HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Topics » Economy & Education » Economy (Group) » STOCK MARKET WATCH -- Thu...

Wed Oct 3, 2012, 07:31 PM

STOCK MARKET WATCH -- Thursday, 4 October 2012

STOCK MARKET WATCH, Thursday, 4 October 2012


SMW for 3 October 2012

AT THE CLOSING BELL ON 3 October 2012

Dow Jones 13,494.61 +12.25 (0.09%)
S&P 500 1,450.99 +5.24 (0.36%)
Nasdaq 3,135.23 +15.19 (0.49%)



10 Year 1.61% -0.01 (-0.62%)
30 Year 2.82% 0.00 (0.00%)









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.



46 replies, 3236 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 46 replies Author Time Post
Reply STOCK MARKET WATCH -- Thursday, 4 October 2012 (Original post)
Tansy_Gold Oct 2012 OP
Fuddnik Oct 2012 #1
Tansy_Gold Oct 2012 #2
Fuddnik Oct 2012 #3
Demeter Oct 2012 #4
DemReadingDU Oct 2012 #7
bread_and_roses Oct 2012 #17
otherone Oct 2012 #5
bread_and_roses Oct 2012 #6
otherone Oct 2012 #45
westerebus Oct 2012 #12
Warpy Oct 2012 #42
xchrom Oct 2012 #8
Fuddnik Oct 2012 #25
xchrom Oct 2012 #26
Hotler Oct 2012 #30
xchrom Oct 2012 #33
Demeter Oct 2012 #37
Hotler Oct 2012 #40
xchrom Oct 2012 #9
xchrom Oct 2012 #10
xchrom Oct 2012 #11
Demeter Oct 2012 #15
xchrom Oct 2012 #19
xchrom Oct 2012 #13
Warpy Oct 2012 #43
xchrom Oct 2012 #14
Demeter Oct 2012 #16
Demeter Oct 2012 #18
xchrom Oct 2012 #20
xchrom Oct 2012 #21
xchrom Oct 2012 #22
wordpix Oct 2012 #39
xchrom Oct 2012 #23
Fuddnik Oct 2012 #27
xchrom Oct 2012 #28
xchrom Oct 2012 #24
xchrom Oct 2012 #29
xchrom Oct 2012 #31
xchrom Oct 2012 #32
Po_d Mainiac Oct 2012 #35
xchrom Oct 2012 #36
xchrom Oct 2012 #34
Demeter Oct 2012 #38
Po_d Mainiac Oct 2012 #41
Demeter Oct 2012 #44
wordpix Oct 2012 #46

Response to Tansy_Gold (Original post)

Wed Oct 3, 2012, 08:37 PM

1. Pffftt.......

If Lewis Black or Stephen Colbert ain't moderating the debate, I ain't watching.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Fuddnik (Reply #1)

Wed Oct 3, 2012, 09:00 PM

2. Is there a debate?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Tansy_Gold (Reply #2)

Wed Oct 3, 2012, 09:42 PM

3. All the good candidates are on Democracy Now! with Amy Goodman.

They pause the debate after Romney and Obama and allow Jill Stein and Rocky Anderson to reply.

It's a different universe there.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Fuddnik (Reply #3)

Thu Oct 4, 2012, 12:44 AM

4. I wish my audio were working, that might be worth hearing

This election will be infamous in history for what DOESN'T get debated.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Demeter (Reply #4)

Thu Oct 4, 2012, 06:37 AM

7. I fell asleep

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Demeter (Reply #4)

Thu Oct 4, 2012, 08:50 AM

17. exactly so

http://www.commondreams.org/view/2012/10/04

Published on Thursday, October 4, 2012 by The Guardian/UK
America's Duopoly of Money in Politics and Manipulation of Public Opinion
by Charles Ferguson

Presidential campaigns aren't where you look for honest, serious discussion of economic policy. Usually, the candidates confine themselves to slogans; sometimes, as with George W Bush, we also get a moron. But in this election, something very different is going on. For the first time, we are explicitly seeing the effects of America's new political duopoly.

Both Obama and Romney are very intelligent men. And yet, both of them are completely avoiding, or being dishonest about, huge economic issues – even when their opponent is highly vulnerable to attack. Thus, we have the bizarre spectacle of a Republican ex-private equity banker attacking the Democrat on unemployment, while the Democrat argues gamely that if we just give him more time, everything will be fine – which we all know is not true. Both men say vaguely that they will "reform Washington", when neither means it.

Neither of them says a serious word about the causes of the financial crisis; the lack of prosecution of banks and bankers; sharply rising inequality in educational opportunity, income and wealth; energy policy and global warming; America's competitive lag in broadband infrastructure; the impact of industrialized food on healthcare costs; the last decade's budget deficits and the resultant national debt; or the large-scale, permanent elimination of millions of less-skilled jobs through both globalization and advances in robotics and artificial intelligence.

In a time of pervasive economic insecurity, with declining incomes and high unemployment, four years after a horrific financial crisis, how can all of these questions be successfully ignored by both candidates?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Fuddnik (Reply #1)

Thu Oct 4, 2012, 02:12 AM

5. I didnt get to watch it

oh well,,,

Reply to this post

Back to top Alert abuse Link here Permalink


Response to otherone (Reply #5)

Thu Oct 4, 2012, 06:28 AM

6. I never watch any of them

Or any of the POTUS appearances at any time. I simply can't bear it. They (and I mean any Pres, not just O, and any VP, and any Sec of State, etc.) are never anything but carefully crafted, fake-folksy, sound-bites. It's actually beyond me that anyone with even a sixth grade education can't see right through them (I used to think most could, but I got my comeuppance when the Bush "wolf ad" that I thought so hilarious and bound to backfire was accounted a great success that scared the be-jesus out of people - wolves!)

I'd rather read about it the next day. The only reason ever to watch would be on the remote chance that one or another would say something unscripted, something authentic - and now with youtube etc if that did happen I could watch the next day.

Saw Fudd's comment in another thread - seemed to coincide with the only other comment I saw on another Board I frequent - which was - and from a member who is no more a friend to Rmoney than he is grammatical - "Obama sure got ass kicked "

Commondreams headline probably sums it up - it's probably grounds for stoning and banishment at DU, so you'll have to go see for yourself.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to bread_and_roses (Reply #6)

Thu Oct 4, 2012, 07:40 PM

45. I listened to some radio show today

and read about it here and there..

I saw a funny Big Bird meme on facebook today..

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Fuddnik (Reply #1)

Thu Oct 4, 2012, 08:26 AM

12. If Lew Black and Colbert were running, I'd vote!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Fuddnik (Reply #1)

Thu Oct 4, 2012, 04:36 PM

42. I didn't watch much of it

but Obama looked exhausted and Romney was doing that rapid eye blinking that signaled to everybody that he's not only lying, he knows damned full well he's lying. Lehrer might have been invisible for all his presence managed to do.

Now that the pundits have had a chance to sleep on it, they're mostly agreeing with me. Pox News is on its own planet, of course.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Tansy_Gold (Original post)

Thu Oct 4, 2012, 08:09 AM

8. welllll... i watched the debate

Reply to this post

Back to top Alert abuse Link here Permalink


Response to xchrom (Reply #8)

Thu Oct 4, 2012, 09:18 AM

25. You've been following me around at work, I see.

We had a wreck, just like that one night. It was a double unit (two engines) that was switching out some cars, and backed the hind unit over a cliff. The brakeman who was sleeping in the hind unit was never right again.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Fuddnik (Reply #25)

Thu Oct 4, 2012, 09:21 AM

26. it's true -- i'm spying on you...

Reply to this post

Back to top Alert abuse Link here Permalink


Response to xchrom (Reply #8)

Thu Oct 4, 2012, 09:47 AM

30. It was a sad showing by O. He should have whipped the floor with Romney at the very least...

I found a little hope left in the closet and was hoping for a shot in the nuts. Oh well!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Hotler (Reply #30)

Thu Oct 4, 2012, 09:51 AM

33. hi hotler!

it's good to see you!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Hotler (Reply #30)

Thu Oct 4, 2012, 11:28 AM

37. Don't waste your hope on the crooks

Put it somewhere that it can do some good.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Demeter (Reply #37)

Thu Oct 4, 2012, 02:27 PM

40. I hear you. n/t

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Tansy_Gold (Original post)

Thu Oct 4, 2012, 08:11 AM

9. India to announce more reforms

http://www.bbc.co.uk/news/world-asia-india-19825243

India's government is due to announce more reforms to boost a slowing economy, reports say.

The cabinet is likely to approve bills that would raise the limit on foreign direct investment in insurance companies and open the pension sector to foreign investors.

The bills will then need parliamentary clearance before becoming laws.

Last month the government announced the opening up of India's massive retail sector to foreign supermarkets.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Tansy_Gold (Original post)

Thu Oct 4, 2012, 08:13 AM

10. World food prices rose 1.4% in September, FAO says

http://www.bbc.co.uk/news/business-19827998

World food prices rose 1.4% in September, pushed up by higher meat, dairy and cereals prices, according to the UN's Food and Agricultural Organization (FAO).

The rise followed two months where prices held steady, the FAO said.

There has been concern this year about possible food shortages as drought has hit grain crops in the US Midwest, Europe and central Asia.

The FAO also forecast a decline in global cereal production this year.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Tansy_Gold (Original post)

Thu Oct 4, 2012, 08:16 AM

11. Argentina ship in Ghana seized over loans default

http://www.bbc.co.uk/news/world-africa-19827562


An Argentine naval ship has been seized in Ghana at the request of investors who lost out when Argentina defaulted on its loans in 2001.

The Libertad, a training ship on a tour of Africa, was prevented from leaving Ghana by court order on Wednesday.

Argentina's foreign ministry condemned the move as "a stunt" pulled by "vulture funds" which contravenes the Geneva Convention.

It said it had contacted Ghanaian authorities in order to free the ship.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to xchrom (Reply #11)

Thu Oct 4, 2012, 08:42 AM

15. And in the deeps, the Leviathan stirs

http://www.lizaphoenix.com/encyclopedia/leviathan.shtml

The Corporations: always over-reaching....

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Demeter (Reply #15)

Thu Oct 4, 2012, 08:55 AM

19. +1

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Tansy_Gold (Original post)

Thu Oct 4, 2012, 08:31 AM

13. Food Prices Jump to Six-Month High as Dairy Costs Rise

http://www.bloomberg.com/news/2012-10-04/food-prices-jump-to-six-month-high-as-dairy-costs-rise.html

World food prices rose in September to the highest in six months as dairy and meat producers passed on higher feed costs to consumers, the United Nations’ Food & Agriculture Organization said.
An index of 55 food items tracked by the FAO rose to 215.8 points from a restated 212.8 points in August, the Rome-based agency reported on its website today. Dairy costs jumped the most in more than two years.
Livestock breeders and dairy farmers are passing on the higher cost of feed, after grain prices jumped in June and July, according to Abdolreza Abbassian, an economist at the FAO in the Italian capital. Higher prices don’t mean a food crisis is imminent, he said today by phone.
“Despite a very difficult market, the fundamentals that suggest a food crisis are just not there,” Abbassian said. “Market sentiment is now accepting high prices more as a rule than as an exception.”

Reply to this post

Back to top Alert abuse Link here Permalink


Response to xchrom (Reply #13)

Thu Oct 4, 2012, 04:40 PM

43. Any critter they feed corn to is going to get expensive

and by next summer, chicken will be off the menu and beef will be a lot tougher and less fatty than customers are used to. They'll be eating pot roast instead of steak unless they like a good cow flavored bubble gum because time fattening on eating corn in feed lots will be curtailed. Pork likely won't be hurt quite as much because a pig will eat almost anything.

Abbassian needs to have his salary cut by 3/4. Then he'll know what the words "food crisis" really mean.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Tansy_Gold (Original post)

Thu Oct 4, 2012, 08:34 AM

14. Iranians Abandon Meat for Bread as Rial Drop Fires Protests

http://www.bloomberg.com/news/2012-10-03/iranians-abandon-meat-for-bread-as-rial-freefall-sparks-protests.html

Iran’s freefalling currency is turning meat into a luxury, sparking overnight price surges and spurring shoppers to stockpile goods.
“Most of my customers just look at products behind the window and pass,” said Behrouz Madani, 42, who owns a butcher shop in northwest Tehran. “I see them going to the next store, which is a bakery, to feed their families with bread.”

Iran’s rial is in a tailspin, having lost more than half of its value against the dollar in street trading in the past two months as U.S. and European sanctions aimed at curbing the country’s nuclear program bite. Riot police yesterday fired tear gas and sealed off parts of downtown Tehran after the currency’s plunge triggered street protests.
Security forces were also sent to the city’s bazaar after shopkeepers refused to open. The inflation rate, estimated by Parliament Speaker Ali Larijani at 29 percent last week, has accelerated to the point where the price of milk in Tehran rose 9 percent yesterday.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Tansy_Gold (Original post)

Thu Oct 4, 2012, 08:45 AM

16. After yesterday's ordeal

I'm going to be enjoying this glorious day...saving up and regenerating energy for the Weekend. So I won't be posting until after dinner, at which point it may be Friday...

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Tansy_Gold (Original post)

Thu Oct 4, 2012, 08:51 AM

18. America, writ small

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Tansy_Gold (Original post)

Thu Oct 4, 2012, 08:58 AM

20. Initial Jobless Claims in U.S. Increase From Two-Month Low

http://www.bloomberg.com/news/2012-10-04/initial-jobless-claims-in-u-s-rose-last-week-from-two-month-low.html

The number of Americans filing first- time claims for unemployment insurance payments rose last week, highlighting an uneven improvement in the labor market.

Applications for jobless benefits increased 4,000 to 367,000 in the week ended Sept. 29, Labor Department figures showed today. Economists forecast 370,000 claims, according to the median estimate in a Bloomberg survey. The prior week’s reading was the lowest in two months.


The pace of dismissals may clear the way for bigger hiring gains should U.S. lawmakers find a way to resolve the fiscal cliff of tax increase and spending cuts that will take effect next year if they fail to act. A Labor Department report tomorrow may show employers took on 115,000 workers in September, more than the prior month, while the jobless rate rose to 8.2 percent from 8.1 percent, according to the Bloomberg survey median.

“We’re not going anywhere quickly in the jobs market,” said Ryan Sweet, senior economist at Moody’s Analytics Inc. in West Chester, Pennsylvania, who predicted applications would rise to 368,000. “The job market is just more of the same. Layoffs aren’t the big problem, it’s the lack of hiring.”

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Tansy_Gold (Original post)

Thu Oct 4, 2012, 09:00 AM

21. U.S. Stock Futures Gain on Better-Than-Forecast Jobs Data

http://www.bloomberg.com/news/2012-10-04/u-s-stock-futures-gain-before-ecb-policy-decision.html

U.S. stock futures rose, indicating the Standard & Poor’s 500 Index will climb for a fourth day, as jobless claims increased less than economists forecast and European policy makers held borrowing costs at record lows.
Bank of America Corp. (BAC) and Citigroup Inc. (C) each gained 1 percent to pace advances among financial shares. Gap Inc. (GPS) increased 1 percent as September same-store sales topped estimates. Sprint Nextel Corp. (S) decreased 2.5 percent after the stock was downgraded by Robert W. Baird & Co.
S&P 500 futures expiring in December increased 0.5 percent to 1,451.5 at 8:47 a.m. in New York. Dow Jones Industrial Average futures expiring the same month rose 49 points, or 0.4 percent, to 13,475.
Applications for jobless benefits increased 4,000 to 367,000 in the week ended Sept. 29, Labor Department figures showed today. Economists forecast 370,000 claims, according to the median estimate in a Bloomberg survey. The prior week’s reading was the lowest in two months.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Tansy_Gold (Original post)

Thu Oct 4, 2012, 09:04 AM

22. Whitman’s HP Turnaround Plan Sends Shares to 10-Year Low: Tech

http://www.bloomberg.com/news/2012-10-04/whitman-s-hp-turnaround-plan-sends-shares-to-10-year-low-tech.html

Meg Whitman’s strategy for turning around Hewlett-Packard Co. (HPQ) failed to convince investors looking for speedier recovery and more sweeping change at a company struggling to compete in everything from personal computers to technology services. The shares dropped to a 10-year low.
Meeting with analysts a year after taking over, Chief Executive Officer Whitman outlined steps that include more focus on corporate customers, narrower product lines and multi- featured machines, such as printers that double as scanners and copiers. She also said the turnaround wouldn’t happen any time soon and projected 2013 profit that missed analysts’ estimates.

The full-day presentation from Whitman and her top lieutenants yesterday raised speculation that the plan may not revive a company that’s lost more than $90 billion in market value since the end of 2009. She blamed the computer maker’s challenges on management upheaval dating back to Carly Fiorina, underinvestment in new products and exposure to a PC business eroded by the shift to smartphones and tablets.
“They’re not the only company having a problem with the PC market, but when you have all these other problems and in the midst of that, the PC problem isn’t making your other problems look better,” said Ben Bajarin, an analyst at technology consulting firm Creative Strategies.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to xchrom (Reply #22)

Thu Oct 4, 2012, 01:13 PM

39. My (customer's) experience with HP, firsthand

I bought an HP ProBook laptop last year. I was very skeptical since I had purchased an HP desktop system in 2004 and had to bring 2 brand new DT computers back twice, one for not powering on and the 2nd for not booting up. I then bought a Sony Vaio that lasted over 7 years and is still going strong.

Anyhow, last year a small computer shop was recommended to me by a friend, and the proprietor there raved about the HP ProBook and said all the components were fantastic and it would not give me any trouble, so I bought it. Recently, six weeks after the one-year warranty ran out, the hard drive failed, costing me $300 to diagnose, fix, get new restore disks, buy a new HD...

So I contacted HP, saying I would like an email or snail mail address to which I can send my invoices, bills and information since this HD failed only 6 wk. after the warranty expired. So far, for 3 wks. I've only gotten messages back from HP saying, "You're ref. no. is in process" and, "This is the wrong department." I warned HP I would blog about the company if I didn't get satisfaction, so after 3 wks. of BS from them, here I am.

Is this typical of HP products and service? I would be out of business if I treated customers this way, on top of selling products that suck. Actually, I love my ProBook but to have a hard drive fail after a year's use is pretty bad. BTW, I treat my ProBook like a baby; it's never been dropped, spilled on, left in a hot/cold car, and it's always swaddled in its soft traveling case if I take it on the road.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Tansy_Gold (Original post)

Thu Oct 4, 2012, 09:09 AM

23. Democratic Dishonor Roll on Inequality

http://www.commondreams.org/view/2012/10/03-15

***SNIP

It's also no surprise that 14 of the 17 "dishonorable" Dems are from states that lined up behind the Republican presidential candidate in at least three of the last four elections. The three blue state Dems on the list: Rep. Bill Owens of New York, Rep. Timothy Walz of Minnesota, and Senator Joseph Lieberman of Connecticut (an independent who caucuses with the Democrats).

Owens and Walz both represent mostly rural swing districts. Owens's North Country district had been held by Republicans since 1993 until he squeaked by in a three-way special election in 2009. Walz touted his military credentials (he's a former National Guard Command Sergeant Major) to bump off a Republican incumbent in 2006. Both Owens and Walz voted to extend the Bush tax cuts for the wealthy. As for Lieberman, well, let me just say I'll be oh SO sad to see him retire after this term.

The point of this report card is not just to name and shame. We also aim to draw attention to the many creative proposals for restoring fairness that deserve more support. Two of the pending bills on our list would raise revenue for human needs by putting a small tax on Wall Street transactions. Another would increase the minimum wage and then index it to inflation. The Congressional Progressive Caucus budget would protect social programs by reducing military spending and raising taxes on speculative investments. These innovative ideas challenge the oft-asserted notion that austerity is our only viable option.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to xchrom (Reply #23)

Thu Oct 4, 2012, 09:24 AM

27. I saw a Rmoney comercial last night.

They pulled Artur Davis out from under a rock somewhere.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Fuddnik (Reply #27)

Thu Oct 4, 2012, 09:25 AM

28. and he didn't explode?!?!

huh -- i didn't think that was possible for him.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Tansy_Gold (Original post)

Thu Oct 4, 2012, 09:15 AM

24. Stiglitz: 'American Dream Has Become a Myth'

http://www.commondreams.org/headline/2012/10/03-1


"The American dream has become a myth," says economist Joseph Stiglitz in an interview with DER SPIEGEL. (photo: Sikarin Thanachaiary via flickr)

In an interview published Tuesday with German newspaper DER SPIEGEL, noted Columbia University economist and 2001 Nobel Prize winner Joseph Stiglitz says that "the American dream has become a myth" and calls Gov. Romney "emblematic of the top one percent."

Stiglitz highlights the inequality in the U.S. that has grown "dramatically" as wealth is concentrated in the upper echelon because the "marvelous economic machine" in the U.S. reinforces the division. This division is seen in comments like those by Romney disparaging 47% of Americans that show the total disconnect those at the top have with everyone else, according to Stiglitz.

It is "anecdotes" that keep the myth of the American dream alive, says Stiglitz. Yet this dream "is not supported by the data."

Stiglitz slams those who "in the financial sector got rich by economic manipulation and by deceptive" practices, taking advantage of and profiting off predatory systems. Asked by DER SPIEGEL why the government didn't stop these practices, Stiglitz says it's because the financial elite "buy the rules that allow them to make the money."

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Tansy_Gold (Original post)

Thu Oct 4, 2012, 09:38 AM

29. Luxembourg Seeks UN Security Council Seat

http://www.spiegel.de/international/europe/luxembourg-seeks-un-security-council-seat-a-859328.html

Luxembourg? The American security guard wrinkles his forehead, as if hearing the name of this small European nation for the first time. "Everyone out," he tells the driver of the silver sedan. Asked if that command applies to the minister as well, the guard replies, "Which minister?"

The chauffeur points to a man with a moustache and styled hair. "Everyone," the guard repeats. Jean Asselborn, foreign minister and deputy prime minister of the Grand Duchy of Luxembourg, peels himself from the passenger seat, commenting, "They're all a little nuts here."
This is Monday of last week, the day before the start of the United Nations' annual General Debate, in New York: Iranian President Ahmadinejad is in the city, and United States President Obama and Israeli Prime Minister Netanyahu have also announced plans to attend. Entire streets are closed and entry to many hotels requires a full body search -- this is New York City under extraordinary circumstances.

A bomb-sniffing dog comes bounding up, the men can't get the car hood open and it's nearly 8 p.m. "Sir, they're expecting us," Asselborn calls to one of the guards, but the man doesn't even look at him.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Tansy_Gold (Original post)

Thu Oct 4, 2012, 09:48 AM

31. Portugal raises taxes at 'critical moment' to meet bailout conditions

http://www.guardian.co.uk/world/2012/oct/03/portugal-raises-taxes-bailout-conditions


Portuguese finance minister Vitor Gaspar insisted that it was necessary to raise taxes to overcome the nation's financial difficulties. Photograph: Hugo Correia/Reuters

Portugal set out sweeping tax rises on Wednesday to meet conditions for it to receive its international bailout cash, to offset falling revenues caused by a continuing recession that is set to push unemployment to further record highs.

The country also returned to bond markets for the first time since it sought the €78bn ($101bn) bailout last year, swapping short for longer-dated debt, in order to buy time to fix its public finances.

The country's worst recession since the 1970s could deepen further if the tax rises further undermine consumer confidence.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Tansy_Gold (Original post)

Thu Oct 4, 2012, 09:49 AM

32. do you ever stop to think about how international this thread is every single day?

the things that affect our lives -- even though they happen in some far away part of the globe?

it's really interesting to me.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to xchrom (Reply #32)

Thu Oct 4, 2012, 10:44 AM

35. Do you ever stop to think about how ignorant Americans are

regarding international current events?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Po_d Mainiac (Reply #35)

Thu Oct 4, 2012, 11:05 AM

36. since the 60s

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Tansy_Gold (Original post)

Thu Oct 4, 2012, 09:56 AM

34. US fiscal cliff threat fails to galvanise policymakers Mohamed el-Erian

http://www.guardian.co.uk/business/economics-blog/2012/oct/01/us-fiscal-cliff-credit-rating-downgrade

It sounded like a really clever idea: use a very public and sizeable threat to get bickering politicians to collaborate and compromise. Well, it has not worked so far, and the already-sizeable stakes just got bigger.

No, I am not talking here about Europe's debt crisis, decisive resolution of which still requires greater co-operation and shared responsibility, both within individual eurozone member states and between creditor and debtor countries. I am referring to the complex fiscal situation in the United States – a fluid problem that has just been rendered more consequential by the recent warning from the ratings agency Moody's that the US could lose its top credit rating next year if Congress fails to make progress on medium-term fiscal reforms.

Hobbled by the self-inflicted wounds of the debt-ceiling debacle in the summer of 2011 – which undermined economic growth and job creation, and further damaged Americans' confidence in their political system – the US Congress and President Barack Obama's administration recognised the need for a measured and rational approach to fiscal reform. To increase the likelihood of this, they agreed on immediate spending cuts and tax increases that would automatically kick in (the "fiscal cliff") if agreement on a comprehensive set of fiscal reforms eluded them.

On paper, at least, this sizeable threat – involving blunt fiscal contraction amounting to some 4% of GDP – should have properly aligned incentives in Washington, DC. After all, no politician would wish to go down in history as being responsible for pushing the country back into recession at a time when unemployment is already too high, income and wealth inequalities are increasing, and a record number of Americans live in relative poverty.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to xchrom (Reply #34)

Thu Oct 4, 2012, 11:31 AM

38. It's just BS anyway, why get excited?

It's like the TARP, covering a multitude of sinning going on underneath the PR.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Tansy_Gold (Original post)

Thu Oct 4, 2012, 03:57 PM

41. FOMC minutes

In comparison make last night's debate seem exciting.

In brief, they said yup stuff is fucked. What we did, didn't do anything but kick the can. But fear not. We all have a a nice tropical island oasis to run to, and the Lear's are fueled with cockpit crews standing by. Good to be us, but sucks to be u.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Tansy_Gold (Original post)

Thu Oct 4, 2012, 05:47 PM

44. gold $1800 here we come

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Demeter (Reply #44)

Thu Oct 4, 2012, 09:35 PM

46. you gotta be kiddin me

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread