Hard hitting global and local news
Many states, especially California and Illinois, have had severe pension underfunding problems for many years. However, new actuarial pension rules will finally force states to admit the problem. Thus, it should not be surprising that talk of “technical bankruptcy” and “service insolvency” is growing.
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Taken from: Mortgage Refis Plunge Following 76 Basis Point Rise in 30-Year Rate; Treasury Yield Reaches 14-Month High; What About…
The German Constitutional Court in Karlsruhe, heard arguments on Tuesday on whether ECB measures to contain the eurozone crisis violate German law. The court does not have the power to block the ECB, but it does have the power to restrict German participation in various funding schemes. The New York Times dramatically states German Court Debates Fate of Euro
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With the Fed forcing interest rates low, commercial and industrial lending has picked up. That may sound like a good thing, but is it? I suggest it’s not.
Inquiring minds note the growth slowdown in China: China’s economy stumbles in May, growth seen sliding in Q2 . China’s economy grew at its slowest pace for 13 years in 2012 and so far this year economic data has surprised on the downside, bringing warnings from some analysts that the country could miss its growth target of 7.5 percent for this year. “Growth remains unconvincing and the momentum seems to have lost pace in May,” Louis Kuijs, an economist at RBS, said in a note
Read the article: Florida Repeals Renewable Fuel Standard; Silly Senator, Corn is for Food!
It is extremely hard if not downright impossible to re-blow the last bubble. For case in point look at technology stocks like CSCO, INTC, SEBL, or JDSU. Here is a chart of JDSU, a darling of the internet bubble.
I received still more emails from French and Canadian readers on preserving culture. Since it’s a slow news day, let’s take a look at them. Olivier writes ” Wouldn’t a true conservative pay at least some respect to local cultural norms instead of trying to impose some economic diktat from on down