Morning Journal--The US is bankrupt

News on Stocks in Our Portfolios

Chevron beats by $0.31, beats on revenue

o    Chevron (NYSE:CVX): Q2 EPS of $2.98 beats by $0.31.

o    Revenue of $57.94B (+1.0% Y/Y) beats by $560M.

Procter & Gamble beats by $0.04, misses on revenue

·         Procter & Gamble (NYSE:PG): FQ4 EPS of $0.95 beats by $0.04.

·         Revenue of $20.16B (-0.7% Y/Y) misses by $320M.

Emerson Electric misses by $0.03, misses on revenue

·         Emerson Electric (NYSE:EMR): FQ3 EPS of $1.03 misses by $0.03.

·         Revenue of $6.3B (-0.6% Y/Y) misses by $150M.

Marathon Oil beats by $0.14, misses on revenue

·         Marathon Oil (NYSE:MRO): Q2 EPS of $0.89 beats by $0.14.

·         Revenue of $2.94B (+1.4% Y/Y) misses by $460M.

Economics

   This Week’s Data

   Other

            The US and the EU---compare and contrast (medium):

            http://scottgrannis.blogspot.com/2014/08/us-manufacturing-outlook-solid-but-not.html

            More on subprime auto loans (medium):

            http://www.zerohedge.com/news/2014-08-04/doj-subpoenas-gm-over-subprime-auto-loan-underwriting-standards

            The US is bankrupt (medium and today’s must read):

            http://www.zerohedge.com/news/2014-08-04/us-bankrupt-blasts-biderman-we-now-await-cramdown

            Saxo bank’s contrarian forecast (medium):

            http://www.zerohedge.com/news/2014-08-04/3-things-cant-stay-hidden-long-sun-moon-truth

Politics

  Domestic

The national security state (medium):

http://www.nakedcapitalism.com/2014/08/tom-engelhardt-rise-power-national-security-state.html

  International

            The latest from Ukraine:

            http://www.zerohedge.com/news/2014-08-04/bear-reawakens-ukraine-claims-russia-has-33000-troops-160-tanks-near-border

                        http://www.reuters.com/article/2014/08/05/ukraine-crisis-russia-airlines-idUSL6N0QB19B20140805?type=companyNews&feedType=RSS&feedName=companyNews

            The latest from Gaza (medium):

            http://www.reuters.com/article/2014/08/05/us-mideast-gaza-idUSKBN0G008720140805

            More on China and the South China Sea territorial disputes (medium):

            http://www.zerohedge.com/news/2014-08-04/china-warns-what-we-do-or-dont-do-south-china-sea-us-noone-else