Romney's Post-Ruling Haul: $4.3 Million | Main | Obama Surrogate: ObamaTax is Not a Tax
June 29, 2012

"Consistent With a Weakening Growth Backdrop," And Other Euphemisms For "The Economy Is Contracting"

Via @gaypatriot, consumer spending is the weakest in six months.

Consumer spending stalled in May as stagnant wages and slackening employment held back the biggest part of the U.S. economy.

Purchases were little changed after a 0.1 percent rise the prior month that was smaller than initially reported, according to Commerce Department figures issued today in Washington. Another report showed household sentiment dropped this month to the lowest level of the year.

In some possibly good news, Europe says it's had a "breakthrough" on its finance crisis.

Before quoting it, I'll just mention the old truism that diplomats only announce success, because a diplomat defines "success" as "an agreement." They're not in the business of solutions, they're in the business of agreement.

And yes, this is a negotiation among sovereigns, so it is a diplomatic effort.

And they've struck an agreement.

But I don't see how any agreement changes the basic math: Most of Europe is spending more than it is willing to pay, backstopped by German wealth, and the Germans, for obvious reasons, don't want to continue subsidizing the rest of Europe.

But they have an "agreement."

Under the deal, European leaders agreed to create a single supervisory body to oversee the eurozone's banks which could use the single currency area's rescue funds, the European Financial Stability Facility or European Stability Mechanism, to aid banks directly without adding to governments' debt.

Without reading the details: This would mean Germany is funding an emergency stabilization fund, which is then used to recapitalized the failing, near-bankrupt banks of the PIIGs.

And that will tide them over... until the next time they need to borrow a few dozen billion on Germany's account.



digg this
posted by Ace at 12:48 PM

| Access Comments




Recent Comments
girl in Magnum intro learning to snorkel- currently represented by Gloria Allred: "Tom Selleck looked lasciviously at my butt. My but ..."

runner: "@423 I ....don't know what to say.... ..."

ALH: "1st ..."

Tonypete: "Wow! What a cookbook. I am overwhelmed by the ..."

publius, the Persistent Poperin Pear: " Oh, yes, Bogie and Cary Grant are up there. ..."

Beltway Elite: "Magnum P.I. is still fantastic.  The dog is a ..."

Yor, the Hunter from the Future: "Choose one (1). You don't get to pose as heroes wo ..."

Hadrian the Seventh: " Alors, le nood. ..."

Roc Ingersol : "Posted by: Aetius451AD Work Laptop at December 11, ..."

ALH: "Evening, Horde! Nice ONT, MisHum. Is that glass of ..."

mrp, the gauche American: "Once upon a time, my Dad returned home from a Euro ..."

Your Decidedly Devious Uncle Palpatine, Booking Agent, Aero Pinochet: "436. Because he hung out with Peter Lorre. ..."

Recent Entries
Search


MuNuvians
Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
News/Chat
Archives
Powered by
Movable Type 2.64