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Thu Sep 20, 2012, 06:47 PM

STOCK MARKET WATCH -- Friday, 21 September 2012

STOCK MARKET WATCH, Friday, 21 September 2012


SMW for 20 September 2012

AT THE CLOSING BELL ON 20 September 2012

Dow Jones 13,596.93 +18.97 (0.14%)
S&P 500 1,460.26 -0.79 (-0.05%)
Nasdaq 3,175.96 -6.66 (-0.21%)



10 Year 1.76% +0.03 (1.73%)
30 Year 2.94% +0.03 (1.03%)









Market Conditions During Trading Hours






Euro, Yen, Loonie, Silver and Gold
















Handy Links - Government Issues:

LegitGov
Open Government
Earmark Database
USA spending.gov





Partial List of Financial Sector Officials Convicted since 1/20/09
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
6/4/12 Matthew Kluger, lawyer, sentenced to 12 years in prison, along with co-conspirator stock trader Garrett Bauer (9 years) and co-conspirator Kenneth Robinson (not yet sentenced) for 17 year insider trading scheme.
6/14/12 Allen Stanford sentenced to 110 years without parole.
6/15/12 Rajat Gupta, former Goldman Sachs director, found guilty of insider trading. Could face a decade in prison when sentenced later this year.
6/22/12 Timothy S. Durham, 49, former CEO of Fair Financial Company, convicted of one count conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud.
6/22/12 James F. Cochran, 56, former chairman of the board of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud.
6/22/12 Rick D. Snow, 48, former CFO of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
7/13/12 Russell Wassendorf Sr., CEO of collapsed brokerage firm Peregrine Financial Group Inc. arrested and charged with lying to regulators after admitting to authorities he embezzled "millions of dollars" and forged bank statements for "nearly twenty years."
8/22/12 Doug Whitman, Whitman Capital LLC hedge fund founder, convicted of insider trading following a trial in which he spent more than two days on the stand telling jurors he was innocent











This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.



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Reply STOCK MARKET WATCH -- Friday, 21 September 2012 (Original post)
Tansy_Gold Sep 2012 OP
Demeter Sep 2012 #1
Po_d Mainiac Sep 2012 #2
Tansy_Gold Sep 2012 #3
DemReadingDU Sep 2012 #4
xchrom Sep 2012 #5
Warpy Sep 2012 #35
xchrom Sep 2012 #36
xchrom Sep 2012 #6
DemReadingDU Sep 2012 #11
xchrom Sep 2012 #7
xchrom Sep 2012 #8
Demeter Sep 2012 #28
xchrom Sep 2012 #9
Roland99 Sep 2012 #10
DemReadingDU Sep 2012 #12
Po_d Mainiac Sep 2012 #17
xchrom Sep 2012 #13
xchrom Sep 2012 #14
AnneD Sep 2012 #27
Demeter Sep 2012 #29
AnneD Sep 2012 #37
mahatmakanejeeves Sep 2012 #15
Po_d Mainiac Sep 2012 #22
xchrom Sep 2012 #16
xchrom Sep 2012 #18
Demeter Sep 2012 #19
Po_d Mainiac Sep 2012 #23
Demeter Sep 2012 #30
xchrom Sep 2012 #20
xchrom Sep 2012 #21
xchrom Sep 2012 #24
xchrom Sep 2012 #25
xchrom Sep 2012 #26
Fuddnik Sep 2012 #31
xchrom Sep 2012 #32
Tansy_Gold Sep 2012 #34
Roland99 Sep 2012 #33

Response to Tansy_Gold (Original post)

Thu Sep 20, 2012, 09:02 PM

1. I'm going crazy. Want to come along?

Another night with the NYT for me. Then we get to celebrate the Equinox all Weekend long. Bring on the bonfires, dancing and beer!

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Response to Tansy_Gold (Original post)

Thu Sep 20, 2012, 11:17 PM

2. Poor Jamie..the hits just keep on keepin on

NEW YORK, Sept 20 (Reuters) - U.S. federal energy regulators threatened on Thursday to suspend JPMorgan Chase & Co's right to sell electricity at market rates after accusing the bank of misleading authorities -- a measure that would effectively banish it from the power market.

The move by the U.S. Federal Energy Regulatory Commission (FERC) is the latest salvo in a months-long enquiry into whether the bank, one of the biggest power traders on Wall Street, manipulated power prices in the Midwest and California power markets.

http://in.reuters.com/article/2012/09/21/ferc-jpmorgan-idINL1E8KKJFG20120921

The JP Morgue is also in the NG pipeline business

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Response to Po_d Mainiac (Reply #2)

Fri Sep 21, 2012, 12:34 AM

3. If it were possible

I would loathe these people even more. I just don't think it's possible.

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Response to Tansy_Gold (Original post)

Fri Sep 21, 2012, 07:33 AM

4. The Payoff: Why Wall Street Always Wins - Book Excerpt by Jeff Connaughton


Excerpts from THE PAYOFF: WHY WALL STREET ALWAYS WINS, By Jeff Connaughton

The Blob

In January 2009, Ted Kaufman was sworn in as a U.S. Senator, filling Joe Biden’s seat and saying immediately he wouldn’t run two years later in the special election. Kaufman never had to raise money to become a Senator or to stay there longer. For two years, he fought for average investors. THE PAYOFF: Why Wall Street Always Wins, written by Jeff Connaughton (Kaufman's chief of staff), tells how Kaufman and he took on Wall Street in Washington and had to fight “The Blob.”

The Blob (it’s really called that) refers to the government entities that regulate the finance industry—like the Banking Committee, Treasury Department, and SEC—and the army of Wall Street representatives and lobbyists that continuously surrounds and permeates them. The Blob moves together. Its members are in constant contact by e-mail and phone. They dine, drink, and take vacations together. Not surprisingly, they frequently intermarry.

lots more!
http://www.zerohedge.com/news/payoff-why-wall-street-always-wins-excerpt


See previous Matt Taibbi posting abot the Blob
http://www.democraticunderground.com/111622531#post10

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Response to Tansy_Gold (Original post)

Fri Sep 21, 2012, 08:06 AM

5. Happy Mabon!

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Response to xchrom (Reply #5)

Fri Sep 21, 2012, 04:57 PM

35. Alas, my dancing and drinking days are over

I might have managed a jig at my favorite, Lughnasa, had I not been flattened by the heat this summer.

Still, in honor of that heat being over for another 7 months, I will put some Irish hillbilly music on while I sit at the wheel.

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Response to Warpy (Reply #35)

Fri Sep 21, 2012, 05:27 PM

36. The very best of Mabon to you!

Sitting is a fine way to Celebrate if you ask me.

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Response to Tansy_Gold (Original post)

Fri Sep 21, 2012, 08:13 AM

6. A Federal Reserve Governor Announced A Surprising Change-Of-Mind About How He Sees The Economy

http://www.businessinsider.com/kocherlakota-sees-unemployment-as-being-cyclical-2012-9



***SNIP

At the recent Jackson Hole economic symposium, the conservative economist made a strong case that structural unemployment was actually a myth. Liberals and doves have argued for awhile that the problem wasn't missmatch, but rather the amount of demand in the economy, and that the labor force wasn't facing some kind of existential issue that a strong recovery couldn't resolve.

And now Kocherlakota seems to have come around.

WSJ reports on his speech today:

The comments, to a group in Ironwood, Mich., were notable for several reasons. In his three years at the Minneapolis Fed, Mr. Kocherlakota has been seen as a "hawk"—shorthand in central-banking circles for those who worry more about inflation and generally are reluctant to pursue the easy-money policies favored by "doves." In 2010, he drew attention for blaming high unemployment on structural problems—such as too many out-of-work construction workers who couldn't fill vacancies in other sectors—rather than a shortfall in demand. The Fed can't do much about the former. Mr. Kocherlakota said he has been studying structural unemployment and sees less evidence that it is the root problem in the economy that he formerly espoused. "You have to learn from the data," he said, and his analysis has led him to put less weight on the structural argument.

So the fact that he's now skeptical of the structural argument and he thinks that rates should be left untra-low until unemployment hits 5.5% is quite a turn of events.


Read more: http://www.businessinsider.com/kocherlakota-sees-unemployment-as-being-cyclical-2012-9#ixzz276cI0Y7V

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Response to xchrom (Reply #6)

Fri Sep 21, 2012, 08:43 AM

11. Karl Denninger: What if it never happens?


9/21/12 What if it never happens?

In short, what happens if employment isn't falling because the economy has slack in it due to too-tight policy, but rather because too-loose policy has destroyed capital formation and in response to both this and an unfavorable fiscal environment along with idiotic trade policy that rewards enslavement of developing nations' labor forces and pollution of their land, air and water a structural shift has occurred?

more...
http://market-ticker.org/akcs-www?post=211805

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Response to Tansy_Gold (Original post)

Fri Sep 21, 2012, 08:28 AM

7. Morgan Stanley: We Don't Buy This Market

http://www.businessinsider.com/morgan-stanley-fundamental-disconnect-2012-9

The whole thing is couched and hedged, but the bottom line is that there are a lot of risks that monetary policy can't overcome forever.
Among the specific, here's Peter:

US Earnings Outlook. 2Q earnings have tracked ahead of expectations but were driven by financials, while guidance is more negative than at any time in this cycle. Watch for earnings growth downgrades for 4Q & 2013 estimates.

Europe not yet fixed. The ECB’s OMT program is a positive and some progress has been made towards a banking union. However, the OMT won’t be triggered until Spain applies to the EFSF / ESM for assistance.

China hard landing. Growth fails to pick up because of an external slowdown, delay in policy easing intensification to spur growth, and inflation risks.

Political election cycles. US election and the fiscal cliff lead to ineffective or counter-productive fiscal policies.


Read more: http://www.businessinsider.com/morgan-stanley-fundamental-disconnect-2012-9#ixzz276g4ceCx

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Response to Tansy_Gold (Original post)

Fri Sep 21, 2012, 08:32 AM

8. How American Democracy Became the Property of a Commercial Oligarchy by Lewis H. Lapham

http://www.commondreams.org/view/2012/09/20-2

The ritual performance of the legend of democracy in the autumn of 2012 promises the conspicuous consumption of $5.8 billion, enough money, thank God, to prove that our flag is still there. Forbidden the use of words apt to depress a Q Score or disturb a Gallup poll, the candidates stand as product placements meant to be seen instead of heard, their quality to be inferred from the cost of their manufacture. The sponsors of the event, generous to a fault but careful to remain anonymous, dress it up with the bursting in air of star-spangled photo ops, abundant assortments of multiflavored sound bites, and the candidates so well-contrived that they can be played for jokes, presented as game-show contestants, or posed as noble knights-at-arms setting forth on vision quests, enduring the trials by klieg light, until on election night they come to judgment before the throne of cameras by whom and for whom they were produced.


Best of all, at least from the point of view of the commercial oligarchy paying for both the politicians and the press coverage, the issue is never about the why of who owes what to whom, only about the how much and when, or if, the check is in the mail. No loose talk about what is meant by the word democracy or in what ways it refers to the cherished hope of liberty embodied in the history of a courageous people.

The campaigns don’t favor the voters with the gratitude and respect owed to their standing as valuable citizens participant in the making of such a thing as a common good. They stay on message with their parsing of democracy as the ancient Greek name for the American Express card, picturing the great, good American place as a Florida resort hotel wherein all present receive the privileges and comforts owed to their status as valued customers, invited to convert the practice of citizenship into the art of shopping, to select wisely from the campaign advertisements, texting A for Yes, B for No.

The sales pitch bends down to the electorate as if to a crowd of restless children, deems the body politic incapable of generous impulse, selfless motive, or creative thought, delivers the insult with a headwaiter’s condescending smile. How then expect the people to trust a government that invests no trust in them? Why the surprise that over the last 30 years the voting public has been giving ever-louder voice to its contempt for any and all politicians, no matter what their color, creed, prior arrest record, or sexual affiliation? The congressional disapproval rating (78% earlier this year) correlates with the estimates of low attendance among young voters (down 20% from 2008) at the November polls.

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Response to xchrom (Reply #8)

Fri Sep 21, 2012, 11:51 AM

28. Hear, Hear!

You said it, buddy.

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Response to Tansy_Gold (Original post)

Fri Sep 21, 2012, 08:34 AM

9. Strike Erupts in India as Economic Reforms Pit Small Business Vs. Retail Giants

http://www.commondreams.org/headline/2012/09/20-6


Samajwadi Party activists hold an effigy representing Indian Prime Minister Manmohan Singh and his cabinet colleagues before burning it during a protest along railway tracks in Allahabad, India, Thursday, Sept. 20, 2012. Placard reads "Take Walmart back." (AP Photo/Rajesh Kumar Singh)

Protesters have filled streets across India on Thursday as many shops shut down in a 24-hour strike against federal reforms that allow in foreign retail giants like Wal-mart, Carrefour and Tesco and that protesters say spell doom for their small businesses.

Prime Minister Manmohan Singh announced the reforms on Friday in a purported effort to revive the economy, which, as the Washington Post explains, "let foreign investors own 51 percent of supermarket chains they set up with a local Indian partner." CNN adds that "Multinational retailers already have outlets in India, but at present they can sell only to smaller retailers. This decision allows them to sell directly to Indian consumers."

The backlash from the reforms from small store owners in India echoes that of "Main Street" shops in the U.S., who said mega-retailers like Wal-Mart in their communities would drive down prices and drive them out of business.

“The government is lying that companies like Wal-Mart will generate millions of jobs in India. What about the 50 million small traders and shopkeepers who will be ruined?” said Murli Manohar Joshi, a senior lawmaker with the opposition Bharatiya Janata Party, the Washington Post reports.

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Response to Tansy_Gold (Original post)

Fri Sep 21, 2012, 08:40 AM

10. US Futures downright exhuberant

S&P 500 +0.3%
DOW +0.4%
NASDAQ +0.4%



Spain up over 1%, topping 8,100. *shaking head*

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Response to Tansy_Gold (Original post)

Fri Sep 21, 2012, 08:45 AM

12. Apple new maps app is distorted

9/20/12 Hilarious Examples Of How Awful Apple's New Maps App Is
Less than a day after Apple released iOS 6 and unveiled its in-house maps, users have gone to Twitter and Tumblr to post their most ridiculous findings. When using the 3D feature, some searches end up showing you an apocalyptic rendition of some of the world's most cherished monuments. Here are a few of our favorites via The Amazing iOS 6 Maps and be sure to check out #ios6pocalypse on Twitter.
http://www.businessinsider.com/ios-6-maps-apocalypse-2012-9

click here to see the distorted images
http://www.businessinsider.com/ios-6-maps-apocalypse-2012-9#brooklyn-bridge-is-going-down-on-the-manhattan-side-1

9/19/12 Here's How To Instantly Get Google Maps Back On Your iPhone
A lot of people are unhappy that Apple removed Google Maps from the newest iPhone software update, iOS 6. We're not going to lie, we are too. Google has been quiet about its plans for releasing a stand alone version. Until we hear something, try out this temporary solution. Add the mobile web version of Google maps to your home screen! While the web version of Google Maps doesn't have as many features as the former stock version, we think it will certainly get you by if you can't stand Apple's own maps.
click for directions
http://www.businessinsider.com/get-google-maps-back-on-iphone-2012-9?op=1



9/20/12 Apple Blows Out Its Own Brains by Karl Denninger
Maps and mapping functions aren't just integral to one of the core functions of a smartphone (using it as a navigation device) but in addition tie into social media in a major way.

Worse, this same update was pushed to the iPhone 4S so you can't even evade this by not buying an iPhone 5 if you were foolish enough to let iTunes update you!
Oops.


http://market-ticker.org/cgi-ticker/akcs-www?post=211795


edit to highlight


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Response to DemReadingDU (Reply #12)

Fri Sep 21, 2012, 09:03 AM

17. The Manhatten Bridge looks like a ton of fun

Although there a couple stretches that might be problematic, when high volumes of traffic turn the route into a parking lot. (if it was real)

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Response to Tansy_Gold (Original post)

Fri Sep 21, 2012, 08:45 AM

13. U.S. Consumers Proving Old Faithful for Asia Exporters: Economy

http://www.bloomberg.com/news/2012-09-21/u-s-consumers-proving-old-faithful-for-asia-exporters-economy.html



Three years after the global recession blamed in part on debt-fueled U.S. consumption and insufficient Asian spending, Asia’s top three exporters are again finding American consumers a boon as their economies slow.

Japan’s exports to the U.S. jumped 17 percent so far this year from 2011, even as total shipments slumped 0.7 percent, government data showed yesterday. China’s exports are up 10 percent to America in January-through-August, outpacing a 7 percent total gain. South Korean sales to the U.S. climbed 6.1 percent, against a 1.5 percent overall drop.

Rising U.S. demand is proving a cushion as Europe’s crisis curbs a global rebound from the 2009 recession that spurred the Group of 20 nations to commit to rebalancing spending away from the world’s largest economy. The reliance raises risks for Asian exporters should the so-called fiscal cliff of budget tightening curtail American outlays at year-end.

“They are still holding the baton, moving forward,” said Thomas Lam, chief economist at OSK-DMG in Singapore, referring to U.S. consumers. “The idea of rebalancing and moving demand out of the key advanced economies -- particularly the U.S. --and having emerging markets like China and India take that role is a bit far-fetched at this juncture.”

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Response to Tansy_Gold (Original post)

Fri Sep 21, 2012, 08:48 AM

14. Senate JPMorgan Probe Said to Seek Tougher Volcker Rule

http://www.bloomberg.com/news/2012-09-21/senate-jpmorgan-probe-said-to-seek-tougher-volcker-rule.html

A U.S. Senate panel probing the multibillion-dollar trading loss by JPMorgan Chase & Co. (JPM) plans to unveil its findings at a hearing this year to press regulators to tighten the Volcker rule, according to three people briefed on the matter.

Staff members of the Permanent Subcommittee on Investigations, headed by Senator Carl Levin, have interviewed JPMorgan officials as well as examiners and supervisors at the institution’s regulator, the Office of the Comptroller of the Currency, said the people, who spoke on condition of anonymity because the inquiry isn’t public.

One focus of the queries is whether JPMorgan’s wrong-way bets on derivatives would have been permitted under regulators’ initial draft of the Volcker ban on proprietary trading, the people said. The lender lost $5.8 billion on the trades in the first six months of the year.

Levin of Michigan and Senator Jeff Merkley of Oregon, both Democrats, inserted the trading ban into the 2010 Dodd-Frank Act, leaving the details largely up to regulators. The senators have said that the JPMorgan loss highlights a loophole in the regulators’ draft that would allow banks to continue hedging their portfolio risks, and they said it should be closed.

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Response to xchrom (Reply #14)

Fri Sep 21, 2012, 11:17 AM

27. They can really strenghten it....

by reinstating the Glass Stegall act...just saying.

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Response to AnneD (Reply #27)

Fri Sep 21, 2012, 11:53 AM

29. But that would be "Looking Backward"

and against official policy....so what have we to look forward to?

Better Depressions.

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Response to Demeter (Reply #29)

Fri Sep 21, 2012, 09:28 PM

37. We can look forward to...

The Middle Ages......

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Response to Tansy_Gold (Original post)

Fri Sep 21, 2012, 08:52 AM

15. Railroads Decline on Norfolk Southern Warning

Railroads Decline on Norfolk Southern Warning

By Avi Salzman

Railroad stocks fell after hours following an announcement by Norfolk Southern (NSC) that it is lowering its earnings outlook because of weak coal and merchandise shipments and lower revenue from fuel surcharges.

NSC reduced its expectations for Q3 EPS to $1.18-$1.25, well below analysts’ expectations for $1.64.

“Decreased coal and merchandise shipments, offset in part by growth in intermodal volumes, are together expected to reduce revenues by approximately $120 million compared with third quarter 2011.”

Earlier on Wednesday, UBS analyst Kevin Crissey cut his ratings on railroad companies on continuing weak macro factors, particularly in coal.


Disclaimer: I own rail stocks.

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Response to mahatmakanejeeves (Reply #15)

Fri Sep 21, 2012, 09:36 AM

22. Coupled with earnings/reports from FedEx, BDI, etc.

One could draw conclusions that don't exactly fit the garbage flowing from DOL, BLS, and the chairsatans' band of merry printers.
YMMV

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Response to Tansy_Gold (Original post)

Fri Sep 21, 2012, 09:02 AM

16. SEC Said to Scrutinize Private Equity on Share of Payout

http://www.bloomberg.com/news/2012-09-21/sec-said-to-scrutinize-private-equity-on-share-of-payout.html


Property and artwork from the Lehman Brothers collection sits on display during the auction at Christie's International in London.

The U.S. Securities and Exchange Commission is seeking to determine whether some private-equity firms are taking more profits from investments than they should under agreements with fund clients, according to two people with knowledge of the matter.

The SEC, pursuing a review of the industry begun after passage of the Dodd-Frank Act in 2010, is examining how buyout funds ensure that payouts follow the sequence set out in partnership documents, said the people, who asked not to be identified because the matter isn’t public. Regulators are looking for deviations from the distribution process, or waterfall, which usually calls for clients to receive some gains on investments before the fund manager.

The SEC stepped up its scrutiny of the private-equity business following the 2008 collapse of Lehman Brothers Holdings Inc., which accelerated a financial crisis that froze deal- making and forced firms to write down the value of their holdings. After Dodd-Frank authorized greater oversight of money managers, the agency initiated its broad review of practices at private-equity and hedge funds.

“More SEC scrutiny will force firms to add controls, increasing their costs in an already difficult operating environment of decreased profit margins,” said Tom Bell, a partner at Simpson Thacher & Bartlett in New York who oversees the firm’s private-funds practice. “We may see a few enforcement actions as a result, which would probably put the subject firms effectively out of business.”

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Response to Tansy_Gold (Original post)

Fri Sep 21, 2012, 09:04 AM

18. U.K. Posts Record August Deficit as Tax Revenue Falls: Economy

http://www.bloomberg.com/news/2012-09-21/u-k-posts-record-august-deficit-as-slump-hits-tax-revenue-1-.html

Britain posted its biggest August budget deficit on record, heaping pressure on Chancellor of the Exchequer George Osborne as the recession hits tax revenue and pushes up spending on welfare.

The shortfall excluding government support for banks was 14.4 billion pounds ($23.5 billion), the Office for National Statistics said in London today. The median of 21 forecasts in a Bloomberg News survey was for a deficit of 15 billion pounds. Tax revenue rose 1.8 percent in August from a year earlier and government spending climbed 2.5 percent.

The figures highlight the damage being wrought by weaker- than-expected economic output this year. Economists say Osborne is set to miss his self-imposed deadline to start bringing down debt in three years, leaving him to choose between abandoning the goal or announcing fresh austerity measures. Bank of England Governor Mervyn King said yesterday it may be “acceptable” to miss the target if it was because of the weak economy.

“If you extrapolate from today’s figures, we will be somewhere between 10 billion and 35 billion higher than expected for the year,” said George Buckley, an economist at Deutsche Bank AG in London. “The deficit is only fractionally higher than last year, so in some ways it’s good news, but we’re still looking at a big overshoot.”

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Response to Tansy_Gold (Original post)

Fri Sep 21, 2012, 09:04 AM

19. EU markets watchdog in mis-selling crackdown

http://www.reuters.com/article/2012/09/17/eu-financial-idUSL5E8KH8BJ20120917

Banks and investment firms have until the second quarter of next year to scrap pay incentives that could encourage the mis-selling of financial products, European Union regulators said.

The draft plan marked a widening remit for the EU's securities watchdog as it pushes into investor protection territory, traditionally a preserve of national supervisors.

Steven Maijoor, chair of the European Securities and Markets Authority (ESMA), said on Monday there had been a number of mis-selling scandals hitting retail investors across the region in the past decade, from pensions to mortgages, and a more consistent approach was needed to investor protection.

"A key factor identified as a driver for the promotion, recommendation and selling of unsuitable products is the presence of financial incentive schemes for sales staff that do not take account of the clients' best interests," Maijoor said. "The consistent application of ESMA's remuneration guidelines will help strengthen investor protection and achieving the same level of protection for Europe's retail investors no matter where they invest."

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Response to Demeter (Reply #19)

Fri Sep 21, 2012, 09:45 AM

23. While in the US we get this amendment, H.R.2827

SUMMARY AS OF:
8/26/2011--Introduced.

Adds to the list of entities excluded from such registration and related requirements: (1) brokers, dealers, or municipal securities dealers (currently, only those serving as underwriters); (2) investment advisers registered with a state (currently, only advisers registered under the Investment Advisers Act of 1940); (3) swap dealers, major swap participants, futures commission merchants or introducing brokers registered under the Commodity Exchange Act (currently, only commodity trading advisors registered under that Act); (4) security-based swap dealers or major security-based swap participants registered under the Securities Exchange Act of 1934 who are providing advice related to, engaging in, or arranging any security-based swap; (5) persons associated with such newly added entities; (6) any financial institution or person associated with a financial institution; and (7) any elected or appointed member of a governing body of a municipal entity, with respect to such member's role on the governing body.

http://thomas.loc.gov/cgi-bin/bdquery/z?d112:HR02827:@@@D&summ2=m&

This passed with a voice vote. In udder words, NO NAMES GO ON THE RECORD FOR FUCKING OVER THEIR CONSTITUENTS

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Response to Po_d Mainiac (Reply #23)

Fri Sep 21, 2012, 11:55 AM

30. What did they say?

I swear they are all bots. An app for the 1%. Gotta go!

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Response to Tansy_Gold (Original post)

Fri Sep 21, 2012, 09:07 AM

20. WTO Scales Back 2012 World Trade-Growth Forecast to 2.5%

http://www.bloomberg.com/news/2012-09-21/wto-scales-back-2012-world-trade-growth-forecast-to-2-5-.html

The World Trade Organization cut its forecast for commerce growth this year to 2.5 percent as the euro-region debt crisis drags down the global economy and the U.S. slows, WTO Director-General Pascal Lamy said.
The WTO, based in Geneva, scaled back the forecast five months after predicting that trade in manufactured goods would expand 3.7 percent this year. International commerce grew a less-than-expected 5 percent in 2011. The WTO also lowered its forecast for trade growth in 2013 to 4.5 percent from 5.6 percent.
“The main reason for growth slowing down is, of course, Europe,” Lamy said in Singapore today. “We also know the U.S. is lower than expected, Japan is not in great shape.”
Europe’s crisis, now in its third year, has scuppered the WTO’s hopes for an export-led recovery and threatens to kindle efforts by governments to protect their domestic industries by imposing trade-restrictive measures. Global commerce gained 0.3 percent in the second quarter from the first or 1.2 percent at an annualized rate.

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Response to Tansy_Gold (Original post)

Fri Sep 21, 2012, 09:14 AM

21. Forbes: Mike Bloomberg Still Has Way More Money Than You Do

http://blogs.villagevoice.com/runninscared/2012/09/forbes_mike_blo.php

Forbes released its 30th annual ranking of the 400 richest Americans yesterday, and there's a 99.9 percent chance that you didn't make the list.

Mayor Mike Bloomberg did, though, finishing 10th on the list with a net worth of about $25 billion.

But Bloomberg isn't the only person in New York with way (way) more money than you -- of the 400 richest people in the country, 120 are from New York state, with 53 hailing from the five boroughs.

And here's an interesting tidbit from this year's list that's certain to cause a little fussiness amongst the "99 percent-ers": The piss-poor economy that has millions of Americans out of work isn't impacting the country's billionaires -- this year's Forbes rankings finds that the average net worth of the billionaires on the list is $4.2 billion, which is up from $3.8 billion last year.

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Response to Tansy_Gold (Original post)

Fri Sep 21, 2012, 09:53 AM

24. Big-name brands were the major losers of London 2012

http://www.guardian.co.uk/commentisfree/2012/sep/21/london-2012-sponsors-big-name-brands-losers


'Discovering that one is only able to buy tickets to, or food at, London 2012 with a Visa credit card does nothing to make you feel warm about the company.' Photograph: David Levene

G4S was, until early August of this Olympic year, hardly a household name company. Atos had been the target of disability rights campaigners but beyond the activists not many would know what they get up to. Dow Chemical would hardly register at all.

All three of course were either official sponsors or approved suppliers of London 2012. Yet the high profile they paid so much for proved to be almost entirely negative. In my book Why The Olympics Aren't Good For Us And How They Can Be I made a plea for an uncommercial Games, the Olympic five rings to be protected as a symbol of sport, not a logo for the corporations. As an Olympics romantic I resented the Games' historic symbolism being used to flog fast food, fizzy drinks and dodgy internet connections.

Yet I needn't have been so bothered, instead of militant opposition the companies managed to foul up their own PR so spectacularly that the commercialisation of London 2012 ended up being anything but the smooth and irresistible process I had feared. G4S will now forever be associated with their failure to provide the security staff and having to be bailed out by the armed services. Atos's unpopularity amongst the disabled community is now far better known than their supply of IT systems for London 2012. And the Bhopal chemical disaster, which many had probably forgotten about, was back in the news and associated with Dow Chemical.

But it gets worse. Which marketing genius came up with the deal for Visa? Discovering that Visa is the only card with which you are able to buy tickets or food at the ground does nothing to make you feel warm about the company if you have their card, and inspires unreserved hatred for Visa if you don't own one.

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Response to Tansy_Gold (Original post)

Fri Sep 21, 2012, 10:21 AM

25. Do we believe in the EU?

http://www.presseurop.eu/en/content/article/2728321-do-we-believe-eu

Would it ever occur to young Poles or Finns to go partying wearing a Jacques Delors T-shirt? Assuming, of course, that anyone in Europe would be willing to manufacture one…

Granted, the EU is not very sexy. People like European Commission President José Manuel Barroso will never beat Barack Obama or Nelson Mandela in terms of the emotional response they elicit from the public. The EU has no face, no charisma, no army, nor even a genuine common foreign policy. And yet it remains one of the grandest and boldest political projects in the world. And, until now at least, a great success story.

Americans have their “American dream” and when holding a George Washington banknote, they feel part of that dream whatever their political sympathies, social status or birthplace. A German or Frenchman holding a five-euro coin feels nothing, also because the “European dream” was invented by the EU’s founding fathers as an elitist political project.

The European dream never became Europeans’ dream. And yet our achievements – universal healthcare, the welfare state, a socially responsible market economy and a mad (for non-Western cultures) love of freedom – should make us proud. All this binds us in Europe more closely than language, tradition, history, living standards or the work ethos divide us. The EU has its flag and anthem, but it has no European public opinion or government, nor even a genuine European newspaper.

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Response to Tansy_Gold (Original post)

Fri Sep 21, 2012, 10:23 AM

26. Stockholm banks for stimulus, not austerity

http://www.presseurop.eu/en/content/news-brief/2729621-stockholm-banks-stimulus-not-austerity

At a time when most European countries are adopting budgets under the banner of austerity, the budget Sweden’s government is tabling on September 20 almost amounts to a provocation. The spending plan of Prime Minister Fredrik Reinfeldt provides for an increase in spending from 2012 to 24 billion kronor (2.83 billion euros) – “of which 23.4 have already been spent”, reports Svenska Dagbladet – or between half and one percentage point of Sweden’s GDP.

This is the first time that “the Minister of Finance, the normally highly thrifty Anders Borg, has opened his wallet since 2009,” notes the newspaper under the headline ‘Budget committed.’

Among the main beneficiaries of his largesse are businesses, thanks to taxation drops from 26.2 percent to 22 percent, jobs for youth, research, infrastructure, police and justice. The change in policy dates back to August and the flurry of reforms launched then by the government. Since late August, it has proposed an average of 1.7 per day.
In another analysis, Svenska Dagbladet expects that Reinfeldt is hoping to spur growth and jockey into a good position for the 2014 legislative elections –

The Prime Minister described Sweden as the happy exception of Europe that will invest its way out of the crisis. One can’t help thinking of Asterix and his Gauls who refuse to submit to occupation by the Romans. And Sweden’s magic potion has obviously been our fiscal discipline.

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Response to Tansy_Gold (Original post)

Fri Sep 21, 2012, 02:04 PM

31. Blackstone to buy $1 billion worth of Tampa Bay homes for rentals

Private equity finds another bad situation it can make worse.
-----------------------------------------------------------

Blackstone to buy $1 billion worth of Tampa Bay homes for rentals

By Drew Harwell, Times Staff Writer
In Print: Friday, September 21, 2012

A Wall Street behemoth plans to spend $1 billion on Tampa Bay's hobbled housing market, dispatching teams of brokers to scour neighborhoods and buy hundreds of homes a month.

But rather than resell the homes, the Blackstone Group is opting to become a landlord, renting the homes to tenants including foreclosed ex-homeowners burned by the housing crash.

Blackstone, one of the nation's largest private-equity firms, plans to buy as many as 15,000 homes in Tampa Bay over the next three years, many of them foreclosures, capitalizing on decimated home prices and growing rents.

The shopping spree, and those of half a dozen other big investment firms and hedge funds, could radically change the local home landscape, as big-money brokers compete with first-time buyers and mom-and-pop landlords over homes in tight supply.

(snip)

http://www.tampabay.com/news/business/realestate/blackstone-to-buy-1-billion-worth-of-tampa-bay-homes-for-rentals/1252624

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Response to Fuddnik (Reply #31)

Fri Sep 21, 2012, 03:00 PM

32. +1

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Response to Fuddnik (Reply #31)

Fri Sep 21, 2012, 04:07 PM

34. fuckers n/t

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Response to Tansy_Gold (Original post)

Fri Sep 21, 2012, 03:27 PM

33. How Nixon Expanded Fannie Mae’s Footprint

http://blogs.wsj.com/developments/2012/09/21/how-nixon-expanded-fannie-maes-footprint/?mod=WSJBlog&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+wsj%2Fdevelopments%2Ffeed+%28WSJ.com%3A+Developments+Blog%29

In a maneuver to get Fannie Mae’s debt off the government’s books, President Lyndon Johnson in 1968 signed legislation transforming the mortgage agency into a company owned by private shareholders. Before the two-year transition to private ownership was completed, President Richard Nixon won the 1968 presidential election.

A Republican administration might be expected to welcome the demise of even a small piece of the federal bureaucracy. But the Nixon administration proved reluctant to let go: Mr. Nixon’s aides saw one last chance to install a friend in the top job at Fannie, a provider of funding for home mortgages.

That would involve ousting Raymond Lapin, a Democrat appointed by President Johnson. Almost immediately after President Nixon took office in January 1969, Mr. Lapin clashed with the new Republican leaders at the Department of Housing and Urban Development, or HUD — headed by George Romney, father of the current Republican presidential nominee, Mitt Romney.

...

Rather than weaning the mortgage market from dependence on Fannie, President Nixon increased it by signing the Emergency Home Finance Act of 1970. This bipartisan legislation, aimed at ending a housing slump, created a second government-backed mortgage company Freddie Mac. It also allowed Fannie to buy “conventional” mortgages, or ones not insured by a government agency. Eventually, both Fannie and Freddie focused almost entirely on conventional mortgages, the type used by most Americans to buy homes. Fannie had burst out of its niche and was on its way to a dominant role in the mortgage market.



Interesting...Mittens' father was involved (in some manner I'm sure) in growing Fannie Mae!

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