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marți, 12 iulie 2011

President Obama on Deficit Reduction: "If Not Now, When?"

Your Daily Snapshot for
Tuesday, July 12, 2011

President Obama on Deficit Reduction: "If Not Now, When?"

Yesterday, the President held a news conference in which he addressed the ongoing efforts to find a balanced approach to the budget and fielded questions from reporters. President Obama continues to work daily with Congressional leaders from both parties.

Watch the full press conference from yesterday or read the highlights.

Photo of the Day

President Barack Obama is briefed before a phone call with President Dmitry Medvedev of Russia in the Oval Office, July 11, 2011. (Official White House Photo by Pete Souza)

In Case You Missed It

Here are some of the top stories from the White House blog.

President Obama on Tackling our Debt and Deficit
Here are a few highlights from President Obama's press conference.

The President’s Executive Order on Improving and Streamlining Regulation by Independent Regulatory Agencies
President Obama issues a new Executive Order asking the independent regulatory agencies, including the Consumer Product Safety Commission, the Federal Trade Commission, the Federal Communications Commission, and the Securities and Exchange Commission, to take new steps to ensure smart, cost-effective regulations, designed to promote economic growth and job creation.

Open for Questions: Live Chat on Improving Federal Websites
On Tuesday, July 12th, 2011 at 4:00 PM EDT, join Administration officials for a live chat to discuss ways to improve the online experience with Federal websites.

Today's Schedule

All times are Eastern Daylight Time (EDT).

10:00 AM: The President and the Vice President receive the Presidential Daily Briefing

10:30 AM: The President meets with senior advisors

12:30 PM: Press Briefing by Press Secretary Jay Carney

2:15 PM: The President awards Sergeant First Class Leroy Arthur Petry, U.S. Army, the Medal of Honor; The Vice President also attends

3:15 PM: The President and the Vice President meet with Congressional Leadership

Indicates events that will be live streamed on WhiteHouse.Gov/Live

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SEOptimise

25 Must Follow Trunk.ly Users Who Get You the Latest SEO Nuggets

Posted: 11 Jul 2011 05:47 AM PDT

Trunk.ly is the killer app nobody really talks about. It deserves the hype of Friendfeed or Quora, but barely anybody notices the huge impact it may have in future and it’s only rarely that someone explains how useful it already is. A few articles urge you to use it, but

Trunk.ly is indeed the solution for half a dozen Web-related problems almost everybody faces.

First and foremost, it get rids of all the fluff and chatter and lets you follow your favourite friends and influencers holistically on the Web. Trunk.ly simply collects all the links a person shares throughout the Web. This might sound a bit like the aforementioned Friendfeed, but it lacks the annoying and time-wasting features of the former.

I’ve been using Trunk.ly ever since it seemed that Delicious would be killed off completely by Yahoo. Thus I frantically tried several Delicious alternatives. Trunk.ly was the best of them. Meanwhile, I’m using Delicious again but I also use Trunk.ly for other reasons than just social bookmarking.

Delicious is great for organising your own bookmarks. It never was a good place to share or even overview your friends’ bookmarks.

It has some features for that but they are too hidden and too many clicks away. Also, most of the link sharing these days happens on Facebook, Twitter, Tumblr and the like.

On Trunk.ly it’s far easier to follow how popular a particular post is. I can see who the people are who share the link, no matter where they share it. I can follow the shared links from people I respect on the Web as a whole. So who are the people you want to get the links served from when it comes to SEO, search marketing and social media optimisation?

Here are 25 must follow Trunk.ly users who get you the latest SEO nuggets:

Lee Odden of TopRank Online Marketing
Justin Briggs aka seozoombie, independent SEO consultant
Bharati Ahuja – WebPro Technologies
Andrew Doyle of Crafted Media
Todd Mintz, an SEO blogger who contributes everywhere
Alex Moss of Pleer SEO
Matthew Edward of Springboard SEO
Richard Baxter of SEO Gadget
Aaron Chronister aka TheMadHat
Tad Miller from Search Mojo
Wayne Barker of Hallam
Gabriella Sannino alias SEOcopy from Level343
Dawid Iwanow of The Lost Agency
Aleyda Solis, spanish SEO
James Zolman alias jameszol of Familyhomesecurity.com
Gianluca Fiorelli of Italiaseo
Dobata
Tom Demers of Measured SEM
Samir Balwani
Marc Levy of Matan Media
Christoph Cemper of Cemper.com
Andrew Shotland of Local SEO Guide
Eric Enge aka stoneteple from Stone Temple Consulting
Debra Mastaler of Alliance Link
Courtney Seiter from Raven

As you see, these people are not just the usual suspects or the SEO industry giants.

These are the curators who provide the links you want to know about and can with the help of Trunk.ly.

You just get the links – nothing less but also nothing more, so there is no typical social media time-wasting going on here.

Just go to your timeline aka “Friends’ links” and see what people share almost in real time. The number of people who share a link are displayed as well, so you see whether it matters to more than one person. For example, just now I see that “5″ people have shared a post by Claire Carlile on targeting the right keyword phrases I appreciate.

Of course there may be even more great Trunk.ly users from the SEO industry you want to recommend. Please do it in the comment section!

If you don’t have the time to follow all the people above, you can try checking out the SEO experts group instead. This is OK but contains mostly links for SEOMoz and Search Engine Land. For hidden gems you have to follow my route.

* Image by Larissa Sayer

Seth's Blog : The invisible crossroads

The invisible crossroads

In Career World, crossroads don't happen very often. Should I go to college? Which one? Should I quit this job? Where should I apply...

In Project World, on the other hand, every day offers a choice that could change things. Should you start a new project? Organize a conference? Open a new channel of social media? Quit something you're doing right now to make time for something else?

It's easy to get stressed and excited about the infrequent crossroads. It's just as easy to ignore the daily opportunities you have to change everything.

• Email to a friend •

luni, 11 iulie 2011

Mish's Global Economic Trend Analysis

Sheer Panic; EU Revives Default, Buyback Ideas; New Strategy Coming "Shortly", No Timeline Set; Here's a clue: They are Clueless
Recall Madness in Wisconsin: Republicans Run as Democrats; Permanent Election Season Through 2012
European Government Bond Spreads at Record Highs vs. Germany; 2-Year Spreads: Greece 30.09, Portugal 17.11, Ireland 16.58
Bond Vigilantes Strike; Crisis in Italy Escalates; Portugal 2-Year Debt Hits 18.36%, Greece 31.34%, Ireland 17.83%; New Record High Spreads
Invisible Elephant Now Visible; EU Ready to Tell Trichet to "Stuff It"; Help for Italy?

Sheer Panic; EU Revives Default, Buyback Ideas; New Strategy Coming "Shortly", No Timeline Set; Here's a clue: They are Clueless

Posted: 11 Jul 2011 08:03 PM PDT

Once again the best comedy show anywhere comes from the offices of the ECB and EU. Please consider EU Revives Buyback Idea as Crisis Hits Italy

As exploding bond yields in Italy and Spain brought the crisis closer to the heart of the euro area, Europe's search for answers took it back to proposals that were scuttled by Germany earlier this year. After a nine-hour meeting, the 17 euro ministers issued a six-paragraph statement pledging to flesh out details of a new strategy to end the 21-month-old crisis "shortly," without setting a timeline.

The decision to have another look at reinforcing the European Financial Stability Facility, the 440 billion-euro ($618 billion) bailout fund that was beefed up only last month, came after talks with bondholders over a "voluntary" rollover of Greek debt ran into a threat by credit-rating companies to put Greece in default.

Finance ministers offered varying interpretations of the commitment to explore a wider range of options. For Dutch Finance Minister Jan Kees de Jager, who insists on getting bondholders to roll over Greek debt, the pledge includes the possibility of the "selective default" opposed by the ECB.

Europe's lunge back to basics came after Greek Prime Minister George Papandreou complained that a "cacophony" had sowed "panic" that overwhelmed the budget cuts that he pushed through his parliament amid street riots last month.

The uphill struggle for solvency in Athens was dramatized by data yesterday showing the central government's deficit widened 28 percent in the first half of 2011, with spending surpassing targets and revenue falling short.

Rejected by Germany earlier this year, the buybacks would pare Greece's debt burden of 142.8 percent of gross domestic product by enabling it to retire bonds at a discount.

In discussions that wrapped up last month, Germany blocked proposals to add buybacks to the bailout fund's toolkit, opposing the use of taxpayer money to help countries like Greece wriggle out of their debt.

Finance ministers also signed a treaty to establish the European Stability Mechanism, which will replace the temporary fund in mid-2013 and include provisions for a private-sector role.

Euro-area governments will put 700 billion euros of cash and callable capital into the ESM, giving it the capacity to lend 500 billion euros. It requires unanimous government ratification to go into operation.

If that collection of inactivity, unbelievable promises, conflicting strategies, and blame placing does not show panic, what does?

Please note the buyback proposal involves German taxpayers. Think that will fly?

In a state of panic, who knows what the ECB and EU might consider. However, they sure could not agree to anything in a nine hour meeting other than to agree to announce a plan "shortly".

Here's a clue: They are clueless.

For additional commentary on Monday's events, please consider

Bond Vigilantes Strike; Crisis in Italy Escalates; Portugal 2-Year Debt Hits 18.36%, Greece 31.34%, Ireland 17.83%; New Record High Spreads

European Government Bond Spreads at Record Highs vs. Germany; 2-Year Spreads: Greece 30.09, Portugal 17.11, Ireland 16.58

Invisible Elephant Now Visible; EU Ready to Tell Trichet to "Stuff It"; Help for Italy?

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

Recall Madness in Wisconsin: Republicans Run as Democrats; Permanent Election Season Through 2012

Posted: 11 Jul 2011 01:21 PM PDT

Wisconsin Democrats, upset by fiscal sanity and common sense legislation that will benefit all Wisconsin have launched a recall campaign against six Republican legislators who sided with Governor Scott Walker on much needed collective bargaining legislation.

In response, some Republicans are hoping to win the primary by running as Democrats. The recall Republicans effort is this week.

Moreover, Republicans are hoping to recall two Democrat legislators. The Republican primary is July 19.

Please consider 'Madness Abounds' as Fake Candidates Confuse Wisconsin Recalls

Wisconsin voters will choose among real and fake Democrats this week to challenge six Republican senators in recall elections that may derail the agenda of Governor Scott Walker.

The primaries are the opening skirmish in a state at political war. The six districts in tomorrow's races have Republicans running as Democrats, hoping to win the nomination and effectively render the Aug. 9 recall votes meaningless.

On July 19, there will be two primaries and a full-fledged recall aimed at Democratic senators who fled the state in February in hopes of blocking the measure, which touched off weeks of protests across the nation.

State election law allows open primaries, which means that voters can participate regardless of partisan affiliation. It also allows members of one party to enter another's primary.

The state's nine legislative recall elections compare with a total of 20 across the nation since 1913, according to Joshua Spivak, a senior fellow at the Hugh L. Carey Institute for Government Reform at Wagner College in New York.

If any recalls succeed, that will encourage more, McCabe [Mike McCabe, executive director of the Wisconsin Democracy Campaign, a nonprofit that advocates openness in government] predicted, including one that has been started against Walker, who cannot be ousted until he has been in office a year.

"We could more or less have a permanent election season continuing through 2012," McCabe said. "It almost becomes a foregone conclusion about recalling the governor."

Union-Busting is a "Godsend"

I comment Governor Walker and everyone who voted for his common-sense proposal. The results are in: Union-Busting is a "Godsend"; Elimination of Collective Bargaining is the Single Best Thing one Can do for School Kids

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

European Government Bond Spreads at Record Highs vs. Germany; 2-Year Spreads: Greece 30.09, Portugal 17.11, Ireland 16.58

Posted: 11 Jul 2011 10:00 AM PDT

10-Year Government Bond Yields and Spreads vs. Germany

Country	Yield	Change	Yield High	Spread	Spread High
Germany	2.67	-0.16		0
Portugal	13.31	+0.39	Y	10.64	Y
Ireland	13.34	+0.43	Y	10.67	Y
Greece	17.02	+0.16		14.35
Spain	5.96	+0.28	Y	3.29	Y
Italy	5.61	+0.34	Y	2.94	Y

2-Year Government Bond Yields and Spreads vs. Germany

Country	Yield	Change	Yield High	Spread	Spread High
Germany	1.25	-0.20		0
Portugal	18.36	+0.87	Y	17.11	Y
Ireland	17.83	+1.40	Y	16.58	Y
Greece	31.34	+0.96	Y	30.09	Y
Spain	4.18	+0.41	Y	2.93	Y
Italy	4.11	+0.60	Y	2.86	Y

Notice those incredible spreads on 2-year yields.
Greece 30.09, Portugal 17.11, Ireland 16.58

ECB president Jean-Claude Trichet can scream "no defaults" all he wants but the bond market simply will not go along. For the charts that made up this post, and for additional commentary, please see ...

Bond Vigilantes Strike; Crisis in Italy Escalates; Portugal 2-Year Debt Hits 18.36%, Greece 31.34%, Ireland 17.83%; New Record High Spreads

Invisible Elephant Now Visible; EU Ready to Tell Trichet to "Stuff It"; Help for Italy?

These numbers likely have Trichet and EU officials ***ting bricks. What are they going to do, up the size of the bailout fund to infinity?

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

Bond Vigilantes Strike; Crisis in Italy Escalates; Portugal 2-Year Debt Hits 18.36%, Greece 31.34%, Ireland 17.83%; New Record High Spreads

Posted: 11 Jul 2011 08:34 AM PDT

In response to EU Calls Emergency Meeting on Italy; Don't Worry "It's a Coordination, Not a Crisis"; Short Sellers Blamed; Junckeritis Spreads I received an interesting comment from "fedwatcher"

The "Bond Vigilantes" are out in force in the European Sovereign Debt markets. What is at risk here is not Italy, rather it is the Euro itself.

The Euro-zone suffers from an incomplete financial system. The collection of sovereign states that adopted the Euro have toothless central banks that in turn depend on a toothless ECB. The ECB is not a central bank equivalent to the U.S. Federal Reserve or the Bank of England as there is no European Treasury and no central taxing authority. Rather the Euro-zone states depend on the support of individual banks and those banks are all over levered with too much sovereign debt.

The assumption was that these banks did not have to have reserves against sovereign debt as there was no default risk. As the real problem of default was recognized, these banks bought Credit Default Swap insurance but the "insurers" cannot pay off.

The PIIGS have the power to bring the Euro down. That is their hole card. The German public has the power to bring the Euro down. That is Berlin's hole card. The French have no hole card and across the border in Belgium you have a sovereign state largely dependent on its hosting of many EU bureaucrats.

Many European banks are on life-support from the U.S. Federal Reserve since the EU is toothless. Thus, the U.S. is a hidden party to these negotiations.

So in the Euro-zone we have insolvent banks, insolvent governments, and a currency union that lacks the full set of tools to survive. No wonder the Bond Vigilantes are out in full force.

Portugal 2-Year Government Debt Yield

Portugal 10-Year Government Debt Yield

Italy 2-Year Government Debt Yield

Italy 10-Year Government Debt Yield

Spain 2-Year Government Debt Yield

Spain 10-Year Government Debt Yield

Ireland 2-Year Government Debt Yield

Ireland 10-Year Government Debt Yield

Greece 2-Year Government Debt Yield

Greece 10-Year Government Debt Yield

Germany 2-Year Government Debt Yield

Germany 10-Year Government Debt Yield

For further analysis, please see Invisible Elephant Now Visible; EU Ready to Tell Trichet to "Stuff It"; Help for Italy?

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

Invisible Elephant Now Visible; EU Ready to Tell Trichet to "Stuff It"; Help for Italy?

Posted: 10 Jul 2011 11:39 PM PDT

ECB president Jean-Claude Trichet has been battling Germany, the bond markets, and EU officials over his "No Greek default, not even a soft one" stance. That battle is about ready to come to an inglorious end for Trichet.

The Financial Times reports EU stance shifts on Greece default

European leaders are for the first time prepared to accept that Athens should default on some of its bonds as part of a new bail-out plan for Greece that would put the country's overall debt levels on a sustainable footing.

The new strategy, to be discussed at a Brussels meeting of eurozone finance ministers on Monday, could also include new concessions by Greece's European lenders to reduce Athens' debt, such as further lowering interest rates on bail-out loans and a broad-based bond buyback programme. It also marks the possible abandonment of a French-backed plan for banks to roll-over their Greek debt.

"The basic goal is to reduce the debt burden of Greece both through actions of the private sector and the public sector," said one senior European official involved in negotiations.

Officials cautioned the new tack was still in the early stages, and final details were not expected until late summer. But if the strategy were agreed, it would mark a significant shift in the 18-month struggle to contain the eurozone debt crisis.

Until now, European leaders have been reluctant to back any plan categorised as a default for fear it could lead to a flight by investors from all bonds issued by peripheral eurozone countries – including Italy and Spain, the eurozone's third and fourth largest economies.

A German-led group of creditor countries has for weeks been attempting to get "voluntary" help from private bondholders to delay repayment of Greek bonds, a move they hoped would lower Greece's overall debt while avoiding a default.

But in recent days, debt rating agencies warned any attempt to get bondholders to participate would represent a selective default. Rather than abandon bondholder buy-ins, however, several European leaders have decided to return to a German-backed plan to push current Greek debt holders to swap their holdings for new, longer-maturing bonds.

The move essentially scraps a French proposal unveiled last month, which many analysts believed would only add to Greek debt levels by offering expensive incentives for banks that hold Greek debt to roll over their maturing bonds.

Officials said the Institute of International Finance, the group representing large banks holding Greek debt, has gradually moved away from the French plan and begun to embrace elements of the German plan.

At long last Trichet is about to find out he is not bigger than the bond market.

Help for Italy?

Bloomberg reports Euro Falls to Two-Week Low as Leaders to Meet Amid Contagion Concerns

The euro dropped against most major peers after Die Welt reported that the European Central Bank is seeking to expand a fund to include help for Italy, following a coordinated rescue for Greece by the European Union and International Monetary Fund.

"Italy is a very large economy, and if indeed we do see contagion spread toward Italy, then the ECB, EU and IMF will need to come up with a totally different plan to deal with it," said Khoon Goh, head of market economics and strategy at ANZ National Bank Ltd. in Wellington. "Ongoing sovereign concerns are proving to be a real drag on the euro."

The yield on Italy's 10-year bond rose to a nine-year high of 5.27 percent on July 8, driving the premium over German bunds to a euro-era record of 244 basis points.

The bailout fund may have to be doubled to 1.5 trillion euros ($2.13 trillion) to cover a crisis in Italy, the ECB said, according to the German newspaper Die Welt. The Financial Times cited unidentified senior officials as saying European leaders are prepared to accept that Greece should default on some of its bonds.

Invisible Elephant Now Visible

On January 7 I posted Italy The Invisible Elephant.

Six months later, mainstream media is discovering that fact.

I had to laugh when three days ago Calculated Risk commented A top European analyst put out a research note last night calling Italy "the elephant in the room".

Italy is now clearly visible, and mainstream media is 6 months late.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

marți, 12 iulie 2011