: College debt bubble mimics housing bubble

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“A group of bankers have just dumped two more problems on the Federal Reserve’s plate. The Federal Advisory Council, made up of 12 bankers who meet quarterly to advise the central bank, warned that farmland prices are inflating ‘a bubble’ and growth in student-loan debt has ‘parallels to the housing crisis,’ which was the primary cause of the Great Recession in the U.S.  Bernanke has dismissed parallels between student lending and the subprime mortgage crisis.”

http://www.usatoday.com/story/money/business/2013/05/11/college-debt-bubble-looks-like-housing-bubble/2151555/

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CEO of World’s Biggest Bond Fund: Government Has Rigged the Game Against Investors

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“Investors are being haircutted by at least 200 basis points judged by historical standards, which in the past offered no QE and priced Fed Funds close to the level of inflation. Large holders of U.S. government bonds, including China and Japan, will be repaid, but in the interim they will be implicitly defaulted on or haircutted via negative real interest rates. . . .  Future haircuts might even include a wealth tax. Are gold and/or AA+ sovereign bonds good as money? Usually, but capital controls can clip you if you’re not careful.”

http://teapartyeconomist.com/2013/05/13/the-ceo-of-the-biggest-bond-fund-says-the-government-has-rigged-the-game-against-investors/

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Investors can’t beat the machines: Computer-dominated trading takes over

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“The implication of all this for individual investors is straightforward: Don’t trade. Short-term trading has become so dominated by Wall Street’s computers that individuals—and professional managers—almost certainly will lose out to them over time. The obvious alternative, experts say, is to buy and hold diversified index funds with very low expenses. Odean says some of the poorest performances in his studies were turned in by traders who were the most confident of their abilities. This led them to trade even more often and incur even more risk.”

http://www.marketwatch.com/Story/story/print?guid=4024327C-B9A4-11E2-9153-002128040CF6

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Rick Rule: This Is Fun

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“Let’s face it, I’m 60 years old. This is probably my last major market cycle. I’m going to make the most of it. I can tell you that I’m having the most fun I’ve had in my career for 13 years. I have spent all my life honing my skills, building up the capital, building up the client base – this is tailor-made for me. I realize this period is unpleasant for some people, but the market doesn’t care if it’s unpleasant. The market doesn’t care if it’s inconvenient. You take what the market gives you – and this market is giving me a gigantic sale on assets I want to own.”

http://www.caseyresearch.com/cdd/rick-rule-this-is-fun

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Gold Bears Pull $20.8 Billion as BlackRock Says Buy

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“Hedge funds increased bets on lower gold prices after investors pulled a record $20.8 billion from bullion funds this year while BlackRock Inc. (BLK), the world’s biggest money manager, said it’s still bullish.  Speculators held 67,374 so-called short contracts on May 7, 6.4 percent more than a week earlier, U.S. Commodity Futures Trading Commission data show. The net-long position dropped 10 percent to 49,260 futures and options.  BlackRock’s President Robert Kapito said May 9 he would still buy the metal, echoing billionaire John Paulson, who’s sticking with a bullish view even after losing 27 percent in his Gold Fund last month.”

http://www.bloomberg.com/news/2013-05-12/gold-bears-pull-20-8-billion-as-blackrock-says-buy-commodities.html

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India Trade Deficit Deteriorates As Gold Imports Soar 138%

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“India’s economic boogeyman, the monthly trade deficit, continues to rear its ugly head, this and every time, driven be the country’s insatiable desire for gold which is so powerful, the country took full advantage of the plunge in gold prices, and saw business imports of gold soar by 138% y/y in April, forcing the trade deficit to hit a 3 month high of $17.8 billion as more fiat left the country in return for bringing in more of the ‘barbarous relic.’ Gold imports more than doubled on both a Y/Y and sequential basis, with gold accounting for $7.5 billion, or 18% of total imports, compared to $3.1 billion in March.”

http://www.zerohedge.com/news/2013-05-13/india-trade-deficit-deteriorates-gold-imports-soar-138

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Hundreds of Bangladesh textile plants shut indefinitely

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“The textile industry’s main trade body said all operations at the nearby Ashulia industrial zone on the outskirts of Dhaka were being suspended until further notice. Shahidullah Azim, of the Bangladesh Garment Manufacturers and Exporters Association, said the decision was made ‘to ensure the security of our factories’. Most of Bangladesh’s top garment factories are based at Ashulia and there has been ‘virtually no work’ there since the April 24 Rana Plaza tragedy, Azim said.  Ashulia is home to around 500 factories which make clothing for a string of major Western retailers including Walmart, H&M, Tesco and Carrefour.”

http://www.rawstory.com/rs/2013/05/13/hundreds-of-bangladesh-textile-plants-shut-indefinitely/

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