Morning Market Roundup: SCOTUS ‘Obamacare’ Decision, Germany Tells Obama to Worry About His Own Finances, Central Banks Call for More ‘Fixes’
- Posted on June 25, 2012 at 8:51am by
Becket Adams
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Here’s what’s important in the business world this morning:
SCOTUS: It’s the biggest secret in a city known for not keeping them.
The nine Supreme Court justices and more than three dozen other people have kept quiet for more than two months about how the high court is going to rule on the constitutionality of President Barack Obama’s health care overhaul.
This is information that could move markets, turn economies and greatly affect this fall’s national elections, including the presidential contest between Obama and Republican challenger Mitt Romney. But unlike the Congress and the executive branch, which seem to leak information willy-nilly, the Supreme Court, from the chief justice down to the lowliest clerk, appears to truly value silence when it comes to upcoming court opinions, big and small.
The justices, of course, know, having officially voted on the results the same week they heard arguments.
The Supreme Court is expected to rule on the law in the upcoming week or so.
Germany to President Obama: Germany’s finance minister is rejecting U.S. President Barack Obama’s calls on Europe to move faster in fighting its debt crisis, telling him to get the American deficit under control instead.
Wolfgang Schaeuble told public broadcaster ZDF in an interview late Sunday that “people are always very quick at giving others advice.”
He says: “Mr. Obama should first of all take care of reducing the American deficit, which is higher than in the eurozone.”
Spanish Bailout: Spain has made a formal request for a loan to help clean up its troubled banking sector, Economy Minister Luis de Guindos said Monday.
However, the country has yet to specifiy how much of the (EURO)100 billion ($125.39 billion) loan package offered by the 17 countries that use the euro it will ask for. De Guindos said the figure will be made known July 9 when Spain and its single currency partners reach agreement on the terms of the loan, such as the interest rate.
Last week, two international audits commissioned the government said l that Spain’s banks could need up to (EURO)62 billion ($77.7 billion) to survive if the economy were to suffer an extreme deterioration.
Central Banks: Governments, banks and households struggling with too much debt are dragging down the world’s economy and more needs to be done to make the banking system safer, a global organization of central banks warned Sunday.
The Bank for International Settlements said in its annual report that the world economy remains out of balance, with advanced economies struggling with debt and emerging economies growing strongly but facing risks of their own version of boom and bust.
The BIS – an intergovernmental organization of central banks based in Basel, Switzerland – said it’s key for governments to make banks take responsibility for their losses and force them to rebuild their finances. Meanwhile, the threat from risky bank behavior is growing again.
“The world is now five years on from the outbreak of the financial crisis, yet the global economy is still unbalanced and seemingly becoming more so as interacting weaknesses continue to amplify each other,” the BIS said in its 82nd annual report.
“The goals of balanced growth, balanced economic policies and a safe financial system still elude us.”
The Associated Press contributed to this report.
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lukerw
Posted on June 25, 2012 at 12:52pmDo you go to… The God Father (crook)… to ask for Financial Advice?
Report Post »Hollywood
Posted on June 25, 2012 at 2:49pmWolfgang merely misunderstood Barry. Barry was telling them they really need to spend more NOW, as he is doing, to fire up their economies.THEN get the deficit down. Details to be figured out later.[PRINT MORE}
Report Post »Maxim Crux
Posted on June 25, 2012 at 12:07pmEurope should fire Obama
Report Post »Individualism
Posted on June 25, 2012 at 10:24amheres my fix put the central bankers in prison.
Report Post »Gonzo
Posted on June 25, 2012 at 9:47amThe Germans don’t have time for your nonsense Barry. They are right, worry about your own problems (and ours).
Report Post »Dde13
Posted on June 25, 2012 at 9:43amObama is soooooooo arrogant, he refuses to use the policies of states who are fiscal responsible. He is determined to drive this country into the ditch.
Report Post »Cavallo
Posted on June 25, 2012 at 9:38amIf the SCOTUS doesn’t rule against ObamaCare than all that other stuff means nothing. It means you would be living in a benevolent dictatorship with no limits upon the federal government save their “good will”.
Report Post »OldmanRick
Posted on June 25, 2012 at 9:27amWow, the man who literally has spent us into servitude feels he can lecture one of the best economies in Europe. What an arrogrant wuss.
Report Post »eaglesview
Posted on June 25, 2012 at 9:25amGotta give props to Germany.
Report Post »We’ve got The One ******* our money down the drain, and wanting more, telling the Germans how to send theirs right down the same drain.
Do as I say, and do as I do.
You too can enjoy Socialism at its finest.
Don‘t you know I’m the chosen one ?.
Your time in office is short Mr. President. The shame of it is that we’ll be paying you a salary, Secret Service protection, travel, healtch care etc for the rest of your life.
The leech that won’t just go away.
USACommoner
Posted on June 25, 2012 at 9:36am…speaking of leeches, sounds just like the Clintons, too.
Report Post »drbage
Posted on June 25, 2012 at 10:50amA British member of Parliament, a few months back, was meeting with lil Timmy about the world economy. Lil Timmy was spewing about all the great things that the O and he had accomplished and how Europe should adopt the same strategies. The MP replied that when the American government got its house in order, it could start telling Europe what to do, but until that time, America should mind its own business.
Report Post »About the only country in Europe that is still on our side now is France since Obama and Hollande are two peas out of the same pod.
00gabooga
Posted on June 25, 2012 at 9:12amIt took a hundred years, but Germany is about to win WW I.
Report Post »theblazerunner
Posted on June 25, 2012 at 9:06amCNBC Admits We’re All Slaves to a Global Government Run by Bankers
Report Post »http://www.infowars.com/cnbc-admits-were-all-slaves-to-a-global-government-run-by-bankers/
CNBC Admits We’re All Slaves To ROTHSCHILD CENTRAL BANKERS GLOBAL
http://www.youtube.com/watch?v=q1KnJbBJTE0&feature=player_embedded#!
lynnissmart
Posted on June 25, 2012 at 9:03amHey Merkel, you go girl…..nothing like telling the pos off…..ah, ha, ha, ha.!!!
Report Post »contkmi
Posted on June 25, 2012 at 8:57amThe EU is undergoing economic suicide. Obama will drive us there as well.
Report Post »hempstead1944
Posted on June 25, 2012 at 8:57amMerkel has a bigger set than Obama……I admire strong women…..
Report Post »acovenantinblood
Posted on June 25, 2012 at 9:22amZornige Deutsche!
Report Post »randy
Posted on June 25, 2012 at 9:38amHe says: “Mr. Obama should first of all take care of reducing the American deficit, which is higher than in the eurozone.”
Good for you Germany!!!
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