Wednesday, February 24, 2010
BANZAI7--The chief of Britain’s central bank delivered a pessimistic assessment of the European economy and an indicator of German business sentiment fell unexpectedly.
“Recovery in our largest export market — the euro area — appears to have stalled,” Mervyn A. King, governor of the Bank of England, told a committee in Parliament.
WB7: Their principal export seems to be financial stilton cheese: credit default and currency swaps.
Meanwhile back at home we have the following positive news: February consumer sentiment fell unexpectedly, record numbers of banks on FDIC life support, 1761 mass layoffs (50 or more in one chop) by manufacturers in January, layoffs by ABC News and the NYC MTA, China unloading T Bills, lending by banks remains stalled, foreclosures and bank failures still on the rise and lastly, record 2009 bonuses tallied on Wall Street.
Time to buy one of these?