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Protesters start a large bonfire in the middle of a downtown street in Oakland Calif., Nov. 2, 2011. (AP)
Originally posted by Vitchilo
Remember how subprime home loans destroyed the economy? Well say hello to subprime auto loans.
Update at 11:07 a.m. ET: Two officials close to Greek Prime Minister George Papandreou says he scrapped his referendum plan after the main opposition leader said would back it, the AP reports.
The officials tell the AP that Papandreou made the comments during an emergency Cabinet meeting today. One also says the premier would not resign despite mounting pressure, and would await the outcome of Friday's confidence vote in his government.
European Central Bank delivers a surprise interest rate cut The European Central Bank has cut interest rates by a quarter percentage point under new head Mario Draghi as it tries to boost a weakening economy that's reeling from a government debt crisis that threatens to spread from Greece.
The dramatic debut move from Draghi, which comes earlier than expected by many economists, takes the bank's benchmark rate to 1.25%.
European growth is expected to slow down in the last three months of the year, and the rate cut is aimed at preventing an outright recession. Uncertainty from Europe's debt crisis is a factor as business and consumers are reluctant to spend and investors are worried of the potential for more financial turmoil if Greece defaults on its debts.
Originally posted by marg6043
reply to post by DangerDeath
The government is braking apart, this news are not to be taken seriously until the Prime minister himself comes out publicly an bring the news.
But he will not because the country will fall into chaos as the people are ready for a take over.
Greece's Prime Minister has told Sky News the referendum on the the eurozone bailout plan will no longer go ahead - and it was never his intention for it to happen.
Presented without comment suffice to say that while everyone is focusing on Europe, the US may be about to have its second failed Primary Dealer in a week (and to note the cockroach reference from yesterday):
Specifically the State of the Economy index is only fractionally above its record lows from Feb09 - about as bad as it can get!!