Quoted sections below from Insight: Evidence suggests anti-foreclosure laws may backfire | Reuters. State and federal laws enacted to protect homeowners from eviction in the wake of the 2008 housing crash may be extending the slump, according to a growing number of economists and industry experts. Everyone with a complaint about this has a vested interest…
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India stuns, keeps rates steady as growth crumbles | Reuters
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India’s central bank defied widespread calls on Monday to revive the flagging economy with cuts in interest rates and cash reserve minimums at banks, putting the onus on a fractious coalition government to pull the country out of crisis. The Reserve Bank of India left its policy repo rate at 8 percent and the cash…
European Crisis, Must Read
Draghi Indicates E.C.B. Is Ready to Help in Case of Market Turmoil But There’s A Catch
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The head of the European Central Bank said Friday that central banks were ready to step in to address any financial market turmoil that might result from elections in Greece this weekend that could help to decide the future of the euro. “The Eurosystem will continue to supply liquidity to solvent banks where needed,” Mario…
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Consumer Sentiment Stinks – WSJ
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The Thomson Reuters/University of Michigan consumer sentiment index fell sharply to 74.1 in early June from its final-May reading of 79.3 and an early-May reading of 77.8, according to an economist who has seen the report. The end-May index was the highest sentiment level since October 2007. The drop in early June may reflect consumers…
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Manufacturing in New York Area Expands at Slower Pace – Bloomberg
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Manufacturing in the New York region expanded in June at the slowest pace in seven months as orders and sales cooled. The Federal Reserve Bank of New York’s general economic index dropped to 2.3 this month, less than the lowest forecast of economists surveyed by Bloomberg News and down from 17.1 in May. Readings greater…
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Parallels between 1930s Europe and today are stark, striking, and increasingly frightening. | VOX
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New preface to Charles Kindleberger, The World in Depression 1929-1939 J. Bradford DeLong Barry Eichengreen 12 June 2012 Charles Kindleberger’s classic book on the Great Depression was originally published 40 years ago. In the preface to a new edition, two leading economists argue that the lessons are as relevant as ever. The parallels between Europe in…
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A Modern Fairy Tale Of Three Economic Wizards – Mish
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Once upon a time (today), in a land not so far away (USA), there lived a trio of economic wizards (economists), whose names shall remain anonymous (Paul Krugman, Greg Mankiw, Ben Bernanke). A fourth wizard, Murry Rothbard, is no longer among the living but resides in the netherworld. The above wizards seldom agree with each…
European Crisis
Italy in focus amid fears of contagion – Telegraph
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By Louise Armitstead Italy must make more progress with its financial reforms to avoid being targeted by traders looking for the “next in line” for an international rescue after Spain’s request for help. Economists and analysts warned that Italy could face a turbulent few days amid concerns about contagion from Spain. Daniel Gros, head of…
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U.S. jobless claims fall by 12,000 to 377,000 – MarketWatch
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WASHINGTON (MarketWatch) – The number of Americans who filed requests for jobless benefits fell by 12,000 last week to 377,000, the U.S. Labor Department said Thursday. Claims from two weeks ago were revised up to 389,000 from 383,000. Economists surveyed by MarketWatch had projected claims would fall to a seasonally adjusted 380,000 in the week…
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Bank of England maintains holding pattern – Economic Report – MarketWatch
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FRANKFURT (MarketWatch) — The Bank of England left its bond-buying program on hold Thursday in the face of weakening economic data. As expected, the bank’s Monetary Policy Committee left the key lending rate at a record low 0.5%, where it has stood since March 2009. The program of asset purchases, which is the centerpiece of…
