Morning Journal--Update on student loan bubble

Economics

   This Week’s Data

            The April NFIB Business Optimism Index came in at 92.1 versus expectations of 90.5.

            The International Council of Chopping Centers reported weekly sales of major retailers fell 2.0% versus the prior week but rose 1.2% versus the comparable period a year ago; Redbook Research reported month to date retail chain store sales up 0.7% versus the similar timeframe last month and up 2.8% on a year over year basis.

            Weekly mortgage applications fell 7.3% while purchase applications declined 4.0%.

            April PPI was down 0.7%, in line with forecasts; ex food and energy, it was up 0.1% versus estimates of up 0.2%.

            The May New York Fed manufacturing index came in at -1.43 versus expectations of +3.75.

           

   Other

            Credit rating agencies once again getting gamed (medium):

            http://www.zerohedge.com/news/2013-05-14/2007-deja-vu-bond-issuers-game-rating-agencies-once-again

            Update on the student loan bubble (short):

            http://www.zerohedge.com/news/2013-05-14/us-student-loan-bubble-broken-down-state-and-why-washington-dc-stands-out-sore-thumb

            If housing is doing so great, why are lumber prices plummeting (short):

            http://www.zerohedge.com/news/2013-05-14/lumber-new-baltic-dry

            More Chinese data (short):

            http://blog.yardeni.com/2013/05/china-excerpt.html

Politics

  Domestic

Double standard (short):

http://www.aei-ideas.org/2013/05/legal-double-standard-obama-administration-gives-wind-energy-industry-a-pass-on-killing-birds-but-not-oil-and-gas/

            Some thoughts on the IRS scandal from my favorite liberal (short):

            http://dailycaller.com/2013/05/12/what-about-clintons-irs/

            Here is a questionnaire sent out by the IRS to a targeted group (medium):

            http://www.zerohedge.com/news/2013-05-14/irs-conservatives-provide-details-regarding-all-your-facebook-or-twitter-activity

            And here is the Inspector General’s report on the IRS action (long):

            http://www.zerohedge.com/news/2013-05-14/full-irs-inspector-general-report-inappropriate-targeting-conservative-groups

            The nexus of the Administration and the MSM (short):

            http://michellemalkin.com/2013/05/13/obama-administration-media-relative/

  International

            Germany pushing France to the periphery (medium):

            http://www.nakedcapitalism.com/2013/05/germany-pushes-france-toward-periphery.html