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At the second presidential debate on Tuesday night, a camera caught first lady Michelle Obama clapping after moderator Candy Crowley told Republican presidential candidate Gov. Mitt Romney that President Obama called the Benghazi attack an “act of terror” soon after the attack on the U.S. consulate. Nearly all of the audible applause came from those sitting away from the actual debate, but when FOX News’ camera shot moved to a bird’s-eye view it [...] In a rare example of political unity, both the Romney and the Obama campaigns have expressed concern to the Commission on Presidential Debates about how the moderator of the Tuesday town hall has publicly described her role, TIME has learned. While an early October memorandum of understanding between the Obama and Romney campaigns and the bipartisan commission sponsoring the debates suggests CNN‘s Candy Crowley would play a limited role in the Tuesday night [...] Encourages Americans to take photographs of “suspicious” persons & vehicles Paul Joseph Watson Homeland Security officials in Delaware are hoping to enlist citizens as spies for the state by encouraging them to use a new app which allows smartphone users to attach pictures of “suspicious” vehicles or persons and send them directly to the federal government. “The Delaware Information and Analysis Center (DIAC) now offers a mobile app to [...] From Liberty Blitzkrieg: Last week’s news of a strategic partnership between Samsung and Cluff Gold is potentially one of the most significant events to happen in the gold market during the entire bull market that began over a decade ago. The implications of this deal are enormous, and are particularly bullish for mining companies. This line from Cluff Gold’s press release says it all: Cluff Gold plc, the dual AIM/TSX listed West African [...] From Zero Hedge: Summit full life: One week. Literally. Last Friday morning, speculation that Germany had “caved” to Mario Monti, somehow allowing beggars to be choosers, and would allow an unconditional and IMF-free rescue of Spain and Italy while the seniority of the ESM was eliminated, sending the Spanish 10-year yield to under 6.2%. The same security is now back over 7%, where it was just before the summit, as Finland and Holland [...] Cyprus requests 5 billion euro loan from Moscow – Russia’s finance minister https://twitter.com/rt_com One week. Literally. After last Friday morning, speculation that Germany had yielded to Mario Monti and would allow an unconditional and IMF-free rescue of Spain and Italy while the seniority of the ESM was eliminated, sending the Spanish 10 Year yield to under 6.2%, the same security is now back over 7%, as Finland and Holland (or half of [...] (Reuters) – It is unclear whether the Eurogroup will be able to decide on an aid package for Spain’s banks at its meeting next Monday as it is still awaiting an expert report on the situation, a German finance ministry spokesman said on Wednesday. The signature of the Memorandum of Understanding (MoU) regarding a 100 billion euro European bailout for Spanish banks was initially scheduled for July 9, when euro zone [...] via Athens News: The Italian-Spanish solution for direct recapitalisation of banks cannot be applied to Greece at present, since the country has already signed a Memorandum of Understanding for its bailout loans, Eurogroup chairman and Luxembourg Prime Minister Jean-Claude Juncker clarified in an interview with the AMNA webTV internet service on Friday. He noted, however, that Europe had to take into account the impact of the austerity measures, especially on low income groups, [...] (Reuters) - Spain formally requested euro zone rescue loans on Monday to recapitalize banks that are laden with bad debts as the euro and shares fell due to investors’ skepticism that a European Union summit this week will act decisively on the bloc’s debt crisis. Spanish Economy Minister Luis de Guindos asked for up to 100 billion euros ($125 billion) in a letter to Euro group chairman Jean-Claude Juncker, saying the final amount [...] Marc Chandler, Marc to Market
In the five sessions through Tuesday, the Greek stock market has rallied 25%. Equity traders seems to anticipate the election outcome. A new government is not yet in place, but many are still confident it will be announced in the very near-term. At the same time, European officials seem to be much more supportive then they were prior to the vote. They seem more willing to modify the Greece’s program [...] Marc Chandler, Marc to Market
A red herring is a rhetoric ploy to divert attention from the issue at hand by introducing some irrelevant topic. The framing of the Greek election around the memorandum of understanding is such a red herring. There has been such deterioration of the economic conditions in Greece that the conditions and terms of its international assistance will have to be re-crafted in any event.
Consider Greece’s two main [...] Below is the letter that the man who will most likely be Greece’s next premier sent out earlier today to “the European leadership” including Jean-Claude “I only lie when it is reeeeeealy important” Juncker, and Gollum Van Vompuy. According to local, pro-bailout Greek media, the tone is far more conciliatory than his remarks from the past few days. Well, it must be google-translated Greek to us, because we sure don’t [...] All that bluster in recent months from Bank of America about how it’s totally fine and everyone who says it isn’t is full of it? A crock. Bank of America, it turns out, has been operating under an informal “memorandum of understanding” with its regulators for the past two years. This “memorandum of understanding” requires the company to fix various governance, risk, and liquidity problems, Dan Fitzpatrick of the Wall Street Journal reports. And Bank [...] (Reuters) – U.S. regulators have informed Bank of America’s (BAC.N) board that the company could face public enforcement action if they are not satisfied with recent steps taken to strengthen the bank, the Wall Street Journal said, citing people familiar with the situation. BofA has been operating under a memorandum of understanding since May 2009. The memorandum, which is not public, identified governance, risk and liquidity management as problems that had [...] Inspectors from the EU, IMF and the European Central Bank were in Greece last week to check that ancient nation’s compliance with the conditionalities attached to the $145 billion emergency loan that was agreed to last year. The inspectors said Greece needs to privatize, or sell off, $68 billion in state assets and speed up reforms to “keep its recovery [...] We can only hope the Spanish, Italian and French packages are deemed more satisfactory by the market. On the Irish Package and EMU Sovereign Debt In an emergency meeting this afternoon, EU Finance Ministers and the IMF have agreed to extend financial support to Ireland. According to EU Commissioner Rehn, no ‘haircuts’ will be applied to holders of senior bonds issued by the Irish banks. However, we would [...] |
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