• BofA: The U.S. Economy’s ‘Minute Of TruthDecisive Moment’ Has Actually Nearly Shown Up – Bloomberg Company

    On Thursday, some of the most significant remaining concerns about the US economy may be responded to, according to Bank of America Merrill Lynch Deputy Head of US Economics Michelle Meyer and US Economist Alexander Lin.The Bureau of Economic Analysis (BEA) is slated to release the advance estimate for second-quarter growth that morning, for which the consensus estimate is 2.7 percent, together with modifications to gross domestic itemgdp (GDP) development for previous years and a new metric that might provide a more precise reflection of the countries economic performance.As such, Meyer and Lin

    referred to Thursday morning as the American economys moment of factcrucial moment.



  • Federal Reserve Documents Stagnant State Of US Economy

    Federal Reserve documents stagnant state of United States economy

    By
    Barry Grey

    21 July 2015

    The United States Federal Reserve Board last week released its biannual Monetary Policy Report to Congress, supplying an assessment of the state of the American economy and laying out the main bank’s financial policy moving forward. The report, along with Fed Chair Janet Yellen’s testimony prior to both the Houseyour house of Representatives and the Senate, as well as a speech by Yellen the previous week in Cleveland, present a grim image of the truth behind the official talk of financial “recuperation.”

    In her ready remarks to Congress last Wednesday and Thursday, Yellen stated, “Looking forward, potential customers are beneficial for further enhancement in the US labor market and the economy more extensively.”

    She stated her assurances that while the Fed would likely begin to raise its benchmark federal funds rate of interest later this year from the 0.0 to 0.25 percent level it has kept given that shortly after the 2008 financial crash, it would do so only slowly and gradually, keeping short-term rates well listed below historically regular levels for an indefinite period.

    This was an expected, but however welcome, signal to the American monetary elite, which has actually enjoyed an amazing increase in corporate profits, stock values and personal wealth since 2009 thanks to the flood of essentially totally free cash supplied by the Fed.

    However as Yellen’s remarks and the Fed report show, the explosion of asset values and wealth accumulation at the really leading of the financial ladder has actually taken place along with an intractable and continuing depression in the real economy.

    In her ready testimony to the Homeyour home Financial Services Committee and the Senate Banking Committee, Yellen kept in mind the following functions of the efficiency of the United States economy over the very first six months of 2015:

    * A sharp decline in the rate of economic growth as compared to 2014, including a real contraction in the very first quarter of the year.

    * A substantial easing (19 percent) in average regular monthly job-creation, from 260,000 last year to 210,000 hence far in 2015.

    * Declines in domestic spending and commercial production.

    In her July 10 speech to the City Club of Cleveland, Yellen pointed out an even longer list of unfavorable indices, consisting of:

    * Growth in real gross domestic product (GDP) considering that the official start of the recuperation in June, 2009 has actually balanced a simple 2.25 percent annually, a full one portion point less than the average rate over the 25 years preceding what Yellen called the “Excellent Economic downturn.”

    * While producing employment across the country has increased by about 850,000 because completion of 2009, there are still almost 1.5 million fewer production tasks than just prior toprior to the economic downturn.

    * Real GDP and commercial production both decreased in the first quarter of this year. Commercial production remained to fall in April and Might.

    * Residential construction (despite incredibly low home mortgage rates by historical requirements) has actually continued to be “rather soft.”

    * Productivity development has actually been “weak,” mostly due to the fact that “BusinessCompany owner and managers … have not significantly enhanced their capital expenses,” and “Businesses are holding huge amounts of money on their balance sheets.”

    * Showing the general stagnancy and even downturn in the real economy, core inflation rose by only 1.2 percent over the previous YEAR.

    The Monetary Policy Report issued by the Fed includes facts that are, if anything, even more disconcerting, including:

    * “Labor performance in the business sector is reported to have decreased in both the 4th quarter of 2014 and the first quarter of 2015.”

    * “Exports fell significantly in the very first quarter, held back by lackluster growth abroad.”

    * “Overall building activity stays well below its pre-recession levels.”

    * “Because the economic crisis began, the gains in … nominal compensation [workers’ incomes and advantages] have actually fallen well brief of their pre-recession averages, and growth of genuine compensation has actually fallen shortdisappointed productivity growth over much of this period.”

    * “Overall business financial investment has actually rejected as investment in the energy sector has actually plunged. Company investment fell at a yearly rate of 2 percent in first quarter … Company investments for structures beyond the energy sector likewise decreased in the first quarter …”

    The report integrates the Fed’s estimates for US economic growth, released following the June conference of the centralreserve bank’s policy-setting Federal Free market Committee. They consist of a downward modification of the projection for 2015 to 1.8 percent-2.0 percent from the March estimate of 2.3 percent to 2.7 percent.

    That the US economy remains to stagnate as well as contract is indicated by two surveys released recently while Yellen was testifying prior to Congress. The Fed reported that factory production failed to increase in June for the second straight month and output in the automobile sector fell 3.7 percent. The Commerce Department reported that retail sales unexpectedly fell in June, decreasing by 0.3 percent.

    These stats follow the employment report for June, which revealed that the share of the US working-age population either employed or actively trying to find work, knowncalled the labor force involvement rate, fell to 62.6 percent, its lowest level in 38 years. Throughout the month, some 432,000 people in the US gavequit trying to find a job.

    The dreadful figures on company investment are maybe the most telling indicators of the underlying crisis of the capitalist system. The Fed report attributes the sharp decrease up until now this year mainly to the remarkable fall in oil prices and resulting contraction in investment and construction in the energy sector. However the plunge in oil rates is itself a symptom of a basic downturn on the planet economy.

    Additionally, a dramatic decrease in efficient financial investment is typical to all the major industrialized economies of Europe and North America. In its World Economic Outlook of last April, the International Monetary Fund for the first time since the 2008 financial crisis acknowledged that there was no prospect for an early return to pre-recession levels of economic growth, connecting this bleak prognosis to a general and noticable decline in productive investment.

    The American phenomenon of record stock values sustaining an ever greater concentration of wealth at the extremely leading of society, while the economy is starved of productive financial investment, the social facilities falls apart, and working class living standards are driven down by entrenched joblessness, wage-cutting and government austerity policies, belongs to a broader worldwide procedure.

    The financialrecession in the US and internationally is not just a conjunctural decline. It is a systemic crisis of global commercialism, centered in the US. A specifying expression of this crisis is the supremacy of monetary speculation and parasitism, to the point where a narrow worldwide financial aristocracy ransacks society’s resources in order to further improve itself.

    While the economy is starved of productive financial investment, entirely parasitic and socially destructive activities such as stock buybacks, dividend hikes and mergers and acquisitions go back to pre-crash levels and moving towards new heights. United States corporations have actually spent more on stock buybacks so far this year than on factories and devices.

    The intractable nature of this crisis, within the framework of capitalism, is underscored by the IMF’s updated World Economic Outlook, released previously this month, which projects that 2015 will certainly be the worst year for financial growth considering that the height of the economic crisis in 2009.



  • Is The US Economy Treading Water?

    Though the United States economy is showing signs of life, Russ describes why United States consumers aren’t opening their wallets.

    Last week, financiers digested the most current round of blended economic data about the US economy. While real estate numbers can be found in strong, the disappointing June retail sales report showed that customer activity stays soft.

    The combined information illustrate a fundamental contradiction for 2015: In spite of continued enhancement in the labor market and lower gasoline costs, consumers aren’t responding with open wallets. At 1.4 percent year-over-year, adjusted retail sales growth is close to its lowest level since 2009.



  • The Hidden Risk To Buy-to-let

    Nobody thought it could occur under a Tory government however chancellor George Osborne has actually targeted tax benefits received by landlords, and it isn’t the only problem that he might toss at the buy-to-let army.

    In his Spending plan statement Osborne revealed that home mortgage interest relief (which lets property owners balance out home mortgage interest versus rental earnings) would be downsized over years to coming.

    This was a shock to proprietors and a piece of good news for those wantingwishing to get on the home ladder who have actually had to battle buy-to-letters for starter houses.

    And it seems that Osborne will produce another problem for landlords if he chooses to hand over power for buy-to-let home mortgages to the Bank of England. The Bank currently has obligation for domestic home loans and in 2013 limited the variety of loans banks might giveprovide that were 4.5 times a borrowers income. It likewise required loan providers to tension test customers based on a rate of interest rise of 3 %.

    A new issue

    Home loan insiders are now completely expecting the Bank to be given power over buy-to-let even though these mortgages are not controlled by the Financial Conduct Authority.

    Bank governor Mark Carney has already alerted about the buy-to-let bubble and has as excellent as said that rate of interest will certainly rise at the end of the year. If rates increase, home mortgage costs will certainly too and there may be proprietors (and, naturally, domestic borrowers) who will certainly have a hard time to pay their loans.

    It seems most likely that the Bank will certainly be offered the consent to anxiety test buy-to-let loans more strongly in an effort to cool the bubble that is growing and is anticipated to grow even more as pension flexibility indicates more people can strip their cost savings and purchase a rental building.

    Newest figures from the Council of Home mortgage Lenders show a 20 % year-on-year increase in buy-to-let borrowing, which totalled pound; 1.2 billion in May.

    Lenders generally require rental earnings to cover 125 % of a home mortgage based on a rate of interest of in between 5 % and 6 % – this rate could be enhanced. The Bank might also exert tighter controls on the deposit needed for a buy-to-let proprietors. Generally 25 % is the smallest deposit an individual can have but as the buy-to-let boom has collected pace, some loan providers have been accepting less.

    Either wayIn either case, potential proprietors will find loans more difficult to come by.

    While the clampdown on mortgage interest relief might have come as a shock, it threatens to be just the start of a plan to restrict buy-to-let.

    Read more:

    Budget 2015 brings buy-to-let nightmare



  • The Issue With Entrepreneurship’s Failure Fetish

    Failure has ended up being a ceremony of passagefor tech startups. If youre a fan of HBOs Silicon Valley you appreciated the episode where Gavin Belson, CEO of the fictitious Hooli, convinced his board that the disastrous launch of his business compression platform was really a good thing.What those in dying business sectors call failure, we in tech understand to be pre-greatness, stated Belson.What Belson doesn’t mention, however, is that in

    our veneration of failure, we wind up becoming dependentbased on methods that should be deployed sparingly– strategies like the pivot.The pivot, while helpful in specific circumstances, is increasingly used as a crutch to excuse everything from a flawed concept, to mismanagement, to defective execution. In a culture that prides itself on failing at least once, we end up with a vicious cycle where preliminary failure leads to rotating and the overuse of the pivot leads to more failures.Just ask Clinkles CEO Lucas Duplan, who recently confirmed the companys pivot far from debit card items to a B2B API for payment rewards. The statement comes after 2 years of launch delays, layoffs, increasingly hesitant VCs and more than $30 million in financing. Fab is another excellent example of how start-ups are getting pivot pleased yet still failing. Over 4 years, Fab raised$330 million in financing and rotated (a minimum of)two times. Yet in February, the business once valued at $800 million revealed they were being obtained for a fraction of that. Both Clinkle and Fab provide three essential lessons on entrepreneurship in a tech culture that has actually been too influenced by the fetishization of failure and the pivot.Execution is devalued.Great entrepreneurs cantjust come up with terrific concepts, they must likewise developthose concepts into a thriving business. Too frequentlyFrequently, so called strategic pivots are the result of poor execution ofa good ideasmart idea enabled incorrectly or inefficiently, and so rendered inadequate. In a failure culture, we diminish execution and purposeconcentrate on attractive concepts. But an unsuccessful idea is still failure.Clinkles initial concept of making mobile payments much easier drew$25 million in stealth seed funding, in spite of having no working prototype. Duplan, Clinkles CEO, was just 21 and had never proven he knew ways to construct the facilities neededhad to support a sound idea and ultimately execute it. He was green and untested. What followed wastwo years of criticism, resignations and poor choices that validated the absence of experience.A culture that prides itself on failure cheapens the value of execution. Execution takes a back seat to the total principle. Somebody with an excellent ideaa smart idea but no knowledge of how to actualize it can protect millions in funding since, if at firstin the beginning they do not succeed, they can pivot toward something else.This shouldnt be. Innovation is just as great as its impact, and effect depends on a thousand details. If we de-emphasize operations, future business owners wont be setup for success.Related: Do Pivots Matter? Yes, in Nearly Every Case.Research is undermined.A pivot in response to preliminary failure normally indicates there was little concrete datain the first location to

    support the original business model. For any entrepreneur, thorough research into the landscape is necessaryvital to determine itemproduct and services practicality over the long term.Fabs dreadful first run as a Groupon and subsequent pivot to flash sales was initially admired as a success.

    Nevertheless, instead of concentrating on scaling their United States company, the business decided to expand into Europe out of worry of copycat competition from German startups. This decision appeared to be made on an impulse instead of realities and became a catastrophe costing Fab$ 100 million. Yet, instead of pausing to consider their next step, Fabs management simply rotated away from flash sales towardactually holding inventory, a difficult and completely brand-new company model.Failure culture has added to a too-casual view of strenuous research study, where analysis is neglected or never even conducted. Instead, numerous these days entrepreneurs dive head first into an undertaking without properly vetting the marketplace, understanding they can pivot to something else if it does not work.Failure culture desireswishes to assert an idea initially and find out ways to provision it for success later on. This is a high-risk strategy.Related: Why Market Research Matters Innovation is thwarted.VC Marc Andreessen hassaidthat taking the stigma out of failure is extremely

    exciting, however we see creators who offer up too quickly. Its authorization to offerquit really fast.Going back to Clinkle, the companys initial idea of taking mobile banking to an almost social media level with elegant notes and customized wallets was a decent sufficient concept. Nevertheless, instead of innovating on the existing concept after realizing Apple Pay

    was a threat, they dropped it entirely and rotated toward something far saferrewards programs.Recognizing when you need to move approach is essentialis essential for any business owner. But, too often its made use of as a validation for going in a totally new instructions, prior to all options are appropriately vetted and considered.By promoting failing fast, we kill great concepts prematurely, leaning into trends not true development to be effective. In doing so, the lifecycle for execution of a great idea has grown much shorter, and instant success or lack thereof is frequently evaluated unrealistically. The outcome: VCs and the media judge too hastily and entrepreneurs offerquit too easily.Failure can be practical. Its great that our culture does not immediately punish somebody who journeys, fallsand returns up. The issue emerges when we put failure on a pedestal and rely on doubtful strategies or alternatives like the pivot in lieu of sound strategy. Its much better to guarantee execution, research and innovation– the building obstructs for an effective start-up– are important steps to building a successful

    entrepreneurial company. To do that, we should overcome our love affair with failure.Related: Barbara Corcoran: Failure Is My Specialty



  • Consumers Warned To SeeKeep An Eye Out For Online Loan Scams

    The Trading Standards Service (TSS) is alerting individuals to guide clear of rip-off loan business who take in advance charges but fail to supply credit or offer clearly unsuitable credit options.

    The warning comes during this year’s Don’t be Rushed, Do not be Hushed Frauds Awareness Month campaign.

    TSS is signalinglooks out customers after seeing a year-on-year rise in problems about loan frauds, specifically credit applications which include the consumer electrical wiring or sending out in advance fees through cash transfer business.

    Laura Kane, Trading Standards Inspector, discussed, “An individual will generally replyrespond to an advert online or a social media site for a quick loan and will certainly have their application approved despite their credit history.

    Prior to they receive the loan, they are informed they need to pay an upfront fee to cover administration or insurance costs for the loan. When this cost is paid, the victim does not generally learn through the business once again and the loan is never gotten.”

    “In one case, a customer from Armagh lost around 1,000 to this scam when usingobtaining a loan on a phony site. The scammers guaranteed her a loan of 3,000 however required that she make advance payments via money transfer coupon and by credit card to cover charges and to show that she could make payments.

    Laura included, She believed that the scammer’s reasoning for making advance payments was probable but ended up losing a lot of money for a loan that never ever existed.”

    TSS is also seeing a boost in another loan rip-off involving online credit broker websites. These are sites that promise to discover loans for individuals with bad credit histories, but are not loan providers themselves.

    Often buried in the littlefine print is a clause enabling the broker to charge 50 to 75 to discover the person a loan, on top of a yearly interest charge as high as 3,000 %. In the worst cases, the website shares the person’s bank information with as lots of as 10 other business, which then likewise debit the very same amount from their account.

    TSS has gotten a huge number of problems from consumers who have actually had numerous pounds debited from their account by business they have never handled. Regardless of paying the charges, the majoritymost of customers did not receive an appropriate loan or were merely directed to a payday advance loan site.

    Trading Standards Inspector Laura Kane included, “Needs for payments upfront ought to work as a warning indicator as genuine loan business would never ever request for payments to be made ahead of time.

    She added, The item of applyingobtaining a loan is to receive money and pay it back with time in budget friendly instalments. Scammers victimize anyone they believe might be a simple target, such as those in need of cash rapidly, who have bad credit or have been turned down for loans before.”

    The Trading Standards Service recommends individuals to be vigilant when handling or taking calls from loan business that desire upfront costs and who are not interested in consumers credit history.



  • The Montgomery County Association Of Business Women Presents POWER Team

    MONTGOMERY COUNTY, TX – The Montgomery County Association of Company Women has a POWER Group created to assistto assist ladies become included and participated in the community through relationship building and effective networking.
    Members are taught to navigate their membership for maximum benefits and exposure for their business. The mentoring program will certainly ensure the success of its members, both in their expert careers and their individual lives.
    Cynthia and Sissy are our first 2 graduates of the mentoring program and got their certifications of completion Tuesday, June 23 at the regular monthly MCABW Luncheon.Photo: from left
    to best Carol Gooch, MCABW founder amp; executive director, Cynthia Head, Marketing Director, Texas Premier Mortgage, Sissy Gonzalez, Sr. Loan Officer, Texas Premier Home mortgage and Dawn Candy, I Promote You, Power team Leader for the MCABW Mentoring Program.



  • GE’s Go Back To Its Industrial Roots Offers Hope US Economy May Do The Very Same

    General Electric is pulling back from the monetary sector and returning to its commercial roots seven years after its finance unit nearly brought down the company.

    After Lehman Brothers collapse in September 2008, GE was conserved just by the largesse of the federal government, obtaining billions through numerous different programs established to combat the financial crisis.

    The company’s shift, revealed in April, is an important advancement and remains in part the result of the passage of the Dodd-Frank Act, which turned five years old today.

    GE, which reported earnings of almost US$ 150 billion from dishwashers, jet engines and other items last year, is a renowned American company and a bellwether of the economy. Its accept of finance to improve stagnating earnings in the 1980s mirrored modifications in the more comprehensive US economy. That shift triggered a host of socioeconomic problems such as increased inequality and practically caused the worldwide economy to collapse in 2008.

    GE’s retreat from finance might indicate that the role of commercial companies in the US economy may as soon as again be on the rise. Such a “de-financialization” could boost American development in more productive sectors – specifically those in research study and advancement (Ramp;D) and capital-intensive industries – assistance minimize inequality, and make it less most likely that the next financial crisis will grow out of control into an existential one.

    Looking for profits in finance

    Since the early 1980s, economic activity in the US has actually progressively moved away from making to more financially oriented activities.

    For instance, the monetary services sector contributed 7.9 % to United States GDP in 2007, up from 4.9 % in 1980. A majorA huge part of this advancement was the enhancing reliance of nonfinancial corporations on monetary activities and organizations.

    For commercial companies whose profitability had begun to decline in the face of growing international competitors, the rely on fund implied ongoing growth and revenues, thanks in certain to high interest rates.

    No place was the rely on finance more noticeable than at GE under then-CEO Jack Welch. As a 1997 BusinessWeek article noted, “Welch barnstormed through GE shutting factories, paring payrolls and hacking mercilessly at its uninspired old-line devices.”

    By the time Welch’s period ended in 2001, finance made up majority of GE’s earnings and more than a 3rd of its earnings.

    Financialization rewarded GE. Stock rates grew immensely through the 1980s and 1990s, a great indicator that stock investors and experts favored this improvement. A 1997 Fortune magazine short article kept in mind that GE Capital “powers GE’s earnings, drives its stock and terrifies the hell out of its rivals.”

    This chart reveals the sharp rise in GE’s share rate from 1980 to 2001.
    Yahoo Finance, Author supplied

    Financialization’s dark side

    For GE, the defects in this improvement didn’t manifest themselves until 2008, when Lehman Brothers collapse triggered a short-term credit crisis that almost damaged the company. But for the economy and its workers, the unfavorable impacts started much earlier and were far-reaching.

    To start with, starting from the 1980s, it caused a much-changed conception of the firm in the companybusiness world. Companies started to be viewed as a bundle of tradeable possessions that exist to return value to their shareholders. Significant corporations led by finance-oriented managers made the stock rate their main concern.

    The connecting of executive pay to stock options promoted this trend. The focus of CEOs and boards shifted far from long-lasting productive investments towards quick financial gains. The earnings of the companies that turned to finance enhanced, however employment and economic development stagnated in the biggest nonfinancial companies, in part due to this advancement.

    The bargaining power of labor likewise diminished. The focusconcentrate on short-term earnings provided firms reward to cut labor costs, while rewarding top executives who made such choices. All in all, financialization led to diminishing net salaries for lots of workers running in the productive markets, and added to the widening income inequality in the United States and throughout the advanced nations.

    The dominating paradigm shifts

    The 2008 financial crisis was essentially a crisis of a financialized economy run amok. The dominating paradigm up until the crash was to let markets, including monetary markets, self-regulate.

    As Barney Frank would remember later regarding his work on the House Financial Services Committee in the United States Congress:

    When I was about to end up being the chairman of this committee in 2006, I was told by a variety of individuals that our agenda should be that of more decontroling monetary markets. I was told that excessive regulation was putting American investment business and financial organizations at a downside.

    The crisis disrupted this paradigm. Even Alan Greenspan, who had shepherded financial deregulation and promoted financialization throughout his 19-year term as chairman of the Federal Reserve, confessed that he had actually put too much faith in the self-correcting power of totally freefree enterprises.

    The outcome of this modification of heart was the Dodd-Frank Wall Street Reform and Consumer Security Act, which President Barack Obama signed into law in July 2010. The act led to the facility of the Financial Stability Oversight Council (FSOC) to discover and prevent excessive dangers to the US economy occurring from the distress of huge, interconnected bank holding companies, or nonbank financial companies.

    The council is authorized to designate companies whose monetary failure might posture a danger to United States monetary stability as systemically important. Such companies will go through increased regulative supervision by the Federal Reserve and other pertinent prudential regulatory authorities.

    Up until now, the council voted to designate American International Group, General Electric Capital, Prudential Financial and MetLife as systemically vital. With their hundreds of billions of dollars invested in finance, these companies were believed to have a significant effectinfluence on the health of the monetary sector and the overall economy. Or put another way, they were just too huge to fail.

    Dodd-Frank changes the game

    Although Dodd-Frank may not be the most efficient piece of legislation one would hope for after a crisis of this size, it has plainly changed the playing field – certainly for GE.

    GE Capital, which was when deemed the general company’s most dynamic component, suddenly became its riskiest. GE’s stock rate started to fall, reflecting the issue that financiers and analysts had over the threat GE capital imposed.

    In pulling back from finance, GE’s management not only aims to ease itself of the problem of being considered too big to fail and the extra regulatory examination, however also hopes that the shareholders will provide its stock a more favorable appraisal.

    Last week the business offered its very first report card on the change when it launched second-quarter revenues, which showed better-than-expected profits thanks to growth in its core industrials business. This recommends its strategy to move far from finance is working.

    GE stated that it had actually already signed $68 billion worth of sales for its financing company, putting it on track to satisfy its $100 billion goal by the end of the year. GE Capital had about $500 billion in possessions at the end of 2014.

    There and back again

    GE’s journey from an industrial firm to an extremely financialized one and back encapsulates some of the most critical elements of the improvement of American capitalism over the previous few decades.

    It is rather soon to tell whether GE’s retreat from finance is precursor of a more structural and long-term improvement in the American economy. After all, the logic that appears to be driving the business’s retreat is the same reasoning that as soon as drove it into finance: enhancing its stock rate.

    Still, this development suggests that times are changing, however gradually, and Dodd-Frank deserves some credit for altering the incentives and calculations of the financial investment neighborhood. Let’s hope more companies join this trend.



  • Signals Flashing Green For U.S. Economy As 2015 Road Aesthetics Clear

    Economic potential customers in the US are searching for for the rest of 2015.

    The Conference Board’s index of leading indications, a measure of the outlook for the next three to six months, increased 0.6 percent in June, according to figures from the New York-based group Thursday. The boost was double the mean forecast of economists surveyed by Bloomberg. Other reports revealed companies are hoarding staff, while customer confidence is below its best levels of the year.

    An improving job market, still-low rate of interest and simpler access to credit are promoting a real estate rebound that will certainly help the world’s greatest economy overcome weak point in business investment and manufacturing. The stock market’s failure to sustain gains this year amidst issues over Greece and China is one aspect that is holding back additional development.