Daily Digest

Daily Digest 2/6 - The Great Global Debt Prison, Jobs Report Offers Little Comfort, BofA Creating Troubled Loans Unit

Sunday, February 6, 2011, 11:47 AM
  • The Great Global Debt Prison
  • Mauldin: The Burden of Lower Growth and More Frequent Recessions
  • Jobs Report Offers a Mixed Bag, but Little Comfort
  • Bank of America to Create Troubled Loans Unit
  • Drop in Jobless Rate May Not Deter Fed From Carrying Out Stimulus Program

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Economy

The Great Global Debt Prison (pinecarr)

Tense and terrible times inevitably summon an odd coupling of two very different and difficult human conditions; honesty, and brutality. Certain painful truths are revealed, and often, a palpable fury erupts. Being that times today are particularly tense, and on the verge of being spectacularly terrible, perhaps we should embrace both conditions in a constructive manner, and become brutally honest with ourselves.

Mauldin: The Burden of Lower Growth and More Frequent Recessions (JRB)

We’re optimists by nature. The natural order of the world is growth. Trees tend to grow, and economies do, too. Real economic growth solves most problems and is the best antidote to high deficits, but the problems that we have now won’t be solved by growth. They’re simply too big. Unless we have another Industrial Revolution or another profound technological revolution like electrification in the 1920s or the IT revolution in the 1990s, we will not be able to grow enough to pull ourselves out of the debt hole we’re in.

Jobs Report Offers a Mixed Bag, but Little Comfort (jdargis)

The picture painted by the Labor Department’s monthly snapshot of the job market was confounded by a more encouraging drop in the unemployment rate to 9 percent, from 9.4 percent a month earlier, for its lowest rate since April 2009. The unemployment rate is gleaned from a survey of households, rather than companies, and can be volatile.

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Bank of America to Create Troubled Loans Unit (jdargis)

The entity, known as Legacy Asset Servicing, will become the repository for tens of billions of dollars in troubled assets, including many subprime products that are no longer offered by Bank of America but continue to hang over the company.

Most of the loans were picked up when Bank of America bought Countrywide Financial in 2008.

Drop in Jobless Rate May Not Deter Fed From Carrying Out Stimulus Program (jdargis)

“My sense is they’ll be on hold, waiting for more information,” said Roberto Perli, who until July was a member of the Fed Board’s Monetary Affairs Division staff. While Bernanke in a speech this week talked about stronger job creation, “we certainly did not get a sense that’s what’s going on from the report” for January, Perli said. 

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1 Comment

DavidC's picture
DavidC
Status: Silver Member (Offline)
Joined: Sep 29 2008
Posts: 243
Re: Daily Digest 2/6 - The Great Global Debt Prison, Jobs ...

The Great Global Debt Prison article is a very good piece, thanks pinecarr.

The source link is below if anyone wants to go to the Neithercorp site.

http://neithercorp.us/npress/2011/02/the-great-global-debt-prison/

DavidC

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