Markets continued to watch Europe closely

The European debt crisis continued to undermine investor confidence during December.

Sovereign debt crisis discussions continued, with European leaders making some headway with proposals to move the region closer to a fiscal union.

It was agreed that the European Financial Stability Facility will be rapidly deployed and the European stability mechanism brought forward to start in July 2012 and additional funding of loans would be provided to deal with the crisis.

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  • Hi Bill,A couple of pionts to reinforce.The lack' of tsy securities is matched' by a reduction in balances available to buy tsy secs. as the funds to buy them come from the deficit spending itself. So at the macro level there is no shortage of tsy secs.What does happen is spreads change between tsy secs and other secs when the supply of tsy secs falls. This is because the funds allocated to buy securities in general often come from the deposits created by private sector debt who proceeds finds it's wan into pension funds and other investors of long term securities. In other words, some of the funds generated by the increase in household debt find their way into securities investments via contributions to pension funds and individual savings vehicles.That technical supply situation' results in a widening of spreads between tsy secs, the risk free rate, and other secs as markets do their usual grope towards indifference levels of prices and yields. The Australian report, above, seems to miss this point.

    Posted by Joanna 29 December 2011

  • , we the people did not give the DHUD the taihoruty to give away our money then said it was legal. We need to fire the DHUD officials who did not object and shut down the Santa Clara Housing taihoruty.We need to find the right approach call and write your congressmen/women, your county officials, governor, and senators, demonstrations in front of the Housing taihoruty doorsteps on TV and publicize the names of the officials who make a perfect retirement gift for themselves. When people are outraged and noisy enough,politicians have to listen or risk losing their jobs in the next election. Let's get organized and get back the16 millions for the people in desperate need of housing assistance.

    Posted by Andre 29 December 2011

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