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Thursday, January 16, 2014

Claman On Call: Will J.C. Penney make a comeback?

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Will J.C. Penney make a comeback?

Claman on Call: FBN's Liz Claman with an after-hours web-exclusive on the markets, American Express and Intel earnings and the future of retailers J.C. Penney and Sears.

On Our Radar: News We're Following

Can J.C. Penney be the next turnaround story?
Inside Intel's Success
Mixed Earnings Halt Wall Street's Two-Day Run
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World inequality forum

Next week, the World Economic Forum will hold its annual meeting in Davos, and it’s out with the latest edition of what it sees as the biggest global risks. As Linnette Lopez notes, income disparity has been the WEF’s number one risk, at least in terms of likelihood, for the last three years.

That income inequality (or disparity) is now on the lips of the global elite isn’t surprising: here’s a chart of of Google searches for the term since the financial crisis. But there has been another spate of wonkish takes on income inequality, and a few hints of least some common premises. As Jonathan Capehart notes, there’s some crossover in the way President Obama and Marco Rubio have talked about inequality. Martin Wolf echoes the worries of IMF chief economist Jennifer Blanke that inequality is eroding the world’s social fabric:

A degree of plutocracy is inevitable in democracies built, as they must be, on market economies. But it is always a matter of degree. If the mass of the people view their economic elite as richly rewarded for mediocre performance and interested only in themselves, yet expecting rescue when things go badly, the bonds snap. We may be just at the beginning of this long-term decay.

John Cassidy has a good news / bad news look at global income inequality. In the good news category is Angus Deaton, whose 2013 book “The Great Escape” tracks recent economic gains by nations like China and India. Deaton argues that life, generally, is better now, as technology has improved lives and as millions in emerging economies have been pulled out of poverty.

The bad news comes from the IMF’s Branko Milanovic and Christoph Lakner. In a December paper on inequality, they find that overall global income inequality didn’t really budge between 1988 and 2008. As Cassidy puts it: “While globalization and technological progress have enabled some poor countries to engage with the global economy and catch up to their more advanced rivals, these same forces are generating big increases in inequality within countries.” Ryan Avent writes that “the political salience of the issue is exclusively national.”

In America, where some 95% of income gains since 2009 have gone to the top 1% of earners, the issue is increasingly politicalJames Pethokoukis calls for a GOP push against cronyism and takes aim at Big Sugar, Big Solar and big banks. Michael Spence calls inequality a “distributional challenge” that may require a delicate combination of raising the minimum-wage and redistribution through the tax code. Brad DeLong wonders why the multi-decade rise in inequality in America hasn’t led to sweeping political change, as it did after the Great Depression. “Most Americans should be as worried today about the quality of their democracy as they are about the inequality of their incomes,” he writes. -- Ryan McCarthy

On to today’s links:

UGH
The retirement homes that lure poor veterans with phantom benefits they don't actually qualify for - NYT

Housing
There's a housing market for cash buyers -- and one for everyone else - Carola Binder

JPMorgan
It cost JPMorgan $1.5 billion to value its derivatives right - Matt Levine

Charts
40 charts that explain the world - Dylan Matthews
Increasing income inequality, animated GIF chart edition - Center on Budget and Policy Priorities

EU Mess
France by the numbers - Paul Krugman
Francois Hollande: "Supply creates demand" - Francesco Saraceno

Financial Arcana
The roots of shadow banking - Enrico Perotti

Classic Bess
"Fox Business Senior Ballsack Correspondent has sources around every corner" - Bess Levin

Strange Religions
"We interviewed the founder of Yeezianity, the first religion based on Kanye West" - Vice

Remuneration
Goldman employees experience 3% decline in happiness - Will Alden

Underbellies
The dark side of the truffle trade - The Atlantic

Popular Myths
Psychopaths don't act like they do in the movies; you probably know a few - Quartz
Booth babes are bad for business - Chris Doctorow

Alpha
“Bank earnings are a joke", says bank analyst - Dawn Kopecki

Crisis Retro
Tales from the Miami housing boom (the 1920s edition) - David Sibey

Cephalopods
"After some soul-searching at a silent monastery in New Mexico", Martin Chavez returned to Goldman - Fortune

Follow Counterparties on Twitter. And, of course, there are many more links at Counterparties.

 

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Business Today: Bond trading stings Goldman, Citi in fourth quarter

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01/16/2014
Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between
Bond trading stings Goldman, Citi in fourth quarter
(Reuters) - Goldman Sachs Group Inc and Citigroup Inc were hit hard by a sharp fall in bond trading revenues in the fourth quarter, a stinging blow for two banks long seen as stalwarts of fixed income markets.
U.S. companies allowed to delay disclosure of data breaches
NEW YORK (Reuters) - A decade of lawmaking by U.S. states to ensure consumers are told when their data has been hacked still lets companies such as Target Corp wait weeks or even months to disclose security breaches.
Intel profit up slightly, shares fall after-hours
SAN FRANCISCO (Reuters) - Intel Corp posted fourth-quarter net earnings of $2.6 billion, or 51 cents a share, compared with $2.5 billion, or 48 cents a share, in the year-ago quarter as the chipmaker grapples with a shrinking PC industry and finds support from demand for more servers.
American Express profit doubles as US holiday shoppers spend more
(Reuters) - Credit card company American Express Co's quarterly profit more than doubled as customers spent more in the holiday season in the United States, its core market.
S&P 500 retreats from record after bank results
NEW YORK (Reuters) - U.S. stocks slipped on Thursday, with the benchmark S&P 500 index retreating from the previous session's record high after earnings from Goldman Sachs and other banks disappointed.
U.S. data points to firming labor market, inflation tame
WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits fell for the second consecutive week last week, suggesting a sharp step-down in job growth in December was likely to be temporary.
U.S. judge rejects deal to end Detroit swap agreements
DETROIT (Reuters) - A U.S. bankruptcy judge on Thursday rejected a deal for Detroit to end costly interest-rate swap agreements with two investment banks, potentially eliminating a source of cash for the bankrupt city.
Target agrees to testify on Capitol Hill about data breach
WASHINGTON (Reuters) - Target Corp has agreed to testify before Congress in early February about a data breach that compromised credit and debit card and personal data of millions of customers, a House of Representatives subcommittee said on Thursday.
Best Buy shares tumble on weak holiday sales, margin forecast
NEW YORK (Reuters) - Best Buy Co shares tumbled about 30 percent on Thursday after the world's largest consumer electronics chain reported disappointing holiday sales and warned of a bigger-than-expected decline in quarterly operating margins.
Exclusive: SEC may seek more power to enforce Volcker rule
WASHINGTON (Reuters) - U.S. securities regulators fear they do not have the full range of enforcement powers to police Wall Street's compliance with the controversial Volcker rule, and told Reuters they are considering new rules to fill the gap.
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