STOCK MARKET WATCH -- Wednesday, 16 October 2013

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Wednesday, 16 October 2013[font color=black][/font]

SMW for 15 October 2013

AT THE CLOSING BELL ON 15 October 2013
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Dow Jones 15,168.01 -133.25 (-0.87%)
S&P 500 1,698.06 -12.08 (-0.71%)
Nasdaq 3,794.01 -21.26 (-0.56%)


[font color=red]10 Year 2.73% +0.02 (0.74%)
30 Year 3.79% +0.03 (0.80%) [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.
08/01/13 Fabrice Tourré convicted on six counts of security fraud, including "aiding and abetting" his former employer, Goldman Sachs
08/14/13 Javier Martin-Artajo and Julien Grout charged with wire fraud, falsifying records, and conspiracy in connection with JP Morgan's "London Whale" trade.
08/19/13 Phillip A. Falcone, manager of hedge fund Harbinger Capital Partners, agrees to admit to "wrongdoing" in market manipulation. Will banned from securities industry for 5 years and pay $18MM in disgorgement and fines.
09/16/13 Javier Martin-Artajo and Julien Grout officially indicted on charges associated with "London Whale" trade.








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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]

[flamingdem]

1. Futures on this?

I looked earlier and they were about -110

[Demeter]

2. We know the M$M is blind, that's the problem

damned if I know what the solution is. Arrest the seditionists and charge them with crimes against the State, maybe.

[yodermon]

3. swinging some VXX overnight

Probably a mistake but we'll see

[mnhtnbb]

4. Futures are up this morning (Dow +65)

[Demeter]

5. Ted Cruz Could Force a Debt Default All by Himself

http://www.businessweek.com/articles/2013-10-14/ted-cruz-could-force-a-debt-default-all-by-himself#r=rss

Here’s a cheerful thought as Congress remains deadlocked over the debt ceiling and the hours tick away toward default: Senator Ted Cruz (R-Tex.), who basically forced the shutdown and whose own private polls have convinced him that it has been a glorious success, at this point could probably force a default and global economic calamity on his own—if he were so inclined. The Treasury Department says U.S. borrowing authority will expire on Thursday.

How could this happen? Because the Senate can move quickly when necessary, but only by unanimous consent. Let’s say Harry Reid (D-Nev.) and Mitch McConnell (R-Ky.) strike a deal today (that’s looking unlikely). Cruz surely won’t like it and has said repeatedly, “I will do everything necessary and anything possible to defund Obamacare.” If he’s true to his word, he could drag out the proceedings past Thursday and possibly well beyond. “If a determined band of nut jobs wants to take down the global economy, they could do it,” says Jim Manley, a former top staffer for Reid. “Under Senate rules, we are past the point of no return—there’s not anything Reid or McConnell could do about it.” If Cruz is truly determined to block or delay any deal that does not touch Obamacare, here’s how he’d do it: The hypothetical Reid/McConnell bill would probably be introduced as an amendment to the “clean” debt-ceiling raise that Democrats introduced—and Republicans defeated—last week. Reid voted against cloture on the motion to proceed to that bill, a procedural tactic that allows him to reconsider the bill later on. Let’s say he does so by 5 p.m. Monday. There would need to be a cloture vote on the motion to proceed. Cruz would dissent, but he wouldn’t be able to round up 41 votes for a filibuster.

That wouldn’t be his only weapon, however. The real killer is that Senate rules stipulate there must be 30 hours of post-cloture debate, unless senators agree unanimously to waive it. Reid and McConnell would want unanimous consent to move quickly, but Cruz could refuse, thereby forcing 30 hours of debate. This would drag things out until Tuesday at 11:30 p.m. Then there would be a vote on the motion to proceed (requiring a simple majority), followed by an intervening day, assuming Cruz withheld his consent to vote earlier. So now we’re looking at a Thursday cloture vote on the bill itself, followed by another 30 hours of post-cloture debate that would blow right past the Treasury deadline. Finally, sometime on Friday, there would be a vote on the bill and on the amendment to swap in Reid/McConnell.

Only then could the bill proceed to the House—which hardly owns a sterling track record of speeding through controversial bills as the global economy teeters on the precipice. One bright spot is that the House can move much faster than the Senate, in spite of its caucus of debt-ceiling deniers. House Speaker John Boehner (R-Ohio) could waive all points of order and take the bill straight to the floor within hours, as he has done often on shutdown-related bills. But by this time, it might be too late. “Bottom line,” says Manley, “the Senate runs by consent.” And if Cruz decides to withhold that consent, then all bets are off.

SEE ALSO, VIDEO: The Five Scenarios of a Debt Ceiling Breach: http://www.businessweek.com/videos/2013-10-14/the-five-scenarios-of-a-debt-ceiling-breach

[AnneD]

16. I apologized to everyone....

on the board when Ted Cruz was first elected and I will apologize again. This numb nuts comes from Tom DeLay's refashioned district and they are nuttier than squirrel poop over there.

That being said, the lesser demons in me are hoping these jack wads get what they want....a shutdown and a default. Then they and the idiots that sent them will know what it is like to fall on their swords. The only regret is that unlike them I do have a heart and a brain and I do realize the pain that innocent people will feel over this. But to my way of thinking, some short term pain might be worth it to shut these dumb asses up. A hard lesson in compassion-a little tough love for the 'I got mine screw you' crowd.

[Hotler]

31. Yes! I say let the default happen.

Nothing is going to start to change until millions take to the streets in mass protest and work stoppage. That's not going happen until more people feel the pain. The type of pain to where NASCAR, and pro sports can't sell tickets etc. That is where the default comes in. Us little people (the working class) will survive. If the people can't afford or stop using their cell phones, turned off cable stop buying cars, homes and stuff and just bought what they need to get by the corporations will start crying cause even though they have money on the sidelines they are also up to their eyes in debt more than us. Their creditors will start calling.
Oh never mind. Just dreaming.

[xchrom]

6. BlackRock's Assets Under Management Climb To An Eye-Popping $4 Trillion

http://www.businessinsider.com/blackrock-q3-earnings-2013-10

Asset management behemoth BlackRock announced Q3 earnings increased by 15% to $3.88 per share, which was right in line with expectations.

"The current investment environment presents a wide range of challenges for our clients," said CEO Larry Fink.

"Fundamentals continue to be outweighed by policy decisions and global growth is dictated more by central bankers and elected officials than business leaders. This uncertainty is keeping many investors on the sidelines, at exactly the time they need to be investing to plan for their futures."

Meanwhile, BlackRock's assets under management hit a staggering $4.096 trillion in Q3.



Read more: http://www.businessinsider.com/blackrock-q3-earnings-2013-10#ixzz2hswc9Q7k

[xchrom]

7. Bank Of America Beats Earnings Estimates

http://www.businessinsider.com/bank-of-america-third-quarter-earnings-2013-10

Bank of America released third-quarter earnings.
The bank reported earnings per share of 20 cents.

Third quarter revenue came in at $21.7 billion.

Net income for Q3 came in at $2.5 billion.

On average, analysts expected BofA to report adjusted earnings per share of 20 cents, according to Bloomberg.



Read more: http://www.businessinsider.com/bank-of-america-third-quarter-earnings-2013-10#ixzz2hsx1DY9L

[xchrom]

8. The Treasury Bill Market Doesn't Like How Close We're Playing This

http://www.businessinsider.com/t-bill-yields-surge-ahead-of-debt-ceiling-2013-10



If Congress is unable to produce a budget deal today, the U.S. will hit its October 17 debt ceiling, which is when the Treasury Department will no longer have the authority to borrow money by issuing Treasury securities like T-Bills, T-Notes, and T-Bonds.
The stock market has been pretty sanguine considering the near-term uncertainty. Then again, the stock market is a long-term investment vehicle.

Uncertainty is manifesting in short-term securities, particularly in Treasury bills where yields continue to blow out on fears that the government won't pay up when these securities mature.

Morgan Stanley's Hans Redekar included this chart (above) of the T-Bill yield and the 5-year U.S. credit-default swap (CDS) spread, which measures the cost of insuring against a credit event like a default. Yields and spreads are blowing out reflecting investors' worry about the near-term.



Read more: http://www.businessinsider.com/t-bill-yields-surge-ahead-of-debt-ceiling-2013-10#ixzz2hsxcZ86T

[xchrom]

9. A Deal To Raise The Debt Ceiling And Reopen The Government Is 'Back On Track' And 'Very Close'

http://www.businessinsider.com/budget-deal-to-raise-debt-ceiling-reopen-government-very-close-2013-10


WASHINGTON (Reuters) - The U.S. Senate prepared for a last ditch effort Wednesday to avoid a historic lapse in the government's borrowing authority, a breach that President Barack Obama has said could lead to default and deliver a damaging blow to the global economy.
After a day of stop-and-go negotiations, the top Democrat and Republican in the U.S. Senate were said to be close to agreeing on a proposal to raise the debt limit - and reopen the partially shuttered government - for consideration by the full Senate on Wednesday.

The measure's fate remained uncertain in the fractured Republican-controlled House of Representatives, which failed twice Tuesday to produce its own plan.

The Senate was scheduled to meet at noon (1600 GMT) on Wednesday, and the House at 10:00 a.m. (1400 GMT).



Read more: http://www.businessinsider.com/budget-deal-to-raise-debt-ceiling-reopen-government-very-close-2013-10#ixzz2hsyc8CTE

[xchrom]

10. BUFFETT SAYS ALLOWING US DEFAULT WOULD BE IDIOCY

http://hosted.ap.org/dynamic/stories/U/US_BUFFETT_BUDGET_BATTLE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-10-16-08-13-33

OMAHA, Neb. (AP) -- Billionaire Warren Buffett said Wednesday it would be idiocy for the nation's leaders to allow the United States to default on its bills.

Buffett is a renowned investor who leads the Berkshire Hathaway conglomerate. He appeared Wednesday on CNBC.

Buffett said he thinks it would be absurd for American politicians to do anything to damage the country's reputation for paying its bills that has been established over the past 237 years.

"I don't think it will happen, but if it does happen, it's a pure act of idiocy," Buffett said about the possibility of default.

[xchrom]

11. SAUDI ARABIA, UAE SEEK $10.8 BILLION IN US WEAPONS

http://hosted.ap.org/dynamic/stories/M/ML_GULF_US_ARMS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-10-16-07-31-14

DUBAI, United Arab Emirates (AP) -- Saudi Arabia and the United Arab Emirates say they seeking $10.8 billion in advanced U.S.-made missiles and other weapons as part of bids by Western-allied Gulf states to stay ahead of claimed military strides by rival Iran.

Gulf nations regularly spend billions of dollars on U.S. military equipment and upgrades amid lingering regional tensions with Iran, which often conducts major military exercises and claims to have made advances in drone technology and other areas.

Notifications posted late Tuesday on a Pentagon website say Saudi Arabia is seeking to purchase $6.8 billion in missiles, bombs, launch systems and other ordnance. The UAE is seeking approval for a similar ordered estimated at $4 billion.

[DemReadingDU]

12. video Jim Rogers - It's a temporary fix, kicking the can down the road

10/15/13 Jim Rogers: US is exceptional...it's largest debt nation in the world!

There may be progress in US over the government shutdown and debt ceiling, but it's not all good. The deal being talked about now wouldn't resolve the crisis - but rather kick the can down the road setting the scene for another budget showdown early next year. For more on this RT talks to investor Jim Rogers, author of 'Street Smarts - Adventures on the Road and in the Markets'.

appx 5 minutes

[xchrom]

13. black coffee in bed

[westerebus]

33. That brought back some memories.

Breaking up is a hard to do..

[xchrom]

14. PORTUGUESE UNIONS, OPPOSITION PARTIES ATTACK CUTS

http://hosted.ap.org/dynamic/stories/E/EU_PORTUGAL_FINANCIAL_CRISIS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-10-16-07-04-57

LISBON, Portugal (AP) -- Portuguese opposition parties and labor groups vowed Wednesday to fight the government's latest austerity measures, which are being adopted in return for a 78 billion-euro ($105.6 billion) bailout agreed on in 2011.

The state budget proposal for 2014, published late Tuesday, includes cuts to the pay and pensions of state employees for a third straight year as the government looks to save 3.9 billion euros. Government workers earning more than 600 euros a month will have their pay cut by up to 12 percent, while pensions higher than 600 euros a month will be reduced by about 10 percent.

The Common Front, an umbrella group that includes more than 30 trade unions representing government workers, announced a national strike by its members Nov. 8.

The main opposition Socialist Party described the draft budget as "brutal" and said it will vote against the spending plan in Parliament later this month, though the coalition government has enough votes to push through its proposal.

[xchrom]

15. FUTURES RISING WITH LINGERING HOPE FOR BUDGET DEAL

http://hosted.ap.org/dynamic/stories/U/US_WALL_STREET_PREMARKET?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-10-16-08-02-04

NEW YORK (AP) -- U.S. stock futures are rising as strong corporate earnings and lingering hope for an eleventh-hour deal that will head off a government default.

Hurried negotiations in the Senate may lead to a vote Wednesday, one day before Treasury Secretary Jacob Lew says the government will be forced to pay bills only with the remaining cash on hand and incoming tax receipts.

Dow Jones industrial futures are up 65 points to 15,160. S&P futures have gained 6.5 points to 1,698.50. Nasdaq futures are up 8 points to 3,248.75.

Strong earnings are also giving futures a boost.

Bank of America, PepsiCo and the toymaker Mattel all topped Wall Street expectations before Wednesday's opening bell.

[xchrom]

17. {UK}Numbers relying on food banks triple in a year

http://www.bbc.co.uk/news/business-24536817

The number of people relying on food banks to survive has tripled over the last year, according to new figures.

The Trussell Trust, which runs 400 food banks across the UK, said it handed out supplies to more than 350,000 people between April and September this year.

A third of those being helped were children, and a third needed food following a delay in the payment of benefits.

The government said the rise was down to the greater number of food banks.

[xchrom]

18. UK jobless total falls by 18.000 to 2.49m

http://www.bbc.co.uk/news/business-24547749

The number of unemployed in the UK fell by 18,000 to 2.49 million in the June-August period, official figures show.

The Office for National Statistics (ONS) also said the number of people claiming Jobseeker's Allowance last month fell by 41,700 to 1.35 million.

The unemployment rate drops to 7.7%, down from 7.8% the previous quarter.

The number of people in work, both full-time and part-time, reached a record high of 29.87 million in the quarter, up 155,000.

[xchrom]

19. Irish budget: Spending cuts and tax rises to save 2.5bn euros

http://www.bbc.co.uk/news/world-europe-24539667

The Irish government has announced spending cuts and tax rises worth 2.5bn euros (£2.1bn) in what it hopes will be the final budget of the bailout era.

A number of social welfare benefits are to be withdrawn or reduced. A grant to help with funeral costs and a telephone allowance for pensioners have been cut.

The price of a pint of beer and a packet of cigarettes will both increase from midnight by 10 cents (8p).

The opposition accused the government of targeting the elderly in the budget.


***A DEAR FRIEND IN DUBLIN CITY POSTED YESTERDAY THAT THE POLICE WERE OUT IN FORCE TO PREVENT DEMONSTARTIONS AGAINST AUSTERITY AND PAYING OFF THE BANKSTERS.

[xchrom]

20. US debt ceiling: Senate rushes to draft fiscal plan

http://www.bbc.co.uk/news/world-us-canada-24552835

The US Senate is expected to take up a bipartisan bill to raise the debt limit and reopen the US government, just a day before a critical deadline.

Senate leaders worked through Tuesday night to craft a deal that could also win support from a bipartisan coalition in the House of Representatives.

Amid the congressional disarray, a top ratings agency warned of a possible downgrade in US creditworthiness.

The US must raise its $16.7tn (£10.5tn) debt limit by Thursday or risk default.

[xchrom]

21. Ireland is to close a tax loophole used by Apple

http://www.bbc.co.uk/news/business-24542794

Ireland plans to shut a tax arrangement used by Apple to shelter $40bn (£25bn) from taxation.

Apple, and other firms, have been able to funnel profits into Irish subsidiaries or "ghost companies" that had no declared tax residency anywhere in the world.

On Tuesday, the Irish government said it planned to make it illegal for a company to have no tax domicile.

But firms would be able to nominate any country as their tax residence.

[xchrom]

22. Treasury Paying $120 Billion in Bills Doubted as Fitch Warns

http://www.bloomberg.com/news/2013-10-15/treasury-paying-120-billion-of-bills-due-doubted-as-fitch-warns.html

Investors holding $120 billion of Treasury bills coming due tomorrow are increasingly worried that they won’t get paid.

Rates on the bills, maturing the same day that Treasury Secretary Jacob J. Lew has said the U.S. will exhaust its borrowing capacity, rose as high as 0.37 percent yesterday before dropping to 0.13 percent today, according to Bloomberg Bond Trader prices. The securities, issued a year earlier, traded at a rate of negative 0.01 percent as recently as Sept. 26.

“That is how fear manifests itself,” said Marc Fovinci, head of fixed income at Ferguson Wellman Capital Management Inc. in Portland, Oregon, who helps invest $3.5 billion and holds about $500,000 of Oct. 31 bills in one account. “The market is discounting a day, or several days delay in payments.”

Lew told Congress last week the extraordinary measures being used to avoid breaching the debt ceiling “will be exhausted no later than Oct. 17” and the department will have about $30 billion to pay obligations if Congress fails to reach an agreement to lift the cap. Fitch Ratings placed the U.S.’s AAA credit rating on a negative watch yesterday, citing the government’s failure to raise its borrowing limit as the deadline approaches.

[xchrom]

23. Draghi Turns Judge on EU Banks as ECB Studies Accounts

http://www.bloomberg.com/news/2013-10-15/draghi-turns-judge-on-europe-banks-as-ecb-studies-balance-sheets.html

The European Central Bank is sizing up just how tough it wants to get with the region’s lenders.

Policy makers at the Frankfurt-based ECB will this week try to agree on the ground rules of its three-pronged probe into the health of the 130 banks it will start supervising next year. The process will stress-test balance sheets for exposure to sovereign debt as well as push institutions to admit to more of their bad debt than they have before, according to three officials who spoke on condition of anonymity.

The check-up due in early 2014 is the ECB’s precondition for assuming the burden of overseeing banks from Deutsche Bank AG to Intesa Sanpaolo SpA (ISP), and the first assessment of the industry since a round of stress tests two years ago. Already in charge of setting monetary policy, ECB President Mario Draghi is putting the institution’s reputation on the line as it balances rigor with caution in examining the euro-area’s fragile financial system and tries to prevent a repeat of the turmoil that set off Europe’s worst recession since World War II.

“The ECB can’t pull its punches,” said Richard Barwell, an economist at Royal Bank of Scotland Group Plc in London. “A stringent examination is the only pathway to a well-capitalized banking system. But it is possible to be too tough. Capital is there to insure against unexpected losses, but not against Armageddon.”

[xchrom]

24. Treasury pays under one percent on one-year bill for first time since 2010{SPAIN}

http://elpais.com/elpais/2013/10/15/inenglish/1381845699_544616.html

The Spanish Treasury paid under an average 1 percent on 12-month bills at a debt tender held on Tuesday, the first time this has been the case since Greece asked for its first bailout in April 2010.

The debt-management arm of the Economy Ministry issued 4.570 billion euros in six- and 12-month bills, 20 million more than its target. Of the total it issued 3.75 billion euros in 12-month paper at a marginal yield of 0.98 percent and an average of 0.961 percent, down from 1.39 percent in September. It placed a further 817 million euros in six-month bills at a cut-off rate of 0.68 percent, down from 0.945 percent a month ago.

Since the start of this year, the Treasury has issued a gross 197.6 billion euros in debt, compared with its target for the year of 230 billion. The total includes an issue of 4 billion euros in 30-year bonds for the first time since 2009, showing the renewed appetite of investors for Spanish debt.

After at one point looking like it might have to join Greece, Ireland and Portugal in asking its European partners for a full-blown bailout, Spain’s risk premium has narrowed considerably since European Central Bank President Mario Draghi last year pledged to do everything in his power to save the euro. The spread between the yield on the Spanish benchmark 10-year bond and the German equivalent has fallen from levels of well over 600 basis points in July of 2012 to around 240 basis points currently.

[xchrom]

25. Brussels sees Spain making a clean exit from bailout program

http://elpais.com/elpais/2013/10/15/inenglish/1381835501_615547.html

The European Commission (EC), the Eurogroup and the European Central Bank (ECB) now believe that owing to improved conditions in the sovereign debt market, Spain and Ireland stand a very good chance of exiting their bailout programs without the need for any further assistance.

Spain has drawn down 41 billion euros of a 100-billion loan from the European Stability Mechanism to clean up its banking sector and has said it wishes to terminate the bailout program in January of next year. It had been suggested that Madrid extend the availability of the loan beyond January as a safeguard, something that the conservative government of Prime Minister Mariano Rajoy rejects.

If both Spain and Ireland were to exit their respective programs without the need for any further aid, it would be something of a success story for Brussels, while both the Spanish and Irish governments would be happy to end the stigma of having the so-called "men in black" of the EC, the ECB and IMF dictate policy to them.

The EU commissioner for economic affairs, Olli Rehn, said Monday it was "very probable" that Spain, and also Ireland, would not need further help. The president of the Eurogroup, Jeroen Dijsselbloem, and ECB Governing Council member Jörg Asmussen are of the same opinion.

[bread_and_roses]

26. That cartoon is perfect (n/t)

[Tansy_Gold]

27. Horsey's was good, too.

[bread_and_roses]

29. And that's just TOO perfect! (n/t)

[bread_and_roses]

28. It's early, but I have a suggestion for weekend

Not necessarily this weekend, what with the games afoot who knows what might be most topical? But for some weekend I'd like "WEE celebrates simplicity"

It's not often that I see something featured on yahoo home page that I'd repost (yahoo is my home page 'cause that was the first e-mail I set up and still use for personal) but this caught my eye:

http://news.yahoo.com/blogs/trending-now/tiny-homes--man-lives-in-self-built-hobbit-hole-in-rural-oregon-164837144.html?vp=1

Not so much the story but the comments underneath ... the longing for a simpler life, more in touch with nature, more time, less things, less $$ stress.

When I saw LOTR - esp "Fellowship" - I thought the depiction of Hobbitton a reflection of what most human's want: a peaceful, natural environment with neighbors to whom one is connected ... good food, warm fires, work that matters, a community.

That's what I read in those comments.

[Tansy_Gold]

30. I like it!!!

http://www.motherearthnews.com/

[AnneD]

32. Great theme.....

Let's Go to Luckenbach Texas with Waylon Willie and the boys....

The only two things in life that make it worth livin'
Is guitars that tune good and firm feelin' women
I don't need my name in the marquee lights
I got my song and I got you with me tonight
Maybe it's time we got back to the basics of love

Let's go to Luckenbach, Texas
With Waylon and Willie and the boys
This successful life we're livin'
Got us feuding like the Hatfields and McCoys
Between Hank Williams' pain songs and
Newberry's train songs and Blue Eyes Cryin' in the Rain
Out in Luckenbach, Texas ain't nobody feelin' no pain

So baby, let's sell your diamond ring
Buy some boots and faded jeans and go away
This coat and tie is choking me
In your high society you cry all day
We've been so busy keepin' up with the Jones
Four car garage and we're still building on
Maybe it's time we got back to the basics of love

And remember, everybody is somebody in Luckenbach....
http://www.luckenbachtexas.com/

[Demeter]

34. OMG! That would be just too complicated for me!