Death Star Economics



Wait, who are the bad guys?

Yesterday’s negotiations with Greece didn’t yield any results, as generally expected. Greek finance minister Evangelos Venizelos even said the meetings weren’t exactly going well. Last night, Greece was still trying to find €600m to make the €3.2bn spending cuts that lender demand. As part of those cuts, 15,000 public sector jobs were cut. read article In the words of Zero Hedge:

Greece will hire 16,000 people to hand out the pink slips to the 15,000

We also have a new acronym on our hands: “Grexit” (apparently also a gmail app), courtesy of William Buiter, chief economist at Citi, who thinks its double as likely for Greece to leave the eurozone at some point throughout the coming 18 months (estimate of likelihood up from 25-30% to 50%). read article

In other news, Lloyd Blankfein, CEO of Goldman Sachs, made headlines by supporting same-sex marriage yesterday, which shouldn’t be a big deal… you all know the argument. But just to add on to yesterday’s news brief, don’t think you know anything about the world [you Apple-using vegetarian hipster], when Google is in bed with the Tea Party and Goldman Sachs is the proclaimed liberal front (my exaggeration). read article

But it only starts with Goldman, other banks have a human side to them as well. Here’s what Bloomberg wrote aboutJames Gorman, chief exec of Morgan Stanley:

Gorman doesn’t fit the image of a Wall Street titan. Notwithstanding his $10.5 million pay package, he shows up at black-tie events in a rumpled tuxedo he bought as a business- school student in the 1980s. He keeps supplies of Vegemite — a favorite Australian food that’s made from yeast extract — in the executive kitchen and eats it on toast.

He often walks home from his Times Square office to his Upper East Side townhouse and was spotted on one weekend in a track suit and sneakers waiting in line at the post office.

Read the full article here (hat tip FT Alphaville)

Finally, why getting hitched is the new status symbol: NYT Economix on the correlation between income and marriage and how that is ultimately bad for social mobility. read article

So long.


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