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Mon Aug 26, 2013, 08:21 PM

STOCK MARKET WATCH -- Tuesday, 27 August 2013

Last edited Tue Aug 27, 2013, 11:01 AM - Edit history (1)

STOCK MARKET WATCH, Tuesday, 27 August 2013


SMW for 26 August 2013

AT THE CLOSING BELL ON 26 August 2013

Dow Jones 14,946.46 -64.05 (-0.43%)
S&P 500 1,656.78 -6.72 (-0.40%)
Nasdaq 3,657.57 -0.22 (-0.01%)


10 Year 2.78% -0.02 (-0.71%)
30 Year 3.76% -0.03 (-0.79%)









Market Conditions During Trading Hours






Euro, Yen, Loonie, Silver and Gold
















Handy Links - Essential Reading:

Matt Taibi: Secret and Lies of the Bailout





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
10/26/12 UPDATE: Former Goldman Sachs director Rajat Gupta sentenced to two years in federal prison. He will, of course, appeal. . .
11/20/12 Hedge fund manager Matthew Martoma charged with insider trading at SAC Capital Advisors, and prosecutors are looking at Martoma's boss, Steven Cohen, for possible involvement.
02/14/13 Gilbert Lopez, former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt sentenced to 20 yrs in prison for their roles in Allen Sanford's $7.2 billion Ponzi scheme.
03/29/13 Michael Sternberg, portfolio mgr at SAC Capital, arrested in NYC, charged with conspiracy and securities fraud. Pled not guilty and freed on $3m bail.
04/04/13 Matthew Marshall Taylor,fmr Goldman Sachs trader arrested, charged by CFTC w/defrauding his employer on $8BN futures bet "by intentionally concealing the true huge size, as well as the risk and potential profits or losses associated."
04/04/13 Matthew Taylor admits guilt, makes plea bargain. Sentencing set for 26 June; faces up to 20 years in prison but will likely only see 3-4 years. Says, "I am truly sorry."
04/11/13 Ex-KPMG LLP partner Scott London charged by federal prosecutors w/passing inside tips to a friend in exchange for cash, jewelry, and concert tickets; expected to plead guilty in May.
08/01/13 Fabrice Tourré convicted on six counts of security fraud, including "aiding and abetting" his former employer, Goldman Sachs
08/14/13 Javier Martin-Artajo and Julien Grout charged with wire fraud, falsifying records, and conspiracy in connection with JP Morgan's "London Whale" trade.
08/19/13 Phillip A. Falcone, manager of hedge fund Harbinger Capital Partners, agrees to admit to "wrongdoing" in market manipulation. Will banned from securities industry for 5 years and pay $18MM in disgorgement and fines.















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, 2762 views

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Reply STOCK MARKET WATCH -- Tuesday, 27 August 2013 (Original post)
Tansy_Gold Aug 2013 OP
Fuddnik Aug 2013 #1
Demeter Aug 2013 #2
Fuddnik Aug 2013 #3
Demeter Aug 2013 #5
Warpy Aug 2013 #7
Demeter Aug 2013 #30
Ghost Dog Aug 2013 #20
AnneD Aug 2013 #41
Demeter Aug 2013 #42
Fuddnik Aug 2013 #4
Demeter Aug 2013 #6
Warpy Aug 2013 #9
Hotler Aug 2013 #8
Demeter Aug 2013 #32
xchrom Aug 2013 #10
xchrom Aug 2013 #11
xchrom Aug 2013 #12
Ghost Dog Aug 2013 #21
xchrom Aug 2013 #22
Demeter Aug 2013 #33
Ghost Dog Aug 2013 #24
xchrom Aug 2013 #13
xchrom Aug 2013 #14
xchrom Aug 2013 #15
fasttense Aug 2013 #28
Demeter Aug 2013 #34
AnneD Aug 2013 #40
xchrom Aug 2013 #16
xchrom Aug 2013 #17
Demeter Aug 2013 #35
DemReadingDU Aug 2013 #39
xchrom Aug 2013 #18
Kolesar Aug 2013 #45
xchrom Aug 2013 #19
Demeter Aug 2013 #43
xchrom Aug 2013 #23
xchrom Aug 2013 #25
xchrom Aug 2013 #26
Demeter Aug 2013 #36
xchrom Aug 2013 #27
xchrom Aug 2013 #29
Demeter Aug 2013 #37
Warpy Aug 2013 #46
xchrom Aug 2013 #31
Demeter Aug 2013 #38
Demeter Aug 2013 #44

Response to Tansy_Gold (Original post)

Mon Aug 26, 2013, 08:40 PM

1. That's chicken feed.

The football coach makes a lot more than him.

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Response to Tansy_Gold (Original post)

Mon Aug 26, 2013, 08:49 PM

2. Don't look now, but gold broke 1400

Summer is over, my friends.

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Response to Demeter (Reply #2)

Mon Aug 26, 2013, 08:56 PM

3. Get your computer fixed?

I have to get my wife's laptop keyboard fixed. I think Rosco stepped on it.

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Response to Fuddnik (Reply #3)

Mon Aug 26, 2013, 09:15 PM

5. No, this is my new-to-me laptop

Have to shake some time loose to load all the broken stuff into the car and wait in line...pay through the nose, and wait for weeks.

Or, go buy a refurbished Dell...or think abou tit for a few months, years....

Pardon my lack of enthusiasm...


Your Roscoe needs a diet.

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Response to Demeter (Reply #5)

Mon Aug 26, 2013, 09:35 PM

7. At least with refurbished, you can avoid Win 8

if you get it sooner rather than later.

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Response to Warpy (Reply #7)

Tue Aug 27, 2013, 08:50 AM

30. I know--some consumer culture, this is

We are looking more like the USSR every day.

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Response to Demeter (Reply #2)

Tue Aug 27, 2013, 06:50 AM

20. Yeah.

As predicted...

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Response to Demeter (Reply #2)

Tue Aug 27, 2013, 01:19 PM

41. Gold has been kept artifically low for too long....

central banks are having to go on the open market now to replace was leased/sold.

You ain't seen nothing yet.

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Response to AnneD (Reply #41)

Tue Aug 27, 2013, 01:36 PM

42. And it's Limbo Time in the Stock markets

How low can you go?

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Response to Tansy_Gold (Original post)

Mon Aug 26, 2013, 09:06 PM

4. Outlook for 3rd quarter darkens as durable goods orders tumble

Orders for long-lasting U.S. manufactured goods recorded their biggest drop in nearly a year in July and a gauge of planned business spending on capital goods tumbled, casting a shadow over the economy early in the third quarter.

The Commerce Department said on Monday durable goods orders dropped 7.3 percent as demand for goods ranging from aircraft to computers and defense equipment fell. That was the biggest decline since last August and snapped three consecutive months of gains

Orders for these goods, which range from toasters to aircraft, had increased 3.9 percent in June.

Economists polled by Reuters had expected durable goods orders to fall 4.0 percent.

Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, fell 3.3 percent, breaking four straight months of gains. It was the biggest fall since February.

(snip)
http://www.nbcnews.com/business/outlook-3rd-quarter-darkens-durable-goods-orders-tumble-8C10996040
---------------------------------------------------------------------------------

Not to worry. O'Bomber is getting ready to start another Mideast war to pick up the slack.

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Response to Fuddnik (Reply #4)

Mon Aug 26, 2013, 09:18 PM

6. I hear there will be big orders for drones and bombs and mercenaries within weeks.

With the usual multiplier effect: dead Americans from IEDs, PSTD, and medals for drone boys in Colorado...

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Response to Fuddnik (Reply #4)

Tue Aug 27, 2013, 01:00 AM

9. I know if I weren't a capitalist parasite these days

I'd still be giving that refurbished 70s era fridge percussive maintenance 3 or 4 times a day so the compressor would cycle instead of admiring my new low-energy single door fridge. I'd be limping that old crate along until it gave me food poisoning and then maybe I'd be in the market for another reconditioned fridge of uncertain vintage that sucked too much power.

I know I don't see trucks delivering much of anything in this neighborhood these days. Nobody can afford to spend in this hostile economy.

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Response to Tansy_Gold (Original post)

Mon Aug 26, 2013, 10:22 PM

8. Just happened to run across this.....

You'll need a shower after reading this.
http://nymag.com/news/business/themoney/john-mack-2012-4/

Look Who’s Back
John Mack is no longer at the top of Morgan Stanley. So he’s getting his fix elsewhere.

While the company he headed is a shadow of its former self—this year, Morgan Stanley is laying off 1,600 people, Moody’s is threatening to downgrade its credit rating, and the share price is down 32 percent over the past twelve months—Mack stock, it seems, is up. He’s taken a position as an adviser to the China Investment Corporation, the $400 billion Chinese sovereign-wealth fund, and joined the board of Rev Worldwide, a company that specializes in prepaid debit cards. Last month, Mack scored a high-profile appointment as a senior adviser to private-equity firm Kohlberg Kravis Roberts. “And those are just the things I can tell you about,” he says with a chuckle.

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Response to Hotler (Reply #8)

Tue Aug 27, 2013, 08:52 AM

32. Are the Chinese CRAZY?!!

Can we talk them into hiring Larry Summers, too?

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Response to Tansy_Gold (Original post)

Tue Aug 27, 2013, 05:55 AM

10. Europe’s Single Bank Rule Book Falls Apart as North Races Ahead

http://www.bloomberg.com/news/2013-08-26/europe-s-single-bank-rule-book-falls-apart-as-north-races-ahead.html


The goal of a single rule book for Europe’s banks is splintering even before it’s implemented as northern countries move ahead with tougher requirements to ward off the next boom-to-bust cycle.

Sweden’s too-big-to-fail banks, which already face stricter capital rules than their competitors elsewhere, may be told to hold even larger reserves, Financial Markets Minister Peter Norman said yesterday. In Denmark, Business Minister Henrik Sass Larsen said he can’t wait for southern Europe to regulate its systemically important financial institutions. He backs the swift passage of national capital laws to curb bank risks.

“Getting Sifi regulations in place in a number of southern European countries probably will take time,” Larsen said in an e-mailed reply to questions. “We must signal we are in control of things and thereby strengthen the market’s and customers’ confidence in them.”

As Europe struggles to stimulate growth without stoking a new credit bubble, the specter of swelling private debt is prompting regulators from Sweden to the Netherlands to curb borrowing. The measures go beyond new capital rules approved earlier this year by the European Union and set to become law by Jan. 1.

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Response to Tansy_Gold (Original post)

Tue Aug 27, 2013, 05:58 AM

11. Stocks Fall as Yen, Bonds Rise on Syria; Oil, Gold Gain

http://www.bloomberg.com/news/2013-08-26/gold-holds-gain-as-wti-climbs-japan-index-futures-drop.html

Stocks fell for a second day, the yen strengthened and bonds rose after U.S. Secretary of State John Kerry said Syria will be held accountable for using chemical weapons. Turkey’s lira and India’s rupee weakened to records while oil and gold advanced.

The MSCI All-Country World Index dropped 0.6 percent to 369.04 at 10:15 a.m. in London as Standard & Poor’s 500 Index futures fell 0.5 percent. Japan’s currency appreciated at least 0.5 percent versus all 31 of its major counterparts and bonds rose. The lira tumbled to 2 per dollar for the first time and the rupee sank 2.3 percent. Thailand’s benchmark equity gauge headed for a bear market. West Texas Intermediate crude added 0.5 percent to $106.43 a barrel and gold climbed 0.5 percent to $1,412.07 an ounce.

Kerry said President Barack Obama believes there must be accountability for the “moral obscenity” of using chemical weapons, fanning concern unrest may disrupt Middle East oil supplies. An Ifo institute report today showed German business confidence rose for a fourth month in August, before data on U.S. housing and consumer confidence.

“For anyone who thought that the Arab Spring was going to be a temporary situation, it’s proven to not be the case,” Erik Wytenus, Hong Kong-based head of foreign exchange and commodities at JPMorgan Private Bank in Asia, said on Bloomberg Television’s “On the Move” with Rishaad Salamat. “You’ve got a bit of short-term, safe haven, flight-to-quality bid. Emerging markets are being punished by severe capital outflows, which are hitting their currencies inordinately hard.”

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Response to Tansy_Gold (Original post)

Tue Aug 27, 2013, 06:00 AM

12. Start-Ups Fill Void Left by Spain’s 26% Unemployment Rate

http://www.bloomberg.com/news/2013-08-26/start-ups-fill-void-left-by-spain-s-26-unemployment-rate.html

The rush starts at about 8 p.m. at La Infinito. That’s when Antonio Rojas Fernandez and Paloma Perez Rodriguez’s Madrid cafe usually fills up, typically keeping them busy until midnight.

While they have two part-timers to help prepare food and bus the dozen tables a few times a week, the couple hasn’t taken more than a day off each since opening in May 2012, five months after they lost their jobs. She was a teacher, while he installed television antennas.

“It’s not easy, but it’s working,” said Perez, 36, popping her head through a beaded curtain from the kitchen as the fruit blender’s whir covers the music. “I tell people it’s true I still have problems,” said Rojas, who is a year older. “The difference is that now they’re the ones I’ve chosen.”
As Spaniards endure the worst economic crisis and deepest austerity measures in their country’s democratic history, start-up companies are proliferating.

Over the first seven months of the year, registrations of self-employed people increased by 21,992 while they fell by 6,826 over the same period a year earlier. The number of companies created increased by 8.2 percent in the first half as a 26 percent unemployment rate spurs entrepreneurship in a country where the government still accounts for one in six jobs.

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Response to xchrom (Reply #12)

Tue Aug 27, 2013, 07:00 AM

21. It's an interesting phenomenon. There is much creativity in Spain.

Last edited Tue Aug 27, 2013, 09:49 AM - Edit history (1)

“There are indications that necessity entrepreneurship, people who create a business to exit unemployment rather than by opportunity, is increasing in Spain.”


Some great musicians hang out on this island, Fuerteventura. So I'm starting up in the (currently undergoing great change) music biz: http://aridisland.com/ - go straight to some sample sounds here - (and building community).


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Response to Ghost Dog (Reply #21)

Tue Aug 27, 2013, 07:05 AM

22. thanks. very cool stuff. nt

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Response to Ghost Dog (Reply #21)

Tue Aug 27, 2013, 08:53 AM

33. Live long and prosper!

Success, my friend!

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Response to xchrom (Reply #12)

Tue Aug 27, 2013, 07:07 AM

24. (Sorry, WiFi breaking up).

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Response to Tansy_Gold (Original post)

Tue Aug 27, 2013, 06:03 AM

13. German Business Confidence Rises to Highest in 16 Months

http://www.bloomberg.com/news/2013-08-27/german-business-confidence-rises-to-highest-in-16-months.html

German business confidence rose to the highest level in 16 months in August, beating forecasts and indicating that the recovery in Europe’s largest economy is gathering pace. A measure of construction activity fell.

The Ifo business climate index, based on a survey of 7,000 executives, climbed to 107.5 from 106.2 in July, the Munich-based institute said today. That’s the highest since April 2012. Economists predicted an increase to 107, according to the median of 42 forecasts in a Bloomberg News survey.

German gross domestic product expanded 0.7 percent in the second quarter, rebounding from a colder-than-usual winter that curbed output and helping the 17-nation euro area emerge from its longest-ever recession. The nation’s growth was led by private consumption and included the first increase in plant and machinery investment since 2011, signaling the recovery may be sustained.

“The latest business sentiment readings confirm our view that the German economy will be able to maintain a somewhat more moderate but still robust momentum in the second half of 2013, following the exceptional rebound in the spring,” said Alexander Koch, an economist at UniCredit Group in Munich. “Domestic demand should remain a major growth pillar, currently adding to an overall broad-based recovery path.”

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Response to Tansy_Gold (Original post)

Tue Aug 27, 2013, 06:06 AM

14. Hedge Fund 75-Cent Aussie Call Draws Investors: Australia Credit

http://www.bloomberg.com/news/2013-08-27/hedge-fund-75-cent-aussie-call-draws-investors-australia-credit.html

European investors are backing Excalibur Funds Management Pty’s call for the Australian dollar to slump to 75 U.S. cents, reflecting record bets from speculators on declines in the currency.

Institutional investors placed $200 million with the Sydney-based hedge fund’s Australian dollar-only strategy since it started July 17, Matthew Harper, a principal and trader at Excalibur, said in an interview Aug. 22. Hedge funds and other speculators swung from record bets on Aussie gains in December to the most wagers ever this month that the currency will fall.

The local dollar slid 15 percent from a peak in April as China’s slowdown sapped demand for the nation’s commodities and the Reserve Bank cut benchmark rates to a record, eroding the currency’s high-yield status. Harper forecast the spread between Australian and U.S. 10-year government yields, now more than 1 percentage point, will converge by mid-2014.

“There are a lot of headwinds ahead for the Australian dollar,” Harper said. “We can’t rely on China, which we have for the last four or five years.”

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Response to Tansy_Gold (Original post)

Tue Aug 27, 2013, 06:11 AM

15. CNBC: Larry Summers Is Likely To Be Named Chairman Of The Fed In A Few Weeks

http://www.businessinsider.com/larry-summers-to-be-named-fed-chair-2013-8

A source from Team Obama told CNBC that Larry Summers will likely be named chairman of the Federal Reserve in a few weeks though he is "still being vetted" so it might take a little longer.
It's largely come down to a two-horse race between Summers, a former Treasury secretary, and Fed Vice Chairman Janet Yellen for the next Fed chief.

It is widely expected that the current Fed Chairman Ben Bernanke will resign by the end of the year as his term ends in January. President Obama has already said that Bernanke has "already stayed a lot longer" in the role than he expected. Those remarks came in an interview with Charlie Rose on PBS in June.

Who might take the reins from Bernanke has been an undertone in the market and at the Fed's recent meeting in Jackson Hole, Wyoming.



Read more: http://www.cnbc.com/id/100988773#ixzz2dAA5nlL4

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Response to xchrom (Reply #15)

Tue Aug 27, 2013, 07:39 AM

28. Larry Summers? Why NOT Bernie Madoff or Greenspan?

Obama needs to be more creative when picking maniacal, greedy, stupid psychopaths.

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Response to xchrom (Reply #15)

Tue Aug 27, 2013, 08:55 AM

34. NO!NO!NO!

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Response to xchrom (Reply #15)

Tue Aug 27, 2013, 01:12 PM

40. And the blood letting continues....

as the patient dies of pernicious anemia.

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Response to Tansy_Gold (Original post)

Tue Aug 27, 2013, 06:14 AM

16. EMageddon Continues: India And Indonesia Tank Again, Markets Lower Around The World

http://www.businessinsider.com/morning-markets-august-27-2013-8

Markets have a negative feel today, and once again the real pain is centered on emerging markets.

India is down 2.3%, and Jakarta fell 3.4%. Thailand dropped 1.4%.

The currencies of India, Turkey, and South Africa are sharply lower.

Meanwhile, European markets are lower. Italy is down 0.8%, about the same amount as Germany.



Read more: http://www.businessinsider.com/morning-markets-august-27-2013-8#ixzz2dAB5wcuF

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Response to Tansy_Gold (Original post)

Tue Aug 27, 2013, 06:25 AM

17. COLIN POWELL: Syria Is An 'Internal Struggle' That Is Beyond US Capabilities

http://www.businessinsider.com/colin-powell-syria-caution-2013-8

Former Secretary of State Colin Powell spoke cautiously Sunday about any possible Syrian intervention, warning that the two-year-old civil war was likely beyond U.S. capabilities to affect any meaningful change.
"I have no affection for Assad," Powell told Bob Schieffer on CBS' "Face the Nation," while mentioning he knows the Syrian president and has personally dealt with him. "He's a pathological liar."

However, Powell said, "I am less sure of the resistance. What do they represent? Is it becoming even more radicalized with more al Qaeda coming in, and what would it look like if they prevailed and Assad went? I don't know."

Calls for U.S.-led intervention have intensified in recent days after horrifying video footage emerged of an alleged chemical attack on Aug. 21. A senior administration official harbored "very little doubt" the Assad regime was behind the attack, despite their denials.



Read more: http://www.businessinsider.com/colin-powell-syria-caution-2013-8#ixzz2dADqSiX3

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Response to xchrom (Reply #17)

Tue Aug 27, 2013, 09:00 AM

35. And there speaks a man who has no concept of other cultures

Middle eastern cultures are not known for plain speaking. They are far more "poetic", un-inclined to reveal much if anything of their real thought processes. Or to state a plan or opinion openly.

Unlike our President, who comes down forcefully on one side of the argument, and then does the exact opposite.

Unless, he's equating his president with Syria's....

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Response to Demeter (Reply #35)

Tue Aug 27, 2013, 09:22 AM

39. Gen Wesley Clark being interviewed on DemocracyNow on March 2, 2007


Gen Wesley Clark being interviewed on DemocracyNow on March 2, 2007

Gen Wesley Clark Reveals US Plan To Invade Iraq, Syria, Lebanon, Lybia, Somalia, Sudan, Iran
The plan was to take out seven countries in five years

video appx 1.5 minutes


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Response to Tansy_Gold (Original post)

Tue Aug 27, 2013, 06:42 AM

18. We May Be In The Early Stages Of The Next Global Economic Crisis

http://www.businessinsider.com/global-qe-exit-crisis-2013-8

NEW HAVEN – The global economy could be in the early stages of another crisis. Once again, the US Federal Reserve is in the eye of the storm.

As the Fed attempts to exit from so-called quantitative easing (QE) – its unprecedented policy of massive purchases of long-term assets – many high-flying emerging economies suddenly find themselves in a vise. Currency and stock markets in India and Indonesia are plunging, with collateral damage evident in Brazil, South Africa, and Turkey.

The Fed insists that it is blameless – the same absurd position that it took in the aftermath of the Great Crisis of 2008-2009, when it maintained that its excessive monetary accommodation had nothing to do with the property and credit bubbles that nearly pushed the world into the abyss. It remains steeped in denial: Were it not for the interest-rate suppression that QE has imposed on developed countries since 2009, the search for yield would not have flooded emerging economies with short-term “hot” money.



Read more: http://www.project-syndicate.org/commentary/the-end-of-quantitative-easing-and-emerging-economies--growth-by-stephen-s--roach#ixzz2dAI3Fv00

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Response to xchrom (Reply #18)

Tue Aug 27, 2013, 03:54 PM

45. He doesn't know the cause of the hike in "10 year Treasuries' rates"

The rates fell because money was looking for safety and to get out of Europe. that is over

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Response to Tansy_Gold (Original post)

Tue Aug 27, 2013, 06:47 AM

19. Why It Still Feels Like Recession To 95% Of America

http://www.businessinsider.com/why-it-still-feels-like-a-recession-to-95-of-america-2013-8

If you want to claim the 2008 recession ended, you have to find a metric that reflects "growth." For instance, gross domestic product (GDP), which has expanded since 2009.



But as Lance Roberts, Gordon T. Long and I discuss in Is the US in a Recession?(43 min. video, 52 slides), this metric of "growth" is suspect on a number of counts. For example, does this chart of full-time employees relative to the population look expansionary?



Or how about this chart of median household income, which adjusted for inflation isdown 7.2%?



Or how about real personal income less government personal transfers on a 5-year basis (the red line)? Notice that the red line only popped briefly above 0% into "growth" in late 2012 as those who could declared income in 2012 before the 1013 tax increases kicked in.

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Response to xchrom (Reply #19)

Tue Aug 27, 2013, 01:37 PM

43. Because it IS!

Silly rabbits

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Response to Tansy_Gold (Original post)

Tue Aug 27, 2013, 07:06 AM

23. Workers Of America Are Getting Screwed

http://www.businessinsider.com/workers-of-america-are-getting-screwed-2013-8

The good news this Labor Day: Jobs are returning. The bad news this Labor Day: Most of them pay lousy wages and low if non-existent benefits.

The trend toward lousy wages began before the Great Recession. According to a new report from the Economic Policy Institute, weak wage growth between 2000 and 2007, combined with wage losses for most workers since then, means that the bottom 60 percent of working Americans are earning less now than thirteen years ago.

This is also part of the explanation for why the percent of Americans living below the poverty line has been increasing even as the economy has started to recover — from 12.3 percent in 2006 to around 14 percent this year. More than 35 million Americans now live below the poverty line.

Many of them have jobs. The problem is these jobs just don’t pay enough to lift their families out of poverty.



Read more: http://robertreich.org/post/59342894595#ixzz2dAO8BZmm

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Response to Tansy_Gold (Original post)

Tue Aug 27, 2013, 07:21 AM

25. India infrastructure projects set to boost economy

http://www.bbc.co.uk/news/business-23847059

The Indian government has approved infrastructure projects worth 1.83tn rupees ($28.4bn; £17.7bn) to revive the economy and boost the falling rupee.

Finance Minister P Chidambaram said 36 stalled projects in oil, gas, power, road and railways sectors were cleared.

"The message we are sending is that the investment cycle has restarted, and we are pushing it," he said.

The announcement came on a day the rupee hit a new record low, touching 65.6 against the US dollar.

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Response to Tansy_Gold (Original post)

Tue Aug 27, 2013, 07:23 AM

26. JP Morgan told to pay Blavatnik $50m in damages

http://www.bbc.co.uk/news/business-23845347

JP Morgan has been ordered to pay Russian billionaire Leonard Blavatnik $50m after losing a claim for damages.

Mr Blavatnik brought the claim against the investment bank after suffering losses following the collapse of the US subprime mortgage market.

New York judge Melvin Schweitzer ruled that JP Morgan breached its contract with Mr Blavatnik's investment fund.

But he rejected a claim for negligence because at the time the investments were considered "reasonable".

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Response to xchrom (Reply #26)

Tue Aug 27, 2013, 09:01 AM

36. Another loss

This is breaking up the big banks by attrition...a much harder, more costly way of doing it.

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Response to Tansy_Gold (Original post)

Tue Aug 27, 2013, 07:29 AM

27. Greece 'may renegotiate rescue loans'

http://www.bbc.co.uk/news/business-23839920

Greece may seek to ease its debt burden by renegotiating its bailout terms, the Greek finance minister said on Monday.

Yannis Stournaras told German newspaper Handelsblatt this could involve lower interest payments and more time to repay 240bn euros (£206bn) in loans.

It comes a day after he conceded that Greece may face a hole in its finances of up to 10bn euros.

Speculation over Athens' borrowing needs comes at a sensitive time, with German elections due in September.

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Response to Tansy_Gold (Original post)

Tue Aug 27, 2013, 08:28 AM

29. We've Entered the Age of the 'Anti-Mall'

http://www.theatlanticcities.com/jobs-and-economy/2013/08/weve-entered-age-anti-mall/6663/




Anti-malls are the new malls. So proclaims the staff of D.C.-area booster magazine Washingtonian, in a fun compendium of "The Best of Washington: 62 Reasons to Love Our City" (July 2013). Even the suburbs are figuring out that walkable retail, not enclosed malls surrounded by parking lots, is the way to go in the twenty-first century:

With sophisticated shopping centers such as the Mosaic district in Merrifield and Bethesda Row, suburbs are taking a cue from their urban brethren by shifting to walkable, tree-lined town centers—combining community, thoughtful design, and carefully curated boutiques (Ginger, Bellacara) with specialty eateries. A far cry from the '80s supermall, these feel completely fresh—thanks in no small part to the open air.
I was especially pleased to see the mention of Bethesda Row, the best example of successful suburban retrofit that I know. Indeed, my co-authors and I were so impressed by the then work-in-progress that we chose it for the cover of our 2001 book, Solving Sprawl. Bethesda, a once-sleepy if upscale inner suburb in nearby Maryland, was almost totally automobile-dependent in 1994 when the mixed-use, multi-block development was conceived for a decaying commercial/industrial strip; now, in no small part because of developments like Bethesda Row, Bethesda feels both urban and urbane, yet still human-scaled. It’s a great place to be.

Rachel Nania, writing for the local all-news radio station WTOP, agrees that the landscape of area retail is changing dramatically, with enclosed shopping malls on the decline. She cites the Ballston Common Mall in another D.C. inner suburb, as an example. It sits almost on top of a Metro station but is losing customers.

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Response to xchrom (Reply #29)

Tue Aug 27, 2013, 09:03 AM

37. That's only in locations that don't get snow, mind you!

They are trying to eliminate enclosed malls here, but it simply isn't practical.

I really admired Minneapolis with their bridges over the streets and lockers and all.

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Response to Demeter (Reply #37)

Tue Aug 27, 2013, 04:40 PM

46. We've got a huge one here that gets added onto every month

I hate going there, the Muzak is awful and the place is trying just a little too hard to be trendy.

It's miserable in spring when the weather consists of grit laden strong wind. However, we don't get enough rain to warrant closing it in under a roof.

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Response to Tansy_Gold (Original post)

Tue Aug 27, 2013, 08:51 AM

31. Capital Flight: Currencies Plunge Rapidly in Asian Economies

http://www.spiegel.de/international/world/currency-crisis-hits-developing-countries-in-asia-and-elsewhere-a-918714.html

Indian customs officials are out in full force these days in their attempt to stop the illegal import of gold. At the airport in Kochi, in the south of the country, officials recently caught a man who had hidden two kilograms (5.5 pounds) of precious metals in his socks -- he was given away by his odd gait. Other customs officers on the border with Nepal stopped a truck with 35 kilograms of gold hidden in its bumper.

Their battle is a frustrating one. For every kilogram of gold seized, it is estimated that another makes it into the country unnoticed. Gangs pay smugglers up to 50,000 Indian rupees (around €575 or $770) to bring them gold from, for example, Dubai, a favorite source. Indians are obsessed with gold right now -- and not only because of the approaching wedding season. As the rupee has dropped dramatically in value, many Indians have turned to tangible assets. The government has increased its tax on gold imports as a way of shoring up the country's currency, but that has only caused wary investors to flee further.

The government comes up with new ideas for slowing the rupee's fall almost every day: by imposing customs duties on flat-screen TVs -- which Indians could previously bring into the country unobstructed -- for example, or by making it more difficult for company managers to export capital and invest it abroad.

None of this has helped. Since May, the rupee has lost 17 percent of its value against the dollar.

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Response to xchrom (Reply #31)

Tue Aug 27, 2013, 09:04 AM

38. India's central bank should go with the flow

Give up on fiat, and adopt gold standard.

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Response to Tansy_Gold (Original post)

Tue Aug 27, 2013, 01:53 PM

44. NAUSEA ALERT:The Lucky Break That Could Land Larry Summers at the Fed

http://www.businessweek.com/articles/2013-08-26/the-lucky-break-that-could-land-larry-summers-at-the-fed

In a recent column, Bloomberg View’s Al Hunt posited that Larry Summers’s fate—should President Obama nominate him to succeed Federal Reserve Chairman Ben Bernanake—could hinge on his former Harvard colleague (and Massachusetts senator) Elizabeth Warren. Warren, like many Democrats, is no big fan. Along with 16 other Democratic senators, she signed a letter urging the president to nominate Janet Yellen instead. If he doesn’t, Hunt thinks Warren will ultimately support his nomination and that her influence could be decisive.

I’m not convinced that Warren’s support for Summers is a sure thing. She had no qualms about voting against Obama’s choice for U.S. Trade Representative, Michael Froman, who, like Summers, is a protégé of former Treasury Secretary Robert Rubin and thus part of a crowd that Warren and many other liberals view with asperity.

But I do think that Summers, if he’s nominated, will get a huge break from the Senate Democratic caucus, because, unlike the GOP caucus, it contains no serious presidential contenders. Why does that matter? Because presidential candidates are almost always captive to the passions of their party’s base, and the liberal base of the Democratic Party loathes Summers. That would produce tremendous pressure to oppose him.

Consider, for a moment, the GOP caucus, where Senators Ted Cruz of Texas, Rand Paul of Kentucky, and Marco Rubio of Florida—all considered blue-chip prospects for the 2016 Republican nomination—have taken positions in vehement opposition to Obamacare, including passing a budget that doesn’t fund the health-care law, even if that leads to a government shutdown. It may well be that each of these candidates believes this is a wise and necessary step that will boost their chance of winning the White House—even though many Republicans disagree. But even if they didn’t believe this, the senators would have to pretend that they did to preserve and enhance their right-wing credibility.

The fact that Summers doesn’t have three Democratic presidential hopefuls in the Senate probably means he’ll have three more votes than he would have otherwise—and that may wind up being the deciding factor if he’s nominated.

Who Sits Where on Yellen vs. Summers http://www.businessweek.com/articles/2013-08-14/who-sits-where-on-yellen-vs-dot-summers
By Allison McCann and Peter Coy

Picture the choice of the next Federal Reserve chair as a seesaw. Some influential Wall Street types with Democratic ties, including Steven Rattner and Roger Altman, are sitting on former Treasury Secretary Larry Summers’s side of the teeter-totter. Fed Vice Chair Janet Yellen has strong support among women and Summers haters. The person with the power to tip the seesaw, President Barack Obama, is sitting right in the middle—for now. Here, in the spirit of the playground, is Bloomberg Businessweek‘s unscientific take on the politicking—roll over the circles to see who sits where. (Update: Key influencers who haven’t gone on the record aren’t included.)

INTERACTIVE SEE-SAW AT LINK (DOESN'T HAVE ROBERT RUBIN OR HIS CULT ON IT, THOUGH)

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