Daily Digest

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Daily Digest 11/20 - Detroit Could Pay Higher Loan Rate, Big Budget Deal Unlikely

Wednesday, November 20, 2013, 11:42 AM

Economy

Venezuela's Congress set to approve decree powers for Maduro

"Down with prices, down with speculators, down with conspiracies!" Maduro told cheering supporters in a speech late on Monday, explaining his plans to confound the "bourgeoisie" in the same anti-capitalist rhetoric as his predecessor.

One is intended to limit businesses' profit margins to 15-30 percent as part of a state "economic offensive" against price-gouging. Another would create a new state body to oversee dollar sales by Venezuela's currency-control regime.

Household debts in S. Korea grow faster than income

Household debts in South Korea grew faster than income in the past year, boosting concerns over debt-servicing capabilities, data showed Tuesday. Average debts owed by households reached 58.18 million won ( some $55,000) as of the end of March, up 6.8 percent from a year earlier, according to the joint report by Bank of Korea, Financial Supervisory Service and Statistics Korea.

Detroit could pay higher loan rate, unsealed letter shows

Detroit could end up paying almost twice as much in interest as previously disclosed on a $350 million loan arranged by Barclays Capital, according to a fee letter made public on Monday after a judge ordered it unsealed last week.

Bleak outlook for graduates: Wages down 12% and debt up 60% since financial crash (UK)

Britain’s ‘lost generation’ of graduates are leaving university with around 60 per cent more debt than their pre-financial crash counterparts, a new study has found.

Recent graduates are also earning 12 per cent less than graduates at the same stage in their careers before the global financial meltdown of 2007-08, according to the Financial Times (FT).

Half of Canadian homeowners say they’ll be in debt in retirement, says survey

A survey released Tuesday from Manulife Bank found that 49 per cent are confident they'll still have some debt in retirement, including mortgages, compared with 51 per cent who say they anticipate being debt-free at that stage. More than half (57 per cent) of those surveyed admitted that they were disappointed with the way they've managed their debt and day-to-day finances in the past year, even though more than three-quarters say being debt-free remains one of their top financial priorities.

Emanuel’s ‘Children’s Fund’ from camera fines doesn’t exist in budget (Chicago)

Mayor Emanuel says revenue from speed cameras will go toward children’s programs, but there’s nothing in the budget to guarantee that. The mayor’s office expects the new cameras will bring in $70 million. But that money is going into the city’s general fund, instead of a special fund for children. That means city officials can spend the camera revenue on whatever they want.

Greece resumes talks with European lenders amid anger over austerity

"They are pressing us to adopt policies that are crazy," confided a senior government official as the finance minister, Yannis Stournaras, relaunched "intensive negotiations" with creditors over a looming budget black hole. "If we are forced to implement so much as half a measure more there will be a revolution in this country. Are they blind?" In Brussels, another spokesman said: "It's bad. It's as if we are back in 2010 again."

Military Faces Massive Budget Cuts Due To Sequester

The U.S. military’s budget is about to take a huge hit unless Congress takes action to lift the ongoing sequester. The automatic cuts, set to take effect in January, will slash $52 billion from the military, which is 10-percent of the pentagon budget.

U.S.'s Lew says big budget deal unlikely without revenues

A 29-member congressional committee is trying to set spending levels for the fiscal year that began last month, and many lawmakers want to scrap large spending cuts that started in March. The discussions, however, are hung up on differences regarding America's programs for elderly health care and its Social Security pension system, which many economists warn cannot be funded over the long term under current tax policies.

Italian Banks' Bad Loans Keep Rising in September

The total amount of bad loans held by Italian banks continued to rise in September, data published Tuesday by the country's banking association ABI showed, and has now been at a 14-year high two consecutive months. Gross bad loans grew by 22.8% on the year to 144.5 billion euros ($195.1 billion), ABI said, with bad loans net of impairment rising by 28.2% to EUR75.2 billion.

German Public-Spending Push Stalls in Merkel’s Coalition Talks

As Europe’s biggest economy faces an estimated public-investment shortfall of more than 300 billion euros ($406 billion), talks on public investment between Merkel’s Christian Democrats and the Social Democratic Party have stalled as she seeks to form her third-term government.

Bond Dealer Retreat Seen in Trades Shrinking 39%: Credit Markets

The smaller transactions illustrate conditions that money managers including BlackRock Inc.’s Laurence D. Fink say have driven up costs for clients and made it more difficult to buy and sell debt. That may accelerate a surge in borrowing costs and exacerbate investor losses if a Federal Reserve pullback from unprecedented stimulus efforts triggers a cash exodus.

Junk Glistens Under ‘Bernankecare’ as Worst Win in Stocks, Bonds

Stocks of companies with weak balance sheets are rising twice as fast as stronger ones; junk borrowers get rates lower than their investment-grade counterparts did before the credit crisis; and initial public offerings are doubling on their first day of trading.

Gold & Silver

Click to read the PM Daily Market Commentary: 11/19/13

Provided daily by the Peak Prosperity Gold & Silver Group

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2 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4149
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4149
Now over $17.2 trillion in debt

 

 

17,200,725,370,597.56

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