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Scandal threatens to pile financial damage on German steel and technology group, coming little over a week after it reported a full-year €5bn net loss

Financial Times: Norway oil fund steps up property push

Posted: 20 Dec 2012 06:33 AM PST

Norges Bank Investment Management launches a €2.4bn spending spree on warehouses and industrial real estate across Europe, to be managed by Prologis

Financial Times: Deutsche Telekom chief to step down

Posted: 20 Dec 2012 07:34 AM PST

René Obermann is well regarded in Germany, though his last significant act will be remembered as failed attempt to merge company's US arm with AT&T

Financial Times: US economy grows at faster clip of 3.1%

Posted: 20 Dec 2012 08:23 AM PST

Economists were comforted by the data which showed the US economy growing at its fastest since late 2011, but cautioned that it was unlikely to last long.

Huffington Post: Erskine Bowles Blames Both Sides In Fiscal Cliff Talks Like A Good 'Bipartisanship Cult' Member

Posted: 20 Dec 2012 10:59 AM PST

Over at Daily Intel, Jonathan Chait dings Erskine Bowles, correctly, for succumbing to the same Beltway dyskinesia that you often see in famous columns from David Brooks, Thomas Friedman, and the rest of the gang of bipartisan Grand Bargaineers. Those who suffer from this malady chiefly present with some well-known symptoms. First, they tend to take President Barack Obama's major contributions to the field of gentlemanly compromise and throw them into the memory hole, thus maintaining the illusion that the government's failures to enact long-term budget deals and other attendant reforms are the fault of both parties, and not simply because the GOP (which would ordinarily leap at the chance to take Obama up on his deals and then run a million victory laps up and down Independence Avenue) has become a mouth-foaming band of lycanthropes in recent years.

The cause for Chait's anger is the fact that Bowles -- famously of the "Erskine-Bowles plan," which everybody lionizes as a replacement Messiah without having the first clue what it calls for -- has an op-ed in The Wall Street Journal in which he goes to strenuous lengths to avoid noting the fact that Obama has essentially "closed the divide" between the two parties and is now just waiting for John Boehner's fever to break. What I'd point out is how well this latest episode proves correct Eric Hoffer's old maxim: "What starts out here as a mass movement ends up as a racket, a cult, or a corporation."

As Chait writes:

test

giovedì 20 dicembre 2012

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