Economy
Related: About this forumSTOCK MARKET WATCH -- Wednesday, 30 May 2012
[font size=3]STOCK MARKET WATCH, Wednesday, 30 May 2012[font color=black][/font]
SMW for 29 May 2012
AT THE CLOSING BELL ON 29 May 2012
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Dow Jones 12,580.69 +125.86 (1.01%)
S&P 500 1,332.42 +14.60 (1.11%)
Nasdaq 2,870.99 +33.46 (1.18%)
[font color=red]10 Year 1.74% +0.02 (1.16%)
30 Year 2.85% +0.02 (0.71%) [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
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Yahoo Finance
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Daily Job Cuts
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[font color=black][font size=2]Handy Links - Economic Blogs:[/font][/font]
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The Big Picture
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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
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[/center][font color=black][font size=2]Handy Links - Videos:[/font][/font]
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Charlie Rose talks with Roubini
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William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
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Financial Sector Officials Convicted since 1/20/09 = [/font][font color=red]12[/font]
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
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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]
FarCenter
(19,429 posts)http://ftalphaville.ft.com/blog/2012/05/29/1021101/the-decline-of-us-shadow-banking-charted/
Demeter
(85,373 posts)FarCenter
(19,429 posts)Demeter
(85,373 posts)Fannie, Freddie and Ginnie all bundle and sell off their loans to whomever they can convince to buy them.
However, all the mortgage mills aren't doing liar loans anymore, nor feeding their fraudulent loans to Credit Suisse or Goldman Sachs or another such, as was done prior to 2008. EVERYBODY was making MBS back then.
I have first-hand knowledge of this...when the coop where I live converted to condos, a week or so after Lehman's went up in a blaze of glory, our conversion specialist spent MONTHS trying to get someone to lend to our community's members. It wasn't local banks doing individual mortgages, it was some big firm bundling up the 200 or so mortgages into a security that they could sell off to "investors".
Up until our conversion, it was a piece of cake. The specialist had buddies all over. But for our conversion, it was a life-or-death struggle. The upshot of that difficulty was that the least financially secure in our community were shaken out--they either had to sell, or lost their homes to foreclosure. More than one simply walked away, others hung on to the bitter end, hoping that something would change so they could refinance, even though they were under water and not creditworthy by the sharply raised standards.
Conversion was supposed to take 2 years. It will be 4 years in October, and perhaps the last unit will have been foreclosed, evicted and sold....on the other hand, we've had only one foreclosure in 4 years of the converted units (that we know of). It's a brutal process, to be sure.
FarCenter
(19,429 posts)Once they were placed in conservatorship, they become government securities, like treasuries.
Note the blip in the graph when money market funds were guaranteed, and then the guarantee by Treasury was removed.
See Exhibit 4 of the article for other estimates of shadow banking size, which may include the GSEs.
Demeter
(85,373 posts)I wonder if that appeased China.
westerebus
(2,976 posts)Car loans, student loans, consumer loans for white goods and big screen HDTVs, lease loans for manufacturing,mining,food processing equipment.
Starts to add up after awhile.
Demeter
(85,373 posts)Two of the best-known business dynasties in Europe and the US will come together after Lord Jacob Rothschilds listed investment trust and Rockefeller Financial Services agreed to form a strategic partnership
Read more >>
http://link.ft.com/r/EB8122/VLIIZ4/CWSVD/L9BGIA/R3DAF5/50/t?a1=2012&a2=5&a3=29
IF THERE'S A GOD, IT WILL IMPLODE WORSE THAN JPMORGAN...
Demeter
(85,373 posts)A Spanish plan to recapitalise Bankia, the troubled lender, by indirectly tapping the European Central Bank for cash, was bluntly rejected as unacceptable by the ECB, European officials said
Read more >>
http://link.ft.com/r/19JYUU/8ZLL7Y/ULCJB/FKPG8M/B58NAE/MQ/t?a1=2012&a2=5&a3=29
THE ECB REALLY DOESN'T UNDERSTAND ITS REASON FOR EXISTENCE, DOES IT?
Demeter
(85,373 posts)....When Jamie Met Mike
Its not a pretty picture: In one corner is the Senator who wants to strike down Federal child labor laws and offer American residency to any non-citizen who buys a home with cash. In the other is the bank whose CEO said that the best way to relieve the crushing burden of debt on homeowners is by seizing their homes. Giving debt relief to people that really need it, said Dimon, that's what foreclosure is. That comment is Dickensian in its insensitivity - and Dimon's bank offered real relief to the Senator from Utah. The story of the short sale on Sen. Mike Lees home broke broke shortly not long after the world learned that JPM lost billions of dollars through trading that might have been illegal, and about which it certainly misled investors...
This was also the week we learned from Zillow, one of the nations leading real estate data companies, that there are far more underwater homeowners than previously thought. Zillow collated all the information on home loans, including second mortgages, in order to develop this larger and more accurate number. The new estimated amount of negative equity - money owed to the banks for non-existent home value - is $1.2 trillion. Zillow found that nearly 16 million homeowners, representing roughly a third of all homes with a mortgage, were underwater (meaning they owe more than the home is now worth). Thats about 50 percent more than had been previously believed. Many of these homeowners are desperate for principal reduction, which would allow them to get back on their feet. Banks can reduce the amount owed to reflect the current value of the house, which would lower monthly payments for many struggling homeowners. Another option is the short sale, in which the bank lets them sell the house for its current value and walk away. That would allow many of them to relocate in search of work. But the banks, along with their allies in Washington DC, have been fighting principal reduction and resisting any attempts to increase the number of short sales. They remain out of reach for most struggling homeowners.
Mikes Deal
But Mike Lee didnt have that problem. Lee was elected to the Senate after buying his luxury home in Alpine, Utah at the height of the real estate boom. JPMorgan Chase agreed to a short sale, and it sold for nearly $400,000 less than the price Lee paid for it four years ago. Sen. Lee says that he made a down payment on the home, although he hasn't said how much was involved. But if he paid 15 percent down and put in $150,000, for example, then the Senator from Utah was just allowed to walk away from a quarter of a million dollars in debt obligations to JPMorgan Chase.
Let's see: A troubled bank gives a sitting member of the United States Senate an advantageous deal worth hundreds of thousands of dollars? Youd think a story like that would get a little more attention than it has so far.... Lee accepted a handout of JPMorgan Chase after voting to end unemployment for jobless Americans. Lee also argued against Federal child labor laws, although he did acknowledge that child labor is reprehensible. How big a hypocrite is Mike Lee? His website (which, curiously enough, went down as we wrote these words) says he believes the federal government's out-of-control spending has evolved into a major threat to our economic prosperity and job creation and that he came to Washington to, among other things, properly manage our finances. Lee's website also scolds Congress because, he says, it cannot live within its means....Needless to say, Lee also advocates drastic cuts to Social Security and Medicare while pushing lower taxes for the wealthy - and plumping for exactly the same kind of deregulation which let bankers to run amok and wreck the economy in 2008 by doing things like ... well, like what JPMorgan Chase just did in London. Lee has also co-sponsored a bill with Chuck Schumer, the Democratic Senator from Wall Street New York, that would grant US residency to foreigners who purchase a home worth at least $500,000 - as long as they paid cash. The Lee/Schumer bill would be a big boon to US banks - banks, in fact, like JPMorgan Chase. If it passes, the Statue of Liberty may need to be reshaped so that Lady Liberty is holding a book of real estate listings in her right hand while wearing a hat that reads Million Dollar Sellers' Club. Mike Lees bill would also have propped up the luxury home market, offering a big financial boost to people who are struggling to hold to the equity theyve put into high-end homes, people like ... well, like Mike Lee.
Both the bank and the Senator need to answer some questions about this deal. Heres what the public deserves to know:
Could the writedown on the homes value be considered an in-kind gift to a sitting Senator?
If so, then we have a very real scandal on our hands. But we dont know enough to answer that question yet.
What are JPMorgan Chases procedures for deciding who receives mortgage relief and who doesnt?
Dimon may prefer to handle these matters on a loan by loan basis, but there must be guidelines that bank officers can follow. And presumably theyve been written down somewhere. Were they followed in Mike Lees case?
Who was involved in the decision to offer this deal to Mike Lee?
Offering mortgage relief to a sitting Senator is, to borrow a phrase, a big elfin deal. A mid-level bank officer isnt likely to handle a case like this without taking it up the chain of command. So who made the final decision on Mike Lees mortgage?
It wouldnt be unheard of if a a sensitive matter like this one was escalated to all the way to the companys most senior executive - especially if that executive has eliminated any checks on his power, much less any independent input from shareholders, by serving as both the Chair(man) of the Board and the CEO.
In this, as in so many of JPMs scandals, the question must be asked: What did Jamie know, and when did he know it?
Is Mike Lee a Friend of Jamie?
Which raises a related question: Is there is a formal or informal list of people for whom JPM employees are directed to give preferential treatment?
Everybody remembers the scandal that surrounded Sen. Chris Dodd when it was learned that his mortgage was given favorable treatment by Countrywide - even though the Senator apparently knew nothing about it at the time. The world soon learned then that Countrywide had a VIP program called Friends of Angelo, named for CEO Angelo Mozilo, and those who were on the list got special treatment.
Is there a Friends of Jamie list at JPMorgan Chase - and is Mike Lees name on it?
Were there any discussions between the banks executives and the Senator regarding the foreign home buyer's bill or any other legislation that affected Wall Street?
Until this question is answered the issue of a possible quid pro quo will hang over both the Senator and JPMorgan Chase.
Seriously, guys - this doesn't look good.
Was MERS used to evade state taxes and recording requirements on Sen. Lees home?
JPMorgan Chase funded, and was an active participant, in the MERS program which was used, among other things, to bypass local taxes and legal requirements for recording titles.
MUCH MORE AT LINK
Demeter
(85,373 posts)Mighty Ben has QE'D Japan out.
Demeter
(85,373 posts)A story in today's LA Times describes in rare detail why US healthcare is insanely expensive. It's not due to patients who expect too much, high-tech medicine or burdensome regulations. No, it's the result of insurance industry bureaucracy and greed. While many consumers have long suspected that, hard evidence has been elusive. Now, an investigation by the Los Angeles Times has turned up that hard evidence.
Evidence shows that healthcare costs are arbitrary and capricious.
The LA Times article, "Healthcare's High Cost: Many hospitals, doctors offer cash discount for medical bills," provides data showing that healthcare costs are neither realistic nor consistent. Americans purchase insurance with the expectation of getting reduced out-of-pocket healthcare costs, but instead pay more than they would if they just paid cash--sometimes, much, much more. Example:
Los Alamitos Medical Center, for instance, lists a CT scan of the abdomen on a state website for $4,423. Blue Shield says its negotiated rate at the hospital is about $2,400.
When The Times called for a cash price, the hospital said it was $250. [LATimes]
TalkingDog
(9,001 posts)n/t
Demeter
(85,373 posts)I'm not brave enough to go there, most days.
AnneD
(15,774 posts)Most of the time, I just refuse to put my hand in the crazy though....but you guys know that.
Demeter
(85,373 posts)Christine Lagarde earns ire of Greek politicians after referring to tax evaders in an interview with a UK newspaper...
http://www.aljazeera.com/news/europe/2012/05/201252723320467618.html
Christine Lagarde, managing director of the International Monetary Fund (IMF), has earned the ire of Greek politicians after she made comments that they say brand the Greek people as tax-dodgers in comments to a British newspaper. In an interview published on Friday, Largarde told Britain's Guardian newspaper she has to tell poor countries with per capita incomes of three to five thousand dollars per year to cut their budgets, poor countries who have no or inadequate health care or education, while at the same time Greeks have been evading taxes for years.
"I think more of the little kids from a school in a little village in Niger who get teaching two hours a day, sharing one chair for three of them, and who are very keen to get an education. I have them in my mind all the time. Because I think they need even more help than the people in Athens," said Lagarde according to the Guardian.
Evangelos Venizelos, president of the Panhellenic Socialist Movement, accused Lagarde of trying to "humiliate" the debt-stricken country, which is facing its second election in six weeks. Alexis Tsipras, Coalition of the Radical Left leader, whose Syriza party is one of the two top contenders for the June 17 vote, insisted "Greek workers pay their taxes, which are unbearable".
Online reaction
The IMF managing director's comments drew more than 10,000 messages on her Facebook page, many of them angry or obscene.
AnneD
(15,774 posts)Brave Sir Robin ran away. He was not afaid to die, brave brave Sir Robin....
The fraudster can't get any more from Greece, that is why they want to kick the can to Africa. Altruistic my Aunt Sadie's Bloomers!
Demeter
(85,373 posts)You can understand why the U.S. government was so unhappy with Bradley Manning when we get to connect the dots on information like this:
Outside the capital, Baku, near the giant BP terminal, we found workers, though too frightened to give their names, who did confirm that they were evacuated from the BP offshore platform as it filled with explosive methane gas.
Before we could get them on camera, my crew and I were arrested and the witnesses disappeared.
Expelled from Azerbaijan, we still obtained the ultimate corroboration: a secret cable from the U.S. Embassy to the State Department in Washington laying out the whole story of the 2008 Caspian blow-out.
The source of the cable, classified SECRET, was a disaffected U.S. soldier, Private Bradley Manning who, throughWikiLeaks.org, provided hot smoking guns to The Guardian.The information found in the U.S. embassy cables is a block-buster. The cables confirmed what BP will not admit to this day: there was a serious blow-out and its cause was the same as in the Gulf disaster two years laterthe cement (mud) used to cap the well had failed.
Bill Schrader, President of BP-Azerbaijan, revealed the truth to our embassy about the Caspian disaster:
From other sources, we discovered the cement which failed had been mixed with nitrogen as a way to speed up drying, a risky process that was repeated on the Deepwater Horizon.
Robert F. Kennedy Jr., president of Waterkeeper Alliance and senior attorney for Natural Resources Defense Council, calls the concealment of this information criminal. We have laws that make it illegal to hide this.
The cables also reveal that BPs oil-company partners knew about the blow-out but they too concealed the information from Congress, regulators and the Securities Exchange Commission. BPs major U.S. partners in the Caspian Sea drilling operation were Chevron and Exxon.The State Department got involved in the matter because BPs U.S. partners and the Azerbaijani government were losing more than $50 million per day due to the platforms shutdown. The Embassy cabled Washington:BPs ACG partners are similarly upset with BPs performance in this episode, as they claim BP has sought to limit information flow about this event even to its ACG partners.
Demeter
(85,373 posts)AND...Your account information will now be accessible to call center workers in the Philippines. (!) Bank of America, which last fall announced plans to lay off 30,000 workers, is about to go on a hiring spreeoverseas.
America's second-largest bank is relocating its business-support operations to the Philippines, according to a high-ranking Filipino government official recently quoted in the Filipino press. The move, which includes a portion of the bank's customer service unit, comes less than three years after Bank of America received a $45 billion federal bailout.
Roman Romulo, deputy majority leader of the Philippine House of Representatives, bragged to the Manila Standard Today earlier this month that the Philippines "has secured its place as the world's fastest-growing outsourcing hub." Romulo pointed out that BofA is the last of the "big four" US banks to move their business-support network to his island nation, where the average family makes $4,700 a year.
A spokesman for Bank of America, Mark Pipitone, was unable to provide additional information about the bank's offshoring plans on Friday. "We have employees and operations where we can ensure that we best serve our customers and clients," he told me in an email....
Fuddnik
(8,846 posts)Haven't been around.
Won't be
Just crying my eyes out over the death of a friend, and blubbering like an idiot.
Details at 11:00
Demeter
(85,373 posts)Been feeling weepy myself, so many people around me losing family lately...my father's been released from the hospital though.
TalkingDog
(9,001 posts)n/t
DemReadingDU
(16,000 posts)It is so sad when we lose a good friend.
Roland99
(53,342 posts)so sorry to hear.
xchrom
(108,903 posts)this must be difficult.
bread_and_roses
(6,335 posts)I always wish I could say something more, but I never know what else to say. I don't pray, but you are in my thoughts.
Tansy_Gold
(17,857 posts)So sorry to hear about your loss, Fuddnik.
I am so sad for you. I know what is like to loose a good friend. Not a month goes by that I don't think about my bud. It never gets easy, you just handle it better.
My daughter asked me once why I always left a bit of drink in my glass. I told her then (and she was a little kid) that I left it for the spirits that might be about. They might be thirsty too. She pointed it out again last weekend when I left something in my glass. She told BF that was where she got that from. They thought is was a bit odd, but one day, when they lose some close friends, they'll understand
FarCenter
(19,429 posts)TOKYO, May 29 (Xinhua) -- Japan and China will begin direct yen- yuan trading on June 1, Japanese Finance Minister Jun Azumi said Tuesday, abandoning the existing system that determines yen-yuan rates via their U.S.dollar values.
The move is broadly seen as a way to boost trade and investment between the world's second- and third- largest economies, and as part of measures China took to internationalize its currency.
The direct currency trading will be dealt at the Tokyo and Shanghai markets, Azumi told a press conference in Tokyo.
However, the trade in the two markets will be slightly different.
China will set a daily rate according to dealer quotes allowing trade to move within a 3.0 percent band above or below the line, said Japanese media, compared with a 1.0 percent band fixed to yuan-dollar trading.
The Chinese central bank Tuesday introduced a rate of 7.9480 yuan for every 100 yen, according to media reports.
But there will be no fixed rates in Tokyo trade. The two currencies would trade freely in Tokyo markets.
http://english.peopledaily.com.cn/90778/7830589.html
Demeter
(85,373 posts)...The move, which will scrap the greenback as an intermediary unit, comes as China introduces measures as part of a long-term goal of internationalizing its currency to rival the dollar.
The two-way trade will also be allowed to move in a wider range than the narrow band at which the dollar and yuan change hands, Dow Jones Newswires and the Nikkei business daily reported...
A LOT MORE DETAIL AT LINK
Demeter
(85,373 posts)Americans' confidence in the economy fell in May to its lowest level in eight months as consumers fretted about slow hiring, a big stock market drop and the global economy, said a private research group.
The Conference Board says its Consumer Confidence Index now stands at 64.9, down from a revised 68.7 in April. Economists were expecting a reading of 70, according to a FactSet poll of analysts. (WHY WOULD THEY EXPECT ANY SUCH THING?)...
TalkingDog
(9,001 posts)[font color= red] Dow -113
S&P - 12.75
NASDAQ - 22 [/font]
Roland99
(53,342 posts)markets are roaring back up.
Roland99
(53,342 posts)xchrom
(108,903 posts)Demeter
(85,373 posts)For all graduates of the Washtenaw Intermediate School District Special Education system, no matter the age, this is the social event of the year. Every kind of disabled child is there, brought by parents, family, or foster care, dressed up as much as they can stand and socializing as much as possible.
The Kid had a lovely time, chatting with former classmates and teachers, dancing, snacking, and showing off a new dress (I finally talked her into a different one, as her best former teacher noticed). The Kid is my own Peter Pan, but at least she's healthy as a horse and in possession of all her senses and abilities (aside from the fact that she never will "grow up" to be safely independent). The WISD brought out those who are none of the above, dressed to the nines, so that they too might partake of the conviviality.
The King will reply, Truly I tell you, whatever you did for one of the least of these brothers and sisters of mine, you did for me. Matthew 25:40
I wish to god we had a government that believed this.
When I had an opportunity to get out of New Hampshire, the "Live Free or Die" state, because I didn't want to have the Kid dying there for lack of services, I did research on the web. And to my great relief, Ann Arbor came up as one of the better places to be. And so it has proved, with some exceptions, to be a good place to raise the Kid and see her established. And it is good to be home. You can take a girl out of Michigan, but you can't take Michigan out of her....
But I'm feeling rather fraught, and didn't get to do much posting last night. While the Kid partied (no room for parents) I ran some pesky errands instead.
xchrom
(108,903 posts)that's wonderful, demeter.
AnneD
(15,774 posts)How wonderful. We have Prom nights here too. It is like Christmas in May. The kids are all decked out. We have one of the parents that works for a limo company and they loan us a car and the parent drives. I can't tell you how many kids I have sponsored over the years. They are just so thrilled and everyone has a good time. You just haven't been to a prom until you have been to a SpEd prom. I encourage folks to volunteer at a prom or for a holiday party for the mentally disabled in their town. Do it once and you will be hooked-even if you don't have a kid in the program.
With the exception of our police department (that seem not to have gotten the mental illness, SpEd. memo), Houston is a surprisingly good place-for it's size for those with special needs. Yeah, you have asshats everywhere but folks here are pretty laid back. People are a bit more tolerant.
I am glad the kid enjoyed herself (and you got a few things done).
xchrom
(108,903 posts)Spanish prime minister Mariano Rajoy is battling to maintain the confidence of the financial markets. Photograph: Pierre-Philippe Marcou/AFP/Getty Images
6.07pm: Time to wind up the blog for the day.
Hopefully we'll see more progress in resolving the eurozone crisis tomorrow. But for now, here's a quick closing summary:
Spain's banking crisis remained unresolved. Yesterday's 'plan' - to use Spanish sovereign debt to recapitalise Bankia, appears to have been sidelined in favour of issuing new debt to patch its 19bn black hole.
The lack of progress sent Spanish shares falling again. The IBEX finished almost 2.5% lower, but other European markets posted gains. The Spanish markets were also hit by the news that retail sales had suffered a record fall in April.
Spain's central bank governor is stepping down a month early, on June 10. Details.
The euro fell to a new 22-month low against the US dollar. A Spanish credit rating downgrade from Egan Jones was blamed.
In Brussels, policymakers put the finishing touches to a wide-ranging review of the EU economy. Reports covering the 27 members of the EU will be released on Wednesday.
xchrom
(108,903 posts)IMF managing director Christine Lagarde. Photograph: Dominick Reuter/Reuters
Christine Lagarde, the IMF boss who caused international outrage after she suggested in an interview with the Guardian on Friday that beleaguered Greeks might do well to pay their taxes, pays no taxes, it has emerged.
As an official of an international institution, her salary of $467,940 (£298,675) a year plus $83,760 additional allowance a year is not subject to any taxes.
The former French finance minister took over as managing director of the IMF last year when she succeeded her disgraced compatriot Dominique Strauss-Kahn, who was forced to resign after he faced charges later dropped of sexually attacking a New York hotel maid.
Lagarde, 56, receives a pay and benefits package worth more than American president Barack Obama earns from the United States government, and he pays taxes on it.
Demeter
(85,373 posts)My initial impression of her is confirmed.
She's one of the stateless 1%, our lords and masters, the Queen of the Bankster Cartel. OF COURSE she doesn't pay taxes! Nor does she work for free, like certain condo board members I can think of.
AnneD
(15,774 posts)that Mozillo golf tan either. She looks like she has spent too much time on the beach.
New Rule of Thumb...
Never trust your money to a banker with a noticable tan -esp in winter months.
Demeter
(85,373 posts)xchrom
(108,903 posts)Paul Krugman said the coalition's austerity plan was 'failing dismally'. Photograph: Bob Strong/Reuters
Nobel prize-winning economist Paul Krugman has attacked the government's austerity policy as "deeply destructive".
Speaking on Radio 4's Today programme, he said the coalition's plan was "failing dismally". Instead of cutting spending the government should be increasing it by 2% of GDP, he added.
"It is deeply destructive to pursue austerity in a depression," said Krugman. "Give me a stronger economy and I'll turn into a fiscal hawk. But not now."
The American economist gave a lecture at the London School of Economics on Tuesday titled Austerity thy Name is Vanity.
Tansy_Gold
(17,857 posts)Austerity is working exactly the way the .001%ers want it to.
Until you understand that, Paulie, until you understand that they DO NOT WANT "the economy" to recover, you're not going to make any sense.
sheesh.
xchrom
(108,903 posts)Roland99
(53,342 posts)should be seeing 30-year mortgage rates hitting 3.5% or so... Around 3.78% now.
xchrom
(108,903 posts)People wait for an employment office to open in Madrid. Photograph: Bloomberg via Getty Images
Four months ago, the Guardian teamed up with five other papers from the largest EU countries to investigate the European predicament and seek to tease out solutions. We asked what the EU was for, what it did well, and where it was failing its 500 million citizens.
Since then, the European fiscal crisis has deepened. The economic mayhem has left 25 million EU citizens out of work - a number that is greater than the populations of most countries in the union, a costly travesty of wasted talent and failed leadership.
So, for our second collaboration, the Europa team the Guardian, Le Monde, El País, La Stampa, Gazeta Wyborcza and Süddeutsche Zeitung is asking what can be done to get Europe back to work.
Online, and in Thursday's Guardian, we look at where the jobs are in Europe: there are, in fact, hundreds of thousands of vacancies. We examind the regions that are successfully creating employment (Germany, for example, has more people in work than ever before). And we ask whether jobs services at the national level are still relevant.
***you might find the comments that follow interesting.
Tansy_Gold
(17,857 posts)Sounds like a bunch of SMWers over there. . . .
AnneD
(15,774 posts)are our legions.
It just goes to show that truth is truth.
Roland99
(53,342 posts)Rest of Europe down 1.3% - 1.8%
US markets will start off in freefall any second.
Roland99
(53,342 posts)Nasdaq 2,843 -28 -0.96%
S&P 500 1,322 -10 -0.78%
GlobalDow 1,758 -22 -1.21%
Gold 1,545 -7 -0.42%
Oil 88.80 -1.96 -2.16% [/font]
xchrom
(108,903 posts)The European Commission has proposed bailing out ailing banks directly rather than helping governments.
"To sever the link between banks and the sovereigns, direct recapitalisation... might be envisaged," the commission said.
"Flexibility and speed are of the essence," commission head Jose Manuel Barroso said.
The European Union's executive body also pushed for more integration through a "banking union".
Demeter
(85,373 posts)But, that's revealing where their loyalties lie, isn't it?
xchrom
(108,903 posts)and nationalize a bunch of them -- and look for very, very different officers to run these things.
Demeter
(85,373 posts)BY Nicolas Véron
Senior Fellow, Bruegel; and Visiting Fellow, Peterson Institute for International Economics
OH, OH...PETERSON INSTITUTE...
Many policymakers and academics are now agreed that a banking union, together with some form of fiscal union, is needed if the Eurozone is to emerge from the crisis in one piece. This column argues that while the current proposals for a banking union still need to be fine tuned, the crisis calls for swift and bold action.
Systemic fragility in the European banking sector predates the Greek fiscal crisis. It was revealed by the subprime/Lehman shock of 2007-2008, and has never been properly addressed since then despite the successive stress tests. In recent weeks, several senior policymakers have become more explicit on the need for a banking union in other words, a federal framework for banking policy. Among them is Christine Lagarde, managing director of the IMF, in line with earlier pronouncements by the Fund (Fonteyne et al. 2010). On 17 April she said, To break the feedback loop between sovereigns and banks, we need more risk-sharing across borders in the banking system. In the near term, a pan-euro area facility that has the capacity to take direct stakes in banks would help. Looking further ahead, monetary union needs to be supported by stronger financial integration, which our analysis suggests should be in the form of unified supervision, a single bank resolution authority with a common backstop, and a single deposit insurance fund (Lagarde 2012). The ECB President echoed these words at the European Parliament on April 25, declaring that he saw financial stability clearly as a common responsibility in a monetary union and that ensuring a well-functioning Economic and Monetary Union implies strengthening banking supervision and resolution at European level (Draghi 2012).
Many academic observers now agree that a banking union, together with some form of fiscal union, is a necessary condition for a sustainable Eurozone monetary union and for a resolution of the current crisis (see for example Nielsen 2012; Schoenmaker and Gros 2012). But in spite of the creation of a European Banking Authority last year, the action taken so far has been modest. Spain is a case in point: Madrid could have appealed to the European Financial Stability Facility (EFSF) for a loan specially targeted at recapitalising its banks, but it has preferred to go it alone with the nationalisation of ailing champion Bankia, and a new round of property-related write-downs that have provoked much market scepticism.
Several reasons explain why banking policy integration is difficult. The UK, Europes dominant financial hub, is not a Eurozone member and resists any encroachment on its supervisory sovereignty. Some member states remain committed to bolstering national banking champions or to protecting links between local banking and political communities links that effectively make the banks instruments of the states industrial policies. The ability of debt-burdened governments to pressure domestic banks into buying their sovereign debt, also known as financial repression, is another impediment to change (Benito 2012). Of course, a banking union would potentially involve controversial financial risk-sharing or cross-border transfers.
MORE AT LINK
DemReadingDU
(16,000 posts)This guy has been the chief for almost 4 years, and all of it has been controversial. We have no details why he is now 'resigning to pursue other interests', when he should have been resigned a long time ago.
This version was posted last night, a longer version follows at next link
5/29/12 Enon Chief of Police Troy Callahan has been placed on administrative leave, effective at the end of his shift on Friday, May 25.
The reason for the leave is unclear, but a memo from Mayor Timothy Howard to Callahan on Friday indicated that the chief has agreed to resign and the administrative leave is the first step in that process.
It was unclear Friday afternoon if the leave was paid or not.
You have agreed in principle to a course of action which will result in the resigning of your position as Police Chief to pursue other interests, the memo said.
Callahan is now prohibited from performing any law enforcement duties. Village officials have indicated that they will search for a replacement and those needing to contact the police department in the interim should contact a sergeant.
Clark County Sheriff Gene Kelly and county Prosecutor Andy Wilson confirmed that they were informed of the leave and said Callahan is not currently the subject of any criminal investigation.
http://www.whiotv.com/news/news/local/enon-police-chief-administrative-leave/nPGrQ/
5/30/12 Enon police chief stripped of police power
By Mark McGregor
ENON This villages controversial police chief was placed on paid administrative leave May 25 in advance of an agreement for his resignation, according to a village inter-office memorandum.
The general order from Mayor Tim Howard, obtained Tuesday by the Springfield News-Sun from Chief Troy Callahans personnel file, indicates the village and Callahan verbally agreed to a course of action for his resignation and replacement.
Until the agreement between Callahan and the village has been formalized and signed, the paid administrative assignment will prohibit Callahan from performing any duties as a village employee or as a police officer within the state.
Howard declined to comment on his order.
Troy is on administrative assignment, and that is all I can say about the matter, he said.
Callahan declined comment Tuesday.
Details on what led to the agreement are not yet clear, but Callahan has been embroiled in several controversies in recent years.
click to read the controversies...
http://www.springfieldnewssun.com/news/springfield-news/enon-police-chief-on-leave-as-resignation-deal-considered-1383167.html
Demeter
(85,373 posts)(or as I like to put it: "Too stupid to die"
DemReadingDU
(16,000 posts)It's still not over, our lawsuit is still pending. So we are still persisting!
We're really curious about the details of this 'resignation', but no one is spilling any beans, yet.
AnneD
(15,774 posts)Outlaw Josy Wales. Chief Dan George says about meeting the then POTUS as he gave them their medals....'We endeavor to persevere'.
So DemReading....endeavor to persevere!
kickysnana
(3,908 posts)Demeter
(85,373 posts)I don't have to be anywhere until 8 PM.
Demeter
(85,373 posts)Mark Zuckerberg, Facebook (FB) Inc.s co- founder and chief executive officer, is no longer one of the worlds 40 richest people.
The 28-year-olds fortune fell to $14.7 billion yesterday from $16.2 billion on May 25, as shares of the worlds largest social-networking company dropped 9.6 percent to $28.84. That extended the stocks losses to 24 percent from the worst-performing large initial public offering in the past decade.
http://www.bloomberg.com/news/2012-05-29/zuckerberg-drops-off-billionaires-index-as-facebook-extends-fall.html
Demeter
(85,373 posts)We noted more than a year ago:
***
Of course, fish dont necessarily stay still, either. For example, the Telegraph notes that scientists tagged a bluefin tuna and found that it crossed between Japan and the West Coast three times in 600 days...That might be extreme, but the point is that fish exposed to radiation somewhere out in the ocean might end up in U.S. waters.
CNN reports today:
The bluefin spawn off Japan, and many migrate across the Pacific Ocean. Tissue samples taken from 15 bluefin caught in August, five months after the meltdowns at Fukushima Daiichi, all contained reactor byproducts cesium-134 and cesium-137 at levels that produced radiation about 3% higher than natural background sources
The Wall Street Journal quotes the studies authors:
***
We found that absolutely every one of them had comparable concentrations of cesium-134 and cesium-137, said marine biologist Nicholas Fisher at Stony Brook University in New York state, who was part of the study group.
The bad news is that is is only going to get worse.
As Reuters points out:
Fish can swim right through it, ingesting it through their gills, by taking in seawater or by eating organisms that have already taken it in .
As CNN notes:
There were fish born around the time of the accident, and those are the ones showing up in California right now, he said. Those have been, for the most part, swimming around in those contaminated waters their whole lives.
In other words, the 15 fish tested were only exposed the radiation for a short time. But bluefin arriving in California now will have been exposed to the Fukushima radiation for much longer.
As KGTV San Diego explains:
One of the studies authors told the BBC:
Japanese and U.S. officials of course are pretending that the amount of radiation found in the bluefin is safe. But the overwhelming scientific consensus is that there is no safe level of radiation and radiation consumed and taken into the body is much more dangerous than background radiation.
AnneD
(15,774 posts)The government assure us that the fish, shimp and oysters from the Gulf of Mexico are safe to eat....
Demeter
(85,373 posts)&feature=player_embedded
Jon Corzine, the former Senator, Governor, Goldman Sachs (GS) CEO, and reportedly obsessive-trading head of MF Global spent much of the last two weeks on Capitol Hill being grilled by Congressional panels regarding his role in the MF bankruptcy and disappearance of $1.2 billion in client money. Corzine's testimony could serve as a tutorial in how to mislead government officials without technically committing perjury. Corzine didn't actually deny that laws were broken, just that he "never intended to break any rules." Any transfer of client money to cover MF losses resulted from a "misunderstanding."
Corzine is lawyered up and sticking to his playbook. He alleges he knew nothing and is defying the government to prove otherwise.
Conventional wisdom holds that the powerful elite class can get away with literally anything when it comes to rigging the financial system. Regulations are there to be circumvented, underlings exist to be scapegoated, and having enough friends in high places gives defendants access to the inner sanctums where "smoke-filled room" deals are struck. If Corzine walks without proving his innocence of criminal charges, in a legal and moral way, it will confirm the public's darkest suspicions. If this is the end of the Jon Corzine story, it will prove in the mind of Main Street that Washington DC and Wall Street have flat-out rigged the system in favor of the elite...
Demeter
(85,373 posts)...And right now, money is rapidly flowing out of southern Europe and into northern Europe. In fact, some large corporations are now pulling the money that they make in Greece during the day out of the country every single night. It is becoming increasingly clear that the upper crust of the financial world considers a Greek exit from the euro to be "inevitable" and that it also considers much of the rest of southern Europe to be a lost cause. Unfortunately, a financial collapse across southern Europe is also likely to trigger another devastating global recession.
Even though all the warning signs were there, very few people actually expected to see the kind of financial crisis that we saw back in 2008. But it happened. Now, very few people actually expect another "Lehman Brothers moment" to happen in Europe although the warning signs are all around us. Sadly, most people never want to believe the truth until it is too late.
The following are 25 signs that the smart money has completely written off southern Europe....
#1 Lloyd's of London is publicly admitting that it is rapidly making preparations for a collapse of the eurozone.
#2 According to the New York Times, top global law firms are advising their clients to withdraw all cash and all other liquid assets from Greece....
My personal view is that it is irrational for anyone, whether a corporation or an individual, to be leaving money in Greek financial institutions, so long as there is a credible prospect of a euro zone exit, said Ian M. Clark, a partner in London for White & Case, a global law firm that has a team of 10 lawyers focusing on the issue.
#3 According to CNBC, large numbers of wealthy Europeans have been moving their money from banks in southern Europe to banks in northern Europe....
Much of this money has headed north to banks in London, Frankfurt and Geneva, financial advisers say.
"It's been an ongoing process but it certainly picked up pace a couple of weeks ago We believe there is a continuous 2-3 year bank run by wire transfer," said Lorne Baring, managing director at B Capital, a Geneva-based pan European wealth management firm.
#4 The President of the Federal Reserve Bank of Philadelphia, Charles Plosser, says that the Federal Reserve is advising money market funds to reduce their exposure to Europe....
#5 The yield on 10-year Spanish bonds is rapidly moving toward the very important 7 percent level.
#6 Many multinational corporations that operate in Greece are now pulling their funds out of the country on a nightly basis.
#7 Juergen Fitschen, the co-CEO of Deutsche Bank, has publicly proclaimed that Greece is a "failed state".
#8 The head of the Swiss central bank has admitted that Switzerland is developing an "action plan" for how it will handle the collapse of the eurozone.
#9 The European Commission has urged all member states to develop contingency plans for a Greek exit from the euro....
#10 PIMCO CEO Mohamed El-Erian says that a Greek exit from the euro "is probably inevitable".
#11 Spanish stocks continue to drop like a rock.
#12 The percentage of bad loans on the books of Spanish banks has reached an 18 year high.
#13 Late on Friday, the Spanish government announced that banking giant Bankia is going to need a 19 billion euro bailout.
#14 Standard & Poor's downgraded the credit ratings of five more Spanish banks to junk status on Friday.
#15 Moody's downgraded the credit ratings of 16 Spanish banks back on May 17th.
#16 According to the Telegraph, "struggling European banks could be seized and controlled by Brussels as part of secret plans being drawn up".
#17 The head of equity strategy at Societe Generale, Claudia Panseri, is warning that European stocks could fall by as much as 50 percent if Greece leaves the euro.
#18 Economist Marc Faber is warning that there is now a "100% chance" that there will be another global recession.
#19 There seems to be an increasing attempt to pin the problems that Greece is now experiencing on the behavior of Greek citizens. The following are some of the shocking things that the head of the IMF, Christine Lagarde, said in a recent interview....
Even more than she thinks about all those now struggling to survive without jobs or public services? "I think of them equally. And I think they should also help themselves collectively." How? "By all paying their tax. Yeah."
It sounds as if she's essentially saying to the Greeks and others in Europe, you've had a nice time and now it's payback time.
"That's right." She nods calmly. "Yeah."
And what about their children, who can't conceivably be held responsible? "Well, hey, parents are responsible, right? So parents have to pay their tax."
#20 According to the Telegraph, an unidentified member of Angela Merkel's cabinet has stated that Germany simply will not "pour money into a bottomless pit".
#21 This week the Bank of England is holding a "secret summit" of global central bankers to address the European financial crisis....
#22 According to Zero Hedge, a major German newspaper is reporting that a Greek exit from the eurozone is a "done deal"....
#23 According to CNBC, preparations are quietly being made to print up and distribute new drachmas should the need arise....
The world's biggest security firm G4S expects to be involved in distributing notes around the country.
#24 Citibank's chief economist Willem Buiter is warning that any new currency issued by the Greek government could "immediately fall by 60 percent".
#25 Reuters is reporting that a planning memo exists that suggests that Greece could receive as much as 50 billion euros to "ease its path" out of the eurozone.
If Greece does leave the eurozone, the cost to the rest of Europe is going to be astronomical. The following is from a recent article by John Mauldin....
As I have written about previously, a Greek exit from the euro would cause the "bank jogs" that are already happening in Spain and Italy to accelerate.
The problem in Europe is not just government debt. The truth is that the entire European financial system is in danger of melting down....As I have talked about so many times, the next wave of the economic collapse is going to start in Europe, but it is going to deeply affect the entire globe. MORE
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Demeter
(85,373 posts)The Bank of England is poised to cut interest rates or launch another round of quantitative easing if the euro collapses, it emerged on Monday. A senior official for the Bank said the measures would "again play [their] part in mitigating the impact" of Greece or other countries leaving the single currency.
The comments come after the head of the IMF suggested last week that British interest rates may have to be cut to zero if the economic situation deteriorates.
The Bank has already completed a quantitative easing programme, effectively printing more money worth £325billion and this may be extended again. ...
In Britain, ministers have already overseen extensive contingency planning to prepare for the possible impact of the breakup of the euro. This extends from asking banks to insure their holdings in Greece to considering new border controls to prevent a wave of immigration from beleaguered European economies...
Demeter
(85,373 posts)Demeter
(85,373 posts)British electrical retailer Dixons has spent the last few weeks stockpiling security shutters to protect its nearly 100 stores across Greece in case of riot. The planning, says Dixons chief Sebastian James, may look alarmist but it's good to be prepared...Dixons, using its experience of dealing with riots in London and other British cities last summer - big flat-screen televisions were the looters' booty of choice - has ordered enough shutters to protect its stores and is working with the Greek police and security groups....
Company bosses around Europe agree. As the financial crisis in Greece worsens, companies are getting ready for everything from social unrest to a complete meltdown of the financial system.
Those preparations include sweeping cash out of Greece every night, cutting debts, weeding out badly paying customers and readying for a switch to a new Greek drachma if the country is forced to abandon the euro.
"Most companies are getting ready and preparing for a Greek exit and have looked at cash, treasury and currency issues,» said Roger Bayly, a partner at advisory and accountancy firm KPMG...MUCH MORE
Demeter
(85,373 posts)More than two years into a euro crisis that has toppled governments and sown economic pain, citizens of five euro zone countries including Greece say the euro has not been a good thing for them, but nevertheless do not want to go back to their old currencies, according to a survey to be released Tuesday...In fact, despite the financial troubles currently facing Europe, majorities in the five euro zone countries in the survey favored keeping the single currency, ranging from 52 percent in Italy to 71 percent in Greece, according to the poll, which was carried out by the Pew Research Centers Global Attitudes Project.
The survey did not explain the seeming contradiction in peoples attitudes, but Bruce Stokes, director of global economic attitudes at the Pew Research Center in Washington, suggested that risk aversion might play a role...
AnneD
(15,774 posts)why is gold going down. I am trying to wrap my head around this.
Demeter
(85,373 posts)That's why the Treasury bills aren't paying interest, either.
When the dollar is your standard, everything revolves around it. And despite China's efforts to date, the dollar is still the standard for the West. The remimbi may become the standard of Asia and Middle East, though....especially with the idiotic Iran embargo and blowing up Yemen, Libya, Sudan, Syria....etc...etc...
Good old Predator Drone. Making enemies around the world. What a guy!
Egalitarian Thug
(12,448 posts)Demeter
(85,373 posts)...which might not just be wishful thinking by the GOP elite billionaires...that between bigotry, economic depression, and Citizens United, he might not. The Kids are pissed, the women are pissed, the workers are pissed....enough to cut their throats even worse than BHO has already? That remains to be seen.
Egalitarian Thug
(12,448 posts)Last edited Thu May 31, 2012, 05:21 AM - Edit history (1)
five months, he will be reelected. But I think his handling of the mortgage collapse and his part of the banking collapse were a missed opportunity like none since FDR. So, I'm just wondering if the Eurozone does set off the next round of global "corrections", he might get another bite at the apple, and being more experienced might make more useful changes? Maybe?
Shit, I don't even believe it as I write it.
Demeter
(85,373 posts)Alcohol sometimes helps, if internally applied.
bread_and_roses
(6,335 posts)It hasn't struck me lately, but I empathize with your post. Demeter's advice is good, but the immortal words of The Who works better for me.
xchrom
(108,903 posts)THE BOTTOM LINE : TWO STORIES from recent encounters speak volumes about the absurd behaviour that enveloped Anglo Irish Bank when the bank was running out of cash in September 2008 and the absurd logic around the repayment of the banks senior unguaranteed debt.
At a conference this month, an accountant told me a humorous if shocking story.
On Monday, September 29th, 2008 as Anglo was being drained of cash he received a call on his desk phone from a contact in the treasury department of the bank. The caller wanted to know whether the international insurance company where he worked had any large sums he could deposit at Anglo. The banker promised him a very good rate of interest if he placed money straight away.
He had access to tens of millions he could place with institutions for a short period and told the Anglo official that he had a large sum at his disposal but given the rumours circulating about Anglos financial position in the market he would need clearance from his board before placing any money with the bank. He told the banker that he would be back to him and their call ended.
The Anglo banker called him back straight away, this time calling from his mobile to his contacts mobile at the insurer. Under no circumstances was he to place any money with Anglo as he couldnt guarantee the company would get its money back, he told him.
Roland99
(53,342 posts)* Pending index drops for first time in four months
* Pending home sales index falls to 95.5 in April
* March pending index revised down to 101.1
Demeter
(85,373 posts)How low can you go?
Demeter
(85,373 posts)At least 25 percent of unrated European leveraged buyout companies with debt due by 2015 may default as the economy worsens and private-equity owners refuse to inject capital, according to Moodys Investors Service.
An analysis of European LBO companies found that 254 had a combined 133 billion euros ($167 billion) of debt due by the end of 2015, with more than half owed by 36 borrowers, Moodys said in a report.
Enlarge image Leveraged Loan Defaults May Surge to 25% in Europe, Moodys Says
A shopper is reflected in the window of a store displaying ''Store Closing'' signs in Southend, U.K. Photographer: Chris Ratcliffe/Bloomberg
The 2014-2015 refinancing risk remains large and worrisome given our expectations of protracted macroeconomic weakness combined with the weak average credit quality of this universe, analysts led by London-based Chetan Modi wrote in the report. We do not expect that private equity sponsors will inject further capital into their own distressed companies primarily to assist their lenders.
Concern is escalating that Greece may exit the euro, splintering the 13-year-old currency bloc and threatening global growth, as European lenders pressure the nation to meet bailout terms ahead of elections next month. The euro is trading near the lowest against the dollar since July 2010 after dropping more than 5 percent in May, and the cost of insuring Spanish government and financial debt rose to record levels this month after Moodys downgraded 16 of its banks.
Demeter
(85,373 posts)Please tell me this is a sign of old age, not of illness? Or maybe, the result of waking ME up at 5:30 in the morning to feed her....
I'm tempted to dump her off the bed and lay down, myself.
Demeter
(85,373 posts)Struggling Canadian BlackBerry maker set for first loss in eight years as it hires JPMorgan and RBC Capital Markets to help with strategic overhaul
Read more >>
http://link.ft.com/r/VKY5JJ/NJM5XE/YGZ3O/SPV4XH/62LSDR/OS/t?a1=2012&a2=5&a3=30
Demeter
(85,373 posts)The move to cut 1500 staff follows concern in the government over the health of Brazils auto industry and a downturn in the bus and truck markets
Read more >>
http://link.ft.com/r/VKY5JJ/NJM5XE/YGZ3O/SPV4XH/R3DA6K/OS/t?a1=2012&a2=5&a3=30
Demeter
(85,373 posts)Regulators stall on groups plan to shift part of its $52tn portfolio to its banking arm and soften the possible $9.6bn blow from a potential credit downgrade
Read more >>
http://link.ft.com/r/VKY5JJ/NJM5XE/YGZ3O/SPV4XH/IIABUN/OS/t?a1=2012&a2=5&a3=30
ANOTHER ATTEMPT TO PUSH UNLIMITED DERIVATIVE LOSSES INTO THE FDIC? SHAME, SHAME!
Demeter
(85,373 posts)US bank is under scrutiny after employee allegedly leaked information on Nippon Sheet Glass share issue, which was used by a hedge fund
Read more >>
http://link.ft.com/r/VKY5JJ/NJM5XE/YGZ3O/SPV4XH/2O3IWV/OS/t?a1=2012&a2=5&a3=30
Demeter
(85,373 posts)Sustained fallout from the Deepwater Horizon spill and its Russian venture is damaging faith in the UK oil groups vision for the future
Read more >>
http://link.ft.com/r/VKY5JJ/NJM5XE/YGZ3O/SPV4XH/TUI7CO/OS/t?a1=2012&a2=5&a3=30
Demeter
(85,373 posts)There is growing determination in Spain to avoid being forced into a bailout by what government sees as ECBs refusal to act as lender of last resort
Read more >>
http://link.ft.com/r/WDI4RR/08JJPQ/1O51V/7AQ9CH/MS5OGX/YT/t?a1=2012&a2=5&a3=30
Roland99
(53,342 posts)Demeter
(85,373 posts)Or just a wholesale, co-ordinated abandonment of the euro? If all the banks are nationalized first, and then the euro abandoned, the nation states might just come out with whole skins....
Tansy_Gold
(17,857 posts)For one thing, I think Spain has the more recent history of "going it alone" and I think therefore the Spanish people have a stronger social infrastructure.
But we'll see.
AnneD
(15,774 posts)Last edited Wed May 30, 2012, 02:46 PM - Edit history (1)
had military juntas ruling over them for a long time. I think Greece still had a big military budget and folks there are worried about a military junta. Not sure about Spain. The last news I heard was that
Francisco Franco is still seriously dead.
Tansy_Gold
(17,857 posts)Miracle Max!
AnneD
(15,774 posts)mostly or nearly dead.
Franco is most sincerely dead, as they say in Oz.
Roland99
(53,342 posts)Tansy_Gold
(17,857 posts)Just the opening shot still cracks me up.
Those were the days. . . . .
AnneD
(15,774 posts)when we didn't get the real news.....from a comedy show
Tansy_Gold
(17,857 posts)Roland99
(53,342 posts)Nasdaq 2,834 -37 -1.30%
S&P 500 1,312 -20 -1.51%
GlobalDow 1,747 -33 -1.84%
Oil 87.60 -3.16 -3.48% [/font]
Gold 1,568 +17 +1.10%
Demeter
(85,373 posts)CHART OF THE DAY
UNEMPLOYMENT has reached record levels in many countries. Yet more than a third of employers around the world are still having trouble filling vacancies, according to a ManpowerGroup survey of nearly 40,000 employers in 41 countries.
Workers in skilled trades (electricians, plumbers, bricklayers and so on) are in shortest supply, followed by engineers and sales people.
Talent shortages are most acute in Asia, particularly in Japan where an ageing population is exacerbating the problem.
Only in France has the proportion of employers struggling to find appropriate talent increased significantly since last year (from 20% to 29%). In Italy, by contrast, it has halved from 29% to 14%.
Overall, employers are less concerned about the impact of skills shortages than they were in 2011. This may be because companies are becoming more comfortable conducting business in an uncertain environment where talent shortages persist.
Roland99
(53,342 posts)DemReadingDU
(16,000 posts)Martin Sheen grew up in Dayton, Ohio. He was in Dayton today for a high-dollar lunch fundraiser for Senator Brown. We did not attend that.
However, afterwards, there was a small gathering for the local politicians and supporters. The area campaign coordinator for Senator Brown invited us to attend. Senator Brown and Sheen each gave a short talk. Truly, that was it. Very nice! No speeches by any local politicians running for office.
InkAddict
(3,387 posts)Here: http://everybodywalk.org/newsroom/801-the-west-wing-cast-reunites-for-walk-and-talk-about-walking.html
POTUS Bartlett's great! I miss that show.
DemReadingDU
(16,000 posts)Demeter
(85,373 posts)I slept. Like a stone. Aside from the phone calls. I remember answering them, I don't remember what I said. If it's really important, they will call back.
So, I'm all rested for my Night On, two routes again....