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Tansy_Gold

(17,815 posts)
Wed Oct 31, 2012, 07:35 PM Oct 2012

STOCK MARKET WATCH -- Thursday, 1 November 2012

[font size=3]STOCK MARKET WATCH, Thursday, 1 November 2012[font color=black][/font]


SMW for 31 October 2012

AT THE CLOSING BELL ON 31 October 2012
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Dow Jones 13,096.46 -10.75 (-0.08%)
[font color=green]S&P 500 1,412.16 +0.22 (0.02%)
[font color=red]Nasdaq 2,977.23 -10.72 (-0.36%)


[font color=green]10 Year 1.69% -0.03 (-1.74%)
30 Year 2.86% -0.04 (-1.38%) [font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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[font size=2]Euro, Yen, Loonie, Silver and Gold[center]

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[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
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Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
Open Government
Earmark Database
USA spending.gov
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[div]
[font color=red]Partial List of Financial Sector Officials Convicted since 1/20/09 [/font][font color=red]
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. . .



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[font size=3][font color=red]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.[/font][/font][/font color=red][font color=black]


35 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
STOCK MARKET WATCH -- Thursday, 1 November 2012 (Original Post) Tansy_Gold Oct 2012 OP
And another good 'toon Tansy_Gold Oct 2012 #1
Post removed Post removed Oct 2012 #2
I see Romneyworld as more like San Angeles, in Demolition Man siligut Nov 2012 #3
"A good buying opportunity"??? Tansy_Gold Nov 2012 #4
It was kind of an aside, mixed with all of the concern and blame. siligut Nov 2012 #30
Rothchild caused the panic Po_d Mainiac Nov 2012 #35
He makes me think of the movie "Idiocracy." tclambert Nov 2012 #5
it's the Day Before Friday...so i'm trying out my new Bling xchrom Nov 2012 #6
Gah! My Eyes! Demeter Nov 2012 #17
my job here is done... xchrom Nov 2012 #19
The problem with emeralds Tansy_Gold Nov 2012 #23
Do they need a spokes model? Nt xchrom Nov 2012 #26
I gots first dibs! n/t Tansy_Gold Nov 2012 #29
i'm a day late and a dollar short, as usual. nt xchrom Nov 2012 #31
I'll share. n/t Tansy_Gold Nov 2012 #33
There's Been A Shift In Thinking On The Global Economy — And It's Not Good For The United States xchrom Nov 2012 #7
Same shit, different day Demeter Nov 2012 #18
The Depressing Truth About Europe's Youth Unemployment Nightmare xchrom Nov 2012 #8
Sandy Slamming New Jersey’s Already Struggling Housing Market xchrom Nov 2012 #9
Next Marilyn Sought to Sell Emeralds Over Diamonds: Commodities xchrom Nov 2012 #10
They need to hire a Slytherin for that Demeter Nov 2012 #24
Treasuries Fall, Snap Three-Day Gain, as China Factories xchrom Nov 2012 #11
Barclays faces further regulatory scrutiny as it braces for US fine xchrom Nov 2012 #12
Get ready for the triple-dip recession{uk} xchrom Nov 2012 #13
UK manufacturing slowdown continues xchrom Nov 2012 #14
US WORKER PRODUCTIVITY GREW 1.9 PCT. RATE IN Q3 xchrom Nov 2012 #15
WEEKLY US JOBLESS AID APPLICATIONS FALL TO 363K xchrom Nov 2012 #16
Catch 22 Demeter Nov 2012 #20
China manufacturing activity at three-month high xchrom Nov 2012 #21
A Crusading Journalist's Arrest Spurs Greek Anger DemReadingDU Nov 2012 #22
Journalism is dead in this country--We are Greece! Demeter Nov 2012 #25
UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT Demeter Nov 2012 #27
Time for Miracle Max--150 points, coming up! Demeter Nov 2012 #28
AnneD writes the sequel.... AnneD Nov 2012 #34
Madrid reveals plans to farm out healthcare to private sector xchrom Nov 2012 #32

Response to Tansy_Gold (Original post)

siligut

(12,272 posts)
3. I see Romneyworld as more like San Angeles, in Demolition Man
Thu Nov 1, 2012, 12:06 AM
Nov 2012

A Theocracy with the workers and haves living above ground. Heard the usual fiscal cliff concern on CNBC this morning, but one of them slipped in what a good buying opportunity going over would present.

siligut

(12,272 posts)
30. It was kind of an aside, mixed with all of the concern and blame.
Thu Nov 1, 2012, 12:00 PM
Nov 2012

Of course it is an old meme and there are quite a few wealthy people who got that way by clear thinking during chaotic times.

Baron Rothschild, an 18th century British nobleman and member of the Rothschild banking family, is credited with saying that "The time to buy is when there's blood in the streets."

He should know. Rothschild made a fortune buying in the panic that followed the Battle of Waterloo against Napoleon. But that's not the whole story. The original quote is believed to be "Buy when there's blood in the streets, even if the blood is your own."

Read more: http://www.investopedia.com/articles/financial-theory/08/contrarian-investing.asp#ixzz2AzETOnke


Warren Buffet weighs in with, "You pay a very high price in the stock market for a cheery consensus." I see Warren Buffet as a cerebral, but moral man and listen when he speaks.

Ultimately, no matter what we are told, war is about resources.

Po_d Mainiac

(4,183 posts)
35. Rothchild caused the panic
Thu Nov 1, 2012, 03:55 PM
Nov 2012

with a false rumor that the French won at Waterloo.

His bankster code of ethics survives to this day.

Tansy_Gold

(17,815 posts)
23. The problem with emeralds
Thu Nov 1, 2012, 10:13 AM
Nov 2012

is that they don't sparkle. They are almost always flawed with various inclusions, which inhibits the refraction of light that generates sparkle.

As much as I love emeralds, chrome tourmalines are far flashier.


xchrom

(108,903 posts)
7. There's Been A Shift In Thinking On The Global Economy — And It's Not Good For The United States
Thu Nov 1, 2012, 07:22 AM
Nov 2012
http://www.businessinsider.com/new-conventional-wisdom-asia-and-europe-coming-back-us-slowing-2012-11

The latest batch of global manufacturing data is helping to confirm a shift in conventional wisdom that's been brewing over the last couple of weeks.

Whereas before, the thinking was that the US economy was the lone pillar of strength in a world that was seeing declines in Europe and China, the new thinking is that Europe and China are starting to turn the corner, and that the US is just starting to hit its slowdown. Today's manufacturing and trade data from Asia confirm the idea that Asia is turning around.
In a note to clients yesterday, SocGen's Sebastien Galy wrote:

The economic theme has been that as the US economic data improved, the Asian one eventually followed led by South Korea and then China in a fairly traditional recovery. The US picture is now on the margin more mixed, while Canada is taking a larger than expected correction from the consequence of the slowdown in Asia. If one continues this logic China and South Korea should surprise to the upside while the picture is more mixed in the US.

?maxX=575&maxY=381


Read more: http://www.businessinsider.com/new-conventional-wisdom-asia-and-europe-coming-back-us-slowing-2012-11#ixzz2Ay8t1C6D

xchrom

(108,903 posts)
8. The Depressing Truth About Europe's Youth Unemployment Nightmare
Thu Nov 1, 2012, 07:26 AM
Nov 2012
http://www.businessinsider.com/europe-youth-unemployment-2012-10?op=1

Youth unemployment is rising steadily in the EU as the economic crisis in Europe deepens.
The latest data reveals an EU-wide youth unemployment rate of 22.8 percent, up from 21.7 percent a year ago as those under 25 continue to lose their jobs to the economic slowdown.
Meanwhile, the politics of the crisis are becoming more intense, and thousands have taken to the streets in countries like Spain, Portugal, Greece, Italy, and even France in recent months to voice their anger with government austerity measures that have exacerbated the unemployment issue.


Germany

AP Images
Youth unemployment:
8.0%
Overall unemployment:
5.4%


Netherlands

AP Images
Youth unemployment:
9.7%
Overall unemployment:
5.4%


Austria

David Turnley/Getty Images
Youth unemployment:
9.9%
Overall unemployment:
4.4%

xchrom

(108,903 posts)
9. Sandy Slamming New Jersey’s Already Struggling Housing Market
Thu Nov 1, 2012, 07:34 AM
Nov 2012
http://www.bloomberg.com/news/2012-11-01/sandy-slamming-new-jersey-s-already-struggling-housing-market.html

Cody Buck rebuilt his home in Sayreville, New Jersey, after Hurricane Irene knocked it down last year. Yesterday, Buck showed New Jersey Governor Chris Christie how superstorm Sandy destroyed the house again.

“I think, governor, we need to level the whole neighborhood, give everybody a check and get out of here,” Buck said, according to a pool report by journalists covering Christie’s tour of the hurricane-racked state.

Sandy’s brutal arrival Oct. 29 was the latest blow to homeowners in New Jersey, where foreclosures continued to rise and real estate prices to fall after most of the U.S. housing market began to recover last year. The Atlantic storm claimed eight lives in New Jersey and drove 6,329 people to shelters. About 2.05 million residences and businesses, more than half of those in the state, were still without power at 2 p.m., according to the U.S. Energy Department.

“New Jersey was a laggard before the storm even came along and the storm won’t help,” Sam Khater, deputy chief economist for CoreLogic Inc., a real-estate information service, said from his office in Tysons Corner, Virginia.

xchrom

(108,903 posts)
10. Next Marilyn Sought to Sell Emeralds Over Diamonds: Commodities
Thu Nov 1, 2012, 07:38 AM
Nov 2012
http://www.bloomberg.com/news/2012-11-01/next-marilyn-sought-to-sell-emeralds-over-diamonds-commodities.html


Rarer than diamonds yet cheaper, emeralds are gaining among consumers.

Ian Harebottle is searching for a global celebrity to do for emeralds what Marilyn Monroe and Audrey Hepburn did for diamonds.

The chief executive officer of Gemfields Plc (GEM), the biggest producer of the green stones, said he wants “to bring in an A- lister to be the face of emeralds,” mirroring what the actresses did in past decades that helped then-monopoly producer De Beers sell diamonds as symbols of lasting love. Clear gems still dominate today’s $21 billion precious stone industry.

Rarer than diamonds yet cheaper, emeralds are gaining among consumers. At current growth rates they may take more than 20 percent of their competitor’s market share within two decades, according to the trade group the International Diamond Manufacturers Association. Gemfields’ share price has gained 78 percent this year.

“Sometimes rarity is not an asset,” Harebottle said in an interview. “You need the volumes of supply, which is what we’re doing.”

xchrom

(108,903 posts)
11. Treasuries Fall, Snap Three-Day Gain, as China Factories
Thu Nov 1, 2012, 07:39 AM
Nov 2012
http://www.bloomberg.com/news/2012-11-01/treasuries-fall-as-market-opens-after-sandy-home-prices.html

Treasuries fell, snapping a three-day gain, after Chinese manufacturing output rose in October and economists said a U.S. report today will show factories expanded and construction spending increased.
U.S. government securities declined for a third month in October, the longest slide since the last quarter of 2010, according to Bank of America Merrill Lynch indexes. The MSCI All-Country World Index (MXWD) of shares returned 4.9 percent over the past three months. Treasuries are “unlikely” to produce higher returns in the next few years, James W. Paulsen, chief investment strategist at Wells Capital Management Inc. in Minneapolis, wrote in a report yesterday.
“There are signs of improvement in the U.S. economy,” said Michael Quach, a global investment strategist at Smith & Williamson Investment Management Ltd. in London. “Yields will probably rise from here, but I don’t think they will move much higher because the recovery is far from robust.”
The benchmark 10-year yield rose two basis points, or 0.02 percentage point, to 1.71 percent at 10:14 a.m. in London, according to Bloomberg Bond Trader prices. The 1.625 percent note due in August 2022 fell 6/32, or $1.88 per $1,000 face amount, to 99 7/32.

xchrom

(108,903 posts)
12. Barclays faces further regulatory scrutiny as it braces for US fine
Thu Nov 1, 2012, 07:41 AM
Nov 2012
http://www.guardian.co.uk/business/2012/oct/31/barclays-regulatory-scrutiny-third-quarter-loss

Barclays has revealed that an investigation into the way it had raised cash from Middle Eastern investors during the 2008 banking crisis has crossed the Atlantic. It also admitted it had sunk to a loss in the third quarter of the year, and its battered reputation took a further hit when a US regulator threatened a $470m penalty (£290m) over allegations that Barclays attempted to manipulate the Californian energy price.

The bank said US regulators are now looking at the fundraising from Middle Eastern investors that saved the bank from a government bailout at the time of the meltdown. That deal is also being investigated by the Financial Services Authority and the Serious Fraud Office.

Antony Jenkins, promoted to chief executive after Bob Diamond (pictured below) left in the wake of the Libor-rigging scandal, conceded that the bank still had more to do to bolster its reputation, which has taken numerous hits in recent months.

xchrom

(108,903 posts)
13. Get ready for the triple-dip recession{uk}
Thu Nov 1, 2012, 08:03 AM
Nov 2012
http://www.guardian.co.uk/business/economics-blog/2012/oct/31/triple-dip-recession-brace-yourself

Manufacturing and construction survey data published over the next couple of days should give a clearer picture of the economy's trajectory than the confusing response of consumers reported earlier this week.

According to the consumer surveys, we are spending more in the shops and borrowing more on unsecured credit than at any time since the beginning of the year.

But the surveys also said consumer confidence in the outlook for the economy had fallen. Worse, some economists argue the extra borrowing was all about desperate consumers adding to their debts just to buy food and clothes – not to splash out in joy at the country leaving recession. (OK: the consumer/retail surveys were carried out before ONS figures showed the recession was over, but you get the point). And, as my colleague Larry Elliott has pointed out, the upturn in borrowing is still from historically low levels.

So the consumer is confused, but weak figures from the manufacturing sector during October would be more definitive. A repeat of the recent contraction in construction could also show that Britain is on course to suffer an unprecedented third recession in four years.

xchrom

(108,903 posts)
14. UK manufacturing slowdown continues
Thu Nov 1, 2012, 08:06 AM
Nov 2012
http://www.guardian.co.uk/business/2012/nov/01/uk-manufacturing-slowdown-continues-gdp


Plans to rebalance the economy towards manufacturing appear to be on the rocks after figures showed activity in the sector contracted for the sixth straight month in October.

The CIPS/Markit Purchasing Managers' Index (PMI) fell to 47.5 from a downwardly revised 48.1 in September, dipping further below the 50 mark which separates growth from contraction.

The downturn worsened as companies received fewer orders and costs rose at a faster pace than in September, forcing firms to cut jobs and scale back investment plans.

News that manufacturers are continuing to cut production will sound alarm bells in the Treasury and the Department for Business, Innovation and Skills, which have argued for a shift in policy towards creating the conditions that favour industrial production.

xchrom

(108,903 posts)
15. US WORKER PRODUCTIVITY GREW 1.9 PCT. RATE IN Q3
Thu Nov 1, 2012, 09:07 AM
Nov 2012
http://hosted.ap.org/dynamic/stories/U/US_PRODUCTIVITY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-11-01-08-48-10

WASHINGTON (AP) -- U.S. worker productivity grew at the same modest rate this summer as in spring, a sign that companies may be nearing the limits on how much output they can get from their employees.

The Labor Department said Thursday that worker productivity increased at a modest 1.9 percent annual rate from July through September, matching the April-June quarter rate. Labor costs fell at a 0.1 percent rate after having risen at a 1.7 percent rate in the second quarter.

Productivity is the amount of output per hour of work. Weaker productivity can be a hopeful sign for job creation. It often means companies can't squeeze much more output from their staffs and must hire to meet demand.

Over the past year, productivity has risen just 1.5 percent. That's half the average growth that companies saw in 2009 and 2010, shortly after many laid off workers to cut costs during the Great Recession.

xchrom

(108,903 posts)
16. WEEKLY US JOBLESS AID APPLICATIONS FALL TO 363K
Thu Nov 1, 2012, 09:09 AM
Nov 2012
http://hosted.ap.org/dynamic/stories/A/AP_US_UNEMPLOYMENT_BENEFITS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-11-01-08-45-43

WASHINGTON (AP) -- Weekly applications for unemployment benefits dropped 9,000 to a seasonally adjusted 363,000 last week, a level consistent with modest hiring.

The report comes just before Friday's October jobs data, the last broad snapshot of the economy before the presidential election Tuesday. The still-weak job market has been a top issue for voters during the campaign.

The Labor Department said Thursday that the four-week average of claims, a less volatile measure, declined to 367,250. The average has been around that level for three months.

A department spokesman said Hurricane Sandy had no effect on the number of applicants. The report covered the week ending Oct. 27, before the storm reached shore.

xchrom

(108,903 posts)
21. China manufacturing activity at three-month high
Thu Nov 1, 2012, 09:47 AM
Nov 2012
http://www.bbc.co.uk/news/business-20163720

Manufacturing activity in China expanded for the first time in three months, a sign that the country could be recovering from its slowest pace of growth in three years.

The Purchasing Managers' Index (PMI) rose to 50.2 in October from 49.8 in September, government data showed.

China's economy has been suffering as demand for its exports dropped in key markets.

The positive number comes a week before the once-in-a-decade leadership change.

DemReadingDU

(16,000 posts)
22. A Crusading Journalist's Arrest Spurs Greek Anger
Thu Nov 1, 2012, 09:54 AM
Nov 2012

audio at link, appx 4 minutes

11/1/12 A Crusading Journalist's Arrest Spurs Greek Anger
The Greek government faces widespread condemnation for prosecuting Kostas Vaxevanis, a 46-year-old investigative journalist who recently published the names of Greeks who may have sent billions to Swiss bank accounts. Vaxevanis, one of Greece's best-known reporters, is in court in Athens on Thursday to face charges that he violated data protection laws by publishing the list of names in Hot Doc, the biweekly magazine he edits. If convicted, he faces up to five years in prison. When the magazine hit newsstands Saturday, it set off a quicksilver response by the Greek judicial system, which is infamous for its glacial pace. Within hours, police issued a warrant for Vaxevanis' arrest. By Monday, he was facing a judge to set a trial date. When he emerged from the courtroom, more than 200 supporters applauded him. "Journalism is printing what someone else does not want printed," he told the crowd, quoting George Orwell. "The rest is public relations."

more...
http://www.npr.org/2012/11/01/164070809/a-crusading-journalists-arrest-spurs-greek-anger

 

Demeter

(85,373 posts)
25. Journalism is dead in this country--We are Greece!
Thu Nov 1, 2012, 10:58 AM
Nov 2012

"Journalism is printing what someone else does not want printed," he told the crowd, quoting George Orwell. "The rest is public relations."

 

Demeter

(85,373 posts)
27. UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT
Thu Nov 1, 2012, 11:03 AM
Nov 2012


http://www.dol.gov/opa/media/press/eta/ui/eta20122167.htm#.UJKOr2fbQoo

UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 339,750 in the week ending October 27, a decrease of 5,476 from the previous week. There were 369,647 initial claims in the comparable week in 2011.

The advance unadjusted insured unemployment rate was 2.2 percent during the week ending October 20, unchanged from the prior week's unrevised rate. The advance unadjusted number for persons claiming UI benefits in state programs totaled 2,839,018, an increase of 23,295 from the preceding week. A year earlier, the rate was 2.5 percent and the volume was 3,199,527.

The total number of people claiming benefits in all programs for the week ending October 13 was 5,035,367, an increase of 112,147 from the previous week. There were 6,783,614 persons claiming benefits in all programs in the comparable week in 2011.

Extended Benefits were only available in New York during the week ending October 13.

Initial claims for UI benefits filed by former Federal civilian employees totaled 1,586 in the week ending October 20, a decrease of 405 from the prior week. There were 2,817 initial claims filed by newly discharged veterans, a decrease of 7 from the preceding week.

There were 18,144 former Federal civilian employees claiming UI benefits for the week ending October 13, an increase of 575 from the previous week. Newly discharged veterans claiming benefits totaled 39,718, an increase of 1,603 from the prior week.

States reported 2,098,646 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending October 13, an increase of 45,689 from the prior week. There were 2,945,642 persons claiming EUC in the comparable week in 2011. EUC weekly claims include first, second, third, and fourth tier activity.

The highest insured unemployment rates in the week ending October 13 were in Alaska (4.0), Puerto Rico (3.7), Virgin Islands (3.4), New Jersey (3.2), California (3.1), Pennsylvania (3.1), Connecticut (3.0), Oregon (2.8), Nevada (2.7), Arkansas (2.6), Illinois (2.6), New York (2.6), and North Carolina (2.6).

The largest increases in initial claims for the week ending October 20 were in North Carolina (+2,400), Pennsylvania (+1,679), New Jersey (+1,575), Georgia (+1,477), and Tennessee (+888), while the largest decreases were in California (-16,586), Florida (-2,414), Texas (-1,572), Michigan (-1,308), and Ohio (-1,214).
 

Demeter

(85,373 posts)
28. Time for Miracle Max--150 points, coming up!
Thu Nov 1, 2012, 11:25 AM
Nov 2012




Miracle Max: You rush a miracle man, you get rotten miracles.

Miracle Max: Have fun stormin' da castle.
Valerie: Think it'll work?
Miracle Max: It would take a miracle.

AnneD

(15,774 posts)
34. AnneD writes the sequel....
Thu Nov 1, 2012, 02:39 PM
Nov 2012

A banker, clutching the economy, jumps off the cliff, killing them both.
Miracle Max: He probably owes you money huh? I'll ask him.
John Q Public: He's dead. He can't talk.
Miracle Max: Whoo-hoo-hoo, look who knows so much. It just so happens that your friend here is only MOSTLY dead. There's a big difference between mostly dead and all dead. Mostly dead is slightly alive. With all dead, well, with all dead there's usually only one thing you can do.
John Q Public: What's that?
Miracle Max: Go through his clothes and look for loose change.

xchrom

(108,903 posts)
32. Madrid reveals plans to farm out healthcare to private sector
Thu Nov 1, 2012, 12:17 PM
Nov 2012
http://elpais.com/elpais/2012/10/31/inenglish/1351714036_797284.html

Madrid premier Ignacio González on Wednesday unveiled plans to privatize a substantial part of the region’s health system as part of an austerity budget for next year.

González recently took over the premiership from Esperanza Aguirre, who, during her nine years in office, had become something of a standard bearer for the liberal faction of the ruling Popular Party whose ideas are now being adopted by other regions in Spain governed by the party.

Under González’s proposals, the administration of six recently built hospitals will be tendered out to the private sector. Planned healthcare spending in the region for next year has been cut by seven percent to 7.108 billion euros, which makes up 45 percent of the budget for next year of 17.048 billion.
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