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June 08, 2010

Tuesday Financial Briefing

Monday, bloody Monday: most stock exchanges dropped yesterday on continuing investor nervousness over the European debt situation and the weak American jobs picture.

“This is not a pretty environment for equity investors,” said Dennis Gartman, noted economist whose alter ego is that of noted superhero Captain Obvious.

The Spaniards, like the Greeks, are finding this whole "austerity" idea rather off-putting.

Fitch described the British fiscal challenge as "formidable", which caused the market to drive the Pound sharply lower. Lord Throatwobbler Mangrove, MP from Lower Throat-Hack, Chunderworth, called the comments "rather unsporting" and pledged to write an outraged letter to the Financial Times when he got back from Torquay Sunday week.

Ben Bernanke is recovering after being clubbed with a clue-bat yesterday. "The unemployment rate is still going to be high for a while, and that means that a lot of people are going to be under financial stress,” Bernanke said. In other remarks, Bernanke noted that he'd hired a "couple of local coolie-boys" to pull his rickshaw rather than have his mother do it, and thus do his part to alleviate joblessness in his area.

FT's Alphaville has a post on Europe's sovereign-bank loop. This becomes a problem when sovereigns need to roll their debt, and could lead to more busted bond-auctions.

Mish Shedlock covers The Krugman's heart-ache over the G-20's failure to embrace Keynesianism with the enthusiasm of his BFF, Tim Geithner.

Public-sector unions in California are still doing their best to make sure they are hated by every taxpaying citizen. In related news, the SEIU yesterday announced that they have hired a new head for the union, the Grand Moff Tarkin. "Witness the power of this fully-operational public-sector Union!" he gloated to the press.

Today's report brought to you by Depends adult undergarments, Massengill's feminine hygiene products, and the letter G.

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