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Frontrunning: May 23
- "There isn't a person outside a mental hospital or an Ivy League faculty who believes the federal government can continue on its current fiscal trajectory, even with tax increases" (Bill Freza)
- Joplin tornado death toll hits 89: officials (Reuters)
- Asian stocks end lower; Shanghai drops 2.9%, biggest drop in more than four months (MarketWatch)
- Vote Jars Spain's Ruling Socialists (WSJ)
- Europeans Focus on Retaining Leadership of I.M.F. (NYT)
- Signs of division between IMF and Europe over bailouts (Reuters)
- U.S. Debt Limit Increase Agreement May Take Until August, Ryan Tells NBC (Bloomberg)
- Next Danger: "Splash Crash" (Barrons)
- As Lenders Hold Homes in Foreclosure, Sales Are Hurt (NYT)
- When Austerity Fails (Krugman)
- America’s deepening default chasm (FT)
- Expansion’s Steepest U.S. Yield Gap Prevails Forward Rates Show (Bloomberg)
- Pakistan Navy Says Military Base In Its Control 17 Hours After Attack (AFP)
- Germany Govt: Haven't Yet Decided On Candidate For IMF Helm (Market News)
- Hong Kong Banks May Moderate Credit Growth (Bloomberg)
- Fears rise over BoE governance (FT)
- Japan April Supermarket Sales -1.3% Y/Y, 1st Fall in 3 Months (MNI)
- Greek Prime Minister rules out any restructuring of debt (Telegraph)
- ECB Weidmann: Infl. Expectations Rise Must Be Taken Seriously (Market News)
- Summit boosts efforts to ensure nuke safety (China Daily)
European Economic Highlights:
- Euro-Zone PMI Composite 55.4 Lower than expected Consensus 57.3 Previous 57.8
- Euro-Zone PMI Manufacturing 54.8 Lower than expected Consensus 57.5 Previous 58
- Euro-Zone PMI Services 55.4 Lower than expectedConsensus 56.5 Previous 56.7
- Germany PMI Manufacturing 58.2 Lower than expected Consensus 61 Previous 62
- Germany PMI Services 54.9 Lower than expectedConsensus 57 Previous 56.8
- France PMI Manufacturing for May 55.0 Lower than expectedGS forecast 56.2 Consensus 57 Previous 57.5
- France PMI Services for May 62.8 Slightly higher than expectedGS forecast 62 Consensus 62.1 Previous 62.9
- Italy Consumer Confidence Ind. sa for May 106.5 Higher than expected GS forecast 104.2 Consensus 104 Previous 103.7
- Switzerland Money Supply M3 for April 6.9% y/y Previous 7.1% y/y
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Taliban attack navy base/declare war to Pakistan:
http://www.spiegel.de/politik/ausland/0,1518,764206,00.html
word on the street is taliban attacked the navy air base while chinese officials were inspecting surveillance planes lent by US to Pakistan.
that first paragraph alone in krugman's piece shows illustrates just how skewed he is on just about everything.
he has become nothing more than an over-educated liberal political hack.
Right, but is it relavent?
Should I BTFD today? ANYONE?
He's an ass. By every measure, except the market, QE1 and QE2 have been EPIC FAILS. We tried the spending approach and it didn't work. Nobody bought into "the recovery", so nobody is willing to risk their money by hiring and starting/expanding businesses. Spending may help down the line, but for now it's just a waste and only seems to be hurting confidence.
"so nobody is willing to risk their money by hiring and starting/expanding businesses."
this is not true...John Deere announced a new tractor factory....brand new....to be built in China...lol
That's because he is a shill for the over-educated liberal NYT crowd..he needs to be chained to a desk at the von Mises institute to be re-educated...
someone needs to verify his credentials - did he really graduate?
the needs to be a special place for observance of ridiculus nobel prize awards - it would be named jointly in honor of krugman and obama (though in fairness I am sure he wasn't so happy about receiving a nobel prize for being black). it would be a branch of the ripley's museum maybe.
It seems selloff is coming:
http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&st=0&sk=t&sd=a&sta...
Yup, market's shat the bed last night. Everyone out of the pool, although I'm not sure who's retarded enough to hold over weekend's anymore.
Bill Freza for president. He has my write-in vote.
Love his distinction between mental patients and intellectual academics.
You know there is a "plan" for some kind of mischief when they announce in May that it will take until August to negotiate the debt limit increase.
My guess is that they are expecting a crisis of greater magnitude somewhere in the world that will give them political cover to come out with the multi-trillion $ increase that everyone knows they need to carry them through the next election.
I'm sure it'll be ignored by the MSM just like anything else of importance.
I believe you are right.
They try to buy themselves as much time as possible.
OMG....I just read the Krugman article "When Austerity Fails"......He has officially lost it!!!! There were two wonderful gems that show the depth of his delusion:
So the only inference to draw from this comment is that more "unsound money" and "unbalanced budgets" (a.k.a. Krugman Economics) are the proper way to deal with the problems facing Europe and the world...... (Wacko!!!)
Then comes his classic final point of the article:
OMG!!! Perhaps someone should suggest that Mr. Krugman take a long hard look in the mirror to see if he can identify someone who could be the poster child of "someone who is just not willing to face up to the failure of their fantasies"!!!!! The "lack of wisdom" comment is just the icing on the haplessly ironic cake.
T.E.I.N. everyone!
Cue "Clueless Economist" with his plan...that guy cracks me up every time he posts. Haven't heard from Obummer lately either...hmm.