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Congress failed to strike any deficit reduction deal or compromise on a plan that would replace the mandatory cuts put in place in case negotiations failed. The Super Committee’s inability to reach a deal triggers $1.2 trillion in spending cuts over a 10 year period in military and civilian budgets. Keep in mind that $1.2 [...]
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Washington – CBO Congressional Budget Office projected 2011 government receipts for 2011 at 15.4 percent of GDP or 2.6 percent below the 40-year average of 18 percent. Obama Steps In According to White House representative Jay Carney, President Obama called Republican and Democratic leadership to encourage and threaten the 12 member supercommittee to make a [...]
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European Union – Italy’s Premier Silvio Berlusconi and Greek Prime Minister Papandreou were both ousted or promised to leave in the last 24 hours. In response to Italy’s initial inaction, borrowing rates for Italy’s debt rose to 7.48 percent Wednesday. Italian Solution Investors dumped Italian debt onto the market avoiding additional risk associated with Italy [...]
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Former U.S. president Bill Clinton offers solutions to fix the economy in book and interviews. Like a helicopter parent, former president Bill Clinton gives economic advice to the second straight sitting U.S. President. According to Politico, in Clinton’s book, Back to Work, he criticized Obama’s administration for extending the Bush tax cuts for the wealthy [...]
Washington, DC – Boehner cites Obama’s “class warfare” as why Obama’s relationship with him has cooled. Revenues are still the main hurdle in negotiations for the “super committee” or the Joint Select Committee on Deficit Reduction. U.S. Downgrade After citing the political fiasco called debt ceiling talks earlier this year, S & P downgraded U.S. [...]
ECB launches new bond purchase, with conditions. October 6th the governing board of the ECB resolved to buy covered bonds or (CBPP2). Early November, they decided on the the technical aspects for the covered bond buying programed. Direct Purchase Euro-denominated covered bonds in the euro area can be directly purchased on condition they are at [...]
Greece – Greek Prime Minister Papandreou proposed a referendum vote to pass austerity measures included within the Greek bailout. Most Greeks are against more austerity measures according to several polls. The EU Greek bailout seems to be on the precipice of disaster. Markets across the pond and in the U.S. took a nosedive. In the [...]