Spain: A Deepening Recession Amid A Widening Political Scandal

By Pater Tenebrarum: Contraction 'Worse than Expected' Once again economic forecasters are 'surprised' by the depths of Spain's recession. They really shouldn't be. After all, one of the most egregious housing bubbles of all time has burst in Spain. The bubble has produced malinvestment on a truly breathtaking scale. Moreover, it has left the banking system in tatters. If not for the doctrine...