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The US is not an example of a fiscal contraction expansion

Recent data releases suggest that the current economic experience on the two sides of the Atlantic is very different. The latest data shows that the UK economy is now contracting and unemployment is rising as fiscal austerity begins to bite. Conversely, the... (read more)
 

The US is not an example of a fiscal contraction expansion

Recent data releases suggest that the current economic experience on the two sides of the Atlantic is very different. The latest data shows that the UK economy is now contracting and unemployment is rising as fiscal austerity begins to bite. Conversely, the... (read more)
 

Greece Lines Up Portugal

By Delusional Economics, who is horrified at the state of economic commentary in Australia and is determined to cleanse the daily flow of vested interests propaganda to produce a balanced counterpoint. Cross posted from MacroBusiness.Another weekend. and we... (read more)
 

Prepare for Greece to Leave Eurozone; German Government Calls for Greece to Cede Sovereignty Over Tax and Spending Decisions to Eurozone "Budget Commissioner"; Text of the German Demands

Prepare for Greece to exit the Eurozone. Germany has made a request that in my opinion practically guarantees that outcome. The Financial Times has a pair of articles on the matter but the conclusion above is mine.German Government Calls for Greece to Cede... (read more)
 

How Will Morgan Stanley Be Able To Pay Tech Bankers With A Measly $100mm Facebook IPO Fee?

I really hope that Facebook is just faking us all out with this whole “we’re IPO’ing on Wednesday” thing that they haven’t said, in part because I have yet to park $100k of the Dealbreaker slush fund/Bloomberg budget in Facebook... (read more)
 

GDP Reattains Pre-Recession Peak

This morning the Bureau of Economic Analysis released its first estimate for 2011 GDP. It showed national output for the first time surpassing the pre-recession peak, which occurred in the last quarter of 2007.(See chart below, at the bottom.)Given that the... (read more)
 

Prisons Are Teeming With the Old and Sick; Should We Let them Go?

iStockPhotoWe tend to think of prisons as places teeming with angry young (and tattooed) men, ripped from hours of pushing iron in the yard.But two new studies — one out today and one to be unveiled next month — are calling that shopworn notion... (read more)
 

Citigroup to Close Prop Trading Desk

The bank is shutting its equity principal strategies desk, which made trades using the firm's own capital, the firm announced in an internal memo. Most of the desk's employees will leave Citigroup after Feb. 6.... (read more)
 

Is Schneiderman Selling Out? Joins Federal Committee That Looks Designed to Undermine AGs Against Mortgage Settlement Deal

New York Attorney General Eric Schneiderman has been celebrated as the progressive Great White Hope. But the danger of assuming leadership is that individual becomes a target both of attacks and of seduction. And while I’d like to think better of Schneiderman,... (read more)
 

Train Reading: Ten Words

Getty ImagesCan you sum up your investment philosophy in 10 words? — Total ReturnMore on ten-word investment philosophies — Abnormal ReturnsToday’s lesson in three parts — Josh BrownLTRO smackdown — FT AlphavilleAusterity really... (read more)
 

Six Questions on Obamas Mortgage Refinance Proposal

ReutersPresident Barack Obama said Tuesday night in his State of the Union address thathe would send a plan to Congress to allow all homeowners who are current on their mortgages to refinance. Heres a quick look at the proposal:How is this program different... (read more)
 

Its Also Not Entirely Clear To David Einhorn, Or Us, Why Punch Isnt In Any Trouble Here

On further inspection Greenlight Capital’s unfortunate relations with Punch Taverns went down more or less as I had thought: they had an un-wall-crossed conversation with management that David Einhorn took to be a sign to sell, and sold without ever agreeing... (read more)