Why the Big Apple needs to bite into its budget

The outlook for New York looks bleak: it spends about $5.6 billion a year to repay debt, and this amount will surpass $7.1 billion in four years. New York's public authorities have over $80 billion in debt that is not backed by state revenues.

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Equity will rally higher

Bob Doll, Chief Equity Strategist at BlackRock, one of the world’s largest asset managers, is striking a very bullish tone in his latest strategy note. Doll’s who often appears in CNBC India, says the recovery is the real deal and that you better jump on board the risk asset train before you get left behind.  

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Meanwhile, a new predictive measure, anticipates a huge crash

Econbrowser's James Hamilton has highlighted a new forecasting gauge, developed by two private-sector and three academic economists and detailed in a 55-page report, "Financial Conditions Indexes: A Fresh Look after the Financial Crisis," which uses changes in 44 financial indicators to try and predict what will happen to the economy. Interestingly enough, the FCI seems to be anticipating a turn of events.

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