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Did little Slovakia just exercise its muscle and kill the Euro bailout package?
The Slovaks have spoken! A nation with a population roughly the size the San Francisco area and a GDP of $86 billion has failed to ratify the eurozone's plan for it to contribute $10 billion — about 12 percent of that GDP — to the currency union's bailout plans. This is the latest chapter in a debt-crisis melodrama that's forcing Greece into default and threatening Italy, Spain, and the banks of German, France, and possibly the United States.
Slovakia was the only eurozone country that voted nay. This is from the New York Times:
If nothing else, the unwieldy process underscored how the entire $590 billion euro stability fund, approved by the 16 other members of the euro currency zone, could be held hostage to the domestic politics of one tiny country, in this case Slovakia. It showed as well how a measure intended to increase confidence in the euro zone could instead emerge as a telling example of the shortcomings of a system that relies on an unwieldy group of nations to make and execute difficult decisions.
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Steve Jobs and his signature turtleneck. You can't get one. Not in black, anyway.
Everybody wants a Steve Jobs turtleneck! Right now, you can get it in any color as long as it ISN'T black. (Business Insider)
Occupy Wall Street is taking action! If you're angry about debit-card fees, take your money out of the big banks: "Together we can ensure that these banking institutions will ALWAYS remember the 5th of November!! If the 99% removes our funds from the major banking institutions on or by this date, we will send a clear message and give the 1% a taste of the fear that we experience every day when we aren't able to pay for our rent, food, medication, utilities, student loans, etc." (CNBC)
Megan McArdle on the chilling threat of no job after college: "No matter how inflated your expectations may have been, it is no joke to have your confidence that you can support yourself ripped away, and replaced with the horrifying realization that you don't really understand what the rules are." (The Atlantic)
At Fox & Hounds Daily, John Katabeck of the National Federation of Independent Business thinks so:
California's tax policy currently rewards out-of-state corporations for selling their goods in California but keeping their manufacturing and employee bases elsewhere. These companies can play games with their taxes year after year robbing the state of critically-needed funds and denying hard-working families of good-paying jobs.
Small business desperately needs all the help it can get during these tough economic times to ensure they can keep their doors open and operate in their communities. This measure puts California on a level playing field with other states like Texas and New Jersey where similar policy was put in to place by Chris Christie and Rick Perry.
There is however a legitimate question about whether small businesses are actually going to become the engines of job creation that everyone seems to think they can be. This post from Business Insider is fairly mean-spirited, but it makes some solid financial points: