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Economic and and financial news and analysis

US Jobless Rate Really at 16%, Not 8.1%: Expert – CNBC

The U.S. unemployment rate of 8.1 percent is probably double that number when you include a host of measures of the jobless rate that are not included in the official data, one professional tells CNBC. Bloomberg | Getty Images People check the jobs board at a Denver Workforce Center, part of the Denver Office of…

ECB Bond-buying plan will hurt risk assets – FT.com

The single-minded emphasis on rapid fiscal restraint has created an unsustainable, pro-cyclical austerity zone. It is undermining weak sovereign and bank funding and solvency, and substituting national central banks, notably the Bundesbank, for private investors in financing regional capital flow imbalances, especially deposit flight from the periphery. Political sparks are flying in Germany. The main…

The Magnitude of the Mess We’re In – WSJ.com

Did you know that annual spending by the federal government now exceeds the 2007 level by about $1 trillion? With a slow economy, revenues are little changed. The result is an unprecedented string of federal budget deficits, $1.4 trillion in 2009, $1.3 trillion in 2010, $1.3 trillion in 2011, and another $1.2 trillion on the…

Dear Bankers: Thanks for Wrecking Our Lives – NYTimes.com

Tomorrow is the first anniversary of the Occupy Wall Street movement’s encampment at Zuccotti Park. Some of the protesters there created a Web site for Americans who couldn’t join them in Lower Manhattan. Called Occupy the Boardroom, the site invited people across the country to write detailed letters to the executives and directors of banks.…