ragerunner

JPMorgan, Credit Suisse paying total $417M to settle SEC charges on sales of mortgage bonds "WASHINGTON — JPMorgan Chase and Credit Suisse have agreed to pay a combined $417 million to settle federal civil charges of selling risky mortgage bonds to investors that the banks knew could fail ahead of the 2008 financial crisis." http://www.therepublic.com/view/story/03411a2477f1415ba8fef9b1152c598b/US---JPMorgan-Credit-Suisse-Settlement

Chrysler to add 1,250 jobs (and they're not in China) http://www.usatoday.com/story/money/cars/2012/11/15/chrysler-ram-michigan-us-jobs-bailout/1707661/ Twinkies maker Hostess going out of business The liquidation of the company will mean that most of its 18,500 employees will lose their jobs, Hostess said on Friday. http://money.msn.com/top-stocks/post.aspx?post=6d7b095e-e558-4dc4-83e9-1859d177e676&ocid=ansmony11 China may be hiding bad loans, just as Japan did "But economists at Also Sprach Analyst said in an online posting that the troubled-loan problem dogging Chinese banks is likely much larger than official figures indicate, and they hinted that the debt crisis could turn up in official figures at a later date. Japanese banks also reported non-performing loans as relatively low in 1990, the year that nation’s economic bubble burst, according to Also Sprach Analysts, citing Bank of America Merrill Lynch research. “Chinese banks are now sitting on a tiny bit of non-performing loans — which probably no one in their right mind should believe,” the analyst said." http://blogs.marketwatch.com/thetell/2012/11/16/china-may-be-hiding-bad-loans-just-as-japan-did/ In other words, Greece will default again on what they still owe. It just sounds better when you say debt writedown. Debt crisis: live "Greece will eventually need another debt writedown, the head of Germany's central bank has said, as IMF managing director Christine Lagarde urged Europe's leaders to forge a deal next week to help the country get "back on its feet"." http://www.telegraph.co.uk/finance/debt-crisis-live/9681567/Debt-crisis-live.html

Procter & Gamble Plans More Job Cuts, Boosts Buyback Program 50% Procter & Gamble Co. (PG) announced plans to possibly cut more than twice as many nonmanufacturing jobs than it had already planned, a further sign that it is heeding analyst and investor criticism over its bloated cost structure. The world's largest consumer-product company Thursday disclosed plans to cut its nonmanufacturing workforce by an additional 2% to 4% annually through fiscal year 2014 to 2016. That comes on top of plans to reduce its nonmanufacturing jobs by 10%, or 5,700, by the end of its current fiscal year ending June 30. The top end of the job-cut projections would further reduce P&G's nonmanufacturing workforce by an additional 5,900. Read more: http://www.foxbusiness.com/news/2012/11/15/procter-gamble-plans-more-job-cuts-boosts-buyback-program-50/#ixzz2CL2ceMhk I get the feeling gamestop is potentially heading in the same down direction as blockbuster. GameStop Plans to Close 200 Money-Losing Outlets "GameStop Corp. (GME) the world’s largest video-game retailer, plans to close 200 stores by next year, saying about 3 percent of its outlets worldwide lose money." http://www.bloomberg.com/news/2012-11-15/gamestop-plans-to-close-200-money-losing-u-s-outlets.html

Sad. The economy is starting to weaken to near 0 and the billions that have been pumped into buying treasuries to keep interest rates near 0 and having 9 out of 10 loans being backed by Fannie/Freddie (the taxpayers) still has not proven to be enough to reignite the housing inferno. So now we are left with going back to loosing standards in hopes of blowing another economic bubble. That truly is all that is left in our economy, jumping from one bubble to another. Dotcom, housing, stock market and now back to housing. They have to get as many buyers into the market as possible, over the next year or two, to consume all the foreclosures in the shadow inventory that 'needs' to be bought. Mortgage lending standards are too tight: Bernanke Housing not ‘out of woods’ despite improving conditions "WASHINGTON (MarketWatch) — Mortgage lending standards now appear to be “overly tight,” and are preventing creditworthy borrowers from buying homes, Federal Reserve Board Chairman Ben Bernanke said Thursday." http://www.marketwatch.com/story/mortgage-lending-standards-are-too-tight-bernanke-2012-11-15

If these drops in the data are all from Sandy, then we should see a nice pop up in data when the next numbers are released. This is what usually happens when Florida is hit with a hurricane. Negative November Philly, New York factory gauges Nearly five days of lost activity for New York City firms "WASHINGTON (MarketWatch) — Hurricane Sandy contributed to negative readings for both Philadelphia- and New York-area manufacturing gauges in November, demonstrating the disruption the storm took on economic activity in the Northeast." http://www.marketwatch.com/story/factory-activity-contracts-again-in-new-york-2012-11-15 The next reading will be even lower. Euro zone double dips back into recession "Third-quarter euro-zone gross domestic product shrank 0.1% compared to the second quarter, the European Union statistics agency Eurostat said. That’s equal to an annualized contraction of around 0.4%." http://www.marketwatch.com/story/euro-zone-double-dips-back-into-recession-2012-11-15 Pricier food, rent offset falling gas prices "9:03AM EST November 15. 2012 - As expected, the government said Thursday that rising food costs and higher rents offset a drop in gas prices last month, leaving consumer prices slightly higher in October compared with the previous month." http://www.usatoday.com/story/money/personalfinance/2012/11/14/cpi-to-let-us-know-if-inflation-is-really-slumbering/1705575/ Job Cuts Announced At Wake Forest Baptist Medical Center "Winston-Salem, NC -- Cost-cutting at Wake Forest Baptist Medical Center will cause 950 full-time positions to be eliminated by June 30, 2013, the healthcare provider announced Wednesday." http://www.digtriad.com/news/article/254529/57/Wake-Forest-Baptist-Announce-Layoffs But, I thought housing was getting all better. The sky was the new limit?! Audit due this week could show FHA need for bailout funds "The U.S. Federal Housing Administration, weighed down by losses on souring loans, will release a report on its finances this week that could point up the possibility it may require taxpayer aid for the first time in its 78-year history." http://articles.chicagotribune.com/2012-11-13/business/chi-audit-due-this-week-could-show-fha-need-for-bailout-funds-20121113_1_mortgage-insurance-fund-fha-edward-pinto

U.S. retail sales retreat in October Sellers hurt by hurricane, but demand weaker in most categories "WASHINGTON (MarketWatch) — Retail sales in the U.S. fell in October by the sharpest amount since June, hurt by the effects of Hurricane Sandy, but data released Wednesday also showed weak consumer demand in a number of areas." http://www.marketwatch.com/story/us-retail-sales-retreat-in-october-2012-11-14?dist=lcountdown Australia business conditions sink to crisis level "SYDNEY--Australian business conditions deteriorated last month to levels not seen since the global financial crisis as a mining slowdown weighed on the country's resources-dominated economy, a private sector survey Tuesday showed." http://www.marketwatch.com/story/australia-business-conditions-sink-to-crisis-level-2012-11-13?Link=obinsite Citigroup to Cut 100 Retail Bank Workers on Long Island "Citigroup Inc. ©, the third-biggest U.S. bank, is dismissing 100 people on New York’s Long Island as the lender seeks to cut costs amid a slump in revenue." http://www.businessweek.com/news/2012-11-13/citigroup-discloses-dismissal-of-100-workers-on-long-island Xerox to lay off 2,500; local impact unclear "Company doesn't detail local impact" http://www.democratandchronicle.com/article/20121113/BUSINESS/311130035/Xerox?odyssey=nav%7Chead&nclick_check=1 Panasonic prepares for 'garage sale', to axe 10,000 jobs http://www.reuters.com/article/2012/11/14/us-panasonic-cfo-idUSBRE8AD0D120121114 Texas Instruments to lay off 1,700 workers http://www.marketwatch.com/story/texas-instruments-to-lay-off-1700-workers-2012-11-14?dist=tbeforebell

German Nov. ZEW index falls unexpectedly to -15.7 "FRANKFURT (MarketWatch) -- Germany's ZEW expectations index fell unexpectedly Tuesday to minus 15.7 in November from minus 11.5 in October." http://www.marketwatch.com/story/german-nov-zew-index-falls-unexpectedly-to-157-2012-11-13 I think the German's will either leave the European union or pull back on their austerity demands. The political pressure will finally overwelm them. Euro-zone recession threatens global economy Commentary: Social order withers while politicians dither "LONDON (MarketWatch) — The euro-zone economy is deteriorating alarmingly. While the German-inspired policy of austerity is essentially right, its implementation, over far too short a period of time, is forcing the region into recession. Social disorder, especially as the weather improves next spring, is a real probability." http://www.marketwatch.com/story/euro-zone-is-the-global-economys-greatest-threat-2012-11-13 Yen edges toward brink: Andy Xie Reasons for forecasting the yen’s reckoning have changed "BEIJING ( Caixin Online ) — Every time I come to Japan to attend a conference, I am reminded of what a depression looks like in the 21st century. This time is no different: shops are not busy, restaurant owners wait anxiously outside for customers and are usually disappointed, empty taxi cabs roam the streets. Two decades after its property bubble began to deflate, Japan remains mired in deflation and contraction. The economic statistics tell the horror story best. Japan’s nominal gross domestic product in 2011 was 9% lower than in 2007 and 2.5% lower than in 1992! In 1992, the national debt was only 20% of GDP. It is now 230%. Essentially, 200% of GDP in fiscal stimulus hasn’t turned the economy around." http://www.marketwatch.com/story/yen-edges-toward-brink-andy-xie-2012-11-12 Debt crisis: live "Germany's finance minister risks widening the rift with the IMF over Greece, as he ruled out official sector writedowns and described Greece's 2020 debt sustainability target as "possibly a little too ambitious". http://www.telegraph.co.uk/finance/debt-crisis-live/9673327/Debt-crisis-live.html Hostess closings to cut 627 jobs http://www.philly.com/philly/business/20121113_Hostess_closings_to_cut_627_jobs.html NBCUniversal cuts about 500 employees http://www.latimes.com/entertainment/envelope/cotown/la-et-ct-nbcuniversal-cuts-500-employees-20121112,0,2586218.story Carrollton-based company issues layoff warning for 459 Dallas employees http://www.wfaa.com/news/business/Dallas-company-issues-layoff-warning-letter-for-459-employees-178917881.html

November sentiment highest since 2007 "The preliminary reading of the University of Michigan/Thomson Reuters consumer-sentiment index rose to 84.9 in November — the highest level since July 2007 — from a final October reading of 82.6, according to the UMich index." http://www.marketwatch.com/story/november-sentiment-highest-since-2007-2012-11-09?dist=lcountdown U.S. wholesale inventories climb 1.1% in September "WASHINGTON (MarketWatch) - Inventories at U.S. wholesalers rose 1.1% in September to a seasonally adjusted $494.15 billion, the Commerce Department said Friday." http://www.marketwatch.com/story/us-wholesale-inventories-climb-11-in-september-2012-11-09?dist=lcountdown Energizer to cut more than 10 percent of workforce "(Reuters) - Energizer Holdings Inc said on Thursday that it would cut more than 10 percent of its workforce, or about 1,500 people, as it tries to rev up results in its battery business." http://www.reuters.com/article/2012/11/08/us-energizer-results-idUSBRE8A71KG20121108 Ameridose laying off 650 of staff "Ameridose LLC, sister company of the Massachusetts compounding pharmacy whose drugs have been implicated in a national fungal meningitis outbreak, has notified hundreds of workers that they are being laid off beginning Friday, as the company remains under a temporary closure order because of concerns about its sterility practices." http://bostonglobe.com/lifestyle/health-wellness/2012/11/08/ameridose-sister-company-pharmacy-linked-fungal-meningitis-outbreak-laying-off-hundreds/6KIqTDQ6TLdNWZJrRHrRKK/story.html Hawker Beechcraft announces more layoffs "The company says 240 employees will lose their jobs with the closing of Hawker Beechcraft Services facilities in Little Rock, Ark.; Mesa, Ariz.; and San Antonio, Texas." http://www.kwch.com/news/aviationwatch/kwch-kah-hawker-announces-more-layoffs-20121107,0,4377101.story

U.S. stocks slide as Europe’s troubles hit "In Brussels Wednesday, Economic and Monetary Affairs Commissioner Olli Rehn said the euro-zone economy would stall to a near halt in 2013 as the region’s debt crisis hits Germany. The euro-zone economy will expand 0.1% in 2013, down from a May projection of 1%, the commission said. In Greece on Wednesday, the coalition government of Prime Minister Antonis Samaras is looking for parliamentary approval of austerity measures needed for the nation to get its next round of rescue funds." http://www.marketwatch.com/story/us-stocks-slide-as-europes-troubles-hit-2012-11-07?dist=lcountdown Fitch: U.S. must fix fiscal cliff to keep AAA "FRANKFURT (MarketWatch) -- President Barack Obama won't enjoy a fiscal honeymoon after winning re-election, with pressure on U.S. officials to resolve the so-called fiscal cliff and other issues in order to maintain the country's AAA credit rating, Fitch Ratings said Wednesday. "The economic policy challenge facing the president is to put in place a credible deficit-reduction plan necessary to underpin economic recovery and confidence in the full faith and credit of the [united States]." http://www.marketwatch.com/story/fitch-us-must-fix-fiscal-cliff-to-keep-aaa-2012-11-07?dist=lcountdown Vestas Seeks 20 Percent Stake Sale, Cuts 3,000 More Jobs "Vestas Wind Systems A/S (VWS) is seeking to sell a stake of as much as 20 percent and said it’s reducing headcount by 3,000 to raise the staff cuts by the biggest wind turbine maker to almost a third over two years." http://www.businessweek.com/news/2012-11-07/vestas-to-cut-headcount-to-16-000-by-end-of-2013-from-22-721

Housing and political rhetoric: Under water, out of mind 'If you look at what triggered market seize-up, it was housing' "The costs of the housing crisis remain steep in Greater Cincinnati and across the nation, yet the presidential candidates barely touch on the topic. “I find it absolutely remarkable,” said Bill Faith, executive director of the Coalition on Homelessness and Housing in Ohio. “If you look at what triggered this whole financial market seize-up, it was housing.” Since 2006, Greater Cincinnati homeowners have joined families nationwide who’ve lost $7 trillion in home equity. One in four local families – 111,397 in all – are “under water” on their mortgages, meaning they owe more than their homes are worth. That cripples their ability to refinance at today’s historically low rates or sell their homes, leaving them vulnerable to foreclosure if their finances take a downturn." http://communitypress.cincinnati.com/article/AB/20121022/BIZ/310220036/Housing-rhetoric-Under-water-out-mind?odyssey=nav|head

Services in U.S. Expanded at a Slower Pace in October "Service industries in the U.S. kept growing in October, helped by consumer spending gains that are helping bolster the expansion. The Institute for Supply Management’s non-manufacturing index declined to 54.2 last month from 55.1 in September, the Tempe, Arizona-based group said today. Economists projected 54.5, according to the median estimate in a Bloomberg survey. Readings above 50 signal expansion in the gauge of industries that account for almost 90 percent of the economy." http://www.bloomberg.com/news/2012-11-05/services-in-u-s-expanded-more-in-september-than-forecast.html Greek prime minister warns of euro exit Samaras predicts passage of austerity measures “We must save the country from catastrophe,” Prime Minister Antonis Samaras told lawmakers from his conservative party on Sunday, according to AFP. “If we fail to stay in the euro, nothing will make sense.” http://www.marketwatch.com/story/greek-prime-minister-warns-of-euro-exit-2012-11-04 UPDATE: Volvo Trucks Pulaski County plant to lay off 300 in January http://www2.wsls.com/news/2012/nov/02/8/source-dublin-volvo-trucks-plant-lay-300-january-ar-2331860/ WPS Health Insurance to lay off up to 600, mostly in Monona and Wausau Read more: http://host.madison.com/business/wps-health-insurance-to-lay-off-up-to-mostly-in/article_0dc87c3e-2552-11e2-8a3e-001a4bcf887a.html#ixzz2BNLsq2LS

Jobs growth quickens, giving Obama some relief "Employers added 171,000 people to their payrolls last month, the Labor Department said on Friday. The government also said 84,000 more jobs were created in August and September than previously estimated." http://finance.yahoo.com/news/jobless-rate-seen-rising-offering-040402080.html St. Jude Medical cutting 500 jobs in another round of layoffs Med-tech company laid off 300 people in August "St. Jude Medical said Thursday that it has laid off another 500 people as it restructures to deal with slumping sales of its heart devices. In August, St. Jude said it had terminated 300 employees, including 80 in Minnesota, as part of a broader companywide reorganization expected to slash $50 million to $60 million in costs in 2013." http://www.startribune.com/business/176871351.html?refer=y&vi_adid=W Supervalu (SVU) Unit SHAW’S to Layoff 700 Workers "Supervalu, Inc. (NYSE: SVU) sbusidiary SHAW’S Supermarkets has announced plans to reduce its store-level workforce by an estimated 700 positions. These reductions, which will occur across 169 SHAW’S and STAR MARKET stores in New England, will be finalized by November 3." http://www.streetinsider.com/Corporate+News/Supervalu+(SVU)+Unit+SHAW%C3%A2%E2%82%AC%E2%84%A2S+to+Layoff+700+Workers/7838520.html Debt crisis:Greece is going to default, says Pimco - live "Pimco's managing director Andrew Bosomworth has said Greece is insolvent and it's going to default. It's just a question of how and when that is realized." http://www.telegraph.co.uk/finance/debt-crisis-live/9649283/Debt-crisisGreece-is-going-to-default-says-Pimco-live.html

Manufacturers grow a little faster in October New orders and production pick up, but hiring plans slacken "The Institute for Supply Management’s index of purchasing managers — the executives who order raw materials and other goods — edged up to 51.7% from 51.5% in September and a three-year-low of 49.6% in August." http://www.marketwatch.com/story/manufacturers-grow-a-little-faster-in-october-2012-11-01 GM Channel Stuffing Soars To Record "What however will hardly get any mention from Government Motors cheerleaders is that GM auto inventory at dealers as of October 31 was a record 739,034 (a massive 98 days of supply), an increase of 49,700 from October's 689,334. In other words, the entire incremental rise in sales, and then some, was due to the firm stuffing dealers with even more inventory than they can possibly handle!" http://www.zerohedge.com/news/2012-11-01/gm-channel-stuffing-soars-record And the previous report was revised higher for the one millionth time, in an effort to make the new number look better. U.S. jobless claims drop 9,000 to 363,000 "WASHINGTON (MarketWatch) - Applications for U.S. unemployment benefits fell by 9,000 to a seasonally adjusted 363,000 in the week of Oct. 21-27, keeping them in a range that indicates little change in U.S. hiring patterns over the past few months. Economists surveyed by MarketWatch expected claims to fall to 365,000. Initial claims from two weeks ago were revised up to 372,000 from an original reading of 369,000, based on more complete data collected at the state level, according to the U.S. Labor Department." http://www.zerohedge.com/news/2012-11-01/gm-channel-stuffing-soars-record Navistar to close Texas truck plant, cut 900 jobs "Navistar International Corp. said Tuesday it intends to close a truck assembly plant in Garland, Texas, by the first half of 2013 as part of its efforts to cut costs." http://www.chicagotribune.com/business/breaking/chi-navistar-to-close-texas-truck-plant-20121030,0,7115648.story

The weakening QE. One of the things I said when I started this thread is once we go down this road they have got to fix the problem before they run out of ammo or we are going to have major issues. The Incredible Shrinking Half-Life Of Central Bank Action "It seems the market - or the collection of pre-programmed heuristic biases that make up the equity investing public (and machines) - is slowly but surely realizing the confidence trick that is the Fed's Quantitative Easing programs. The following chart should clarify - to anyone placing their gambling chips on the hopes of another round of easing from the Fed - why the game is up." http://www.zerohedge.com/news/2012-10-29/incredible-shrinking-half-life-central-bank-action And what happens when you get nothings from your QE? Japan is giving us a glimps into that world. When ¥11 Trillion Is Not Enough: Japan's QE 9 Disappoints, Halflife Zero, Time For QE 10 "It was only yesterday that we pointed out the ever decreasing halflives of central bank interventions. We are grateful that none other than the biggest intervention basket case of all came out and proved us 100% correct, when the BOJ announced none other than QE 9 just one month after the impact from QE 8 fizzled about 8 hours after it was disclosed. This time around, the destructive "benefit" to the JPY was negative from the first second, resulting in the first instance of monetary easing that.. wasn't. Japan just came up with a brand new New Normal concept: tightening through easing, when its ¥11 trillion intervention proved to be woefully insufficient for a market addicted to ever more liquidity injections." http://www.zerohedge.com/news/2012-10-30/when-%C2%A511-trillion-not-enough-japans-qe-9-disappoints-halflife-zero-time-qe10 Greece delays austerity vote, warns of 'chaos' Greek coalition split delays austerity vote, PM warns of 'chaos' "ATHENS, Greece (AP) -- Greece's coalition government will delay a vote on major new austerity measures by another week, warning Tuesday there would be financial "chaos" if a deal is not reached. Finance Minister Yannis Stournaras told reporters that the austerity measures, worth €13.5 billion ($17.4 billion), would be submitted to parliament next week, as the three parties in government continue to disagree over new savings demanded by international bailout lenders." http://finance.yahoo.com/news/greece-delays-austerity-vote-warns-134854018.html

Diebold ditching plan for new $100M headquarters "Diebold Inc. is shelving plans to build a new $100 million northeast Ohio headquarters, the Cleveland Plain Dealer reports." "Diebold CEO Thomas Swidarski said in a statement the new headquarters are not "economically feasible" for the company, which will eliminate about 500 jobs in North America in the next month, including less than 75 in northeast Ohio." http://www.bizjournals.com/columbus/morning_call/2012/10/diebold-ditching-100m-headquarters.html Newell Rubbermaid cutting 2,000 jobs, reorganizing "The moves are expected to save the Atlanta-based consumer products giant $180 million to $225 million when fully implemented by the end of the second quarter of 2015." http://www.bizjournals.com/atlanta/morning_call/2012/10/newell-rubbermaid-announces-new.html Rockwell Collins to Cut 6% of Jobs as Defense Sales Drop "The maker of products including cockpits and radios expects to let 1,250 employees go in the fiscal year through September, Chief Executive Officer Clay Jones said in an interview. About 250 have already been given notices, he said." http://www.businessweek.com/news/2012-10-26/rockwell-collins-to-cut-6-percent-of-workers-as-defense-sales-drop

UBS more than doubles their original job cut annoucement of 3,000 to 5,000. UBS to cut up to 10,000 jobs: report "CHICAGO (MarketWatch) -- Swiss banking giant UBS is getting ready to roll out a plan to cut as many as 10,000 jobs, the Financial Times reports, citing unnamed sources." http://www.marketwatch.com/story/ubs-to-cut-up-to-10000-jobs-report-2012-10-26?dist=countdown

Q3 GDP breakdown. Main growth was in government spending (massive jump), followed by construction, then growth in consumer spending. Business spending feel to 0% and has now declined 5 quarters in a row and of course farm inventories plunged and is now down for a third quarter in a row. http://www.marketwatch.com/story/breaking-down-the-gdp-report-2012-10-26

Add in inflation and we have negative growth. U.S. economy speeds up in third quarter Growth rate rises to 2% on higher consumer, defense spending "Gross domestic product grew at a 2% clip from July through September, up from 1.3% in the second quarter, the Commerce Department said Friday. The rate of growth also matched the economy’s performance in the first three months of the year. Economists surveyed by MarketWatch expected GDP to rise by 1.7%." http://www.marketwatch.com/story/us-economy-speeds-up-in-third-quarter-2012-10-26 It looks like they were all in it together. If it is proven that all these banks, along with all the other banks already being probed or fined, conspired to 'steal', the citizens/businesses of the world should be very concerned. Libor probe widens to include nine new banks: WSJ "The report identified the banks as Bank of America Corp., Mitsubishi UFJ Financial Group Inc.'s, Bank of Tokyo Mitsubishi UFJ, Credit Suisse Group AG, Lloyds Banking Group PLC, Rabobank Groep, Royal Bank of Canada, Societe Generale SA, The Norinchukin Bank and West LB. The new subpoenas, issued in August and September, bring the total number of banks named in the probe to 16." http://www.marketwatch.com/story/libor-probe-widens-to-include-nine-new-banks-wsj-2012-10-25 Outside of China, Spain probably had the mother of all housing bubbles. Spanish unemployment reaches 25% "Spain is suffering from the collapse of a decade-long housing bubble and from deep spending cuts as the government tries to narrow its budget deficit to 6.3% of gross domestic product from well above 9% of GDP last year. Its unemployment rate is the highest in the euro zone." http://www.marketwatch.com/story/spanish-unemployment-reaches-25-2012-10-26

What makes most of these job loses even worse, they are better paying jobs than what is available to replace them. Firings Highest Since 2010 as Ford to Dow Face Slump "North American companies have announced plans to eliminate more than 62,600 positions at home and abroad since Sept. 1, the biggest two-month drop since the start of 2010, according to data compiled by Bloomberg. Firings total 158,100 so far this year, more than the 129,000 job cuts in the same period in 2011." “Companies are saying, ‘Let’s not build up inventories, let’s be lean and mean until we know until we have a better idea of what 2013 is going to look like,’” said Janna Sampson, who helps manage more than $3 billion for Oakbrook Investments in Lisle, Illinois. “There is a fear now as companies see that the economic recovery is not picking up.” "Those results, similar to the S&P 500’s second-quarter performance, signal employers may increase firings over the next two quarters, according to John Challenger, chief executive officer of Challenger, Gray & Christmas Inc., a human resources consulting firm based in Chicago." "The technology hardware and equipment industry has announced the most job reductions among North American companies this year with 41,200, led by Hewlett-Packard Co. (HPQ)’s announcement in September that it plans 29,000 cuts, more than it originally disclosed. Banks are next with plans to eliminate more than 19,000 positions, according to Bloomberg data." http://www.bloomberg.com/news/2012-10-24/firings-reach-highest-since-2010-as-ford-to-dow-face-sales-slump.html

Durable-goods orders rebound in September Bookings rise nearly 10% on surge in demand for commercial jets "Yet orders for autos, another large transportation category, fell 0.4%to mark the second straight decline." "A category of orders seen as a proxy for business investment, known as core capital goods, was flat last month after rising a scant 0.2% in August. Core orders exclude defense and aircraft, whose sales can swing dramatically from month to month." "Shipments of core capital goods, a number used to help calculate quarterly gross domestic product, dipped 0.3% last month. That category fell in all three months of the third quarter." http://www.marketwatch.com/story/durable-goods-orders-rebound-in-september-2012-10-25 U.S. initial jobless claims drop to 369,000 Weekly drop of 23,000; filings reflect stubbornly slow labor growth "WASHINGTON (MarketWatch) — First-time applications for unemployment benefits declined last week, government data showed Thursday, but the number of new claims filed stands little changed over the past few months in a reflection of slow U.S. hiring trends." http://www.marketwatch.com/story/us-initial-jobless-claims-drop-to-369000-2012-10-25?dist=lcountdown UPDATE 1-Corning profit falls, says to cut jobs "Oct 24 (Reuters) - Specialty glass maker Corning Inc reported a lower quarterly profit as sales to consumer electronics, telecommunication and automotive markets fell, and said it plans to cut jobs and reduce costs." http://www.reuters.com/article/2012/10/24/corning-results-idUSL3E8LO4QW20121024 Colgate profit rises, plans to cut 2,300 jobs http://www.marketwatch.com/story/colgate-profit-rises-plans-to-cut-2300-jobs-2012-10-25?link=MW_latest_news

I think you are pretty close to the reality of it all.

Wow, want an unusual idea. You mean if you 'steal' billions of dollars you might need to go to jail? :wink2:

Best Buy seems to be on the Circuit City path. Look for significant store closing after the holidays. The problem with this type of company is its losses will only drop more vacant retail space onto the markets and cost a lot of jobs. Best Buy shares skid on Q3 warning "SAN FRANCISCO (MarketWatch) -- Best Buy shares tumbled 7% to $15.76 in after-hours trade Wednesday after the electronics retailer issued a broad warning about its third quarter results. Best Buy said its earnings will be "significantly below" the same 2011 period." http://www.marketwatch.com/story/best-buy-shares-skid-on-q3-warning-2012-10-24

I guess it depends on what you call good and bad news. Lets take a look at some of the headlines that have been posted on just page 116 of the thread. I don't make up the data on here or the information. It just is what it is. I do believe we have not done what it takes to have a real economic recovery and there are plenty of potential cliffs that keep showing up. Feel free to post other news and data you come across. Most of these headlines were first in the post. - Jobless Claims in U.S. Fall to Four-Year Low - Consumer sentiment jumps to five-year high - Philly factory activity improves in October - Fed considering upping QE3 size and language (Don't know if you consider this positive or negative) - Sales of new homes rise 5.7% in September You are correct there are a lot of posts about job cuts and illegal activity by the banking/wall street. Why, because there are a lot of job cuts starting to happen again and the banking/wall street industry continues to get caught doing illegal things.

U.S. sues Bank of America for $1B-plus in mortgage fraud "The top federal prosecutor in Manhattan sued Bank of America for more than $1 billion on Wednesday for mortgage fraud against Fannie Mae and Freddie Mac during the years around the financial crisis." http://www.ibj.com/us-sues-bank-of-america-for-1b-plus-over-mortgage-fraud/PARAMS/article/37473