News Stories (February 2012)
- 2012/02/29: DerSpiegel: The World from Berlin -- 'We Can't Sacrifice Democracy to Save the Euro'
On Tuesday, Germany's highest court delivered a possible setback to Chancellor Angela Merkel's efforts to rescue the euro by ruling that a secret committee meant to fast-track approval for bailouts was largely unconstitutional. German commentators mainly supported the court's ruling, arguing that democracy shouldn't be sacrificed in the fight to save the euro.
- 2012/02/29: AlterNet: Arrested for Meditating? Why it's Radical to Stay Nonviolent in the Face of Police Brutality
- 2012/02/29: NYT:PK: Looking Back With Shrillness
- 2012/02/29: BaselineScenario: Why Is Finance So Big?
- 2012/02/29: RReich: Stop Starving Public Universities and Shrinking the Middle Class
- 2012/02/29: RWER: Housing and confidence: mixed messages
- 2012/02/29: EconView: Has the Fed Learned Its Lesson?
- 2012/02/29: NakedCapitalism: Satyajit Das:
Pravda The Economist’s Take on Financial Innovation
- 2012/02/29: NakedCapitalism: Cathy O’Neil: Economists Don’t Understand the Financial System (Quelle Surprise!)
- 2012/02/29: Guardian(UK): British bank chief warns quantitative easing is 'laying seeds for next crisis'
- 2012/02/29: al Jazeera: European economy gets huge cash injection
Private banks buy more than $700bn in funds from European Central Bank, helping to keep Italy and Spain from debt trap.
- 2012/02/29: CCurrents: Occupy London Camp Cleared By Police From St Paul’s Cathedral
- 2012/02/29: CCurrents: G8, These Are Our Demands
- 2012/02/28: CCurrents: A Letter To Other Occupiers
- 2012/02/28: NewInt: Occupy: this is the end of the beginning
- 2012/02/28: DerSpiegel: Breaking the US's Dominance -- Beijing Wants Say in Choice of World Bank Head
Traditionally, the US gets to appoint the president of the World Bank. But China is keen to make its influence felt in the search for a successor to Robert Zoellick, who will step down in June. The next head may still be American, but he or she will need to get Beijing's blessing.
- 2012/02/28: DerSpiegel: The World from Berlin -- Second Bailout for Greece 'Will Not Be the Last'
The German parliament may have passed the second rescue package for Greece, but Chancellor Merkel had to contend with dissenting backbenchers and a loose-lipped cabinet minister who wants Greece out of the euro zone. German commentators, too, warn that Athens will be dependent on European help for years to come.
- 2012/02/27: DerSpiegel: The World from Berlin -- 'Europe is Pouring Money Into a Bottomless Barrel'
A German minister has broken with the official government line by saying Greece should be encouraged to quit the euro. The comment, made to SPIEGEL, comes ahead of Monday's parliamentary vote on the second bailout. Some newspapers, including the tabloid Bild, agree that it's time for Greece to leave.
- 2012/02/27: DerSpiegel: Europe Plays Down Crisis -- Leaders Buy Time at G-20 Summit in Mexico
At this weekend's meeting of finance ministers and central bankers of the world's 20 most important economies, the Europeans sought to convey the message that everything is under control in the euro crisis. If so, the rest of the world is asking, why don't they do more to help themselves?
- 2012/02/27: DerSpiegel: Injecting Cash -- Europe's Banks Are Addicted to ECB's Cheap Money
The European Central Bank will give European banks another massive round of loans at bargain-basement rates on Tuesday, with financial institutions expected to borrow up to one trillion euros. The ECB is playing down the risks of providing so much cheap money, but critics say that banks have become too dependent on the flow of easy cash.
- 2012/02/29: BBC: US economic growth revised up to 3%
- 2012/02/29: BBC: ECB provides 530bn euros of cheap loans for banks
The European Central Bank (ECB) has provided a further 530bn euros ($713bn; £448bn) of low-interest loans to 800 banks across the European Union.
It is the second time the ECB has offered such three-year loans and comes after 489bn euros was lent in December.
- 2012/02/29: BBC: Iran 'to accept payment in gold for oil'
- 2012/02/29: CBC: Greek unions hit back at minimum wage cuts -- Protests set to disrupt services at tax offices and other public agencies
- 2012/02/29: AlterNet: Ayn Rand Worshippers Should Face Facts: Blue States Are the Providers, Red States Are the Parasites
- 2012/02/28: AlterNet: Towards a Creditor State: 1 in 7 Americans Pursued by Debt Collectors
- 2012/02/29: AlterNet: Springsteen's New Album, 'Wrecking Ball,' Captures Rage of Americans Still Rocked by Economic Crisis
- 2012/02/28: NYT:PK: Four Fiscal Phonies
- 2012/02/28: NYT:PK: Inventing A Conundrum
- 2012/02/27: CEPR:BtP: There Was No Bowles-Simpson Commission Report
- 2012/02/28: RWER: Round Up, and Returns
- 2012/02/28: RWER: Greece -- bankrupt by any other name
- 2012/02/28: RWER: Peter Praet, novice at the ECB, tries to rewrite history as well as the present
- 2012/02/28: EconView: "Economics and Its Military Patrons"
- 2012/02/28: EconView: "How to Bring Jobs to People Who Need Them Most"
- 2012/02/28: EconView: Fed Watch: Opportunistic Disinflation? -Tim Duy
- 2012/02/28: EconView: "What a Difference a Decade Makes on Income Inequality" - Steve Benen
- 2012/02/28: BRitholtz: S&P: Greece in Default (Late to the Party Again!)
- 2012/02/28: BRitholtz: Case Shiller: What Housing Bottom?
- 2012/02/28: NakedCapitalism: Brace Yourself for Election-Driven Enforcement Theater: Token Roughing Up of Crisis Bad Banksters, While Corzine Gets a Free Pass
- 2012/02/28: NakedCapitalism: Yet Another Mortgage Scam: Homeowners Not Getting Cancelled Notes After Foreclosures, Hit by Later Claims
- 2012/02/28: CalcRisk: Case Shiller: House Prices fall to new post-bubble lows in December
- 2012/02/28: CalcRisk: Misc: Richmond Fed shows expansion, Consumer confidence increases, FDIC problem banks decline
- 2012/02/28: BBC: Europe in housing market agony, says Rics
Europe is in the midst of "prolonged agony" of housing market decline with no obvious end in sight, a report by surveyors has claimed.
The downturn began five years ago, so had lasted longer than a typical 12 or 18-month dip, the Royal Institution of Chartered Surveyors (Rics) said.
- 2012/02/28: CBC: Occupy London protest camp broken up
- 2012/02/27: AlterNet: The Best and Worst Economic Ideas of This Election Season
- 2012/02/28: al Jazeera: Greece in 'selective default' on debts
Credit agency S&P further downgrades Greece as Germany approves $175bn bailout for debt-stricken eurozone nation.
- 2012/02/28: al Jazeera: Police break up Occupy London camp
Twenty people arrested in early morning operation to evict demonstrators from site outside St Paul's Cathedral.
- 2012/02/27: EconView: Fed Watch: Oil Prices - It's What Everyone is Talking About - Tim Duy
- 2012/02/27: EconView: Paul Krugman: What Ails Europe?
- 2012/02/27: BRitholtz: FASB Sold Out; Expected Results Followed
- 2012/02/27: BRitholtz: Lost Decade And Counting . . .
- 2012/02/27: BRitholtz: Bank of America Wins Venue Appeal in $8.5 Billion Mortgage Settlement
- 2012/02/27: NakedCapitalism: Chris Cook: The Oil End Game
In my analysis, absent a massive, and sustained, shortfall in oil supplies -- which I cannot see occurring, since all involved have every interest in ensuring it does not occur -- the oil price will, as I have already forecast, fall dramatically by the end of this year’s second quarter at the latest. It’s not a matter of if, but when it will happen.
- 2012/02/27: NakedCapitalism: x
- 2012/02/27: NakedCapitalism: Matt Stoller: Wall Street Fixer Rodge Cohen -- Big Banks Key to American Global Dominance
- 2012/02/27: NakedCapitalism: Abigail Field: Insider Says Promontory’s OCC Foreclosure Reviews for Wells are Frauds. Brought to You by HUD Sec. Donovan
- 2012/02/27: NakedCapitalism: Michael Olenick: Debunking the "Housing Has Bottomed" Meme
- 2012/02/27: BBC: Police and bailiffs have moved in to remove protesters from the Occupy London site at St Paul's Cathedral
- 2012/02/27: CSM: Why credit unions and small businesses are beating out big banks
- 2012/02/27: GRC: America's Credit and Housing Crisis: New State Bank Bill
- 2012/02/27: al Jazeera: Corporations don't need a tax cut, so why is Obama proposing one?
US companies are making big profits and paying few taxes, but presidential candidates want to lower tax rates further.
- 2012/02/26: CalcRisk: Unofficial Problem Bank list increases to 960 Institutions
- 2012/02/26: uComics: (cartoon - Toles) Fourth Branch of Government
- 2012/02/25: NBF: Economic Cycle Research Institute forecasts a US recession in 2012
- 2012/02/25: RWER: Unemployment in Lithuania, a study about debt and the economics curriculum
- 2012/02/25: NakedCapitalism: ECB President Draghi Declares War on Europe’s Social Safety Nets
- 2012/02/25: CalcRisk: Oil Prices and the Economy
- 2012/02/25: NYT:PK: European Crisis Realities
- 2012/02/25: BDL: Republicans Lie, All the Time, About Everything: Newt Gingrich Ediition
- 2012/02/24: CCurrents: European Economy Contracting
- 2012/02/24: DemNow: Occupy the SEC: Former Wall Street Workers Defend Volcker Rule Against Banks’ Anti-Regulatory Push
- 2012/02/24: DemNow: Supreme Court to Decide Whether U.S. Corporations Can Be Sued for Abuses Overseas
- 2012/02/22: DemNow: As Greece Erupts, BBC’s Paul Mason on "The New Global Revolutions" over Austerity, Inequality
- 2012/02/23: DerSpiegel: Pressure to Boost 'Firewall' -- Germany Isolated over Resistance to Expanding Euro Bailout
Ahead of a meeting of G-20 finance ministers in Mexico City, Germany remains adamant in its opposition to an expansion of the permanent euro rescue fund. The IMF and European Commission are concerned that the current size of the European Stability Mechanism won't be enough to quiet markets.
- 2012/02/23: AlterNet: Rise of the Livestreamer: Telling the Truth About Occupy in Real Time
- 2012/02/24: BRitholtz: Succinct Summation of Week’s Events
- 2012/02/24: NakedCapitalism: Spinning Necessity as a Virtue: Families to Stand in for Fragmenting Social Safety Nets
- 2012/02/24: NakedCapitalism: Fannie Putting More Dubious New Loans Back to BofA, So BofA Will Stick Them to Freddie Instead
- 2012/02/24: CalcRisk: Bank Failure #11 in 2012: Home Savings of America, Little Falls, Minnesota
- 2012/02/24: CalcRisk: Bank Failure #10 in 2012: Central Bank of Georgia, Ellaville, Georgia
- 2012/02/23: RawStory: Huge increase in U.S. kids living in poverty: study
- 2012/02/24: ABC(Au): Fitch downgrades three of big four banks
Fitch has downgraded the prized credit ratings of three of Australia's big four banks, citing higher funding costs.
It downgraded by one notch Commonwealth Bank, Westpac and National Australia Bank to AA minus from AA.
ANZ, which already had a AA minus rating, remains unchanged.
- 2012/02/24: CBC: Charge GST on food, economists say
- 2012/02/21: AlterNet: German Economic Striving at the Expense of Workers and Neighbors Will Backfire
- 2012/02/22: EconBrowser: Crude oil and gasoline prices
- 2012/02/22: FDL: New Study From Consumer Advocates Shows Mass Servicer Abuse
- 2012/02/23: RWER: Austerity Bites [US & Euro Zone Industrial Production]
- 2012/02/23: RWER: Austerity and emigration: the case of Lithuania (graphs)
- 2012/02/23: BRitholtz: Current Housing Bust Much Worse Than Great Depression by Global Macro Monitor
- 2012/02/23: NakedCapitalism: Tom Deutsch of American Securitization Forum Finally Gets His Comeuppance: Pimco and Likely Other Investors Quit
- 2012/02/23: NakedCapitalism: Philip Pilkington: Ireland -- The Problem Isn’t Ignorance
- 2012/02/23: CalcRisk: Weekly Initial Unemployment Claims unchanged at 351,000
- 2012/02/23: EurActiv: EU enters in 'mild recession'
The eurozone is heading towards a "mild recession", according to updated European Commission forecasts, and will contract by 0.3% in 2012.
- 2012/02/21: BBerg: S&P 500 Cheapest to Bonds on Zero Fed Rates
- 2012/02/23: BBC: EU says eurozone economy to shrink in 2012
The European Commission has predicted that the eurozone economy will contract by 0.3% in 2012.
In its previous forecast in November, it said that the economy would grow by 0.5%.
- 2012/02/23: BBC: Greece bailout: MPs approve debt swap deal
- 2012/02/23: al Jazeera: The European Union and the rhetoric of immaturity
The EU's infantalisation and animalisation of individual members is not surprising explains author.
- 2012/02/22: CSM: As austerity bites hard, a once pliant Spain revolts
- 2012/02/21: EFF: Government Pressures Twitter to Hand Over Keys to Occupy Wall Street Protester's Location Data Without a Warrant
- 2012/02/21: EmpireBurlesque: Shock Doctrine Uber Alles: Germany's New Greek Colony
- 2012/02/23: BBC: RBS reports £2bn loss in 2011...
- 2012/02/23: BBC: Credit Agricole reports 3bn-euro fourth-quarter loss
- 2012/02/22: AlterNet: Why I Broke Up With Bank of America
- 2012/02/22: DerSpiegel: The World from Berlin -- 'EU Has Not Yet Faced the Whole Sad Truth About Greece'
Will the new Greek bailout be enough to save the country from default? The ratings agency Fitch doesn't think so: It downgraded Athens on Wednesday, saying a bankruptcy was "highly likely." German commentators also feel Greece isn't out of the woods yet.
- 2012/02/22: DerSpiegel: Cheap Labor in Bulgaria -- Chinese Open First Car Plant in Europe
It used to be that European carmakers opened plants to assemble their cars in China. Now the Chinese have turned the tables with the opening of their first factory in Bulgaria, an EU country with low labor costs and taxes. Increasingly, Chinese carmakers are setting their sights on the European and American automobile markets.
- 2012/02/21: DerSpiegel: A Political Establishment in Freefall -- Greece Lurches to Left Amid Radical Austerity
A radical austerity drive has triggered the biggest political upheaval in Athens since the end of the military dictatorship in 1974. So far, it is leftist parties who have benefitted the most from the debt crisis. The deeply divided left, however, would likely be unable to form a stable coalition.
- 2012/02/21: DerSpiegel: Averting the Next Greece -- Portugal Needs More Money To Stay Afloat
With its massive austerity measures, Portugal has become the poster child of the troika of the EU, ECB and IMF. But the country is still stuck in a deep recession and it is unclear how it will return to growth. It may need to rely on European loans for years to come.
- 2012/02/20: DerSpiegel: Top German Economist -- 'Restructuring Greece Within the Euro is Illusory'
Europe's finance ministers plan to approve a second bailout for Greece on Monday but Hans-Werner Sinn, the head of Ifo, a top German economic think tank, warns that the money will only help international banks -- not the Greeks. He argues that Greece can only solve its crisis if it quits the euro.
- 2012/02/20: DerSpiegel: US Economist Kenneth Rogoff -- 'Germany Has Been the Winner in the Globalization Process'
In an interview with Spiegel, Harvard economist Kenneth Rogoff, 58, says it was a mistake to bring all the southern European countries into the common currency. He also argues that Greece should be granted a "sabbatical" from the euro and that a United States of Europe may take shape far sooner than many believe.
- 2012/02/20: DerSpiegel: Stop the Second Bailout Package! EU Should Admit Greece is Bankrupt
Greece is bankrupt and will need a 100 percent debt cut to get back on its feet. The bailout package about to be agreed by the euro finance ministers will help Greece's creditors more than the country itself. EU leaders should channel the aid into rebuilding the economy rather than rewarding financial speculators for their high-risk deals.
- 2012/02/22: al Jazeera: Fitch downgrades Greece on debt swap deal
Setback comes as country's parliament debates emergency legislation to implement a eurozone rescue package.
- 2012/02/22: RWER: What if the next Steve Jobs is Chinese?
- 2012/02/22: RWER: Peter Praet, member of the board of the ECB: "ECB monetary policy was perfect"
- 2012/02/22: BRitholtz: QOTD: Bicameral Whorehouse
- 2012/02/22: BRitholtz: The Decline In [Housing] Inventory Right Now is NOT a Good Sign by Jonathan Miller
- 2012/02/22: NakedCapitalism: John O’Brien: Mortgage Settlement Fails to Address Banking Criminal Enterprise
- 2012/02/22: CalcRisk: Existing Home Sales in January: 4.57 million SAAR, 6.1 months of supply
- 2012/02/22: CalcRisk: Existing Home Sales: Inventory and NSA Sales Graph
- 2012/02/22: EnergyBulletin: As Greece erupts, BBC’s Paul Mason on "The New Global Revolutions" over austerity, inequality
- 2012/02/22: Guardian(UK): Obama proposes corporate tax cut and says system needs to change
President's plan would set a new corporate tax rate of 28% -- but Republicans in Congress say that is still too high
- 2012/02/22: uComics: (cartoon - Toles) The Wine Press
- 2012/02/22: CBC: Greece downgraded further into junk status
- 2012/02/21: PostMedia: Conservative spending cuts could tip Canada into recession, federal union economists say
The Conservative government could tip Canada into a recession if it reduces federal spending by up to $8 billion, says an analysis by the union representing government economists and social scientists.
Claude Poirier, president of the Canadian Association of Professional Employees, said that if the Conservatives press ahead with spending reductions of $8 billion by 2014-15, Canada's gross domestic product will fall by more than $10 billion and draw an embattled economy into a recession.
- 2012/02/21: CSM: Why hedge funds are a joke
- 2012/02/21: AlterNet: Does Obama Deserve Credit for Avoiding the Second Great Depression?
- 2012/02/22: al Jazeera: The uptick's downside
There are at least four downside risks likely to materialise this year that will undermine growth, investor confidence.
First, the eurozone is in deep recession...
Second, there is now evidence of weakening performance in China and the rest of Asia.
Third, while US data have been surprisingly encouraging, America's growth momentum appears to be peaking.
Finally, geopolitical risks in the Middle East are rising...
- 2012/02/21: NYT:PK: Partying Like It’s 1934
- 2012/02/20: Noahpinion: Are macroeconomic methods politically biased?
- 2012/02/20: NYT:PK: Straight Talk and Shifting Windows
- 2012/02/19: TDB: Ben Bernanke: Washington's Quiet Hero
Ben Bernanke takes fire from all sides. Which, in Washington, is a sign he’s doing a pretty good job.
- 2012/02/21: RWER: Greece and Those Wild and Crazy Guys at the ECB
- 2012/02/21: RWER: Argentina collapsed before default (graph)
- 2012/02/21: RWER: Debt: Where did it come from? (chart of the day)
- 2012/02/21: EconView: Summers, Romer, and the Stimulus Package -- More on the evolution of the stimulus package
- 2012/02/21: EconView: "It’s Obvious Where Profits Have Come From" -- Menzie Chinn says "there is substantial space for rising wages"
- 2012/02/21: EconView: "Political Constraints in the Aftermath of Financial Crises"
- 2012/02/21: EconView: "This Really Isn’t Credible" ...a quick one on Greece -- the reviews are in
- 2012/02/21: NakedCapitalism: Politico: Schneiderman Caved to Administration Pressure on Mortgage Settlement, Did Not Get Tighter Release for Abandoning Opposition
- 2012/02/21: NakedCapitalism: Will Expiration of Tax Break Render Much of Mortgage Settlement Moot?
- 2012/02/21: NakedCapitalism: Wolf Richter: Now a Housing Bubble in Germany
- 2012/02/21: NakedCapitalism: Philip Pilkington: The Liquidity Trap and All That...
- 2012/02/21: NakedCapitalism: Quelle Surprise! Servicers Rip Off Investors as Well as Homeowners
- 2012/02/21: NakedCapitalism: More Foreclosure Mischief: Bankruptcy Hijackings
- 2012/02/21: CalcRisk: DOT: Vehicle Miles Driven increased 1.3% in December
- 2012/02/21: EnergyBulletin: Occupy vs. the global race to the bottom
- 2012/02/21: CBC: Retail sales drop during Christmas shopping season
Statistics Canada says Canada's retailers suffered a weak final month during last year's holiday shopping season, with December retail sales edging down 0.2 per cent to $38.6 billion.
- 2012/02/21: Guardian(UK): Greeks will suffer for five years as part of resolving eurozone crisis
- 2012/02/21: Guardian(UK): Greek relief over bailout fails to soothe anger from voters
- 2012/02/21: Guardian(UK): Why the Volcker Rule is crucial to the 99%
We, concerned citizens, believe that regulators must enforce the Dodd-Frank Act's provisions to end proprietary trading by banks
- 2012/02/21: Guardian(UK): Dow Jones breaks through 13,000 barrier for first time since 2008 crash
- 2012/02/21: al Jazeera: Greece and those wild and crazy guys at the European Central Bank
The European economic establishment is pushing policies with little theoretical or empirical support.
- 2012/02/21: BBC: The European Central Bank (ECB) has said it made no purchases of eurozone government bonds last week
- 2012/02/21: CBC: 8 questions answered on Greece's bailout deal
- 2012/02/20: al Jazeera: Eurozone approves second Greek bailout
Finance ministers meeting in Brussels approve $170bn rescue package needed to avoid default by debt-ridden nation.
- 2012/02/08: OurFuture: John Galt is a Crybaby and So Are You
- 2012/02/10: EKathimerini: A single man takes the initiative to feed the poor
- 2012/02/20: RWER: Is this the Second Great Depression?
- 2012/02/20: EconView: Paul Krugman: Pain Without Gain -- Reducing aggregate demand when spending is already falling makes things worse, not better
- 2012/02/20: EconView: Shifting the Center of the Political Debate
- 2012/02/20: BRitholtz: Contract Requires Prisons 90% Filled
- 2012/02/20: NakedCapitalism: Otherwise Good WaPo Article on Modern Monetary Theory Marred by Undeserved Praise of Roosevelt Institute
- 2012/02/20: NakedCapitalism: Michael Olenick: Shocking Economic Insight -- Mass Foreclosures Will Drive Down Home Prices
- 2012/02/20: NakedCapitalism: Navigating Global Prosperity: An Interview with Paul Davidson
- 2012/02/20: EnergyBulletin: How Greece could take down Wall Street
- 2012/02/20: EnergyBulletin: Cheater Economics
- 2012/02/20: uComics: (cartoon - Rall) We Are Evicting You...
- 2012/02/20: JQuiggin: Non-response on austerity
- 2012/02/20: GRC: The "Global Crises of Capitalism"; Whose Crises, Who Profits?
- 2012/02/19: NYT:PK: Pain Without Gain
Last week the European Commission confirmed what everyone suspected: the economies it surveys are shrinking, not growing. It’s not an official recession yet, but the only real question is how deep the downturn will be.
- 2012/02/20: NorRe: The Road To Austerity
- 2012/02/20: BBC: Japan's trade deficit hits record high [1.5tn yen] on fuel imports
- 2012/02/20: BBC: Thailand's economy shrinks 9% after flood disruptions
- 2012/02/19: AlterNet: 84 Percent of San Francisco Foreclosures Fraudulent--Why are Bankers Still Getting Away with Crimes?
- 2012/02/19: al Jazeera: Manufacturing illusions
Improvement in the US manufacturing sector obscures the fact that workers, by and large, aren't sharing in the gains.
- 2012/02/20: al Jazeera: Japan registers record deficit in January
Trade deficit touched $18.5bn as fuel imports rose and exports tumbled due to strong yen and slump in demand in Europe.
- 2012/02/19: JaredB: Poverty, Inequality, and the Stages of Grief
- 2012/02/17: TripleCrisis: "Memento", the Meltdown and the Mainstream
- 2012/02/19: EconView: What's To Be Done? - Duncan Black
- 2012/02/19: NakedCapitalism: San Francisco Foreclosure Audit Elicits Predictable Responses from Securitization Mess Deniers
- 2012/02/19: CalcRisk: Percent Job Losses: Great Recession and Great Depression
- 2012/02/19: BBC: William Hague says the eurozone was built with no exits
- 2012/02/17: EconBrowser: Motor Vehicle Output and Sales, Three Years after the Deluge
- 2012/02/18: RWER: Revisiting the Second Great Depression and other Fairy Tales
- 2012/02/18: RWER: Some thoughts about the new Macro-Economic Imbalances Procedure of the European Commission (graph)
- 2012/02/18: NakedCapitalism: Conviction of Ex-Goldman Programmer Overturned
- 2012/02/15: DerSpiegel: Economy Shrinks in Fourth Quarter -- Germany Is Confident Downturn Will Be Brief
The German economy shrank by 0.2 percent in the fourth quarter of 2011, as the euro crisis began to bite. But the contraction was less than expected, and economists expect Germany to avoid the recession plaguing many countries in the euro crisis. Leading indicators point to a resumption of growth by mid-2012.
- 2012/02/17 GRC: Banker Occupied Europe and America
- 2012/02/16: CBO Blog: The United States is Experiencing the Longest Stretch of High Unemployment Since the Great Depression
- 2012/02/16: NYT:EconoMix: Paul Volcker vs. the Bank of Canada
- 2012/02/16: PS: The Uptick’s Downside by Nouriel Roubini
- 2012/02/16: WSJ: [UBS' Art] Cashin: Here’s The Real Risk If Greece Defaults
- 2012/02/17: RWER: Eurozone government deficit and debt (graphs)
- 2012/02/17: EconView: Fed Watch: Will They Or Won't They? [QE3] - Tim Duy
- 2012/02/17: EconView: Paul Krugman: Moochers Against Welfare
The idea that members of "the idle poor" are taking government benefits they don't deserve and in the process endangering the benefits of those who do deserve them is a convenient fiction for those who are ideologically committed to reducing the size of government
- 2012/02/17: EconView: Christina Romer on Learning from the Great Depression
- 2012/02/17: BRitholtz: Succinct summation of week’s events
- 2012/02/17: CalcRisk: Report: Existing Home inventory down 23.3% year-over-year
- 2012/02/17: CalcRisk: Unofficial Problem Bank list declines to 956 Institutions
- 2012/02/17: CBC: Statistics Canada says the number of people receiving regular employment insurance benefits edged up by 4,200, or 0.8 per cent, to 544,700 in December
- 2012/02/17: BBC: Iceland debt 'safe to invest' after ratings upgrade [to BBB- from BB+]
- 2012/02/17: SlashDot: Former Goldman Programmer's Conviction Overturned
- 2012/02/16: AlterNet: How a Filthy Rich 196 People Will Buy Our Election
- 2012/02/17: AlterNet: Power at the Ports: Truckers Force Showdowns in Seattle, Los Angeles
- 2012/02/17: al Jazeera: Capturing the European Central Bank
There are several explanations for the ECB’s insistence on a "voluntary" restructuring of Greece's sovereign debt.
- 2012/02/16: CT: So, what would your plan for Greece be?
- 2012/02/16: VoxEU: The renminbi’s prospects as a global reserve currency by Eswar Prasad
Is China’s currency destined to become the dominant global reserve currency? This column argues that despite not yet having a flexible exchange rate or open capital account, China’s government is pursuing ‘liberalisation with Chinese characteristics’. It argues that the renminbi will become a reserve currency within the next decade, eroding but not displacing the dollar’s dominance.
- 2012/02/16: Reuters: MBIA tells judge of newly uncovered Countrywide fraud database
- 2012/02/16: RWER: David K. Levine is totally wrong on the rational expectations hypothesis
- 2012/02/16: RWER: A fervent plea on behalf of the wretched of the earth for 2012 and beyond
- 2012/02/16: EconView: State Socialism versus State Captialism
- 2012/02/16: EconView: "Romer Advised Obama To Push $1.8 Trillion Stimulus"
- 2012/02/16: NakedCapitalism: Quelle Surprise! Taxpayers Will Be Paying for Part of Mortgage Settlement
- 2012/02/16: NakedCapitalism: Philip Pilkington: The Delicate Balance of Terror –How Neoclassical Economics Deploys Psychotic Reasoning to Explain Human Behavior
- 2012/02/16: NakedCapitalism: Quelle Surprise! San Francisco Assessor Finds Pervasive Fraud in Foreclosure Exam...
- 2012/02/16: CalcRisk: Weekly Initial Unemployment Claims decline to 348,000
- 2012/02/16: EnergyBulletin: The Fight of the Century by Richard Heinberg
As economies contract, a global popular uprising confronts power elites over access to the essentials of human existence. What are the underlying dynamics of the conflict, and how is it likely to play out?
- 2012/02/16: Guardian(UK): The 'second Great Depression' saviour myth
We're told that Fed officials and the Obama administration saved us from another 1930s-style slump. Nonsense
- 2012/02/16: Wonkette: Rude Failure Larry Summers Is A Candidate For Another Top Job
- 2012/02/16: EUO: Eurozone GDP down [-0.3% in Q4]
- 2012/02/13: CPunch: What's Inside the New "Austerity Measures" -- A Death Sentence for Greece
- 2012/02/14: EmpireBurlesque: Greek Fire: Extremist Elites Gone Wild in Democracy's Cradle
- 2012/02/14: BizInsider: America Is Spending Less On Debt Payments Than It Was In The '90s
- 2012/02/15: BizInsider: UK Unemployment Rises To The Highest Level In 17 Years
- 2012/02/16: BBC: Spain's economy contracts [-0.3% Q4] as recession fears grow
- 2012/02/16: BBC: General Motors unveils record profits for 2011
US carmaker General Motors made record profits in 2011 but unveiled huge losses in its European operations.
The firm made a profit of $7.6bn (£4.85bn) over the year, up 62% from 2010.
However, it lost $700m in Europe, which includes its UK Vauxhall plants in Ellesmere Port and Luton, and made a $100m loss in South America.
The firm, which faced bankruptcy two years ago, saw sales rise 7.6% last year to more than 9 million vehicles.
- 2012/02/15: CBC: The danger in shoving Greece too far
- 2012/02/16: CBC: GM hits record $7.6B profit in 2011
- 2012/02/15: GRC: Financial Terrorism
- 2012/02/15: AlterNet: How the 1% Destroys Jobs and the Real Heroes are Everyday People
- 2012/02/16: al Jazeera: Greece says it has cleared bailout hurdles
Party leaders have met the final two demands set by the country's international lenders, paving the way for a deal.
- 2012/02/14: CEPR:BtP: ABC Does Unpaid(?) Commerical Announcement for the Republicans on the Evening News
- 2012/02/15: NYT:PK: Clearly, It’s Time for More Austerity
- 2012/02/13: Time: Are We Already Planting the Seeds of the Next Financial Crisis?
Central banks are trying to revive weak economies by injecting large amounts of money. That policy helps in the short run, but easy money can also create the conditions for future booms and busts.
- 2012/02/14: FDL: Fun With Numbers: Foreclosure Fraud Settlement Figures Tough to Add Up
- 2012/02/15: RWER: Volcker and Banks
- 2012/02/15: RWER: Non-Equilibrium Social Science (a new EU network project)
- 2012/02/15: EconView: What If Emergency Unemployment Benefits Expire?
- 2012/02/15: EconView: Austerity's Silver Lining? Paul Krugman highlights the failure of austerity policy in Europe
- 2012/02/15: BRitholtz: What Does Declining Gasoline Consumption Mean?
- 2012/02/15: NakedCapitalism: HUD’s Donovan Tells Remarkable Whoppers About Settlement to Mortgage Investors
- 2012/02/15: NakedCapitalism: New York Creates New Foreclosure Courts to Clear Backlog
- 2012/02/15: EnergyBulletin: The imperial way: American decline in perspective, Part 2 by Noam Chomsky
- 2012/02/15: BBC: World Bank president Robert Zoellick is to step down from his role at the institution when his five-year term comes to an end on 30 June
- 2012/02/15: Guardian(UK): Greece is being forced out of eurozone, Venizelos claims
Greek finance minister says troika is shifting terms of E130bn bailout deal as part of move to force country out of eurozone
- 2012/02/15: MoJo: Chart of the Day: Letting Nurses Do More Doesn't Affect Doctor Pay
When restrictions on nurse practitioners are lifted, GP compensation barely budges.
- 2012/02/14: CCurrents: Bankers Fiddle While Athens Burns
- 2012/02/14: NewInt: Politicians set the stage for another Greek Tragedy
A fire has engulfed the body of Greek democracy. But the people are no longer waiting for ‘national saviours to put it out. They are slowly taking matters into their own hands. And the future remains unwritten.
- 2012/02/14: BizInsider: Greece's GDP Is In Total Freefall
- 2012/02/15: Impolitical: Harper not in step with Canadians on OAS
- 2012/02/15: Impolitical: More budget homework for Flaherty
- 2012/02/14: DerSpiegel: Misery in Athens -- 'New Poor' Grows from Greek Middle Class
Aid workers and soup kitchens in Athens are struggling to provide for the city's "new poor." Since the economic crisis has taken hold, poverty has taken hold among Greece's middle class. And suicide rates have nearly doubled.
- 2012/02/14: DerSpiegel: The World from Berlin -- 'Greece Cannot Be Ruled Against the Will of its People'
Greece may now have passed the austerity measures demanded from the European Union and the International Monetary Fund, but the country's political system is showing signs of stress. Additional pressure from Europe isn't helping. German commentators warn that political radicalization cannot be ruled out.
- 2012/02/13: DerSpiegel: 'The Troika's Policies Have Failed' -- European Doubts Growing over Greece Debt Strategy
For months, European leaders have been trying to find a way out of the Greek debt crisis. But austerity is merely driving the country deeper into economic despair. Is it time for a radical rethink? Many think the answer is yes.
- 2012/02/13: DerSpiegel: Interview with George Soros -- 'Merkel Is Leading Europe in the Wrong Direction'
Global investor George Soros considers the German government's policies in the euro crisis to be disastrous. In a Spiegel interview, he warns of a vicious circle triggered by Chancellor Angela Merkel's strict austerity measures and pleads for more money to be pumped into the countries most plagued by the debt crisis.
- 2012/02/15: BBC: Europe economy: Recession hits Italy and Netherlands
- 2012/02/15: BBC: UK unemployment rose by 48,000 to 2.67 million in the three months to December, official figures have shown, the smallest rise in almost a year
- 2012/02/15: BBC: The UK economy will "zigzag" this year, dipping in and out of growth, Bank of England chief Sir Mervyn King has said
- 2012/02/13: TYI: Its still not to late to adopt the Swedish model and stop the financial crisis
- 2012/02/13: Reuters: Financial crisis chair Angelides quits mortgage firm
- 2012/02/14: RWER: New macro-debt statistics from Eurostat
- 2012/02/14: RWER: President Obama’s budget is disappointing
- 2012/02/14: EconView: "Alexander Field, Greg Clark, and Optimism about the Current Unpleasantness"
Why aren't we doing more to rebuild our infrastructure at a time when our needs are high and borrowing costs, labor costs, and other costs of infrastructure are at bargain prices? Not to mention the employment benefits that would come with enhanced infrastructure investment. And why aren't we doing more to shore up our financial infrastructure through new regulations and oversight of the banking sector so that the problems we are having presently are less likely to reappear? There have been some changes in financial regulation, but not enough, and the financial sector is doing its best to block any further progress in this area.
- 2012/02/14: BRitholtz: CASSH: The Next PIIGS?
- 2012/02/14: NakedCapitalism: Occupy the SEC’s Comment Letter Objects to Excuses for Watering Down Volcker Rule (#OWS)
- 2012/02/14: NakedCapitalism: Philip Pilkington: Pension Provider to British Government -- "QE Actually Does Kill Demand!"
- 2012/02/14: EnergyBulletin: "Losing" the world: American decline in perspective, Part 1 by Noam Chomsky
- 2012/02/14: GRC: Financial Oligarch Power Raping Greece
- 2012/02/14: DemNow: "Real Despair" Sweeps Through Greece as Severe Austerity Measures Demanded by E.U.-IMF Cripple Nation
- 2012/02/14: CBC: Greek economy shrinks 7% in fourth quarter
- 2012/02/12: AlterNet: The Big Lie of Austerity--and How Transit Workers are Fighting Back
- 2012/02/13: AlterNet: The Right-Wing Propagandist Charles Murray Exposes the Truth About Conservatives -- They Hate Poor People, White and Black
- 2012/02/14: al Jazeera: Nothing is 'settled': Fighting fraud with a fraud
US government and banks reach a $25bn dollar settlement over fraud during the sub-prime mortgage fiasco.
- 2012/02/14: al Jazeera: Japan to pump $130bn into economy
Central bank announces new round of asset-buying measures in bid to tackle deflation and boost struggling economy.
- 2012/02/10: BBerg: China’s Import Slump, New Loans Slowdown Add to Growth Concerns: Economy
- 2012/02/13: RWER: Europe: austerity bites (in the Eurozone)
- 2012/02/12: EconBrowser: Why not abolish the Fed and return to the gold standard?
- 2012/02/13: EconView: Fed Watch: It's Worse Than You Think - Tim Duy
- 2012/02/13: EconView: Paul Krugman: Severe Conservative Syndrome
- 2012/02/13: EconView: Rodrik: The Nation-State Reborn
Dani Rodrik argues that the demise of the nation state is not as close as you may have been led to believe...
- 2012/02/13: BRitholtz: Surprise! Economists Are Not Good At Forecasting
- 2012/02/13: NakedCapitalism: Quelle Surprise! Administration and State Attorneys General Lied, Mortgage Settlement Release Described as "Broad"
- 2012/02/13: NakedCapitalism: Bizarre Department of Justice Disclaimer for Mortgage Settlement Website
- 2012/02/13: NakedCapitalism: The Global Minotaur: An Interview with Yanis Varoufakis
- 2012/02/13: BBC: Moody's rating agency places UK on negative outlook
The US credit ratings agency, Moody's has placed the UK on negative outlook.
France and Austria, who also share a top triple A rating, have been similarly graded.
The credit ratings of Italy, Spain and Portugal have been downgraded.
- 2012/02/13: PEF: Who Wants "Closer" Ties With China?
- 2012/02/13: al Jazeera: The downward mobility of the US middle class
More and more people in the US are living in poverty - yet Mitt Romney's policies would further shred the safety net.
- 2012/02/13: CBC: Japan's economy shrinks 2.3% [Q4 GDP -2.3%]
- 2012/02/12: AlterNet: Thousands Protest in the Streets in Athens as Greece Rams Through Austerity Package
- 2012/02/09: AlterNet: Runaway Greed Is Destroying America: Should There Be a Lid on How Much Someone Can Make?
- 2012/02/11: NYT:PK: Cameron and the Confidence Fairy: An Update
- 2012/02/11: LA Times: Mortgage settlement is great -- for politicians and banks
The settlement mostly requires mortgage lenders and servicers to comply with what I would have thought was already the law, which prohibits, you know, criminal fraud.
- 2012/02/11: TheSideshow: Some Rob you with a six-gun, some with a fountain pen
- 2012/02/12: RWER: EU economists: consistently wrong about Greece
- 2012/02/12: CalcRisk: Unofficial Problem Bank list unchanged at 958 Institutions
- 2012/02/12: CalcRisk: Economic Analysis and Inaccurate Numbers
- 2012/02/12: BBC: Japan economy contracts amid strong yen and Thai floods
Japan's economy contracted more than expected in the last three months of 2011 as a rising yen and floods in Thailand hurt businesses.
Gross domestic product shrunk by 2.3% during the period from a year earlier, much worse than 1.4% contraction that analysts had forecast.
- 2012/02/12: SlashDot: All-IP Network Produces $100B Real Estate Windfall
- 2012/02/10: BDL: Businessweek Opinions-of-Shape-of-Earth-Differ Journamalism: Paul Krugman Edition
- 2012/02/10: NYT:PK: Two Minutes Hate - From BusinessWeek. Enjoy.
- 2012/02/11: BizInsider: US Justice Dept: Switzerland's Largest Private Bank Is A 'Fugitive'
- 2012/02/10: GEA: Petroleum 3-Month Rolling Average Turns Sharply Lower; Negative Shipping Rates; Collapse in Global Trade
- 2012/02/10: Salon: The big banks win again
Foreclosure victims get little help in a mortgage-settlement plan that only benefits the banks' bottom line
- 2012/02/09: MoJo: Mind-Blowing Charts From the Senate's Income Inequality Hearing
- 2012/02/11: RWER: Economists to issue statement on capital controls and the Trans-pacific partnership agreement
- 2012/02/11: EconView: "Reading the Bump in Inventories"
- 2012/02/11: NakedCapitalism: Mortgage Settlement as Attorney General Sellout: Deal is Not Done, and Final Version Guaranteed to be Worse Than Advertised
- 2012/02/12: Guardian(UK): I fear for a social explosion: Greeks can't take any more punishment
- 2012/02/11: NYT:PK: Bubbles and Economic Potential
- 2012/02/11: CCurrents: Growth And Free Trade: Brain-Dead Dogmas Still Kicking Hard
- 2012/02/11: GRC: Unemployment, Foreclosures, Rising Debts and Despair: America's Social Crisis
- 2012/02/10: DemNow: 50-State, $25B Mortgage Settlement: Relief for Struggling Homeowners or Bailout for Big Banks?
- 2012/02/10: DerSpiegel: Insufficient Austerity -- European Union Keeps Pressure on Athens
Greek political leaders announced on Thursday that they were bowing to all European Union austerity demands. But euro-zone finance ministers are skeptical, saying several details need to be clarified. Even if Athens ultimately receives a new bailout package, however, its debt problems will not be solved.
- 2012/02/10: DerSpiegel: The World from Berlin -- 'Without a New Beginning, Athens Is Lost'
The European Union is demanding even greater sacrifices from Greece, despite the deal reached by politicians in Athens on Thursday. Facing more painful cuts, Greek citizens are back on the streets as resentment boils over. German commentators say it's time to finally face the truth.
- 2012/02/09: DerSpiegel: Buying Germany's Hidden Champions -- Takeover Could Signal New Strategy for China
Concrete pump manufacturer Putzmeister is the first top-tier German company to be acquired by a Chinese company eager to get its hands on Western know-how, but it is unlikely to be the last. The acquisition could be the start of a new strategy as China tries to transform itself into a high-tech economy. And the Germans might even benefit too.
- 2012/02/11: BBC: Standard and Poor's downgrades Italy banks
The credit ratings agency Standard and Poor's has downgraded its assessment of almost all of Italy's major banks. The review involves 34 of the 37 banks covered by the agency.
Italy's biggest financial institutions, including UniCredit, Intesa Sanpaolo, Banco Popolare, Banca Nazionale del Lavoro and Mediobanca, are among them.
A credit rating affects the price of borrowing and the move follows S&P's two-notch downgrade of the Italian government's creditworthiness.
- 2012/01/: VanityFair: The Book of Jobs by Joseph Stiglitz
Forget monetary policy. Re-examining the cause of the Great Depression -- the revolution in agriculture that threw millions out of work -- the author argues that the U.S. is now facing and must manage a similar shift in the "real" economy, from industry to service, or risk a tragic replay of 80 years ago.
- 2012/02/07: AlterNet: Why Going 'Back To Normal' Is No Longer An Option for the American Economy -- And Where We're Headed Now
- 2012/02/08: AlterNet: Charles Murray's New Book 'Coming Apart' Shamelessly Blames the Victims of Our Economic Collapse
- 2012/02/09: RS: Why the Foreclosure Deal May Not Be So Hot After All
- 2012/02/10: RWER: Poverty in Europe (graphs)
- 2012/02/10: RWER: In the long run, Keynes lives
- 2012/02/10: EconView: Paul Krugman: Money and Morals
- 2012/02/10: EconView: "Romney’s Severely Conservative Budget Promises" - Ezra Klein digs into Romney's budget proposal
- 2012/02/10: BRitholtz: WashingtonsBlog: Mortgage Settlement Is Just Another Stealth Bank Bailout
- 2012/02/10: BRitholtz: Succinct summation of week’s events
- 2012/02/10: NakedCapitalism: Marshall Auerback: Greece and the Rape by the Rentiers
- 2012/02/10: NakedCapitalism: The Wages of Austerity: Superbug Runs Wild in Greek Hospitals
- 2012/02/10: CalcRisk: Bank Failures #8 &9 in 2012: Illinois and Indiana
- 2012/02/10: CalcRisk: Consumer Sentiment declines in February to 72.5
- 2012/02/10: CBC: U.S. trade deficit widens to $48.8B
- 2012/02/10: JQuiggin: Expansionary austerity: some shoddy scholarship
- 2012/02/10: CSM: The economy is improving whether conservatives like it or not
- 2012/02/09: Yahoo:DT: $26B Mortgage Settlement: Good for Banks, Not So Good for Homeowners
- 2012/02/09: AlterNet: Top 12 Things Wrong With the Mortgage Settlement
- 2012/02/09: NYT:EconoMix: People Are Not Leaving the Labor Force
- 2012/02/09: MWatch: The insiders are selling heavily
- 2012/02/09: RWER: The Facebook Follies
- 2012/02/09: EconView: Old versus New Keynesian Models Revisited
- 2012/02/09: CalcRisk: Weekly Initial Unemployment Claims decline to 358,000
- 2012/02/09: EnergyBulletin: Uneconomics: a challenge to the power of the economics profession
- 2012/02/09: Guardian(UK): Poor economy affecting young adults beyond the scope of finding a job
- 2012/02/09: Guardian(UK): This is no bailout for Main Street America
- 2012/02/09: EUO: Breakthrough deal on new rules for derivatives trading
- 2012/02/09: NYT:PK: Jonathan Chait Is Mean
- 2012/02/09: JQuiggin: The zombie economics of austerity in Australia
- 2012/02/09: NakedCapitalism: The Top Twelve Reasons Why You Should Hate the Mortgage Settlement
- 2012/02/09: BBC: Five of the biggest US banks have agreed to provide $25bn in assistance to homeowners to settle claims over improper foreclosure practices
- 2012/02/09: BBC: Bank of England injects another £50bn into UK economy
The Bank of England has agreed to extend its quantitative easing (QE) programme by £50bn to give a further boost to the UK economy.
When completed, it will bring the total amount of QE stimulus to £325bn.
- 2012/02/09: BBC: Credit Suisse has reported a loss of 637m Swiss francs ($698m; £440m) for the last three months of 2011
- 2012/02/09: al Jazeera: The new geography of trade -- Globalisation's decline may stimulate local recoveries
- 2012/02/07: RReich: The Sad Spectacle of Obama’s Super PAC
- 2012/02/08: RWER: Low-wage lessons
- 2012/02/08: EconView: "There is No High Ground in American Politics" - Robert Reich
- 2012/02/08: NakedCapitalism: Mortgage Settlement Pretty Much a Done Deal as New York and California Join
- 2012/02/08: NakedCapitalism: Mortgage Settlement Wrangling Continues, Banks Balking at Schneiderman MERS Suit
- 2012/02/06: NewInt: A fair economy is not radical -- it’s common sense!
- 2012/02/08: BBC: German exports set record of a trillion euros in 2011
- 2012/02/03: GEA: Nonfarm Payroll +243,000 ; Unemployment Rate 8.3%; Those Not in Labor Force Rose an Amazing 1,177,000
- 2012/02/06: NYT:PK: America’s European Exposure
- 2012/02/07: RWER: The "Falling" Unemployment Rate
- 2012/02/07: RWER: Debt, toll roads and patents
- 2012/02/07: RWER: The art of bankers and economists
- 2012/02/07: BRitholtz: Last word: BLS Decennial Census Adjustment
- 2012/02/07: BRitholtz: The Greedy Bastards Antidote to Rigged Energy [bottom line / energy]
- 2012/02/07: NakedCapitalism: Mirabile Dictu! Missouri Attorney General Files Criminal Lawsuit on Robosigning
- 2012/02/07: UN: UN official calls for ‘global new deal’ to fix broken global economy
- 2012/02/06: AlterNet: How Rich Executives Extract Concessions From Workers -- While Playing the Good Guy in Public
- 2012/02/06: Forbes: How Economics Contributed to the Financial Crisis
- 2012/02/05: EconBrowser: Economic conditions improving
- 2012/02/06: EconView: Fed Watch: Another Experiment? - Tim Duy
- 2012/02/06: EconView: Paul Krugman: Things Are Not O.K.
We seem to have turned the corner, but policymakers should not relax yet -- we still have a long way to go ...
- 2012/02/06: EconView: Stiglitz: Capturing the ECB
- 2012/02/06: BRitholtz: Employment Chart Palooza
- 2012/02/06: NakedCapitalism: Is the Mortgage Settlement Deal Starting to Unravel?
- 2012/02/06: NakedCapitalism: Daniel Alpert: Tinkerbell Economics -- The Confidence Fairy, Pixie Dust and a Sleeping Dragon
- 2012/02/06: NakedCapitalism: More on the Role of Second Liens and the Mortgage Settlement as Stealth Bank Bailout
- 2012/02/06: NakedCapitalism: Quelle Surprise! New York and California Attorneys General Look Ready to Sign on to Mortgage Settlement
- 2012/02/06: CalcRisk: The Housing Bottom is Here
- 2012/02/06: EnergyBulletin: Growth and free trade: Brain-dead dogmas still kicking hard
- 2012/02/06: EnergyBulletin: Why the AGs must not settle: Robo-signing is just the tip of the iceberg
- 2012/02/05: AlterNet: Obama Brags on Saving Detroit--But Auto Industry Bailout Came on the Backs of Working People
- 2012/02/05: AlterNet: Why Don't We Pay People Enough? 8 Facts About America's Struggling Working People
- 2012/02/05: NYT:PK: Keynesian and Pseudo-Keynesian Propositions
- 2012/02/04: NYT:PK: The One Percent Versus the Twenty Percent
- 2012/02/03: NYT: A Bleak Outlook for Long-Term Growth
- 2012/02/02: Golem14: Another tiny detail from Switzerland
- 2012/02/04: NYT: A Mortgage Tornado Warning, Unheeded
- 2012/02/05: EconView: "Prospects for Nuclear Power" - Via the NBER
- 2012/02/05: BRitholtz: Housing Tornado Warnings Were an Exercise in Futility
- 2012/02/05: NakedCapitalism: Schneiderman MERS Suit and HUD’s Donovan Remarks Confirm That Mortgage "Settlement" is a Stealth Bank Bailout
- 2012/02/05: NakedCapitalism: Fannie Ignored 2006 Warnings About Widespread Mortgage Abuses
- 2012/02/05: Guardian(UK): Why economic inequality leads to collapse
- 2012/02/04: RWER: The Mondragon cooperatives -- valued workers instead of shareholder value
- 2012/02/04: RWER: The year of the cooperatives
- 2012/02/04: EconView: Policymakers are Too Anxious to Reverse Course
- 2012/02/04: CIP: Financial Derivatives and The Bankers Who Love Them
- 2012/02/04: NYT:PK: The Great Anti-Keynesian Flip-Out
- 2012/02/04: BDL: The "Old Keynesian" Explanation of Why the Economy Eventually Recovers on Its Own From a Slump
- 2012/02/01: Tyee: Is Canada Ignoring Signs of a Coming Economic Collapse? Two experts lecturing in Vancouver warn resource-rich nations aren't immune
- 2012/02/03: EconPop: Getting It Wrong on the BLS Employment Report
- 2012/02/03: BizInsider: Here's The Truth About The Massive, Million Plus Spike In People Not In The Labor Force
- 2012/02/02: ActivistPost: The Real Economic Picture
- 2012/02/03: BBC: The US economy created 243,000 jobs in January, the highest total for nine months, official figures show
- 2012/02/04: AlterNet: Why Do Dangerous Financial Criminals Roam Free?
- Baltic Dry Index
- 2012/02/01: BBerg: Commodity Shipping Costs Slump to Lowest in Quarter Century on Vessel Glut
- 2012/02/02: NYT: S.E.C. Is Avoiding Tough Sanctions for Large Banks
- 2012/02/02: FDL: Koch Bros. Mouthpiece Tells Occupy: "Forget the 1%, Go After Granny"
- 2012/02/03: RWER: Consumer demand in Europe. Don’t shop till we drop.
- 2012/02/03: EconView: Fed Watch: How This [Europe] Gets Even Uglier - Tim Duy
- 2012/02/03: EconView: Fed Watch: Good News on Employment - Tim Duy
- 2012/02/03: BRitholtz: Tearing Apart January 2012 NFP data
- 2012/02/03: BRitholtz: Succinct Summation Of Week’s Events
- 2012/02/03: BRitholtz: NYAG Sues MERS, BAC, JPM, WFC
- 2012/02/03: NakedCapitalism: Schneiderman Files Civil Fraud Lawsuit Against Three Major Banks for Use of MERS
- 2012/02/03: NakedCapitalism: Investors (and Others) Realizing Their Ox is About to be Gored in Mortgage Settlement
- 2012/02/03: NakedCapitalism: Romney’s Wife Had $3 Million in Secret Swiss Bank Account Through 2010; Not Reported in Federal Disclosure Forms
- 2012/02/03: NakedCapitalism: Quelle Surprise! SEC Fails to Sanction Big Banks for Fraud
- 2012/02/03: CalcRisk: Unofficial Problem Bank list unchanged at 958 Institutions
- 2012/02/03: Guardian(UK): Unemployment at 8.3% still leaves a vast and destructive jobs deficit
- 2012/02/03: CWorld: Credit Suisse traders 'manipulated IT systems' to hide losses
Credit Suisse employees circumvented real time reporting systems, says FBI
- National Institute of Economic and Social Research
- 2012/02/03: BBC: Hungarian airline Malev collapses
The Hungarian national airline Malev has folded after its financial situation became unsustainable.
"At 0500 GMT... after 66 years of almost continuous operation Malev will no longer take off," it said.
It came after the European Commission ordered Malev to repay various forms of state aid received from 2007 to 2010.
The sums involved amounted to 38 billion forints (130m euros; $171m; £108m), a sum equal to its entire 2010 revenue.
- 2012/02/02: BBC: UK economy to enter recession soon, says report
- 2012/02/03: CBC: Canada creates far fewer jobs than expected in January
Canada's economy added only 2,300 jobs in January according to Statistics Canada, far fewer than the 24,500 that economists had predicted.
As a result, the unemployment rate edged up to 7.6 per cent, a 0.1 per cent increase, as more people searched for work, according to figures released Friday.
There were 23,700 more Canadians looking for jobs last month.
- 2012/02/01: AlterNet: Doomsday Scenario: What Happens When Banks Control the Economy?
- 2012/02/02: AlterNet: The 18 Most Secretive Corporations in the Citizens United Era
- 2012/02/02: AlterNet: Bill Moyers: 6 Movies You Have to See About the Financial Crisis
- 2012/02/02: al Jazeera: Unemployment hits record high in Spain
Jobless rate is twice the average for the rest of the EU, with young people particularly badly affected, new data show.
- 2012/02/02: RWER: Job growth in Brasil
- 2012/02/02: RWER: Brighter jobs market
- 2012/02/02: EconView: Will Tax Increases to Close the Deficit Harm Economic Growth?
- 2012/02/02: NakedCapitalism: Michael Olenick: More on ProPublica’s Off Base Charges About Freddie Mac’s Mortgage "Bets"
- 2012/02/02: CalcRisk: Weekly Initial Unemployment Claims decline to 367,000
- 2012/02/02: EnergyBulletin: Less bank-bashing, more action: time to Move Your Money!
- 2012/02/02: EurActiv: Brussels blocks stock exchange mega-merger deal
Deutsche Börse and the NYSE's proposal to create the world's largest exchange operator was rejected by European anti-trust authorities yesterday (1 February), for fear that it would create "a near-monopoly" on derivatives trading.
- 2012/02/02: EurActiv: Belgium first in eurozone to enter formal recession
Belgium became the first eurozone country formally to fall into recession in the second half of last year, data showed on Wednesday, paving the way for what is expected to be a tough contraction for the bloc as a whole in 2012.
- 2012/02/02: BDL: David Glasner: Hawtrey, Cassel, Hayek and the Great Depression
- 2012/02/02: GRC: The Real Economic Picture: "There is No Recovery"
- 2012/02/02: BehindTheNumbers: Federal cuts could push unemployment to 8%
- 2012/02/02: PEF: Federal cuts could push unemployment to 8%
- 2011/12/23: BBerg: Fed Once-Secret Loan Crisis Data Compiled by Bloomberg Released to Public
- 2012/02/01: AlterNet: Why We Got Ayn Rand Instead of FDR: Thomas Frank on How Tea Party 'Populism' Derailed a New New Deal
- 2012/02/01: RWER: United Kingdom shows that Austerity does not grow the economy
- 2012/02/01: EconView: Rogoff: Coronary Capitalism
Ken Rogoff on the need for government to intervene and overcome important market failures
A systematic and broad failure of regulation is the elephant in the room when it comes to reforming today’s Western capitalism...
- 2012/02/01: BRitholtz: Found: MFGlobal Monies!
- 2012/02/01: NakedCapitalism: Wolf Richter: Exodus from the Eurozone Debt Crisis
- 2012/02/01: NakedCapitalism: Yet More Mortgage Settlement Lies: Release Looks Broad, Not Narrow; Other States Screwed to Bribe California to Join
- 2012/02/01: NakedCapitalism: Quelle Surprise! Feds Dust off Old Rogue Traders CDO Case to Burnish "Tough on Mortgage Crime" Credentials
- 2012/02/01: NakedCapitalism: Mainstream Economics as Ideology: An Interview with Rod Hill and Tony Myatt - Part II
- 2012/02/01: CalcRisk: ADP: Private Employment increased 170,000 in January
- 2012/02/01: CalcRisk: U.S. Light Vehicle Sales at 14.18 million annual rate in January
- 2012/02/01: CSM: The problem with the 'trickle down' theory [is it's not true]
- 2012/02/01: DerSpiegel: Threat to Competition -- EU Blocks Merger of NYSE and Deutsche Börse
The European Commission has vetoed a planned merger between Deutsche Börse and NYSE Euronext stock exchanges, saying that it would have created a quasi-monopoly in certain kinds of trading. Deutsche Börse called it "a black day for Europe."
- 2012/02/01: BBC: NYSE Euronext merger with Deutsche Boerse blocked by EU
Last modified March 3, 2012