Morning Journal--How successful have sanctions been?

  News on Stocks in Our Portfolios

Hormel Foods beats by $0.03, beats on revenue

o    Hormel Foods (NYSE:HRL): FQ3 EPS of $0.51 beats by $0.03.

o    Revenue of $2.28B (+5.6% Y/Y) beats by $50M.

Economics

   This Week’s Data

            Weekly jobless claims fell 14,000 versus expectations of an 11,000 decline.

   Other

            Update on the auto loan market (medium):

            http://www.zerohedge.com/news/2014-08-20/car-repos-soar-70-auto-subprime-bubble-pops-its-contained-promises-fed

            Argentina ‘crams down’ holdouts (medium):

            http://www.zerohedge.com/news/2014-08-20/argentina-stuns-bondholders-scorched-earth-cramdown-plan

            Brazil joins the QE club (medium):

            http://www.ft.com/intl/cms/s/0/eeda051a-2886-11e4-8bda-00144feabdc0.html?siteedition=uk#axzz3AeIFqdWT

            Update on real household incomes (medium):

            http://www.advisorperspectives.com/dshort/commentaries/Real-Incomes-Five-Years-After-the-Great-Recession.php

Politics

  Domestic

More on the collusion of the banksters and the regulators (medium):

http://www.nakedcapitalism.com/2014/08/nyts-william-cohan-blasts-holder-doctrine-headfake-bank-settlements-prosecutions.html

  International

            How successful have the sanctions been (medium)?

            http://www.newyorker.com/business/currency/hurt-putin-hurt