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Frontrunning: December 9
- The new underground economy (Washington Times)
- Goldman Sachs taking "Hard Look" at pay practice, board member says (Bloomberg)
- China said to plan 8 trillion Yuan new loans cap for next year (Bloomberg)
- China squeezes property speculators with tougher tax penalty (Bloomberg)
- Greece finance minister says no risk of default (Bloomberg)
- At the same time Greece tumbles (FT)
- Dubai stocks slump for third day, Nakheel sukuk in focus (MarketWatch)
- Democrats said to agree to drop full health-care public option (Bloomberg)
- RBS close to selling assets to HSBC (WSJ)
- Obama's stimulus 2.0 acknowledges government's limitations (WaPo)
- TCW said to seek sale of bonds as investors pull over $1 billion (Bloomberg)
- More book talking insight from PIMCO (PIMCO)
- Is a college degree worth less? (Time)
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Is a college degree worth less? Globalization: Ken Robinson @12:20 , "In the next 30 years more people worldwide will be graduating through education than since the beginning of history. Suddenly, degrees aren't worth anything".
http://www.youtube.com/watch?v=iG9CE55wbtY
"Goldman Sachs taking "Hard Look" at pay practice, board member says"
Hardly a Look, I rather imagine.
The perfection of truthiness:
Greek Finance Minister George Papaconstantinou said there is “absolutely” no risk the country will default on its debt or seek a European Union bailout after a credit rating cut to BBB+ caused its bonds to plunge.
“We do have a credibility issue,” Papaconstantinou said today in an interview with Bloomberg Television. “As it becomes clear the deficit is coming down, that spending is reined in and that taxation receipts are going up, then confidence will return and there won’t be any problem borrowing in the markets.”
None of those 3 presently are, nor ever shall be, coming to pass yet what he said is not untrue for truth be told
he told the truth. No accusation of deception can be made.
Judging from this morning's charts, it looks like it been decided that gold and equities will be dance partners again.
New underground economy.......I have some experience working on cars. My dad put me through college in the early 1990's .. and in exchange I worked in his repair shop.
Last weekend I put new breaks on my neighbors car...who is an electrician. In return he ran new wiring in my basement. Fair deal and I am now looking for a plumber who needs car work done.
It works very well but the gubbermint hates it because there's no tax generation. It also means there's no exchange of worthless dollars. When barter and trade pickup, circumventing the established system, politicians start wringing their hands frettin and a fussin.
You found the secret my friend. Welcome to the underground.
Checking account out performs gold...according to Bloomberg article
By Nicholas Larkin and Millie Munshi
Gold Can’t Beat Checking Accounts 30 Years After Peak (Update2)(Bloomberg)
http://www.bloomberg.com/apps/news?pid=20601087&sid=axdpxBrQ9JTg&pos=3
In a fair fight, checking accounts would have been manipulated by the bullion banks.
I like where they place the starting line too. Why not, say January 2001 instead?
So does stealing if you don't count the jail time.
The new underground economy
Now this is interesting. One of the logical trends to watch and there is no way that in the future, it will not be fought with further official violations of our freedoms and rights concerning the use of cash. The personal RFID chip comes to mind as a way to battle such a dangerous trend for our monetary system's stability.
RE: The first article - underground economy - You'll notice that when times were good there was less tax cheating than now. And taxes were higher.
Has nothing to do with taxes. Has all to do with NO JOBS and banks taking your small balance in all kinds of fees when you don't budget for fees.
How did government reliquishing "control" over the banking system over the past several decades work out for ya?
Corporations taxes have been going down for decades - The claim is STILL "we need more tax breaks!" IT HASN'T BEEN WORKING. If tax rates were a measure of unemployment we'd be at FULL employment right now.
Where money and power play expect the Lord of the Flies to show up.
"Corporations taxes have been going down for decades" Not my C Corp with five employees. My Arse. We need a citation here. Maybe you've been smoking your plant food.
.....to big to punish
Good morning (pacific time) Tyler's, Marla and fellow faithful zerohedge readers, I would like to add this link to the frontrunning list.
For the Fed's, some Wall Street Firms are to big to Punish
With a bit of imagination, this headline makes for an amusing cartoon.
On another note, read your Presidents job creation speech last night on Clusterstock, then watched it on YouTube, I was impressed. Now i know i might take a lot of slack here for endorsing your present President, for as i have learned, to many Americans, the Executive Office seems the favored lighting rod. Today however, I feel somewhat bold, so there you go.