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Spain has exhibited considerable economic denial about the state of its banks of late, saying it will need no bailout, in order to keep the drain in Spain from becoming plainly worse. The Spanish government is caught in a vicious circle as it spins down the debt drain, which it tries to offset with verbal counter-spin [… Read More]
The U.S. stock market lurched up and down, twice each way, last week, closing at its worst so far this year. Then bad news at the first of this week, boosted the Dow above 13,000 again, merely because the news wasn’t as bad as expected. Then
Stock Market Euphoric Over Ongoing Recovery from Great Recession; Credit Ratings Indicate Ongoing Crash into Great Depression. Which is it?
Today’s news gave rise to outspoken hopes that the Great Recession is ending … again. This seems to have the whole world excited, except me. The stock market is soaring this morning as the U.S. Federal Reserve and the European Central Bank announced an agreement to loan U.S. money to European banks at lower rates. Jobs [… Read More]
Bad news is good news, I suppose, if you are starting a blog about the economic crisis and are hoping to find an audience. I feel a bit like a vulture perched on a snag, waiting for the economy to die, but I don’t create the news. I started The Great Recession Blog because the [… Read More]
The pile-up of debt we have created by pushing the economic crisis further down the road is far worse than “kicking the can down the road.” It is more like pushing a snow straight down the road, instead off to the side, so that it becomes a mountain (of debt in this case) that you [… Read More]