Recap 12-19-11

Main Items:

  • The GOP rejected a bipartisan Senate bill for a 2 week stop-gap extension that would extend the payroll tax cut.
  • Draghi reported ducked a question by FT on whether the ECB will ever conduct QE.
  • NAHB sentiment index rose to 21 in Dec vs 20 exp and 19 prev.


  • Kim Jong Il died. His son is expected to take over the dictatorship. Asian indices were lower on the back of potential instability.


Apparently you have to be watchful of your friends’ credit rating.