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More: Massive Fraud in Spain Threatens Entire Government of Prime Minister Mariano Rajoy; Protestors in Madrid Shout "Resignation"
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The Chicago Tribune reports Fed’s Fisher: Reorganize banks that are "too big to fail" U.S.
Taken from: Philadelphia Fed Solidly in Contraction; Unwarranted Future Optimism; 3-Month Moving Average Suggests Recession; Hiring Plans Collapse
The New York Times reports Renault, Adjusting to Europe’s Declining Market, Will Cut 7,500 Jobs France’s ailing industrial sector took another blow on Tuesday when Renault said it planned to cut 7,500 domestic jobs by 2016, or about 17 percent of its French labor force, as it adjusts production capacity to the crushing downturn in the European car market. Of the 135,000 people Renault employs worldwide, more than 44,600 work in France. Ms.
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See original article: German Economy Shrinks Most in Three Years; Situation Significantly Worse Than Mood
Exhibit 3B : Bernanke Says ‘We’re Not Out of the Woods’ Despite ‘Fiscal Cliff’ Deal Although the "fiscal cliff" deal made "some progress" in resolving the nation’s debt problem, "we’re not out of the woods yet," Federal Reserve Chairman Ben Bernanke said Monday.
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