Have you seen the economic recovery? I haven’t either. But it is bound to be around here somewhere, because the National Bureau of Economic Research spotted it in June 2009, four and one-half years ago.
The Bank for International Settlements has demanded Central Banks stop their quantitative easing in hopes of a global economic recovery. All that has happened is a stock market love affair while the real economy languishes. BIS has issued their annual report demanding nations deleverage, which is codespeak for austerity.
Welcome to our round up of economic shorts. These are the latest outrages that caught our eye which you might have missed. Probably the biggest disaster happening today is the Senate pushing forward with a corporate written cheap labor immigration bill regardless of the negative impact this will have on jobs and the economy.
Once again our daily barrage of economic injustice news is overwhelming. From lobbyist lies to interest rate swap rigging to killing workers by the hundreds to our best and brightest working jobs flipping burgers, here are some quick economic news shorts that you don't want to miss.
As the jobs crisis continues industry and government collude together on policies and agendas which won't help the nation. Here are some of their latest outrageous activities.
Size matters when it comes to bank bail outs and European politics. In the most brazen bail out deal yet, the citizens of Cyprus just had their savings seized to give the money to the banks. I kid you not. Here is the Eurogroup statement:
The United Kingdom's bond rating was just downgraded by Moody's from AAA to AA1, in part due to the U.K.'s austerity measures which repressed economic growth.
Past the final hour the House finally passed a bill to avert the fiscal cliff. The Senate had passed the legislation in the wee hours of New Years Day and after much brew ha-ha the House allowed an up and down vote on the Senate bill. We have listened to months and months of squabbling, bringing the economy to the brink over a very simple final result that could have been passed months ago.
While Greece suffers to the point of revolution and suicide, hedge funds made out like bandits on Greek sovereign debt.
Greece had reached its target of buying back enough bonds at a discount to retire 21 billion euros, or about $27 billion, of its debt. The bigger winners, though, were hedge funds, which pocketed higher profits than many had expected, in yet another Greek bailout financed by European taxpayers.
To some experts, this latest chapter in the long-running Greek drama is another reminder of how private investors have managed to outmaneuver European officials at various stages of the debt crisis. And they caution that each time it happens, future debt workouts in the euro zone will become even more costly.
When Europe wanted to give the Greek bond holders a hair cut, the hedge funds threatened collective action against a host of European countries. They wouldn't buy any European sovereign bonds in retaliation against the Eurogroup taking a hard line against them.
The warning was blunt: If Athens set off legal mechanisms in the bond contracts known as collective action clauses, forcing bondholders to accept lower prices, investors would stop buying the bonds of struggling European countries. That would be bad news for Spain and Italy — to say nothing of Portugal and Ireland when they return to global bond markets in 2013.
Past the final hour the House finally passed a bill to avert the 
While Greece suffers to the point of revolution and suicide, hedge funds made out
Recent comments