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Demeter

(85,373 posts)
Fri Aug 2, 2013, 07:10 PM Aug 2013

Weekend Economists Ask: Is It Haute Enough for You? August 2-4, 2013

Xchrom asked that this weekend be dedicated to food. One can only presume that X is in the throes of 1) a rigorous diet of limited range, or 2) feeding the ravening hoards that summer entertaining brings to the table.

Since there's no limits on this topic, give us your best receipts: whatever you would be cooking and eating, if you weren't reading this thread....

Haute cuisine (French: literally "high cooking", pronounced: ot kɥi.zin) or Grande cuisine refers to the cuisine of "high level" establishments, gourmet restaurants and luxury hotels in France. Haute cuisine is characterized by meticulous preparation and careful presentation of food, at a high price level, accompanied by rare wines.

Haute cuisine was characterised by French cuisine in elaborate preparations and presentations served in small and numerous courses that were produced by large and hierarchical staffs at the grand restaurants and hotels of Europe....

HISTORY

The 17th century chef and writer La Varenne marked a change from cookery known in the Middle Ages, to somewhat lighter dishes, and more modest presentations. In the following century, Antonin Carême, born in 1784, also published works on cooking, and although many of his preparations today seem extravagant, he simplified and codified an earlier and even more complex cuisine.

Georges Auguste Escoffier is a central figure in the modernisation of haute cuisine as of about 1900, which became known as cuisine classique. These were simplifications and refinements of the early work of Carême, Jules Gouffé and Urbain François Dubois. It was practised in the grand restaurants and hotels of Europe and elsewhere for much of the 20th century. The major developments were to replace service à la française (serving all dishes at once) with service à la russe (serving meals in courses) and to develop a system of cookery, based on Escoffier's Le Guide Culinaire, which formalized the preparation of sauces and dishes. In its time, it was considered the pinnacle of haute cuisine, and was a style distinct from cuisine bourgeoise (cuisine for families with cooks), the working-class cuisine of bistros and homes, and cuisines of the French provinces.

The 1960s were marked by the appearance of nouvelle cuisine, as chefs rebelled from Escoffier's "orthodoxy" and complexity. Although the term nouvelle cuisine had been used in the past, the modern usage can be attributed to authors André Gayot, Henri Gault, and Christian Millau, who used nouvelle cuisine to describe the cooking of Paul Bocuse, Alain Chapel, Jean and Pierre Troisgros, Michel Guérard, Roger Vergé and Raymond Oliver, many of whom were once students of Fernand Point.

In general, nouvelle cuisine puts an emphasis on natural flavours, so the freshest possible ingredients are used, preparation is simplified, heavy sauces are less common, as are strong marinades for meat, and cooking times are often reduced. While menus were increasingly short, dishes used more inventive pairings and relied on inspiration from regional dishes. Within 20 years, however, chefs began returning to the earlier style of haute cuisine, although many of the new techniques remained...wiki


There are actually several kinds of French cookery: from the extremely simple to the extremely complicated, depending on whether it was destined for the peasants or the princes.

Why, just this afternoon I made quiche for a client:



Quiche is basically a humble cheese custard in a pie crust, with extra ingredients for flavor and variety.

To make the custard: blend 2 eggs with one cup of half and half, pour over a cup of shredded hard cheese (nothing wetter than mozzarella) in an unbaked 9 inch pie crust, and bake at 350F until a knife comes out clean. If the pie shell is larger, increase the quantities, and the baking may take a bit longer, too.

For flavor and variety, try any combination of these: (make sure ingredients are dry, too much water will mess up the custard)

chopped onion sauteed to golden brown
wilted spinach, chopped
cooked vegetables, bite-sized: carrots, broccoli, cauliflower, summer squashes, etc.
bacon bits (the real thing)
ham bits
seafood bits: cooked shrimp. lobster, flakes of white fish, crab, I I would think squid too chewy)

Be imaginative! But don't overload the pie--at least half of it should be custard, or it won't stick together.

As you can see, Quiche is extremely simple to make, although today in America it's considered Haute Cuisine. (Anything above pizza, burgers, subs and fries is haute cuisine today, especially in the Midwest.) The way to "elevate" a quiche is to go extravagant on the added ingredients or the type of cheese, and pick a really fine wine.

64 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Weekend Economists Ask: Is It Haute Enough for You? August 2-4, 2013 (Original Post) Demeter Aug 2013 OP
We Have a Bank Failure--in Fort Myers, Florida! Demeter Aug 2013 #1
Snowden Has Job Offers, Place To Live, Russian Lawyer Says Demeter Aug 2013 #2
For the Snowden Family Reunion: Chicken Kiev Demeter Aug 2013 #3
Haute Cuisine, Russian Style Demeter Aug 2013 #4
The Untouchables: How the Obama administration protected Wall Street from prosecutions Demeter Aug 2013 #5
A Feast for the White House Demeter Aug 2013 #6
An Inside Joke Demeter Aug 2013 #7
Bombshell: Plutocrats Brazenly Collude to Hurt State Economies and Screw Working People Demeter Aug 2013 #8
Stein, Piwowar Confirmed to SEC With Full Term for White Demeter Aug 2013 #9
Former Trader Is Found Liable in Fraud Case Demeter Aug 2013 #10
Just Desserts for Fabulous Fab: REAL Chocolate Mousse ala Julia Child Demeter Aug 2013 #30
Julia Child..... AnneD Aug 2013 #47
I gave my Joy of Cooking to my sister DemReadingDU Aug 2013 #59
Budget truce seems out of reach as congressional recess looms Demeter Aug 2013 #11
I NEED A NAP Demeter Aug 2013 #12
Quiche wasn't haute cusine back in New England Warpy Aug 2013 #13
My biggest complaint with quiche is: it isn't filling Demeter Aug 2013 #25
Try making a... AnneD Aug 2013 #48
I make this too, and love it bread_and_roses Aug 2013 #63
Some of our family recipes... AnneD Aug 2013 #14
I'm snot Aug 2013 #50
That's what I tell my husband DemReadingDU Aug 2013 #58
Well, I need a husband Demeter Aug 2013 #64
god - i love quiche. nt xchrom Aug 2013 #15
George Clooney Slams Hedge Fund Honcho Dan Loeb xchrom Aug 2013 #16
Warren Buffett Made $390 Million On Financial Weapons Of Mass Destruction xchrom Aug 2013 #17
Facebook Is Riddled With Click Farms Where Workers Sit In Dingy Rooms, Generating 1,000 Likes For $1 xchrom Aug 2013 #18
Scamming the Scammers Demeter Aug 2013 #26
Here's A Surefire Way To Check If An Avocado Is Ripe {VIDEO AT LINK} xchrom Aug 2013 #19
Federal Reserve Launches Blistering Attack On The ECB In New Paper xchrom Aug 2013 #20
Gentlemen, start your presses! Demeter Aug 2013 #27
Obama’s Rift With Republicans Widens as Deficit Declines xchrom Aug 2013 #21
The Futility Starts at the Top Demeter Aug 2013 #28
Fortress to Blackstone Say Now Is Time to Sell on Surge xchrom Aug 2013 #22
Issa Sends Subpoena to Treasury to Produce IRS Documents xchrom Aug 2013 #23
Banks Replacing Enron in Energy Incite Congress as Abuses Abound xchrom Aug 2013 #24
And speaking of Haute Demeter Aug 2013 #29
In Arizona on my way out.... AnneD Aug 2013 #49
Vacation? DemReadingDU Aug 2013 #60
This time, for sure! Demeter Aug 2013 #31
Indian row over poverty and policy extends to Harvard and Columbia xchrom Aug 2013 #32
BofA, Barclays Sued by Houston For Libor Manipulation Demeter Aug 2013 #33
Worthless land could prolong Spanish banks' property woes Demeter Aug 2013 #34
BP warns Gulf spill costs will exceed $42.4bn as compensation costs rise Demeter Aug 2013 #35
The utter vileness of BP is beyond words ... bread_and_roses Aug 2013 #40
IMF Should Ask U.S. to Review Argentina Case: Lagarde NOW SHE'S WORRIED! Demeter Aug 2013 #36
DUTY CALLS Demeter Aug 2013 #37
Potato soups for rich and poor bread_and_roses Aug 2013 #38
IMF advises Spain to cut wages by 10 percent xchrom Aug 2013 #39
After you, Christine! Demeter Aug 2013 #42
Piece De Resistance! THE ROVING EYE: Our man in Moscow By Pepe Escobar Demeter Aug 2013 #41
The High Points (for me) A BIT OF WISHFUL THINKING (OR SPECULATIVE FICTION) Demeter Aug 2013 #43
From your lips to the Goddesses ears bread_and_roses Aug 2013 #45
Musical Interlude hamerfan Aug 2013 #44
To comfort us - the BEST EVER Chocolate Custard bread_and_roses Aug 2013 #46
land to the tillers: responses to land grabs xchrom Aug 2013 #51
What Janet Yellen Did and Didn't Get Wrong About the Housing Bubble xchrom Aug 2013 #52
NEW JOBS DISPROPORTIONATELY LOW-PAY OR PART-TIME xchrom Aug 2013 #53
You won't read this in the paens to Dear Melliflous Leader bread_and_roses Aug 2013 #56
du haut en bas - "... A $12 Minimum Wage And Your Grocery Bill" bread_and_roses Aug 2013 #54
Haute - "Even Dairy Farming Has a 1 Percent" bread_and_roses Aug 2013 #55
Statistics office revises up number of zero-hours workers xchrom Aug 2013 #57
The State Of Janet Yellen's 5 Job Market Indicators xchrom Aug 2013 #61
Cool George Carlin video clip hamerfan Aug 2013 #62
 

Demeter

(85,373 posts)
1. We Have a Bank Failure--in Fort Myers, Florida!
Fri Aug 2, 2013, 07:17 PM
Aug 2013

The FDIC summer vacation ends with a bank in the vicinity of my journey next week, how's that for coincidence?

First Community Bank of Southwest Florida, Fort Myers, Florida, also operating as Community Bank of Cape Coral, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with C1 Bank, Saint Petersburg, Florida, to assume all of the deposits of First Community Bank of Southwest Florida. The seven former branches of First Community Bank of Southwest Florida will reopen as branches of C1 Bank during their normal business hours....

As of March 31, 2013, First Community Bank of Southwest Florida had approximately $265.7 million in total assets and $254.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, C1 Bank agreed to purchase essentially all of the failed bank's assets....

The FDIC estimates that cost to the Deposit Insurance Fund will be $27.1 million. Compared to other alternatives, C1 Bank's acquisition was the least costly resolution for the FDIC's DIF. First Community Bank of Southwest Florida is the 17th FDIC-insured institution to fail in the nation this year, and the third in Florida. The last FDIC-insured institution closed in the state was Chipola Community Bank, Marianna, on April 19, 2013.

 

Demeter

(85,373 posts)
2. Snowden Has Job Offers, Place To Live, Russian Lawyer Says
Fri Aug 2, 2013, 07:29 PM
Aug 2013

THIS COULD BE THE START OF A REVERSE BRAIN-DRAIN...AT LEAST IN THE MOTHERLAND, THERE'S WORK!


http://www.npr.org/blogs/thetwo-way/2013/08/02/208203558/snowden-has-job-offers-place-to-live-russian-lawyer-says?ft=1&f=1001

NSA leaker Edward Snowden, who spent more than a month at Moscow's Sheremetyevo Airport before being granted a one-year asylum Thursday, has picked out a place to live in Russia, his attorney there says..."He has decided about his accommodation, everything is fine," Snowden's lawyer, Anatoly Kucherena, tells Russian news agency . Kucherena told reporters Thursday that Snowden's location would not be shared, calling him "one of the world's most wanted fugitives."

As for what his new neighbors might think of Snowden, Bloomberg News reports that President Vladimir Putin's choice to give the leaker a safe haven was welcomed by many Russians.

"The decision is backed by almost twice as many Russians as those against it and those who view Snowden's role as positive outnumber negative assessments three to one," according to Bloomberg...

Snowden gets asylum in Russia, leaves airport

http://www.latimes.com/news/la-fg-wn-snowden-leaves-airport-20130801,0,2528371.story?track=rss

...Snowden's father said in remarks broadcast Wednesday on Russian television that he would like to visit his son. Kucherena said he is arranging the trip.

The secret-spilling grop WikiLeaks said its legal adviser Sarah Harrison is now with Snowden. The group also praised Russia for providing him shelter.

“We would like to thank the Russian people and all those others who have helped to protect Mr. Snowden,” WikiLeaks said on Twitter. “We have won the battle — now the war.”....

MORE

 

Demeter

(85,373 posts)
3. For the Snowden Family Reunion: Chicken Kiev
Fri Aug 2, 2013, 07:50 PM
Aug 2013

While my class ancestry is lost in the language barrier, we ate peasant food for holidays: ham, pierogi, glombki, kielbasa, kapusta, etc.

Fanny Farmer's Boston Cooking School (and Julia Child on TV) taught me how to make this complicated and delectable dish, back while I was in high school:

Take boneless, skinless breast of chicken (4 pieces, or two whole breasts, cut in half), carefully pound flat (about 1/4 inch thick). Putting small breast between sheets of waxed paper helps with keeping it together. You want a complete sheet of flesh, not little bits.

Place a lump of seasoned, frozen butter in the middle, wrap the flattened breast around it tightly.

Roll package in Flour seasoned with salt and pepper, then coat in egg thinned with water, and last, Roll in dry bread crumbs. (We may have used cracker meal, back in the 70's. Pan-ko would be ideal, or even Progresso, or store brand)

Chill for an hour or more to make it solid. I'd do it overnight so I have recovery time after all that pounding. (I had to feed 6!) (Can freeze lightly if you are pressed for time)

Fry in deep fat at 350F about 7 minutes each until golden brown. Cut open VERY carefully, or you will get burnt by hot melted butter spurting in your face! It is especially good with saffron rice.


Seasoned butter: Cream 1/4lb (unsalted or not) butter with juice and grated rind of 1/2 lemon and a tablespoon of finely chopped parsley (I used dried parsley, it worked fine). Roll into a cylinder on waxed paper (not too wide a cylinder) and freeze solid. Cut into 4.



 

Demeter

(85,373 posts)
4. Haute Cuisine, Russian Style
Fri Aug 2, 2013, 07:59 PM
Aug 2013

The dish has traditionally been considered Ukrainian in origin since its name comes from Kiev, the capital of Ukraine. However, the Russian food historian William Pokhlebkin claimed that Chicken Kiev was invented in the Moscow Merchants' Club in the early 20th century, and was subsequently renamed Chicken Kiev (котлета по-київськи, kotleta po-kyivsky, lit. 'Kiev-style cutlet') by a Soviet restaurant.

 

Demeter

(85,373 posts)
5. The Untouchables: How the Obama administration protected Wall Street from prosecutions
Fri Aug 2, 2013, 08:05 PM
Aug 2013
http://www.theguardian.com/commentisfree/2013/jan/23/untouchables-wall-street-prosecutions-obama


PBS' Frontline program on Tuesday night broadcast a new one-hour report on one of the greatest and most shameful failings of the Obama administration: the lack of even a single arrest or prosecution of any senior Wall Street banker for the systemic fraud that precipitated the 2008 financial crisis: a crisis from which millions of people around the world are still suffering. What this program particularly demonstrated was that the Obama justice department, in particular the Chief of its Criminal Division, Lanny Breuer, never even tried to hold the high-level criminals accountable.

What Obama justice officials did instead is exactly what they did in the face of high-level Bush era crimes of torture and warrantless eavesdropping: namely, acted to protect the most powerful factions in the society in the face of overwhelming evidence of serious criminality. Indeed, financial elites were not only vested with immunity for their fraud, but thrived as a result of it, even as ordinary Americans continue to suffer the effects of that crisis.

Worst of all, Obama justice officials both shielded and feted these Wall Street oligarchs (who, just by the way, overwhelmingly supported Obama's 2008 presidential campaign) as they simultaneously prosecuted and imprisoned powerless Americans for far more trivial transgressions. As Harvard law professor Larry Lessig put it two weeks ago when expressing anger over the DOJ's persecution of Aaron Swartz: "we live in a world where the architects of the financial crisis regularly dine at the White House." (Indeed, as "The Untouchables" put it: while no senior Wall Street executives have been prosecuted, "many small mortgage brokers, loan appraisers and even home buyers" have been).

As I documented at length in my 2011 book on America's two-tiered justice system, With Liberty and Justice for Some, the evidence that felonies were committed by Wall Street is overwhelming. That evidence directly negates the primary excuse by Breuer (previously offered by Obama himself) that the bad acts of Wall Street were not criminal. ...

MORE SICKENING DETAIL...A GOOD SUMMARY

THE KIND OF QUALITY REPORTING WE GET FROM GREENWALD!
 

Demeter

(85,373 posts)
6. A Feast for the White House
Fri Aug 2, 2013, 08:09 PM
Aug 2013

Three Crow Recipes
From Debbie, courtesy of her Mom's WW II cookbook

http://bertc.com/subfive/recipes/threecrows.htm

Crow and Mushroom Stew

3 crows
1 Tbsp lard/shortening
1 pint stock or gravy
2 Tbsp cream
1/2 cup mushrooms
salt and pepper
cayenne pepper

Clean and cut crows into small portions and let them cook a short time in the lard/shortening in a saucepan, being careful not to brown them.
Next, add to the contents of the pan, the stock or gravy, and salt, pepper and cayenne to taste.
Simmer 1 hour, or until tender, add mushrooms, simmer 10 minutes more and then stir in cream.
Arrange the mushrooms around the crows on a hot platter.

Potted Crow:

6 crows
3 bacon slices
stuffing of your choice
1 diced carrot
1 diced onion
chopped parsley
hot water or stock
1/4 cup shortening
1/4 cup flour
buttered toast

Clean and dress crows; stuff and place them upright in stew-pan on the slices of bacon. Add the carrot, onion and a little parsley, and cover with boiling water or stock.
Cover the pot and let simmer for 2-3 hours, or until tender, adding boiling water or stock when necessary.
Make a sauce of the shortening and flour and 2 cups of the stock remaining in the pan.

Serve each crow on a thin slice of moistened toast, and pour gravy over all.

Crow Pie:

1 crow
stuffing of your choice
salt and pepper
shortening
flour
2 Pie crust mixes
2-3 hard-boiled eggs

Stuff the crow. Loosen joints with a knife but do not cut through.
Simmer the crow in a stew-pan, with enough water to cover, until nearly tender, then season with salt and pepper. Remove meat from bones and set aside.
Prepare pie crusts as directed. (Do not bake)
Make a medium thick gravy with flour, shortening, and juices in which the crow has cooked and let cool.
Line a pie plate with pie crust and line with slices of hard-boiled egg. Place crow meat on top. Layer gravy over the crow. Place second pie dough crust over top.
Bake at 450 degrees for 1/2 hour.

Collected by Bert Christensen
Toronto, Ontario

 

Demeter

(85,373 posts)
7. An Inside Joke
Fri Aug 2, 2013, 08:18 PM
Aug 2013


The Turing test is a test of a machine's ability to exhibit intelligent behaviour equivalent to, or indistinguishable from, that of a human. In the original illustrative example, a human judge engages in natural language conversations with a human and a machine designed to generate performance indistinguishable from that of a human being. All participants are separated from one another. If the judge cannot reliably tell the machine from the human, the machine is said to have passed the test. The test does not check the ability to give the correct answer to questions; it checks how closely the answer resembles typical human answers. The conversation is limited to a text-only channel such as a computer keyboard and screen so that the result is not dependent on the machine's ability to render words into audio.

The test was introduced by Alan Turing in his 1950 paper "Computing Machinery and Intelligence," which opens with the words: "I propose to consider the question, 'Can machines think?'" Because "thinking" is difficult to define, Turing chooses to "replace the question by another, which is closely related to it and is expressed in relatively unambiguous words." Turing's new question is: "Are there imaginable digital computers which would do well in the imitation game?" This question, Turing believed, is one that can actually be answered. In the remainder of the paper, he argued against all the major objections to the proposition that "machines can think"...wikipedia
 

Demeter

(85,373 posts)
8. Bombshell: Plutocrats Brazenly Collude to Hurt State Economies and Screw Working People
Fri Aug 2, 2013, 08:40 PM
Aug 2013
http://www.alternet.org/economy/illinois-pension-attack-collusion?akid=10746.227380.95ob-W&rd=1&src=newsletter876072&t=6

These days, many Americans walk around feeling like no matter how hard they work, how much they manage to save or how carefully they plan for the future, the game is rigged against them. They suspect that behind closed doors, CEOs and Wall Street honchos are eagerly scheming to rip them off. Their worst fears of corruption and collusion just came true in Illinois, where corporate titans were caught red-handed in the act of Rigging the Game.

Let’s step inside a recent gathering of the corporate-backed Union League Club of Chicago, where former Illinois Attorney General Ty Fahner, who now leads a band of plutocrats known as the “Civic Committee of the Commercial Club of Chicago,” recently launched into an hour-long diatribe on the evils of state pensions. Fahner, a top GOP fundraiser, can’t abide the notion that teachers, firefighters, nurses and other public workers in the state of Illinois can still expect a decent retirement. Not a luxurious retirement, mind you — the average pension is $32,000 a year, and most state employees will not receive Social Security. But even a modest retirement for hard-working people is too much for today’s fatcats. Fahner is part of a virulent strain of public raiders and economic crackpots who have become dominant in the Republican Party (and increasingly among the Democrats, too) who are hell-bent on destroying unions and attacking public employees. Ultimately they wish to privatize everything and reduce their tax responsibilities down to nothing. That’s why Fahner has declared war on pensions and is promoting a pension crisis in order to justify it. He has called for cost of living cuts, raising the retirement age, capping pension earnings and shifting the cost of the pension obligation of teachers to local school districts, many of which are too poor ever to pay He styles himself as a savior who wants only to protect the public from debt, when in reality he is a brutal plutocrat who will stop at nothing to line his pockets at public expense and reduce his and his friends' taxes.

Illinois has real problems. However, Fahner desperately hopes the public will not catch on to the fact that states are having difficulty paying out pensions because of the lack of revenue caused by a Wall Street-driven financial crisis and the deep recession it set off, regressive taxes, and the myriad bond scams financiers have already inflicted on states, cities, towns, and municipalities which have triggered funding crises for pensions and other programs. (See " How Wall Street Fraudsters Plunder Public Finances, And 5 Ways to Fight Back.&quot Fahner has tried a number of dirty tricks to attack pensions in his career. But his most recent admission is absolutely breathtaking in its brazenness: He boasted of working to scam the Illinois bond rating....During Fahner’s talk to the Union League Club, an unidentified person in the audience suggested that pressuring credit agencies to rig the state bond ratings in order to attack pensions might be a jolly good idea. Fahner gleefully replied that he had already thought about that — and his group has tried it.

Audience member: “Maybe sometimes you gotta be irresponsible to be responsible. If a political solution really doesn’t produce a favorable outcome, maybe you really need a market solution. And a market solution, I don’t mean bankruptcy, I mean actually talking down the state rating even further so the state’s bonds essentially become below investment grade. And it drives up the borrowing cost to the state and all of us to a significant level enough that you really feel the public pressure…”
 

Demeter

(85,373 posts)
9. Stein, Piwowar Confirmed to SEC With Full Term for White
Fri Aug 2, 2013, 08:58 PM
Aug 2013
http://www.bloomberg.com/news/2013-08-02/sec-nominees-kara-stein-michael-piwowar-approved-by-u-s-senate.html

Former U.S. Senate aides Michael Piwowar and Kara M. Stein won confirmation as members of the Securities and Exchange Commission. The current SEC chairman Mary Jo White was also confirmed to a full term that expires June 5, 2019.

Senators backed the nominations today by unanimous consent in the final hours before the chamber adjourned for its summer recess. President Barack Obama nominated Stein and Piwowar on May 23 and they were approved by the Senate Banking Committee on July 18.

Stein, 49, and Piwowar, 45, join the SEC as it adapts to a new agenda under White, who says the agency’s rulemaking priorities are prescribed by the Dodd-Frank Act of 2010 and the Jumpstart Our Business Startups Act of 2012.

Stein replaces Elisse B. Walter as a Democratic commissioner and Piwowar succeeds Republican Troy A. Paredes on the five-member commission. Stein served as a top aide to Senator Jack Reed, a Rhode Island Democrat, and Piwowar was the Banking Committee’s chief Republican economist...MORE
 

Demeter

(85,373 posts)
10. Former Trader Is Found Liable in Fraud Case
Fri Aug 2, 2013, 09:04 PM
Aug 2013
http://dealbook.nytimes.com/2013/08/01/former-goldman-trader-is-found-liable-in-mortgage-deal/

A former Goldman Sachs trader at the center of a toxic mortgage deal lost a closely watched legal battle on Thursday, giving Wall Street’s top regulator its first significant courtroom victory in a case stemming from the financial crisis. A federal jury found the trader, Fabrice Tourre, liable on six counts of civil securities fraud after a three-week trial in Lower Manhattan. The case had given both sides — the government and Mr. Tourre — a chance to repair their reputations. For the Securities and Exchange Commission, a regulator dogged by its failure to thwart the crisis, the case offered a shot at redemption following one courtroom disappointment after another, including two similar mortgage-related cases that crumbled last year. For Mr. Tourre, 34, who abandoned his trading career to pursue a doctorate in economics and become a teacher, the threat of being barred from Wall Street came second to the black mark on his name.

Five years after Wall Street risk-taking nearly toppled the economy, the S.E.C. has taken only a handful of employees to court in connection with the crisis; most cases have been settled. The agency has not leveled fraud charges against one top executive at a big bank....The S.E.C. threw innumerable resources at Mr. Tourre’s case, underscoring its importance to the agency. The onslaught began when the S.E.C. opened an investigation into Goldman after the 2008 crisis...Yet even with the triumph over Mr. Tourre, the S.E.C. could still face scrutiny.

Some critics have questioned why the agency chose to make Mr. Tourre — a midlevel employee who was stationed in the bowels of Goldman’s mortgage machine — the face of the crisis. Rather than aim at a high-flying executive, the agency pursued someone barely known on Wall Street. Those concerns also arose in another S.E.C. crisis-era case, in which a jury cleared a midlevel Citigroup employee, questioning why the agency had declined to charge more senior executives. Even Ms. Rhett, the juror, after reflecting on Mr. Tourre’s case, said, “I could characterize him as somewhat of a scapegoat.”

“There are bigger fish out there swimming fat and free, and they made a lot more money from the mess than Tourre ever dreamed of making,” said Erik Gordon, a professor of law and of business at the University of Michigan. For its part, the S.E.C. notes that it has won about 80 percent of its trials under Mr. Martens and has sued 66 chief executives and other senior officers in cases related to the financial crisis. S.E.C. officials also note that the agency files cases only where they can be proved, even if that means not pursuing top executives insulated from the bad acts of their employees.

MORE
 

Demeter

(85,373 posts)
30. Just Desserts for Fabulous Fab: REAL Chocolate Mousse ala Julia Child
Sat Aug 3, 2013, 08:08 AM
Aug 2013

Not one of those phony, chemical laden fakes!


6 ounces (170g) bittersweet or semisweet chocolate, chopped
6 ounces (170g) unsalted butter, cut into small pieces
1/4 cup (60ml) dark-brewed coffee (you can use a tablespoon of instant coffee, or go without)
4 large eggs, separated
2/3 cup (170g), plus 1 tablespoon sugar
2 tablespoons (30ml) dark rum (orange liqueur is good, too)
1 tablespoon (15ml) water
pinch of salt
1/2 teaspoon vanilla extract

1. Heat a saucepan one-third full with hot water, and in a bowl set on top, melt together the chocolate, butter and coffee, stirring over the barely simmering water, until smooth. Remove from heat.

2. Fill a large bowl with ice water and set aside.

3. In a bowl large enough to nest securely on the saucepan of simmering water, whisk the yolks of the eggs with the 2/3 cup of sugar, rum, and water for about 3 minutes until the mixture is thick, like runny mayonnaise. (You can also use a handheld electric mixer.)

3. Remove from heat and place the bowl of whipped egg yolks within the bowl of ice water and beat until cool and thick, as shown in the photo above. Then fold the chocolate mixture into the egg yolks.

(I don't bother with steps 2 and 3, just throw it in the chocolate and stir until smooth and dissolved--Demeter)

4. In a separate bowl, beat the egg whites with the salt until frothy. Continue to beat until they start to hold their shape. Whip in the tablespoon of sugar and continue to beat until thick and shiny, but not completely stiff, then the vanilla.

5. Fold one-third of the beaten egg whites into the chocolate mixture, then fold in the remainder of the whites just until incorporated, but don’t overdo it or the mousse will lose volume.

6. Transfer the mousse to a serving bowl or divide into serving dishes, and refrigerate for at least 4 hours, until firm.

Serving: real whipped cream on top, to cut and complement the chocolate flavor!

AnneD

(15,774 posts)
47. Julia Child.....
Sat Aug 3, 2013, 07:15 PM
Aug 2013

Has always been a chef I have looked up to. I loved the recent movie Julie/Julia. I feel the same way about her that Julie felt. I loved to watch her cooking show as a middle school student. That was one of my arguments against taking home ec in high school. They were burning biscuits and bacon-I was cooking for a family of 6 while mom was working. I watched the show and tried her dishes and modified mom's recipes.

She, along with James Beard changed the way Americans thought about food. I have many cook books, but my go to books are The Joy of Cooking, Mastering the Art of French Cooking, Laurel's Kitchen, and an independently published book of old Mormon pioneer recipes (how to preserve eggs and veggies over the winter, uses for bear fat, how to make hard tac, home medicines, cooking game.

 

Demeter

(85,373 posts)
11. Budget truce seems out of reach as congressional recess looms
Fri Aug 2, 2013, 09:07 PM
Aug 2013
http://www.washingtonpost.com/business/economy/budget-truce-seems-out-of-reach-as-congressional-recess-looms/2013/08/01/6f059c30-fad5-11e2-8752-b41d7ed1f685_story.html?hpid=z1

The House bill would have embraced the sequester, deep automatic budget cuts designed to shrink the federal government. The Senate bill would have ended it, restoring billions of dollars for housing, roads and bridges.

This week, congressional Republicans tacitly rejected both approaches to next year’s budget, leaving frustrated lawmakers wondering how they will manage to keep the government open past September, much less resolve a broader conflict over the rising national debt...

Warpy

(111,237 posts)
13. Quiche wasn't haute cusine back in New England
Fri Aug 2, 2013, 09:57 PM
Aug 2013

It was more along the lines of "I didn't want to cook much, so here's a prefab piecrust with eggs and milk mixed together with some clean out the fridge stuff and the last bit of cheese to flavor it."

Frittatas, on the other hand, were still relatively new and much easier, just eggs and fillings in a hot cast iron skillet, finish it in the oven until it's completely set, no piecrust involved.

Honestly, if more people knew how simple this stuff is, we'd have fewer fast food joints around. It's also fine cold and reheats well, so leftovers can be taken to work the next day for lunch. It's also cheaper than fast food if there's a hungry family to feed, and that helps a family's economic bottom line, although probably not their waistlines.

 

Demeter

(85,373 posts)
25. My biggest complaint with quiche is: it isn't filling
Sat Aug 3, 2013, 07:37 AM
Aug 2013

It's mostly protein (the crust isn't a good substitute for potatoes and gravy, when it comes to heavy labor).

But for an office job, it's fine with a fresh salad.

AnneD

(15,774 posts)
48. Try making a...
Sat Aug 3, 2013, 07:21 PM
Aug 2013

frittata. The potatoes in them give it more staying power. The old Irish saying is "there is not a hole in a stomach that a potato cannot fill" applies.

bread_and_roses

(6,335 posts)
63. I make this too, and love it
Sun Aug 4, 2013, 07:30 PM
Aug 2013

It is filling, and good for late breakfast, brunch, lunch, or dinner! (It's too much for me if early AM ...but any other time.)

AnneD

(15,774 posts)
14. Some of our family recipes...
Sat Aug 3, 2013, 01:04 AM
Aug 2013

are lost in antiquity. I make a wicked jerky. I love a good buffalo burger with cheese and green chili pepper. I have picked up recipes in my travels and from friends. I make wicked good pies-fruit, meat and veggies. I am the bread maker in the family and my mom is the candy maker. I like to go the route of crepes, casseroles and fritattas for a stand by and left overs. I recently discovered how to make polenta so I will make a batch for variety.

I love to experiment and love to copy recipes from famous places

xchrom

(108,903 posts)
16. George Clooney Slams Hedge Fund Honcho Dan Loeb
Sat Aug 3, 2013, 06:10 AM
Aug 2013
http://www.businessinsider.com/george-clooney-slams-hedge-fund-honcho-daniel-loeb-2013-8


George Clooney and Smokehouse Pictures partner Grant Heslov made a killing with "Argo," and are following up with "The Monuments Men" — a risky film Clooney says Loeb wouldn't touch with a 10-foot pole.

***SNIP

The discussion turned toward recent critical comments made by Third Point LLC hedge fund head Daniel Loeb and the pressure he is placing on Sony Pictures chiefs Michael Lynton and Amy Pascal, which is centered around the under-performing back-to-back summer films "After Earth" and "White House Down." Loeb, whose fund controls 7% of Sony stock, is pressing for Sony to spin off its entertainment assets and likened those misfires to historic flops "Waterworld" and "Ishtar." Though Clooney and Heslov base their Smokehouse Pictures banner at Sony, and Loeb’s influence is growing there, Clooney has never been shy about standing up to what he feels is wrong. So, buckle up.

Said Clooney:

“I’ve been reading a lot about Daniel Loeb, a hedge fund guy who describes himself as an activist but who knows nothing about our business, and he is looking to take scalps at Sony because two movies in a row underperformed? When does the clock stop and start for him at Sony? Why didn’t he include ‘Skyfall,’ the 007 movie that grossed a billion dollars, or ‘Zero Dark Thirty’ or ‘Django Unchained’?

“And what about the rest of a year that includes ‘Elysium,’ ‘Captain Phillips,’ ‘American Hustle’ and ‘The Monuments Men’? You can’t cherry pick a small time period and point to two films that didn’t do great. It makes me crazy. Fortunately, this business is run by people who understand that the movie business ebbs and flows and the good news is they are ignoring his calls to spin off the entertainment assets.

“How any hedge fund guy can call for responsibility is beyond me, because if you look at those guys, there is no conscience at work. It is a business that is only about creating wealth, where when they fail, they get bailed out and where nobody gets fired. A guy from a hedge fund entity is the single least qualified person to be making these kinds of judgments, and he is dangerous to our industry.”



Read more: http://www.deadline.com/2013/08/george-clooney-slams-sony-investor-daniel-loeb/#ixzz2atpYR1jT

xchrom

(108,903 posts)
17. Warren Buffett Made $390 Million On Financial Weapons Of Mass Destruction
Sat Aug 3, 2013, 06:28 AM
Aug 2013
http://www.businessinsider.com/warren-buffett-q2-derivatives-gains-2013-8

Berkshire Hathaway's Q2 earnings are out. The massive conglomerate run by Warren Buffett earned a whopping $3.91 billion or $2,384 per share, up from $3.72 billion or $2,262 per share a year ago.
One detail from Berkshire's filings we're always interested in is the value of Buffett's long-term derivative bets on the global stock markets. In case you forgot, Berkshire had sold put options on the S&P 500, FTSE 100, Euro Stoxx 50, and the Nikkei 225.

Berkshire collected premiums when it sold these options. Because they are put options, Berkshire is obligated to pay the option buyer should the indices fall below the exercise price. It's important to note that these are European style options, which means they can only be exercised at maturity. As a general rule, the value of these positions increase when stocks go up and vice versa.

This bet was controversial because in his 2002 letter to Berkshire Hathaway shareholders, Buffett dubbed derivative securities as "financial weapons of mass destruction."



Read more: http://www.businessinsider.com/warren-buffett-q2-derivatives-gains-2013-8#ixzz2atu0A6tS

xchrom

(108,903 posts)
18. Facebook Is Riddled With Click Farms Where Workers Sit In Dingy Rooms, Generating 1,000 Likes For $1
Sat Aug 3, 2013, 06:35 AM
Aug 2013
http://www.businessinsider.com/how-low-paid-workers-at-click-farms-create-appearance-of-online-popularity-2013-8

How much do you like courgettes, the green vegetable Americans call zucchini? According to one Facebook page devoted to them, hundreds of people find them delightful enough to click the "like" button – even with dozens of other pages about courgettes to choose from.
There's just one problem: the liking was fake, done by a team of low-paid workers in Dhaka, Bangladesh, whose boss demanded just $15 per thousand "likes" at his "click farm". Workers punching the keys might be on a three-shift system, and be paid as little as $120 a year.

The ease with which a humble vegetable could win approval calls into question the basis on which many modern companies measure success online – through Facebook likes, YouTube video views and Twitter followers.

Channel 4's Dispatches programme will on Monday reveal the extent to which click farms risk eroding user confidence in what had looked like an objective measure of social online approval.



Read more: http://www.businessinsider.com/how-low-paid-workers-at-click-farms-create-appearance-of-online-popularity-2013-8#ixzz2atvjAjzN

xchrom

(108,903 posts)
20. Federal Reserve Launches Blistering Attack On The ECB In New Paper
Sat Aug 3, 2013, 06:45 AM
Aug 2013
http://www.businessinsider.com/federal-reserve-calls-out-ecb-in-new-paper-2013-8

The US Federal Reserve has launched a blistering attack on the European Central Bank, calling for quantitative easing across the board to lift the eurozone fully out of its slump.

In a rare breach of central bank etiquette, a paper by the Richmond Fed said the ECB is hamstrung by institutional problems and acts on the mistaken premise that excess debt is the cause of the eurozone crisis when the real cause is the collapse of growth, which has, in turn, spawned a debt crisis that could have been avoided.

“The ECB lacks a coherent strategy for creating the monetary base required to sustain the money creation necessary for a growing economy,” said the paper, written in July by Robert Hetzel, the bank’s senior economist.

It called for direct action to buy “bundles” of small business loans, as well as “packages of government debt” across EMU states, including German Bunds. “The ECB will have to be clear that surplus countries will experience inflation above 2pc for extended periods of time,” and must be prepared to “explain to the German public” that this is desirable.



Read more: http://www.businessinsider.com/federal-reserve-calls-out-ecb-in-new-paper-2013-8#ixzz2atyOiTkm

xchrom

(108,903 posts)
21. Obama’s Rift With Republicans Widens as Deficit Declines
Sat Aug 3, 2013, 07:04 AM
Aug 2013
http://www.bloomberg.com/news/2013-08-02/obama-divide-with-republicans-widens-amid-fiscal-rift.html

President Barack Obama and Republican congressional leaders are staking out positions ahead of next month’s budget battle, setting up their sixth showdown over how to avoid defaulting on the U.S. debt and shutting down the government.

Obama is insisting Congress raise the debt ceiling with no strings attached, while a group of Republicans say they are willing to stop paying the government’s bills unless the president’s signature health care law is defunded.

“Both sides are more dug in than in the past,” said Jared Bernstein, a former chief economist for Vice President Joe Biden who is senior fellow at the Washington-based Center for Budget and Policy Priorities, a fiscal research group.

Lawmakers return from a five-week break on Sept. 9, just three weeks before government funding runs out. For the new fiscal year starting Oct. 1, House Appropriations Committee Chairman Hal Rogers of Kentucky favors a one- or two-month extension of current yearly spending levels, which are $988 billion, said Jennifer Hing, a spokeswoman.
 

Demeter

(85,373 posts)
28. The Futility Starts at the Top
Sat Aug 3, 2013, 07:46 AM
Aug 2013

The only advantage to Obama's plans are that Congress will never pass them, so while searching for an alternative, they might actually stumble into something that does a country good.....


Okay, I'm stretching for a silver lining here.....


There is no good news. Cue the Hotler!

xchrom

(108,903 posts)
22. Fortress to Blackstone Say Now Is Time to Sell on Surge
Sat Aug 3, 2013, 07:07 AM
Aug 2013
http://www.bloomberg.com/news/2013-08-01/fortress-to-blackstone-say-now-is-time-to-sell-on-rally.html

Private-equity managers from Fortress Investment Group LLC (FIG) to Blackstone Group LP (BX), which made billions by buying low and selling high, say now is the time to exit investments as stocks rally and interest rates start to rise.

Fortress, the first publicly traded buyout firm in the U.S., is preparing holdings for public offerings while struggling to find attractive new deals, Wesley Edens, who runs Fortress’s $14.3 billion private-equity business, said on a conference call with investors yesterday. That environment extends to credit and distressed investments, said Pete Briger, who oversees the New York-based firm’s $12.5 billion credit business.

“This is a better time for selling our existing investments than making new investments,” Briger said on the call. “There’s been more uncertainty that’s been fed into the markets.”

Their comments echoed remarks from Apollo Global Management LLC Chief Executive Officer Leon Black to Blackstone President Tony James, who said last month the environment is ripe for selling because credit markets are still hot and equities strong. Three rounds of bond purchases by the Federal Reserve, coupled with improving earnings and economic growth, helped propel the Standard & Poor’s 500 Index up 152 percent from its bear-market low in 2009.

xchrom

(108,903 posts)
23. Issa Sends Subpoena to Treasury to Produce IRS Documents
Sat Aug 3, 2013, 07:11 AM
Aug 2013
http://www.bloomberg.com/news/2013-08-02/issa-to-send-irs-documents-subpoena-to-treasury-secretary.html

House Oversight Committee Chairman Darrell Issa sent a subpoena for U.S. Internal Revenue Service documents to the Treasury secretary, saying he thinks the agency’s chief counsel’s office is “compromised.”

The IRS hasn’t been forthcoming in responding to committee requests for documents related to the agency’s scrutiny of Tea Party groups seeking tax exemptions, Issa, a California Republican, said today. He spoke at a hearing of a subcommittee of his panel in Washington and issued the subpoena afterward.

“You are slow-rolling us,” Issa told acting IRS Commissioner Danny Werfel.

“That’s not true,” Werfel responded.

Issa’s move escalates the confrontation between Republicans and the administration over the IRS, which apologized in May for applying tougher scrutiny to Tea Party groups applying for tax-exempt status

xchrom

(108,903 posts)
24. Banks Replacing Enron in Energy Incite Congress as Abuses Abound
Sat Aug 3, 2013, 07:17 AM
Aug 2013
http://www.bloomberg.com/news/2013-08-02/banks-replacing-enron-in-energy-incite-congress-as-abuses-abound.html

The U.S. government permitted Wall Street firms to expand in the energy industry a decade ago, when the collapse of Enron Corp. and its army of traders left a void in the market. The results aren’t pretty.

JPMorgan Chase & Co. (JPM) settled Federal Energy Regulatory Commission claims this week that employees engaged in 12 bidding schemes to wrest tens of millions of dollars from power-grid operators. A Barclays Plc (BARC) trader stands accused of bragging he “totally fukked” with a Southwest energy market. Deutsche Bank AG workers, faced with losses on a contract, allegedly altered electricity flows to make it profitable instead.

The FERC’s investigations are fueling a debate among lawmakers and the Federal Reserve over whether to reverse more than a decade of policy decisions that let Wall Street banks keep or build units handling commodities and energy. Senators examining the firms’ roles have said they may call bankers and watchdogs to a September hearing amid concern traders are abusing their ability to buy and sell physical products while betting on related financial instruments.

Banks have been seen as “sources of capital investment and market liquidity,” said Marc Spitzer, a partner at law firm Steptoe & Johnson LLP in Washington and a former FERC commissioner. “But the tradition and culture of large banks is different than the conservative and risk-averse culture of regulated utilities.”
 

Demeter

(85,373 posts)
29. And speaking of Haute
Sat Aug 3, 2013, 07:49 AM
Aug 2013

It's 55F measly degrees in Ann Arbor at 7:30 in the morning. I know, I asked for it: 6 months of spring. Guess I got it. Now, if I could take advantage of that....I should have asked for the funds to free up time.

Instead, I'm headed into deepest Florida, where it's just as humid, and 15 degrees hotter.

AnneD

(15,774 posts)
49. In Arizona on my way out....
Sat Aug 3, 2013, 07:32 PM
Aug 2013

it was 115-120. But that is a dry heat of course. It was beautiful in Vancouver. I am now in sunny Houston where the temps are in the triple digits and so is the humidity. Again, this is the only place I know where you can have 100% humidity and no rain. I am staying indoors in the heat of the day but once the sun starts going down and the temps are in the low 90's, folks start venturing out. I have been going to near by malls to walk.

xchrom

(108,903 posts)
32. Indian row over poverty and policy extends to Harvard and Columbia
Sat Aug 3, 2013, 08:33 AM
Aug 2013
http://uk.reuters.com/article/2013/08/03/uk-india-poverty-idUKBRE97203B20130803


(Reuters) - Indian government figures showing that poverty has been cut by a third since 2004 has set off a row between the country's main political parties on whether the data is accurate, and a slanging match between two of the world's best-known economists on the implications for policy.

The debate boils down to what path India should take in coming years as slower growth puts further poverty reduction at risk in the world's second-most populous nation.

The opposition Bharatiya Janata Party (BJP) backs growth-oriented reforms that would include a curb on public spending, while the ruling Congress party believes subsidies and a range of social welfare projects have lifted millions out of penury.

Neither of these parties has a commanding lead in opinion polls ahead of general elections due by next May, so they will be competing fiercely for the votes of the poor.
 

Demeter

(85,373 posts)
33. BofA, Barclays Sued by Houston For Libor Manipulation
Sat Aug 3, 2013, 08:39 AM
Aug 2013
http://www.bloomberg.com/news/2013-07-23/bofa-barclays-sued-by-houston-for-libor-manipulation.html

Bank of America Corp., Barclays Plc (BARC) and Citigroup Inc. (C) are among a group of banks sued by the city of Houston for financial damages caused by the alleged manipulation of the London Interbank Offered Rate, or Libor. Houston, the fourth-largest U.S. city, is one of the biggest to sue on rate-fixing allegations. The Texas city seeks unspecified damages for both receiving artificially low interest and paying artificially high rates on municipal investments dating back six years, according to a complaint filed today in federal court in Houston.

“The complaint specifically notes three examples of transactions in which the Libor manipulation was detrimental to the City of Houston,” Richard Mithoff, Houston’s lawyer, said in an e-mailed statement. “Damages to the city resulting from this global interest rate manipulation could be substantial.”


Global authorities have been investigating claims that more than a dozen banks altered submissions used to set benchmarks such as Libor to profit from bets on interest-rate derivatives or to make the lenders’ finances appear healthier. Barclays, Royal Bank of Scotland Plc and UBS AG have settled regulators’ claims in the probe. A group of lawsuits against banks over manipulation of rates have been consolidated in federal court in Manhattan. In March, U.S. District Judge Naomi Buchwald dismissed antitrust claims by plaintiffs who said banks conspired to set Libor at artificial levels. She allowed some commodities-manipulations claims to proceed...MORE
 

Demeter

(85,373 posts)
34. Worthless land could prolong Spanish banks' property woes
Sat Aug 3, 2013, 08:42 AM
Aug 2013
http://www.reuters.com/article/2013/07/23/us-spain-banks-land-idUSBRE96M07S20130723

Spanish banks may have to swallow more losses to shake off the legacy of a property crash, real estate experts warn, as they struggle to sell plots of land that have ended up on their books and which are now worth less than many have accounted for. Lenders were forced by the government to take billions of euros in provisions against losses last year after property values collapsed in 2008, with the steepest writedowns destined to cover land they were saddled with as developers went bust.

The weakest lenders were bailed out with European money and others posted steep losses as the result of the clean-up, which was supposed to draw a line under the property problem, as banks try and cope with a deep recession also dragging on earnings. But much of the old farm land and fields on city outskirts snapped up by construction firms during a decade-long building boom are failing to find buyers even at big discounts, real estate advisers and bank insiders said.

Banks may even be forced to spend money building saleable properties on land, they said, while plots in remote areas may never recover any value, pushing lenders to write them off or sell them at steeper losses than they had provisioned for.

"There are assets which will practically have to be turned back into the farm land they once were, to grow onions," said Alvaro Martin-Ropero from real estate valuation firm Tinsa
...

QUE LASTIMA!
 

Demeter

(85,373 posts)
35. BP warns Gulf spill costs will exceed $42.4bn as compensation costs rise
Sat Aug 3, 2013, 08:46 AM
Aug 2013
http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/10210318/BP-warns-Gulf-spill-costs-will-exceed-42.4bn-as-compensation-costs-rise.html?fb

BP’s bill for the Gulf of Mexico disaster is set to rise well above $42.4bn (£27.6bn), the oil giant warned on Tuesday, as it revealed it had just $300m left of funds it set aside to pay compensation. BP raised its best estimate of the costs of the compensation deal it agreed last year by $1.4bn, to $9.6bn, but said the final cost would be “significantly higher”, even if it succeeded in a legal battle to try to stem the payments.



More than $1bn has now been paid out for what BP says are “fictitious” claims.

Mounting legal costs saw BP increase its total provision for the disaster by $200m to $42.4bn. That includes just $300m remaining for compensation, a sum BP said was likely to be exceeded in the third quarter, causing "additional amounts charged to the income statement" as a result.

Bob Dudley, chief executive, said it was “digging in” for the long haul to try to stem the payments and would try to recoup money paid to businesses that suffered no loss.

MORE

bread_and_roses

(6,335 posts)
40. The utter vileness of BP is beyond words ...
Sat Aug 3, 2013, 09:33 AM
Aug 2013

So they want to "stem the losses."

Nationalize the energy industry. Period.

on edit: I say Nationalize - but really, there's no evidence we could have any faith that that would help much - although it's hard not to think that getting rid of the profit motive MIGHT result in some sane changes? But wouldn't that take a sane government? There's the conundrum - though how could it be worse?

 

Demeter

(85,373 posts)
36. IMF Should Ask U.S. to Review Argentina Case: Lagarde NOW SHE'S WORRIED!
Sat Aug 3, 2013, 08:49 AM
Aug 2013
http://www.bloomberg.com/news/2013-07-20/imf-should-ask-u-s-to-review-argentina-case-lagarde.html

A U.S. court ruling against Argentina in a decade-old legal battle over its defaulted debt could have “detrimental consequences” for global financial stability, said Christine Lagarde, managing director of the International Monetary Fund.

Lagarde said in Moscow today that she’ll recommend that the IMF’s board ask the U.S. Supreme Court to review a lower court ruling ordering Argentina to pay investors who refused to exchange bonds after its 2001 default on $95 billion of debt.

The friend-of-the-court brief to the high court wouldn’t be aimed at helping Argentina, whom the IMF censured in February for providing inaccurate inflation data, Lagarde said after a meeting of Group of 20 finance chiefs in the Russian capital. It would rather serve to warn of how the ruling could bolster the power of minority bondholders in future debt restructurings, she said.

“We’re not supporting one party against the other,” Lagarde said. “We’re simply alerting the court to the detrimental consequence that the finding would have on our ability to discharge our mandate, which is intended to maintain financial stability in the world.”


Argentina, a G-20 member, claims that a federal appeals court in New York was wrong when it ruled in October that investors in restructured Argentine debt can’t be paid unless holders of the nation’s defaulted bonds, led by billionaire Paul Singer’s Elliott Management Corp. and its NML Capital Ltd. unit, are also paid. Last month it asked the U.S. Supreme Court to review lower court rulings.

MORE

bread_and_roses

(6,335 posts)
38. Potato soups for rich and poor
Sat Aug 3, 2013, 09:23 AM
Aug 2013

For the rich: http://en.wikipedia.org/wiki/Vichyssoise

Vichyssoise (/ˌvɪʃiˈswɑːz/ US dict: vish·ē·swäz′ is a thick soup made of puréed leeks, onions, potatoes, cream, and chicken stock. It is traditionally served cold but can be eaten hot.[1]


It was MFK Fisher* who introduced me to the notion of Vichyssoise - I had never heard of it, though I ate plenty of potato soup growing up. I never made it because I don't like the "taste" it evokes in my mind's palate. I would say it qualifies as "Haute" though, as one of the versions of its origin is at the Ritz. http://en.wikipedia.org/wiki/Vichyssoise It is the leeks and cream (and surely home-made stock) that make it haute, of course - poor people use onions and water and maybe milk, if they have it.

My mother made a fine work-a-day version of hot "Vichyssoise," which we of course just called "potato soup." Cubed potatoes and chopped onions simmered in water till done, with a little bacon if we had it or if not, not. Once the potatoes were cooked she added canned milk and some salt and pepper and heated it all through. We usually ate this with home-made cornbread, on winter nights when my father was on third shift (he did not consider soup a meal). We loved it.

My own version is just a little more "refined." Same basic outline, but I saute the onions in butter first, use fresh whole milk combined with some heavy cream (or half-and-half if I don't happen to have cream). I remove about half the cook potatoes and mash them before returning to the pot, and add a goodly bit of butter with the milk. The bacon bits are added at the end, with fresh chopped parsley. Salt and pepper of course. This makes a fine thick soup that is wonderful in the winter.

My mother also made another potato-based soup we loved - it was not quite a "pottage" but that word is really more evocative of this dish than soup.

https://en.wikipedia.org/wiki/Pottage

Pottage is a thick soup or stew made by boiling vegetables, grains, and, if available, meat or fish.

It was a staple food of all people living in Great Britain from neolithic times on into the Middle Ages.[citation needed] The word pottage comes from the same Old French root as potage, which is a similar type of dish of more recent origin.

Pottage commonly consisted of various ingredients easily available to serfs and peasants and could be kept over the fire for a period of days, during which time some of it was eaten and more ingredients added. The result was a dish that was constantly changing. Pottage consistently remained a staple of the poor's diet throughout most of the 9th-17th-century Europe. When people of higher economic rank, such as nobles, ate pottage, they would add more expensive ingredients such as meats. The pottage that these people ate was much like modern day soups.[citation needed]
Preparation

Pottage was typically boiled for several hours until the entire mixture took on a homogeneous texture and flavor; this was intended to break down complex starches and to ensure the food was safe for consumption. It was often served, when possible, with bread
.

My mother's ham, potato, and green bean soup:

Take a large ham bone and all the scraps from the ham and simmer with water to cover for a good long time, then add more water, cubed potatoes, onion, and whole green beans. Simmer all this for a good long time. No need for salt, as the ham takes care of that. Add pepper as desired at table. Eat with corn bread.

We loved this too - served very hot, usually in winter, it combined hearty ingredients in a thin, ham-flavored broth that was warming and filling. I have tried to make it a few times, but I have never had occasion to bake one of the huge hams my mother made for the nine of us, I don't think our hams are as good as they used to be, as an adult I don't much actually care for ham, and - perhaps most pertinent - I don't have the fine, sharp hunger of a growing child coming in from the snow.

My very plain potato soup.

One very cold night I came home hungry and chilled - I was by myself, and craving something hot and comforting but too tired to think of cooking much. I sauteed some minced onion in butter then added a cubed Idaho potato and some water and a dash of salt and pepper. I let it simmer till the potato fell apart and the broth was milky, then ate it very hot with some french bread. It was wonderful - if, that is, you love potatoes as I do.

* I do not much like MFK Fisher - I find her pretentious and self-indulgent for the most part. However, some of her food writing is interesting nonetheless, and is by now rather of historical interest. One thing I did like was her restrained but obvious contempt for the changes to the American diet after WWII - women mewling if they could not get sliced bread, for instance - and her scorn for the dictates of dieticians. Also, "How to Cook a Wolf" - food for hard and hungry times - is interesting.

http://en.wikipedia.org/wiki/M._F._K._Fisher

xchrom

(108,903 posts)
39. IMF advises Spain to cut wages by 10 percent
Sat Aug 3, 2013, 09:26 AM
Aug 2013
http://elpais.com/elpais/2013/08/02/inenglish/1375463865_645217.html

The International Monetary Fund (IMF) on Friday called on Spain’s unions and employers to work together to find solutions - including cutting workers’ wages - to tackle unemployment and stimulate growth so that more jobs can be created.

In its latest report on Spain, the IMF said government reforms need to go further to increase companies’ “internal flexibility” and “enhance employment opportunities for the unemployed.”

While lauding the government’s labor reform, IMF officials said the government should consider reducing taxes on companies that focus on hiring certain groups, such as the young and low-skilled.

“A social agreement should be explored to bring forward the employment gains from structural reforms,” states the report. The accord could include a deal between employers, who would commit themselves to “significant employment increases,” and the unions, who would agree “to significant further wage moderation and some fiscal incentives.”
 

Demeter

(85,373 posts)
41. Piece De Resistance! THE ROVING EYE: Our man in Moscow By Pepe Escobar
Sat Aug 3, 2013, 10:42 AM
Aug 2013
I should have saved this for the end, but you will want to read this savory, sharp, bittersweet article time and time again....Demeter


THE ROVING EYE: Our man in Moscow By Pepe Escobar


http://www.atimes.com/atimes/World/WOR-01-020813.html

So what is the "extremely disappointed" Obama administration, the Orwellian/Panopticon complex and the discredited US Congress to do? Send a Navy Seal Team 6 to snatch him or to target assassinate him - turning Moscow into Abbottabad 2.0? Drone him? Poison his borscht? Shower his new house with depleted uranium? Install a no-fly zone over Russia?

Edward Snowden, under his new legal status in Russia, simply cannot be handed over to Bradley Manning's lynch mob. Legally, Washington is now as powerless as a tribal Pashtun girl facing an incoming Hellfire missile. A President of the United States (POTUS) so proud of his constitutional law pedigree - recent serial trampling of the US constitution notwithstanding, not to mention international law - seems not to have understood the message. Barack Obama virtually screamed his lungs out telling Russian President Vladimir Putin he had to hand him Snowden "under international law". Putin repeatedly said this was not going to happen. Obama even phoned Putin. Nothing. Washington even forced European poodles to down Bolivian President Evo Morales's plane. Worse. Moscow kept following the letter of Russian law and eventually granted temporary asylum to Snowden.

The Edward Snowden saga has turned the Pentagon's Full Spectrum Dominance doctrine on its Hydra-head. Not only because of the humbling of the whole US security state apparatus, but also for exploding the myth of Full Spectrum Dominance by POTUS. Obama revealed himself once again as a mediocre politician and an incompetent negotiator. Putin devoured him as a succulent serving of eggs benedict. Glenn Greenwald will be inflicting death by a thousand leaks - because he is in charge of Snowden's digital treasure chest. And Snowden took a taxi and left the airport - on his own terms.

Layers and layers of nuances have been captured in this fascinating discussion at Yves Smith's blog - something impossible to find across Western corporate media. For POTUS, all that's left is to probably boycott a bilateral meeting with Putin next month, on the sidelines of the G20 summit in St Petersburg. Pathetic does not even begin to explain it..How he must have relished to close the nerve-racking waiting game by having the last word - as in his statement published by WikiLeaks; "Over the past eight weeks we have seen the Obama administration show no respect for international or domestic law, but in the end the law is winning. I thank the Russian Federation for granting me asylum in accordance with its laws and international obligations."
...............

There's got to be a serious glitch with the collective IQ of these people. The Obama administration as well as the Orwellian/Panopticon complex are in shock because they simply cannot stop death by a thousand leaks. The Roving Eye is among those who suspect the NSA has no clue about what Snowden, as a systems administrator, was able to download (especially because someone with his skills can easily delete traces of access). Even the top NSA robot - General Keith Alexander - admitted on the record the "no such agency" does not know how Snowden pulled it off. He could have left a bug, or infected the system with a virus. The fun may have not even started...the US and other Western sub-powers have lost their legitimacy as governors of the internet. To top it off, there's no more "internet freedom agenda", as parroted by the Obama administration...For the moment, what we have is an Orwellian/Panopticon complex that will persist with its unchecked powers; an aphasic populace; a quiet, invisible man in a Moscow multitude; and a POTUS consumed with boundless rage. Watch out. He may be tempted to wag the (war) dog.




Pepe Escobar is the author of Globalistan: How the Globalized World is Dissolving into Liquid War (Nimble Books, 2007) and Red Zone Blues: a snapshot of Baghdad during the surge. He has also written Obama does Globalistan (Nimble Books, 2009).

He may be reached at pepeasia@yahoo.com
.




GO TO THE OP TO READ THE REST--IT ROCKS! AND FOLLOW IT UP WITH A CHASER:

Obama Starting to Lose It Over Snowden AT NAKED CAPITALISM

http://www.nakedcapitalism.com/2013/08/obama-starting-to-lose-it-over-snowden.html

DON'T FORGET THE COMMENTARY!


 

Demeter

(85,373 posts)
43. The High Points (for me) A BIT OF WISHFUL THINKING (OR SPECULATIVE FICTION)
Sat Aug 3, 2013, 11:27 AM
Aug 2013

If Edward Snowden is at least half as smart and ethical as he seems, he may have been clever enough to put in a Doomsday Device: software that will completely wipe out the NSA and anything connected to it. It may even be self-replicating, meaning that there's no fucking way to "clean" it out of the system, short of physically destroying every machine thus infected.

The Police State would suddenly cease to exist. The CIA, the FBI, all the alphabet soup; the credit bureaus, the LAPD and the NYPD, anyone in the business of minding your business, even the IRS. Homeland Security!

It will be hard, living in a free world. Wall St., bereft of its HFT and super-duper cheating software, may have to go sell apples on the corners...or maybe Apples, but I would consider that repayment in full for all the pain these Unspeakable People have inflicted on generations around the world.

If it means giving up DU, well, I call it fair trade. Besides, in our new sudden poverty, only the most essential infrastructure will be rebuilt. We'll get that fantastical Debt Jubilee, after all, when the machines go down. And throw the bastards in jail. Rewrite the Constitution to account for technological advances. Rebuild the Republic.

I have to go lie down for a bit....

bread_and_roses

(6,335 posts)
45. From your lips to the Goddesses ears
Sat Aug 3, 2013, 06:08 PM
Aug 2013

If that's what it takes, call me a Luddite - who, I think, were not so much against "machines" as the theft of their livelihoods .... and lives, once they had to go into the factories ....

bread_and_roses

(6,335 posts)
46. To comfort us - the BEST EVER Chocolate Custard
Sat Aug 3, 2013, 06:24 PM
Aug 2013

Probably better for winter, since it takes the oven (I am much more a winter than summer cook). But - the BEST EVER - really. From The Vegetarian Epicure." I have not made this for years, but there was a time I made it regularly. For reasons I'm sure having to do with the chemistry of cooking, sometimes it came out almost like mousse, sometimes almost like one of those half cake/half pudding affairs, and sometimes a perfect custard. All were delicious.

http://www.food.com/recipe/chocolate-custard-326539

Ingredients:

4 large eggs
1/4 teaspoon salt
3/4 cup sugar
1 teaspoon vanilla extract
1/2 teaspoon almond extract
1 1/4 cups evaporated milk
1 cup cream
3 1/2 ounces unsweetened chocolate
butter

Directions:

1
Beat the eggs with the salt, half the sugar, the vanilla, and the almond extract.
2
Heat together the milk, cream, chocolate, and the remaining sugar on medium-low heat until the chocolate has completely melted. Stir with a whisk to blend.
3
Combine the two mixtures and pour into a well buttered baking dish. Place the dish in a pan of hot water and bake at 325 degrees F for 1 hour: a knife inserted in the center should come out clean.
4
Cool in the baking dish, then unmold and chill in the refrigerator. Serve this amazing concentration of chocolate with great quantities of sweetened whipped cream.

Read more: <a href="http://www.food.com/recipe/chocolate-custard-326539?oc=linkback">http://www.food.com/recipe/chocolate-custard-326539?oc=linkback</a>


One quibble - I serve UNSWEETENED whipped cream - real, from cream in a carton, whipped by me. The nuttiness and natural sweetness of cream are a perfect match with the amazing chocolate-ness.

xchrom

(108,903 posts)
51. land to the tillers: responses to land grabs
Sun Aug 4, 2013, 07:08 AM
Aug 2013
http://www.nationofchange.org/land-tillers-responses-land-grabs-1375539918

The outcome of last Sunday's elections in Cambodia, in which Prime Minister Hun Sen hoped to extend his 28-year rule, is in dispute. Even if he continues in office, Hun Sen's tight grip on civil society is threatened, in part, by public anger against land grabs. In the past decade, his government has handed 73% of Cambodia's arable land, most of it belonging to small farmers, over to businesses.

On July 24, the Colombian Ambassador to the US, Carlos Urrutia, was forced to resign after the exposé of a shady deal in which he helped sell land to the agribusiness giant Cargill and others. The holdings in questions were covered by a 1994 law protecting land reform and small farmers.

One week prior, on July 19, the nation of Georgia banned the sale of land to foreigners.

Behind these stories, and many more that don't get brought to our attention, are land reform movements, organizations of indigenous peoples, small farmers, and other citizens. They are responding to the increased sacking of land and other natural resources throughout the global South, and resultant spikes in landlessness and poverty.

xchrom

(108,903 posts)
52. What Janet Yellen Did and Didn't Get Wrong About the Housing Bubble
Sun Aug 4, 2013, 07:52 AM
Aug 2013
http://www.theatlantic.com/business/archive/2013/08/what-janet-yellen-did-and-didnt-get-wrong-about-the-housing-bubble/278279/

There's always something delightful about a good straw man. Take Ethan Epstein of the Weekly Standard -- he thinks the praise Janet Yellen has gotten from myself and others for her pre-crisis prescience amounts to saying that she's "clairvoyant." Like I said, just delightful. Because it turns out she really can't see the future -- bet you didn't see that one coming -- and Epstein can prove it! Here's what he quotes her saying about the housing bubble back in 2005 to make his case:

In my view, it makes sense to organize one's thinking around three consecutive questions --three hurdles to jump before pulling the monetary policy trigger. First, if the bubble were to deflate on its own, would the effect on the economy be exceedingly large? Second, is it unlikely that the Fed could mitigate the consequences? Third, is monetary policy the best tool to use to deflate a house-price bubble?

My answers to these questions in the shortest possible form are, "no," "no," and "no."

This is the kind of thing that sounds worse than it is. See, Yellen's big error here wasn't underestimating what a deflating housing bubble would mean for the real economy, but rather what it would mean for the financial one. Back in 2005, she didn't appreciate how much shadow banks relied on AAA-rated mortgage-backed-securities (MBS) as collateral to fund their day-to-day operations -- or how much even this supposedly high-quality collateral could go bust if housing did. Of course, that's exactly what happened, and it set off a run on the shadow banking system that forced a fire sale of every other kind of asset, and, in the process, nearly ended the financial world as we knew it. But by 2007, Yellen, more than most at the Fed, had begun to realize these risks (though still not entirely). Heres' what she said at the Fed's policy meeting in December 2007

But if house prices and the stock market fall further and the economy appears to be weakening, then they will further tighten the lending conditions and terms on consumer loans to avoid problems down the road, and these fears could be self-fulfilling. If banks only partially replace the collapsed shadow banks or, worse, if they cut back their lending in anticipation of a worsening economy, then the resulting credit crunch could push us into recession.... Thus, the risk of recession no longer seems remote, especially since the economy may well already have begun contracting in the current quarter.

xchrom

(108,903 posts)
53. NEW JOBS DISPROPORTIONATELY LOW-PAY OR PART-TIME
Sun Aug 4, 2013, 08:06 AM
Aug 2013
http://hosted.ap.org/dynamic/stories/U/US_ECONOMY_LOW_WAGE_JOBS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-08-03-16-20-22

WASHINGTON (AP) -- The 162,000 jobs the economy added in July were a disappointment. The quality of the jobs was even worse.

A disproportionate number of the added jobs were part-time or low-paying - or both.

Part-time work accounted for more than 65 percent of the positions employers added in July. Low-paying retailers, restaurants and bars supplied more than half July's job gain.

"You're getting jobs added, but they might not be the best-quality job," says John Canally, an economist with LPL Financial in Boston.

bread_and_roses

(6,335 posts)
56. You won't read this in the paens to Dear Melliflous Leader
Sun Aug 4, 2013, 08:26 AM
Aug 2013

But it is the real story. Combine with the Min Wage article I posted - anyone need any more proof that suppressing wages and strangling working people with debt and daily worry over just buying food and paying the utilities is NOT about "Market Forces?"

bread_and_roses

(6,335 posts)
54. du haut en bas - "... A $12 Minimum Wage And Your Grocery Bill"
Sun Aug 4, 2013, 08:14 AM
Aug 2013

using "du haut en bas" in its literal meaning - "from high to low."

http://nhlabornews.com/2013/07/the-outrageous-truth-about-a-12-minimum-wage-and-your-grocery-bill/

The Outrageous Truth About A $12 Minimum Wage And Your Grocery Bill

Every time I even mention the idea of raising the minimum wage, I am immediately attacked on social media.

Opponents imagine that inflation will skyrocket; some have even claimed that ‘milk will be $10.00 a gallon’ if we raise the minimum wage. Oh, the hysteria. Milk is currently around $3.50 a gallon and that is up 25% from just ten years ago. Is that 25% due to rising wages? Sadly, no – wages in America have declined during that time. Must be some other economic force at work. (Read “Even Dairy Farming has a 1%” here.)
[link is to http://www.nytimes.com/2012/03/11/magazine/dairy-farming-economy-adam-davidson.html?pagewanted=all&_r=1& ]

So, what if we raised the floor to a living wage, and paid non-tipped employees a minimum wage of $12.00 per hour? Oh, more hysteria. Opponents claim that will drive our costs up so much we will be unable to eat!

(like that isn't already happening for at least 50M of us, according to Bill Moyers' show: http://www.alternet.org/food/moyers-50-million-go-hungry-each-day

The UC Berkley Labor Center studied the effects of raising the minimum wage to $12.00 per hour. They specifically looked at the nation’s largest employer, Walmart.

Opponents claim ‘pay raises like that are unrealistic and unsustainable’. They claim ‘Walmart would go bankrupt having to pay that much for labor.’

But that’s completely wrong. According to the UC Berkeley study, increasing the minimum wage to $12.00 an hour would add only $3.21 billion to Walmart’s annual labor costs. To put that in perspective:

Walmart made $15.7 Billion in profits in 2012.
Walmart expects to pay out $6.2 Billion in dividends this year.

Giving all those workers a pay increase might cut Walmart’s profit margin by 20% – but it certainly won’t bankrupt the company.

Now, let’s assume that Walmart passed every penny of the minimum wage increase onto customers, rather than taking it out of profits or dividends. What would that mean to consumers? The average customer would see an increase of $12.49 per year – about 46 cents per visit – if Walmart executives passed the total cost along, rather than cutting their profits.

FOURTY-SIX CENTS per visit would ensure that all Walmart’s workers are paid a living wage*.


*$12.00 per hr is NOT a "Living Wage" - it's a better minimum wage. One would hope it would drive up the wage floor so that more workers did get a "living wage." Even fast food workers know this - google "Fight for $15"

bread_and_roses

(6,335 posts)
55. Haute - "Even Dairy Farming Has a 1 Percent"
Sun Aug 4, 2013, 08:22 AM
Aug 2013
http://www.nytimes.com/2012/03/11/magazine/dairy-farming-economy-adam-davidson.html?pagewanted=all&_r=1&

... The modern dairy farm, it turns out, represents many of the volatile and confusing trends that have roiled the U.S. economy over the last decade.

This, despite the fact that dairy farming has become shockingly more productive.

... How could Robert and Fred — who produce so much more milk than their dad — end up making less money? There are a number of reasons, some obvious, others less so. Milk went from a local industry to a national one, and then it became international. The technological advances that made the Fulpers more productive also helped every other dairy farm too, which led to ever more intense competition. But perhaps most of all, in the last decade, dairy products and cow feed became globally traded commodities. Consequently, modern farmers have effectively been forced to become fast-paced financial derivatives traders.
(bold emphasis added)

... But by the early aughts, to accommodate global trade rules and diminishing political support for agricultural subsidies, the government allowed milk prices to follow market demand.... Animal feed, especially corn and soybeans, became globally traded commodities with all the impossible-to-predict price swings of oil or copper. ...China’s unpredictable economic growth, the price of gas (influenced, of course, by events in Iran and Syria) and the weather in New Zealand (a major milk exporter), where a drought can send prices skyrocketing.

There are ways to manage, and even profit from, these new risks. The markets offer a stunning range of complex agricultural financial products....
Nonsensical Ra Ra the Market blather follows.

... dairy farming has its own 1 percent: that tiny sliver of massive farms, with thousands of cows, that make the biggest profits and are better equipped to pay agriculture-futures experts to help them manage risk. They continue to invest and grow. Unable to keep up with the changes, many smaller farms have gone out of business in the past decade.

This is an insane way to deal with food production.
(edit to add last quote block)

xchrom

(108,903 posts)
57. Statistics office revises up number of zero-hours workers
Sun Aug 4, 2013, 09:00 AM
Aug 2013
http://uk.reuters.com/article/2013/08/01/uk-zero-hours-idUKLNE97000U20130801


(Reuters) - Many more Britons than previously thought are working in jobs offering very little security, according to a sharp upward revision to official data on zero-hours contracts on Thursday.

Such contracts have come in for growing criticism from trade unions and the Labour Party because workers are not guaranteed a minimum amount of work or pay each month, but are often expected to be able to work at short notice.

The Office for National Statistics said on Thursday that it now estimates a record 250,000 Britons were employed under the contracts in the last three months of 2012, compared with an earlier estimate of 200,000.

Even this may be well below the true figure: earlier this month the government said 300,000 people could be employed on such contracts in the social care sector alone.

xchrom

(108,903 posts)
61. The State Of Janet Yellen's 5 Job Market Indicators
Sun Aug 4, 2013, 09:21 AM
Aug 2013
http://www.businessinsider.com/janet-yellens-5-job-market-indicators-2013-8

On Friday, we learned that the U.S. economy added just 162,000 jobs in July, missing expectations for 185,000 new jobs. Even worse, the June jobs number was revised down to +188,000 from last month's estimate of +195,000 jobs.

Meanwhile, the unemployment rate dropped from 7.6% in June to 7.4% in July with the caveat that the labor force participation rate fell to 63.4% from 63.5% a month ago.

So, what does all of this mean for the direction of monetary policy?

In a new 8-page note to clients, Credit Suisse's Neal Soss reviewed the job market indicators followed by Janet Yellen, the current Vice Chair of the Federal Reserve Board and the frontrunner to become the next Chairman.



Read more: http://www.businessinsider.com/janet-yellens-5-job-market-indicators-2013-8#ixzz2b0S7u1dm
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