All Posts Tagged With: "obama"

It was time for a bear market/credit contraction. The correction began in January 2000. The NASDAQ collapsed. And in 2001, the economy entered a recession. But this recession was phony. Consumer spending didn’t go down; it went up. Consumers kept borrowing money. It wasn’t correcting the debt problem, in other words, it was making it worse.

Wednesday, April 21st saw Reuters publish not one, not two, but six articles on the Greek debt mess.
Basically, they discussed what could be an amusing procedural hiccup for the planned Greek bailout.

The latest on the Ouzo crisis is that ze Germans have given in to peer pressure. They have agreed to a rather substantial credit line for Greece. Angela Merkel thinks she has played a crafty hand, but our favourite head of state is mistaken. She thinks that the credit line’s existence will solve the problem, without even having to use it. Dan Denning thinks otherwise.

Summers is jubilant. He got the latest employment figures on Friday. They tell the story of an economy that he thinks is headed into outer space…

You’ll pardon the sense of inevitability in today’s Daily Reckoning. After all it’s raining. But even so, with over $1 billion in Melbourne property clearing auctions this week (at a clearance rate of 86%) it definitely feels like Australians have found a way to hasten their own financial day of reckoning. Of course not everyone agrees.

Without technically lying, Krugman perpetuates the myth that Herbert Hoover insisted on budget austerity in the midst of the Great Depression.

Any real recovery would be accompanied by interest rate increases from the Federal Reserve. Instead, the Fed stuck to its guns and butter interest rate. Dan Denning is another step closer to his free beer bet coming off.