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Market Drop Fueled by a Crisis, a Glitch and Anxiety – DealBook Blog – NYTimes.com Combine one part nervous traders, one part Greek crisis and one part trader error. Stir in one part central bank complacency. Bring to boil. Panic. (tags: stock_market technical_analysis sell-off)

EconomPic: Not Sustainable Real consumption is far outpacing real compensation – an unsustainable divergence. (tags: economy consumer_spending income) Trichet May Need to Rewrite ECB Rule Book to Tame Greek Threat – Bloomberg.com European Central Bank President Jean- Claude Trichet, who capitulated on a January pledge not to relax lending rules for the sake of one … Read more

"Buy" Means "Sell" in Goldman's World – MoneyShow.com The whole exercise proved how removed Goldman and Wall Street are from the most basic standards by which the rest of us to do business, and how unaware they seemed to be of it. Except occasionally for Blankfein and Viniar, Goldman’s witnesses couldn’t say whether what they … Read more

Australia to Impose 40% Tax on Profits of Resource Companies – Bloomberg.com Australia will impose a 40 percent tax on the profits of resource companies like BHP Billiton Ltd. and Rio Tinto Group to pay for infrastructure, retirement and company levy reforms as part of the nation’s broadest overhaul of its tax system since the … Read more

Papandreou Says Greek ‘Survival’ at Stake in Talks (Update1) – Bloomberg.com Greek Prime Minister George Papandreou said the country’s survival was at stake in talks to win a potential $159 billion European Union-led bailout in exchange for budget cuts denounced by unions as “savage. (tags: Greece debt default)