No Jacket Required - 7/5/2012
Here's what we're following this morning:
ECB cuts rates by 0.25%, joins Global Central Bank Extravaganza - ECB (statement) via Zero Hedge | So let me get this straight: the Bank of England, the Peoples Bank of China, and the ECB all now have eased...and S&P futures have just now turned red for the morning? Someone cue Einstein's definition of insanity.
More than $11 billion spent keeping secrets secret - Truthdig | Funny thing is, this amount is 12% higher than the cost from the previous year.
Why should nuclear loan guarantees cost less than student loans? - Counterpunch | You should expect student loan forgiveness to be a key point in the sitting administration's campaign as we head into November, 2012. The other thing? Numerous financial experts have estimated the likely fail rate for nuclear construction to be at 50% or greater.
Another view on Roberts' opinion re: Obamacare: not so much a surrender as a kind of diabolical strategy - Ricochet via Never Yet Melted | 1. Senate rules do not allow a filibuster when the bill under consideration has to do with imposing or repealing a tax. 2. The version of Obamacare that became law originated in the Senate; the Constitution stipulates that ALL tax bills must originate in...well, read the piece and you'll see what could be Roberts' long-game strategy.
The detritus of failed stimulus policies - Testosterone Pit | Bailouts are one thing. But when a country, or a world, burns through these trillions of dollars and misallocates or squanders all of the monetary assistance, the only thing left is a mountain of public debt. Everywhere. And the mountain grows by the day. You need only look at the result of the European activity over the last week.
Did Barclays manipulate LIBOR for Queen and Country (i.e. because the BOE told them to)? - Dealbreaker | It is rather unfortunate that the LIBOR manipulation issue isn't getting more press here in the States. The rate had an affect on not a few financial products that millions of US homeowners contend with on a monthly basis. Google Trends tells us what people are really watching instead of this silly little "British problem."
Reform stalls as tariff loopholes return to the House - Washington Post | So...the House GOP banned earmarks in 2010, and they also banned a lesser-known favor that allowed a congressman to give a local company a break on its federal tariff payments. Now? They say they went too far and want to bring some of those banned activities back into play. We must always remember that DC was built on top of a swamp.
WikiLeaks releases Syria Files: almost 2.5 million emails to be published - Russia Today | Which is worse? NATO launching war games in the Mediterranean or WikiLeaks launching these emails into the public domain?
Wealthy hit hardest as France raises taxes - Financial Times | What's concerning is NOT the fact that France raised taxes on the wealthy; what's concerning is the fact that France is focusing on net wealth rather than yearly income. Earn $40k a year but have assets well in excess of that due to your prodigious saving for years and years? You'll soon be a target.
Chris Isaak had a David Lynch-directed video before that Calvin Klein commercial-looking monstrosity - Dangerous Minds