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Frontrunning: February 17
- Greece loses EU voting power in blow to sovereignty (Telegraph)
- Goldman Sachs didn't disclose swap, investors "fooled" (Bloomberg)
- BofE rate setters voted 9-0 to halt QE (Telegraph)
- Deja vu: Dubai World said to present restructuring plan in March... 2010 or 2999? (Bloomberg)
- Walgreen to buy Duane Reade for $1 billion (Reuters)
- UK unemployment jumps to highest since 1987 (Bloomberg)
- Credit markets flash hottest warning signal since crisis (Telegraph)
- Federal jobs look too good not to have big price (Bloomberg)
- Morgan Stanley may hand creditors $2.4 billion hotel chain in Japan (Reuters)
- Brilliant - Obama creates commission to study, grow deficit (WSJ)
- Greece shifts blame to Wall Street (Alhambra)
- Our rising national debt matters (RCM)
- Simon Liebling '12: Good riddance, Goldman (Brown Daily Herald, h/t Ruth)
- Struggling over a rule for brokers (NYT)
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"UK unemployment jumps to highest since 1987"
That'll be why the FTSE's up nearly 1%...
"BofE rate setters voted 9-0 to halt QE"
That'll be why the FTSE's up nearly 1%...
"Credit markets flash hottest warning signal since crisis"
That'll be why the FTSE's up nearly 1%...
Etc, etc.
DavidC
Was thinking the same thing, but no time in the last 12 months has the equity market got anything to do with the real economy.
7.8% is a complete lie as well, with so many bumped on to incapacity benefits.
Think the piece i read yesterday, only when you try to fix the problem, will the problem really be known. Until then, just keep buying.
Incapacity benefits? How about a stay at home Mom of five who "qualified" for a $2M pound mansion paid for by the dole. She named one of her little darlings "Jihad" btw. From the UK Daily Mail:
http://tinyurl.com/yjtzmpj
The number of people who are neither in work nor seeking employment reached 8.08 million in the last three months of last year, the highest on record.
In all, 21.3 per cent of working-age adults are now "economically inactive", a category that includes students, the long-term sick, unpaid carers and those who retire early.
What? Nothing about the Real VP of Genius out there today preaching the "Jobs Saved and/or Created" (or made up out of thin air) gospel?
Yeah, I don't really think it newsworthy either, other than to point-out that it's utter BS - but we all pretty much knew that. Carry on.
Erskine Bowles, the co-leader of the deficit commission, seems to have failed at nearly everything he's led or tried himself. He was on the board of directors of Krispy Kreme, chair of the audit committee, no less, during a period for which they later had to drastically restate earnings, because they had been making up the numbers. For years he's been on the board of Morgan Stanley, who had to throw themselves on the mercy of taxpayer money to avoid going under, basically because of weak board oversight on risks. And he was on the board of GM, which DID go under, largely because of weak board oversight, right until they DID go under. And he was chief of staff of the Clinton administration while it was imploding. And he can't win an election in a state where half the roads are named after his daddy. Since he's a serial failure, maybe we should put him in charge of making the deficit BIGGER.
Tyler, this is long, but relevant to the inflation vs. deflation debate, and a poignant retort to Olivier Blanchard et al of the IMF who believe MORE inflation is the answer (what would you expect from a supra-national institution):
"There are two points which cannot be stressed enough: first, it seems certain that we shall not stop the drift toward more and more state control unless we stop the inflationary trend; and second, any continued rise in prices is dangerous because, once we begin to rely on its stimulating effect, we shall be committed to a course that will leave us no choice but that between more inflation, on the one hand, and paying for our mistake by a recession or depression, on the other. Even a very moderate degree of inflation is dangerous because it ties the hands of those responsible for policy by creating a situation in which, every time a problem arises, a little more inflation seems the only easy way out.
We have not had space to touch on the various ways in which the efforts of individuals to protect themselves against inflation, such as sliding-scale contracts, not only tend to make the process self-accelerating but also increase the rate of inflation necessary to maintain its stimulating effect. Let us simply note, then, that inflation makes it more and more impossible for people of moderate means to provide for their old age themselves; that it discourages saving and encourages running into debt; and that, by destroying the middle class, it creates that dangerous gap between the completely propertyless and the wealthy that is so characteristic of societies which have gone through prolonged inflations and which is the source of so much tension in those societies. Perhaps even more ominous is the wider psychological effect, the spreading among the population at large of that disregard of long-range views and exclusive concern with immediate advantages which already dominate public policy.
It is no accident that inflationary policies are generally advocated by those who want more government control--though, unfortunately not by them alone. The increased dependence of the individual upon government which inflation produces and the demand for more government action to which this leads may for the socialist be an argument in its favor. Those who wish to preserve freedom should recognize, however, that inflation is probably the most important single factor in that vicious circle wherein one kind of government action makes more and more government control necessary. For this reason, all those who wish to stop the drift toward increasing government control should concentrate their efforts on monetary policy. There is perhaps nothing more disheartening than the fact that there are still so many intelligent and informed people who in most other respects will defend freedom and yet are induced by the immediate benefits of an expansionist policy to support what, in the long run, must destroy the foundations of a free society."
--F. A. Hayek, The Constitution of Liberty (1960)
Post this crisis, our government now controls the banking/financial service, healthcare, education and housing industries. And look at the solutions that are being proposed to this ongoing train wreck.
David
Its absurd isn't it how the market defies gravity
Maybe if I go long it will plummet.
the bloomberg article seems to suggest that without governmnet spending unemplyment would be higher
What they fail to mention is that these jobs are from taxpayers money anbd contribute f*ck all to the economy
thus they make our indebted situation worse
Seems like the only worthwhile trade is a short on an ETF for common sense
It's The Economy, Stupid.
Majority say Obama doesn’t deserve second term: CNN pollhttp://rawstory.com/2010/02/majority-obama-deserve-term-cnn-poll/
Going Down
Obama doesn't deserve Oxygen
the bankers whore that he is
"I WILL hold 5,300..."
"I WILL hold 10,300..."
"I WILL hold 1,100..."
DavidC
“From what we know, this is an egregious example of a conflict of interest” for Goldman Sachs"
oh, that rule, we haven't followed that rule for years. It gets in the way of business.
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