The Eurogroup communique was short and to the point- http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/131359.pdf And while some folks will focus on the irrelevant removal of subordination in the Spanish bank bailout terms - the big deal is in the...
Nearly all published research on the "fiscal cliff" looks at the static drag on the US economy from the projected tax rises and spending cuts. In economics we call this partial equilibrium analysis - and outside the ivory tower, this type of work translates into VERY...
The XLE closed yesterday at 63 - only a buck above the June 1 lows. For the year, XLE is now down a whopping 8 bucks. And of course oil, which started the year at 103 and peaked at 110, has dropped to 78. It has been an energy sector bloodbath in the last few...
Greece has a government, Italian 2yr yields have a 3 handle, spoos are back to +8 percent for the year and all seems a little more reasonable in this crazy, mixed-up market. As for our beloved policy makers, the EU leaders appear to FINALLY have something up their...
As the market breathes a collective sigh of relief tonight post the Greek election results, no one should get too carried away with euphoric feelings. Greece is a highly divided, highly volatile and deeply troubled country. A coalition government is by no means a done...
I had hundreds of client responses to my last two commentaries on the Spanish bank bailout. Clearly I struck a nerve. It is safe to surmise from everything I received that it is not very popular to make claims about how Europe might actually be onto something...
I had hundreds of client responses to my last two commentaries on the Spanish bank bailout. Clearly I struck a nerve. It is safe to surmise from everything I received that it is not very popular to make claims about how Europe might actually be onto something "positive" with this separation of bank and state […]
