Election Shows Greece Unlikely to Cause Financial Meltdown, Despite Gloom and Doom
Despite fears of an epic crisis, election results indicate the Greeks will form a coalition that will honor bailout conditions and prevent a financial meltdown that would have been triggered by an exit from the euro.
Markets Relieved at Spain Bailout Deal; Financial World Still Worried
Stock markets were initially up on the news of a $125 billion agreement to bail out Spain, but the financial commentators aren’t convinced—and are still gearing up for economic Armageddon. They’re wrong to panic, says Zachary Karabell. Plus, seven facts about the bailout.
Jobs Numbers: Get Used to Bad Employment Data
The U.S. added a weak 69,000 jobs in May, pushing the unemployment rate up to 8.2 percent. Zachary Karabell on why our dysfunctional political system can’t save us from this dismal cycle.
The Fed’s Forthright Admission About Our Messy Economic Situation
Ben Bernanke emerged from the Fed’s meeting and said the economic situation ‘is not entirely clear’—a rare acknowledgement of confusion by a high public official, and truer than the certainty of those predicting Armageddon or looking to score points in an election season.
What Jamie Dimon’s Senate Testimony Got Right
The JPMorgan Chase CEO is a controversial figure who presided over a litany of bad decisions. But he’s more correct than we’d like to believe about the impossibility of regulating risk out of the hyperconnected global banking system.
Scott Walker Won Because He Took Action Against Soaring Pension Costs
The Wisconsin governor rammed through legislation that cut soaring pension costs and entitlement funds. Even though it certainly harmed many, they still voted him back in office—because his decisive action was appreciated, writes Zachary Karabell. Plus, read Michael Tomasky on Obama’s exit polls, John Avlon on Wisconsin’s three biggest lessons, Michael Medved on how anger backfired in the recall, Ben Jacobs on how the recall bucked the super-PAC trend, Ben Jacobs on Obama’s takeway, Michelle Cottle on the Tea Party morale boost, and Howard Kurtz on what Walker’s win means for the presidential election.