Is the S&P 500 at All Time Highs?
If you turn on the news, the financial networks are rejoicing.
The S&P 500 has reached new nominal highs.
Mebane Faber breaks down the growth of the S&P and adjusts the growth for inflation. Unfortunately, the inflation-adjusted market has not yet reached its previous highs.
S&P 500 Moves Above Its Record High, Keeps Going
Yahoo Finance’s take on the record high.
Cyprus Finance Minister: Uninsured Laiki Depositors Could Face 80% Haircut
The bailout deal has reached new lows. Depositors could have 80% of their wealth above 100,000 euros confiscated. Such destruction of wealth by government decree is difficult for me to wrap my head around. We can only pray that such measures do not catch on elsewhere.
Read The Article At Fox Business
What Happened In Cyprus
The Economist has a nice write-up about how the crisis in Cyprus came to be. Athanasios Orphanides, the past governor of the Central Bank of Cyprus, gives readers the inside scoop on what he believes really caused the crisis in Cyprus, and how easily it could have been avoided. Two causes he highlights are continued government deficits, which were supported by a Russia loan, and an overexposure to Greek debt. So, if you are interested in the “why” behind the crisis, give it a read.
Median Household Income Down 7.3% Since Start of Recession
After adjusting for inflation and seasonal differences, the median US income is still down 7.3% from the start of the recession in December 2007, and down 5.6% from June 2009.
Amazon Plans To Buy The Social Network For Book Fans
It looks like Amazon is going to scoop up the book recommendation site Goodreads. I’ve used Goodreads on and off for a year or two. It’s a very helpful service to find books you like, keep track of the books you’ve read, and of course, provide plenty of useful information to the company. I’d imagine this reader information is a goldmine for Amazon, which is most likely the driving purpose behind the acquisition.
Read The Article At Yahoo Finance