Morning Journal---Compare and contrast Chinese versus US government policies

Economics

   This Week’s Data

            First quarter corporate profits rose 5.3%.

            April pending home sales rose 0.4% versus expectations of up 1.0%.

            http://www.calculatedriskblog.com/2014/05/nar-pending-home-sales-index-increases.html

                April personal income rose 0.3% versus estimates of +0.4%; personal spending was -0.1% versus forecasts of +0.2% (does that mean first quarter GDP was not a fluke?); the price index was up 0.2%, in line.

   Other

            A comprehensive look at the first quarter (medium):

            http://scottgrannis.blogspot.com/2014/05/one-negative-quarter-does-not-make.html

            A great article from Stephen Roach comparing Chinese and US government economic policies (medium and today’s must read):

            http://www.project-syndicate.org/commentary/stephen-s--roach-forecasts-stiffening-economic-headwinds-for-the-us-as-excess-chinese-saving-dries-up#Xt4YELbWFEJrSm0Y.99