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Economy
Spanish Cajas Merging, but Are They Serious Yet?
Spanish savings banks, called cajas, are finally moving. It took the central bank to take over CajaSur, which is controlled by the Catholic church in Cardoba, ten days ago to light a fire under the others. There were about 45 of…
Charlie Gasparino Takes Negative View on Warren Buffett’s Ratings Agency Testimony
Charlie Gasparino rips Warren Buffett for his stance on the ratings agencies and their role in creating the financial crisis. Here's the money quote:
He believes that a sleazy business and it makes a lot of money so he's gonna own…
Random Shots on Global Monetary Policy, Martin Wolf and Small Business Lending
This post on macro ideas affecting the global economy originally appeared at Alpha.Sources. With Edward Hugh busy mingling with the economic elite and literally saving Spain one step at the time I thought that it would be time for some…
Unemployed Down in Spain but Black Market a Problem for Austerity
The number of unemployed in Spain dropped in May by 76,223, the second consecutive monthly drop. While this is a positive data point, the drop is largely due to seasonal actors and more than 4 million people remain unemployed. Yet, to…
James Galbraith: Why the ‘Experts’ Failed to See How Financial Fraud Collapsed the…
The following is the text of a James K. Galbraith’s written statement to members of the Senate Judiciary Committee delivered this May. Original text is here. Chairman Specter, Ranking Member Graham, Members of the Subcommittee, as a…
Data that makes it seem the U.S. economy headed for a 2010 double dip
I have been talking about "recovery fading" and the economy "rolling over" in the second half of this year. What I have been suggesting is that we will experience a slowing of growth to 1 or 2% in the second half of the…
More curve flattening in China as manufacturing weakens
Asian stocks fell as China released a bearish manufacturing report this morning. Added to this bearish news out of China is a spate of negative credit ratings news in Europe (Spanish Bank CAM, Brussels regional government, etc) and a…
Marc Faber: Mirror, Mirror on the Wall, When is the Next AIG to Fall?
Hat tip Paul Kedrosky
Whither Spain – Towards Finland or Argentina?
Well, here I am spending my last day in Sitges, attending the annual meeting of the Circulo de Economía (which is why I have been so silent of late). This annual meet-up tends to attract many of the leading participants in Spanish economic…
Spain Loses AAA Rating From Fitch, More Downgrades To Come
This comes via Win Thin at Brown Brothers Harriman: Fitch downgraded Spain to AA+ from AAA and inexplicably with a stable outlook. Stable? Spain should be downgraded multiple notches. This comes a few weeks after…