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The Financial Times has caught wind of a letter sent by U.S. Treasury Secretary Timothy Geithner to to the EU’s Michel Barnier. In only thinly-veiled language Mr. Geithner accused the EU of financial protectionism for the way Brussels is moving forward with rules to regulate hedge funds and other parts of the shadow banking system. [...]

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Seasonally-adjusted jobless claims dipped 6,000 to 462,000 for the week ending 6 Mar 2010. This is significantly lower than the revised 498,000 number we saw two weeks prior. Nevertheless, 4-week average jobless claims are still over 475,000. This number is actually higher than the previous week’s 470,500 average.

At least we are seeing some incipient [...]

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So why did we rescue this institution with a massive bailout? Elizabeth Warren, who chairs the Congressional Oversight panel of the TARP program, doesn’t understand any more than taxpayers do. This is another example of the malinvestment and zombie finance which bailouts have fostered.
Here’s a question for you: if GMAC was a U.S. auto financing [...]

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FT.com – Spain has the means to avoid Greece’s fate
FT.com – Mohamed El-Erian – How to handle the sovereign debt explosion
BofA under regulatory pressure to shrink: report| Reuters
Second Lien Writedowns, II « Rortybomb
Discouraged older job seekers give up, calling themselves retired – MSN Money
Chase Returns Retired Teacher’s Stolen $6,200 – [...]

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August 2009 was the high point of American’s satisfaction with the economy during Barack Obama’s tenure. Interestingly, this meshes with the data on the ground. In a recent interview, Simoleon Sense quoted James Montier as saying that his favourite real-time economic indicator is the ADS Business Conditions Index charted below (hat tip Philly Fed [...]

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This is pretty cool. Now I know why my mother told me to stay away from power.
 

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The Bloomberg video is a bit sensationalist in my opinion. But it gets to the heart of the problem in Europe, namely Spain. Spain has an economy and debt which is an order of magnitude larger than Greece. That means that problems in Spain are more critical than in Greece. But it also means that [...]

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FT Alphaville – Tracy Alloway – Some useful things I’ve learned about Germany’s hyperinflation’
Another Real-Time Economic Indicator Is Rolling Over And Showing Contraction
FT.com – Martin Wolf – Germany’s eurozone crisis nightmare
New credit crunch risk as banks face funding crisis – Telegraph
The Emotional Cost of Underemployment – Gallup
Morgan Stanley’s Roach Sees ‘False Alarm’ on China – [...]

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Ann Lee and Dan Alpert joined Bloomberg’s Pimm Fox today to talk about the housing market recovery. Lee, a professor of finance at New York University, was sceptical that population growth predicts any substantial increase in housing transactions and prices simply due to the continued pressure on wages and disposable income. and Dan Alpert, managing [...]

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You!
 

Hat tip Prieur du Plessis.
Source
Dave Granlund, Comics.com

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