Fielding Sally: According to Rep. Louie Gohmert (R-TX) stopping immigration reform and militarizing the borders will convince the Hispanic voter that “Republicans really like me.”
On The Up And Up: Citi – once so poorly run that it required two massive infustions from the US taxpayer – reports 2Q profits of $4.18 billion – up 42% y/y. Or up just 26%, depending on how they want to look at things. The biggest gains came from bond trading (18%), underwriting and financial advice (21%) and
Up Is The New Down: June's retail sales were up 0.4%, except that without cars and the gasoline price spike they were down -0.1%, suggesting that GDP grew less than 1% in 2Q 2013,
Yes, But: According to Jim Kunstler "What we are seeing now is an enormous amount of wishful thinking by people who ought to know better but don't," He didn't explain how this is noticeably different than all the previous 'nows'.
Right Church, Wrong Pew: Art Cashin is “a bit concerned about what seems to be increasing concern of falling inflation (deflation?) among [members of the] FMOC.” I'd be more concerned about the deflation than the concern.
Shades Of Gray: There is no “true” unemployment rate, just various indicators of the state of the labor market depending on the definition of what constitutes looking for a job – or having one. Despite terminology differences, these indexes generally move in unison.
Porn O'Graph: Spot the one that doesn't fit.
The Parting Shot: