Is it just talk? Over the last five years they like to talk 'tough' but their actions have said other wise.

 

Fed says it’s running out of bullets

Commentary: FOMC signals that bond purchases may stop

WASHINGTON (MarketWatch) — For the first time since the financial crisis started five years ago, the Federal Reserve has at last made its first signal that its extraordinary loose monetary policy will start to get tougher.

"But, the minutes show, the central bank is starting to say, enough is enough. Of the crowd that supported bond buys, a few say they should continue until the end of the year, and several said it could stop, or slow, well before then."

http://www.marketwatch.com/story/fed-says-its-running-out-of-bullets-2013-01-03

 

 

I would be surprised if we don't see another round of retail store closings being annouced in the next few months.

 

Retail Workers Bear Brunt Of Sluggish Holiday Sales

"Recent data suggest holiday retail business increased this year, but just barely. An estimate by MasterCard Inc.'s SpendingPulse unit shows sales grew 0.7 percent. That's the slowest rate since 2008, when retailers were feeling the worst of the recession.

When profits shrink like that, seasonal labor costs are the easiest cost to cut, says Diane Swonk, an economist at Mesirow Financial.

"The problem is, yes, these are disposable workers. I hate to say that, because I don't mean that about the people, but the reality is, when you got to cut hours, you do cut hours," Swonk says."

http://www.npr.org/2012/12/30/168283255/retail-workers-bear-brunt-of-sluggish-holiday-sales

 

 

US retailers report weakest holiday sales since 2008

"WASHINGTON –  U.S. holiday retail sales this year were the weakest since 2008, when the nation was in a deep recession. In 2012, the shopping season was disrupted by bad weather and consumers' rising uncertainty about the economy."

Read more: http://www.foxnews.com/us/2012/12/26/us-holiday-retail-sales-growth-weakest-since-2008/#ixzz2H1p5V85o

The Bureau of Labor Statistics reported a gain of 155,000 jobs last month, with the unemployment rate unchanged at 7.8%. Economists surveyed by Briefing.com were expecting 150,000 jobs to have been created in December, up from 146,000 in November.

The Bureau of Labor Statistics reported a gain of 155,000 jobs last month, with the unemployment rate unchanged at 7.8%. Economists surveyed by Briefing.com were expecting 150,000 jobs to have been created in December, up from 146,000 in November.

 

Break even point for just the incoming workforce. Better than being negative but we are just stuck in the employment category.

B. of A. settlement moves it, others higher

"Bank of America said on Monday that it has reached agreements with Fannie Mae to settle all repurchase and certain other claims surrounding almost all of the mortgage loans originated by Countrywide Financial Corp and Bank of America National Association from 2000 through 2008."

http://www.marketwatch.com/story/b-of-a-settlement-moves-it-others-higher-2013-01-07

 

 

U.S. public schools cut 11,000 jobs in December

"WASHINGTON (Reuters) - Local U.S. governments cut jobs for the fourth straight month in December, including 11,000 in public schools, dragging down the nation's fragile economic recovery, jobs data showed on Friday."

http://www.chicagotribune.com/news/sns-rt-us-usa-economy-jobs-statesbre9030v7-20130104,0,2751231.story

 

 

Liberty Medical says it will lay off more employees

"PORT ST. LUCIE — Liberty Medical Supply will lay off 260 employees next month, according to a Wednesday notice."

http://www.tcpalm.com/news/2013/jan/02/liberty-medical-lays-off-more-employees/

Insurance company Allstate looks to boost its Ohio workforce. The firm says it plans to hire nearly 140 people in Ohio, according to the Columbus Dispatch.

 

 

http://www.bizjournals.com/dayton/blog/morning_call/2013/01/allstate-hiring-136-across-ohio.html

GetGo in South Euclid is now hiring for all shifts.

It's a long read but well worth it. It shows how TARP was nothing in the overall scheme of things and that the bailouts continue today and will continue into the future. As I have tried to explain in the past, if you are focusing on TARP you are missing the real bailout including the FEDs actions.

 

Thomas Jefferson - "I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

 

Secret and Lies of the Bailout

"The federal rescue of Wall Street didn’t fix the economy – it created a permanent bailout state based on a Ponzi-like confidence scheme. And the worst may be yet to come"

 

"It was all a lie – one of the biggest and most elaborate falsehoods ever sold to the American people. We were told that the taxpayer was stepping in – only temporarily, mind you – to prop up the economy and save the world from financial catastrophe. What we actually ended up doing was the exact opposite: committing American taxpayers to permanent, blind support of an ungovernable, unregulatable, hyperconcentrated new financial system that exacerbates the greed and inequality that caused the crash, and forces Wall Street banks like Goldman Sachs and Citigroup to increase risk rather than reduce it."

 

"But within days of passage, the Fed and the Treasury unilaterally decided to abandon the planned purchase of toxic assets in favor of direct injections of billions in cash into companies like Goldman and Citigroup. Overnight, Section 109 was unceremoniously ditched, and what was pitched as a bailout of both banks and homeowners instantly became a bank-only operation – marking the first in a long series of moves in which bailout officials either casually ignored or openly defied their own promises with regard to TARP."

 

"Congress was furious. "We've been lied to," fumed Rep. David Scott, a Democrat from Georgia. Rep. Elijah Cummings, a Democrat from Maryland, raged at transparently douchey TARP administrator (and Goldman banker) Neel Kashkari, calling him a "chump" for the banks."

 

"Even worse, the $700 billion in TARP loans ended up being dwarfed by more than $7.7 trillion in secret emergency lending that the Fed awarded to Wall Street – loans that were only disclosed to the public after Congress forced an extraordinary one-time audit of the Federal Reserve. The extent of this "secret bailout" didn't come out until November 2011, when Bloomberg Markets, which went to court to win the right to publish the data, detailed how the country's biggest firms secretly received trillions in near-free money throughout the crisis."

 

"America's six largest banks – Bank of America, JP Morgan Chase, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley – now have a combined 14,420 subsidiaries, making them so big as to be effectively beyond regulation. A recent study by the Kansas City Fed found that it would take 70,000 examiners to inspect such trillion-dollar banks with the same level of attention normally given to a community bank."

 

"So what exactly did the bailout accomplish? It built a banking system that discriminates against community banks, makes Too Big to Fail banks even Too Bigger to Failier, increases risk, discourages sound business lending and punishes savings by making it even easier and more profitable to chase high-yield investments than to compete for small depositors. The bailout has also made lying on behalf of our biggest and most corrupt banks the official policy of the United States government."

Read more: http://www.rollingstone.com/politics/news/secret-and-lies-of-the-bailout-20130104#ixzz2HJBWHvrC

Follow us: @rollingstone on Twitter | RollingStone on Facebook

A few pages back we had a discussion about Dodd-Frank law and how that showed that Washington was not controled by Wall Street. At that time I made the comment, lets wait and see what this law actually does. Well it's not going to do much and will become even less effective very soon (and both party's are doing their part to kill it). So who controls who?

 

How Wall Street Killed Financial Reform

"It's bad enough that the banks strangled the Dodd-Frank law. Even worse is the way they did it - with a big assist from Congress and the White House."

 

"Two years later, Dodd-Frank is groaning on its deathbed. The giant reform bill turned out to be like the fish reeled in by Hemingway's Old Man – no sooner caught than set upon by sharks that strip it to nothing long before it ever reaches the shore. In a furious below-the-radar effort at gutting the law – roundly despised by Washington's Wall Street paymasters – a troop of water-carrying Eric Cantor Republicans are speeding nine separate bills through the House, all designed to roll back the few genuinely toothy portions left in Dodd-Frank. With the Quislingian covert assistance of Democrats, both in Congress and in the White House, those bills could pass through the House and the Senate with little or no debate, with simple floor votes – by a process usually reserved for things like the renaming of post offices or a nonbinding resolution celebrating Amelia Earhart's birthday."

 

Read more: http://www.rollingstone.com/politics/news/how-wall-street-killed-financial-reform-20120510#ixzz2HJCw3sG4

Follow us: @rollingstone on Twitter | RollingStone on Facebook

Insurance company Allstate looks to boost its Ohio workforce. The firm says it plans to hire nearly 140 people in Ohio, according to the Columbus Dispatch.

 

 

http://www.bizjournals.com/dayton/blog/morning_call/2013/01/allstate-hiring-136-across-ohio.html

 

Maybe those 11,000 teachers that lost their jobs in December can apply for those 140 insurance jobs and the Getgo gas station jobs. I am sure all those part time holiday workers will want some of that action as well.  :wink:

Ragerunner thanks for those new bailout posts. Rolling Stone has been pretty ruthless about the bailout, and thank God for that.

Taibbi:

... In a furious below-the-radar effort at gutting the law – roundly despised by Washington's Wall Street paymasters – a troop of water-carrying Eric Cantor Republicans are speeding nine separate bills through the House, all designed to roll back the few genuinely toothy portions left in Dodd-Frank.  With the Quislingian covert assistance of Democrats, both in Congress and in the White House, those bills could pass through the House  and the Senate with little or no debate, with simple floor votes ...

That article was from last May.  Did Congress vote for those bills?  Did President Obama sign them?

"Uh, I dunno"

Insurance company Allstate looks to boost its Ohio workforce. The firm says it plans to hire nearly 140 people in Ohio, according to the Columbus Dispatch.

 

 

http://www.bizjournals.com/dayton/blog/morning_call/2013/01/allstate-hiring-136-across-ohio.html

 

Maybe those 11,000 teachers that lost their jobs in December can apply for those 140 insurance jobs and the Getgo gas station jobs. I am sure all those part time holiday workers will want some of that action as well.  :wink:

 

Maybe they could apply for these as well:

 

Molina adding 226 jobs at new Columbus HQ

http://www.bizjournals.com/index.php/columbus/blog/2013/01/molina-adding-226-jobs-at-new-columbus.html

 

Time Warner Cable adding 200 jobs in Milwaukee

http://www.jsonline.com/business/time-warner-cable-adding-200-jobs-in-milwaukee-fl88jcj-185663811.html

 

Time Warner Cable adding 644 jobs in Lexington

http://www.thestate.com/2013/01/05/2577383/time-warner-cable-adding-644-jobs.html

Insurance company Allstate looks to boost its Ohio workforce. The firm says it plans to hire nearly 140 people in Ohio, according to the Columbus Dispatch.

 

 

http://www.bizjournals.com/dayton/blog/morning_call/2013/01/allstate-hiring-136-across-ohio.html

 

Maybe those 11,000 teachers that lost their jobs in December can apply for those 140 insurance jobs and the Getgo gas station jobs. I am sure all those part time holiday workers will want some of that action as well.  :wink:

 

Maybe they could apply for these as well:

 

Molina adding 226 jobs at new Columbus HQ

http://www.bizjournals.com/index.php/columbus/blog/2013/01/molina-adding-226-jobs-at-new-columbus.html

 

Time Warner Cable adding 200 jobs in Milwaukee

http://www.jsonline.com/business/time-warner-cable-adding-200-jobs-in-milwaukee-fl88jcj-185663811.html

 

Time Warner Cable adding 644 jobs in Lexington

http://www.thestate.com/2013/01/05/2577383/time-warner-cable-adding-644-jobs.html

 

The time warner jobs in Milwaukee and Lexington start out at about $13 dollars an hour as 'call center' jobs. It might be jobs but for most of those teachers it would be a noticable step downward in income. The Molina jobs article doesn't say what they will pay but it appears to be more of a healthcare caseload jobs which probably pay about the same. Which brings up a big topic on here, the majority of the jobs being created do not pay the same as the jobs being lost. I have posted a lot of stats showing that a significant amount of the jobs that have been created in this 'recovery' make people noticably poor.

Ragerunner thanks for those new bailout posts. Rolling Stone has been pretty ruthless about the bailout, and thank God for that.

 

Yes they have and they do a very good job with their research. Its a shame most of the MSM won't touch this stuff with a 10 foot poll or take the time to do their own research.

^Some income is better than no income. $13 an hour is not bad for the midwest.

New companies adding to job growth in Calif.

January 4, 2013 4:19 PM

 

In the past year, California has added more than 100,000 jobs in information technology, construction and tourism and hospitality industries. Ben Tracy reports on the Golden State's booming job growth.

 

http://www.cbsnews.com/video/watch/?id=50138257n

How Shape-Shifting Banks Foil Dodd-Frank Act

"Deutsche Bank AG (DBK) recently separated its U.S. investment bank from its bank holding company, removing it from supervision by the Federal Reserve.

So far, U.S. regulators have reacted passively to such moves by foreign banks to avoid the heightened capital requirements mandated by the Dodd-Frank Act.

That’s because Dodd-Frank failed to heed a fundamental law of architecture: Form must follow function. For financial regulation to be effective, it should focus on economic function, rather than legal form. If it doesn’t, institutions will quickly find new forms that free them of regulatory constraints. What walks like a duck and quacks like a duck must be regulated as a duck, even if it is legally a goose."

http://www.bloomberg.com/news/2012-04-16/how-shape-shifting-banks-foil-dodd-frank-act.html

 

Two other things that have happened to reduce the impacts of Dobb-Frank is lawsuites and flatlining/reducing funding for agencies that are to implement Dodd-Frank. Like the SEC. This makes it very difficult for agencies to effectively oversee the new regulations. With all this said I hope Wall Street gets as much regulating as possible. Its an animal that is running wild and damaging our economic stability as a nation. But, the banking industry and Wall Street has proven over and over they can get away with most things with only a slap on the hand (fine) and the game goes on. Wake me up when some of the big boys finally go to jail.

^Some income is better than no income. $13 an hour is not bad for the midwest.

 

Never said its wasn't. But it clearly doesn't create growth and stability for the economy or society in the long run to have incomes declining and more and more Americans falling into the low income category.  I would disagree that $13 dollars an hour is stable living wage in metro regions in the midwest (its only about $27,000 a year). You better not have any school debt, a crappy cheap car and a really small apartment or you are in trouble. You might want to also throw in some food stamps along the way.

New companies adding to job growth in Calif.

January 4, 2013 4:19 PM

 

In the past year, California has added more than 100,000 jobs in information technology, construction and tourism and hospitality industries. Ben Tracy reports on the Golden State's booming job growth.

 

http://www.cbsnews.com/video/watch/?id=50138257n

 

That is good news for a state that lost about 1.4 million jobs during the recession. At their current rate of job growth it is estimated that California will be back to the break even point in about 2016. That would be almost a full decade of no job growth for the state. The state currently has the 49 worst unemployment rate at almost 10%.

 

I have never said job growth has not increased since the great recession, it has, but the rate of growth and the income of these new jobs don't support a return to the same lifestyle that was had before the great recession.

 

 

And what is currently happening in California?

 

Census data: California's poverty rate increases, income levels fall

"New federal Census numbers released Thursday show a four percent drop last year in California median income levels."

"California’s poverty rate slightly increased last year to 16.6 percent from 15.8 percent in 2010 and 12.6 percent in 2007."

http://www.scpr.org/news/2012/09/21/34368/census-data-californias-poverty-rate-increases-inc/

 

I think this is one of the big stories of the "recovery". Incomes are still falling, poverty levels are still rising and so is the need for support like food stamps. There is a bigger picture currently playing out and it really doesn't have a positive story line. 

 

Insurance company Allstate looks to boost its Ohio workforce. The firm says it plans to hire nearly 140 people in Ohio, according to the Columbus Dispatch.

 

 

http://www.bizjournals.com/dayton/blog/morning_call/2013/01/allstate-hiring-136-across-ohio.html

 

Maybe those 11,000 teachers that lost their jobs in December can apply for those 140 insurance jobs and the Getgo gas station jobs. I am sure all those part time holiday workers will want some of that action as well.  :wink:

 

Maybe they could apply for these as well:

 

Molina adding 226 jobs at new Columbus HQ

http://www.bizjournals.com/index.php/columbus/blog/2013/01/molina-adding-226-jobs-at-new-columbus.html

 

Time Warner Cable adding 200 jobs in Milwaukee

http://www.jsonline.com/business/time-warner-cable-adding-200-jobs-in-milwaukee-fl88jcj-185663811.html

 

Time Warner Cable adding 644 jobs in Lexington

http://www.thestate.com/2013/01/05/2577383/time-warner-cable-adding-644-jobs.html

 

The time warner jobs in Milwaukee and Lexington start out at about $13 dollars an hour as 'call center' jobs. It might be jobs but for most of those teachers it would be a noticable step downward in income. The Molina jobs article doesn't say what they will pay but it appears to be more of a healthcare caseload jobs which probably pay about the same. Which brings up a big topic on here, the majority of the jobs being created do not pay the same as the jobs being lost. I have posted a lot of stats showing that a significant amount of the jobs that have been created in this 'recovery' make people noticably poor.

 

And a ton of the replacement jobs have terrible hours that keep people away from their families, shift the burden of child care to others, can lead to broken homes, and prevent people from spending money on things such as entertainment if they have any extra left over.

 

I think people really underestimate crappy hours' negative impact on the economy. When you work every Saturday night, have to sleep all day or have to go to bed at 6pm it really, really destroys your ability to contribute to the economy in a meaningful way besides your output at work. I suppose it does help Netflix, the video game industry and liquor stores though.

Insurance company Allstate looks to boost its Ohio workforce. The firm says it plans to hire nearly 140 people in Ohio, according to the Columbus Dispatch.

 

 

http://www.bizjournals.com/dayton/blog/morning_call/2013/01/allstate-hiring-136-across-ohio.html

 

Maybe those 11,000 teachers that lost their jobs in December can apply for those 140 insurance jobs and the Getgo gas station jobs. I am sure all those part time holiday workers will want some of that action as well.  :wink:

 

Maybe they could apply for these as well:

 

Molina adding 226 jobs at new Columbus HQ

http://www.bizjournals.com/index.php/columbus/blog/2013/01/molina-adding-226-jobs-at-new-columbus.html

 

Time Warner Cable adding 200 jobs in Milwaukee

http://www.jsonline.com/business/time-warner-cable-adding-200-jobs-in-milwaukee-fl88jcj-185663811.html

 

Time Warner Cable adding 644 jobs in Lexington

http://www.thestate.com/2013/01/05/2577383/time-warner-cable-adding-644-jobs.html

 

The time warner jobs in Milwaukee and Lexington start out at about $13 dollars an hour as 'call center' jobs. It might be jobs but for most of those teachers it would be a noticable step downward in income. The Molina jobs article doesn't say what they will pay but it appears to be more of a healthcare caseload jobs which probably pay about the same. Which brings up a big topic on here, the majority of the jobs being created do not pay the same as the jobs being lost. I have posted a lot of stats showing that a significant amount of the jobs that have been created in this 'recovery' make people noticably poor.

 

And a ton of the replacement jobs have terrible hours that keep people away from their families, shift the burden of child care to others, can lead to broken homes, and prevent people from spending money on things such as entertainment if they have any extra left over.

 

I think people really underestimate crappy hours' negative impact on the economy. When you work every Saturday night, have to sleep all day or have to go to bed at 6pm it really, really destroys your ability to contribute to the economy in a meaningful way besides your output at work. I suppose it does help Netflix, the video game industry and liquor stores though.

 

Some very good points. I know people that are experiences these things right now. I even know one couple that were each working 3 jobs just to support their family and both finally ended up in the hospital with direct related health issues.

And another quick look across the pond. I think we can safely say any happy talk of the EU on the mend is premature.

 

Unemployment risks creating new divide in Europe

"Eurozone unemployment rose to 11.8 percent in November, the highest since the euro currency was founded in 1999, according to the statistical agency Eurostat. The rate was up from 11.7 percent in October and 10.6 percent a year earlier.

In the wider 27-nation European Union, the world's largest economic bloc with 500 million people, unemployment broke the 26 million mark for the first time."

http://www.usnews.com/news/world/articles/2013/01/08/eurozone-unemployment-reaches-record-118-pct

 

 

 

Ragerunner thanks for those new bailout posts. Rolling Stone has been pretty ruthless about the bailout, and thank God for that.

Yes they have and they do a very good job with their research. Its a shame most of the MSM won't touch this stuff with a 10 foot poll or take the time to do their own research.

It's a shame that your reference material was out of date when you posted it and none of that happened.

http://www.urbanohio.com/forum2/index.php/topic,17905.msg657598.html#msg657598

Ragerunner thanks for those new bailout posts. Rolling Stone has been pretty ruthless about the bailout, and thank God for that.

Yes they have and they do a very good job with their research. Its a shame most of the MSM won't touch this stuff with a 10 foot poll or take the time to do their own research.

It's a shame that your reference material was out of date when you posted it and none of that happened.

http://www.urbanohio.com/forum2/index.php/topic,17905.msg657598.html#msg657598

 

That is incorrect. The main Rolling Stones articles is from January 2013. The other article was about efforts that were being done to change things and are still being attempted. Its not over yet and neither are all the lawsuites. Plus the other article I posted showed how some banks are getting around Dobb-Frank already and funding for groups like the SEC have not be increased to create the needed oversight for Dobb-Frank.

 

The main Rolling Stones articles is very current - January 4, 2013. Some banks are working and getting around many of the oversight items in Dobb-Frank and funding has not be created to support the new oversight needs. Their are many ways the banking industry/Wall Street can skin a cat and they are being successful in many of those other ways.

 

I think the point you are trying to make is limited. Did you take the time the read the main Rolling Stones article from January 4, 2013?

Once again, they know how to skin a cat in a lot of different ways.

 

The great banking swindle of 2013

Commentary: Weak capital rules expose financial system to panic

"On Monday, the world banking regulators unveiled a series of revisions to their new “capital requirements.”

"In essence the requirements are the minimum amount of cash banks keep aside should they suffer massive loan losses, or customers begin pulling their money and business."

"Think of it this way. When banks make a $100 loan today, they’re supposed to have roughly $5 in the vault to back it up. Regulators wanted that number to be closer to $8.50.

Of course, the banks howled."

"Monday’s revisions effectively gutted the new rules — not by changing the timetable or minimum ratios in a meaningful way — but by redefining what qualifies as “capital.”

Under the new rules almost anything short of junk bonds counts toward the final ratio. Now, corporate debt securities rated A+ to BBB– count. Also good: residential mortgage-backed securities rated AA or higher.

That said, regulators did draw a hard line on baseball cards, coupons for the Piggly Wiggly and lottery tickets.

We kid, but the description is not too far from the truth. Many of the newly allowed assets that can be counted toward the requirements were of questionable value four years ago. Thousands of AAA-rated MBS bonds, for instance, defaulted."

http://www.marketwatch.com/story/the-great-banking-swindle-of-2013-2013-01-08 

...

That is incorrect. The main Rolling Stones articles is from January 2013. The other article was about efforts that were being done to change things and are still being attempted. Its not over yet and neither are all the lawsuites. Plus the other article I posted showed how some banks are getting around Dobb-Frank already and funding for groups like the SEC have not be increased to create the needed oversight for Dobb-Frank.

 

The main Rolling Stones articles is very current - January 4, 2013. Some banks are working and getting around many of the oversight items in Dobb-Frank and funding has not be created to support the new oversight needs. Their are many ways the banking industry/Wall Street can skin a cat and they are being successful in many of those other ways.

 

I think the point you are trying to make is limited. Did you take the time the read the main Rolling Stones article from January 4, 2013?

 

I read the first page.  Stylistically, it is torture.  It jumps around with incomplete references.  It is still an account of what happened in 2009 and rather stale.  What was the point of that page ? 

 

  This excerpt won't win Taibbi a Pulitzer:

It has been four long winters since the federal government, in the hulking, shaven-skulled, Alien Nation-esque form of then-Treasury Secretary Hank Paulson, committed $700 billion in taxpayer money to rescue Wall Street from its own chicanery and greed.

 

I never saw Alien Nation, btw

...

That is incorrect. The main Rolling Stones articles is from January 2013. The other article was about efforts that were being done to change things and are still being attempted. Its not over yet and neither are all the lawsuites. Plus the other article I posted showed how some banks are getting around Dobb-Frank already and funding for groups like the SEC have not be increased to create the needed oversight for Dobb-Frank.

 

The main Rolling Stones articles is very current - January 4, 2013. Some banks are working and getting around many of the oversight items in Dobb-Frank and funding has not be created to support the new oversight needs. Their are many ways the banking industry/Wall Street can skin a cat and they are being successful in many of those other ways.

 

I think the point you are trying to make is limited. Did you take the time the read the main Rolling Stones article from January 4, 2013?

 

I read the first page.  Stylistically, it is torture.  It jumps around with incomplete references.  It is still an account of what happened in 2009 and rather stale.  What was the point of that page ? 

 

  This excerpt won't win Taibbi a Pulitzer:

It has been four long winters since the federal government, in the hulking, shaven-skulled, Alien Nation-esque form of then-Treasury Secretary Hank Paulson, committed $700 billion in taxpayer money to rescue Wall Street from its own chicanery and greed.

 

I never saw Alien Nation, btw

 

Keep reading its much more than just about 2009 and before.

Another example of one of the big boys side stepping another part of Dobb-Frank. That cat is already starting to look a little naked. As I said previously, the big boys will continue to do what they want.

 

Secret Goldman Team Sidesteps Volcker After Blankfein Vow

"Sitting onstage in Washington’s Ronald Reagan Building in July, Lloyd C. Blankfein said Goldman Sachs Group Inc. (GS) had stopped using its own money to make bets on the bank’s behalf."

"That may come as a surprise to people working in a secretive Goldman Sachs group called Multi-Strategy Investing, or MSI."

"The team’s survival shows how Goldman Sachs has worked around regulations curbing proprietary bets at banks. Former Federal Reserve Chairman Paul A. Volcker singled out the company in 2009, saying it shouldn’t get taxpayer support if it focuses on trading. A section of the 2010 Dodd-Frank Act known as the Volcker rule, drafted to prevent banks from taking on excessive risk, limits short-term investments made with firms’ capital."

http://www.bloomberg.com/news/2013-01-08/secret-goldman-team-sidesteps-volcker-after-blankfein-vow.html

Some recent job cut annoucements over the last few days.

 

American Express to slash 5,400 jobs

http://www.marketwatch.com/story/american-express-to-slash-5400-jobs-2013-01-10?link=MW_home_latest_news

 

 

Report: Time to Axe 700 Jobs Next Month, Save $100M

Read more: http://www.foxbusiness.com/industries/2013/01/10/report-time-to-axe-700-jobs-next-month-save-100m/#ixzz2HcFS9RPA

 

 

About 110 workers laid off at Lockheed Martin

Read more here: http://www.star-telegram.com/2013/01/09/4535799/about-110-workers-laid-off-at.html#storylink=cpy

 

 

Bay County-based Dow Corning laying off 500 workers globally

"Dow Corning said it is facing significant challenges with oversupply, high raw materials costs and slowed growth."

http://www.mlive.com/business/mid-michigan/index.ssf/2013/01/dow_corning_laying_off_500_wor.html

 

 

Morgan Stanley Said to Plan 1,600 Investment-Banking Job Cuts

Read more: http://www.sfgate.com/business/bloomberg/article/Morgan-Stanley-Said-to-Plan-1-600-4179537.php#ixzz2HcG8Tou4

 

 

Visiting Nurse Association to lay off 400 in North Texas

http://www.bizjournals.com/dallas/news/2013/01/07/visiting-nurse-association-to-lay-off.html

Ford hiring 2,200 salaried US workers this year

http://www.autoblog.com/2013/01/11/ford-hiring-2-200-salaried-us-workers-this-year/

With its influx of popular new products made in the US, Ford Motor Company has announced that it intends to hire 2,200 new salaried workers domestically this year. This is the biggest increase of salaried workers for Ford in the last 10 years, and it is all a part of Ford's contract commitment to the United Auto Workers union to bring 12,000 new jobs to the US by 2015.

 

There were no specifics as to where in the US these job openings will be, but Ford did reiterate that it will be spending $773 million on equipment upgrades and capacity expansion at six plants located in southeast Michigan; as a whole, Ford is investing a total of $6.2 billion to its US assembly plants over the next couple years. According to recently appointed president of the Americas Joe Hinrichs, the new jobs will be focused on areas such as engineering, manufacturing and computer software. Ford will post its job openings online at careers.ford.com, and it will also use social media sites like Facebook and Twitter to recruit new workers, including military veterans.

Ford hiring 2,200 salaried US workers this year

http://www.autoblog.com/2013/01/11/ford-hiring-2-200-salaried-us-workers-this-year/

With its influx of popular new products made in the US, Ford Motor Company has announced that it intends to hire 2,200 new salaried workers domestically this year. This is the biggest increase of salaried workers for Ford in the last 10 years, and it is all a part of Ford's contract commitment to the United Auto Workers union to bring 12,000 new jobs to the US by 2015.

 

There were no specifics as to where in the US these job openings will be, but Ford did reiterate that it will be spending $773 million on equipment upgrades and capacity expansion at six plants located in southeast Michigan; as a whole, Ford is investing a total of $6.2 billion to its US assembly plants over the next couple years. According to recently appointed president of the Americas Joe Hinrichs, the new jobs will be focused on areas such as engineering, manufacturing and computer software. Ford will post its job openings online at careers.ford.com, and it will also use social media sites like Facebook and Twitter to recruit new workers, including military veterans.

 

And to add to that.

 

"The No. 2 U.S. automakers behind General Motors (GM) also said it plans to add about 900 new jobs to its current salaried workforce in North America, though it warned that figure could change."

Read more: http://www.foxbusiness.com/industries/2013/01/11/ford-to-hire-2200-us-workers/#ixzz2HhVf8bTo

Aw, heck, while we're at it:

 

Honda Plans to Build New Plant in Ohio

http://abcnews.go.com/blogs/business/2012/01/honda-plans-to-build-new-plant-in-ohio/

 

Oops, premature google reporting.

 

This is the story I actually heard on the radio this morning:

 

Honda to build new hybrid Accord in Ohio

http://www.toledoblade.com/Automotive/2013/01/10/Honda-to-build-new-hybrid-Accord-in-Ohio.html

The headline could have been, Japan will add another 20 trillion yen in debt, in an effort to lift it out of its most recent recession.

 

Japan OKs over $224B in economic stimulus

"TOKYO (AP) — The Japanese Cabinet approved a fresh stimulus package of more than 20 trillion yen, or $224 billion, on Friday, aiming to lift the economy out of recession and create 600,000 new jobs."

"Abe urged the central bank to move more aggressively to encourage lending and meet a clear inflation target to break out of the economic doldrums that have plagued Japan for two decades."

http://www.usatoday.com/story/money/business/2013/01/10/japan-stimulus-224-billion/1825411/

 

And Greece continues to come apart, politically and economically.

 

Shots fired at Greece ruling party HQ in Athens

"A government spokesman said left-wing anarchist groups were suspected. In recent days three of the party's offices have been attacked. Small bombs have been placed at journalists' homes."

http://www.bbc.co.uk/news/world-europe-21009702

 

 

The day the US dollar looses its place as the worlds main currency, we will see inflation like never before here in the US.

 

Western governments may soon borrow in renminbi

"BEIJING (MarketWatch) — One of the most hotly discussed questions in world finance concerns the timing of the expected take-off of the Chinese renminbi as a worldwide financial transaction and reserve currency. International banks all over the world are preparing for a further wave of renminbi activity in coming years as the Chinese authorities gradually release the shackles on the international use of the currency."

http://www.marketwatch.com/story/western-governments-may-soon-borrow-in-renminbi-2013-01-14?dist=lcountdown

How low can they go. The race to devalue currencies is still on. These types of actions will allow the Euro and the Feds to print more as well, then it will be back in Japan's court again.

 

Yen plunges as Japan gambles for growth

"Frustrated by decades of stagnation, Japan is taking a bold gamble to revive the export engine of the world's third biggest economy: It is aggressively devaluing its currency.

The yen has weakened more than 14% against the dollar since the beginning of October, bringing about a boon for the country's manufacturers."

http://money.cnn.com/2013/01/13/news/economy/japan-yen/index.html?iid=HP_LN

 

 

This will impact 4th quarter GDP.

 

US trade gap hit $48.7 billion in November

"WASHINGTON—The U.S. trade deficit expanded in November to its widest point in seven months, driven by a surge in imports that outpaced only modest growth in exports."

"Exports increased only 1 percent to $182.6 billion. And exports to Europe fell 1.3 percent, further evidence of the prolonged debt crisis that has gripped the region."

http://www.mercurynews.com/business-headlines/ci_22354799/us-trade-gap-hit-48-7-billion-november

It wasn't to bad unless you were selling electronics and appliances, they dropped noticably. The main focus was in food and clothing, of course these are usually lower margin type items for the retailer.

 

Sales at U.S. Retailers Rose More Than Forecast in December

"Retail sales in the U.S. rose more than projected in December as Americans wrapped up their holiday shopping, showing households looked beyond the year-end budget battle among U.S. lawmakers."

http://www.bloomberg.com/news/2013-01-15/retail-sales-in-u-s-increased-more-than-forecast-in-december.html

 

 

Empire State index disappoints in January

"Index sinks to -7.8 in January

The key new orders sub-index fell to negative 7.2 from negative 3.4 and shipments also retreated sharply to negative 3.1 from 11.9 in December.

Labor market conditions also remained weak."

http://www.marketwatch.com/story/empire-state-index-disappoints-in-january-2013-01-15?dist=lcountdown

 

 

Germany wants its gold back; platinum pops

"February gold rises $11, helped in part by rising Japan inflation outlook"

http://www.marketwatch.com/story/gold-futures-tick-higher-in-asia-trading-2013-01-15?dist=lcountdown

 

 

It looks like the European recession has finally reached the last country standing, Germany.

 

German economy shrank in fourth quarter

http://money.cnn.com/2013/01/15/news/economy/germany-economy/index.html

 

 

In other words, the economy is still so weak it can't handle any rise in debt cost.

 

Bernanke downplays inflation risk of QE3

"Worst thing Fed could do would be to hike rates prematurely"

http://www.marketwatch.com/story/bernanke-downplays-inflation-risk-of-qe3-2013-01-14?dist=lcountdown

 

 

Why U.S. might be ‘a nation of deadbeats’

"Consumers have been paying down debt, but walking away from more

Far from paying our bills, the current generation of Americans — or some of them — have set records for default which probably have no parallel in the history of the human race. During the last five years, U.S. individuals have walked away from a staggering $585 billion in mortgages, credit card debts and other personal loans. That works out at about $6,000 per household."

http://www.marketwatch.com/story/why-us-might-be-a-nation-of-deadbeats-2013-01-15?dist=lcountdown

Year-over year U.S. home prices up sharply in November

 

WASHINGTON -- U.S. home prices in November extended their steady recovery from the housing bust, rising 7.4 percent compared with a year ago. It was the biggest year-over-year increase in 6½ years.

CoreLogic, a private data provider, says prices also rose 0.3 percent in November from October. The month-to-month figures are not seasonally adjusted.

 

http://www.cleveland.com/business/index.ssf/2013/01/year-over_year_us_home_prices.html#incart_river_default

Year-over year U.S. home prices up sharply in November

 

WASHINGTON -- U.S. home prices in November extended their steady recovery from the housing bust, rising 7.4 percent compared with a year ago. It was the biggest year-over-year increase in 6½ years.

CoreLogic, a private data provider, says prices also rose 0.3 percent in November from October. The month-to-month figures are not seasonally adjusted.

 

http://www.cleveland.com/business/index.ssf/2013/01/year-over_year_us_home_prices.html#incart_river_default

 

Good news for current home owners, bad news for those that want to become home owners, including many of the Y generation that is coming into the workforce and out of college. Of course this all comes at a price, the FEDs have added 2 trillion to their balance sheet (with another 1 trillion coming this year) to keep interest rates low and boost home sales and prices.

More info on Germany and its gold.

 

Bundesbank to pull gold from New York and Paris in watershed moment

"Germany’s Bundesbank is to repatriate gold reserves held abroad to tighten control and combat currency crises in the future, pulling a chunk of its holdings from New York and all its bullion from Paris."

"The move marks an extraodinary breakdown in trust between leading central banks and has set off ferment among gold enthusiasts, with some comparing it with France’s withdrawal of gold from the US under President Charles de Gaulle as the Bretton Woods currency system crumbled in the early 1970s.

Handelsblatt said the Bundesbank will announce on Wednesday that it intends to relocate the gold to vaults in Frankfurt, said by insiders to include parts of the old archive library. Germany has 3,396 tons of gold worth roughly £115bn, the world’s second-largest holding after the US."

http://www.telegraph.co.uk/finance/personalfinance/investing/gold/9804444/Bundesbank-to-pull-gold-from-New-York-and-Paris-in-watershed-moment.html

^ That's a lot of gold being moved around. I say we do it like the Italian Job. I could use a room just for my shoes.

Germany wants its gold and now this. The party seems to be getting a little rough.

 

Russia Says World Is Nearing Currency War as Europe Joins

"The world is on the brink of a fresh “currency war,” Russia warned, as European policy makers joined Japan in bemoaning the economic cost of rising exchange rates.

“Japan is weakening the yen and other countries may follow,” Alexei Ulyukayev, first deputy chairman of Russia’s central bank, said at a conference today in Moscow.

The alert from the country that chairs the Group of 20 came as Luxembourg Prime Minister Jean-Claude Juncker complained of a “dangerously high” euro and officials in Norway and Sweden expressed exchange-rate concern.

The push for weaker currencies is being driven by a need to find new sources of economic growth as monetary and fiscal policies run out of room. The risk is as each country tries to boost exports, it hurts the competitiveness of other economies and provokes retaliation."

http://www.bloomberg.com/news/2013-01-16/russia-says-world-is-nearing-currency-war-as-europe-joins.html

 

 

BofA sees recession threat from ‘few weeks’ at debt ceiling

"The U.S. economy could slip into recession even if the Treasury pays some of its obligations in the event Congress doesn’t raise the debt ceiling, Bank of America Merrill Lynch economists wrote Wednesday."

http://blogs.marketwatch.com/election/2013/01/16/bofa-sees-recession-threat-from-few-weeks-at-debt-ceiling/

 

 

David Cameron: critics too hung up on 'process' of Europe reforms

"David Cameron has warned against getting hung up on the "process" of EU reforms, as he comes under pressure to set a firm timetable for a new relationship with Brussels."

http://www.telegraph.co.uk/news/politics/9806027/David-Cameron-critics-too-hung-up-on-process-of-Europe-reforms.html

 

 

Another list of some of the jobs cuts over the last few days. Many of these are high wage type jobs.

 

Hemlock to Cut 400 Jobs Amid Global Polysilicon Oversupply

http://www.bloomberg.com/news/2013-01-14/hemlock-to-cut-400-jobs-amid-global-oversupply-of-polysilicon.html

 

United Airlines to cut 472 Newark jobs

http://www.northjersey.com/news/186814481_United_Airlines__472_job_cuts_in_Newark.html

 

Atmel Corp. lays off 140 more in Colorado Springs

Read more: http://www.vcstar.com/news/2013/jan/15/atmel-corp-lays-off-140-more-in-colorado-springs/#ixzz2I9z9ekmV

- vcstar.com

 

United Tech's Pratt arm laying off 350 staffers

http://www.reuters.com/article/2013/01/15/unitedtech-layoffs-idUSL2N0AKJSP20130115

 

El Paso Leviton plant to close; 300 will be laid off

http://www.elpasotimes.com/news/ci_22381487/leviton-close-plant-ep-300-will-be-laid?source=most_viewed

DENSO adding jobs in Maryville, Athens

Japan auto tech supplier will invest $1B in N. America

 

More than 130 new jobs are headed to East Tennessee as DENSO has announced plans to pump $1 billion over the next four years into its North American operations, including plants in Maryville and Athens, Tenn.

 

http://www.knoxnews.com/news/2013/jan/16/denso-adding-jobs-in-maryville-athens/

 

 

Jeld-Wen to expand plant, adding 49 jobs

 

Jeld-Wen Inc. confirmed on Wednesday plans to expand its manufacturing plant in North Wilkesboro, adding 49 jobs and spending $4.8 million on capital investments.

http://www.journalnow.com/business/business_news/local/article_9e29a372-5ff7-11e2-92dc-001a4bcf6878.html

 

 

DETROIT -- Ford is adding 2,200 U.S. salaried jobs this year — the most white-collar hiring the automaker has done in more than 10 years.

The jobs will be in such areas as product development, manufacturing and information technology. They are full-time Ford jobs with benefits — not agency or contract workers. Ford ended 2012 with 28,000 salaried workers in North America. Openings will be posted on the Ford Careers website at www.careers.ford.com

 

http://www.usatoday.com/story/money/cars/2013/01/10/ford-to-add-2200-salaried-jobs/1566242/

 

 

Morgan Stanley adding 110 jobs, building facility in Temple Terrace

 

Financial services giant Morgan Stanley is expanding in Hills­borough County, adding up to 110 more jobs as it invests $6.6 million in a new facility in Temple Terrace.

 

http://www.tampabay.com/news/business/banking/morgan-stanley-adding-110-jobs-building-facility-in-temple-terrace/1270626

Advanced Home Care adding jobs in High Point

 

HIGH POINT —One of High Point’s largest employers is expanding its work force because of the growth of the home health-care field.

The High Point Enterprise reported Saturday that Advanced Home Care will add 55 local jobs and more than 100 companywide as part of an expansion.

 

http://www.journalnow.com/news/local/article_174a3138-5d26-11e2-92a3-0019bb30f31a.html

DENSO adding jobs in Maryville, Athens

Japan auto tech supplier will invest $1B in N. America

 

More than 130 new jobs are headed to East Tennessee as DENSO has announced plans to pump $1 billion over the next four years into its North American operations, including plants in Maryville and Athens, Tenn.

 

http://www.knoxnews.com/news/2013/jan/16/denso-adding-jobs-in-maryville-athens/

 

 

Jeld-Wen to expand plant, adding 49 jobs

 

Jeld-Wen Inc. confirmed on Wednesday plans to expand its manufacturing plant in North Wilkesboro, adding 49 jobs and spending $4.8 million on capital investments.

http://www.journalnow.com/business/business_news/local/article_9e29a372-5ff7-11e2-92dc-001a4bcf6878.html

 

 

DETROIT -- Ford is adding 2,200 U.S. salaried jobs this year the most white-collar hiring the automaker has done in more than 10 years.

The jobs will be in such areas as product development, manufacturing and information technology. They are full-time Ford jobs with benefits not agency or contract workers. Ford ended 2012 with 28,000 salaried workers in North America. Openings will be posted on the Ford Careers website at www.careers.ford.com

 

http://www.usatoday.com/story/money/cars/2013/01/10/ford-to-add-2200-salaried-jobs/1566242/

 

 

Morgan Stanley adding 110 jobs, building facility in Temple Terrace

 

Financial services giant Morgan Stanley is expanding in Hills­borough County, adding up to 110 more jobs as it invests $6.6 million in a new facility in Temple Terrace.

 

http://www.tampabay.com/news/business/banking/morgan-stanley-adding-110-jobs-building-facility-in-temple-terrace/1270626

 

Already had the Ford annoucement and GM annoucement and the Honda announcement at the top of page. Thanks for the link to the other 289 job annoucements.

 

One thing that is lost in the discussion of jobs creation and job loss is the time frame for both to take place. Most job losses usually have already happened by the time they are announced or will happen with a month or so. Job creation announcements frequently can be a year or more away. I also came across a very interesting article that showed how a noticeable percentage of new job announcements never materialize. On the other side, most job cut announcement happen and happen quickly.

 

One example is from your post. DENSO will be making that investment over the next 4 years and it appears the first phase will not get going until early 2014. If you look at most of the job cut annoucements I have posted the people have already been cut or its going to happen with a month or less.

 

I appreciate the info that you are posting, thanks.

 

 

^ Right. Bad is bad news. Good news is actually bad news wrapped in lies. Thanks for clearing that up.

 

Most hirings happen organically, over time. And public never hears about it.

^ Right. Bad is bad news. Good news is actually bad news wrapped in lies. Thanks for clearing that up.

 

Most hirings happen organically, over time. And public never hears about it.

 

Not true. Most hirings of 50 or more are announced through the media and a local or state EDC.

An example of this is posted just above by Clefan98

"Jeld-Wen to expand plant, adding 49 jobs"

 

My comment about timing is correct. I work with a local EDC office, it usually takes time for the new jobs to get into place, but the job losses are almost over night.

 

A lot of the growth is in the apartment/rental industry. Which is good, that is what many currently need in today's economy and what a lot of the data shows the Y generation wants.

 

Housing starts jump in December

"Starts rose 24.7% in the Midwest, 21.4% in the Northeast, 18.7% in the West and 3.8% in the South. By structure size, starts for single-family homes rose 8.1%, and increased 20.3% in buildings with at least two units.

While starts in December were up 37% from a year earlier, rates remain far below a bubble peak of almost 2.3 million in 2006."

http://www.marketwatch.com/story/housing-starts-jump-in-december-2013-01-17

 

 

Following the negative NY index. Also, the surprising Philly index in December was cut by about 40% from its first reading (8.1).

 

Negative reading for Philly Fed index in January

"The Philadelphia Fed’s manufacturing index went negative in January, slipping to -5.8 in January from +4.6 in December.

Negative reading for Philly Fed index in January."

http://www.marketwatch.com/story/negative-reading-for-philly-fed-index-in-january-2013-01-17

 

 

Initial jobless claims fall 37,000 to 335,000

"Big weekly drop said likely to stem from beginning-of-the-year quirk"

http://www.marketwatch.com/story/initial-jobless-claims-fall-37000-to-335000-2013-01-17

 

 

Euros discarded as impoverished Greeks resort to bartering

"Communities set up local currencies and exchange networks in attempt to beat the economic crisis"

"It's been a busy day at the market in downtown Volos. Angeliki Ioanitou has sold a decent quantity of olive oil and soap, while her friend Maria has done good business with her fresh pies.

But not a single euro has changed hands – none of the customers on this drizzly Saturday morning has bothered carrying money at all. For many, browsing through the racks of second-hand clothes, electrical appliances and homemade jams, the need to survive means money has been usurped.

"It's all about exchange and solidarity, helping one another out in these very hard times," enthused Ioanitou, her hair tucked under a floppy felt cap. "You could say a lot of us have dreams of a utopia without the euro."

http://www.guardian.co.uk/world/2013/jan/02/euro-greece-barter-poverty-crisis

 

 

It better have a significant impact on the housing market this year, because it is housing growth that the FED is banking on to keep the official GDP number positive this year.

 

Fed’s Fisher disappointed with QE3 market impact

"Calls for action to split up too-big-to-fail banks"

"WASHINGTON (MarketWatch) — The Federal Reserve’s aggressive monetary-policy stance has not brought down mortgage rates as much as hoped, Dallas Federal Reserve Bank President Richard Fisher said Wednesday.

“Rates are the lowest they have been in a lifetime, but they have not come down as quickly as I would like. We have not seen as robust an effect as we would like to see,” Fisher told reporters after an evening speech here.

Fisher said that in his own view, the Fed’s quantitative easing seems to be “having a lesser impact as we go through time.”

"In his speech Wednesday, the Dallas Fed president said one reason that monetary policy wasn’t as effective as it could be is because the nation’s dozen largest banks are not lending.

Instead, these large institutions remain preoccupied with rebuilding their balance sheets in the wake of the financial crisis, he said."

http://www.marketwatch.com/story/feds-fisher-disappointed-with-qe3-market-impact-2013-01-16?Link=obinsite

 

 

Continuing on the issue that even if people find new jobs it is more times than not paying less than their old job.

 

1 in 3 Illinoisans lives in or near poverty level: report

"A staggering one out of three Illinoisans today lives in or near poverty - the peak of a continued climb over three decades, a new study finds.

It means one in five Illinois children are living in poverty, according to the study released Wednesday by the Social IMPACT Research Center of Chicago's Heartland Alliance for Human Needs & Human Rights.

The forces behind this rising poverty in a post-recession economy go beyond unemployment, according to the study, which traces it also to an inadequate living wage and lack of access to education, housing, health care and assets."

http://wap.myfoxchicago.com/w/main/story/82844687/

 

 

Military services to freeze hiring, lay off temps, prep for furloughs

"The Defense Department is freezing civilian hiring, laying off temporary workers, considering furloughs for hundreds of thousands of civilian employees, and cutting back on contracts to prepare for the likelihood of severe budget reductions this year."

http://www.federaltimes.com/article/20130116/PERSONNEL03/301160004/Military-services-freeze-hiring-lay-off-temps-prep-furloughs?odyssey=mod|newswell|text|Advice%20&%20Opinion|p

Consumer sentiment declines in January

Gauge comes up well short of economists’ view for an increase

"WASHINGTON (MarketWatch) — Led by gloomier views on current conditions, a gauge of consumer sentiment declined in January, hitting the lowest level since December 2011, according to a Friday report from the University of Michigan-Thomson Reuters."

http://www.marketwatch.com/story/consumer-sentiment-declines-in-january-2013-01-18

 

 

Wow, this is shocking news!

 

Greece needs more European money to help with debts, says IMF

"Greece will need additional help from its European partners as soon as next year to bring its huge debt under control, a senior IMF official has said."

http://www.telegraph.co.uk/finance/financialcrisis/9811748/Greece-needs-more-European-money-to-help-with-debts-says-IMF.html

Just a few weeks ago EU leaders said the worst was behind them. I guess it was just more happy talk.

 

Central bank says Spanish economy contracted 0.6 pct in fourth quarter, deepening recession

http://www.washingtonpost.com/business/central-bank-says-spanish-economy-contracted-06-pct-in-fourth-quarter-deepening-recession/2013/01/23/661c5a0c-6569-11e2-889b-f23c246aa446_story.html

 

 

Italy’s Top Bank Lobbyist Resigns After Derivatives Disclosures

"Monte Paschi said on Jan. 17 it will review its accounts after Bloomberg News first reported that the lender engaged in a derivative with Deutsche Bank AG in 2008 that obscured losses before the Siena-based bank sought a government bailout. The Italian lender, which was bailed out in 2009, is seeking 500 million euros more from taxpayers, bringing the total cost of its rescue to 3.9 billion euros."

http://www.bloomberg.com/news/2013-01-22/italy-s-top-bank-lobbyist-resigns-after-derivatives-disclosures.html

 

 

IMF Cuts Forecast on Second Year of Europe Contraction

"The International Monetary Fund cut its global growth forecasts and now projects a second year of contraction in the euro region as progress in battling Europe’s debt crisis fails to produce an economic recovery."

http://www.businessweek.com/news/2013-01-23/imf-cuts-global-forecasts-on-second-year-of-europe-contraction

 

 

Dish Network to close 300 Blockbuster stores, lay off 3,000 workers

http://www.bizjournals.com/washington/morning_call/2013/01/dish-network-to-close-300-blockbuster.html

 

 

Another piece of the tinfoil hat falls off. They would never use insider knowledge while doing these 'undetected' trades?

 

Gazing into 'dark pools,' the tool that enables anonymous insider trading

"While federal authorities aggressively pursue individual insider stock trading  cases –  including an ongoing investigation of Wall Street titan Steven A. Cohen’s SAC Capital hedge fund – financial regulators remain years away from being able to peer into “dark pools,” the high-tech mechanism that insiders use to conduct secret, advantageous transactions."

"The complaint also offered a look at how “dark pools” allowed Cohen's firm to trade millions of shares and hundreds of millions of dollars of stock virtually undetected."

"The secret trades are perfectly legal. Only if they are coupled with inside information and used to give buyers or sellers an improper advantage do they cross the line."

"Investors who have filed a class-action lawsuit against Cohen and SAC Capital say that’s exactly what happened with the trades in the Elan pharmaceutical company initiated by Martoma. They allege that they were at a distinct disadvantage as SAC profited from insider knowledge."

http://openchannel.nbcnews.com/_news/2013/01/23/16633004-gazing-into-dark-pools-the-tool-that-enables-anonymous-insider-trading?lite

America's economyLooking better

 

WHEN Barack Obama was sworn in four years ago, the economic figures were terrifying. A financial crisis and a savage recession were in full swing, and house foreclosures were soaring. The day of his inauguration, panic about the banks sent the Dow Jones Industrial Average down more than 300 points. At the start of his second term, by contrast, the Dow hit a five-year high, while a widely followed index of investor fear called the VIX reached a near-six-year low (see table).

 

http://www.economist.com/blogs/freeexchange/2013/01/americas-economy-0?fsrc=rss