Market Update: Eurostat dealt Greece a blow today, saying the country's budget deficit last year was 13.6% of GDP, higher than the initial estimate of 12.9%, and could rise above 14% because "off-market swaps" and other uncertainties were clouding the data.
Mises: Teaching Inflation: By the time of the spring of 2008, they were all predicting the same thing: bust soon.
Mises: The Bubble in For-Profit Schooling: For-profit education has grown fat on government credit. This ends up hurting those intended to help - students.
Seeking Alpha: More Euro Bleeding, And 3 Reasons Why Washington May Refuse More IMF Aid: Greece is expected to make it through the next few months, but concern about its longer term prospects, and those of the euro, are rising.
Zero Hedge: Vote To Prosecute Goldman Was Split 3-2 Along Party Lines: It appears the Democrats at the SEC were hell bent on going after Goldman, even as the Republicans votes against action, in a close 3-2 vote.
WSJ: Summers on Demand: Larry Summers gets, er got, the unemployment situation. When you pay people not to work, their reservation wage increases and they stay unemployed longer.
The Big Picture: SEC v. Goldman Sachs; Timing and Methods are Curious: No, they are alleging Goldman committed fraud by purposely crafting a crummy transaction to benefit Paulson & Company without disclosing the relevant facts to investors.
Cato @Liberty:SEC vs. Goldman Sachs: Legislation by Demonization: Demonize some prominent firm within an industry you plan to redesign, and then pass a law that has nothing to do with the accusation against the demonized firm.
Reason: How Immigration Crackdowns Backfire: Truth is, illegal immigrants are less likely to commit crimes than native Americans. Most come here to work, and in their desire to stay, they are generally afraid to do anything that might draw the attention of armed people wearing badges.
The American: Spending, Not Tax Cuts, Is the Real Driver of the Fiscal Mess: It’s hard to argue that our looming budget problems derive from too little taxes’ when by any historical standard taxes will rise to record levels even before the fiscal gap is addressed.
Econlog: Will Iceland's Volcano Boost Geoengineering?: "This is not like Pinatubo. So far the scale is not big enough to have a global effect.
Humble Libertarian: Tea Party Should Choose Policy over Personality: There’s only one way to find out if someone believes what they say, and will truly work to advance your principles in our government: and that is to carefully examine this person’s past policies.
IBD: Lying About Jobs: If the administration was asked if the employment glass was half-empty or half-full, it would probably pour the water into a smaller glass to make it look fuller.
Calafia Beach Pundit: Real Estate Prices Still Appear to Have Bottomed: the prices of securities backed by homes and commercial real estate loans have risen significant in the past 6-9 months. There are just too many signs of a bottom here to ignore.
EconomyPolitics: Full Timeline of Goldman Suit: Barack Obama emails to support regulations 28 minutes after NYT breaks lawsuit: Typical of lefty attitudes about conservatives that stick to their principles. This guy just happens to be a major union leader who should have known people were recording him.
Red State: Credit Default Swaps on Greece Hit Record High; IMF Calls Greece Crisis a “Wake-Up Call” on Sovereign-Debt RisksSunstein favored government using outsiders as government propaganda agents. Kind of like SEIU members pretending to be tea party activists causing videotaped violence.
Mish:Timing of SEC's Goldman Sachs Fraud Case Was No Coincidence: Euro Drops for Fifth Day on Concern Greece Talks May Fall Short. Spillover Hits Portugal and Spain, Loonie Rises
Newsbusters: Bernie Goldberg Rips Jon Stewart: Your Frank Rich Interview Was a Lap Dance - 'You Practically Had Your Tongue Down His Throat': accused Jon Stewart of being a gutless comedian that is much harder on Tea Partiers.
Zero Hedge: Richard Koo Says If Banks Marked Commercial Real Estate To Market,It Would "Trigger A Chain Of Bankruptcies": "If US authorities were to require banks to mark their commercial real estate loans to market today, lending to this sector would be extinguished, triggering a chain of bankruptcies as borrowers became unable to roll over their debt.
Reason:The Rise of Decline: The problem isn’t that things are collapsing. It’s that not enough things are collapsing. GM, AIG, and California have committed enough errors to merit immediate extinction, but there they are.
Atlas Shrugs: Libyan Pres Gaddafi Praises Obama: "Barakeh Obama is friend" "He is of Muslim descent, his policy should be supported....": You can't make this stuff up folks.
WSJ: Obama's ad hominem method and the politics of polarization.: While it takes two to tangle, we think the hyper-polarization owes more than a little to Mr. Obama's own rhetorical habits.
Naked Capitalism: Jeremy Grantham on Bubbles: there is nothing more dangerous and damaging to an economy than a great asset bubble that breaks. And this is something the Fed never seems to get.
Via Censue Bureau : The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for October, adjusted forseasonal variation and holiday and trading-day differences, but not for price changes, were $373.1 billion, an increase of 1.2% from the previous month, and 7.3% above October 2009. Total sales for the August through October 2010 period were up 6.3% from the same period a year ago. The August to September 2010 percent change was revised from+0.6% to +0.7%. Retail trade sales were up 1.3% from September 2010, and 7.7% above last year. Auto and other motor vehicle dealers sales were up 14.7% from October 2009 and nonstore retailers sales were up 13.5% from last year. These figures are strong. For those expecting a major double dip, they are a big surprise. The world is on the path to recovery. Although it is not strong enough to mop up the unemployment numbers, it is still positive nonetheless. The one caveat that I would put out ther