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I think you have better things to do this week.  I really enjoyed the class.

SNL still on their game.

After landing in his Rickers Island cell, Mr. Strauss Kahn is confronted by two inmates relatively informed about the current debt crises in Europe. I apologize for the inappropriate language used at the end...

http://www.nbc.com/saturday-night-live/video/dominique-strauss-kahn-cold-open/1329159/

Dog Days continuing?

Since I have been a bit behind on the blogging, thought I post this interesting article about the resilient pet goods market.

"Even as the economy for us humans bogs down again, the pet economy has proved remarkably resilient to a weak housing market, high unemployment and those diminished 401(k)’s. The industry has continued to grow through the recession, albeit at a slower pace, and last year, Americans spent a record $55 billion on their pets, according to the market research firm Packaged Facts, more than the gross domestic product of Belarus."

The fact that we keep spending so much on pets and their luxury goods perhaps suggests that consumer spending as a whole might go up in the coming years. Overall I think its a good sign that at least some industries are staying strong, even though pet luxury isn't something I'd personally focus on in this economic downturn.

Lux Esto

Lux Esto my friends!

Solutions for the EU debt crisis

This article highlights needed changes for the EU's economy, specifically centralizing "economic policy making". Thoughts?

http://www.marketwatch.com/story/eu-must-move-toward-economic-federalism-2011-06-03?reflink=MW_news_stmp

Recovery or an Impending Depression?

In light of our discussion on Tuesday about a changing global economy and how and when 'recovery' will begin, here is an article by The Center for Research on Globalization out of Canada. The article argues that recovery is not and will not happen, but that the financial crisis is going to spread, and that there may even be a new crisis on the horizon. Take a look. Thoughts?

http://www.globalresearch.ca/index.php?context=va&aid=25089

Too Big To Fail How About Too Big for Prosecution

http://www.bloomberg.com/news/2011-06-01/goldman-too-big-to-face-prosecution-over-mortgage-securities-hintz-says.html

"The U.S. Department of Justice, which is reviewing a Senate subcommittee report that alleged Goldman Sachs misled clients before the financial crisis, will avoid jeopardizing the fifth-largest U.S. bank by assets because it’s viewed as “too big to fail,” Hintz wrote in note to clients today. Photographer: Daniel Acker/Bloomberg

Sanford C. Bernstein & Co. Analyst Brad Hintz. Photographer: Jin Lee/Bloomberg
Goldman Sachs Group Inc. (GS) won’t face criminal prosecution related to sales of mortgage-linked securities because such a move could threaten the U.S. financial system, according to Brad Hintz, an analyst at Sanford C. Bernstein & Co.
The U.S. Department of Justice, which is reviewing a Senate subcommittee report that alleged Goldman Sachs misled clients before the financial crisis, will avoid jeopardizing the fifth- largest U.S. bank by assets because it’s viewed as “too big to fail,” Hintz wrote in note to clients today.
“If an alleged violation is identified during a Goldman investigation, we expect a reasoned response from the Justice Department,” Hintz wrote. “In a worst case environment, we would expect a ‘too big to fail’ bank such as Goldman to be offered a deferred-prosecution agreement, pay a significant fine and submit to a federal monitor in lieu of a criminal charge.” "

I guess along with too big to fail comes to big to punish. Quite upsetting to say the least. Is it really fair that some people/companies are "above the law"?