Saturday, July 24, 2010

Daily Markets - The “stimulus Debate” And The Golden Rule Of Mountain Climbing VoxEu

Daily Markets - The “stimulus Debate” And The Golden Rule Of Mountain Climbing VoxEu

The “stimulus Debate” And The Golden Rule Of Mountain Climbing VoxEu

Posted: 24 Jul 2010 09:06 AM PDT

Francesco Giavazzi

By Francesco Giavazzi, Professor of Economics at Bocconi University and author (with Alberto Alesina) of "The Future of Europe: Reform or Decline". CEPR Research Fellow
The global macroeconomy is at a juncture; some economists argue for continued fiscal stimulus to avoid a double dip recession while others argue for fiscal prudence. In this column, one of the world's leading macroeconomists argues for continued stimulus combined with a plan to ensure long-run … [visit site to read more]

Sen. John Kerry Skips Town On Sails Tax

Posted: 24 Jul 2010 08:48 AM PDT

Boston Herald — “Sen. John Kerry, who has repeatedly voted to raise taxes while in Congress, dodged a whopping six-figure state tax bill on his new multimillion-dollar yacht by mooring her in Newport, Rhode Island, instead of in Nantucket, MA, where the senator summers. Cash-strapped Massachusetts still collects a 6.25% sales tax and an annual excise tax on yachts. Sources say Isabel sold for something in the neighborhood of $7 million, meaning Kerry saved approximately $437,500 in sales tax … [visit site to read more]

EU’s Bank Stress Tests Ignore Sovereign Default Scenario

Posted: 24 Jul 2010 08:36 AM PDT

The European Union (EU) bank stress tests failed to account for a sovereign default, meaning results show a healthier banking sector than actually exists.

The tests results were released Friday with seven banks failing, but analysts say many more institutions could have failed if the tests simulated a sovereign default. Testing regulators from the Committee of European Banking Supervisors (CEBS) decided against testing securities held in lenders’ banking books, where sovereign debt is … [visit site to read more]

Oil Prices Show Little Momentum For Breaking Through $80 Barrier

Posted: 24 Jul 2010 08:26 AM PDT

Prices of crude oil futures slumped below $79 a barrel on Friday despite a stock market rally and the rise of Tropical Storm Bonnie in the Gulf of Mexico.

The downward turn on Friday followed a sharp gain Thursday amid positive corporate earnings reports that some saw as a signal of economic recovery and the brewing tropical storm.

Technical analysts noted that oil prices have encountered resistance as they approach the $80 a barrel threshold. There appears to be little momentum for … [visit site to read more]
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