STOCK MARKET WATCH -- Wednesday, 31 July 2013

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Wednesday, 31 July 2013[font color=black][/font]

SMW for 30 July 2013

AT THE CLOSING BELL ON 30 July 2013
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Dow Jones 15,520.59 -1.38 (-0.01%)
[font color=green]S&P 500 1,685.96 +0.63 (0.04%)
Nasdaq 3,616.47 +17.33 (0.48%)


[font color=green]10 Year 2.49% -0.03 (-1.19%)
30 Year 3.58% -0.03 (-0.83%) [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. First Wreck!

Just in pun...

[Tansy_Gold]

3. :::::::::::::::groan:::::::::::::

[Tansy_Gold]

2. Many, many thanks to hotler!!!

And all the rest of you for keeping SMW going strong while I took a little break.

I spent a week in a part of the country that has pretty much avoided the contamination of the big retailers and their slave-made goods. Small, locally owned businesses are doing well. The communities give enthusiastic support to the arts. There's more than lip service given to respect for the natural environment.

Am I thinking of moving there? Ha! Not on your life! But I am going to work on importing some of that "mindfulness" to my home community. ("Mindfulness," I'm told, is the latest buzz word. WTF???)

Anyway, once again a big and to hotler for coming through when needed. He's living proof, whether he wants to admit it or not, that there is hope for the future.

[Demeter]

4. Ladies and Gentlemen, I give you, Hotler!

[Fuddnik]

6. Heil Hotler!

Been waiting all week to say that.

[jtuck004]

7. That's funny, I don't care who y'are. A story...long ago, when the Roman General

returned from battle, to the praises of the people in the town, they would often have a big feast and parade for him.

To keep him humble, however, in the chariot behind him rode a slave, who would periodically whisper in his ear...

"If you weren't here, Hotler would be".

I may not remember all the details of that history exactly, but, anyway

Thank you Hotler!!

[Hotler]

16. ............

That is funny.

[Hotler]

15. Thank you. Happy to fill in.......

I'm glad you had a good time. Everyone was well behaved for the most part except that everyone switched desk and the names on my seating chart didn't match the person. Let me know if I can help again and no, no, no, I will never admit that there is hope.
Peace
hot

[Demeter]

5. Now that the US Military Prosecuter has Refused to Reveal that "The Enemy Is Us"

we need to elect a leader who will unconditionally pardon the whistleblowers.

We KNOW we are the enemy of the Military Industrial Complex and the 1%. And THEY know it.

But it's still one of those Known Unknowns.

[Demeter]

8. Philadelphia latest U.S. city to sue banks in Libor scandal

I DON'T SUPPOSE EMERGENCY MANAGER KEVYN ORR WILL TAKE THIS LOGICAL STEP AND SUE THE BANKS THAT STUCK DETROIT WITH LOSER PRODUCTS LIKE DEBT SWAPS AND SUCH...HE'S BEING PAID WELL TO AVOID OFFENDING THE BANKSTERS.

http://uk.reuters.com/article/2013/07/29/usa-libor-philadelphia-lawsuit-idUKL1N0FZ16620130729

The city of Philadelphia is the latest of a series of U.S. municipalities, following Houston a week ago, to sue some of the world's biggest banks for financial losses incurred in the Libor interest-rate rigging scandal. Philadelphia sued nine banks and several subsidiaries on Friday in Pennsylvania Federal Court, seeking punitive and other damages and claiming that the banks' behavior "was nothing short of naked price-fixing."

Other local governments - including Baltimore, and the California counties of San Diego and Sacramento - have also sued in connection with the scandal over manipulation of the London Interbank Offered Rate, or Libor. The governments say that rate swap agreements that cities use to hedge borrowing costs were manipulated by the financial institutions to their own advantage.

The parent banks named in the Philadelphia complaint are Bank of America Corp, Barclays Bank Plc, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, JPMorgan Chase & Co, Royal Bank of Canada, Royal Bank of Scotland and UBS AG ...The U.S. municipalities claim that they lost money when they received lower interest rate payments than they should have, or had to pay artificially inflated rates because of the alleged manipulation.

Philadelphia also said local governments were forced to pay "sometimes devastating" penalties to terminate investment agreements. Between 2009 and 2011, the city paid nearly $110 million altogether in termination fees to various banks to unwind swap agreements built around interest rates, including the Libor, according to its complaint. The complex swaps "have cost state and local governmental entities hundreds of millions or even billions of dollars, depleting treasuries, ruining budgets, and hindering the delivery of public services," Philadelphia said in its lawsuit.

MORE

[Demeter]

9. JPMorgan Accused of Gaming Energy Bids as FERC Deal Looms

http://www.bloomberg.com/news/2013-07-29/jpmorgan-accused-of-manipulating-energy-markets-in-u-s-.html

JPMorgan Chase & Co. (JPM) manipulated power markets in California and the Midwest, the U.S. Federal Energy Regulatory Commission claimed in a proceeding that sets up a settlement to be announced as early as today.

A JPMorgan trading unit gamed wholesale electricity markets from September 2010 to June 2011, leading to overpayment of “tens of millions of dollars at rates far above market prices” in California alone, FERC staff said in a Notice of Alleged Violations yesterday...

MORE

[Demeter]

10. Bernanke Must Testify About AIG

Judge Cites Fed Chairman's 'Personal Involvement' in the 2008 Decision to Bail Out the Insurer

http://online.wsj.com/article/SB10001424127887324170004578636333559421600.html?mod=dist_smartbrief

...The deposition, scheduled for Aug. 16, will be part of a lawsuit brought by a company run by former AIG Chief Executive Maurice "Hank" Greenberg that alleges the huge rescue package had elements that were unconstitutional.

Mr. Bernanke's sworn testimony will mark a break from past precedent and a coda to his tenure, which is expected to wind up at the end of January, when his current term as Fed chairman expires. It is highly unusual for sitting top regulators to be compelled to testify in a private lawsuit....

MORE

[snot]

34. Not a subscriber but would like to know more,

like why Greenberg's co. is suing . . . .

[Demeter]

41. As I recall, they fired his ass from his company

and he's been suing people ever since.

It's a hobby.

[Demeter]

11. USDA improperly pays millions to dead farmers, audit finds

http://www.latimes.com/business/money/la-fi-mo-usda-dead-people-20130729,0,3034245.post

The U.S. Department of Agriculture has improperly paid millions of dollars in aid to thousands of farmers after they have died, according to a government audit.

An inspection of the department's crop insurance, disaster assistance and conservation programs found that $36.6 million had been issued to deceased recipients, the nonpartisan Government Accountability Office said Monday.

The report said the findings "may call into question whether these farm safety net programs are benefiting the agricultural sector as intended."

MORE

[Fuddnik]

36. How can I get a job as a dead farmer?

[Demeter]

12. When Bad Government Policy Leads to Bad Results, the Government Manipulates the Data …

http://www.zerohedge.com/contributed/2013-07-30/when-bad-government-policy-leads-bad-results-government-manipulates-data-%E2%80%A6-in

Manipulating Bad Financial Data

Bad government policy has created a years-long unemployment problem. But instead of fixing the problem, the government is trying to paper over it. We’ve known for a long time that the Bureau of Labor Statistics fudges the numbers to make unemployment look lower than it is really is. BLS itself has admitted that its “adjustments” skew unemployment data during recessions. Indeed, the former head of the BLS recently said BLS statistics are B.S. … and that unemployment is much higher than the government is letting on.

The Bureau of Economic Analysis is revising 84 years of economic history … which will make the economy magically look better.

The U.S. and British governments encouraged interest rate manipulation. And central banks have been directly manipulating interest rates for hundreds of years.

Government agencies have helped banks manipulate commodities prices for decades.

The government twisted statistics and intentionally lied when it pretended that the banks it was bailing out were solvent.

The government has long ignored energy and food prices when reporting on inflation.

Fraud is Wall Street’s business model, which is – unfortunately – being supported by the government.

The government helped cover up the crimes of the big banks, used claims of national security to keep everything in the dark, and changed basic rules and definitions to allow the game to continue. See this, this, this and this.

It is not only a matter of covering up fraud that has already happened. The government also created an environment which greatly encouraged fraud. Here are just a few of many potential examples:

The SEC has shredded financial documents for decades, to help cover up financial shenanigans

The government-sponsored rating agencies committed massive fraud

The Treasury department allowed banks to “cook their books”

Business Week wrote on May 23, 2006:

“President George W. Bush has bestowed on his intelligence czar, John Negroponte, broad authority, in the name of national security, to excuse publicly traded companies from their usual accounting and securities-disclosure obligations.”

Regulators knew of and allowed the use of debt-hiding accounting tricks by the big banks

Tim Geithner was complicit in Lehman’s accounting fraud, and pushed to pay AIG’s CDS counterparties at full value, and then to keep the deal secret. And as Robert Reich notes, Geithner was “very much in the center of the action” regarding the secret bail out of Bear Stearns without Congressional approval. William Black points out: “Mr. Geithner, as President of the Federal Reserve Bank of New York since October 2003, was one of those senior regulators who failed to take any effective regulatory action to prevent the crisis, but instead covered up its depth”

The former chief accountant for the SEC says that Bernanke and Paulson broke the law and should be prosecuted

Freddie and Fannie helped to create the epidemic of mortgage fraud

The government knew about mortgage fraud a long time ago. For example, the FBI warned of an “epidemic” of mortgage fraud in 2004. However, the FBI, DOJ and other government agencies then stood down and did nothing. See this and this. For example, the Federal Reserve turned its cheek and allowed massive fraud, and the SEC has repeatedly ignored accounting fraud. Indeed, Alan Greenspan took the position that fraud could never happen

Bernanke might have broken the law by letting unemployment rise in order to keep inflation low

Paulson and Bernanke falsely stated that the big banks receiving Tarp money were healthy, when they were not

Arguably, both the Bush and Obama administrations broke the law by refusing to close insolvent banks

Congress may have covered up illegal tax breaks for the big banks

Of course, deregulation by Larry Summers, Robert Rubin, Phil Gramm and many other high-level politicians and regulators also helped to grease the skids for fraud

SO MUCH MORE, WITH SUPPORTING LINKS

[Demeter]

13. Federal Reserve Policy Mainly Benefits Big Foreign Banks QE-INFINITY

http://www.ritholtz.com/blog/2013/07/federal-reserve-policy-mainly-benefits-big-foreign-banks/

We’ve extensively documented that the Federal Reserve is intentionally locking up bank money so that it is not loaned out to Main Street. Specifically – due to Fed policy – 81.5% of all money created by quantitative easing is sitting there gathering dust in the form of “excess reserves” … instead of being loaned out to help Main Street or the American economy.

And we’ve extensively documented that a large percentage of the bailouts went to foreign banks. (A 2010 Fed audit also revealed that of the $1.25 trillion of mortgage-backed securities the central bank purchased after the housing bubble popped, some $442.7 billion - more than 35% – were bought from foreign banks.)

MORE

[Demeter]

14. Some See Fewer U.S. Debt Sales

ONE OF THESE TWO ARTICLES HAS GOT TO BE WRONG....

http://online.wsj.com/article/SB10001424127887324809004578636110221175992.html?mod=dist_smartbrief

Investors are bracing for the government to sell fewer bonds this quarter for the first time in three years, a move that would likely boost the prices of shorter-dated Treasury debt amid an expected rise in interest rates.

On Monday, the Treasury Department lowered its borrowing forecast, estimating that it would issue $209 billion in net debt from July to September, down from its estimate of $223 billion made three months ago.

The reduction came after big dividend payments from government-controlled mortgage companies Fannie Mae FNMA +0.65% and Freddie Mac FMCC +0.69% boosted the Treasury's cash holdings $60 billion more than it had anticipated. The Treasury will make its quarterly refunding announcement on Wednesday....

[Demeter]

17. IMF approves $2.3 billion aid for Greece

http://www.reuters.com/article/2013/07/29/us-imf-greece-idUSBRE96S0SG20130729


The International Monetary Fund on Monday approved a further 1.7 billion euros ($2.3 billion) in funds for Greece's bailout program after completing the fourth review of the cash-strapped euro zone state.

NOW THOSE OF US WHO HAVE BEEN RIDING THIS STORY KNOW THAT WHAT THEY REALLY MEAN IS:

IMF approves $2.3 billion aid for GERMAN BANKSTERS AND MAYBE A FEW GREEK ONES

Greece last week adopted the last piece of legislation its international lenders required to release the next batch of rescue loans, after two months of wrangling over unpopular measures to overhaul the economy. The total funds from the IMF, the European Commission and the European Central Bank comprise 5.8 billion euros. The IMF also confirmed lenders would modify Greece's September target for how much money it needs to get from privatizing state firms, after Athens struggled to sell natural gas distributor DEPA in June. The European Union announced the move earlier on Monday, saying Greece would now need to make only 1.6 billion euros from privatizations, down from 2.6 billion euros. But Athens will now have to recoup that money in 2014 to ensure it stays on course to lower its debt.

"Urgent steps need to be taken to address concerns about the structure and governance of the privatization program and to improve its effectiveness," IMF Managing Director Christine Lagarde said in an updated statement on Monday.

Greece's reform record has been patchy ever since its EU/IMF bailout started in mid-2010, leading to frequent delays in the disbursement of rescue funds. Opposition to the bailout has also intensified as Greece goes through its sixth year of recession and unemployment hovers at a record rate of 27 percent. The IMF's board waived several requirements Greece had to meet by the end of June, since data was not yet available. This includes targets for overall government debt, government domestic arrears and the general government balance. Lagarde commended Greece for cutting budgets and external imbalances, but said Athens has not done enough on broader reforms to its tax collection and public sector, which are necessary to ensure its economy returns to growth.

"Given the slow progress in public administration reforms, efforts should focus on ensuring exit of unqualified personnel to create room to hire new staff with the relevant skills," Lagarde said.

Subject to implementation of further reforms, Athens stands to receive another 1 billion euros from international lenders in October. Greece's rescue, approved in March 2012, will total 173 billion euros over four years, the IMF said. It is meant to help Athens recover from a sovereign debt crisis and return to markets, and protect the country from a possible exit from the euro zone.

($1 = 0.7545 Euro)

[Demeter]

18. MF Global sues banks for restricting competition in CDS

http://www.reuters.com/article/2013/07/30/mfglobal-cds-lawsuit-idUSL1N0G01ZX20130730

MF Global has sued 12 large banks, accusing them of restricting competition in the $25 trillion credit default swap market, the latest in a string of lawsuits alleging that banks impeded new entrants by blocking exchange trading of the contracts. The case, filed on Monday in the U.S. District Court in the Northern District of Illinois, follows similar suits filed by an Ohio-based pension fund, the Sheet Metal Workers Local 33 Cleveland District Pension Plan, and by a group of Danish pension funds in the same court. An additional plaintiff, the Value Recovery Fund, has filed a similar lawsuit in the Southern District of New York.

The companies allege that dealers used their ownership and controls over clearing, data and other entities crucial to the market to block an independent clearinghouse from offering exchange trading, to deny market participants real-time price information and to stop new participants from entering the market. As a result of the bank actions, the companies allege that they paid artificially high trading costs to buy and sell the credit default swaps, contracts that are used to protect against losses if a borrower defaults or to speculate on a company or country's credit quality.

Markit, the main CDS price provider and owner of the benchmark CDS indexes, and trade group the International Swaps and Derivatives Association (ISDA), which owns documentation and other licenses, are also named in the suit. The 12 banks named in the complaint are Bank of America Corp , Barclays, BNP Paribas, Citigroup Inc , Credit Suisse, Deutsche Bank, Goldman Sachs Group Inc, HSBC, JPMorgan Chase & Co, Morgan Stanley, The Royal Bank of Scotland and UBS.

Markit, ISDA and all banks named in the suit either declined comment or did not immediately respond for comment.

[Demeter]

19. Toyota Outsold by GM Signals Long-Term Japan Demand Slump

http://www.bloomberg.com/news/2013-07-26/gm-outsold-toyota-last-quarter-to-climb-atop-car-industry.html


GM Outsold Toyota Last Quarter to Climb Atop Automotive Industry

The company, based in Toyota City, Japan, was outsold by General Motors Co. (GM) for the first time in six quarters, as deliveries in Japan extended their decline after government incentives for fuel-efficient models expired last year. Toyota and its subsidiaries sold 2.48 million vehicles during the quarter ended June, just shy of the 2.49 million that Detroit-based GM disclosed earlier this month. Japan’s largest automaker sold 8.4 percent fewer vehicles in its home market last quarter.

Toyota’s decline in Japan car sales shows a rare weak spot for a company that’s forecasting its biggest profit in six years and whose stock has gained 54 percent this year. Japanese vehicle sales have fallen steadily since the asset bubble burst in 1989, with temporary boosts from government subsidies...

[Demeter]

20. Japan Prices Rise Most Since ’08 in Boost for Abe LIAR, LIAR PANTS ON FIRE

http://www.bloomberg.com/news/2013-07-25/japan-s-consumer-prices-rise-most-since-late-2008-amid-recovery.html

Japan consumer prices rose the most since 2008 in June, an early sign that the world’s third-biggest economy may be starting to shake off 15 years of deflation.

Consumer prices excluding fresh food increased 0.4 percent in June from a year earlier, the statistics bureau said in a statement today. The median estimate of 29 economists was for a 0.3 percent gain, a Bloomberg News survey showed. Excluding energy as well, prices dropped 0.2 percent, continuing more than four years of declines.

As Prime Minister Shinzo Abe’s policies weaken the yen and energy costs rise, the increase in consumer prices could stoke inflation expectations and encourage companies and consumers to spend more, bolstering the economic recovery. After April’s unprecedented monetary easing, the next challenge for Abe is to loosen constraints on the labor market and companies to achieve sustained growth and a goal of 2 percent inflation.

MORE NONSENSE AT LINK

[Ghost Dog]

21. Obama wants shift towards hard money stance at Fed?

President Barack Obama has signalled over recent days that he wants a shift towards a hard money stance at the Fed, calling for a new chairman willing to “keep our dollar sound” and ensure financial stability. “Let’s also keep an eye on inflation, and if it starts heating up, if the markets start frothing up, let’s make sure that we’re not creating new bubbles.”

The comments have been taken as a desire to move beyond the era of quantitative easing (QE) under current chairman Ben Bernanke, who steps down in January and is already a lame duck. They come amid leaks that Mr Obama has narrowed his choice to Professor Summers, a titanic figure in US finance with a hot temper to match.

Prof Summers, a former Treasury Secretary, is a “General Theory” Keynesian who sees fiscal stimulus as the only effective way to fight slumps once interest rates reach zero. Yet the Fed has no role in fiscal policy. Budgetary matters belong to the Treasury and Congress.

He has been disdainful of monetary stimulus, the Fed’s sole domain, questioning whether QE does much good. He wrote last year that it distorts investment, worsens inequality, and stokes “asset bubbles” without helping the real economy...

/... http://www.telegraph.co.uk/finance/economics/10212389/Monetarists-see-recovery-danger-from-Summers-Fed.html

[Demeter]

42. The man hasn't a grain of economics in his life

They just put the words on the screen, and he says them. Rather like Incurious George, with better delivery.

[Ghost Dog]

22. Obama open to tax amnesty

Barack Obama has edged closer to giving US corporations an amnesty on bringing offshore funds back home, in a move that could have a major impact on American investment in Britain (and of course elsewhere - GD).

Speaking at the opening of an Amazon warehouse in Tennessee, the President laid out proposals to overhaul America’s corporate tax system as part of a “grand bargain” designed to help create jobs in the US. He said he would be willing to cut corporate taxes and simplify the system, as long as the US could use any money raised to help bring more Americans back into the workforce.

“Here’s the bottom line: I’m willing to work with Republicans on reforming our corporate tax code, as long as we use the money from transitioning to a simpler tax system for significant investment in creating middle class jobs. That’s the deal,” he said.

The reforms would include a cut in the corporate tax rate from 35pc to 28pc, with a special rate of 25pc for manufacturing firms. They are also likely to include a one-off flat fee on the $2 trillion of profits which American companies hold overseas, and which currently go untaxed unless they are repatriated.

The proposals were immediately rejected by the Republicans, who are pushing for even lower tax rates, and reject the idea that Mr Obama would use any revenue raised to launch new projects...

/... http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/10212752/Barack-Obama-open-to-tax-amnesty.html

[Hotler]

32. More fucking give aways. The best gift the corporations got....

was Obama not throwing the fuckers on Wall St. in prison.

[jtuck004]

38. Even better, it's the gift that keeps on giving... n/t

[xchrom]

23. Markets Are Lower To Start A Huge Day For The Economy

http://www.businessinsider.com/morning-markets-july-31-2013-7

Starting off with Asia, Japan fell 1.45% last night. The Nikkei has been wobbly lately, and Japan is riding a string of weak economic data.

Europe is generally lower. Italy is down 0.6% (despite a better than expected unemployment report) and Germany is off 0.37% despite a weak retail sales number. France is off by about the same amount.

US futures are just down a hair.

There are four big events in the US today.

They are: The ADP Jobs report (which is a preview for Friday's official jobs report), the GDP report, Chicago PMI (a regional manufacturing index) and a Fed decision this afternoon.



Read more: http://www.businessinsider.com/morning-markets-july-31-2013-7#ixzz2acluIYKk

[xchrom]

24. Here's How Much More A Big Mac Would Cost If McDonald's Doubled Wages

http://www.businessinsider.com/big-macs-cost-if-mcdonalds-doubled-pay-2013-7

Fast food workers from McDonald's and other major companies are striking for higher pay.
The strikers are seeking wages of $15 per hour—about twice the minimum wage.

If McDonald's doubled wages for all employees, including CEO Don Thompson, Big Macs would cost 68 cents more, increasing from $3.99 to $4.67, reports Caroline Fairchild at The Huffington Post.

Dollar Menu items would cost 17 cents more, according to HuffPo.



Read more: http://www.businessinsider.com/big-macs-cost-if-mcdonalds-doubled-pay-2013-7#ixzz2acnHazCA

[xchrom]

25. A Really Important Read On Larry Summers

http://www.businessinsider.com/ben-white-on-larry-summers-2013-7

***SNIP

What's key is that the piece has a roundup of all of the arguments from the Summers camp against the biggest anti-Summers complaints. Specifically it addresses claims of sexism, that he's uncomfirmable, that he caused the meltdown, and that his views on monetary policy are a wildcard.

Here's part of the section on Summers and monetary policy:

People close to Summers rebut this argument in two ways.

First, they say that the one person who knows exactly where Summers stands on monetary policy is the only one who really matters right now: Obama.

They also note that Summers has actually written extensively on monetary policy. One person noted that if you use Google Scholar and type in “Lawrence Summers” and “monetary policy” you get more than 7,000 hits, including many long academic papers on the subject.

Summers has indeed questioned the overall efficacy of “quantitative easing” — widely known as “QE,” which means buying up bonds to keep the rate low across the economy. According to the Financial Times, he told a conference in April: “QE in my view is less efficacious for the real economy than most people suppose.” Summers supporters note that Bernanke himself has questioned how effective it is. And there is no real evidence that Yellen, though beloved by liberals, is some kind of radical who would dramatically change the central bank’s current direction.



Read more: http://www.businessinsider.com/ben-white-on-larry-summers-2013-7#ixzz2aco94ZqM


here's the politico piece:
http://www.politico.com/story/2013/07/larry-summers-federal-reserve-94953.html

There's something about Larry Summers

Larry Summers appeared on the cover of Time magazine in 1999 as part of “The Committee to Save the World” from a global financial crisis. Nearly 15 years later, the former Treasury Secretary faces a loosely organized “Committee to Save the World from Larry Summers.”

This committee has no official membership. It holds no formal meetings. But it includes a vocal mix of influential bloggers, The New York Times editorial page, women’s groups, financial-reform advocates and liberal members of the Senate Democratic caucus.

For various reasons, these people are doing all they can to stop Summers, a former top economic adviser to President Barack Obama, from becoming the next chairman of the Federal Reserve. This group is pressing Obama instead to nominate Fed Vice Chair Janet Yellen to succeed Ben Bernanke when the chairman’s second term ends in January. Yellen would be the first woman to hold the post.

Read more: http://www.politico.com/story/2013/07/larry-summers-federal-reserve-94953.html#ixzz2acoeofbM


Read more: http://www.politico.com/story/2013/07/larry-summers-federal-reserve-94953.html#ixzz2acoXKHfO

[rusty fender]

37. Will Obama buck the Senate and the House on Summers?

As you know, Obama told house members that Summers has gotten a raw deal from liberals and, condescendingly, told them not to believe everything they read in the Huffington Post.

Wow, no one, who has been paying attention, needs the Huffington Post to remind us how Summers has been wrong about EVERYTHING.

Senate Dems tell Obama that Summers is a no go, but Obama sounded like he is still leaning toward nominating Summers for the Fed job.

[DemReadingDU]

39. Summers should have the job

He was one of the three main guys who created this mess, he should be in charge of the Fed when this financial bubble implodes

[Fuddnik]

40. Obama is thick as thieves with Summers and Rubin.

I'm always reminded of his speech at Rubin's Hamilton Project years ago.

He showed his true character then.

"Make, no mistake, I am a New Democrat".

http://www.nakedcapitalism.com/2013/04/obama-at-the-hamilton-project-2006-this-is-not-a-bloodless-process.html

[xchrom]

26. Eurozone unemployment total in slight fall

http://www.bbc.co.uk/news/business-23517813

The number of jobless in the eurozone fell for the first time in more than two years in June, but the unemployment rate stayed at a record 12.1%.

The jobless total fell by 24,000 to 19.26 million, the first decrease in the jobless total since April 2011.

The figures add to recent hopes that the economic situation in the eurozone may be stabilising.

The jobless rate was 26.3% in Spain, and 26.9% in Greece, but only 4.6% in Austria and in Germany it was 5.4%.

[xchrom]

27. US ECONOMIC GROWTH LIKELY WEAKENED IN 2ND QUARTER

http://hosted.ap.org/dynamic/stories/U/US_ECONOMY_GDP?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-07-31-06-29-10

WASHINGTON (AP) -- A report Wednesday is expected to show the U.S. economy barely grew from April through June. But economists are hopeful that the weak second quarter is a temporary lull that gives way to stronger growth in the second half of the year.

Higher tax increases and steep government spending cuts probably did their worst damage to the economy in the second quarter. As their impact fades, solid job gains, more business spending and a steady recovery in housing should help accelerate growth.

Economists forecast that growth slowed in the April-June quarter to a seasonally adjusted annual rate of just 1 percent, according to a survey by FactSet. That's below the sluggish pace of 1.8 percent in the January-March quarter.

The Commerce Department will release the first estimate of gross domestic product, or GDP, for the second quarter at 8:30 a.m. EDT Wednesday. GDP is the broadest measure of the output of goods and services, including everything from manicures to industrial machinery.

[xchrom]

28. ADP: PRIVATE EMPLOYERS ADD 200,000

http://hosted.ap.org/dynamic/stories/U/US_ECONOMY_JOBS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-07-31-08-32-33

WASHINGTON (AP) -- A private survey shows U.S. businesses created a healthy 200,000 jobs this month.

The payroll company ADP says companies hired in July at the fastest pace since December. And it revised up its estimate of the number of jobs the private sector created in June from 188,000 to 198,000.

Professional and businesses services companies added 49,000 jobs this month, construction companies 22,000. But manufacturers shed 5,000.

Small businesses - those with fewer than 50 employees - added 82,000 jobs.

[xchrom]

29. REPORT SHOWS US ECONOMIC GROWTH STRONGER IN 2012

http://hosted.ap.org/dynamic/stories/U/US_ECONOMY_GDP_REVISIONS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-07-31-08-32-09

WASHINGTON (AP) -- The government says the U.S. economy grew at a much faster pace last year than previously estimated. The revised growth figures signal a more sustainable economic recovery and help explain why job growth has accelerated this year.

The economy expanded at a 2.8 percent annual rate in 2012, up from a previous estimate of 2.2 percent. Consumers and businesses spent more and governments cut back on their spending less.

The updated growth figures reported Wednesday by the Commerce Department are part of comprehensive revisions going back several decades.

The upgrade to 2012 growth helps resolve a disparity that has puzzled economists. Hiring picked up late last year and has remained solid this year. The economy has created more than 200,000 jobs a month on average since last fall.

[xchrom]

30. US ECONOMY GROWS AT 1.7 PCT. PACE IN 2ND QUARTER

http://hosted.ap.org/dynamic/stories/U/US_ECONOMY_GDP?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-07-31-08-51-48

WASHINGTON (AP) -- The U.S. economy grew from April through June at a seasonally adjusted annual rate of 1.7 percent, as businesses spent more and the federal government cut less.

The Commerce Department said Wednesday that growth improved from a sluggish 1.1 percent rate in the January-March quarter, which was revised from an initial 1.8 percent rate.

The pickup in growth was surprising as most economists predicted a far weaker second quarter. And it suggests the economy could accelerate later this year as businesses step up spending and the drag from steep government cuts fade.

Businesses increased their spending 4.6 percent in the second quarter after cutting by the same amount in the previous quarter. And spending on home construction grew 13.4 percent, in line with the previous quarter.

[xchrom]

31. Harvard Endowment Hires Environment Head Amid Divestment Demands

http://www.bloomberg.com/news/2013-07-30/harvard-endowment-hires-environment-head-amid-divestment-demands.html

Harvard University hired Jameela Pedicini as vice president for sustainable investing, a position created in the wake of student activist calls for the world’s richest school to purge its holdings of fossil-fuel companies.

Pedicini, who most recently was the investment officer for global governance at the California Public Employees’ Retirement System, will work for Harvard Management Co., the university-controlled investment arm that oversees more than $30 billion of assets. She will report to Kathryn Murtagh at the Boston-based company and provide support for the university’s committee on shareholder responsibility, according to a statement today.

“As long-term investors, we are acutely focused on factors that may impact the long-term sustainability of Harvard’s endowment portfolio,” Jane Mendillo, the management company’s chief executive officer, said in the release. “Jameela will help strengthen our understanding of these risks and opportunities.”

In the last year, students at hundreds of campuses, including the eight Ivy League schools, have joined a fossil-fuel divestment movement led by activist group 350.org. They are demanding that schools purge their endowments of investments in 200 publicly traded companies with the largest reserves of oil, gas and coal in recognition of their contribution to climate change.

[Hotler]

33. The Financial Crisis Cost More Than $14 Trillion: Dallas Fed Study

http://www.democraticunderground.com/1014553101

[Ghost Dog]

35. Fed to keep buying bonds, but may point to plans to taper (Reuters)

- The U.S. Federal Reserve likely will decide at the end of a policy meeting on Wednesday to continue buying bonds at an $85 billion (55 billion pounds) monthly pace, but it could alter an accompanying statement to spell out the possibility of scaling back purchases later this year.

Even if it does, the Fed is unlikely to clarify whether that process will begin in September, as financial markets expect, or later. Fed officials would prefer to see more evidence that the recovery in the job market is first fully entrenched.

The 19 members of the U.S. central bank's policy-setting committee will conclude a regular two-day gathering with a statement at 2 p.m. (1800 GMT).

/... http://uk.reuters.com/article/2013/07/31/uk-usa-fed-idUKBRE96U03I20130731