Daily Digest

Daily Digest - April 18

Sunday, April 18, 2010, 11:00 AM
  • Mauldin: Financial Reform Plus Goldman Comments
  • California's Jobless Rate Hits High Of 12.6% In March
  • GlobalEurope Anticipation Bulletin N°44
  • Auditors Urge Mexico To Slash Oil Estimate

Economy

Mauldin: Financial Reform Plus Goldman Comments (JRB)

When you draft a 1,300-page “financial reform” bill, various special interests get language tucked into the bill to help their agendas. However, the unintended consequences can be devastating. And the financial reform bill has more than a few such items. Today, we look briefly at a few innocent paragraphs that could simply kill the job creation engine of the US."

California's Jobless Rate Hits High Of 12.6% In March (Nickbert)

Despite hints of an economic turnaround, some of the 2.3 million unemployed in the state found March the toughest month yet. That's because tens of thousands have been out of work so long that their unemployment checks will be cut off within the next few weeks. They're not helped by the $18-billion measure signed Thursday by President Obama that extends jobless benefits for many Americans through June 2.

GlobalEurope Anticipation Bulletin N°44 (Jason B.)

Just as LEAP/E2020 anticipated many months ago, and in contrast to the reports coming out of the media and the "experts" during these past few weeks, Greece really has the Eurozone behind it to give support and credibility. There will not be, then, any Greek default of payment even if the commotion over the Greek situation really is an indication of a growing awareness that money to finance the huge Western public debt is becoming increasingly difficult to find: a situation now "untenable" as a recent report of the Bank of International Settlements underlined.

Energy

Auditors Urge Mexico To Slash Oil Estimate (Nickbert)

Mexico has been trying to develop oil deposits in the Chicontepec area for years, but the challenging geology has repeatedly forced it to scale back output estimates. Oil in the area is locked in small pockets of rock and cannot flow easily to the surface, making development technically challenging.

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4 Comments

pinecarr's picture
pinecarr
Status: Diamond Member (Offline)
Joined: Apr 13 2008
Posts: 2244
Re: Daily Digest - April 18

Zerohedge has a link to an interesting article by Leo Kolivakis, "A Goldman Opportunity For Reform?" , at: http://www.zerohedge.com/article/goldman-opportunity-reform

Here's a clip:

Don't hold your breath on any meaningful financial reform. I know, I am a cynical bastard, but the banksters control the US government, just like they control the Canadian government. It's all smoke & mirrors to appease the masses who are waking up to the fact that the greatest wealth transfer in the history of mankind continues totally unabated.

 

britinbe's picture
britinbe
Status: Gold Member (Offline)
Joined: Dec 28 2008
Posts: 381
Re: Daily Digest - April 18

There's talk on the neww channels in Europe of bailing out the airlines due to the cancellations caused by the volcanic dust.............. time will tell

The current situation really exposes how fragile the systems really are.

joemanc's picture
joemanc
Status: Martenson Brigade Member (Offline)
Joined: Aug 16 2008
Posts: 834
Mauldin newsletter

The John Mauldin newsletter was a good read. It's yet another example of government overreach/incompetence regarding regulations. Is it that hard to just regulate derivatives, split up the largest banks using existing anti-trust laws, and address overleveraging? The bill doesn't need to be 1,300, more like 3 pages.

Damnthematrix's picture
Damnthematrix
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 3998
Re: Daily Digest - April 18

100 million more Indians now living in poverty

http://www.abc.net.au/news/stories/2010/04/19/2876050.htm?section=justin

India now has 100 million more people living below the poverty line than in 2004, according to official estimates released yesterday.

India now has 410 million people living below the United Nations estimated poverty line of $US1.25 a day, 100 million more than was estimated earlier, officials said.

The poverty rate has risen to 37.2 per cent of the population from 27.5 per cent in 2004, a change that will require the Congress-ruled government to spend more money on the poor.

The new estimate comes weeks after Sonia Gandhi, the head of the Congress party, asked the government to revise a Food Security Bill to include more women, children and destitutes.

"The Planning Commission has accepted the report on poverty figures," said Abhijit Sen, a member of the Planning Commission, referring to the new poverty estimate report submitted by a government panel last December.

India calculates how much of its population is living below the poverty line by checking whether families can afford one square meal a day that meets minimum nutrition needs.

It was not immediately clear how much more the government would have to spend on the poor, as that would depend on the Food Security Bill when it is presented to the government after the necessary changes.

India's Planning Commission will meet the food and expenditure secretaries next week to estimate the cost aspects of the bill, government officials said.

A third of the world's poor are believed to be in India, living on less than $US2 per day, worse than in many parts of sub-Saharan Africa, experts say.

The Indian government spends only 1 per cent of its gross domestic product (GDP) on healthcare facilities, forcing millions to struggle to get medicines, Oxfam and 62 other agencies said in a report called Your Money or Your Life last year.

While India's economy is slowly recovering from a global recession with a GDP growth of 7.2 per cent, millions of poor in rural India are finding it difficult to cope with about 17 per cent food price inflation.

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