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Love them or hate them, Egan Jones is always about 1 month ahead of the other rating agencies. Spain has been weakened by the government deficit of 8.9%, the 24+% unemployment, the IIF’s recent estimate of additional bank loan losses up to EUR260B, and possible depositor withdrawals. Over the past three fiscal years (i.e., from 2008 to 2010), Spain’s GDP declined from EUR1.09 trillion to EUR1.07 trillion. Meanwhile, its debt mushroomed from EUR381B [...] From Egan Jones: Synopsis: KINGDOM OF SPAIN EJR Sen Rating(Curr/Prj) BB+/ BB Rating Analysis – 4/30/12 EJR CP Rating: A3 Debt: EUR643.1B, Cash: EUR95.1B EJR’s 1 yr. Default Probability: 3.0% Miserable trend – over the past three fiscal years (i.e., from 2008 to 2010), Spain’s GDP declined from EUR1.09 trillion to EUR1.07 trillion. Meanwhile, its debt mushroomed from EUR381 billion to EUR563 billion. The recently-reported quarters are of little comfort since the [...] Paul Craig Roberts Every day that passes adds to the fraudulent image of what is called Western democracy. Sarkozy and Merkel meet with Greece’s Prime Minister Papandreou at a G20 summit in Cannes. Consider that the entire Western world is outraged that the Greek prime minister announced that he is going to permit the Greek people to decide their own fate instead of having it decided for them by a [...] Every day that passes adds to the fraudulent image of what is called Western democracy. Sarkozy and Merkel meet with Greece’s Prime Minister Papandreou at a G20 summit in Cannes. Consider that the entire Western world is outraged that the Greek prime minister announced that he is going to permit the Greek people to decide their own fate instead of having it decided for them by a handful of banksters, politicians, and [...] CBS News) The economy and jobs will be big issues in Washington again this coming week. While unemployment among the general population is about 9.1 percent, it’s at 16.2 percent African Americans, and a bit higher still for African American males. CBS News correspondent Michelle Miller reports that, historically, the unemployment rate for African Americans has always been higher than the national average. However, now it’s at [...] The commonly-accepted unemployment figures for the Great Depression are overstated. Specifically, government workers were counted as unemployed by Stanley Lebergott (the BLS economist who put together the most widely used numbers) … even though gainfully employed and receiving a pay check. If we’re trying to compare current unemployment figures with the Great Depression, the calculations of economists such as Michael Darby are more accurate. Here is a comparison [...] From MyBudget360 Retirement account fantasy and middle class erosion – 1 out of 3 Americans has zero dollars in a retirement account. From 1950 to 1989 top 1 percent earned roughly 7 to 8 percent of nationwide income. Today it is inching closer to 20 percent resembling pre-Great Depression levels. Many Americans live precariously close to the edge of financial insolvency flirting with economic disaster daily. If you casually [...] by setherkins So if Great Depression level data can’t stop the Bulls, and assuming this is a legit market of course, then why would anyone worry about “double dip”? The economy is in depression and has been for 2 years. The past 18 months the markets are up like 40% despite unemployment going up, foreclosures up, bankruptcies up, homelessness up, people living in poverty up, home sales and auto sales the [...] If I read things correctly, based on past behavior; the stress test results for European Banks is NOT going to be good so this is a big pump today to mitigate losses when that data is released. There are several things that bother me; 1. National Debt is now OVER $13.223 Trillion and growing. (See; U.S.debtclock.org) Nothing is being done to slow or repay the debt, the government just continues to create [...] Not in a Depression you say? 1. The number of banks closed so far this year, 96, and the projected total for the year is commiserate with an economic depression! 2. Over 1 million foreclosures this year with 2 million or more projected is commiserate with an economic depression (100,000 in a year is the norm). 3. While unemployment hasn’t reached depression levels yet, that we know of , job creation in this [...] 1. The number of banks closed so far this year and the projected total for the year is commiserate with an economic depression! 2. Over 1 million foreclosures this year with 2 million or more projected is commiserate with an economic depression (100,000 in a year is the norm). 3. While unemployment hasn’t reached depression levels yet, that we know of , job creation in this country is certainly at depression levels. 4. [...] |
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