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Fatster’s Roundup

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Good morning, all!

International Developments

? US drone strike again today which killed “at least 10 people suspected to be Taliban fighters in Pakistan’s northern tribal areas”.

? “Syria’s Assad denounces ‘puppet’ opponents in TV address”. The Syrian National Coalition “quickly dismissed Mr. Assad’s proposal” as did various foreign ministers.

? “Egypt’s Morsi remakes cabinet, increasing Islamist presence”

? Mohamed al-Nagariaf, head of Libya’s Pariament, escaped an assassination attempt last Thursday. He lives in the “Saharan south [which] has been plagued by tribal violence since the start of the armed uprising in 2011”. Helpful background here.

? Surprising this took so long to appear: “The Moral Case for Drones

International Finance

? Anticipation? [I]nternational financial regulators “have eased rules on minimum quantities of cash and liquid assets all banks must hold . . .. Banks will have to hold enough cash and easily sellable assets, to tide them over during an acute 30-day crisis.”

? “Pamplona’s locksmiths join revolt as banks throw families from their homes: In the years of the housing boom, Spain’s banks offered 100% mortgages. Now, while receiving millions in public aid, they are throwing people out of their homes. But there’s a rebellion under way”–by Locksmiths!

Money Matters USA

? Friday’s report on the deeply flawed foreclosure review process, is followed by a new report: “Surprise, Surprise: The Banks Win“. And if the Office of the Comptroller of the Currency and the Federal Reserve conclude their effort as seems likely “the banks [will] end up getting off the hook easily and cheaply.” Update: US House of Representatives members Darrell Issa (R-CA) and Elijah Cummings (D-MD) are seeking postponement of the settlement “until the lawmakers can review the details.”

? Taibbi’s latest–“The federal rescue of Wall Street didn’t fix the economy–it created a permanent bailout state based on a Ponzi-like confidence scheme. And the worst may be yet to come”–is generating heat (here and here). Yves Smith’s reaction.

? CA’s brand new Homeowner Bill of Rights “codifies some of the changes agreed to in last year’s $25 billion national mortgage settlement”, extending the changes to all lenders in the state and extending “the protections beyond the settlement’s 2015 end date.”

Politics USA

? On the teevee today, House Minority Leader Nancy Pelosi (D-CA) argued for closing tax loopholes (eg, oil subsidies, limiting certain tax deductions). Senator Dick Durbin (D-IL) agreed with limiting deductions.

? LATimes: “The budget battles rocking the capital have exposed a deepening fault within an already fractured Republican Party: the divide between the GOP’s solid Southern base and the rest of the country.” NYTimes: “Republicans now face a country that is increasingly younger, multiethnic”, doesn’t like tax reductions for the wealthy nor cutting Social Security and Medicare. [cont’d.]

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Dan Wright

Dan Wright

Daniel Wright is a longtime blogger and currently writes for Shadowproof. He lives in New Jersey, by choice.