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More here: At Some Point the Hat Runs out of Rabbits; First Catalonia, Now Basque Separatists Call for Independent Country;…
Today, the New York Times notes Banks Forgive Debt That Isn’t There . GREETINGS, unhappy homeowners! Here’s some wonderful news: “We are canceling the remaining amount you owe Chase!†says a letter that JPMorgan Chase sent recently to thousands of home loan borrowers. “You are approved for a full principal forgiveness of your Home Equity Account,†says another, from Bank of America
Output and new orders both down again, albeit at slower rates Weaker underlying demand and strong yen impact on export orders Charges cut at sharpest rate for over two years Summary: Operating conditions in Japan’s manufacturing sector continued to worsen at a modest pace in September.
View post: Real Per Capita "Core" Durable Goods Orders
The Financial Times reports France unveils tough budget measures The measures announced on Friday included the controversial 75 per cent marginal tax rate on earned income above €1m a year, put in place for two years. But, as promised by President François Hollande, France was largely spared the kinds of hefty cuts in public spending, pensions and salaries imposed in other eurozone countries struggling to contain their sovereign debt.
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The California hit parade keeps on rolling as yet Another California city scrambles to avoid bankruptcy . Atwater, a city of roughly 28,000 in California’s Central Valley, may declare a fiscal emergency as soon as next week, but it is trying to avoid becoming the fourth California city to file for municipal bankruptcy this year, its mayor said.