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Economic and and financial news and analysis

How Zynga Gamed You | The Reformed Broker

…That’s how you get a syndicate (was there ever a more apt description?) pumping out a deal like Zynga at $10 per share last December – a $9 billion valuation for a company that literally sells virtual bullshit and whose revenue stream was 95% reliant on Facebook, a totally unrelated company other than the fact…

Big Decline In Initial Unemployment Claims Continues Improving Trend

The report is an excerpt from the Employment Charts permanent page, updated when new data is reported. Bookmark it for future reference. The Labor Department reported today that seasonally adjusted (SA) first time claims for unemployment were down by 35,000 to 353,000. As usual, both the total and the change are categorically and demonstrably false,…

Fed Sees Benefits and Risks in New Moves – NYTimes.com

WASHINGTON — The argument for the Federal Reserve to introduce another round of stimulus, and its reasons for hesitation, can both be summarized by a single number: 3.53 percent, the average interest rate last week on a 30-year mortgage. The cost of mortgages and other kinds of loans remain well above zero, a chief reason…

Last year’s growth may be revised upward – MarketWatch

Oh, to have the power to rewrite history: The Soviets recasting heroes and villains. The NCAA saying 14 years of Penn State football never happened. On Friday, history will be rewritten again when the Bureau of Economic Analysis revises more than three years of U.S. economic activity. The revisions to gross domestic product from 2009…

The Bailouts Were NOT Paid Back & Didn’t Make a Profit | Better Markets

The U.S. government created innumerable bailout programs that spent, lent, guaranteed, pledged, or otherwise used trillions and trillions of dollars to prevent a complete collapse of the financial system in 2007-2009 and to respond to the economic crisis it caused, the effects of which continue to this day.  The much ballyhooed $700 billion TARP program was but one…

Impeach Tim Geithner | DASKRAPITAL

I sincerely did not think it would be possible at this point to lower my opinion of Tim Geithner. Nor did I think it possible, after the year and a half I just spent there, to make me think less of DC. That former TARP watchdog Neil Barofsky has accomplished both with his just-published book…