Looks like Spain has caught the California disease: high unemployment and a rising exodus.
Irrespective of the reasons, it's the same message: lack of responsible leadership.
According to Spain's National Statistics Institute, unemployment hit 27.2 percent, which means it most likely even higher. Governments are not known for their being forthright when it comes to negatives news.
A record 6.2 million are out of work, the INE recently reported, and the total number escalated from 26 to 27.2 percent in the first quarter of this year.
http://www.marctomarket.com/2013/04/spain-update-running-from-bulls.html#more
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A lot of smart people think the next bubble to go pop is student loans.
As the percentage of borrowers more than 90 days delinquent rises and concerns about these loans grow, it looks as if investors are starting to send a message: nada mas.
At least that's the message about the more risky tranches of these loans if the recently canceled Sallie Mae bond offering means anything.
These bonds offer higher yields in the main, but those yields depends on how they get packaged. Sallie Mae, the largest non-government student lender, on Thursday had to recall an offering that had been on the market for two weeks owing to lack of interest.
Market translation: not enough reward for level of risk.
http://online.wsj.com/article/SB10001424127887323335404578444832431703020.html?KEYWORDS=sallie+mae
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