Mark Perry is convinced that the recent uptick in vehicle miles is a good sign, economically speaking; Calculated Risk is not as convinced. Both, however, are working on the assumption that vehicle miles are an excellent proxy for economic activity as a whole, and that the more they rise, the better the economy is doing.
Jim O’Neill of Goldman Sachs is now going around saying that the eurozone needs “solidarity,” and that Germany in particular needs to get with the all-for-one-and-one-for-all program, after getting itself into this mess by encouraging far too many countries to join the euro in the first place. At the same time, the survival of the euro, he says, “requires Germany to be not so noisy and aggressive about how other countries should run their economies.”
One of the silliest yet most ubiquitous things in financial journalism is the daily market report. The Dow did this, the Nasdaq did that, lookee the dollar, or Gold, or the Hang Seng. Invariably a word like “as” or “after” is used to connect the market move to some news item of the day without quite coming out and saying that there’s a causal relationship.