Elections are over, politicians continue to bicker, and Greece insists on furthering their already impressive implosion. Thanksgiving may help if it can bring to mind those seminal American values that are the foundation and bedrock of our country.
Gross Domestic Product, better known as GDP, is the market value of all final goods and services produced within a country in a given period. That's why GDP per capita is widely used as a summary indicator of living standards in a country.
The breakdown of S&P 500 returns by sector is once again telling us something. This time the breakdown is confirming what the incoming economic data over the past several weeks has been saying all along: global economic growth is slowing.
For all its influence, economics doesn't really have much to say about something as fundamental (and yes, complex) as the relationship between the size of the financial sector and growth in the real economy.