Top Stories of the Week
Ugh, So Much Greece Drama
It was another week of Greece watching as the situation in Europe continued to deteriorate. The news was pretty similar to last week. Greek PM Alexis Tsipras would make fiery accusations of blackmail. German Chancellor Angela Merkel would be non-plussed. And, on the whole, the stalemate continued. It certainly appears, at this point, as though the powers that be in Europe have no intention of surrendering ground and feel as though the continent is ready to absorb the shock of a Grexit.
There were two new developments. The first was that Greece officially failed to make a payment to the IMF, making it the first industrialized nation in history to do so. The second was that Greece made plans for a July 5th referendum that would give the Greek people the chance to vote directly on whether they wanted to stay in the Euro Zone but accept the tough reforms that would come with it.
In a lot of ways, this was Tsipras wriggling off the hook. Now, rather than having to step up, make a decision, and live with its consequences, Tsipras can let the Greek people decide on their own if they want to head into bankruptcy and accept what comes next.
Hillary Clinton Seems Unfazed by Myriad Pro-Bernie Sanders Posts on Facebook
For a woman who is supposed to be afraid of Bernie Sanders as a viable candidate, Hillary Clinton certainly didn’t seem all that worried. The Clinton campaign released the news that they had raised more than $45 million in her first quarter as an official candidate, good for the best for this period prior to an election by a non-incumbent in history.
So, does this mean Hillary’s rushing to the inevitable nomination? Well, maybe not. There’s always the chance that Bernie Sanders can overcome a massive deficit in fundraising with grass roots – AHAHAHAHA, I am so sorry, I tried to get through that with a straight face and I just couldn’t. Barring someone unearthing a photograph of Hillary murdering puppies, it’s hard not to see this as being the first shot in a salvo that ends the Democratic primary in the early going.
Boy, When I Offered to Pay for Any Damages, I Had NO Idea…
Geez, you create ONE massive ecological catastrophe in the Gulf of Mexico and it’s ALL anyone will talk about, am I right?
Well, on Thursday, it was a lot more than talk. British Petroleum ($BP) agreed to pay an $18.7 billion settlement to the United States and five Gulf states to settle the last of what it owes for the 2010 accident, bringing the total tab to over $50 billion. Oily pelicans rejoice, your day of reckoning has arrived at last!
Boy, the Economy Really Got Jobbed On This One
Normally, another month of job growth exceeding 200,000 would be taken as pretty solid news. Unfortunately, that was not the case this month. The Labor Department’s monthly tally showed the economy growing by 223,000 last month but also had the unemployment rate increasing for 5% to 5.2% based on changing rates of labor participation.
More troubling, the report also revised May and April’s numbers down, reducing them by a combined 60,000 jobs. This means that the previously held belief in an economy recovering at a rapid clip was not rooted in strong data. That said, it would also seem to indicate there isn’t a rate hike forthcoming, so that should help soften the blow.
Even so, I would hate to be the person to break the news to the poor guy that the life-changing new job he thought he had gotten in April actually doesn’t exist. Oof!
Featured on Equities.com this week…
Is Greece Better Off Defaulting? – Jared Dillian
Wall Street Can’t Get Enough of Day-Trading Playmate Kennedy Summers – Equities Staff
As Sam Sees It: How to Profit from Market Shocks – Sam Stovall
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