Morning Journal--Why zero interest rates haven't worked

Economics

   This Week’s Data

            October factory orders rose 0.8% versus expectations of a 0.1% decline.

            The November Institute for Supply Management’s nonmanufacturing index came in at 54.7 versus estimates of 53.6 and 54.2 recorded in October.

            http://advisorperspectives.com/dshort/updates/ISM-Non-Manufacturing.php

            Weekly jobless claims fell 25,000 versus forecasts of a 10,000 drop.

            http://www.calculatedriskblog.com/2012/12/weekly-initial-unemployment-claims.html

   Other

            Why a zero interest rate policy isn’t working (medium and today’s must read):

            http://www.zerohedge.com/news/2012-12-05/citi-why-qe-isnt-working

            Chart porn on student debt (short):

            http://advisorperspectives.com/dshort/guest/Shedlock-121205-Consumer-Debt-Components.php

Politics

  Domestic

            Boehner’s purge of the GOP (short):

            http://www.zerohedge.com/news/2012-12-05/night-long-knives-fake-conservative-john-boehner-purges-gop

            The audacity of hypocrisy (short):

            http://www.zerohedge.com/news/2012-12-05/who-said-it