Chart of the Day: Visualizing Economics on the Top 0.1% and the Top 0.01%
Here’s a nice little graphic from the site Visualizing Economics on the US income distribution as measured by income from 2008 tax returns.
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The euro zone is coming apart at the seams now, redux
This is an update of a post I wrote at the beginning of September about European political dysfunction.
News Links: Obama’s pathetic refinancing initiative
Obama’s pathetic refinancing initiative | Felix Salmon
the sad fact is that anything more substantive than this is likely to require Congressional approval, and therefore be a political non-starter between now and November…
Three Political Events that Should be on Your Radar
Tomorrow's EU Summit is the markets main focus. The key issue is whether European officials can finally provide closure to the two year old debt crisis and deliver the "comprehensive" and "decisive" package they have repeatedly promised. We…
Fedex predicts record holiday shipping volume
Fedex is a bellwether stock in the US because it handles so much cargo that it can be seen as a proxy for business activity. The company announced today that it expects record holiday shipping, albeit in its least-profitable residential…
Full Text: Berlusconi’s blistering attack on Merkel and plea for lender of last resort
Italy argues that the ECB has made the crisis worse because it refuses to stand at the ready as a lender of last resort like other central banks, an argument I have also made. However, the Italians suggest that the EU is facing a liquidity…
News Links: Banks raise Greek haircut offer to 40 percent as Eurozone PMI surveys point to recession
Banks raise Greek haircut offer to 40 percent in talks: source | Reuters
Bankers have offered to stretch the voluntary haircut on Greek debt to 40 percent, while politicians demand the private sector agree to writedowns of…
Italians rally around Berlusconi after the Merkozy smirk
This video of German Chancellor Angela Merkel and French President Nicolas Sarkozy has stirred a sense of nationalistic pride in Italy. Everyone seems to be talking about it.
Greece in debtor’s prison
On the Max Keiser show, I said that Greece has been sent to debtor's prison. The goal is for creditors to Greece to get as much out of the Greek government as possible before they default.
News Links: Europe on the brink of a disaster
The single currency is close to collapse - Telegraph
With Europe on the brink of a disaster, the euro must be reconstituted as an entity based on economic reality, not ideological folly.
tags: sovereign debt crisis…