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Frontrunning: February 23
- States reported fifth consecutive drop in tax collections in Q4 (Rockefeller Institute)
- Harvard's Rogoff sees "bunch" of sovereign defaults (Bloomberg)
- German business confidence unexpectedly declines (Bloomberg)
- $1 trillion of debt has to be rolled in Europe in next two years (Telegraph)
- Deathbed of Keynesian economics will be in U.K. (Bloomberg)
- Greece not alone in exploiting EU accounting flaws (Reuters)
- The stimulus evidence one year on (WSJ)
- Secret AIG documents shows Goldman minted most toxic CDOs (Bloomberg)
- Maybe Milton was right about the euro (The American)
- How rising interest rates could end up backfiring (Post)
- Horrid job number coming (NYT)
- Brookfield to battle for GGP (WSJ)
- Greece's Papandreou faces Oedipal challenge (Reuters)
- French oil strike stokes fears of fuel shortage (NYT)
- Wall Street bonuses rise 17% (Reuters, WSJ)
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States reported fifth consecutive drop in tax collections in Q4
In other news, "The Recovery" continues to rate a Solid B+.
I always thought that Obama was rather humble with his B+ rating. He brought us back from the brink you know...
http://thepeoplescube.com/images/Jimmy_Carter_Happy.jpg
The striking fact is that Papandreou's approval ratings continue to rise even as he announces tougher sacrifices.
One more factoid that undermines the general belief in governing circles that the bearer of bad news will be shot by the general public or that facts will somehow undermine confidence. Unless the object of confidence building measures is to further a lie.
Could it be that he isn't guilty of pleasuring the local pig men with the other side of his mouth? How refreshing if true.
Quote of the Day
The point of recognition will eventually arrive that our debt issues are cumulative; when that happens, the contagion will no longer be contained. --John Mauldin, Investor Insight
Excellent quote, +1.
Originally reported by John Carney over at the Business Insider website, Citigroup is sending the following information to customers along with their bank statements.
“Effective April 1, 2010, we reserve the right to require (7) days advance notice before permitting a withdrawal from all checking accounts. While we do not currently exercise this right and have not exercised it in the past, we are required by law to notify you of this change.”
An almost identical advisory to the one being sent out can be read on page 22 of Citbank’s Client Manual effective January 1, 2010, which can be read here from Citibank’s own website.
“We reserve the right to require seven (7) days advance notice before permitting a withdrawal from all checking, savings and money market accounts. We currently do not exercise this right and have not exercised it in the past,” states the manual.
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