Stock Market Watch, November 7, 2011

[Demeter]

Source: du

STOCK MARKET WATCH, Monday November 7, 2011

AT THE CLOSING BELL ON November 4, 2011

Dow 11,983.24 -61.23 (-0.51%)
Nasdaq 2,686.15 -11.82 (-0.44%)
S&P 500 1,253.23 -7.92 (-0.63%)
10-Yr Bond... 2.04 -.00 (-0.10%)
30-Year Bond 3.09 -.00 (-0.13%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Handy Links - Market Data and News:Economic Calendar Marketwatch
Data> Bloomberg Economic News Yahoo! Finance Google Finance Bank Tracker Credit Union Tracker Daily Job Cuts

Handy Links - Economic Blogs:
The Big Picture Financial Sense Calculated Risk Naked Capitalism Credit Writedowns
Brad DeLong Bonddad Atrios goldmansachs666 The Stand-Up Economist

Handy Links - Government
Issues:
LegitGov Open Government Earmark Database USA spending.gov

Handy Links - Videos:The Coming Collapse of the Middle Class Charlie Rose talks with Roubini Charlie Rose talks with KrugmanWilliam
Black: This Economic Disaster> Bill Moyers with Kevin Drum and David Corn

Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren
Dishonorable Mention: former House majority leader, Tom DeLay

Bush Administration Officials Charged = 1
Name(s): Richard Lopez Razo

Financial Sector Officials Convicted since 1/20/09 =
12

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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.

No link yet.

[westerebus]

Good morning.

[plumbob]

1. First rec!?

Good morning!

[plumbob]

4. Nope, simulposts at 7:33.

Waiting to see what the roller coaster brings today.

[Demeter]

6. something didn't work right

sorry about that. Don't know where PBD is, either. Don't know nothing, actually.

If there's no SMW tomorrow, Hugin will have to do it, because I will be working the polls at city elections....

[happyslug]

41. Voting "Early and Often"????

When I first ran across that quote, it was my High School History Book about inner City Politics of the late 1800s. Great Quote, along with the comment of the City boss that was known to have yelled "How many times have you voted today" while several City Police Officers were present. Great stories of inner city political corruption, until I read later (and NOT in High School or even Collage) that the politicians involved were REPUBLICANS for the REPUBLICAN Party controlled most Cities prior to the Great Depression.

One way the GOP used to control the Cities prior to the Great Depression was via the local Saloons (The Last Republican Mayor of Pittsburgh political base was the Speak easies of the 1920s, and even Capone out of Chicago supported GOP candidate for Mayor of Chicago and the "Corrupt" Mayor often cited in History of Chicago was also the last GOP Mayor of Chicago a fact NEVER mentioned).

Thus one of the reasons the Democratic Party of the 1900-1920 period supported Prohibition was to break these local control mechanism via the Saloons of the Cities. In such Saloons votes were bought for a drink. Yes, you hear these stories to this day but NEVER that it was the GOP who did the crimes and bought the votes. The GOP continue to spread these stories and try to tie them to the Democratic Party, but call it "old history" when you point out it was the GOP that did these crimes when the GOP controlled the Cities. The biggest insult when you see movies set in that time period (Such as the Untouchables) where the party of the Corrupt Politician is ignored (Unless it can be implied that the corrupt politician was a Democrat).

For example the reason Capone moved out of Chicago in 1924 to Cicero Illinois was that the Democratic Party had won the Race for Mayor of Chicago in 1923, thus Capone was looking for a safe place to base his operation and that required GOP control over the local government, thus Capone made sure Cicero stayed GOP. When the GOP won back the Mayor's office of Chicago in 1927 Capone moved back to Chicago along with his GOP supporters.

By the early 1930s, the GOP finally had enough of Capone, more do to fear of how connected the GOP was viewed by most people as being in bed with the mob than anything else. Thus the move to Convict Capone of anything in 1931, more do to the fact that the Democrats had won the Congressional election of 1930 and heading for the Presidential victory in 1932 then any other reason (Including going after Criminals). Thus to do a fear of losing control of Congress and the Presidency that the GOP went after Capone in 1931 for Income Tax Evasion.

The corrupt Mayor of Chicago of the days of Capone and Probibtion (William Thompson) is mentioned in the History of Capone but NEVER his party affiliations nor the amount of money he had at the time of the death (And the only way for his to get that much money was widespread corruption that had to be known to his fellow Republicans including Elliot Neese of Untouchables fame).

More on William Thompson, the last GOP mayor of Chicago:
http://en.wikipedia.org/wiki/William_Hale_Thompson

Yes, Tammy Hall of New York City, a bedrock of the Democratic Party from the early 1800s till after WWII (a Bedrock lost do to the change from custom officials being political appointees to Civil Servants then any other factor, something the Democratic party on the National Level had been supporting since about 1890), had its problems, but we hear of the "Corruption" of Tammy Hall more then other cities do to the fact that the GOP wanted to control the City of New York (and the docks of New York City) and tried to use the corruption angle to do so.

Even the history of the West was affected, for example Tombstone was a GOP strong hold in an Democratic Control rural area. The big dispute was that the Clantons, who were Democrats, owned the land the best road to Tombstone was on and Charged a fee for any wagon that went on their land. Tombstone hired the Earps to off set the Clantons, while the GOP residents of Tombstone sought for the Territory of Arizona to take over the road on the Clanton's land (and objected to the proposal that Tombstone pay the Clantons for the road). I will NOT go into the fact that the OK Corral was NOT within the City of Tombstone's Municipal Borders at that time and thus the only person with Jurisdiction was the County Sheriff, who after the Gun Fight tried to arrest the Earps but back down when they threaten to shoot him.

Just comments on how Party politics are often ignored in American History, generally to the good of the GOP then any other reason.,

[Demeter]

69. I didn't know that

But it figures. GOP=Banksters=Criminal class

[AnneD]

94. That sounds ....

Like a nice weekend theme.

[Hugin]

62. I don't have the template here!

:panic:

[Demeter]

64. SMW December 31, 2010

[Demeter]

63. Alternatively, Just Keep Monday's Thread Going

[Tansy_Gold]

102. Never mind. n/t

[Demeter]

2. Today's Economic Calendar

Release_________For _____Actual__Forecast__Consensus__Prior__Revised From
Consumer Credit Sep______$5.0B____$5.0B____-$9.5B

Read more: http://www.breifing.com/investor/calendars/economic/#ixzz1d1gaMwrm

[Turbineguy]

3. It's Monday and a good day

for a brand new financial crisis.

[Demeter]

7. You got that right!

Makes my life look like smooth sailing...

[CoffeeCat]

13. No kidding...

Watching CNBC is like watching a financial soap opera unfold.

"Like our 401ks through the hourglass...so are the days of our lives..." (((cues theme music)))

[Demeter]

5. Oil rises as Greece moves to salvage bailout

http://old.news.yahoo.com/s/ap/oil_prices

Oil prices hovered above $94 a barrel Monday in Asia after Greek leaders agreed to a coalition government that will likely approve an European Union-led bailout package...Greece's embattled prime minister and main opposition leader agreed Sunday to form an interim government to ensure the country's new European debt deal, capping a week of political turmoil that saw Greece face a catastrophic default that threatened its euro membership and roiled international markets...Prime Minister George Papandreou also agreed to step down halfway through his four-year term. Any interim government that is formed with the support of both major parties will be almost guaranteed to push the European rescue package through parliament, which would provide Greece with an additional $179 billion (euro 130 billion) in rescue loans and bank support.

Benchmark crude for December delivery was up 5 cents at $94.31 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 19 cents to settle at $94.26 in New York on Friday. Brent crude was up 53 cents at $112.50 a barrel on the ICE Futures Exchange in London. Crude has jumped about 25 percent from $75 on Oct. 4 amid growing investor optimism that Europe will be able to at least temporarily contain its sovereign debt crisis. However, some analysts say the crisis has already undermined economic growth.

"Even if a reasonable temporary solution is achieved (in Greece), debt problems in Italy will continue to provide an obstacle to sustainable European economic growth," energy consultant Ritterbusch and Associates in a report. "We look for the eurozone to continue to provide a mix of headlines that will keep trading quite volatile."

In other Nymex trading, heating oil rose 1.4 cents to $3.08 per gallon and gasoline futures jumped 2.2 cents to $2.69 per gallon. Natural gas slid 4.4 cents at $3.74 per 1,000 cubic feet.

[CoffeeCat]

17. After Papandreou said he wanted....

the people of Greece to vote whether or not to accept a bailout--you could hear the rush of banksters
barreling toward his offices.

The banksters sure squashed any chance of democracy. Now look at what has happened. A new government
has been formed and Papandreou is out--with a bailout appearing imminent and certain.

I wonder how many guns were held at Papandreou's head when the banksters told him how it was going to go down?

[Tansy_Gold]

34. Good article on the Week-end Economists about how Greeks are

going it alone, opting out of "The System" entirely, in some cases out of necessity.

Maybe we all should be doing that BEFORE the crash. . . .


TG, K&R, etc., etc., etc.

[CoffeeCat]

60. I wonder what the crash in the US...

...will look like?

Will it be another bubble--full of derivatives, bad mortgages, worthless mortgage-backed securities
and credit-default swaps? Will the big bankers demand another bailout?

I really can't imagine what would happen to our country if the banksters crashed it all again, and
came crying to the tax payers for another near-trillion-dollar bailout.

[Tansy_Gold]

73. The first thing that will happen is. . . .

. . . . the banksters will demand a bail-out to prevent "another great depression." Congress will argue about it, but in the end pukes will say it's necessary, the Dems will cave, and the banksters will get their money.

Because the banksters know enough not to come crying to the taxpayers directly. They've seen what happens when they do that -- the debit card fee was an object lesson to them. But they can go to congress and get anything and everything they want.

The question then becomes whether or not the economy -- which really IS the taxpayers -- will continue to support the congress or if some new leadership will emerge that will confront the Grand Ponzis head on.


We'll see. We'll see.



TG

(edit typo, sheesh, cold fingers)

[CoffeeCat]

75. If that does happen--and I think you are right...

...then I think this will be the situation that unites America against corporate
America.

I really hope they try it--because NO ONE will be for another bailout. The right, left
and center will have a collective freak out.

If the big banks come begging for another bailout--they will have to ask for money for
the same exact reasons that they asked for a bailout in 2008. I don't think Americans
will tolerate this. It would be unspeakably outrageous.

It would be similar to a teenager crashing the family Mercedes while high on crack--into
a preschool. Then, after getting a brand-new Mercedes, crashing that one *again* while
high on crack and into another preschool.

It's ridiculous.

And any politician who advocates for such nonsense will not survive another election.

I think the banksters and our politicians did not see OWS coming. They assumed that
we would stay asleep for a few more years. If their intent is to crash it all one
more time--so they can belly up to the money trough--I think their plan is ill-timed
and too late. It just won't fly.

I agree that the banksters and their corrupt political cabana boys in Congress just might
try it. I just can't imagine that they'd be able to pull it off this time.

I'd rather go into a Great Depression--than bail out those thugs! Better to be free of
those ingrates, and experience tumultous times--than to continue supporting those criminals.

Sorry for the rant--the crazy times in which we live are hard to stomach sometimes! :eyes:

[Tansy_Gold]

87. But I think,unfortunately, there are still enough voters

who are still more afraid of the bogeyman of "another great depression" :scared: :scared: who will demand that congress go ahead with a bailout. We still have people here on DU who defend the past bailouts with the stock response of "Would you rather the economy crashed and we had another depression?" and of course my reply would be "Hell, Yes!" but I usually don't bother to respond because I know they won't listen. (Cue PBD's sig line.)

I'm just trying to do my best to be prepared for it, because it's going to come sooner or later. Sooner = less severe; later = more severe.


TG

[CoffeeCat]

91. I hear ya Tansy...

...and I think you are right. There are people who will think with fear, and give the banks
billions--out of fear and ignorance.

I have to admit--that I was for the last bailout. I argued for it, based on the fear-based
reasons that you just mentioned. I was ignorant. I really didn't "get" what they were doing.

I knew that the banks had been reckless and irresponsible. However, I didn't really get that
their bad behavior is well orchestrated, and that they own our government completely. I didn't
get that the control everything--and that the bailouts are part of their plan to siphon off
cash and treasure from the people to the top one percent.

So, maybe my growth curve isn't rage. Maybe others who supported the last bailout, will be
like me--and say "Hell no!".

But I do know what you mean. There are Glenn Beckers who still argue that the entire
housing market crashed because Fannie and Freddie gave loans to poor minorities. Oh! To
be so naive and in denial!

[Tansy_Gold]

92. You learned, and maybe more will this time around.

As I said, it's just best to be prepared for any eventuality.

[Hotler]

98. I wonder if Geithner will get down on his knees and beg..

Boner and Reid to push a bailout through? Na! Never mind. They'll just give it to them.

[Tansy_Gold]

100. Exactly.

There will be demands, but no begging. The banksters know the pukes will give them whatever they want, and the Dems won't deny them.


Fuckers. All fuckers.



TG

[Hotler]

101. This time when they give the banksters money....

it will come directly out of S.S. trust fund. What am I thinking??? The S.S. trust fund is filled with worthless IOU's. Silly me.

[Demeter]

8. BP’s $7bn Argentina disposal collapses

BP’s $7.1bn deal to sell a majority stake in Argentina’s second-largest oil producer to Bridas has collapsed in acrimony. Bridas blamed the UK oil group for the failure of the sale of the stake in Pan American Energy in a statement issued in Buenos Aires. “The decision was prompted by legal issues, by the manner in which BP has behaved during the transaction and the signature,” it said.

Read more >>
http://link.ft.com/r/5F39HH/TU60XB/EKRAI/YBG3HZ/NJ1630/VU/t?a1=2011&a2=11&a3=6

[Demeter]

9. Greece to form coalition government

Greece’s premier George Papandreou and opposition leader Antonis Samaras last night agreed a new coalition government, the office of the country’s president said. They will meet again today after failing to reach agreement on a suitable candidate for interim prime minister.

The frontrunner is Lucas Papademos, a former vice-president of the European Central Bank who helped steer Greece into the euro as its central bank governor. OH, HE WOULD BE A GREAT CHOICE!

Read more >>
http://link.ft.com/r/CTBPCC/5VWKSJ/EKRAI/TU19SQ/VLO7BU/CM/t?a1=2011&a2=11&a3=6

[Tansy_Gold]

35. Fuckers. n/t

[OnceUponTimeOnTheNet]

53. Sometimes you just have to laugh

loved your comment there. Good Morning all and Rec.

[mrdmk]

56. Talk about circle the wagons...

[bread_and_roses]

10. thanks, Demeter. K&R - and meant to add -

that cartoon is hilarious!

[Demeter]

12. It's an addiction

Gotta have my news fix, and a place to share it

[Demeter]

24. It caught my fancy

I have danced the can-can, in costume, in my youth. With a split at the finish and all...

Give me 6 years of rehab, and I'll do it again.

[mrdmk]

58. Will you need 6 months of rehab before, after or both to perform the splits?

:) :(

[Demeter]

66. Years, mrdmk

To get limber....then everything would be hunky dory...

[Demeter]

11. Jeffrey Sachs: Emerging economies are key to the eurozone’s survival

Last week’s G20 meeting marked the demise of the eurozone’s three-year effort to save itself. The monetary union will be saved, but not from the inside. Its survival will come at the hands of the International Monetary Fund and the emerging economies.

The meeting itself was an embarrassment for France on its own turf. Despite President Nicolas Sarkozy’s call for a “New World – New Ideas” summit, the meeting was about the old world and old squabbles. With Germany, France, Greece, Italy, and other neighbours hardly on speaking terms, the rest of the G20 was astonished by the intra-European bickering.

Read more >>
http://link.ft.com/r/H60H77/8ZD974/PNGIU/XHBNTF/ZG2YE2/T3/t?a1=2011&a2=11&a3=7

IN THIS AGE OF MEDICAL DIRECTIVES, CAN'T WE GET AWAY FROM LIFE SUPPORT FOR THE BRAIN-DEAD?

[xchrom]

14. good morning -- thank you, demeter

:donut:

[Demeter]

15. Evolving EFSF unnerves investors

http://www.ifre.com/evolving-efsf-unnerves-investors/1614515.article

Difficult market conditions gave the European Financial Stability Facility a convenient excuse for postponing a planned bond sale last week. But uncertainty over the exact nature of the eurozone bailout fund was as much to blame for the abandoned deal as the tricky market backdrop.

The first rule for any issuer is to have a clear story to tell – and that is hard for an entity that is constantly evolving as the euro crisis develops. It is certainly true, though, that the EFSF was put in a near-impossible position by Greek prime minister George Papandreou’s call for a referendum on the latest eurozone aid deal for Greece.

The possibility of a no-vote sent markets into a downward spiral on Tuesday morning. The slump continued into Wednesday, when – following an investor call held by lead managers Barclays Capital, Credit Agricole and JP Morgan – the €3bn long 10-year deal was postponed.

Christophe Frankel, the EFSF’s CFO and deputy CEO, blamed the decision on the tough market backdrop, adding that the entity had sufficient flexibility to hold back...

[xchrom]

16. europe: Stock futures pare losses on Italy speculation

http://www.marketwatch.com/story/us-stock-futures-sink-on-italy-worries-2011-11-07?dist=beforebell

LONDON (MarketWatch) — U.S. stock futures pared losses on Monday following unconfirmed market speculation that Italy’s Prime Minister Silvio Berlusconi may decide to step down.

Down more than 100 points earlier, futures on the Dow Jones Industrial Average /quotes/zigman/2976950 DJ1Z -0.50% fell 40 points to 11,902 at last check.

Futures on the Standard & Poor’s 500 stock index /quotes/zigman/1297394 SP1Z -0.51% declined 6.20 points to 1,244.90 and Nasdaq 100 futures /quotes/zigman/1035315 ND1Z -0.43% dropped 10 points to 2,341.

[xchrom]

18. Euro zone set for 2012 recession: SocGen

http://www.marketwatch.com/story/euro-zone-set-for-2012-recession-socgen-2011-11-07?dist=beforebell

HONG KONG (MarketWatch) -– French bank Societe Generale said Monday it expects the euro-zone economies to fall into recession next year, adding that growth is also likely to be on the weaker side for the U.S. and China.

The bank said financial stress conditions, elevated from the failure to resolve the euro-zone crisis, will elevate credit costs, erode confidence and result in negative wealth effects.

It warned that businesses are holding off hiring and investment plans as the crisis has moved from the financial sphere to undermine confidence in the real economy.

“The spillover from the euro-debt crisis has proven greater than previously expected and we now see recession as inevitable,” wrote SocGen strategist Michala Marcussen.

[xchrom]

21. A Greek bearing gifts

http://www.economist.com/node/21536665

“DOES Greece want to remain part of the euro zone, yes or no?” That was the blunt, existential question European leaders put to the Greek prime minister, George Papandreou, when they summoned him to an emergency dinner in Cannes on the eve of the G20 summit to explain his unexpected call for a referendum on the latest deal to salvage the euro. And that is the question they wanted the Greek people to vote on in the hope that the answer might be yes. But that referendum may never take place. As The Economist went to press, the prime minister’s position seemed untenable, putting the vote into doubt. Much, it must be said, to the relief of some European leaders.

Greece does not have much time. Nicolas Sarkozy, the French president, said it would not receive “a single cent” until it had cleared up the uncertainty. Barely a week after their “comprehensive” solution to the euro’s crisis, European leaders must openly consider a chaotic Greek default, and its departure from the euro.

[CoffeeCat]

23. Wow, two European leaders stepping down...

...within a week.

Will we ever be privvy to the behind-the-scenes dish on what happened here?

It's as if the banks are clear-cutting their way through foreign governments, in an effort to
rid the world of world leaders who stand for democracy and may be a threat to the power
and global domination that the banks so desire.

[xchrom]

25. Fiat and Italy Arrivederci, Italia?

http://www.economist.com/node/21536611

DUTY, history, and responsibility are what keep Fiat, Italy’s biggest private-sector employer, based at home. Running counter to such fine notions, said the carmaker’s boss, Sergio Marchionne, earlier this year, is Fiat’s need to make decisions “rationally”. It has lost money in Italy for years. It expects things to get worse as sales slump at home. Small wonder that the country regularly goes into hysteria over whether Fiat will stay.

Its takeover of Chrysler, an American carmaker, is one reason to worry. Fiat (whose chairman, John Elkann, is a director of The Economist’s parent company) has not decided whether the combined group’s headquarters will be in Turin or Detroit. That may involve little more than a plaque on the wall, as the company argues. But Fiat’s manufacturing presence in Italy is under threat too. Despite earning two-thirds of its revenues abroad, it still has almost half its employees and 40% of its plants in Italy. Mr Marchionne has repeatedly threatened to shutter Italian capacity if he cannot make it productive.

On October 20th Consob, Italy’s stockmarket regulator, demanded details of a 2010 plan called Fabbrica Italia, in which Fiat promised to invest €16 billion ($22 billion) in its Italian plants over four years in return for new agreements on working conditions. As part of this plan, it is repatriating production of the Panda, a small car, from Poland. But Fiat has also changed some elements: two prestigious models it was going to bring to its Mirafiori plant in Turin will be replaced with smaller cars.

Fiat rejected Consob’s demands for more detail on the plan and attacked the regulator for asking for it publicly. Maurizio Landini, secretary-general of Fiom-Cgil, a metalworkers’ union which has fought hard against Fiat’s new working conditions, says his main fear is that Fabbrica Italia only exists on paper. He claims that Fiat is basing the development of its most innovative future projects, such as hybrid and electric cars, in America.

[xchrom]

27. Italy government borrowing rates hit euro-era high

http://www.bbc.co.uk/news/business-15617132

The Italian government's borrowing cost has risen as fears grow over political uncertainty in Rome.

The yield on Italian 10-year bonds rose from 6.37% to a euro-era high of 6.64%, before retreating to 6.53%.

It is feared that Italy, the eurozone's third biggest economy, could become the next victim of the debt crisis. PM Silvio Berlusconi faces a crunch vote on public finance on Tuesday.

Stock markets in London, Paris and Madrid were also trading lower.

[xchrom]

43. France reveals further budget savings

http://www.bbc.co.uk/news/business-15620652

France has announced plans for further budget savings of 7bn euros ($9.6bn; £6bn) in 2012 and 11.6bn euros in 2013.

The eurozone's second biggest economy is seeking to reduce its deficit and protect its triple-A credit rating.

PM Francois Fillon announced measures including an acceleration in pension reform and a rise in VAT and corporation tax.

The cutbacks come on top of 12bn euros of planned savings over the next two years, announced in August.

[xchrom]

46. Video: Chrystia Freeland {interview w/ soros on the euro crisis}

http://uk.reuters.com/video/2011/11/04/soros-european-governments-have-the-bazo?videoId=224273274&videoChannel=4301

The EU must use ''the bazooka in its hands'' properly to combat debt default, George Soros tells Reuters' Chrystia Freeland. The European Central Bank should not recapitalize the banks, but rather, guarantee the banks against default. Watch his strategic recommendations here.

[xchrom]

48. FTSE down on Euro contagion risks

http://uk.reuters.com/article/2011/11/07/uk-markets-britain-stocks-idUKTRE7A60Z020111107

(Reuters) - Banking and commodity stocks were the main drag on London's FTSE 100 share index by midday on Monday, although many investors stayed on the sidelines amid political uncertainty in Italy.

The FTSE was down 34.76 points, or 0.6 percent at 1217 GMT, off an early-trading low of 5,432.16.

The index regained some ground late in the morning amid trader talk the Italian Prime Minister, Silvio Berlusconi, was set to resign, fuelling hopes that a coalition government would be formed to start tackling the country's debt problems.

"There could be a small relief if Berlusconi steps down but traders are really looking further down the line and there still are big issues out there, like refinancing Italy's debt," said Matt Brown, a trader at Catalyst Markets.

[xchrom]

49. European shares briefly turn positive; Italy leads

http://uk.reuters.com/article/2011/11/07/markets-europe-stocks-positive-idUKL6E7M71PQ20111107

Nov 7 (Reuters) - European shares briefly turned positive on Monday, led by Italian stocks on talk, subsequently denied, that the country's prime minister would resign, and after a pullback in the country's debt yields from euro-era highs.

At 1502 GMT, the FTSEurofirst 300 index of top European shares was down 0.1 percent at 979.25 points, but had gone as high as 982.85. Its earlier low was 961.65.

Italy's benchmark gained 2.6 percent with banking heavyweights Intesa SanPaolo and UniCredit up 5.4 and 4.5 percent, respectively. Italian government bond yields, meanwhile, fell back slightly.

[xchrom]

54. Best Buy bags U.S. mobile venture, axes UK chain

http://uk.reuters.com/article/2011/11/07/uk-bestbuy-carphone-idUKTRE7A61AM20111107

(Reuters) - U.S. electricals retailer Best Buy Co Inc is buying its British partner out of a fast-growing U.S. mobile phone joint venture for $1.3 billion (809.4 million pounds) and scrapping plans for a chain of European megastores, it said on Monday.

The moves are the latest sign Best Buy is scaling back its overseas ambitions to focus on its main U.S. business, which faces stiff competition from discounters and online retailers. Earlier this year, the U.S. group dropped plans for Best Buy-branded stores in China and Turkey.

The decisions also underscore the gloomy outlook for European retailers as consumers there grapple with rising prices, subdued wages growth and government austerity.

Best Buy said it would buy out Carphone Warehouse Group Plc from a profit share agreement of their Best Buy Mobile venture in the United States, which has been benefiting from soaring demand for smartphones like Apple's iPhone.

[xchrom]

57. UPDATE 3-Russia's Evraz rises in full London trading debut

http://uk.reuters.com/article/2011/11/07/evraz-listing-idUKL6E7M707E20111107

MOSCOW, Nov 7 (Reuters) - Shares in Russia's Evraz rose more than 9 percent on its first day of trading on the premium segment of the London Stock Exchange, as the steelmaker part-owned by tycoon Roman Abramovich came a step closer to the prestigious FTSE 100.

Evraz is among a string of Russian companies seeking a higher international profile, greater liquidity, a broader shareholder base and better long-term access to capital markets via a London listing and inclusion in its blue-chip index.

That trend has led to concern from investors that it is too easy for companies with low free floats and hazy corporate governance standards to enter the index, and has prompted FTSE Group to look at tightening its requirements.

The UK Listing Authority (UKLA) gave Evraz a waiver to move to a premium London listing despite having a free float of 23.4 percent, below the usually required minimum of 25 percent, a spokeswoman for the Russian firm said.

[Demeter]

19. For Markets in Europe, the Focus of Fear Moves to Italy

http://www.nytimes.com/2011/11/07/business/in-europe-anxious-market-shifts-focus-to-italy.html?_r=1

European efforts to solve a growing sovereign debt crisis have failed to quell market unease on the Continent, and the skepticism over Greece points to continued volatility this week. Among fresh warning signs, Italy’s cost of borrowing has jumped to the highest rate since the country adopted the euro. Others signs include pressures building in the plumbing of Europe’s banking system. While those pressures are not yet at the levels experienced during the 2008 financial crisis, when some markets in the United States froze altogether, they are high enough to cause worry, analysts say.

Even as Greece reached an agreement on Sunday to form a coalition government meant to avert the collapse of the latest bailout plan for the euro zone, investors are still demanding greater certainty on how Europe would pay for a rescue package aimed at stopping the Greek financial contagion from spreading to Italy or Spain. “This is a bit of a sideshow,” Mark D. Luschini, chief strategist at Janney Montgomery Scott, said of the shifting political leadership in Greece. “Markets will react favorably to this, but they won’t rally hard on the news. Italy is the bigger issue.”

In the United States, credit markets tightened earlier this year during a political stand-off over the debt ceiling and the ratings downgrade of the country’s long-term debt by Standard & Poor’s, but conditions have eased since then. European banks are likely to remain wary about lending to one another, analysts predict, and investors will continue to require high interest rates on the billions of euros in loans Italy needs each month to keep its economy afloat.

The yield on 10-year Italian notes has surpassed that on Spanish debt by nearly a full percentage point, reaching 6.51 percent on Monday after leaders at a meeting last week of the Group of 20 nations failed to come up with details on how to stop the European crisis from spreading. The rising yield is troubling because once the interest rates on the debt of Greece and Portugal surpassed 7 percent they shot up far higher, requiring those countries to turn to outside sources of financing. Rates on their debt remain in double digits. At the end of last month, Italy issued 3 billion euros worth of bonds at an interest rate of more than 6 percent, about 1.5 percentage points higher than it had had to pay as recently as the summer. The extra bond yields are adding as much as 3 billion euros (about $4.1 billion ) annually in additional interest payments, estimates Tobias Blattner, a former economist at the European Central Bank who is an economist at Daiwa Securities in London. Analysts are concerned that if interest rates on Italian debt keep rising, the country may no longer be able to afford to borrow on the open markets and instead would have to turn to official lenders like the European Union or the International Monetary Fund...

MUCH MORE AT LINK

[Demeter]

20. Italy Yield Surge Sets Berlusconi on Bailout Path

http://www.businessweek.com/news/2011-11-07/italy-yield-surge-sets-berlusconi-on-bailout-path-euro-credit.html

Italy’s record bond yields are sending the nation down the same path taken by Greece, Portugal and Ireland in the days before they were forced to seek rescues.

Italy’s 10-year notes traded above 5.5 percent for 40 days before breaching the 6 percent mark on Oct. 28 and reaching as much as 6.68 percent today. The bailed-out nations followed a similar trajectory, consistently averaging above 6 percent for about a month before crossing the 6.5 percent barrier. After that, it took an average of 16 days for yields to pass the unsustainable 7 percent level.

“The trend appears worryingly similar,” said Riccardo Barbieri, chief European economist at Mizuho International Plc in London. “Clearly, the longer it lasts, the worse it gets.”

With almost 1.6 trillion euros ($2.2 trillion) of bonds outstanding, Italy has more liabilities than Spain, Portugal and Ireland combined, making it vulnerable to increases in borrowing costs. Prime Minister Silvio Berlusconi triggered the latest surge in yields after bowing to domestic demands to water down a 45.5 billion-euro austerity package...

IT'S WAR ON SOVEREIGN NATIONS BY THE BANKSTERS

[Roland99]

61. Italian bonds getting worse by the minute. Even after another ECB "stick save"

http://www.zerohedge.com/news/five-times-not-charm-ecb-btp-intervention-today

[Roland99]

65. Yields on Italian 10-year bonds hit 6.66%!

http://www.zerohedge.com/news/10-year-btp-666-italian-treasury-cancels-november-10-bill-auction

[Roland99]

22. Futures got a case of the Mondays

S&P 500 1,243.50 -7.50 -0.60%
DOW 11,886 -55.00 -0.46%
NASDAQ 2,343 -8.00 -0.34%

[Demeter]

26. U.K. failure to collect £10M from Goldman upsets lawmakers

Britain's failure to collect £10 million in interest on taxes owed by Goldman Sachs Group triggered anger by members of Parliament and public-interest groups.

I CAN'T GET A LINK TO THIS FINANCIAL TIMES ARTICLE....I THINK MAYBE THERE'S SOMEBODY SCREWING WITH SOMETHING...

[Fuddnik]

28. Occupy Hell. They always told me I'd wind up here.

Made possible by a generous grant from the Anne D Charitable Foundation.


Hell was afraid I'd take over, so they sent me back.





It started out, I was arrested for Aggravated Ignorance in Honduras.


They shipped me off to Grand Cayman to be eaten by stingrays and banksters,


So, I've been without news or internet for over a week. Just sun, booze, and food. I notice the markets are a lot lower than when I left. What's been going on?

[Demeter]

30. Oh, nothing really

You picked a good time to get away.

[AnneD]

95. Fudd....

When I told you to go to hell.....

I wasn't counting on it being so nice.

Did you remember to launder your money while you were there? Did you see anyone we know. (Envisioning Tim and Ben in their skivies and flip flops with several loads of money in the dryer).

Gee, if I might go just to open an offshore account.

[DemReadingDU]

33. Nice vacation pics!

I can't imagine being without news or internet for a week. I have withdrawal symptoms after a couple days!

[Owlet]

47. You don't want to love in Connecticut, then

We were a week with no juice: still 66,000 customers without power. C.L.&P. - World's Worst Utility.

[DemReadingDU]

59. I heard about Connecticut on the radio

That is indeed terrible without electric for over a week.
:(

We'd go absolutely nuts without Internet. I think we would drive to a McDonalds for access and warm up with hot coffee.

[Roland99]

39. looks like a lot of fun!

been fun here watching the markets roller coaster.

[xchrom]

50. great pics -- & it looks like you had a really good time.

i love the cayman islands -- the old painted houses -- really magical.

[Demeter]

29. Reality calls--Carry On in my absence, Marketeers!

love, Demeter

[Fuddnik]

36. Reality? Who needs it?

[xchrom]

31. asia: Indonesia's economy grows driven by high consumption

http://www.bbc.co.uk/news/business-15615577

Indonesia's economy continued to grow rapidly - despite a weak global economic outlook - helped by domestic spending and investment.

Gross domestic product rose 6.5% in the three months to September, compared to a year earlier, the Central Bureau of Statistics said.

Indonesia's economy grew at its fastest annual rate for six years in 2010.

Unlike export-driven nations, there have not been signs of a slowdown in Indonesia's growth in recent months.

[xchrom]

45. Jobless claims quadruple in disaster zone

http://www.japantimes.co.jp/text/nn20111107x1.html

SENDAI — People applying for extra jobless benefits as of September rose fourfold from a year earlier in the three prefectures most damaged on March 11, highlighting the severe employment situation there, government data showed Monday.

A total of 12,705 people in Iwate, Miyagi and Fukushima prefectures, up from 3,213 the previous year, received the allowances at the end of September beyond the standard payout period ranging from 90 to 330 days, according to the Health, Labor and Welfare Ministry.

The government introduced the system in March 2009 to allow people who can't find a job during the designated payout period to conditionally extend the provision of unemployment allowances for 30 or 60 days.

By prefecture, 5,890 people in Miyagi received such benefits, up 3.85 times on a yearly basis, followed by Fukushima with 4,875, up 4.46 times, and Iwate with 1,940, up 3.26 times.

[xchrom]

55. China says U.S. APEC goals too ambitious

http://uk.reuters.com/article/2011/11/07/us-china-apec-idUKTRE7A61ZC20111107

(Reuters) - U.S. goals of establishing regional free trade and an environmental policy at the APEC summit are useful but too ambitious for some developing nations, China said on Monday, days before President Hu Jintao heads to Hawaii for the meeting.

APEC (Asia-Pacific Economic Cooperation) members from 20 countries have taken a "fundamentally supportive attitude" of the U.S. proposals for green growth and innovation to be raised at the leaders' meeting in Honolulu from November 12-13, Assistant Foreign Minister Wu Hailong said.

"But expectations for outcomes are too high and beyond the reach of members from developing countries," Wu told reporters during a joint briefing with China's Commerce Ministry.

Sorely lacking jobs at home and looking for ways to cement the U.S. presence in Asia, the Obama administration wants to drive forward the Transpacific Partnership (TPP) free trade pact among nine nations on the sidelines of APEC.

[Hotler]

32. k&r Thank you Demeter. n/t

[Hotler]

37. The neocons are rattling sabers and banging the war drums with Iran.

More war for oil. I'm surprised that the corporations don't use the cops to go into Office Depot to steal copy paper for them.

[Tansy_Gold]

38. Thanks, Demeter!

This week-end's art show as both bad and good -- Saturday was chilly and overcast (rare for this time in AZ) with very few people out and fewer buying, but Sunday was gorgeous and I had good turn-out and good sales.

Now this morning it's pouring rain, cold, dark clouds. Yucky. Good day to stay inside and catch up on some SMW reading, and then start restocking inventory for the next show in three weeks.

TG

[bread_and_roses]

40. "The willful ignorance and cruelty of it all can leave you gasping"

Frances Fox Piven on the war against the poor - good, concise summary of the "class war" waged by our Oligarch Overlords these past forty years. While she doesn't address the financial industry, the war against the poor was a necessary corollary, and part and parcel of the rise of the 1% against the rest of us.

http://www.commondreams.org/view/2011/11/07

Published on Monday, November 7, 2011 by TomDispatch.com
The War Against the Poor and Occupy Wall Street
The Politics of Financial Morality
by Frances Fox Piven

We’ve been at war for decades now -- not just in Afghanistan or Iraq, but right here at home. Domestically, it’s been a war against the poor, but if you hadn’t noticed, that’s not surprising. You wouldn’t often have found the casualty figures from this particular conflict in your local newspaper or on the nightly TV news. Devastating as it’s been, the war against the poor has gone largely unnoticed -- until now.

[Tansy_Gold]

42. + a bazillion n/t

[Roland99]

44. um...wtf? 100pt turnaround at the open from what the futures were pointing to.

uhhhhh...

[Demeter]

67. And yet, it STILL dropped like a rock

Gravity--not just a good idea, it's the Law!

[Roland99]

90. now back up on rumors an IMF wonk will be the new Greek puppet (err....PM)

http://www.zerohedge.com/news/desperately-seeking-rumor-causing-latest-market-spike

[xchrom]

51. PRECIOUS-Gold rises as Europe debt crisis intensifies

http://uk.reuters.com/article/2011/11/07/markets-precious-idUKL6E7M710620111107

LONDON, Nov 7 (Reuters) - Gold rose 1 percent on Monday as investors piled into the traditional safe haven asset as Europe's debt crisis intensified on concerns about political instability in Italy and Greece.

Worries about Italy, where Prime Minister Silvio Berlusconi is battling party rebels threatening to bring down his government, have overshadowed a coalition deal in Greece to help secure its latest bailout package.

With Italy's debt levels at 120 percent of GDP, the debt problems of the euro zone's third-largest economy would pose a much bigger risk to the financial markets than Greece.

Spot gold jumped 1 percent to $1,772.76, its highest since Sept. 22, before easing to $1,763.69 by 1042 GMT, according to Thomson Reuters data.

[xchrom]

52. Bulk of MF Global positions in Europe still open

http://uk.reuters.com/article/2011/11/07/uk-cme-margin-mfglobal-idUKL4E7M70B120111107

Reuters) - Nearly two-thirds of positions from the UK unit of MF Global were still open on Monday, a week after it filed for bankruptcy protection, sparking frustration about delays in moving business to new brokers and dampening volumes in metals trading.

U.S. exchanges, meanwhile, have cut margin requirements on some accounts from MF Global to limit the fallout on futures markets from the collapse of the broker.

UK administrators KPMG said 954,000 positions were open out of the 1.6 million positions in place when MF Global Holdings Ltd (MFGLQ.PK) filed for bankruptcy protection on October 31.

Traders on the London Metal Exchange said turnover was thinner than usual partly due to delays in transferring MF Global positions to new brokers.

[Demeter]

68. Hanky-Panky

Who would have thought it?

[Demeter]

70. Hit With Big Withdrawals, Fed Sells Assets, Borrows Cash

http://www.zerohedge.com/contributed/hit-big-withdrawals-fed-sells-assets-borrows-cash

Courtesy of Lee Adler of the Wall Street Examiner

The Fed was hit with withdrawals of $83.3 billion last Wednesday, the largest withdrawals from its deposit accounts that were not associated with quarterly tax payments since February of 2009. $7 billion of that was the net cash transferred to the US Treasury from its note and bond sales less outlays. The Fed still had to meet the other $76 billion. These transactions were revealed in the Fed's weekly H.4.1 report.

The Fed was apparently forced to take extraordinary measures to fund these withdrawals. These included the outright sale of nearly $24 billion in its Treasury note and bond holdings from the System Open Market Account. As a result, the Fed's System Open Market Account (SOMA) fell to $2.611 trillion, some $43 billion below the Fed's stated target of $2.654 trillion. Prior to this week, it had not strayed from by more than $7 billion since June. The Fed's action was not only a direct contradiction of its stated policy, but it was done without warning or explanation. It ran counter to Bernanke's penchant for telegraphing every important move the Fed makes so that the banking/speculating organizations can front-run it.

The Fed took another unusual and virtually unprecedented action to fund these massive withdrawals. It borrowed $43 billion from foreign central banks (FCBs) through Reverse Repurchase Agreements (reverse repos, or RRPs).

Fed Reverse Repos Chart- Click to enlarge see link


...This action was such a surprise and done with such stealth, that apparently I am the only person in the in the known universe, who writes regularly about the Fed, who noticed it. I could find no coverage of it anywhere this weekend, either in the mainstream Wall Street lackey press, or in the financial wackosphere, of which, like it or not, I am a member. Since I know that I'm not that smart and the big boys at the Wall Street Urinal are, I have to assume that there's nothing going on here... (Uh... Not)... I don't know whether this is some kind of technical adjustment, however big, or a sign that the wheels might be beginning to come off the world financial system. Given what's going on with countries and brokerages going bankrupt and internet coupon companies setting the investing world on fire, it's difficult not to suspect the latter. We'll have to see what hits the fan this week. If no reports show up in the mainstream media, rather than concluding that there's nothing here, I would tend to suspect that there is, and that the reason there's no reporting is that the Fed does not want us to know. I'd infer from that that Dr. Bernankenstein has lost control of his monster.

[Hotler]

96. Shit! n/t

[Demeter]

71. Older Adults Are Now 47 Times Richer Than Those Under 35

http://www.npr.org/blogs/thetwo-way/2011/11/07/142092567/older-adults-are-now-47-times-richer-than-those-under-35?ft=1&f=1001

There's been a huge increase in the wealth gap between older Americans and those just entering adulthood, according to a new analysis of Census Bureau data done by the Pew Research Center.

According to Pew's study:


In 2009, "households headed by adults ages 65 and older ... had 47 times as much net wealth as the typical household headed by someone" under 35 years of age. Pew says that "back in 1984, this had been a less lopsided 10-to-1 ratio."

The median net worth of a household headed by someone 65 or older was $170,494 in 2009, Pew says. That was up 42 percent from 1984, when the median net worth for that group was $120,457.

Meanwhile, the median net worth of a household headed by someone younger than 35 was $3,662 in 2009 — down 68 percent from $11,521 in 1984.

What's behind the divergence? Housing.

WELL, GUESS THE BANKSTERS HAVE THEIR WORK CUT OUT FOR THEM--

[Demeter]

72. Robert Jenkins: Greek default inside the euro is the only real option

It was a possibility feared but unspoken – until last week. Suddenly a Greek exit from the euro was on the table. “Are you in or are you out?” Many Europeans no longer care. They should. Their leaders do. Here is why.

Greece will restructure. It can do so “within the euro” or it can do so “outside the euro”. The difference is crucial.

Read more >>
http://link.ft.com/r/LVA6WW/JE3TAZ/XBAN6/7AZ8AV/AMYPVF/ID/t?a1=2011&a2=11&a3=7


I'LL HAVE WHAT HE'S DRINKING....I THINK HE'S LIVING A FANTASY. RESTRUCTURE WITHIN THE EURO?

THE BANKSTERS DON'T WANT ANYTHING LESS THAN CRUSHING THE NATIONS, ONE BY ONE. THE ONLY RESPONSE IS TO CRUSH THEM FIRST, SINCE THEY ARE THE AGGRESSORS AND THE RULE DESTROYERS.

[Demeter]

74. $1800 Au, here we come again!

[Demeter]

76. G20 seeks more talks on eurozone crisis

Meeting – possibly before Christmas – would aim to resurrect idea of building an international firewall around Greece

Read more >>
http://link.ft.com/r/73UJGG/2OMX4J/06MUC/L9SWKN/97DJRR/E4/t?a1=2011&a2=11&a3=7

[Demeter]

78. Greek banks in €6.4bn bond switch

Government-guaranteed bonds issued by Alpha Bank, EFG and Piraeus will likely be used as security to obtain financing from central banks

Read more >>
http://link.ft.com/r/FG6LAA/QNB6OR/B49CK/7AZ82F/IIFTTB/YT/t?a1=2011&a2=11&a3=7

[Demeter]

79. Tui draws up post-euro contracts for Greece

German travel operator Tui writes to Greek hoteliers asking them to agree to contract that spells out obligations should Greece drop euro

Read more >>
http://link.ft.com/r/FG6LAA/QNB6OR/B49CK/7AZ82F/SPG2VR/YT/t?a1=2011&a2=11&a3=7

[Demeter]

77. Sarkozy to launch second austerity budget

Nicolas Sarkozy to launch second austerity budget in two months as he tries to protect triple-A credit rating while not harming re-election hopes

Read more >>
http://link.ft.com/r/73UJGG/2OMX4J/06MUC/L9SWKN/5V4EQD/E4/t?a1=2011&a2=11&a3=7

[Demeter]

80. China and US in standoff over auditors

Chinese audit firms could be barred from vetting the accounts of US-listed companies because of a regulatory stand-off

Read more >>
http://link.ft.com/r/FG6LAA/QNB6OR/B49CK/7AZ82F/ZG2WW6/YT/t?a1=2011&a2=11&a3=7


IF IT'S A QUESTION OF CREDIBILITY, I PICK NEITHER ONE.

[Demeter]

81. Rules eased to avert MF Global fallout

US futures exchanges have relaxed rules on how much collateral speculators must hold in hope of heading off instability

Read more >>
http://link.ft.com/r/FG6LAA/QNB6OR/B49CK/7AZ82F/IIFTLZ/YT/t?a1=2011&a2=11&a3=7

SAY WHAT?

[Demeter]

82. SOUND ADVICE FROM Thomas Paine

"He that would make his own liberty secure, must guard even his enemy from oppression;

for if he violates this duty, he establishes a precedent that will reach to himself."

NOW, ABOUT THOSE PREDATOR DRONES...
-

[Demeter]

83. Deutsche Bank, BNP Among 29 Banks Facing FSB Capital Buffer

http://www.bloomberg.com/news/2011-11-04/deutsche-bank-bnp-goldman-sachs-among-banks-facing-extra-capital-buffer.html

Deutsche Bank AG (DBK), BNP Paribas (BNP) SA and Goldman Sachs Group Inc. (GS) are among banks that must hold additional capital buffers ranging from 1 to 2.5 percentage points under plans approved today by the Group of 20 nations.

A total of 29 lenders may have to meet the requirements, according to a provisional list published by the Financial Stability Board. The measures were agreed on by regulators to prevent any so-called systemically important financial institution from failing and roiling the global economy. The list doesn’t specify the exact surcharges banks may face.

Systemically important banks need “higher capital requirements which will reflect the cost of their possible failure,” Mario Draghi, the FSB’s chairman, told reporters in Cannes, France....

[Demeter]

85. G20 names 29 banks for capital surcharge, recovery plan

http://www.reuters.com/article/2011/11/04/g20-financials-idUSL6E7M430120111104

Global regulators on Friday named 29 banks so important to the world's financial system that they require more capital and closer surveillance than rivals, plus a detailed plan to allow them to be wound up without taxpayer help if they hit trouble.

The list of banks drafted by the Financial Stability Board, a regulatory taskforce of the G20, included 17 lenders from Europe, and eight from the United States, including Goldman Sachs , JP Morgan Chase and Citigroup .

Just four of the banks are from Asia, including Bank of China , because the region's banks were generally judged to be less complex, have less cross-border links and exposure to wholesale funding, FSB officials said.

A G20 leaders summit endorsed a core capital requirement surcharge starting at 1 percent of risk-weighted assets and rising to 2.5 percent for the biggest banks -- which would be phased in over three years from 2016. The FSB did not say which capital bracket each of the 29 banks would fall into...

[DemReadingDU]

84. Too Big to Bail: 'Europe got no cash to save Italy'

11/7/11 Too Big to Bail: 'Europe got no cash to save Italy'

It's Greece that heads the line of countries destabilising the eurozone - and it's in Athens that a new coalition 'unity' government has been formed to tackle the debt crisis there. This comes after weeks of political chaos that's put Greek euro membership in jeopardy. Prime Minister George Papandreou has agreed to step down, with his replacement due to be announced later. The new interim government will lead the country until elections, expected to be held in February next year. The government's main task will be to approve a 130-billion Euro emergency rescue package that was reached between European leaders. And there are now concerns that Italy is on its way to becoming the next victim of the European debt crisis. Economics analyst Nick Skrekas, who's in Athens says Italy and Spain are now two largest threats to Eurozone.
http://www.youtube.com/watch?v=uLv6Y6IeI7M&feature=youtu.be

[Demeter]

86. The housing market still looks grim, but the rental side hints at recovery

http://www.economist.com/node/21536592

THERE are two things everyone knows about American economic recoveries. The first is that the housing sector traditionally leads the economy out of recession. The second is that there is no chance of the housing sector leading the present economy anywhere, except deeper into the mire. In the two years after the recession of the early 1980s housing investment rose 56%; it is down 6.3% in the present recovery. America is saddled with a debilitating overhang of excess housing, the thinking goes, and as a result is doomed to years of slow growth and underemployment.

The economic landscape is unquestionably littered with the wreckage of the crash. Home prices languish near post-bubble lows, over 30% below peak. The plunge in prices has left nearly a quarter of all mortgage borrowers owing more than the value of their homes; nearly 10m are seriously delinquent on their loans or in foreclosure. The hardest-hit markets are ghost neighbourhoods, filled with dilapidated properties. Housing markets are far from healthy. Yet current pessimism seems overdone. A turnaround in sales, prices and construction may be closer than many imagine...

I HAVE NEVER FOUND THE ECONOMIST TO BE ANYTHING BUT BIASED...POSTED FOR CONTRAST

[Demeter]

88. Hedge Funds Curb Bullish Commodities Wagers

http://www.bloomberg.com/news/2011-11-06/hedge-funds-slash-raw-material-bets-for-first-time-in-a-month-commodities.html

Speculators reduced wagers on higher commodity prices for the first time in four weeks on mounting concern that Europe’s failure to contain its debt crisis will slow economic growth and demand for raw materials.

Money managers cut combined net-long positions across 18 U.S. futures and options by 3.9 percent to 798,787 contracts in the week ended Nov. 1, Commodity Futures Trading Commission data show. The Standard & Poor’s GSCI Index of 24 raw materials tumbled 14 percent since reaching a 32-month high in April.

More than $1.4 trillion was erased from the value of global equities last week as the MSCI All-Country World Index retreated for the first time since September. Markets were roiled by Greek Prime Minister George Papandreou’s now-abandoned call for a referendum on a bailout plan and a Nov. 2 statement from Federal Reserve policy makers warning of “significant downside risks to the economic outlook.”

“When you look out and see what’s happening in Europe, you get very worried that demand could disappoint,” said Nic Johnson, who helps manage about $30 billion in commodity assets at Pacific Investment Management Co. in Newport Beach, California. “How stable is industrial demand? Is it sustainable? People are waiting to see whether weakness shows up in the numbers.”

Fifteen of 24 commodities tracked by the S&P GSCI fell last week, led by a 5.4 percent decline in cotton, a 4.6 percent retreat in aluminum and 4.1 percent drop in nickel...

[Demeter]

89. Bailed-out banks paid no income tax in some years, according to study

http://www.informationclearinghouse.info/article29630.htm

Five banks that received federal bailout funds during the financial crisis didn't pay income taxes for one or more years between 2008 and 2010, according to an iWatch News analysis of a new study of tax dodgers.

Wells Fargo & Co., Goldman Sachs Group, PNC Financial Services Group, Capital One Financial Inc. and State Street Corp. were among 78 of America’s largest and most profitable corporations that managed to avoid paying income tax in at least one of those years.

Researchers looked at 280 corporations that reported total pretax U.S. profits of $1.4 trillion. The federal corporate tax code “ostensibly requires big corporations to pay a 35 percent corporate income tax rate, on average, the 280 corporations in our study paid only about half that amount.” The study was released Thursday by nonpartisan advocacy groups Citizens for Tax Justice and the Institute on Taxation and Economic Policy.

All five financial institutions named were profitable, but still received funds in the form of stock purchases from the Treasury Department’s Troubled Asset Relief Program...

[Hotler]

97. FUCKERS! n/t

[RUMMYisFROSTED]

93. Boo-Yah!

Suck it, Italy!

[Hotler]

99. Heeee! I love it. n/t