<Click on chart for larger image> <Click on chart for larger image> CNBC – US Could Be the Next Greece—in 2037: CBO Report For all of the hemming and hawing about spending cuts in Washington, the Congressional Budget Office’s latest long-term budget forecast reflects two painful facts for Washington: How large the nation’s problems remain,… Continue reading The Federal Deficit
The New York Times – Greece Warns of Going Broke as Tax Proceeds Dry Up As European leaders grapple with how to preserve their monetary union, Greece is rapidly running out of money. Government coffers could be empty as soon as July, shortly after this month’s pivotal elections. In the worst case, Athens might have… Continue reading More On Europe
The Financial Times – Spain makes explicit plea for bank aid Spain has made its most explicit call to date for European institutions to recapitalise the country’s banks as concerns increase about its own ability to raise the billions of euros needed on bond markets. Mariano Rajoy, Spain’s prime minister, warned on Tuesday that the country… Continue reading Does Spain Need A Bailout?
The Financial Times – Half of young Spaniards are not on the dole It’s EUROPE’S SCARIEST CHART (against some pretty stiff competition): Spanish youth unemployment above 50 per cent! One in two young Spaniards on the scrapheap! Packs of ravening wolves roaming the streets of Madrid!
Business Insider – JP Morgan Executives Could Have To Give Back Bonuses After Trading Loss U.S. bank regulators will review whether JPMorgan Chase & Co executives should have to give back compensation due to the bank’s failed hedging strategy that has produced at least $2 billion in losses, the head of the Office of the… Continue reading J.P. Morgan Execs To Lose Bonuses?
The Wall Street Journal – Junk Bonds Get Closer Look The selloff in junk bonds has investors on a tightrope. Like other risky assets, debt issued by “junk”-rated companies has been pummeled by the market turmoil sparked by the indecisive elections in Greece in early May, with prices falling and yields rising. Market participants, though,… Continue reading Junk Bonds
The Grumpy Economist – I almost agree with Summers Larry Summers has an interesting pair of Opeds in the Washington Post and on Reuters. By picking and choosing just a bit, I can find a lot to agree with — and I can point to the central factual question separating his view and mine.Interestingly, Larry… Continue reading Larry Summers Almost Gets It Right
h/t The Big Picture Blog
Watch the latest video at video.foxbusiness.com Comment Jim Bianco was on FOX Business discussing the likelihood of QE3. To view the interview click on the image above. To view any of our recent interviews click here.
ForexLive – Merkel, Barroso Call For Deeper EU Integration In Medium Term German Chancellor Angela Merkel and European Commission President Jose Manuel Barroso on Monday said that along with short-term measures to counter the crisis there is need of deeper European integration over the medium term. “The world wants to know how we envisage the… Continue reading Merkel/Barroso Meeting Brings About The Hope Trade Again
Reuters – Markets skeptical of European action on crisis: White House Europe needs to take further steps to convince financial markets that it has done enough to tackle a prolonged debt crisis that threatens the United States’ own fragile economic recovery, the White House said on Monday. President Barack Obama, whose re-election hopes on November… Continue reading Europe
The Wall Street Journal – Banks Don’t Bank on Their Euro Peers If banks don’t trust each other, why should an investor? That was a troubling question for U.S. banks back in 2007 and 2008 as the financial crisis got under way and banks reduced exposures to one another. And it is again pertinent as… Continue reading Interbank Lending