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The Legendary Paul Ryan

18.05.12

“Now, we are truly at an inflection point, between the Barack Obama and Paul Ryan approaches to government,” National Review editor Rich Lowry wrote recently, treating the elevation of the chairman of the House Budget Committee over the presidential nominee as his party’s standard-bearer as so obvious it requires no explanation. “We don’t need a president to tell us in what direction to go. We know what direction to go. We want the Ryan budget,” says anti-tax enforcer Grover Norquist. “Pick a Republican with enough working digits to handle a pen to become president of the United States.” In any case, Romney has shown no inclination to challenge Ryan, praising him fulsomely and even promising him, according to The Weekly Standard’ s Stephen Hayes, he’d enact Ryan’s plan in the first 100 days. Republicans envision an administration in which Romney has relegated himself to a kind of head-of-state role, at least domestically, with Ryan as the actual head of government.

Source: New York Magazine

FTSE lower on final session of April

18.05.12

LONDON - Britain's top shares were lower in choppy early trade on Monday, the final trading session for April, reflecting caution ahead of another big batch of corporate earnings reports this week, and uncertainty over the euro zone debt crisis.

Data showed on Monday that Spain's gross domestic product shrank 0.3 percent in January to March on a quarterly basis, beating economists' forecasts. However, the data still showed the country slipping into another recession, which will not improve the debt-laden country's finances.

“Although the figure is not quite as bad as forecast of a 0.4 percent fall, do not get carried away with optimism - I believe that Spain is close to imploding under austerity and a property bust. It is following Ireland but without the benefits of a reformed and pro business economy,” said Louise Cooper, markets analyst at BGC Partners.

Banks were lower on euro zone debt exposure concerns, and as investors awaited a continuation of the sector's reporting season.

Source: Independent Online