ragerunner

This should be more than enough good news to send the stock market up nicely today. Data says it all about economy: flat, flat, flat Commentary: Corporate America signals they don’t expect uptick soon "WASHINGTON (MarketWatch) — So it’s official: In August there was no jobs growth, no sales growth and no price growth." http://www.marketwatch.com/story/data-says-it-all-about-economy-flat-flat-flat-2011-09-14 End game approaches for Greek crisis "FRANKFURT (MarketWatch) — Financial markets indicate Greece’s chaotic sovereign-debt saga is moving inevitably toward default, economists said, leaving European leaders and policy makers scrambling to avert a potentially disastrous domino effect that could wreck the euro and send the global economy into a tailspin." http://www.marketwatch.com/story/end-game-approaches-for-greek-crisis-2011-09-14 China willing to expand investments in Europe "HONG KONG (MarketWatch) — China views Europe as a strategic partner and stands willing to expand its investments in the region, Premier Wen Jiabao said Wednesday, urging that Europe acknowledge China’s status as a market economy." http://www.marketwatch.com/story/china-willing-to-expand-investments-in-europe-2011-09-14

We are clearly on our way to having our version of the lost decade or more. The disconnect between Wall Street's wealth and Main Street's wealth (or lack of) continues to grow. Record poverty last year as household income dips Median household income declines; families ‘doubled up’ "WASHINGTON (MarketWatch) — A record number of people were in poverty last year as households saw their income decrease, according to data from the Census Bureau Tuesday, demonstrating the weakness of the economy even after the official end of the recession. The 46.2 million people in poverty in 2010 was the most for the 52 years that estimates have been published, and the number of people in poverty rose for the fourth consecutive year as the poverty rate climbed to 15.1% — the highest since 1993 — up from 14.3% in 2009." "Meanwhile, real median household income in 2010 was $49,445, down 2.3% from the prior year and below pre-recession levels." http://www.marketwatch.com/story/record-poverty-last-year-as-household-income-dips-2011-09-13?dist=countdown

I am sure there will be a price to be paid in the future for China's support. But, this is one of the only countries that could afford to provide support that is not just new debt. China sees Europe as ‘too important to fail’ "HONG KONG (MarketWatch) — Speculation that China may help rescue peripheral European debt markets is consistent with Beijing’s strategic interests in the region and a prudent backstopping of its euro-denominated investments, analysts say. Reports on Monday from The Wall Street Journal and Financial Times said Italy’s finance minister met last week with a delegation of Chinese officials — including the head of China’s sovereign-wealth fund — in an attempt to persuade Beijing to buy a large amount of Italian sovereign debt." http://www.marketwatch.com/story/china-sees-europe-as-too-important-to-fail-2011-09-13

Looks like that contingency plan the FEDs asked for, from Bank of America, last week is going to be announced next week. Bank of America restructuring puts 40,000 jobs at risk "A radical cost-saving plan that may put up to 40,000 jobs at risk at Bank of America (BoA) is expected to be announced next week. " http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8753643/Bank-of-America-restructuring-puts-40000-jobs-at-risk.html When they first started to 'kick the can' (Greece) they would get 4-6 months of calm, then as time went on market calm would only last 2-3 months, then 1-2 months, now when they 'kick the can' they seem to only buy a 1-2 weeks at most. Are they nearing a point where they 'kick the can' and it simply won't move? If they 'officially default' its will ripple through the system at a level much like Lehman Brothers and clearly weaken Spain and Italy's financial position. ECB’s Stark steps down, markets hit Move said to stem from disagreement over bond-buying program "Stark is the second German ECB Governing Council member to leave this year. Axel Weber, the former Bundesbank president once tipped to replace Trichet as ECB chief, resigned his post earlier this year due in part to unhappiness with the ECB’s bond purchases, which critics say erode the bank’s independence." http://www.marketwatch.com/story/ecbs-stark-steps-down-markets-hit-2011-09-09?dist=countdown Germany preps support if Greece defaults: report "CHICAGO (MarketWatch) -- The German government may re-introduce a fund to recapitalize its banks if Greece defaults on the terms of the loans it received, according to a Bloomberg report that cited three unnamed sources close to the situation. German banks face as much as a 50% loss on Greek bonds if Greece does default, Bloomberg reported. Germany is worried that the debt dilemma will worsen because Greece has been unable to meet its obligations to cut its national budget, the news agency said." http://www.marketwatch.com/story/germany-preps-support-if-greece-defaults-report-2011-09-09?dist=countdown

Another Fed President Signals Recession "One by one, Federal Reserve regional presidents have begun to admit that another recession has started, or at least is on the horizon. Some have made suggestions about what can be done, but none of these ideas seems compelling. Charles Evans, the chief of the Chicago Fed, said in a speech recently that, “In the summer of 2009, the U.S. economy began to emerge from its deepest recession since the 1930s. But today, two years later, conditions still aren’t much different from an economy actually in recession.” That is an odd way to frame the issue. Either the economy is in a recession or it is not." Read more: Another Fed President Signals Recession - 24/7 Wall St. http://247wallst.com/2011/09/08/another-fed-president-signals-recession/#ixzz1XNiIxcgO

All part of the economic dynamics and political power play that is constantly changing daily on Wall Street and in DC. One moment you are the hero that took one for the team and the next moment you are the evil villian. Their stock is in the crapper and their debt problems are severe. These are two items that will probably determine their future, not the lawsuit(s).

If BoA is around this time next year, in its current form, it will be a big surprise. Feds say Bank of America worse than Countrywide Commentary: Federal lawsuit says even Mozilo was shocked "NEW YORK (MarketWatch) — Bank of America Corp.’s story has long been that Countrywide did it. But a lawsuit filed last week by the Federal Housing Finance Agency tells a different tale. The lawsuit claims that when former Countrywide Financial Corp. CEO Angelo Mozilo marveled at the dizzying recklessness of the mortgage-lending business, he was in fact looking at Charlotte-based Bank of America." http://www.marketwatch.com/story/feds-say-bank-of-america-worse-than-countrywide-2011-09-07?dist=afterbell

That would be the equivalent of about 8 weeks of new unemployed people (400,000 per week). Glad to see more jobs being offered, but this trend must increase significantly if we want to start denting the unemployed numbers in the US.

Italian, Spanish unions mobilise against cuts "Parts of Italy's public transport network ground to a halt and major attractions such as the Colosseum in Rome were closed by the strike as tens of thousands of workers took to the streets across the country. "This is a plan the country doesn't deserve," said Susanna Camusso, head of the largest CGIL union, as she led a march through Rome hours before Prime Minister Silvio Berlusconi's austerity package was to go before the Senate. And in Spain, whose jobless rate is the highest in the industrialised world at nearly 21 percent, unions were taking to the streets in a show of force against a constitutional amendment to ensure that budgets are balanced. The protests came a day after Europe's stock markets saw sharp falls in share prices, including by more than three percent in Italy and Spain, amid growing fears of recession. There was a slight rally on Tuesday. The European Central Bank had to step in last month and buy tens of billions of eurozone bonds after investors fled Italian and Spanish debt and sent their borrowing costs to unsustainable levels." http://msn.finance.com.my/index.php/rss/5237954

Indy Bike Hub YMCA "The YMCA is excited to bring you a new kind of Y! Enjoy a Bicycle Commuter Hub and a YMCA all conveniently located under one roof. We are excited about our collaborations with the City of Indianapolis and the City Market, as well as a relationship with Bicycle Garage Indy (BGI), who will be occupying some of our space with a full service bike shop and some bicycle-related retail and rentals! So, if you are looking to improve your health and well-being and/or want to improve your “green outlook” by bicycling to work-we are just the place for you!" Some of the Amenities - Conveniently located next to the historic City Market—great place to grab breakfast or lunch while satisfying the inner “foodie” in you! - Secure, safe, indoor bicycle parking - Full-service bike shop by Bicycle Garage Indy—for repairs, sales, and rentals, plus clinics - Locker Rooms featuring towel service and new 5-suit lockers (perfect for bicycle commuters) - Wi-Fi Lounge - Special Bike/Shower Only Memberships - 4-Hour Bike Parking—more info coming soon http://www.indymca.org/branches/indy-bike-hub/branch-news/

Central bank flight to Federal Reserve safety tops Lehman crisis "A key warning signal of global financial stress has shot above the extreme levels seen at the height of the Lehman crisis in 2008." "This shows a pervasive loss of confidence in the European banking system," said Simon Ward from Henderson Global Investors. "Central banks are worried about the security of their deposits so they are placing the money with the Fed." "Lars Tranberg from Danske Bank said European banks are reduced to borrowing dollar funds for "a week at a time" rather than the usual six to 12 months. "This closely resembles what happened in late 2008, though the difference this time is that the major central banks have dollar swap lines in place. If the dollar funding markets completely freeze up, the European Central Bank can act as a backstop." "Investors do not fully believe EU pledges that the 21pc "haircut" agreed for private holders of Greek debt is the end of the story, or will remain confined to Greece, as the second Greek rescue is already unravelling. A Greek parliament report concluded that deep recession is pushing the country into a downward spiral, causing debt dynamics to fly "out of control". Public debt will reach 172pc of GDP next year." http://www.telegraph.co.uk/finance/financialcrisis/8736204/Central-bank-flight-to-Federal-Reserve-safety-tops-Lehman-crisis.html

I am sure they will just create another computer code. But, it's at least a start in trying to stop some of the illegal/unethical trading that is going on by some of the big boys. Goodbye High Frequency Trading - Regulators Seek Secret HFT Codes "The crusade against High Frequency Trading which Zero Hedge started well over two years ago, is now coming to an end. Reuters reports that U.S. securities regulators have "taken the unprecedented step of asking high-frequency trading firms to hand over the details of their trading strategies, and in some cases, their secret computer codes." As everyone knows, the only thing of value within the sub-penny scalping HFT universe are the odd nuances in computer code. Which is why its supreme and undisputed secrecy is sacrosanct. As soon as anyone, especially a regulator, has a whiff of understanding how any given algorithm works, it becomes the equivalent of collapsing the wave function: observing the HFT theft-scalping duality in action eliminates the Schrodinger equation associated with any simplistic algo and collapses its "wave function" to a worthless series of ones and zeros. Said otherwise, this is the end for HFT." http://www.zerohedge.com/news/goodbye-high-frequency-trading-regulators-seek-secret-hft-codes For the Reuters link. Interesting this has not shown up in the US mainstream media, yet. http://uk.reuters.com/article/2011/09/01/us-financial-regulation-algos-idUSTRE7806J420110901

Stocks Decline, Treasuries Surge on Jobs Report "Stocks extended losses, sending the Standard & Poor’s 500 Index down for a second day, while Treasuries and gold rose after a report showed American employers added no jobs in August." "The Labor Department said U.S. payrolls were unchanged last month, the weakest reading since September 2010 and worse than the median economist forecast that called for growth of 65,000. Stocks sank and Treasuries surged in August as investors bet that the odds of a recession had increased." “Another disappointing report that speaks to a severe unemployment crisis that, unfortunately, is becoming even more stubbornly embedded,” Mohamed A. El-Erian, the chief executive officer at Pacific Investment Management Co. in Newport Beach, California, wrote in an e-mail. Pimco is the world’s largest bond-fund manager. “Along with Europe’s dislocations, this fuels concerns about the global economic outlook and the growing risk of a recession.” http://www.bloomberg.com/news/2011-09-02/asia-stocks-end-six-day-rise-as-u-s-futures-drop-franc-climbs-oil-falls.html Its becoming more and more apparent, with each new lawsuit that is being filed, that some of our top banking friends may have not been very good friends to have. U.S. said ready to sue big banks over mortgages FHFA to seek billions in compensation: report "WASHINGTON (MarketWatch) — A federal U.S. agency is ready to sue more than a dozen major banks, arguing that they misrepresented the quality of mortgage securities they put together and sold in the run-up to the bursting of the housing bubble, according to a published report." http://www.marketwatch.com/story/us-said-ready-to-sue-big-banks-over-mortgages-2011-09-02 This is not a good sign for the longterm stability/survival of BoA. Fed asks B.of A. to provide contingency plan: WSJ "NEW YORK (MarketWatch) -- The U.S. Federal Reserve has asked Bank of America Corp., the nation's largest bank by assets, to provide a contingency plan to show what it would do should it face worsening conditions in its business, the Wall Street Journal reported on Friday. The report, citing people familiar with the situation., said that neither the Fed, nor the company would comment on the matter." http://www.marketwatch.com/story/fed-asks-bof-a-to-provide-contingency-plan-wsj-2011-09-02

Amazing how just about every stat now days is always revised in the negative direction. Get as much out of the pumped number as possible, then revise in down later when everyone has moved on to the next number. Rinse, repeat. U.S. initial jobless claims off slightly last week Separate report shows sharper fall in second-quarter productivity "New applications for unemployment compensation dropped 12,000 to 409,000 in the week ended Aug. 27, the Labor Department said Thursday. Initial claims from two weeks ago were revised up to 421,000 from an original reading of 417,000." "In a newly revised data, meanwhile, the government said U.S. productivity fell by 0.7% in the second quarter instead of by 0.3% as initially reported last month. Economists surveyed by MarketWatch had forecast that the revision would show a 0.6% decline." http://www.marketwatch.com/story/us-initial-jobless-claims-off-slightly-last-week-2011-09-01 Don't worry, it will be revised down in the future. ISM Aug. manufacturing gauge at 25-month low Reading surprises economists that were prepared for sub-50% reading "Outside the U.S., similar gauges said manufacturing in the euro zone dropped to two-year low, Brazil slumped to a 28-month low and the U.K. fell to 26-month low, while China’s rose for the first time in three months and Canada’s rose a four-month high." http://www.marketwatch.com/story/ism-aug-manufacturing-gauge-at-25-month-low-2011-09-01

August private-sector jobs up 91,000: ADP "Economists were predicting the ADP figure would rise by about 100,000. The expansion for July was revised down to 109,000 from a prior estimate of 114,000." http://www.marketwatch.com/story/august-private-sector-jobs-up-91000-adp-2011-08-31 Chicago PMI slows in August "WASHINGTON (MarketWatch) -- The Chicago business barometer, which also is called Chicago PMI, slowed in August to a 56.5% reading from 58.8% in July, as managers in the region reported slowing production and new orders and a shrinking in order backlogs. Though the reading was ahead of expectations -- economists polled by MarketWatch had anticipated a 53.0% reading -- the indicator is at a 21-month low." http://www.marketwatch.com/story/chicago-pmi-slows-in-august-2011-08-31 U.S. factory orders jump 2.4% in July "WASHINGTON (MarketWatch) - Orders for goods produced in U.S. factories rose 2.4% in July, the Commerce Department reported Wednesday. Economists surveyed by MarketWatch expected orders to rise a seasonally adjusted 2.0%. Factory orders fell a revised 0.4% in June, down from a prior estimate of a 0.8% decline. Orders for durable goods - products meant to last at least three years - climbed 4.1% in July. Orders for nondurable goods edged up 1.0%." http://www.marketwatch.com/story/us-factory-orders-jump-24-in-july-2011-08-31

Maybe Sam Walton Way instead of Wal-Mart Street. It just sounds more high end. LOL

Another suburban mall bits the dust.

If someone ever pops a hole in the deriviatives market, the world financial system will simply collapse, its that big of casino (estimated around $400 trillion). Of course we have another potential example of the illegal activity of our banking organizations. I continue to believe sooner or later someone big enough is finally going to nail them. Schwab sues banks for manipulating Libor rates Says BofA, Citi, others conspired to depress Libor rates and profited by lowering their interest expenses "The banks conspired to depress Libor rates by understating their borrowing costs, thereby lowering their interest expenses on products tied to the rates, according to the lawsuit filed Aug. 23 in federal court in San Francisco, where Schwab is based. The banks “reaped hundreds of millions, if not billions, of dollars in ill-gotten gains,” Schwab wrote. In separate suits in April, three European asset-management firms and the Carpenters Pension Fund of West Virginia sued the banks claiming they manipulated Libor. U.S. and U.K. officials are cooperating in a probe of possible Libor manipulation, a person close to the investigation said in March. The Schwab suit seeks unspecified damages, which may be tripled under antitrust law. It also includes claims for racketeering and securities fraud." http://www.investmentnews.com/article/20110825/FREE/110829958/-1/INDaily01&dailycount=1&issuedate=20110825

U.S. growth revised lower to 1% for second quarter Economy grew at tepid 1.0% pace as exports, inventory slow "The Commerce Department said gross domestic product rose at a 1.0% annual rate, down from an original reading of 1.3%, seasonally adjusted. That matched the forecast of economists surveyed by MarketWatch." http://www.marketwatch.com/story/us-growth-revised-lower-in-second-quarter-2011-08-26 Bernanke: Fed will decide next month on new policy No signals emerge; central bank chief takes shot at Congress "JACKSON HOLE, Wyo. (MarketWatch) — Federal Reserve Chairman Ben Bernanke on Friday put off a lengthy discussion of the easing options available to the central bank until the next Federal Open Market Committee meeting late next month." "Bernanke also criticized Congress, saying the recent debate over the debt ceiling had hurt the economy. He called on Congress to not overlook the “fragility” of the economy in their efforts to bring the deficit under control." http://www.marketwatch.com/story/bernanke-puts-off-easing-talk-until-sept-fomc-2011-08-26-103440

Denver's RTD secures another billion dollars for its rail projects. Federal grant gives billion-dollar boost to RTD, Aurora light rail work "There will be more money for light rail work in Aurora due to a large federal grant benefiting Regional Transportation District. RTD board members got word July 27 of a $1.03-billion federal grant they were awarded in order to help pay for the East Corridor commuter rail from Denver to Denver International Airport and the Gold Line from Denver to Arvada and Wheat Ridge." http://www.aurorasentinel.com/email_push/news/article_e8a135be-b873-11e0-bf9e-001cc4c002e0.html

I guess this might be a good deal, if you are still employed and the lower interest rate can bring down you price enough that you might be able to afford the monthly bill. But, if you don't have a government backed mortgage, already lost your home, etc. I guess you are out of luck. It's a shame the concept of risk and responsibility has become so distorted in the US. From Wall Street on down the concept that if you can't pay the bill or made a bad business decision, don't worry the government will bail you out/change the rules and all will be well, has become very prevelent in our society. Something tells me changing the rules of the game and/or trying to artifically manipulate the markets (rental program) as we go along will only create more problems down the road. Here is a thought, why not let the market itself current the issues and let price discovery actually take place on Wall Street and Main Street? U.S. May Back Refinance Plan for Mortgages "The Obama administration is considering further actions to strengthen the housing market, but the bar is high: plans must help a broad swath of homeowners, stimulate the economy and cost next to nothing. One proposal would allow millions of homeowners with government-backed mortgages to refinance them at today’s lower interest rates, about 4 percent, according to two people briefed on the administration’s discussions who asked not to be identified because they were not allowed to talk about the information. A wave of refinancing could be a strong stimulus to the economy, because it would lower consumers’ mortgage bills right away and allow them to spend elsewhere. But such a sweeping change could face opposition from the regulator who oversees Fannie Mae and Freddie Mac, and from investors in government-backed mortgage bonds." "Administration officials said on Wednesday that they were weighing a range of proposals, including changes to its previous refinancing programs to increase the number of homeowners taking part. They are also working on a home rental program that would try to shore up housing prices by preventing hundreds of thousands of foreclosed homes from flooding the market. That program is further along — the administration requested ideas for execution from the private sector earlier this month." http://www.nytimes.com/2011/08/25/business/economy/us-may-back-mortgage-refinancing-for-millions.html?_r=1&pagewanted=all

Now this is shocking news, people usually need steady employment to pay the mortgage payment. I guess adding 400,000 to the unemployment list each week does have it repercussions. I think another factor in this is, last year with the $8,000 assistance program, home sales increased and prices stabilized, leading many to 'think/hope' that the bottom had been reached and a turnaround was in sight. Now that this summers selling season is over and prices are now in noticable decline and sales are down significantly that hope is starting to fade. The top 7 in loans in foreclosures: - Florida - Nevada - New Jersey - Illinois - Maine - New York - Ohio After months of decline, late mortgage payments rise again in Ohio, U.S. "After improving since last fall, mortgage delinquencies are on the rise again in Ohio and nationwide. In Ohio, 9.1 percent of all home loans are behind but not yet in foreclosure, up from 8.3 percent three months ago, according to a report Monday from the Mortgage Bankers Association in Washington, D.C. Ohio delinquencies, not counting foreclosures, peaked at 10.3 percent last fall. More disturbing: Loans in Ohio that are newly delinquent - 30 days' behind - jumped by 20 percent from the first quarter to the second. About 4.1 percent of homeowners with loans are one month behind on payments. The same uptick occurred nationally. The survey includes 88 percent of all loans nationwide. "The signs of improvement that we had been seeing . . . that has clearly now stopped," Jay Brinkmann, the association's chief economist, said in a conference call. Missing one payment is a problem that increases with unemployment, Brinkmann said. "The increase in these delinquencies clearly reflects the deterioration we saw in the labor market during the second quarter," he said." http://www.cleveland.com/business/index.ssf/2011/08/after_months_of_decline_late_m.html

We shall see. There has been a lot of talk about BoA basically being insolvent. Would they really create a MONSTER bank like this? I guess when you get desperate you do desperate things. One thing is for sure, if Charlotte felt the sting of Wachovia being lost, the lose of BoA would be a HUGE blow to that city and its place in the financial kingdom. JP Morgan May Take Over Bank Of America By 24/7 Wall St. "There is a rumor circulated on Wall St. that JP Morgan (NYSE: JPM) will takeover Bank of America (NYSE: BAC) within the week. The government will support the deal with a $100 billion investment in preferred shares issued by the combined entity. Alternatively, the government may guarantee the value of a large pool of Bank of America assets. The word is that Treasury Secretary Geithner has discussed the transaction with JP Morgan CEO Jamie Dimon.The "merger" would completely destroy the value of BAC's common shares. Under federal law, JP Morgan and Bank of America could not combine because together they would have too large a share of several financial markets in the US. Treasury would apparently work with other government agencies to have those rules suspended and then the new combined bank would sell assets to get back into compliance later. The government's preference for a deal with JP Morgan rather than a federal takeover may be because it does not want to set the precedent of Washington owning one of the world's largest banks "paid for" with taxpayer money." http://www.marketwatch.com/story/jp-morgan-may-take-over-bank-of-america-2011-08-23

Durable-goods orders climb 4.0% in July Autos, airplanes lead the way, but orders drop in most other areas "WASHINGTON (MarketWatch) — Orders for U.S. durable goods jumped 4.0% in July, mainly because of higher demand for autos and commercial aircraft, the government reported Wednesday. Yet orders for most other durable goods fell, reflecting continued softness in broad swaths of the U.S. economy. " "What’s more, orders for another closely watched category, known as core capital goods, fell 1.5%. These figures exclude transportation and government spending on defense because those orders often jump up and down one month to the next and make it hard to get a read on trends in the private sector." http://www.marketwatch.com/story/durable-goods-orders-climb-40-in-july-2011-08-24 Home Prices Decline 5.9% in Second Quarter "Home prices in the U.S. fell 5.9 percent in the second quarter from a year earlier, the biggest decline since 2009, as foreclosures added to the inventory of properties for sale." http://www.bloomberg.com/news/2011-08-24/u-s-home-prices-fell-5-9-in-second-quarter-as-foreclosures-depress-value.html European Bank Job Cuts Exceed 40,000 as UBS Eliminates 5% of Its Workforce "UBS, Switzerland’s biggest bank, said yesterday it will eliminate 3,500 jobs, mainly from its investment bank. It follows HSBC Holdings Plc (HSBA), which announced 30,000 cuts on Aug. 1, Barclays Plc (BARC), which is cutting headcount by 3,000, and Royal Bank of Scotland Group Plc (RBS), which is eliminating 2,000 posts. Credit Suisse Group AG (CSGN) announced 2,000 reductions on July 28." “It’s a bloodbath, and I expect things to get worse before they get better,” said Jonathan Evans, chairman of executive- search firm Sammons Associates in London. “I cannot see a lot of those who have lost their jobs getting re-employed. Regardless of how good someone is, no one wants to talk about hiring. Life will be very difficult for two or three years.” http://www.bloomberg.com/news/2011-08-23/european-bank-job-bloodbath-surpasses-40-000-as-ubs-cuts-workforce-by-5-.html

The next twelve months or so are going to be very interesting. With the data starting to flash another recession, the FEDs tool kit down to just a few options and a heated election on the way. Volatility on Wall Street, Main Street, commodities, and data is going to be wild at times. Somebody is getting the boot for the downgrade and I am sure its a warning sign to others. But the best is they are replacing him with a fox to guard the hen house. (Citibanks chief operating officer) S&P president Sharma to step down "SYDNEY (MarketWatch) — Deven Sharma will step down as president of credit-rating agency Standard & Poor’s and will be replaced by Douglas Peterson, the firm’s parent said late Monday." http://www.marketwatch.com/story/sp-president-sharma-to-step-down-2011-08-22 Another gauge in negative territory and falling. Richmond Fed gauge at worst level since June 2009 "WASHINGTON (MarketWatch) -- The Richmond Fed said Tuesday that its manufacturing index slumped to -10 in August from -1 in July, as shipments and new orders declined sharply. The Richmond Fed gauge wasn't as bad as the -30.7 reading of a similar Philadelphia Fed indicator but was still the worst reading since June 2009. The Richmond Fed is a diffusion index, calculated by subtracting the percentage of respondents who say activity has dropped from those who say it has increased." http://www.marketwatch.com/story/richmond-fed-gauge-at-worst-level-since-june-2009-2011-08-23 Wouldn't want to be a cubical worker in the bank industry. 10,000 of thousands are going to be out of a job by the end of this year. But, don't worry little workers, I am sure the big boys will have record bonus at the end the year for cutting expenses. UBS to pare 3,500 jobs as it cuts $2.5B expenses "UBS's investment bank business will bear the brunt of the job cuts, accounting for 45% of the 3,500 positions to be lost, while the wealth management and Swiss bank unit will account for 35%, it said." http://www.marketwatch.com/story/ubs-to-pare-3500-jobs-as-it-cuts-25b-expenses-2011-08-23