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Source:
Cheery chart du jour
Paul Murphy on Feb 26 15:29.
http://ftalphaville.ft.com/blog/2009/02/26/52986/cheery-chart-du-jour/?source=rss
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
Everything is on such a clear financial basis in France. It is the simplest country to live in. No one makes things complicated by becoming your friend for any obscure reason. If you want people to like you you have only to spend a little money. I spent a little money and the waiter liked me. He appreciated my valuable qualities. He would be glad to see me, and would want me at his table. It would be a sincere liking because it would have a sound basis. I was back in France. —Ernest Hemingway, The Sun Also Rises.
BN news is reporting that the EU is shooting for a July 9th start date for the ESM, the permanent bailout facility. The story said all 17 countries that make up the euro zone will need to ratify the fund prior. Assuming it happens, the next question will be whether the Germans cede to requests to have it directly recap banks instead of first going thru sovereign governments and if the ECB caves to the desire to give the ESM a bank license that would then let it access ECB funding if needed (could be the next back door QE...
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February 27th, 2009 at 4:46 pm
US is probably nearing the end of recession by summer with the current tactics used.
The end of recession is always about the worst. Unemployment rockets the fastest as labor cuts catch up to the actual contraction.
2010 will feel the worst even as the recession has been long over due to weak growth and little chances for good work.
2011 will probably be the end of the real recession and S&P will rise again.