Economics-
Is this volcano ready to erupt?
"Distressed debt, defined as bonds or bank debt of companies or government entities that are in default, under bankruptcy protection, or heading toward such a condition, has been under significant pressure since the housing bubble popped. The nominal amount of debt entering distress has jumped 451% since 2007, while the number of issuers in trouble rose 160%.
In a commissioned report from Debtwire, a global financial data provider, 100 distressed debt investors were interviewed, including hedge fund and asset managers. Their outlook:
64% said the peak in distressed debt has not been reached
Real estate, consumer products, and financials will provide the largest flow of workouts, in particular commercial real estate
41% expect significant tightening of liquidity in 2010.
Lax FASB accounting standards may allow institutions to mask their debt with bogus financial statements, but there's no disguising the market realities from the distressed debt investors on the front lines. Sightings of a "V" shaped recovery seem premature." from Casey's Research
I don't think I need to add any commentary to this.
Politics-
I can't belive the democrats didn't think of it first- Vacationing a human right, EU chief says-
The European Union has declared travelling a human right, and is launching a scheme to subsidize vacations with taxpayers' dollars for those too poor to afford their own trips.
Antonio Tajani, the European Union commissioner for enterprise and industry, proposed a strategy that could cost European taxpayers hundreds of millions of euros a year, The Times of London reports.
Hating the government finally goes mainstream- Come on and join the party.
Anarchy, Part Two, if you read part 1...
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