Fears that the euro crisis will cross the Atlantic have started to ease after European leaders took precautions to stave off default in Greece and shore up other ailing economies. “In the past few months, financial stresses in Europe have lessened, which has contributed to an improved tone of financial markets around the world, including in the United States,” said Federal Reserve chair Ben Bernanke. Treasury Secretary Timothy Geithner agreed: “The European economies at the center of the crisis have made very significant progress.”
That doesn't mean the global economy is all sunshine and daisies, though. The eurozone's economy contracted at the end of 2011, and weak growth there has resulted in depressed growth here too. Also, the situation in Spain is growing more precarious by the day, with one investor saying “it has replaced Italy as the lightning rod." Despite the ever-present risks, European Central Bank president Mario Draghi still says "The worst is over," but given the economic rollercoaster of the past few years, the statement doesn't inspire confidence.
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Chart of the Day
The Obama campaign may be a formidable fundraiser, but pro-Republican super PACs are evening the playing field for the general election. Why do super PACs function better for the GOP set, and the existing campaign infrastructure for Democrats? It comes down to who's donating to whom—Republicans fare better with 1 percenters, while Democrats tend to draw more money from small donors.
Reason to Get Out of Bed in the Morning
Bald men rejoice! Science may have discovered the biological underpinnings of baldness, which could lead to a cure.