Moments ago, Draghi made sure all the downside stops in the EURUSD were taken out when out of the blue, during a discussion following prepared remarks at LUISS, he confirmed what the ECB said last week: namely that the 25 bps cut is just the beginning.
DRAGHI SAYS ECB ARE TO EXAMINE EU DATA IN THE NEXT WEEKS AND IS READY TO ACT AGAIN
ECB READY TO ACT AGAIN IF NEEDED, DRAGHI SAYS
Four Strikes Is An Out; Obama Proposes Last Minute “Mini Deal” Essentially Scrapping All Cutbacks, While Adding Milk Lobby Bonus
globaleconomicanalysis.blogspot.com / By Mike “Mish” Shedlock / December 28, 2012 1:25 PM
The one thing I am always afraid of in budget negotiations is that virtually nothing is done, or worse yet, something counterproductive is done.
Obama’s latest Fiscal Cliff “Mini-Deal” Proposal is exactly the kind of counterproductive nonsense I am talking about.
Assuming the above Atlantic Wire article is [...]
David Horowitz’s tells of a recent conversation with his brother-in-law, Henry, who has lived most of his life in a home for the mentally disabled, and though now in his forties has the intelligence level of a six-year-old.
“Obama saved me,” he said to me out of the blue.
“What do you mean?”
“I voted for him for president and now he’s saving me.”
I was taken aback by these words, since Henry had no [...]
I didn’t go looking for the kid. He found me. Of course, it stood to reason, with what’s been happening on Wall Street, that the children of Greenwich,Connecticut, must be taking a serious financial hit.
The end of cash bonuses, the ramping up of financial regulation, the shrinking of the Goldman Sachs analyst pool,Chelsea Clinton’s confessing that she quit her Wall Street job to find meaning in life: Wherever you [...]
Quoted from the link:
Is Britain in the grip of a cannibal zombie plague? Are dangerous new street drugs behind a wave of murderous attacks? Or is a reality TV cookery series to blame for a recent outbreak of cannibalism? “Look, I didn’t have any choice, I knew that if I was to have any chance of beating that little git from the council estate, I was going to have to [...]
Holmes has filed for divorce from her superstar husband Tom Cruise, ending a six-year marriage that produced one daughter and captivated celebrity watchers worldwide.
Holmes filed papers in New York City on Thursday, citing irreconcilable differences and seeking sole custody of the couple’s six-year-old daughter Suri in a move that came “out of the blue” for the “Mission: Impossible” actor, said one source with knowledge of the situation.
The Sun said that [...]
Diane Tran, 17, thrown in jail for one night because of repeated absences from school
Honours student has been working two jobs to keep family afloat since parents’ divorce
Has been taking advanced placement and college courses in addition to jobs and missed school due to exhaustion
Spent the night in jail for truancy
An eleventh grader in Texas was thrown in jail – just for missing school.
However, honour student Diane Tran, 17, is [...]
I was walking to my car today, done with work and heading home, when I found myself in “traffic.” I ended up stuck behind a slow-moving caravan of a mom and her three kids, one in a stroller.
Everything’s strangely quiet, the kids are carrying their mcdonald’s drinks and the mom is checking her phone. Then, out of the blue, the littlest boy turns to his mother and asks…
“Why am I [...]
1. Cut your position size – Everybody goes through losing streaks, and if you are in one right now you should be progressively cutting your position size down until you return to your winning ways. This ensures that you are trading the smallest size during your worst periods. Think of it like an out of control night in Vegas; as it gets later in the evening you should be drinking [...]
by Megan McArdle, The Atlantic
A couple of days ago, I referred to the fact that poor people face some of the highest marginal tax rates in America.
I received several emails from economics professors, gently correcting me: they face all the highest marginal tax rates in America.
Because they lose benefits and tax credits, it can actually cost them money to get better jobs. That some of them take those better jobs anyway is a stunning [...]
From Of Two Minds:
Will Santa Claus arrive in time to deliver his usual year end rally, or has he decided to trim his largesse to Wall Street this year and instead deliver lumps of coal to Bernanke, Geithner & Co.?
A lot of punters are awfully confident that Santa Claus will deliver his usual year end rally this year. A glance at a few charts calls that confidence into question.Let’s take [...]
The futures are tumbling with U.S. futures falling in sympathy with plunge in European stocks; Italy’s FTSEMIB index down 5.3%, DAX down 4.4%, CAC down 4.3%, Spain’s Ibex down 4.1%, FTSE down 2.9%. But here is the true reason why Europe already needs another bailout, or the promises thereof, courtesy of those so vile CDS which no matter how hard it tries, Europe just can’t kill:
Italy CDS Rise 45.5 bps [...]
It appears that GDP data revisions are not the only thing that the administration enjoys fudging with in order to make the Chinese ministry of Truth seem like a real ministry of truth. After last month the data for April food stamp recipients indicated the we may, just may, be reaching an inflection point in the foodstamp participation following a mere 60 thousand jump [...]
Courtesy of Mish
I received an interesting email out of the blue yesterday from Archie Kangethe, a Vice President at Morgan Stanley Smith Barney.
Good Morning Mish,
If you have time please check out the chart below from Dr. Kelly at JPMorgan. The data from the US government would lead me to believe we are in the lower left quadrant, but my daily life leads me to believe we are in [...]
by Ellen Brown
Central Banking 101: What the Fed Can Do as â€˜Lender of Last Resortâ€™
Weâ€™ve seen behind the curtain, as the Fed waved its magic liquidity wand over Wall Street. Now itâ€™s time to enlist this tool in the service of the people.
The Fedâ€™s invisible hand first really became visible with the bailout of AIG. House Speaker Nancy Pelosi said in June 2009:
Many of [...]
by Gonzalo Lira
The Coming Middle-Class Anarchy
True story: A retired couple I know, Brian and Ilsa, own a home in the Southwest. Itâ€™s a pretty house, right on the manicured golf course of their gated community (theyâ€™re crazy about golf).
The only problem is, they bought the house near the top of the market in 2005, and now find themselves underwater.
Theyâ€™ve never missed a mortgage paymentâ€”Brian and Ilsa are [...]