Tag Archives: Bailout Fail

Greece may sell off islands amid privatization scheme

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“The Greek Prime Minister Antonis Samaras said this week that the country is willing to sell off its uninhabited islands, telling French newspaper Le Monde that it is the only way to save Greece.  The prime minister was quoted that Greece would still retain national sovereignty over any islands sold to private investors, ‘on condition that it doesn’t pose a national security problem.’  The country possesses about 6,000 tiny islands in the Mediterranean Sea, but only about 227 are actually inhabited.”

http://www.rawstory.com/rs/2012/08/23/greece-may-sell-off-islands-amid-privatization-scheme-report/

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Unilever sees ‘return to poverty’ in Europe

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“The company behind Persil, PG Tips and Flora said it will apply lessons from its Asian business as consumers change their shopping habits amid a financial crisis that has left Greece mired in recession for the past five years and Spain with the highest unemployment rate in the industrialised world.  Unilever has already started to change the way it sells some of its products. In Spain, the company sells Surf detergent in packages for as few as five washes, while in Greece, it now offers mashed potatoes and mayonnaise in small packages, and has created a low-cost brand for basic goods such as tea and olive oil.”

http://www.telegraph.co.uk/finance/financialcrisis/9501771/Unilever-sees-return-to-poverty-in-Europe.html

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Eurozone jobless numbers hit record 18 million

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“Jobless numbers across the 17-nation eurozone hit a record 18 million in July, the EU statistics agency said Friday.  An additional 88,000 people joined the ranks of the unemployed throughout July, although upwardly-revised June data meant that the unemployment rate was unchanged at 11.3 percent, with Eurostat confirming that the 18,002,000 headline figure was the highest since records began in 1995.”

http://www.rawstory.com/rs/2012/08/31/eurozone-jobless-numbers-hit-record-18-million/

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Marc Faber: Odds of Global Recession Are 100%

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“There’s still a 100 percent chance the world heads into recession, Marc Faber, publisher of ‘The Gloom, Boom & Doom Report,’ told CNBC’s ‘Closing Bell’ on Thursday, echoing a call he made in May.  When you look at the major economies, Europe, the U.S., China and the emerging markets that are dependent on China for growth, Faber, aka Dr. Doom, only sees weakness.”

http://www.cnbc.com/id/48768746

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Report: U.S. middle class has ‘worst decade in modern history’

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“The U.S. middle class has shrunk drastically over the last 10 years as Americans’ net worth has plunged, wages declined and standards of living slipped away, according to a report released on Wednesday.  Middle-income earners, long seen as the solid center of the country, are pessimistic and place the blame squarely on U.S. lawmakers, banks and big business, the findings by the Pew Research Center showed.”

http://www.chicagotribune.com/business/breaking/chi-report-us-middle-class-has-worst-decade-in-modern-history-20120822,0,4005682.story

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American household income dropped nearly 5 percent in economic recovery

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“Research released Thursday by a firm created by two former Census Bureau officials revealed that U.S. median household income fell almost 5 percent from June 2009, when the last economic recession was said to have ended, through June 2012.  Americans age 55-64 took it on the chin during the post-recession period starting in June 2009, seeing household incomes plunge nearly 10 percent, according to data produced by Sentier Research (PDF). Younger Americans ages 25-34 also saw their incomes drop by nearly 9 percent.”

http://www.rawstory.com/rs/2012/08/24/american-household-income-dropped-nearly-5-percent-in-economic-recovery/

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Collapse of New Bridge Underscores China’s Infrastructure Concerns

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“One of the longest bridges in northern China collapsed on Friday, just nine months after it opened, setting off a storm of criticism from Chinese Internet users and underscoring questions about the quality of construction in the country’s rapid expansion of its infrastructure. China’s large economic stimulus program in 2009 and 2010 helped the country avoid most of the effects of the global economic downturn, but it involved incurring heavy debt to pay for the rapid construction of new bridges, highways and high-speed rail lines all over the country.”

http://www.nytimes.com/2012/08/25/world/asia/collapse-of-new-bridge-underscores-chinas-infrastructure-concerns.html?_r=1&smid=tw-share

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Consider keeping Bernanke, top Romney adviser says

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“Ben Bernanke received an unlikely defense of his work at the U.S. Federal Reserve by a top Mitt Romney adviser, who said on Tuesday that he should be considered for a third term as chairman.  Glenn Hubbard, economic adviser to the Republican presidential candidate, said he would advise a possible President Romney that Bernanke should ‘get every consideration’ to stay on beyond January 2014, when the chairman’s current term expires.”

http://in.reuters.com/article/2012/08/22/us-usa-campaign-hubbard-fed-idINBRE87L00P20120822

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Paul Ryan’s corporatist past gives way to populist talk

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“When President Bush demanded bailouts of Wall Street and Detroit in late 2008, most Republicans said no. Today in the U.S. House there are only six Republicans who voted yes on the auto bailout and both bank bailout votes. One of those congressmen is Paul Ryan. Today Ryan is an outspoken and eloquent critic of crony capitalism and business-government collusion. Under President Obama, Ryan even has a voting record to match.”

http://washingtonexaminer.com/ryans-corporatist-past-gives-way-to-populist-talk/article/2505269

Given Obama’s penchant for industrial policy, bailouts and handouts, Republicans could make crony capitalism and corporatism a major issue this fall, and run under the banner of free-market populism — as long as Ryan makes a clean break with his past.

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Bank of England deputy governor Paul Tucker warned banks they could collapse ‘before Christmas’

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“Paul Tucker, the deputy governor of the Bank of England, told an October meeting of the chief executives of Britain’s largest banks that there was a serious chance none of their businesses would survive to the end of the year.  The explicit warning given to the chief executives shows that officials feared a crisis even greater than that in the wake of the collapse of Lehman Brothers in September 2008. The meeting led directly to the creation of working groups at banks to gauge the potential for a full-scale collapse of the financial system.”

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9484419/Bank-of-England-deputy-governor-Paul-Tucker-warned-banks-they-could-collapse-before-Christmas.html

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