Damn fool kids will never learn..
Must-Know News - March 31 “The states and municipalities are in for big and permanent cuts.”
“March 31 (Bloomberg) — Dan Fuss, whose Loomis Sayles Bond Fund beat 95 percent of competitors in the past year, says Bill Gross got it right by forecasting declines for U.S. Treasuries.
U.S. 10-year yields will rise past 4 percent next year as the government sells record amounts of debt, from 3.86 percent today, Fuss said in an interview from Tokyo on Bloomberg Television. “Bonds have seen their best days,” Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., said last week on Bloomberg Radio.”
3) France’s budget deficit hits record high“France’s public deficit reached 7.5 per cent of gross domestic product (GDP) in 2009, its highest level ever and more than twice the maximum agreed for members of the European Union. The French budget deficit hit 144.8 billion euros last year, according to figures released by national statistics office Insee on Wednesday.
The increase soared to 80.1 billion euros more than 2008’s.
Insee attributes France’s growing deficit to a sharp drop in government revenues and a simultaneous increase in public spending.
Over the same period, France’s public debt rose to 1.489 trillion euros or 77.6 per cent of GDP, up from 67.5 per cent in 2008.
Insee forecasts that debt will increase again in 2010, reaching 83.2 per cent of GDP this year and 87.1 per cent in 2012. Debt levels will not begin to fall until 2013, according to the statistics office.”
4) Italy’s High Debt, Low Growth Pose Challenge, Moody’s Warns“March 31 (Bloomberg) — Italy’s ability to tackle its high debt amid low economic growth “will be tested,” Moody’s Investors Service said.
Italy is struggling to shake off a recession that saw the economy contract 5.1 percent last year, the most in at least three decades. Debt will rise this year to 117 percent of gross domestic product, the second-highest in the EU, after Greece, according to European Union forecasts.
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