Hard hitting global and local news
Please consider Moody’s warns of bankruptcy in Scranton as city faces $20 million budget gap . Moody’s warned investors that Scranton could be facing the threat of default or bankruptcy thanks to a $20 million budget gap for the fiscal year that begins Jan
For example, ECB Executive Board member Benoit Coeure says "ECB Can Cut Rates Further, Offer Liquidity" . The European Central Bank can trim interest rates further and provide the banking system with liquidity, ECB Executive Board member Benoit Coeure said on Saturday after last week’s rate cut to a record low.
CBS Evening News reports S.F. programmers build alternative to HealthCare.Gov Website On Friday, President Obama had this to say about problems with the Obamcare website during a speech in New Orleans: "I promise you, nobody’s been more frustrated
Marc Faber believes China could spark a bigger crisis than in 2008 . An alarming credit boom in China could trigger a global financial crisis that would make the one in 2008 look mild by comparison, says old gloomy eyes, Marc Faber.“If I am telling you that we had a credit crisis in 2008 because we had too much credit in the economy, then there is that much more credit as a percentage of the economy now,†the author of The Gloom, Boom & Doom Report told CNBC late Thursday. “So we are in a worse position than we were back then.†China, in particular, has seen credit as a percentage of the economy jump 50% in the last four and a half years, said Faber, the “fastest credit growth you can image in the whole of Asia.†Meanwhile, Deutsche Bank strategist John-Paul Smith told clients on Wednesday that China’s growth model continues to be based on “ever-expanding debt, which leaves the country and financial markets very vulnerable to any potential loss of from investors and lenders.†It Can’t Be Done I have been preaching a similar message as Faber for years, most recently on November 6, in It Can’t Be Done
A few snips from the New York Times article Rules to Require Equal Coverage for Mental Ills will explain. The Obama administration on Friday will complete a generation-long effort to require insurers to cover care for mental health and addiction just like physical illnesses when it issues long-awaited regulations defining parity in benefits and treatment
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The New York Times reports Chinese Leader’s Economic Plan Tests Goal to Fortify Party Power China’s president, Xi Jinping, is about to plunge the country and himself into a risky experiment: an attempt to carry out market-driven economic overhauls while reinforcing the Communist Party’s pillars of political and ideological control. This mixed agenda has magnified doubts about whether he can deliver on his promises of transformation. At a meeting, or plenum, of the party’s Central Committee that starts Saturday, Mr.
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