Tuesday, September 14, 2010

Today's Best Reads

1--Why Robert Rubin and Citibank Execs Should Be in Deep Trouble, Zach Carter, Alternet Key Quote: "According to court documents, the SEC believes that all of Citi’s top officials knew exactly what was going on with the bank’s subprime accounting, and knew that the official line being fed to the public was bunk. Lying to your shareholders is a big, straightforward no-no in Corporate America—it’s considered securities fraud, subject to both hefty fines and jail time."

2--FRBSF Economic Letter: Labor Force Participation and the Future Path of Unemployment, Federal Reserve Bank of San Francisco

3--Freddie Mac estimates home sales to fall another 23% in 3Q, Jon Prior, Housingwire

4--Albert Edwards: Market is still deluding itself, Naked Capitalism

5--IMF fears 'social explosion' from world jobs crisis, Ambrose Evans Pritchard, Telegraph

Key quote--"The IMF said there may be a link between rising inequality within Western economies and deflating demand....Historians say the last time that the wealth gap reached such skewed extremes was in 1928-1929. Some argue that wealth concentration may cause investment to outstrip demand, leading to over-capacity. This can trap the world in a slump."

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