Morning Journal--Martin Feldstein on two dollar fallacies

 News on Stocks in Our Portfolios courtesy Seeking Alpha

South Jersey Industries (SJI): Q4 GAAP EPS of $0.36. Revenue of $121.9M.

Western Gas Partners (WES): Q4 EPS of -$0.27. Revenue of $212.8M misses by $16.35M.

Economics

   This Week’s Data

            Weekly jobless claims fell 22,000 versus expectations of a 2,000 decline.

            http://scottgrannis.blogspot.com/2013/02/what-claims-say-about-investment.html

            Fourth quarter GDP was revised from -0.1% to +0.1% versus estimates of an increase to 0.5%; the GDP deflator was revised up from +0.6% to +0.9% versus forecasts of +0.6%.

            The February Kansas City Fed’s manufacturing index dropped to -10 from -2 in January.

            http://www.calculatedriskblog.com/2013/02/kansas-city-fed-regional-manufacturing.html

            The Chicago PMI came in at 56.8 versus estimates of 55.0.

            http://www.bespokeinvest.com/thinkbig/2013/2/28/chicago-pmi-surprises-to-the-upside.html

                January personal income dropped 3.6% versus forecasts of down 2.1%; personal spending was up 0.2%, in line with expectations.

                http://www.calculatedriskblog.com/2013/03/personal-income-declined-36-in-january.html

   Other

            Consumer debt rises slightly in fourth quarter 2012:

            http://www.calculatedriskblog.com/2013/02/fed-consumer-debt-increased-slightly-in.html

            Update on the growing student loan crisis (short):

            http://www.zerohedge.com/news/2013-02-28/delinquencies-student-loans-surpass-those-credit-card-debt

            Overnight global economic data roundup.  Note the poor Chinese PMI number (medium):

            http://www.zerohedge.com/news/2013-03-01/march-starts-whimper

            Martin Feldstein on two dollar fallacies (medium and today’s must read):

            http://www.zerohedge.com/news/2013-02-28/guest-post-growing-risks-dollar

Politics

  Domestic

The Woodward/White House spat continues (short/medium):

http://thehill.com/blogs/blog-briefing-room/news/285423-woodward-claims-white-house-threatened-him

Detroit taken over by the state (short):

http://www.zerohedge.com/news/2013-02-28/detroit-be-taken-over-state

  International War Against Radical Islam

            The sanctions paradox (medium):

            http://www.nationalreview.com/articles/341733/sanctions-paradox-clifford-d-may