Greek Debt – Big Deal?
There was a collective sigh of relief heard round the world yesterday when European leaders finally brokered a Greek Debt Deal – under the agreement that banks will accept a 50% loss on Greek debt they own, and there will be substantial additions to the Eurozone bailout fund. Call us crazy, but is this really good news? If global markets are really excited about taking a 50% loss on Greek debt and a rush to increase bailout funds, we’re thinking things are not looking up for the global economy.
Switch on Debit Card Fees
Well, at least right here at home we had something to cheer about, I guess. After many months of “consumer testing,” JP Morgan has decided not to charge customers a fee for using their own debit cards. Sure, it’s just a bank retracting a really bad decision they made, but we’re looking for something to be happy about!
Savings Rate Report
Another “is your glass half full or half empty” report for you: First the (seemingly) good news – U.S. consumer spending was actually up in September! Hey there! The bad news? The savings rate also fell to 3.6% last month – the lowest rate in almost 4 years. So apparently we’re draining our already meager savings even further in order to spend. Again, is this really good news?
British Crown Rules Change
Enough with all this doom and gloom. I need a fantasy moment, which is why I was so excited there was some news out on the British Royal Family today! The UK announced a change to their succession plan, and now daughters will have equal rights to the throne as sons, meaning ascension to the throne will be based on birth order, not gender. Say what you will about the monarchy being an antiquated relic of the past, but apparently even relics can revolutionize their thinking!
And How Was Your Week?| Print