Try Not to Confuse Bocephus with Sisyphus - 7/12/2012
Here's what we're following this morning:
(via Boing Boing)
ECB lowers rate to 0% last week; 484 billion euros leave the system in one overnight session - Zero Hedge | Goodbye, 0.25% deposit income. Goodbye, fixed-income pensioners' lifestyles. Goodbye, yellow-brick road.
The 5 skeeziest GlaxoSmithKline perks revealed - Mother Jones | These are some of the most gag-worthy snippets from one of Big Pharma's biggest frauds. For a peek into GSK's political and lobbying efforts, you can visit their OpenSecrets entry. Have a barg bag ready. The sorry thing is, this election season is going to be and IS filled with a lot more GSK's.
Will the Euro survive this year? - Testosterone Pit | The entity that was supposed to save the Eurozone doesn't exist yet, is not yet funded, and was supposed to already be operational by July 1. 6 of the 17 Eurozone countries are already on the bailout list. Now, German parliament wants until the fall (the season, not of man) to be able to render a verdict on the constitutionality of its use.
FHA bailout inches closer: FHA defaults surge 26%, foreclosure starts outnumber foreclosure sales 3-to-1 - Dr. Housing Bubble | Game-changer number one for the 2012 election: mortgage bailouts; game-changer number two for the 2012 election: student loan bailouts. Both move us closer to full-on capital destruction, but when you're needing votes, who cares?
Why would Amazon finally agree to collect sales taxes? - Slate | Think Kozmo.com.
EU banking union disunites German economists - VoxEU | Will the EU summits' promises be fulfilled, or will any future summits simply be filled with larger and larger bailouts and emptier and emptier promises?
China's job market under stress - Financial Times | Not to worry: if the unemployment rate does pick up, there, and workers can't pay rent, they can always go live in one of the country's beautiful ghost towns. Hopefully, rent-free.
Krasting loses $12 on a beer bet, but PFG Best customers lose $220 million (so far) - Bruce Krasting | ...and Corzine still walks free. Better to be rich and guilty than poor and innocent.
Misdiagnosing Romney's campaign - Truthdig | Another case of "let the other guy do the heavy lifting." But will it backfire? Don't all campaigns...and the resulting presidencies...backfire?
Behind the scenes of "A Clockwork Orange" - Dangerous Minds