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Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.
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Renegades of Junk: The Rise and Fall of the Drexel Empire (Max Abelson, Jason Kelly, and David Carey, Bloomberg) A review of the junk bond bubble of the 1980's. back in the day when criminal bankers went to jail, Michael Milken being the most infamous. But what has gone on since has made the "endeavors" of those days look like tiny trial balloons. This is a succinct summary of the history and the article tracks where many of the central characters at Milken's firm, Drexel Burnham Lambert, are today.
Articles about events, conflicts and disease around the world
Still Missing: At Least 3 Million Jobs (Bloomberg View) The U.S. may have gained more than 2.5 milliion jobs in the last 12 months but the Bloomberg editors argue that the economy is still 3 million jobs short of full employment. By their reckoning there are still millionsnot officially in the labor force who would be there if they were not so discouraged they have stopped looking for work.When these uncounted "missing in action" folks are counted the number of jobs needed is 3 million to reach an unemployment figure of 5.1%.
First raw data on ECB QE show asymmetrical purchase patterns; yes, negative rates have a role in it. (Marcello Minenna, Sober Look) There is an astounding amount of negative yielding government debt in Europe. And it may get even more so.
Other Economics and Business Items of Note and Miscellanea
April Is The Cruelest Month -- For Prosecuting Tax Fraud (Financial Advisor)
Exclusive: IBM hire advisers to deal with restless investors - sources(Reuters) Some top shareholders of IBM, disappointed by 11 straight quarters of falling revenues, are seeking help from activist investors to shake up the company. The company claims to be "managing the company for the long term".
IBM To Undergo The Biggest Layoff In Corporate History; 26% of Global Workforce May Be Axed (trak.in) This article from late January has not seen any follow up with related news.
Best ETF Investing Ideas For Second Quarter 2015 From Five Stock Market Pros (Forbes) Written by Trang Ho, who contributes to GEI.
90,000 McDonald's Workers Will See a Raise (Everything Finance) Average hourly wage will be $1 above mandated minimum wage by July 1 and will increase to more than $10 an hour by the end of next year. An organization of workers has been pushing for $15 an hour.
Fed Chair Wants to Know: 'How Do Some Places Advance Economically?'(CNSNews) She wants more research.
The Real Reason College Tuition Costs So Much (The New York Times) Almost all the increase in th cost of college is in administration.
For the first time in over 100 years, the U.S. has wild wood bison (Reuters) See video below. For more background see Newsweek and Wikipedia. A bison species was also prevalent in the pre-Columbian eastern forests,piedmonts and mountainsbut was hunted to extinction by early European settlers. This may have been the same species that roamed the plains farther west. According to Wikipedia, wild bison were seen in North Carolina as late as 1750. Another speices still extant in the West of North America, the elk, was very widely present in the East beforehunted to extinction by Europeans and by Native Americans once European guns reached their hands.
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