The Best of Kass

NEW YORK (TheStreet) -- Doug Kass of Seabreeze Partners is known for his accurate stock market calls and keen insights into the economy, which he shares with RealMoney Pro readers in his daily trading diary.

Among his posts this past week, Kass discussed how American Express' recent slowdown is a warning signal for the global economy, what McDonald's disappointing July results mean, and why Federal Reserve Chairman Ben Bernanke is right about the need to take a more holistic view of the economy.

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AmEx Slowdown Signals Caution
Originally published on Thursday, Aug. 9 at 10:21 a.m. EDT.

Its July global billed business slowed by 300 basis points from the second-quarter 2012 reading.

As I mentioned last night, American Express(AXP) hosted its semiannual meeting with investors.

The company indicated that its July global billed business was up by only 6% on a foreign-exchange-adjusted basis, slowing by 300 basis points from 9% second-quarter 2012 growth.

This slowdown in the early part of the quarter is worse than that at MasterCard(MA) and Visa(V) and is consistent with a pattern experienced in 2008 when the domestic economy slowed down and ultiamtely went into recession.

At the time of publication, Kass was short AXP.

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Don't Worry, Be Happy
Originally published on Wednesday, Aug. 8 at 8:26 a.m. EDT.

I remain happy.

"Ain't got no place to lay your head
Somebody came and took your bed
Don't worry, be happy
The landlord say your rent is late
He may have to litigate
Don't worry, be happy
Look at me I am happy
Don't worry, be happy."
-- Bobby McFerrin, Don't Worry, Be Happy

Last night I suggested that the Priceline(PCLN) guidedown for the upcoming third quarter was an important indicator that forward U.S. corporate profit expectations for 2012-2013 were in jeopardy.