Portugal now getting pressure to walk the plank?

The FT Deutschland is reporting that the EU is pressuring Portugal to be the next to walk the plank and quickly accept a bailout package in order to head off the spreading of credit worries. This story however was denied by a German government spokesman and Portugal said they are not being asked. Either way, 5 yr CDS in Portugal, Ireland and Spain are rising to new record highs at 500, 600 and 320 bps respectively. To put these sovereign levels into perspective, California trades at 300, El Salvador at 310, Lebanon at 295, Hungary at 360, Coca Cola at 38, McDonalds at 39, Cablevision at 360 and the USA at 42. Following up Axel Weber’s comments on Wed that the EU/IMF could always expand the side of the EFSF, the German Govt immediately told him to shush up and Merkel said the existing facility is enough. While euro LIBOR has remained stable over the past few weeks, US$ LIBOR is at the highest since Sept 2nd.

Category: MacroNotes

Money Owed to German Banks

Today’s info porn comes to us from der Spiegel: >

Category: Bailouts, Credit

Thanks for the Turkey (Look Out Below)

With Thanksgiving behind us, we move into the period of mass consumption of useless baubles and silly/unwanted gifts. CNBC interviewed various retailer reps (Toys-R-Us, Brookstone, etc.) in malls, with lots of people shown out and about shopping. (I’ll be site-seeing in Chicago, steering clear away from the retail areas). Despite the potential upside surprise from…Read More

Category: Consumer Spending, Markets

Wall Street Regains its Swagger

Category: Consumer Spending, Video

Emerging markets: the risks are increasing

Emerging-market equity prices as measured by the MSCI Emerging Markets Free Index are primarily driven by commodity prices and in particular by metal prices as measured by the Economist Metals Price Index. Currently emerging-market equities are approximately 8 – 10% overpriced given the level of metal prices. Sources: I-Net Bridge; Plexus Asset Management. The ratio…Read More

Category: Commodities, Think Tank

Charles Hugh Smith November 23, 2010 Of Two Minds ~~~ Santa, please, please, please strangle the idiotic fantasy that Americans buying a bunch of junk (or gift cards for after-Christmas purchases of junk) will “save” the imploding U.S. economy. My Christmas wish to Santa: please let this be the last Christmas in America that is…Read More

Category: Consumer Spending

The Fed Is Saying One Thing But Doing Something Very Different

Washington’s Blog strives to provide real-time, well-researched and actionable information.  George – the head writer at Washington’s Blog – is a busy professional and a former adjunct professor. For those of you who cannot spend a holiday without digesting some wonky goodness, this post is for you . . . ~~~ Ben Bernanke has said…Read More

Category: Federal Reserve, Think Tank

Axis of Awesome – 4 Four Chord Song (with song titles)

Australian comedy group ‘Axis Of Awesome’ perform a sketch from the 2009 Melbourne International Comedy Festival. Footage courtesy of Network Ten Australia.

See http://www.axisofawesome.net/ for more details of the comedy trio including Jordan Raskopoulos, Lee Naimo, & Benny Davis.

Journey – Don’t Stop Believing
James Blunt – You’re Beautiful
Alphaville – Forever Young
Jason Mraz – I’m Yours
Mika – Happy Ending
Alex Lloyd – Amazing
The Calling – Wherever You WIll Go
Elton John – Can You Feel The Love Tonight
Maroon 5 – She Will Be Loved
The Last Goodnight – Pictures Of You
U2 – With Or Without You
Crowded House – Fall At Your Feet
Kasey Chambers – Not Pretty Enough
The Beatles – Let it Be
Red Hot Chili Peppers – Under the Bridge
Daryl Braithwaite – The Horses
Bob Marley – No Woman No Cry
Marcy Playground – Sex and Candy
Men At Work – Land Down Under
Banjo Patterson’s Waltzing Matilda
A Ha – Take On Me
Green Day – When I Come Around
Eagle Eye Cherry – Save Tonight
Toto – Africa
Beyonce – If I Were A Boy
The Offspring – Self Esteem
The Offspring – You’re Gonna Go Far Kid
Pink – You and Your Hand
Lady Gaga – Poker Face
Aqua – Barbie Girl
The Fray – You Found Me
30h!3 – Don’t Trust Me
MGMT – Kids
Tim Minchin – Canvas Bags
Natalie Imbruglia – Torn
Five For Fighting – Superman
Axis Of Awesome – Birdplane
Missy Higgins – Scar

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Category: Music, Weekend

Household Food Security in the US

Eighty-five percent of American households were food secure throughout the entire year in 2009, meaning that they had access at all times to enough food for an active, healthy life for all household members. The remaining households (14.7 percent) were food insecure at least some time during the year.

Something to consider on this holiday when we give thanks for what we have.  As the holiday season kicks into high gear, please consider helping those less fortunate than yourself:

We make a living by what we get, but we make a life by what we give. ~ Winston Churchill

USDA report after the jump

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Category: Economy

Matt Taibbi: Blame Greenspan

Blame Greenspan

Insider Trading Is “Everywhere”

Insider Trading Is “Everywhere,” Matt Taibbi Says: “The Fear Is There’s No End to It”
Aaron Task
Yahoo Tech Ticker Nov 23, 2010

Category: Bailouts, Video