News Links 10/06/2011
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EU proposes ‘co-ordinated recapitalisaion’ – The Irish Times – Thu, Oct 06, 2011
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Dozens of protesters were arrested last night during Occupy Wall Street demonstrations during one of the biggest turnouts so far. Their arrests came after Presidential hopeful Herman Cain said: ‘If you’re not rich, it’s your own fault.’
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BBC News – Steve Jobs of Apple dies at 56
A statement released by Apple said: ”Steve’s brilliance, passion and energy were the source of countless innovations that enrich and improve all of our lives. The world is immeasurably better because of Steve.”
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House prices fall for second month in a row – Halifax – Telegraph
Mortgage lender Halifax said the property market continued to lack direction after it reported a second successive month of lower prices.
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DIW-Prognose: Schuldenkrise würgt deutsche Konjunktur ab – SPIEGEL ONLINE – Nachrichten – Wirtschaft
Die Euro-Krise beendet den Aufschwung. Das fürchtet zumindest das Deutsche Institut für Wirtschaftsforschung. Laut seiner Prognose wird die heimische Wirtschaft im kommenden Jahr nur noch um ein Prozent wachsen. Ganz schlimm soll es für Deutschland aber nicht kommen.
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Microsoft considers new bid for Yahoo | FP Tech Desk | Financial Post
Microsoft Corp is considering a bid for Yahoo Inc, resurfacing as a potential buyer after a bitter and unsuccessful fight to take over the Internet company in 2008, sources close to the situation said on Wednesday.
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ECRI Explains Its Recession Call – Real Time Economics – WSJ
Currently, the ECRI indexes do not signal when this recession ends. “We’re on an upturn watch,” says Achuthan. But a contraction is sure to mean unemployment will get higher and the federal deficit will worsen.
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Boy, Has Obama Blown It On Wall Street – Henry Blodget – Business insider
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BBC News – Greece hit by new 24-hour general strike over austerity
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EC: No plan to recapitalise banks has been agreed – Telegraph
Inside the commission, Mr Rehn, who has the wider eurozone monetary affairs portfolio, is pushing for action. Michel Barnier, the French internal market commissioner, with responsibility for banking laws and close links to President Sarkozy is pushing back.
“Dexia had high capitalisation levels but still had problems. Lehman had high capitalisation before it collapsed. There is more to the story than capitalisation,” said a spokesman for Mr Barnier.
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Opinion: Justice Democrats take on big banks – Matt Stoller – POLITICO.com
In 2008, Barack Obama seemed to represent the party’s future — with his legion of shiny young organizers, his multimillion-person email list and his promise of structural changes to the political order. Today, his administration looks tired and brittle, trapped among a surly country, dissatisfied supporters, a still creaky banking system and a brutal reelection climate.
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Bank of America’s Countrywide May Face Fraud Suit After U.S. Housing Audit – Bloomberg
Bank of America Corp. (BAC), the biggest U.S. lender, should face fraud claims after its Countrywide unit submitted faulty borrower data for federally insured mortgages, according to an audit by a U.S. watchdog.
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BofA, JPMorgan, Wells Accused of Charging Veterans Illegal Fees – BusinessWeek
Oct. 5 (Bloomberg) — Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. were among 13 banks and mortgage lenders accused in a so-called whistleblower lawsuit of charging military veterans illegal fees to refinance home loans.
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El-Erian: Look Out! CDS Are Widening Even For Germany Now
This idea of ‘core infection’ has been anticipated by some for awhile, including CLSA’s Chris Wood, who encouraged a bet on French and German CDS back this Spring.
Beyond the fact that Germany may end up shouldering the burden of the rest of Europe, the fact of the matter is that unlike the US and Japan, Germany can’t print money at will.
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