Mish's Global Economic Trend Analysis |
China's Exports "Surprisingly" Drop Posted: 12 Oct 2013 03:20 PM PDT Economists expected a 6% rise in Chinese exports. Instead, exports fell 0.3%. Please consider China's September export growth in surprise slide. China's export growth fizzled in September to post a surprise fall as sales to Southeast Asia tumbled, data showed, a disappointing break to a recent run of indicators that had signaled its economy gaining strength.Hardly Surprising For reasons discussed many times on this blog, the news is hardly surprising. Moreover, with exports down and imports up, China's GDP is going to "surprise" economists on the downside as well. For the real story on Chinese growth and why it will not be as strong as most analysts expect, here is some additional reading.
Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
Silliness From Boehner Rejected by Obama; Cut Losses, End the Madness Posted: 12 Oct 2013 09:46 AM PDT Bloomberg reports Boehner Said Obama Rejected Fiscal Offer. House Speaker John Boehner told fellow Republicans today that President Barack Obama rejected his latest fiscal offer, said Representative Raul Labrador, an Idaho Republican.The Deal
Why bother? Does anyone think an agreement of substance can be hammered out by November 22. Amusingly, Boehner's proposal increases the deficit by $32 billion. So much for fiscal prudence. I still expect six Senate Republicans to pass a clean measure and send it to the House where it would pass if Boehner allowed a vote. Cut Losses, End the Madness Republicans should just concede and allow a vote to end the shutdown without conditions, Representative Peter King, a New York Republican, said in an interview yesterday.As I mentioned before, the risk to Boehner, is House members use a discharge petition to force a vote. There are close to 30 Republicans willing to extend the debt ceiling, and the measure only needs about 17 to pass. As it stands, Republicans do not want to overrule Boehner via discharge petition to force the vote. If the Senate passes a clean bill, pressure on Boehner will be intense. I strongly support a balanced budget, reduced spending, and other things Republicans want, but the battle is not going to be won this way. In case you missed it, please consider Pragmatic Look at the Debt Ceiling Debate; Who Broke Washington? Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com |
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