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"If you're going to panic, do it fast and beat the crowd." ~ Jesse Livermore

Thursday, August 30, 2012

Merkel and Monti clash over ESM role

Debt crisis: Merkel and Monti clash over ESM role - Telegraph: "Europe's politicial and economic leaders clashed today over debt crisis resolutions, underscoring the sense of chaos and disunity between Brussels and the key eurozone economies." 

US GDP revision is nothing to celebrate, say economists - Telegraph: "America's economy expanded at a faster pace in the second quarter than first estimated, according to a government report that offered few signs it will be built on. "

Angela Merkel stands firm in resisting ESM bank licence - Telegraph: "Angela Merkel has clashed with Italian prime minister Mario Monti over the idea of giving the eurozone's permanent rescue fund a banking licence, as the German Chancellor branded the idea "incompatible" with European treaties."

Merkel, Monti Bide Time until ECB Acts
Wall Street Journal
BERLIN—The leaders of Germany and Italy expressed confidence that they are making headway against the euro-zone debt crisis, but offered no new initiatives as Europe appears stuck until Germany's highest court and the European Central Bank make key...

Wall Street Journal

Markets will wait for ECB silver bullet, but not for long
LONDON (Reuters) - Investors have put their faith in the European Central Bank's ability to get on top of the euro zone debt crisis and even if detailed plans take longer to materialize than expected, the momentum in financial markets may prevent an ...

Deposit flight from Spanish banks smashes record in July - Telegraph: "Spain has suffered the worst haemorrhaging of bank deposits since the launch of the euro, losing funds equal to 7pc of GDP in a single month."

Secondary Sources: Draghi on Euro Crisis, Unitended Consequences, Negative ...
Wall Street Journal (blog)
–European Crisis: Mario Draghi writes about the state of the euro zone economy. ... When markets are fragmented or influenced by irrational fears, our monetary policy signals do not reach citizens evenly across the euro area. ... We suggest that ...

Euro near 8-week high, focus on central banks
LONDON (Reuters) - The euro traded near an eight-week high against the dollar on Tuesday, buoyed by ongoing expectations of decisive action to tackle the euro zone debt crisis and speculation U.S. policymakers are close to introducing more monetary ...

ECB's Liikanen: Europe Halfway Through Debt-Crisis Marathon
Wall Street Journal
Mr. Liikanen said the past five years since the euro-area sovereign-debt crisis emerged on the heels of the global financial crisis had been long and hard, and he noted that "some researchers think that it may even be another ten years before we return ...

FOREX-Euro stalls near 7-wk high, Aussie still fragile
Traders said news that European Central Bank President Mario Draghi was too busy to attend Friday's Jackson Hole meeting of central bankers renewed hopes he could announce a long-awaited plan to tackle the region's debt crisis at the ECB's Sept. ... On ...

In euro zone, a convergence that never was
Washington Post
That schism, as much as the debt and banking-sector problems troubling the region, is at the root of the current crisis and may prove the most difficult issue to overcome. Politicians insist that with the right set of policies and a few years of ...

European shares fall on growth and debt concerns
LONDON, Aug 28 (Reuters) - European shares had their worst one-day fall in five sessions on Tuesday as concerns over the global economy and euro zone debt crisis, highlighted by bleak figures from Spain, weighed on equity markets. The FTSEurofirst 300 ...

Euro, Asian shares steady in run-up to Jackson Hole
In contrast, hopes remained fairly firm for chances that the European Central Bank will soon unveil measures to ease borrowing stress in struggling countries and take a step forward in containing the three-year euro zone debt crisis. ECB President ...

Can Germany Stay at Top of Euro Zone Ratings ... - Yahoo! Finance
Finance: Germany's economic success relative to the rest of the euro zone is well ... rate in the first half of 2012 than in 2007 before the global financial crisis.

Is the Fiscal Cliff a Big Deal?
New York Times (blog)
Come January, current law provides for significant cuts in federal spending and for tax increases – and thereby significant federal budget-deficit reduction. These provisions have been collectively described as the “fiscal cliff,” which emerged when ...

Will The Fiscal Cliff Turn Dividend Stocks Toxic?
The impending fiscal cliff may or may not become a reality but the sense of doom is driven by the fear that dividends will become taxable at much higher rates. It is as if these once beloved holdings have suddenly lost all the characteristics that make ...

'Fiscal cliff' could cut $ 2.8 billion from social programs, $2.1 billion in ...
Newnan Times-Herald
ATLANTA — As voters focus on the election, the state's budget writers are concerned about what comes after and whether Congress avoids the so-called fiscal cliff. The U.S. Budget Control Act triggers a package of tax increases and broad spending cuts ...

NJ Gov.: Democrats Driving Us Off Fiscal Cliff
Washington Post
Aug. 28, 2012 - New Jersey Gov. Chris Christie gave the keynote address at the Republican National Convention in Tampa, Florida Tuesday. He said Democrats aren't being up front with Americans about the fiscal difficulties the country faces ...

Taxmaggedon's Effects on Small Business
We recently reported on the fiscal cliff. Combine that with Taxmaggedon and you have one real ugly double feature in the movie theater of U.S. Small Business. Yesterday we blogged about the fiscal cliff. Now, Act II is Taxmaggedon. What is Taxmaggedon?

Water grab could push Nevada over the fiscal cliff
Nevada Appeal
Nevada has its own fiscal cliff looming as a result of the Southern Nevada Water Authority proposal to build a giant 300 mile pipeline from Las Vegas to rural eastern Nevada to export “unappropriated” groundwater. The cost has ballooned from $1 ...

Consumer confidence falls to 9-month low
The threat of the fiscal cliff has prompted some business leaders to warn that they may delay major projects or freeze hiring plans until they know whether U.S. lawmakers will reach a compromise. “This will keep consumers on edge and the economic ...

Dividend Portfolios And The Looming Fiscal Cliff
Seeking Alpha
As Republicans and Democrats continue their gridlocked ways in Washington, their dallying about could have serious deleterious effects on all of us who invest in dividend paying stocks. Remember the ending to the movie "Thelma and Louise?" It's ...

How to Safely Scale Down the Fiscal Cliff | Inequality.org
By Salvatore Babones
Salvatore Babones. Pundits pounced earlier this year when Federal Reserve Chairman Ben Bernanke warned that the country will face a “massive fiscal cliff” at the beginning of 2013. It seemed we had to extend the Bush tax cuts — or else.

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