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Weekend Economists Analyze This and That July 8-10, 2011

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 05:47 PM
Original message
Weekend Economists Analyze This and That July 8-10, 2011
Yes, it's a salute to that amazing comedy team, Billy Crystal and Robert De Niro



http://www.youtube.com/watch?v=ufPXqC19g_8

Analyze This is a 1999 gangster comedy film directed by Harold Ramis, who co-wrote the screenplay with playwright Kenneth Lonergan and Peter Tolan. The film stars Robert De Niro as a mafioso and Billy Crystal as a psychiatrist. A sequel, Analyze That, was released in 2002.

SPOILER ALERT!

Plot

In a voiceover, mob boss Paul Vitti (Robert De Niro) narrates a brief history of the Mafia during 1957: in the wake of Albert Anastasia's death, the dispute over whether Vito Genovese, Carlo Gambino or Joe Bananas will ascend to mob supremacy results in the Apalachin Meeting in upstate New York. The meeting breaks up early when it is raided by the FBI, and the Mafia does not try to call a nationwide summit again until the present day.

Vitti and his best friend Dominic (Joseph Rigano) are discussing the upcoming meeting at a restaurant. Dominic warns that the mafia is in deep trouble, with the FBI's unprecedented success in turning "made" mobsters into informants and putting bosses in prison, not to mention competition from incoming Chinese and Russian gangsters. As they exit the restaurant, Dominic warns Vitti to look out for Young Turk boss Primo Sindone (Chazz Palminteri). Vitti pauses and turns back to get a toothpick, which saves his life when gunmen drive past the restaurant and gun down Dominic.

Psychiatrist Ben Sobel (Billy Crystal) is facing his own problems: his son from his first marriage keeps listening to his sessions, his patients are not challenging enough and his second wedding, to Laura MacNamara (Lisa Kudrow) in Miami, is coming soon. Sobel accidentally rear-ends a car belonging to Paul Vitti. Jimmy, one of Vitti's henchmen, berates Sobel, but Jelly (Joe Viterelli), also in the car, takes the blame despite Jimmy having to tape the trunk of the car closed (because someone is bound and gagged in the trunk, which narrowly escapes Sobel's notice). Sobel gives Jelly his business card in case he changes his mind about compensation.

During a meeting with his friends, Vitti suffers a panic attack, and privately tells Jelly that he needs to see a psychiatrist for "a friend" of his, but it has to be kept a secret. Jelly recommends Sobel.

Vitti visits a terrified Sobel, claiming his friend needs therapy. Sobel realizes Vitti's friend is Vitti himself, impressing Vitti enough to decide to see him whenever he needs him. Sobel leaves with his son for Miami a day early, but Vitti, Jelly and their men follow him. Vitti failed to get an erection while having sex with his girlfriend, and blames Sobel's "bad service". Vitti explains he has been having a hard time, and Sobel suggests the source of the problem might be stress, which Sobel describes as a very powerful force. Vitti is impressed and makes Sobel his psychiatrist. Sobel reluctantly agrees to treat Vitti exclusively once they return to New York. The next day Vitti has another panic attack and requests to see Sobel. Vitti explains his bleak history with his father to Sobel, who thinks this might have something to do with Vitti's problems. The wedding day arrives, but so does an assassin, sent by Primo to kill Vitti. The assassin kills one of Vitti's friends, but is subdued by Vitti and Jelly, who throw him out of a window to his death just before Sobel can say "I do". Sobel confronts Vitti and argues with the mob boss. Vitti becomes angry, and Sobel suggests he take his anger out on Primo, but in a calm way. Vitti phones Primo and attempts to forgive him, but ends up threatening to kill him if he tries to assassinate him again.

Sobel and his family return to New York, where they find a gigantic fountain in their garden (a gift from Vitti) and the FBI in their house. The FBI have monitored Vitti for the past few weeks and noticed Sobel with him. They request Sobel spy on Vitti but Sobel refuses. Sobel changes his mind when the FBI make him listen to a recorded tape of Vitti speaking with another mobster, in which Vitti reveals his intention to kill Sobel after the meeting (the tape is actually altered by the FBI in an attempt to sway Sobel to their side: Vitti had actually said that he would kill anyone who harmed Sobel). Sobel wears a tape recorder in his next meeting with Vitti and his men, but throws it away once he hears from Jimmy that Vitti's father was murdered before his eyes when Vitti was still a child, at the very restaurant where they were having lunch right then, traumatising him. Sobel believes he might be able to help Vitti after all, but Vitti, informed that Sobel was working with the FBI, takes him to a secluded place to kill him. Sobel and Vitti get into another argument, and Vitti cries upon being reminded of his father's murder: he had been angry with his father at the time, and refused to warn him about the killers, thus believing himself to be guilty for his father's death.

Assassins sent by Primo ambush them and a gunfight ensues. Vitti cries even as Sobel takes his gun and shoots at the assassins. Primo's men are killed by Jelly and Jimmy, and Vitti thanks Sobel for saving his life. The day of the meeting arrives, but Vitti has another episode, rendering him unable to attend. Jelly interrupts Sobel's wedding, requesting Sobel attend the meeting as Vitti's consigliere. Sobel is terrified, but his self-confidence builds and he cheeks Primo to the point that Primo pulls a gun on him. Vitti arrives, ordering Primo to stand down. Vitti announces he knows a traitor in his own family killed Dominic, but will not seek revenge, and instead retire from the mafia. Once outside, another gun battle ensues between Vitti and Primo's men, during which Sobel inadvertently takes a bullet to the shoulder, protecting Vitti. The FBI intervenes and the mobsters are arrested while Sobel is taken to hospital.

Sobel visits Vitti in Sing Sing prison and Vitti thanks Sobel for all the help he has given him. The film ends with Sobel dancing with his newly-wed wife to Tony Bennett songs at their house, which are played live by Bennett as a favor to Vitti.

http://www.youtube.com/watch?v=yXBYV-addrQ&feature=rela...

Analyze That is a 2002 mafia comedy film, and a sequel to the 1999 film Analyze This. The film was directed and co-written by Harold Ramis (who also worked on the first film) and stars Robert De Niro and Billy Crystal who respectively reprise their roles as mobster Paul Vitti and psychiatrist Ben Sobel.

Plot

Nearing the completion of his sentence in Sing Sing prison, Paul Vitti's life is threatened by assassins and corrupt guards while incarcerated. He fakes insanity and starts singing showtunes from West Side Story to get the attention of Ben Sobel, who previously hung up on him while attending his father's funeral. The FBI calls in Ben to see if Paul is really insane. It turns out Vitti is faking it, but Ben doesn't find this out until after he's left Sing Sing. Needing some therapy himself after his father's death, a grieving Sobel talks Vitti into finding a regular job (per FBI request). Vitti attempts to find a legitimate job (he tries his hand at a car dealership, a jewelry store and a restaurant), but his rude manners and paranoia mess things up.

At the same time, he also discovers the Rigazzi family are the ones who want him dead. He reacts to this by telling the Rigazzis he is 'out', and seeking a new line of work. He finds employment working as a technical advisor on the set of a Sopranos-like mafia TV series. Meanwhile, FBI agents inform Sobel that Vitti has his old crew back together, and may be planning something big. This rouses Sobel's suspicion, and he visits Vitti, the two get caught up in a car chase, which ends in Vitti escaping. The FBI blames Sobel, and gives him 24 hours to track down Vitti.

After locating Vitti (through Sobel's own son Michael, who now works as Vitti's chauffeur), Sobel discovers Vitti is planning a big armored car heist. He tries to talk Vitti out of it, but Vitti goes ahead and Sobel is forced to go along. The crew score $20m in gold bullion, but some of Rigazzi's thugs take over. Sobel in a fit of anger defeats one of them and Vitti's men take care of the rest. They use the $20 million in gold bullion to frame the Rigazzi family, leaving the Rigazzi goons locked in a truck suspended from a crane. This leads to the arrest of the entire Rigazzi family, and in turn, prevents a mob war.

Sobel meets with Vitti and Jelly near bridges on the New York waterfront, and they part ways again as friends, singing another West Side Story showtune together.

IF YOU HAVEN'T SEEN THESE FILMS, OR EVEN IF YOU HAVE, SEE THEM THIS WEEKEND.

Then contemplate how much modern American business practice has grown to ape the Cosa Nostra.

Post them if you've got them...

http://conversationagent.typepad.com/.a/6a00d8341c03bb5...

http://t0.gstatic.com/images?q=tbn:ANd9GcSDfjzSRdiUH4Gf...

OUR MUSICAL GUEST ARTIST THIS WEEKEND WILL BE (OF COURSE) THE INCOMPARABLE TONY BENNETT!

http://www.youtube.com/watch?v=P9c0wOX5dMc
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 05:50 PM
Response to Original message
1. NO BANKS DOWN, YET
BUT IT'S NOT QUITE 7 PM EDT. I'm off to the "Mr.Pretty Legs" kilt beauty contest and pub night at the Celtic Festival in Saline...

I'll bring back a report (and start doing the thread) when I return. Carry on, Marketeers and WEE ones!
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ixion Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 07:48 PM
Response to Reply #1
4. 3 today...
Edited on Fri Jul-08-11 07:49 PM by ixion
malaise just posted...

http://www.democraticunderground.com/discuss/duboard.ph...

We've been, uh, marking this occasion of Bank Bust Friday for going on 3 years now. :(
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 09:08 PM
Response to Reply #4
5. THE NITTY GRITY DETAILS: TOTAL LOSS OF $590.7M FOR THE NIGHT

First Chicago Bank & Trust, Chicago, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Northbrook Bank & Trust Company, Northbrook, Illinois, to assume all of the deposits of First Chicago Bank & Trust.

The seven branches of First Chicago Bank & Trust will reopen during normal business hours as branches of Northbrook Bank & Trust Company...As of March 31, 2011, First Chicago Bank & Trust had approximately $959.3 million in total assets and $887.5 million in total deposits. Northbrook Bank & Trust Company will pay the FDIC a premium of 0.50 percent to assume all of the deposits of First Chicago Bank & Trust. In addition to assuming all of the deposits of the failed bank, Northbrook Bank & Trust Company agreed to purchase approximately $880.7 million of the failed bank's assets.

The FDIC and Northbrook Bank & Trust Company entered into a loss-share transaction on $699.8 million of First Chicago Bank & Trust's assets...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $284.3 million. Compared to other alternatives, Northbrook Bank & Trust Company's acquisition was the least costly resolution for the FDIC's DIF. First Chicago Bank & Trust is the 49th FDIC-insured institution to fail in the nation this year, and the fifth in Illinois. The last FDIC-insured institution closed in the state was Western Springs National Bank and Trust, Western Springs, on April 8, 2011.


Colorado Capital Bank, Castle Rock, Colorado, was closed today by the Colorado Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First-Citizens Bank & Trust Company, Raleigh, North Carolina, to assume all of the deposits of Colorado Capital Bank.

The seven branches of Colorado Capital Bank will reopen on Monday as branches of First-Citizens Bank & Trust Company...As of March 31, 2011, Colorado Capital Bank had approximately $717.5 million in total assets and $672.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, First-Citizens Bank & Trust Company agreed to purchase essentially all of the assets.

The FDIC and First-Citizens Bank & Trust Company entered into a loss-share transaction on $580.0 million of Colorado Capital Bank's assets...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $283.8 million. Compared to other alternatives, First-Citizens Bank & Trust Company's acquisition was the least costly resolution for the FDIC's DIF. Colorado Capital Bank is the 50th FDIC-insured institution to fail in the nation this year, and the third in Colorado. The last FDIC-insured institution closed in the state was FirsTier Bank, Louisville, on January 28, 2011.


Signature Bank, Windsor, Colorado, was closed today by the Colorado Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Points West Community Bank, Julesburg, Colorado, to assume all of the deposits of Signature Bank.

The three branches of Signature Bank will reopen during normal business hours as branches of Points West Community Bank...As of March 31, 2011, Signature Bank had approximately $66.7 million in total assets and $64.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, Points West Community Bank agreed to purchase essentially all of the assets...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $22.3 million. Compared to other alternatives, Points West Community Bank's acquisition was the least costly resolution for the FDIC's DIF. Signature Bank is the 51st FDIC-insured institution to fail in the nation this year, and the 4th in Colorado. The last FDIC-insured institution closed in the state was Colorado Capital Bank, Castle Rock, earlier today.
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bread_and_roses Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 07:02 PM
Response to Original message
2. Analysis: "Tax the Rich. Problem Solved"
I don't have time for more, but will quote a snippet - not that we don't all know this ...
http://www.commondreams.org/view/2011/07/08-0


Tax the Rich. Problem Solved
by Carl Gibson

Contrary to Republican claims, the United States is one of the lowest-tax countries in the world-- U.S. corporations and wealthy citizens pay far less in taxes than other developed nations. Since 1950, capital gains taxes have dropped 10 percent, tax rates for million-dollar households have decreased 10 percent since the mid-nineties, and the estate tax has virtually disappeared for those with the largest fortunes since the onset of the Bush presidency. Four simple solutions would close that $4 trillion budget gap in the next decade, without even touching Social Security or Medicare.

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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 07:27 PM
Response to Reply #2
3. and the military/defense budget could also be cut, n/t
Edited on Fri Jul-08-11 07:27 PM by DemReadingDU
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pscot Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 11:57 AM
Response to Reply #3
42. Time to change the name back t "war department"
They don't defend us against anything.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 09:11 PM
Response to Original message
6. OFFICIAL NOTICE FROM INGDIRECT
Dear Saver,

For the past eleven years your Team at ING DIRECT USA has been focused on finding simple ways to help you save your money. Following on the heels of our award-winning Orange Savings Account we introduced Electric Orange Checking, the Easy Orange Mortgage and ShareBuilder Investing/Retirement. You took advantage of our saver-friendly products to simplify your financial life and build longer term financial security. Banking will be forever changed by the movement we have started direct banking that leverages the Internet to put the power of transparent choice in the hands of the customer.

Today we wish to inform you of another milestone for ING DIRECT USA. As I advised in 2009, ING Group agreed to sell ING DIRECT USA as part of a restructuring agreement with the European Commission. On June 16, 2011 ING Group reached an agreement to sell ING DIRECT USA to Capital One Financial. It is expected that the sale transaction will close by year-end or early in the first quarter of 2012.

Capital One, led by their CEO Richard Fairbank, is an accomplished team that successfully navigated the financial crisis and is poised to grow with the addition of ING DIRECT USA. Capital One will be able to accelerate the introduction of new financial services to help you plan for your personal and small business finances today and in the future. The new combination of Capital One and ING DIRECT USA promises to deliver the same excellent service and value to which you have been accustomed.

As we embark on this new journey I wish to thank you for your continued support of ING DIRECT USA, and soon, Capital One.

Sincerely,

Arkadi Kuhlmann
CEO ING DIRECT, USA
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 09:14 PM
Response to Reply #6
7. Even Wally Has Noticed the Crime Link
Edited on Fri Jul-08-11 09:17 PM by Demeter


THIS HAS NOTHING TO DO WITH INGDIRECT, I POSTED IN THE WRONG SPOT.

I'M JUST BACK FROM THE PUB NIGHT AT THE CELTIC FESTIVAL. WENT WITH MY NEIGHBOR. WE CAME, WE SAW, WE OGLED. SHE'S TRYING TO EMAIL ME A PICTURE OFF HER PHONE OF THE CONTESTANTS OF "MR. PRETTY LEGS" FOR YOUR EDIFICATION/ENJOYMENT. THERE WAS A PANEL OF JUDGES, WHOSE TASTES HAPPENED TO COINCIDE WITH MINE. IN OTHER WORDS, I GUESSED THE WINNER!
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ixion Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 09:16 PM
Response to Reply #6
8. They sure do use the work 'Orange' a great deal... I know it's their logo color and everything
Edited on Fri Jul-08-11 09:18 PM by ixion
but c'mon...

And as for Capitol One, well, they may as well have been bought by a pawn shop.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 09:18 PM
Response to Reply #8
9. You don't like oranges?
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ixion Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 09:20 PM
Response to Reply #9
10. It makes me nervous in the context of banking, I guess..
They use the color to invoke a soft, friendly, happy feeling, which I always find distasteful coming from a cut-throat finance company.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 09:27 PM
Response to Reply #10
14. I don't know. Orange is a color used for warnings and such
I don't get any warm fuzzies from orange, and it's not oranges the fruit, either.

I figure they just wanted to stand out, like the bikers and road crews in orange vests.
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ixion Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 09:31 PM
Response to Reply #14
16. lol... good point...
I guess it depends on what you think of when you think orange. :) :toast:
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MattSh Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 08:09 AM
Response to Reply #9
55. Well well, speaking of oranges...
Over here in Ukraine we had this thing called the "Orange" Revolution. Fell flat on it's face.

So, what did it all mean? Their main accomplishment is that every town, big and small, now has a monument to Stalin's victims. Ukrainians in the States and Canada were very big on that, it seems. Plus the Orange team had the habit of infighting over just about everything they could, big or small. Most people, those who actually live here, were hoping for some quality of life improvement. (Yeah right). That lead to the return of the bad old management team, leading to some crackdown on corruption, just as long as your corruption occurred as part of your role in the Orange government. If you are part of the correct team (or switched to the correct team), it's party time!

I can see this playing out in the US right now. The current team refuses to fight corruption and refuses to help the little guy, leading to the return of the bad old management team. Hey, it could happen!


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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 03:48 PM
Response to Reply #55
68. It's My Condo Association, Writ Large
we are living with morons.
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Po_d Mainiac Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 12:35 PM
Response to Reply #6
43. You'll luv Crapitall on one
Gag, choke, puke
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 02:49 PM
Response to Reply #43
44. I'm already thinking of alternatives.
The greatest attraction of ING was that Dutchmen ran it, not American banksters.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 09:20 PM
Response to Original message
11. A scene from "Analyze This" where our mobster meets the shrink
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 09:22 PM
Response to Reply #11
12. Tony Bennett: "The Way You Look Tonight"
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 09:25 PM
Response to Original message
13.  Berlusconi opposes Libya campaign

Italys prime minister, has voiced serious doubts on the success of the Nato mission over Libya, saying he has been against the operation from the outset

Read more >>
http://link.ft.com/r/UXDMSS/XHHL4B/4VXHZ/WL3G9A/16GKVL/...

WHEN THE HOME OF THE MAFIOSI DON'T SUPPORT YOUR WAR, IT'S A GOOD SIGN THAT YOU SHOULD GET OUT NOW.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 09:29 PM
Response to Original message
15. Eurozone governments warned on bail-outs


Eurozone governments should not assume the private sector will participate in a new Greek bail-out deal, the European Central Bank has warned

Read more >>
http://link.ft.com/r/UXDMSS/XHHL4B/4VXHZ/WL3G9A/7AV94V/...

WHEN WILL THEY STOP DANCING AND START THE RUMBLE?
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ixion Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 09:32 PM
Response to Reply #15
17. They need a precipitating event...
Like a US default, perhaps...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 09:43 PM
Response to Reply #17
21. Waiting to exhale?
could be
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 09:38 PM
Response to Original message
18. Little charm in Berlin debt offensive
http://www.ft.com/intl/cms/s/0/dcbfbcb8-a8b3-11e0-b877-...

Moodys controversial decision to downgrade Portuguese debt this week was really about Germany...

THIS WAS SO INTRIGUING, I DECIDED TO READ MORE...

But the real message from Moodys is the same one being delivered to European capitals by the financial markets: if Germany is going to insist that private bondholders bear a chunk of the pain for a new Greek bail-out, we must assume that private bondholders are going to have to pay up for other bail-outs, too...This is not the first time the German obsession with sticking it to holders of peripheral bonds has spooked the markets and threatened to destabilise the global recovery.

During last years fight over the original Greek bail-out, Angela Merkel, German chancellor, threatened an orderly insolvency process for Athens financial jargon for leaving bondholders short only to see investors flee Greek bonds and, a week later, forcing an eye-popping 110bn rescue....Then, last autumn, Ms Merkels insistence that a new 500bn eurozone bail-out system include provisions for bondholder haircuts led to a run on Irish debt that forced Dublin into a bail-out.

Now Berlins edict that Greek bondholders must shoulder as much as 30bn of the 115bn Athens will need in a new three-year bail-out has contributed to weeks of chaos, forcing repeated downgrades of Greek debt and driving up borrowing costs for the likes of Spain and Italy...This week the German position stoked even more panic. After agreeing to a more-tame (but still disruptive) plan to simply ask bondholders to roll over Greek debt that comes due in the next three years into longer-maturing bonds, Berlin has reversed itself once again, saying that a more coercive plan to push investors to swap their holdings for new Greek bonds is back on the table...No wonder the normally staid International Monetary Fund has called the German-led debate unproductive. On principle, of course, it is hard to argue with Ms Merkel. In a perfect world, investors in Greek, Portuguese and Irish bonds would feel the consequences of their bad bets, just like investors in Las Vegas real estate or Lehman Brothers stock have seen their own positions wiped out.


EVERYBODY EVIDENTLY WANTS THE VARIOUS GOVERNMENTS TO GO BACK TO THE PRIVATE CREDIT MARKETS...WHICH MANY COLUMNS HAVE ADVOCATED AGAINST, INSTEAD ASKING THAT GOVERNMENTS GO TO STATE-OWNED BANKING, NOT DEBT-BASED ECONOMIES...Telling those same investors that Europe now has a policy of forcing them to take unexpected losses is not anyones idea of a charm offensive. As Moodys rightfully noted, it is, in fact, a good motive for investors to find somewhere safer to park their money perhaps never to return.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 09:40 PM
Response to Original message
19.  JPMorgan agrees to $228m settlement

Bank to settle allegations brought by state and federal officials that it rigged tenders to manage municipal bond issuance proceeds

Read more >>
http://link.ft.com/r/G8OTZZ/622CKM/204L2/KEKJ2M/HYKLS4/...

JPMORGAN IS NEXT CANDIDATE FOR A LEHMANS...AND IT WILL BE WELL-EARNED, TOO, BASED ON THE NUMBER OF LAWSUITS THEY FACE..
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 09:42 PM
Response to Original message
20. Bank of America agrees to sell Balboa unit


The US lender will sell its life assurance division to Securian Financial as it refocuses on its core operations of retail and commercial banking

Read more >>
http://link.ft.com/r/G8OTZZ/622CKM/204L2/KEKJ2M/62CQ5G/...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 05:57 AM
Response to Reply #20
28. Bank of America shells out $8.5 billion to investors after mortgage mishap
http://articles.nydailynews.com/2011-06-30/news/2973727...

Bank of America, the nation's biggest bank, agreed to pay $8.5 billion to resolve claims made by bondholders that the lenders sold troubled mortgage-backed securities that soured when the housing market tanked.

The deal, which must be approved by a court, was announced Wednesday after a group of 22 investors demanded that the Charlotte, N.C., bank repurchase $47 billion in mortgages that its Countrywide unit sold to the investors in the form of bonds. The group, which includes the Federal Reserve Bank of New York and Blackrock Financial Management, argued that Countrywide enriched itself at the expense of investors by continuing to service bad loans while running up fees.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 09:47 PM
Response to Original message
22. "Everything that everyone is afraid of has already happened:


"Everything that everyone is afraid of has already happened: The fragility of capitalism, which we don't want to admit; the loss of the empire of the United States; and American exceptionalism. In fact, American exceptionalism is that we are exceptionally backward in about fifteen different categories, from education to infrastructure. But we're in a stage of denial: we want to re-establish things as they used to be, to put the country back where it was."

- James Hillman (born 1926) is an American psychologist. He studied at the C.G. Jung Institute in Zurich, developed archetypal psychology and is now retired as a private practitioner.
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westerebus Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-08-11 10:28 PM
Response to Original message
23. Thanks for Tony.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 05:56 AM
Response to Reply #23
27. You're welcome
Any requests?
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westerebus Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 11:15 AM
Response to Reply #27
39. What ever suits you is fine with me.
I trust your impeccable good taste.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 02:50 PM
Response to Reply #39
45. Stop, I'm Blushing!
no....that's sunburn.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 05:48 AM
Response to Original message
24. Squeezed Irish Begged to Buy Fridges as Economy Needs Lift
http://www.bloomberg.com/news/2011-07-06/squeezed-irish...

...Irish retail sales are falling at more than twice the pace of the average in the euro region, after the government increased taxes and reduced salaries for state workers by 14 percent to help cope with Europes worst banking crisis. Consumer spending plunged 1.9 percent in the first quarter from the fourth quarter, the steepest drop in two years, according to figures published last month by the statistics office.

With household expenditure accounting for 53 percent of the economy, Irelands ability to emerge from its deepest economic contraction in history may depend on persuading people like ONeill to start spending the cash they have left. The yield on 10-year Irish bonds rose to a record today amid speculation that the nations credit rating may join Greece and Portugal in being downgraded to junk.

Finance Minister Michael Noonan lowered the sales tax on everything from haircuts to meals to 9 percent from 13.5 percent starting July 1 and also has pleaded with consumers to replace their clapped out refrigerators and tumble dryers...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 05:51 AM
Response to Original message
25. Russia, Iceland & Afghanistan Only Nations With International Arrest Warrants Out For Banksters
http://maxkeiser.com/2011/07/07/russia-iceland-afghanis... /

Stacy Summary: This is in response to trolls on our Keiser Reports the last two episodes, who claim for some reason that by not covering the Bank of Moscow bailout on our tv show we are somehow avoiding the story because the show airs on a Russian financed broadcaster. Well, the story for the most part, reflects nicely on Russia so I dont get their argument that there is some sort of conspiracy: From what I can tell, Russian authorities protected depositors, have isolated the bad loans while keeping the good part operating AND MOST IMPORTANTLY have an international arrest warrant out for the banker responsible! Can you say the same of Dick Fuld? Jimmy Cayne? Angelo Mozilo? Lloyd Blankfein? Sean Fitzpatrick? Fred Goodwin? Etc. Etc.

The fact is that Russia now joins Iceland and Afghanistan as the ONLY nations to have international arrest warrants out for banking thieves. This is our single most urgent concern in all the banking disasters around the world justice. Without justice, these banking crime waves will not stop. The Bank of Moscow fraudster is hiding out in London and will no doubt live it large there thanks to Londons safe haven status. Icelandic bankers are also hiding out in London after fleecing their country with loans to close friends and family.

Now on to the math. A $14 billion bailout of a retail bank is large, but compare that to Ireland from which these trolls wish to take our attention. Russia has a $1.25 trillion economy with steady income stream from oil at $100 / barrel. Ireland has a $230 billion economy that is rapidly shrinking and that relies on IMF loans and capital markets. Russia bailed out the Bank of Moscow a bank with RETAIL deposits for $14 billion. Ireland bailed out Anglo Irish Bank an almost ENTIRELY commercial lending operation to the tune of $50 billion. Do I really have to do the math for EVERY troll on the internet? Furthermore, of $14 billion for the Bank of Moscows bailout $10 billion comes from the Deposit Insurance. And it comes in the form of a 10 year loan. Anglo Irish was bailed out by transferring the entire toxic balance sheet of Anglo Irish to the public.

The FDIC in the US has similarly taken over hundreds of banks since 2008. Weve covered maybe two or three of those. Notice in this list that just in the last three months these banks collapsed. Have you heard us mention these? The insurance is there to do exactly what they are doing, secure the deposits and isolate the bad loans from the rest of the bank. It is the investment banks like Goldman Sachs (which we now learn received the biggest Fed loan of all) that issue trillions in uncollateralised derivatives that destabilizes the entire global financial system causing millions of people to lose their sovereignty, all while living on free money from the Fed and Treasury that is far more urgent and relevant to more around the world...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 05:54 AM
Response to Reply #25
26. [KR162] Keiser Report Europes Neo-Feudalism
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 06:21 AM
Response to Reply #26
35. Well, that was depressing
I did note the Mafia references, though....
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 06:00 AM
Response to Original message
29. A jobs report disaster
http://www.salon.com/news/unemployment/?story=/tech/htw...

Within seconds of the release of the government jobs report for June, economists and business reporters expressed their reaction on Twitter.

Ouch!... Horrific... Terrible, awful... Just no silver linings anywhere. PANIC TIME!

There is zero good news and a ton of terrible numbers in this report. The U.S. economy added only 18,000 jobs in June. May's initial 54,000 gain was revised down to 25,000, while April's 232,000 fell to 217,000. The topline unemployment measurement ticked up to 9.2 percent, but the U-6 number that gives the broadest measure of unemployment jumped from 15.8 to 16.2.

Average working hours per week and hourly wages both fell, a sign of a slack labor market getting slacker. Government payrolls dropped by 39,000. The number of longterm unemployed (people jobless for 27 weeks or more) held steady at a miserable 6.3 million. The labor participation rate shrank -- hundreds of thousands of Americans stopped looking for new jobs.

The government report delivered numbers sharply at odds with a private sector report from Wednesday that counted 130,000 new jobs, and was far under the expectations of Wall Street economists. After a week in which there were a few tentative signs that economic growth might not be flat-lining, after all, this labor report is unequivocal: The recovery has stalled...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 06:02 AM
Response to Original message
30. The banks' billion-dollar idea
http://money.cnn.com/2011/07/06/pf/banks_sell_shopping_...

Banks have found a new revenue stream -- and this time, it doesn't involve hitting you up with a new fee.

Many of the nation's leading banks are using information about their customers' shopping habits -- how much they spend, where they shop, what they buy -- to make money.

Based on that data, retailers are offering targeted discounts via the banks through text messages, email and online bank statements.

The banks don't actually hand over your data to retailers. Instead, retailers describe what type of customer they'd like to target and the bank then sends the deal to customers who fit the profile. When the customer cashes in on the deal, the bank gets paid a commission...
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 06:04 AM
Response to Original message
31. Countrywide Wages Victorious Tranche Warfare Against Investors
http://www.bloomberg.com/news/2011-07-08/countrywide-wa...

Investors who sued over $351 billion in downgraded Countrywide Financial Corp. mortgage-backed securities after the 2007 subprime market collapse may have to settle for less than 1 percent of what they initially sought.

U.S. District Senior Judge Mariana Pfaelzer in Los Angeles, who narrowed the case to $2.6 billion in bonds and dropped Countrywide parent Bank of America Corp. (BAC) as a defendant, has gone further than other judges in scaling back such claims. Her rulings in April and May show the difficulty of trying to hold banks liable for billions of dollars in debt downgraded to junk.

The recent court rulings provide encouragement for Countrywide and Bank of America and could indicate that the courts would limit or reduce the number of claims in these cases or perhaps dismiss them in their entirety, said Patrick McManemin, a lawyer with Patton Boggs LLP in Dallas who has worked on both sides of mortgage-securities cases and isnt involved in the Los Angeles litigation.

Countrywide, based in Calabasas, California, was once the biggest U.S. residential home lender, originating or purchasing about $1.4 trillion in mortgages from 2005 to 2007. The bulk of them were sold to investors as mortgage-backed securities. Bank of America acquired Countrywide in 2008.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 06:04 AM
Response to Original message
32. OLIPHANT ON HOME-GROWN TERRORISM
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 06:08 AM
Response to Original message
33. DILBERT'S PREDICTIONS
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 06:19 AM
Response to Original message
34. Tony Bennett - The Best Is Yet To Come
http://www.youtube.com/watch?v=yeeX_HX0hwI&feature=rela...

Boss Paul Vitti: You're turning me down?
Dr. Ben Sobel: When I got into family therapy, this was not the "family" I had in mind.
Boss Paul Vitti: You, with your schmucky little office in your schmucky little home, you're turning *me* down? For what, so you can go back and listen to housewives piss and moan about how nobody fucks 'em right anymore?
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 06:23 AM
Response to Original message
36. time for my "escape"
Got to get the ball rolling over here...see you all tonight! Or maybe at siesta, if we take a break at lunch...
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 06:51 AM
Response to Original message
37. Buffett Bets Very Heavily Against Double Dip
http://www.bloomberg.com/news/2011-07-08/buffett-bets-v...

Billionaire Warren Buffett said he is wagering on continued economic expansion and doesnt expect a second recession.

I would bet very heavily against that, Buffett told Bloomberg Televisions Betty Liu on the In the Loop program today after data showed slowing U.S. job growth. How fast the recovery will come, I dont know. I see nothing that indicates any kind of a double dip.

The unemployment rate unexpectedly climbed to 9.2 percent in June, the highest level this year, and hiring by companies was the weakest since May 2010, Labor Department data showed. U.S. employers added 18,000 jobs last month, less than the 105,000 median estimate in a Bloomberg News survey.

It means that were still a ways off from getting to where we should be, Buffett said in the interview, in Sun Valley, Idaho. Were seeing growth around the world, but its not mushrooming.



:eyes:
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 02:52 PM
Response to Reply #37
46. Betcha Warren DOESN'T Put His Money Where His Mouth Is
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hamerfan Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 04:20 AM
Response to Reply #37
53. I guess
He'll be another (of the many) "surprised" at the "unexpected" when it happens.
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Po_d Mainiac Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 09:24 AM
Response to Reply #37
62. Huh?
Shit canned 20,000 pieces of labor in 09, and has added 3,000 over the last year....BH has a total of 260,000 pieces of labor. Me math comes up with very small percents. The OP lead me too think these wood be bigger numbers.

Betting on housing next year?

We will come back big time on employment when residential construction comes back, Buffett said. The unemployment rate will drop to 6 percent within a few years, he said. Translation.."We'll get that birth/death component thingy worked out right after the conflagration"

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hay rick Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 09:51 PM
Response to Reply #37
71. From the lips of the sage of ...
Omaha-ha-ha-ha-ha.

Good one Warren.
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bread_and_roses Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 07:27 AM
Response to Original message
38. Help - does anyone have the youtube of the cartoon explaining "the Ben Bernake"
the cartoon with the black and white, female and male characters with big circle heads - male is explaining the financial crisis to female - I want to send it to someone - thought I had it bookmarked but don't. thanks if anyone can assist!
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Fuddnik Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 11:46 AM
Response to Reply #38
40. Let me dig through my old "sent box".
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Fuddnik Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 11:54 AM
Response to Reply #38
41. Here's one, but there's more at the site.
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bread_and_roses Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 07:46 AM
Response to Reply #41
54. thanks! (n/t)
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 02:59 PM
Response to Original message
47. Well, It's Hot
Edited on Sat Jul-09-11 03:00 PM by Demeter
87F or more since 10 am. I did all my chores, and it took longer than expected, but we got to the Celtic Festival by 11:30. By 2:30, the Kid was fit to be tied, so it's siesta time.

A shower, a dip in the pool (perfect temp), and y'all. What else could a girl ask for?

I'll be heading back later, but first, some blogging...

Another clip from Analyse This or That:

Boss Paul Vitti: Hey, I got news for you, you little two-bit prick, son-of-a-bitch, rat-bastard you did nothing for me! Whatever you did the other day didn't take! I'm still fucked up! You did fucking NOTHING for me!

Dr. Ben Sobel: Hey, what do you expect? I saw you for five minutes! I can't work miracles, Mr. Viti! And let me tell you something, I do not appreciate it when someone sneaks into my hotel room and kidnaps me in the middle of the night. I have a life, Mr. Viti, I have a family, and I have a serious practice, and I don't have time for your BULLSHIT!... That got away from me at the end there.

SOUNDS LIKE SOMETHING WE'D HEAR OUT OF DC, DOESN'T IT? CAST YOUR FAVORITE ECONOMIST AS SOBEL, AND AS FOR VITI...TAKE YOUR PICK OF POLITICIANS!

HERE'S ANOTHER GEM, SUITABLE FOR PARODY:

Boss Paul Vitti: I wasn't really gonna whack you.
Dr. Ben Sobel: Paul...
Boss Paul Vitti: Okay, I was gonna whack you. But I was real conflicted about it.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 03:28 PM
Response to Original message
48. Economists Cite Seasonal Variations for Jobs Miss (PATHETIC EXCUSES DEPT.)
http://www.bloomberg.com/news/2011-07-08/economists-stu...

...Not a single economist among 85 surveyed by Bloomberg News correctly forecast the 18,000 increase in payrolls in June reported by the Labor Department. Estimates ranged from a low of 60,000 to a high of 175,000. The median was 105,000 -- almost six times the actual number....How did economists get it so wrong?

Rupkey pointed to yesterdays report from ADP Employer Services, which showed that companies in the U.S. added 157,000 workers in June, more than twice as many as forecast by economists.

People revised up their numbers basically 24 hours ago on a report that apparently had no merit when it came to forecasting the actual number, Rupkey said.

The ADP report is based on data from about 340,000 companies with more than 21 million workers on payrolls. The Labor Department surveys 140,000 businesses and government agencies....
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 03:35 PM
Response to Original message
49. Obama's Raw Deal?
:nopity:

http://www.truth-out.org/obamas-raw-deal/1310136084

Suddenly Republican leaders in Congress, after months of staring down the Democrats over a potentially disastrous debt default, began blinking so fast that they might be signaling in Morse code. Although their message is muddled and illogical -- with House Majority Leader Eric Cantor, R-Va., saying he can accept closing tax loopholes only if such measures are "revenue neutral," thus canceling their budgetary value -- the Republicans now appear to understand that they will be blamed by voters if the negotiations collapse.

And Democrats appear to understand that they have the political advantage, as they voiced support for a proposal by Senate Budget Committee chair Kent Conrad, D-N.D., to reduce future deficits by $4 trillion with an even split between increased revenues and reduced spending.

But just when the Republicans are showing fear and losing momentum, there is one important Democrat who seems to think it is time to wave the white flag -- and give his enemies a historic victory on the eve of his own re-election bid...According to The Washington Post, President Obama wants "significant" cuts to Social Security and Medicare in exchange for Republican agreement to let tax breaks for the nation's wealthiest families expire at the end of this year. While White House press secretary Jay Carney would say only that the president is opposed to "slashing" Social Security benefits, that is a semantic dodge leaving open the prospect of substantial cuts.

Why would the president undermine his party's longstanding support for the two highly popular federal programs -- especially when polls consistently show overwhelming majorities in both parties continue to oppose cutting Social Security and Medicare benefits?

WHY, INDEED?
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 03:53 PM
Response to Reply #49
50. Falling Wages PAUL KRUGMAN
http://krugman.blogs.nytimes.com/2011/07/08/falling-wag... /

Ugh. That was a seriously ugly jobs report (pdf). Almost no job creation, with slow private-sector growth offset by falling public-sector employment; a falling employment-population ratio; and (I dont know how many people have picked this up), an actual decline in wages, albeit a small one.

Let me emphasize that last point. My bottom line on the inflation-deflation issue has always been to look at wages; you cant have a wage-price spiral if wages aint spiraling. And they arent, to say the least.

Its important to realize, by the way, that stagnant wages are NOT good for recovery; all they do is ensure that the burden of debt relative to income remains high, keeping demand and employment down.

The situation cries out for aggressively expansionary monetary and fiscal policy. Instead, however, all the political push is in the opposite direction.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 03:57 PM
Response to Reply #50
51. The Fatalist Temptation
http://krugman.blogs.nytimes.com/2011/07/09/the-fatalis... /

Im seeing more and more pieces like this one,(SEE LINK AT ORIGIN) in which pundits look at stubbornly high unemployment and declare that it must be structural something we just have to live with, or at least something that will take long-term policies (translation someone elses problem) rather than mere stimulus, to correct.

Bah humbug. Actually, worse than that, because this kind of fatalism corrodes whatever will we might have to actually deal with our problems...the truth about our slump that we know how to fix it, that we could fix it in a year if we had the political will, but that bad ideas and worse politicians are standing in the way makes people uncomfortable. They want to believe that we have a deep problem, and thats why were in such a mess.

The truth is that the fault lies not in our structure, but in ourselves.

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-09-11 03:59 PM
Response to Reply #51
52. There's No Recovery Because the Government Made it Official Policy Not to Prosecute Fraud
http://www.washingtonsblog.com/2011/07/theres-no-recove...


Fraud caused the Great Depression and it has caused the current financial crisis. But fraud is not not being prosecuted, and so it will occur again and again, and prevent a sustainable economic recovery...
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Hotler Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 08:40 AM
Response to Reply #52
60. Nothing is going to start to change until thousands of people...
take to the streets in mass protest. And that won't happen until more working class folks feel the pain. That is why I say let the repugs have the 2012 election. Let them finish driving the car over the cliff. Only then will the pain come. I have liberal friends that have the attitude "I have mine. Fuck everyone else." A fact that NASCAR can still sell out the stands (in Kansas)at a race is a sign that we are not there yet. I have no hope. I see no future.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 10:19 AM
Response to Reply #60
65. It's going to take millions of people
and a General Strike. Or maybe some general violence...we can't bribe the bastards, because they have all the money already. And they don't seem to respond to anything else.
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Fuddnik Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 08:32 AM
Response to Reply #49
59. Looks like Lucy pulled the football back........again.
Obama faces new obstacles in high-stakes debt talks
Failure to act may mean first-ever default on nation's financial obligations, which some warn could trigger global financial chaos

msnbc.com news services
updated 7/10/2011 6:22:37 AM ET



WASHINGTON President Barack Obama will try to salvage high-stakes debt talks on Sunday after Republicans pulled back from a joint effort to craft a broad $4 trillion deficit-reduction deal as part of a plan to avoid a government default.

On the eve of bipartisan negotiations hosted by Obama, House of Representatives Speaker John Boehner facing stiff opposition from fellow Republicans over the prospects of higher taxes as part of a large-scale deal told the president he would only pursue a smaller, $2 trillion package .

A deficit reduction agreement is crucial to winning Republican support for an increase in the nation's debt ceiling. The government's borrowing capacity is currently capped at $14.3 trillion and administration officials say the United States will go into default without action by Aug. 2.

Expectations for Sunday's meeting took an abrupt turn Saturday after Boehner informed Obama that the smaller package identified but not agreed to by bipartisan negotiators was more realistic.;;

http://www.msnbc.msn.com/id/43701378/ns/politics-white_... /
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bread_and_roses Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 08:11 AM
Response to Original message
56. I tried to watch the 2nd Wall Street movie last night ...
Edited on Sun Jul-10-11 08:12 AM by bread_and_roses
... but about 2/3 through I just gave up ...it all seemed old, tired - rather like Michael Douglass looks...I just couldn't find it in my self to care about these people, in their lofts, running around "the street..."

It's also impossible for me to be "entertained" by any revisit of the '08 collapse, given what's happened since - or, more accurately, what's not happened.
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Fuddnik Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 08:28 AM
Response to Reply #56
58. Kramer had a bigger cameo than Charlie Sheen.
I sat through the whole thing. It sucked.
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Fuddnik Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 08:26 AM
Response to Original message
57. BofA makes CoC an offer they can't refuse. Foreclosure!
Tarpon Springs Chamber of Commerce's building in foreclosure

By Demorris A. Lee, Times Staff Writer
In Print: Sunday, July 10, 2011


TARPON SPRINGS The organization that's charged with fostering the town's business growth has fallen on hard times. The building that the Greater Tarpon Springs Chamber of Commerce has owned for 16 years is in foreclosure and the chamber must pack up and leave by Friday.

At 10 a.m. that day, the 5,094-square-foot building at 11 E Orange St., purchased by the chamber in 1995, will go on the auction block.

"It was a great idea at the time when it was a whole different economy," chamber president Sue Thomas said of owning the Orange Street building. "A lot has changed with the economy, and we have to deal with changes that are beyond our control. But one of the positive things is we are moving onto Tarpon Avenue."

The chamber, which has three employees, will now lease a storefront at 11 E Tarpon Ave., the city's main street. To offset the cost of rent, it will share the space with the Tarpon Springs Art Association, which is operating a gallery there called Artists' Faire Art Gallery & Gifts.

http://www.tampabay.com/news/business/tarpon-springs-ch...
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Hotler Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 08:42 AM
Response to Original message
61. k&r Thanks for Weekend Economics and SMW n/t
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 10:14 AM
Response to Original message
63. Weekend Report
Edited on Sun Jul-10-11 10:16 AM by Demeter
the Celtic Festival evening reduces to one stage with live music and dance, food and drink. It started to cool down once the sun was below the trees. The crowd wasn't overwhelming, and a good time was had by all.

Sunday (today) I went out to garden and by 8:30 it was too hot and humid to continue. Since temperature didn't drop below 70F last night, this is only to be expected. The Kid and I are going to hide out in a cool, dark theater for a while....but there will be more posts after...the in-box is getting fatter again.

*******************************************************************************

Primo: "I'd like to see a movie, but it's nothing but this shoot-em-up action bullshit. I get enough of that at work."
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 10:15 AM
Response to Reply #63
64. Tony Bennett - Once Upon A Time
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 10:25 AM
Response to Original message
66. Fruitless talks mean Greek rescue may be weeks away
http://www.irishtimes.com/newspaper/finance/2011/0709/1...

EURO ZONE finance ministers are discussing whether they might attempt to run the gauntlet of a selective default rating on Greece as they seek private creditor participation in a second bailout for the country.

Well-placed officials said the ministers are looking into the feasibility of pressing ahead with a French burden-sharing initiative even though rating agency Standard & Poors (S&P) warned this week such a scheme would prompt a default rating.

This raises the prospect of a big escalation of tension with the European Central Bank, which remains implacably opposed to any manoeuvre which results in a selective default on Greek debt. The ECBs stance is grounded in the fear of dangerous contagion in financial markets in the event of a sovereign default.

After days of fruitless talks this week on private creditor participation in a second Greek rescue, officials acknowledge agreement may not be possible for several weeks.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 10:26 AM
Response to Reply #66
67. ECB waives credit rules on debt of Portugal
http://www.irishtimes.com/newspaper/finance/2011/0708/1...

WITH NO sign of any easing in the tension in sovereign bond markets, the European Central Bank yesterday responded to Moodys sharp downgrade of Portugal by waiving its credit rating threshold on its debt.

The turmoil in the euro zone prompted another spike in notional Irish borrowing costs as Spanish and Italian debt came under pressure in the wake of the surprise junk rating on Portugal. Irish 10-year bond yields jumped above 13.4 per cent and the yield on two-year paper came close to 16 per cent, levels at which a return to markets would be impossible.

Although Dublin fears the relentless volatility could derail its effort to re-enter private debt markets next year, ECB president Jean-Claude Trichet avoided saying yesterday what the Government should do about that.

He noted, however, the bailout plan was going in the right direction and said it was extremely important to apply the programme.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 03:58 PM
Response to Reply #66
69. Let's Be Real. There Isn't Going to Be Any "Rescue"
Drowning banksters cannot rescue each other (that's how Bear Stearns and Lehmans, Fannie and Freddie bit the dust), and the People are tapped out.

The frantic elitists are just trying to stave off catastrophe. Not manage it, mind you. Just push it into the next quarter, the next election, the next year...

Because to actually act adult about it would be TOO HARD. IT'S HARD WORK, DAMMIT! WHAT ARE YOU BOZOS GETTING PAID FOR, ANYWAY?

I think I have to go lie down for a while....

Oh, we saw the X-Men, First Class. Excellent production, gripping story. I tried to fall asleep, and simply couldn't. And there was even a Hugh Jackman cameo! And NO Patrick Stewart. The actor playing the younger Dr. X was quite charming, actually. No one has ever called Patrick Stewart charming (at least, not in my hearing).

And, it's still hot. My patio is half in order (and I have some ideas of how to proceed, which I didn't have yesterday!)
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-10-11 07:10 PM
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70. short video - The Greek Crisis Explained

The Greek Crisis Explained
http://vimeo.com/14852628


It's been busy day, trying to find a new basic cell phone. I never knew there were so styles, brands, and options.
Ok, now to catch up on the weekend articles.




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