1. 12/01/10 ECONOMIST REPORT

4. Economic Indicators Recap

8. PIIGS  Five countries which tend to weigh down the rest of the European Union.  Portugal, Italy, Ireland, Greece, and Spain.  750 billion euro ($985 billion) stabilization package on May 10, 2010.  85 billion euro ($112 billion) bailout of Ireland approved.  Starting to see problems again: reminiscent of 2008 financial crisis.  Jean-Claude Trichet, European Central Bank President, assures stability.  “Italy cannot fail – that would be the end of the euro zone.” -Daniel Gros, Center for European Policy Studies.

9. WikiLeaks  Whistleblower website founded and run by Australian Julian Assange.  Released 250,000 confidential diplomatic cables on 11/28.  Has potential to hurt US diplomatic efforts and international cooperation.  Bank of America next?

10. Korean Conflict  North Korean artillery shells Yeonpyeong Island (11/23), killing four South Koreans.  Military drills anger North, threatening war.  China seeks six nation talks.  WikiLeaks reveals China-North Korea ties not strong.

11. Expiration vs. Extension: Unemployment Benefits  Unemployment benefits extensions from July expired yesterday (11/30).  Unemployment rate still high: 2 million Americans lose benefits from expiration.  Republicans balk at $5 billion per month cost.

12. Expiration vs. Extension: Tax Cuts  Bush tax cuts set to expire at end of year.  GOP to block all bills until tax cuts addressed.  Estimated total cuts of around $370 billion per year.

13. Holiday Sales  Black Friday: $650 million in retail sales.  Cyber Monday: $1.028 billion in online retail sales.  16% growth in Cyber Monday sales.  Will momentum continue?

15. Looking Ahead…  Holiday sales.  Escalation of Korean tensions.  Lame duck Congress.  European debt crisis, especially meeting tomorrow of European Central Bank.  QE II payouts starting this week.  Employment Situation Report: December 03.