Spiegel (Germany) – Bank Jog Speeds Up Desperate Greeks Withdraw Money from Accounts Many Greeks are emptying their bank accounts out of fear that the country may return to the drachma. But most of the money is not going abroad. Instead, individuals are storing cash in safe deposit boxes or at home Christiana (not her… Continue reading Greek Bank Withdrawals Continue
The Telegraph (UK) – Exclusive: Secret EU summit document shows first step to banking union A classified draft of next week’s EU summit conclusions is the first step on an emerging “roadmap” to a banking union, pooling debt via eurobonds and political union via EU treaty change over the next 10 years. The “limite” text… Continue reading The EU Summit
The Wall Street Journal – ‘Repos’ Still Cast a Shadow As investors brace for the possibility of Europe-induced turmoil, they can only hope regulators and markets are better prepared than in the last crisis go-round. Yet some dark corners of markets remain something of a mystery, even to regulators. One example is “repo” markets, which… Continue reading Repos
The Wall Street Journal – Egypt’s Military Tightens Its Grip Egypt’s ruling military tightened its grasp on power even as the country’s top Islamist party contended its candidate won the presidency, in a fractious and sparsely attended vote that represented the country’s first democratic contest for the post. There were no official poll returns, but… Continue reading Egypt
The New York Post – Charles Gasaprino: Morgan’s big secret The coming muni-bond crisis While the Senate Banking Committee last week spun its wheels trying to get JP Morgan chief Jamie Dimon to admit to something nefarious during testimony about his “London Whale” trading loss, executives at the big bank were concealing a far bigger… Continue reading Muni Bond Crisis
Bloomberg.com – Biggest Stocks Beat S&P 500 Most in 13 Years as Valuations Fall The largest U.S. companies are beating the average stock in the Standard & Poor’s 500 Index by the most in more than a decade, fueled by rising dividends, valuations 31 percent below the historical average and fear. Companies in the S&P… Continue reading Large Cap Stocks Beat S&P 500
The Wall Street Journal – Dose of Reality Hits Revenue Forecasts When they are feeling optimistic, analysts covering, say, McDonald’s Corp. figure customers here and abroad will spend a slightly bigger slice of their income on fast food in the next year. Meanwhile, their colleagues down the hall covering Apple Inc. assume the same thing… Continue reading Revenue Forecasts Lowered Because Of Europe
Bloomberg.com – Europe Gets Emerging Market Crisis Ultimatum as G-20 Meet European leaders are under pressure at the Group of 20 summit in Mexico to stamp out the debt crisis as global partners hint at help to keep the world economy afloat. As elections in Greece reduced the immediate risk of the euro area’s breakup,… Continue reading European Leaders Under Pressure
The Atlantic – More Student Debt, Please: Why College Students Don’t Borrow Enough After the months of teeth gnashing and media panic over America’s ballooning student debt burden, what I’m about to suggest will strike some readers as a bit … nuts. But consider this possibility: U.S. undergraduates aren’t deep enough in debt. They should… Continue reading Student Loans
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<Click on picture to view video> Comment Jim Bianco was on Reuters TV yesterday discussing the breaking news that central banks stand ready to act should the Greek election cause market turmoil. To view the interview click on the image above. To view any of our recent interviews click here. According the Reuters story below,… Continue reading Could This Weekend Be The Most Important Since The Fall Of 2008?
Barron’s – RANDALL W. FORSYTH: Be Careful What You Wish For From the Fed There is a great irony about monetary policy these days: investors and politicians would like it do more and more when it is apparent it can accomplish less and less. That wasn’t the message delivered by Federal Reserve Chairman Ben Bernanke… Continue reading Is QE 3 Coming?