STOCK MARKET WATCH -- Tuesday, 7 May 2013

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Tuesday, 7 May 2013[font color=black][/font]

SMW for 6 May 2013

AT THE CLOSING BELL ON 6 May 2013
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Dow Jones 14,968.89 -5.07 (-0.03%)
[font color=green]S&P 500 1,617.50 +3.08 (0.19%)
Nasdaq 3,392.97 +14.34 (0.42%)


[font color=red]10 Year 1.76% +0.02 (1.15%)
30 Year 2.98% +0.02 (0.68%)[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 - Economic Blogs:[/font][/font]
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The Big Picture
Financial Sense
Calculated Risk
Naked Capitalism
Credit Writedowns
Brad DeLong
Bonddad
Atrios
goldmansachs666
The Stand-Up Economist
The Automatic Earth
Wall Street on Parade
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[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
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Matt Taibi: Secret and Lies of the Bailout


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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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[font color=black][font size=2]Handy Links - Videos:[/font][/font]
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Charlie Rose talks with Roubini
Charlie Rose talks with Krugman
William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
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[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. . .
11/20/12 Hedge fund manager Matthew Martoma charged with insider trading at SAC Capital Advisors, and prosecutors are looking at Martoma's boss, Steven Cohen, for possible involvement.
02/14/13 Gilbert Lopez, former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt sentenced to 20 yrs in prison for their roles in Allen Sanford's $7.2 billion Ponzi scheme.
03/29/13 Michael Sternberg, portfolio mgr at SAC Capital, arrested in NYC, charged with conspiracy and securities fraud. Pled not guilty and freed on $3m bail.
04/04/13 Matthew Marshall Taylor,fmr Goldman Sachs trader arrested, charged by CFTC w/defrauding his employer on $8BN futures bet "by intentionally concealing the true huge size, as well as the risk and potential profits or losses associated."
04/04/13 Matthew Taylor admits guilt, makes plea bargain. Sentencing set for 26 June; faces up to 20 years in prison but will likely only see 3-4 years. Says, "I am truly sorry."
04/11/13 Ex-KPMG LLP partner Scott London charged by federal prosecutors w/passing inside tips to a friend in exchange for cash, jewelry, and concert tickets; expected to plead guilty in May.










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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]

[Demeter]

1. Ray Lane, 2 other Hewlett-Packard directors step aside after shareholder revolt

FROM LAST MONTH:

http://www.mercurynews.com/business/ci_22954539/hp-hewlett-packard-ray-lane-directors-step-aside-after-being-targeted

Under heavy fire from investors over several recent multibillion-dollar bungles and other corporate missteps, Hewlett-Packard (HPQ) on APRIL 4 said board Chairman Ray Lane will immediately give up his post, and two other directors will resign in May.

The shake-up, the second in two years, may ease the way for CEO Meg Whitman to revitalize the venerable Palo Alto corporation, which has been debilitated by turmoil in its executive ranks, overreliance on the dwindling personal computer business and a widely perceived lack of direction that's often been blamed on the board. It was clearly aimed at erasing investor angst and was cheered by some of the company's staunchest critics.

"We have been clamoring for massive changes at the board of HP," said analysts with investment bank Needham & Co., in a note to their clients. "While we continue to believe that HP's fundamental, strategic issues are vast, complicated and require years to change, we do believe that this is probably the first positive piece of news out of HP since Meg Whitman's arrival."

WELL, WE'LL SOON FIND OUT...

[Hugin]

7. Haha! Great comedy piece there, Demeter!

Not only do they use Meg Whitman and revitalize in the same sentence, but, they blame HP's lack of direction on anyone, but, Meg Whitman!

But, then, the fact that formerly one of the most progressive companies in the world has fallen so far as to be led by Meg Whitman makes me sad.

I think reading some of this stuff is giving me an affect disorder.

[Demeter]

8. I have that same problem

That's why I've been taking "vacations" lately.

I don't want to have to buy a new monitor.

[Fuddnik]

10. Nut-Meg

If anyone can make a bad situation worse, it's Nut-Meg.

[Warpy]

26. Well, it's any Republican who's made a name

for him/herself in that party. Face it, you don't get to the top of the GOP by being anything but ruthless. Intelligence and capability are not necessary.

I wish HP shareholders would keep rebelling until that cow is gone. I've loved their products for years, I'm typing on an HP box with an HP printer right now.

Only Whitman could possibly believe the company's strength was in its software, not its reliable hardware.

[Demeter]

2. Xi Jinping: 'China will protect foreign companies'

THAT'S THE BEGINNING OF THE END, FOLKS....

http://www.bbc.co.uk/news/business-22061776

His promise came as many global firms worry about Chinese policies that hurt their business in the country.

Mr Xi also said the days of double-digit economic growth in China are likely to be over.

"China will sustain relatively high economic growth, but not super-high economic growth," he said at a business conference in Southern China.

Mr Xi, who became president last month, said China would "protect the lawful rights and interests of foreign-invested companies" and "ensure their rights to equal participation in government procurement and independent innovation".

"China will never close its door to the outside world," he said. "Now that we have opened this door we will not close it, not for now and not in the future."

The comments came after senior executives from companies including PepsiCo, Volvo and Samsung met Mr Xi to express their concerns including about restriction on types of investments they can make...

[Demeter]

3. Banking union a priority for Lew in Europe

SO THAT'S WHAT HE WAS UP TO!

www.reuters.com/article/2013/04/08/us-usa-europe-lew-banking-idUSBRE9370P420130408

Europe's economic weakness and financial turmoil affect the U.S. economy, U.S. Treasury Secretary Jack Lew told EU leaders on Monday, stressing the need to boost demand and move ahead with a euro zone banking union.

"Our economy's strength remains sensitive to events beyond our shores and we have an immense stake in Europe's health and stability," Lew told reporters after talks with European Union leaders including European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy.

"In this context I was particularly interested in our European partners' plans to strengthen sources of demand at a time of rising unemployment," Lew said. EU forecasts indicate the biggest trading partner of the United States will remain in recession for the second year in a row this year.

Lew's visit also comes shortly after messy negotiations between the euro zone, the International Monetary Fund and Cyprus on a bailout for the Mediterranean island, which in the end forced losses on large Cypriot bank depositors.

In his talks with Barroso and Van Rompuy, Lew underscored the importance of the euro zone moving ahead with plans for a banking union which will involve handing over supervision to the European Central Bank and drafting bank resolution laws.

This would allow the 17-nation bloc to handle problems like the resolution of banks in Cyprus more efficiently.

"They discussed the banking union a bit more than other things - the Americans are keen for the process to move forward," one senior EU official said.

[Demeter]

4. EU’s Barnier Said to Urge U.S.’s Lew to Rethink Finance Laws

http://www.bloomberg.com/news/2013-04-08/eu-s-barnier-said-to-urge-u-s-s-lew-to-rethink-finance-laws.html

Michel Barnier, the European Union financial services chief, urged U.S. Treasury Secretary Jacob J. Lew to seek changes to draft rules on swaps and the treatment of EU bank units, saying they may undermine efforts to clinch a trade pact, said two people familiar with the talks.

Barnier told Lew that EU and U.S. moves to begin negotiations on a free-trade deal made revising the measures more urgent, according to the people who asked not to be cited by name because the discussions are private. Lew and Barnier, meeting in Brussels today, agreed to further discussions on the measures, the people said.

The two agreed to “stay in close and regular contact and strengthen the U.S.-EU financial market and regulatory dialog,” according to a joint statement issued by their offices. Lew raised concerns at the meeting that plans by some EU nations to implement a common tax on financial transactions would lead to charges being imposed on U.S.-based companies, the people said.

The U.S. Commodity Futures Trading Commission is under pressure from regulators in the EU and Japan to overhaul planned rules for derivative trading on concerns that the measures may leave companies outside the U.S. facing overlapping requirements. Global regulators said last year that nations should resolve the clash as it risks hampering efforts by investors and clearinghouses to comply with international standards.
Keep Working

Lew and Barnier agreed both sides would keep working to ensure robust and convergent frameworks on derivatives and that prudential frameworks ensure financial institutions hold sufficient capital and are resolvable in an orderly manner, according to a Treasury official, who also asked not to be identified because the talks were private.

Barnier is also pushing back against proposals from the U.S. Federal Reserve that foreign lenders organize their U.S. units as subsidiaries and hold capital independently from their parent firms to make it easier for U.S. regulators to seize local assets in a crisis. The Fed is seeking views on the measures, which Barnier has warned could drive up costs for EU banks. ....

[Demeter]

5. Portugal's prime minister plans more cuts to health and education spending

LAST MONTH:

http://www.guardian.co.uk/world/2013/apr/07/portugal-prime-minister-cuts-health-education

Pedro Passos Coelho chooses not to raise taxes again in order to meet stringent targets set by international lenders...Portugal's prime minister has announced plans for further cuts to health and education spending rather than raising taxes again, in order to meet tough targets set by international lenders after the constitutional court threw out budget measures on Friday.

"I shall instruct ministries to implement necessary reductions in functional spending to offset what the court ruling prohibited. It will certainly be a very difficult process," Pedro Passos Coelho said in a live broadcast on Sunday evening.. He added that while he respected the court, its ruling would hamper government plans to take back control of its own finances from international lenders next year.

The speech followed an emergency cabinet session on Saturday and a meeting between Passos Coelho and President Aníbal Cavaco Silva, who has the power to dissolve parliament but urged the government to complete a four-year mandate it won at the polls in June 2011.

On Friday the court found that proposed cuts in holiday bonuses for civil servants and pensioners were unconstitutional, as were reductions in sick pay and unemployment benefit, all of which would have trimmed €1.3bn from budget spending for this year, according to media estimates. The court, however, upheld other planned measures such as tax hikes....

[bread_and_roses]

6. good cartoon (n/t)

[Demeter]

9. New York to sue BofA, Wells Fargo over mortgage practices

http://news.yahoo.com/york-sue-bofa-wells-fargo-over-mortgage-practices-042410484.html

By Karen Freifeld and Aruna Viswanatha

NEW YORK (Reuters) - New York Attorney General Eric Schneiderman said on Monday he plans to sue Bank of America Corp and Wells Fargo and Co for violating the terms of a settlement designed to end mortgage servicing abuses. Schneiderman issued the announcement, which suggests lawsuits could be filed against the banks within two months, ahead of a widely anticipated report from the monitor for the multi-state settlement, which is expected to be critical of banks. The planned action is the first involving allegations that top banks, which agreed last year to provide $25 billion in relief to homeowners and comply with a set of servicing standards to atone for foreclosure misconduct, are not living up to their obligations under the deal.

Schneiderman said that, since last October, his office had documented 339 violations of standards - 210 by Wells Fargo and 129 by Bank of America - dictating the timeline for banks to process mortgage modification applications. Schneiderman said he would seek injunctive relief and an order requiring the two banks to comply with the settlement. His statement did not say he was seeking damages or penalties. But it is unclear how far Schneiderman can take his efforts, because they come outside the primary channel authorized by the settlement for any potential violations.

The settlement authorized the monitor to first work with a servicer to correct any potential violations and sue only if the servicer does not fix the errors. In an afternoon news conference, Schneiderman acknowledged the authority provided to the monitor, but said he could still move forward.

"There is more than one cop on the beat," he said.

The action draws further attention to the continuing plight of borrowers facing foreclosures some five years after the start of the housing crisis. Some borrowers say they wait months for word from their bank on a request to modify a loan, only to be told their paperwork has been lost. It also highlights the banks' lingering mortgage headache, even if this latest move might not result in significant additional monetary penalties.

"Wells Fargo and Bank of America have flagrantly violated those obligations, putting hundreds of homeowners across New York at greater risk of foreclosure," the attorney general said in a statement.

............................

Bank of America and Wells Fargo are among five banks that agreed to the settlement in February 2012. At the news conference, Schneiderman declined to say whether the other three banks - JPMorgan Chase & Co, Citigroup Inc and Ally Financial Inc - could face similar lawsuits, but said his announcement had "implications" for the other servicers....


I'M SHOCKED, SHOCKED!

[xchrom]

11. New York attorney general: Banks have no fear of law enforcement

http://www.rawstory.com/rs/2013/05/06/new-york-attorney-general-banks-have-no-fear-of-law-enforcement/

New York Attorney General Eric T. Schneiderman on Monday suggested that big banks were not afraid of skirting the law because they didn’t believe law enforcement would target them.

But he plans to change that.

Schneiderman announced a lawsuit against Wells Fargo and Bank of America earlier in the day. He alleged the two major banks repeatedly violated the terms of a mortgage settlement reached by the Department of Justice, Department of Housing and Urban Development and 49 state attorneys general last year.

“The problem is the banks have overwhelming confidence that law enforcement is not taking this seriously,” he told MSNBC host Chris Hayes. “They have overwhelming confidence that whatever the rules are, they won’t be followed up on.”

[xchrom]

12. Jim Armitage: This bond-market lunacy can only end in tears, and we’ll be the losers

http://www.independent.co.uk/news/business/comment/jim-armitage-this-bondmarket-lunacy-can-onlyend-in-tears-and-well-be-the-losers-8603701.html

If your mind was boggled by the fact that a business barely registering on the map a couple of decades ago just borrowed $17bn (£11bn) from investors, wait ’til you hear who else has been squeezing money out of our pension funds.

Despite the concerns looming about Apple’s pricey products and competition from Samsung, the company is getting pretty much free money — 0.5 per cent for three-year loans and 3.9 per cent for 30 years. Not only that, there was such a stampede to lend that it could have raised three times as much.

But don’t read those super-low rates, or that level of demand, as a marker of the highest credit score the world ever witnessed. See them instead as signs the markets are totally dysfunctional. For all Apple’s famous lack of debt, no private company is that much of a safe bet.

Examples of lunatic bond markets abound. Look at the little African state of Rwanda. Less than 20 years ago, it was the scene of the most horrific genocide seen on the planet since Hitler. Its jungle economy consists of subsistence farming and tourism. Yet Rwanda just raised $400m from the bond markets, paying a mere 6.8 per cent a year for 10 years.

[xchrom]

13. SURVEY: MOMS LEAD WAY IN DISCUSSING FAMILY FINANCE

http://hosted.ap.org/dynamic/stories/A/AP_US_FAMILY_FINANCE_SURVEY_MOMS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-05-07-06-29-39

BOSTON (AP) -- Who's better at getting a family to talk about money matters, mom or dad? Taking sides probably won't make for a harmonious Mother's Day celebration on Sunday.

Yet a survey by a financial services company found that mothers clearly have the upper hand over fathers in getting the discussion started with their adult children. While all families are different, moms are often the ones who encourage conversation about such important topics as financial security in retirement, caring for an elder and estate planning, according to survey results released Tuesday by Fidelity Investments.

"Moms are more likely and open to having deep, detailed discussions," said Lauren Brouhard, a senior vice president for retirement with Fidelity's personal investing business.

"Starting the discussion with mom may be a good strategy," given how awkward such conversations can be, Brouhard said.

[xchrom]

14. PORTUGAL SELLS BONDS FOR FIRST TIME SINCE BAILOUT

http://hosted.ap.org/dynamic/stories/E/EU_PORTUGAL_FINANCIAL_CRISIS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-05-07-07-46-46

LISBON, Portugal (AP) -- Portugal held a sale of its 10-year bonds on Tuesday for the first time since it needed a bailout in 2011, representing a milestone in its efforts to regain investor confidence and prove its contested austerity policies are paying off.

Portugal hadn't sold long-term debt since it needed a 78 billion euro ($102 billion) rescue two years ago. The three major international ratings agencies downgraded Portugal's credit worthiness to junk status as the debt-heavy country fell victim to the eurozone financial crisis that spooked investors.

Growing concerns that Portugal had too much debt and too little growth made markets uneasy about lending it money. That sent the interest rate, or yield, that the country pays on its 10-year bonds above 7 percent - a rate that made selling debt unaffordable and which compelled Portugal to ask for help from the International Monetary Fund and its European partners.

As the 17-nation eurozone tries to reduce its debt load, Portugal has been at the heart of the debate about the merits of the austerity policies demanded by the bailout creditors in return for their loan.

[xchrom]

15. COMMERZBANK LOSES $123M IN Q1 DUE TO RESTRUCTURING

http://hosted.ap.org/dynamic/stories/E/EU_GERMANY_EARNS_COMMERZBANK?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-05-07-06-15-44

FRANKFURT, Germany (AP) -- Germany's Commerzbank said Tuesday it lost 94 million euros ($123 million) in the first quarter after taking heavy charges for future job reductions as the bank tries to turn its business around.

The net loss compared with a profit of 355 million euros in the same quarter a year ago.

Germany's No. 2 lender behind Deutsche Bank took charges worth 493 million euros for restructuring that will include 4,000 to 6,000 job cuts by 2016. The bank had around 54,000 employees at the end of the quarter. It announced the cuts in January and warned in April that it would take a large restructuring charge.

Commerzbank has been on a long road to recovery since it was bailed out in 2009 by the German government, which still owns a 25 percent stake. The job cuts stem from a program launched in November to invest in the lender's core business while also reducing personnel costs.

[xchrom]

16. Jobless claims fall for second month in a row in April thanks to hostelry sector{spain}

http://elpais.com/elpais/2013/05/06/inenglish/1367849647_859738.html

Jobless claims dropped for the second month in a row in April, bringing some welcome relief to Spain’s sclerotic labor market. But the improvement was largely due to seasonal hiring in the hostelry sector.

According to figures released Monday by the Labor Ministry, the number of people signed on as out of work at employment offices across the country dropped by 46,050, or 0.91 percent, to 4.989 million.

The number of workers registered as in work with the Social Security system rose by 51,077 to 16,232 million. More than four-fifths of these were employed in the hostelry industry, as the sector geared up for the start of the main tourist season. The number of freelance workers registered with the Social Security system climbed by 11,900, the biggest increase in five years.

Affiliation increased in Catalonia, Murcia, Navarre, Castilla y León, Extremadura, Cantabria, Andalusia, and particularly the Balearic Islands, where it climbed seven percent and accounted for half of the increase. Jobless claims fell in almost all of the regions, with the notable exceptions of the Canary Islands and Valencia.

[AnneD]

17. About the price of gold...

A must see from Max Keiser. Gold and silver are getting harder to come buy at my fav numismatic shop. They offer well over the spot price but few are giving it up unless they have to. This may explain a bit of what is going on. Those may be the official price, but you may not be able to get it at that price.

http://rt.com/shows/keiser-report/episode-440-max-keiser-808/

[xchrom]

18. London finance jobs rise on firm bank results

http://uk.reuters.com/article/2013/05/07/uk-city-jobs-idUKLNE94600H20130507

(Reuters) - Jobs available in London's financial district jumped by almost one fifth in April as employers took heart from strong results at banks and some confidence returned after the Cypriot banking crisis, research showed on Tuesday.

More than 2,600 new roles were created last month compared to 2,190 in March, when the Cyprus banking crisis hit the hiring market, according to London-based financial services recruiter Astbury Marsden.

"Those fears have now subsided, and boosted by the relatively strong figures for the first three months of 2013 from a number of investment banks, employers are feeling cautiously optimistic," said Astbury Marsden Chief Operating Officer Mark Cameron in a statement.

Last month British bank Lloyds Banking Group (LLOY.L) said its first-quarter profits trebled, while Barclays (BARC.L) reported an 11 percent rise in profits from its investment banking division in the first three months of 2013.

[xchrom]

19. French banks battle economy with more cost cuts

http://uk.reuters.com/article/2013/05/07/uk-france-banks-idUKBRE9460A720130507

(Reuters) - French banks Societe Generale (SOGN.PA) and Credit Agricole (CAGR.PA) vowed on Tuesday to keep cutting costs after asset sales and lending cutbacks helped to offset a weak domestic economy in the first quarter.

Banks across Europe are moving to slash spending and cut jobs in the face of tougher rules about capital levels and the uneven post-crisis economic recovery.

SocGen, France's No. 2 listed bank, said it would cut 900 million euros ($1.18 billion) in costs over the next three years in order to reach a new return-on-equity (ROE) target of 10 percent, an increase of 2.6 points.

Smaller listed rival Credit Agricole, which is more exposed to the French economy via its parent network of regional retail banks, reiterated its bid to cut 650 million euros by 2016.

[xchrom]

20. HSBC profits nearly double as costs and bad debts fall

http://uk.reuters.com/article/2013/05/07/uk-hsbc-results-idUKBRE94608U20130507

(Reuters) - HSBC aims to keep the pressure on costs after first-quarter earnings nearly doubled due to the bank's three-year efficiency drive and a halving in bad debts charges.

The jump in profits reinforces HSBC's position as one of the strongest global banks after the financial crisis partly as a result of a radical overhaul to simplify its sprawling structure and improve profitability.

Its strong focus on Asia, which generated around two-thirds of profit in the first quarter, has also helped offset a harsh business environment, particularly in the euro zone.

Europe's largest bank moved faster and more aggressively than many of its peers to cut costs after the crisis. And it will continue to wield the knife - with a further 6,000 job cuts expected this year from businesses already put up for sale, on top of 40,000 already culled. HSBC has closed or sold more than 50 businesses since 2011.

[xchrom]

21. Australian Central Bank cuts interest rate

http://www.irishtimes.com/business/economy/world/australian-central-bank-cuts-interest-rate-1.1384892

The Reserve Bank of Australia cut its benchmark interest rate to a record low, driving down a currency that has damaged manufacturing and boosted unemployment.

Governor Glenn Stevens reduced the overnight cash-rate target by a quarter percentage point to 2.75 per cent, saying in a statement that the Aussie’s record strength “is unusual given the decline in export prices and interest rates.”

Eight of 29 economists predicted the seventh cut in the past 19 months, while money markets had seen about a 50-50 chance. “The board has previously noted that the inflation outlook would afford scope to ease further,” Stevens said.

“At today’s meeting the board decided to use some of that scope. It judged that a further decline in the cash rate was appropriate to encourage sustainable growth in the economy.”

[xchrom]

22. Germans Splurge on Italian Homes Locals Can’t Afford

http://www.bloomberg.com/news/2013-05-06/germans-splurge-on-italian-homes-locals-can-t-afford.html

Yasemin Rosenmaier has been selling homes in northern Italy since 2005 and she’s finding that there’s never been a better time to work for a German broker.


“I’d say 60 percent of our closings are with Germans, which is much higher than in previous years,” Rosenmaier said by telephone from her Engel & Voelkers office in Cernobbio on Lake Como. “Why? Fear of inflation, the uncertainty on the financial markets, fear of what happened in Cyprus,” the latest European country to get an international bailout.

Foreign investment in Italian holiday properties is rising as Germans, Britons and Russians take advantage of a market where locals are struggling to purchase even a first home. Residential sales in the country dropped almost 26 percent last year amid a plunge in mortgage lending, almost two years of recession, and uncertainty surrounding a new tax on primary residences.

Second-home sales to buyers from abroad rose 14 percent last year, with non-Italians spending 2.1 billion euros ($2.8 billion), according to research institute Scenari Immobiliari. Germans, the biggest buyers since 2009, accounted for almost 40 percent of the transactions by foreigners, followed by the British at 18 percent and Russians with 13 percent.

[AnneD]

23. A must see for us all......

http://www.pbs.org/wgbh/pages/frontline/retirement-gamble/

Any stocks I have are now in index funds. This made me feel good about this choice.

[DemReadingDU]

24. I'm totally out of the markets. IMO, It's all a giant gambling casino.

The higher the markets rise, the bigger the crash when it falls.

With what is coming, I only feel safe with family, close friends and neighbors.
And a bit of extra food. When this rains stops, must plant my garden.


Gotta go vote, special elections today in our area.

[AnneD]

25. I am only in because I can't take it out yet...

I invest little there now but I did switch them to index funds last year. It is like playing the averages. You miss the high peaks but you also miss the valleys too.

PM don't make you money, it just preserves your wealth. Family, friends, neighbors, and a garden and a pantry make the difference between living and existing.