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Tansy_Gold

(17,815 posts)
Wed Sep 18, 2013, 06:51 PM Sep 2013

STOCK MARKET WATCH -- Thursday, 19 September 2013

[font size=3]STOCK MARKET WATCH, Thursday, 19 September 2013[font color=black][/font]


SMW for 18 September 2013

AT THE CLOSING BELL ON 18 September 2013
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Dow Jones 15,676.94 +147.21 (0.95%)
S&P 500 1,725.52 +20.76 (1.22%)
Nasdaq 3,783.64 +37.94 (1.01%)


[font color=green]10 Year 2.68% -0.18 (-6.29%)
30 Year 3.74% -0.09 (-2.35%)[font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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[font size=2]Euro, Yen, Loonie, Silver and Gold[center]

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[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
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Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
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[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
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Matt Taibi: Secret and Lies of the Bailout


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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
Open Government
Earmark Database
USA spending.gov
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[font color=red]Partial List of Financial Sector Officials Convicted since 1/20/09 [/font][font color=red]
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
6/4/12 Matthew Kluger, lawyer, sentenced to 12 years in prison, along with co-conspirator stock trader Garrett Bauer (9 years) and co-conspirator Kenneth Robinson (not yet sentenced) for 17 year insider trading scheme.
6/14/12 Allen Stanford sentenced to 110 years without parole.
6/15/12 Rajat Gupta, former Goldman Sachs director, found guilty of insider trading. Could face a decade in prison when sentenced later this year.
6/22/12 Timothy S. Durham, 49, former CEO of Fair Financial Company, convicted of one count conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud.
6/22/12 James F. Cochran, 56, former chairman of the board of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud.
6/22/12 Rick D. Snow, 48, former CFO of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
7/13/12 Russell Wassendorf Sr., CEO of collapsed brokerage firm Peregrine Financial Group Inc. arrested and charged with lying to regulators after admitting to authorities he embezzled "millions of dollars" and forged bank statements for "nearly twenty years."
8/22/12 Doug Whitman, Whitman Capital LLC hedge fund founder, convicted of insider trading following a trial in which he spent more than two days on the stand telling jurors he was innocent
10/26/12 UPDATE: Former Goldman Sachs director Rajat Gupta sentenced to two years in federal prison. He will, of course, appeal. . .
11/20/12 Hedge fund manager Matthew Martoma charged with insider trading at SAC Capital Advisors, and prosecutors are looking at Martoma's boss, Steven Cohen, for possible involvement.
02/14/13 Gilbert Lopez, former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt sentenced to 20 yrs in prison for their roles in Allen Sanford's $7.2 billion Ponzi scheme.
03/29/13 Michael Sternberg, portfolio mgr at SAC Capital, arrested in NYC, charged with conspiracy and securities fraud. Pled not guilty and freed on $3m bail.
04/04/13 Matthew Marshall Taylor,fmr Goldman Sachs trader arrested, charged by CFTC w/defrauding his employer on $8BN futures bet "by intentionally concealing the true huge size, as well as the risk and potential profits or losses associated."
04/04/13 Matthew Taylor admits guilt, makes plea bargain. Sentencing set for 26 June; faces up to 20 years in prison but will likely only see 3-4 years. Says, "I am truly sorry."
04/11/13 Ex-KPMG LLP partner Scott London charged by federal prosecutors w/passing inside tips to a friend in exchange for cash, jewelry, and concert tickets; expected to plead guilty in May.
08/01/13 Fabrice Tourré convicted on six counts of security fraud, including "aiding and abetting" his former employer, Goldman Sachs
08/14/13 Javier Martin-Artajo and Julien Grout charged with wire fraud, falsifying records, and conspiracy in connection with JP Morgan's "London Whale" trade.
08/19/13 Phillip A. Falcone, manager of hedge fund Harbinger Capital Partners, agrees to admit to "wrongdoing" in market manipulation. Will banned from securities industry for 5 years and pay $18MM in disgorgement and fines.
09/16/13 Javier Martin-Artajo and Julien Grout officially indicted on charges associated with "London Whale" trade.








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[font size=3][font color=red]This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.[/font][/font][/font color=red][font color=black]


36 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
STOCK MARKET WATCH -- Thursday, 19 September 2013 (Original Post) Tansy_Gold Sep 2013 OP
The wizard golfguru Sep 2013 #1
more like the whiz Tansy_Gold Sep 2013 #2
Don't look behind the curtain! tclambert Sep 2013 #3
Five Years Later, The Bailed-Out Banks Still Aren't Lending xchrom Sep 2013 #4
Hank Paulson making the rounds DemReadingDU Sep 2013 #10
that jerk is trying to rehabilitate himself. xchrom Sep 2013 #12
I feel ill DemReadingDU Sep 2013 #24
Or maybe it's that people aren't borrowing? Tansy_Gold Sep 2013 #18
! xchrom Sep 2013 #19
I just had my first cup. Fuddnik Sep 2013 #20
I have been saying that for years... golfguru Sep 2013 #31
This fucking guy along with Barney Frank .... Hotler Sep 2013 #26
British Pound Drops After An Ugly Economic Report xchrom Sep 2013 #5
Global Markets Are Going Gangbusters xchrom Sep 2013 #6
Woo Hoo! The rich are getting richer! (n/t) bread_and_roses Sep 2013 #28
Trickle down coming any day now..... n/t Hotler Sep 2013 #30
Yellen Chances Grow as Obama Aides Test Senate Support xchrom Sep 2013 #7
Stocks Jump to Five-Year High as Metals Rally on Fed xchrom Sep 2013 #8
Obamacare Unleashes Benefit Changes From Companies xchrom Sep 2013 #9
Wall Street-funded report defends banks' role in physical commodities xchrom Sep 2013 #11
Fringe Power: German Left Party a Would-Be Kingmaker xchrom Sep 2013 #13
The Dirndl Code: Expert Tips for a Rollicking Oktoberfest xchrom Sep 2013 #14
Dirndls were very fashionable, for a while in the 60's Demeter Sep 2013 #34
ETA News Release: Unemployment Insurance Weekly Claims Report (09/19/2013) mahatmakanejeeves Sep 2013 #15
Unemployment has increased every month for the past 3 months in Michigan Demeter Sep 2013 #35
Ireland exits recession as economy grows xchrom Sep 2013 #16
Senior holds up bank to get prison bed in crisis-hit Lisbon xchrom Sep 2013 #17
And you laughed... AnneD Sep 2013 #27
US CURRENT ACCOUNT DEFICIT DROPS TO $98.9 BILLION xchrom Sep 2013 #21
census: no sign of economic recovery for many in US xchrom Sep 2013 #22
A "selective recovery" is not a REcovery AT ALL! Demeter Sep 2013 #36
JPMORGAN PAYING $920M IN LONDON WHALE CASE xchrom Sep 2013 #23
Admitted wrongdoing and paid penalties DemReadingDU Sep 2013 #25
Philly Fed index jumps in September (kink in Chopper Ben's plans?) Roland99 Sep 2013 #29
Did you see this? Hotler Sep 2013 #32
Unfortunately, yes Tansy_Gold Sep 2013 #33

xchrom

(108,903 posts)
4. Five Years Later, The Bailed-Out Banks Still Aren't Lending
Thu Sep 19, 2013, 07:21 AM
Sep 2013
http://www.businessinsider.com/banks-still-arent-lending-2013-9


Remember why we bailed out the banks? Right--lending.

(Reuters) - The U.S. Federal Reserve decided to hold off on scaling back its bond-buying program on Wednesday, and at least one reason for its choice may have been a stubbornly weak economic indicator: bank lending.

Since the bottom of the recession just over four years ago, commercial bank loans and leases have grown 4.0 percent, one of the weakest post-recession recoveries in terms of borrowing since the 1960s, according to Paul Kasriel, the former chief economist of Northern Trust Company. For comparison, over the same period after the July 1990-March 1991 recession, loans and leases grew over four times faster.

"Given what's happening to bank credit and given that the economy isn't booming, I would say it was very wise that the Fed did not choose to cut back on its asset purchases at this point," Kasriel said in an interview.

In recent weeks, residential mortgage lending has dropped and commercial lending growth has slowed as Fed officials have talked about starting to wind down their bond buying stimulus program. That talk of "tapering" spooked bond markets, lifting long-term borrowing costs.



Read more: http://www.businessinsider.com/banks-still-arent-lending-2013-9#ixzz2fKw7roJF

Tansy_Gold

(17,815 posts)
18. Or maybe it's that people aren't borrowing?
Thu Sep 19, 2013, 09:22 AM
Sep 2013

Didja ever think of that? Huh? Huh? Didja? DIDJA????





(And please, could we have a warning about the scary pictures? I haven't had any coffee yet....)

 

golfguru

(4,987 posts)
31. I have been saying that for years...
Thu Sep 19, 2013, 11:57 AM
Sep 2013

The Fed can dump money into the banks, at ZIRP.
But unless there are willing and ABLE credit worthy borrowers, that money won't do zilch.

If that money was instead given out to tax payers, in the form of rebates, or tax cuts, the economy would be booming. JMHO.

Hotler

(11,353 posts)
26. This fucking guy along with Barney Frank ....
Thu Sep 19, 2013, 09:59 AM
Sep 2013

were on CSPAN at some institute talking about the great collapse and Hank said that the American people didn't understand. Really Hank? Really? What a shit stain.

xchrom

(108,903 posts)
5. British Pound Drops After An Ugly Economic Report
Thu Sep 19, 2013, 07:25 AM
Sep 2013
http://www.businessinsider.com/uk-august-retail-sales-fall-2013-9

U.K. retail sales unexpectedly fell 0.9% in August. This was much worse than the 0.4% gain expected by economists.

The British pound instantly reacted by falling.

Still, the FTSE 100 and equity markets around the world are still up strongly.

Here's a look at the pound via Bloomberg:



Read more: http://www.businessinsider.com/uk-august-retail-sales-fall-2013-9#ixzz2fKx3LvnU

xchrom

(108,903 posts)
6. Global Markets Are Going Gangbusters
Thu Sep 19, 2013, 07:28 AM
Sep 2013
http://www.businessinsider.com/global-markets-rally-september-19-2013-2013-9

On Wednesday, the Dow surged 0.9% to 15,676, and the S&P 500 increased 1.2% to 1,725. Both closed at all-time highs.

That was followed by a major rally in Asia.

Japan's Nikkei jumped 1.8%.
Hong Kong's Hang Seng jumped 1.8%.
Australia's S&P/ASX jumped 1.1%.
And Europe is blasting higher early in its trading session.

Britain's FTSE is up 1.4%.
France's CAC 40 is up 1.2%.
Germany's DAX is up 1.3%.
Spain's IBEX is up 1.3%.
Italy's FTSE MIB is up 1.4%.


Read more: http://www.businessinsider.com/global-markets-rally-september-19-2013-2013-9#ixzz2fKxtdTFn

xchrom

(108,903 posts)
7. Yellen Chances Grow as Obama Aides Test Senate Support
Thu Sep 19, 2013, 08:01 AM
Sep 2013
http://www.bloomberg.com/news/2013-09-18/new-york-s-schumer-backs-yellen-to-replace-bernanke-at-fed.html

The prospects of Janet Yellen becoming the next U.S. Federal Reserve chairman increased as White House officials began gauging lawmakers’ support and she won the backing of a top Senate Democrat.

Senator Charles Schumer, the chamber’s No. 3 Democrat and a senior member of the Banking Committee, yesterday called Yellen, currently the Fed’s vice chairman, an “excellent choice” to succeed Ben S. Bernanke when his term expires on Jan. 31.

President Barack Obama’s aides, meanwhile, have begun making calls to U.S. Senate offices to discuss the process of selecting the next central bank chief, mentioning Yellen by name, according to three Senate Democratic staff members.

The developments suggest that “the appointment of Yellen is coming and it’s coming soon,” Sarah Binder, a senior fellow at the Brookings Institution who studies the relationship between the Fed and Congress, said in an interview. “Given they said they’d limit themselves to whoever was already on the shortlist, the Yellen appointment has the highest prospects of going the most smoothly.”

xchrom

(108,903 posts)
8. Stocks Jump to Five-Year High as Metals Rally on Fed
Thu Sep 19, 2013, 08:03 AM
Sep 2013
http://www.bloomberg.com/news/2013-09-18/asian-futures-rise-as-fed-holds-stimulus-aussie-retreats.html

Global stocks jumped to a five-year high, led by emerging markets, and metals rallied after the Federal Reserve unexpectedly refrained from cutting monetary stimulus. Corporate creditworthiness improved to its best level in two years while the yen weakened.

The MSCI All-Country World Index climbed 1.2 percent at 7:25 a.m. in New York, led by the biggest gain in Turkish shares since November 2008. Standard & Poor’s 500 Index futures added 0.4 percent after the U.S. gauge closed at a record yesterday. The cost of insuring high-yield company bonds against losses fell 4.4 percent to the lowest since May 2011. Japan’s currency lost 1 percent against the dollar. The yield on 10-year German bunds slid 10 basis points to 1.90 percent. Copper jumped 2.3 percent and West Texas Intermediate oil rose 0.6 percent.

U.S. policy makers said they want more evidence of an economic recovery before paring its $85 billion-a-month quantitative-easing program. Fed Chairman Ben. S. Bernanke, who said in June the central bank may start curbing stimulus this year and end it in 2014 if the economy finally achieves sustainable growth, said yesterday the central bank must determine its policies based on “what’s needed for the economy,” even if it surprises markets. Reports on U.S. jobless claims, home sales and leading indicators are scheduled for today.

“Bernanke had threatened to take away the punchbowl and bring the QE-party to an end,” Kit Juckes, a global strategist at Societe Generale SA in London, said in a report today. “But he’s changed his mind, found more happy juice, and told us all to ’Party on, dude!’.”

xchrom

(108,903 posts)
9. Obamacare Unleashes Benefit Changes From Companies
Thu Sep 19, 2013, 08:09 AM
Sep 2013
http://www.bloomberg.com/news/2013-09-19/obamacare-unleashes-benefit-changes-from-companies.html

Barack Obama wanted to change American health-care as we know it. And he is, in ways that go far beyond the goals of the Affordable Care Act.

For weeks, headlines have cataloged the upheaval at private employers: UPS dropping coverage for employed spouses, IBM reworking retiree benefits. Yesterday came the biggest change: Walgreen Co. (WAG), the largest U.S. drugstore chain, told 160,000 workers they must buy their insurance through a private exchange rather than having the company arrange their coverage.

None of the moves was dictated by the health-care law. All, though, have occurred in an environment shaped by Obamacare, which has pushed businesses and governments to reexamine their health-care role as costs soar and national priorities shift. The law now is giving businesses cover to loosen the decades-old link between jobs and health insurance, a shift that may further cloud the outlook for an already unpopular law.

“It’s going to be easy for conservatives who can’t beat up on this enough to point more fingers,” said Robert Laszewski, an insurance-industry consultant based in Arlington, Virginia. “If you pass the largest health-care reform bill in 50 years, then everything that happens in terms of people’s health insurance is your responsibility, fair or not.”

xchrom

(108,903 posts)
11. Wall Street-funded report defends banks' role in physical commodities
Thu Sep 19, 2013, 08:16 AM
Sep 2013
http://www.reuters.com/article/2013/09/19/us-banks-physicalcommodities-study-idUSBRE98I03Q20130919

(Reuters) - A report funded by Wall Street's largest lobby group laid out the most public justification yet of banks' role in physical commodity markets, a lucrative business now under threat from mounting political and regulatory pressure.

The report by IHS Global, commissioned by the Securities Industry and Financial Markets Association (SIFMA), said that banks play a small but vital role in the natural resources supply chain, and that the ability to trade in the underlying commodities - not just derivatives - was significant.

"Banks play an essential role in assuring the smooth functioning of the commodity markets which underpin the $16.6 trillion U.S. economy, and on which consumers ultimately rely," said the report by IHS, a major global research, analysis and specialist information group that in recent years has bought some of the world's foremost energy consultancies.

The report comes just weeks before the Senate Banking Committee is expected to hold its second hearing on the issue of Wall Street's deepened involvement in physical markets, which has come under intense public scrutiny amid allegations that bank-owned metal warehouses have inflated prices.

xchrom

(108,903 posts)
13. Fringe Power: German Left Party a Would-Be Kingmaker
Thu Sep 19, 2013, 08:30 AM
Sep 2013
http://www.spiegel.de/international/germany/german-left-party-strong-but-shunned-by-mainstream-a-922870.html

As surprising as it might sound, there is a simple tactic that Germany's Social Democrats (SPD) could adopt for an excellent chance at toppling Chancellor Angela Merkel from her perch. Instead of pinning their (seemingly unrealistic) hopes on a center-left partnership with the ailing Greens, all the SPD would have to do is open itself to the left. A three-party alliance that included the Left Party would give the center right a run for its money.

Such an observation, of course, is hardly revolutionary. It is one the Left Party itself has been shouting from the rooftops for years. "Including us would mean the end of Angela Merkel's chancellorship," party co-head Bernd Riexinger said on Monday. "The SPD's exclusion-itis is Merkel's guarantee, her life insurance."

But leading Social Democrats have refused to consider the idea. And this despite the fact that the Left Party continues to earn surprisingly consistent support for a party that was supposed to fade as its already aged membership got older. In 2009, the average age of Left Party supporters was 62, four years older than for any other party. This year, at 60, the party's average age still remains higher than the others.

There are, of course, a handful of reasons why the SPD keeps the Left Party at arm's length. Situated at the far left of Germany's already left-leaning political spectrum, a significant chunk of Die Linke, as they are known in German, was born out of the remnants of the East German Communist party, leading mainstream politicians and pundits to view them with disdain.

xchrom

(108,903 posts)
14. The Dirndl Code: Expert Tips for a Rollicking Oktoberfest
Thu Sep 19, 2013, 08:49 AM
Sep 2013
http://www.spiegel.de/international/germany/expert-tips-how-to-get-the-most-out-of-oktoberfest-a-922991.html



With Munich's annual Oktoberfest beer festival beginning this weekend, locals are gearing up for two weeks of partying Bavarian-style. But tourists heading to the Wiesn festival grounds face a few logistical challenges.

Upon arriving at the enormous event, they may find themselves asking a few questions. Which beer tent is the best? What's the proper way to wear lederhosen and dirndls, the male and female versions of the traditional Bavarian attire known as Tracht? And once you've got your outfit on, how do you even get inside one of the crowded tents?

Native Munich resident and journalist Sonja Still addresses such issues in her new Oktoberfest guide, "Wiesn 2013." These include beer bench etiquette ("Squeeze close, make a toast and celebrate together!&quot and the event's most important smartphone app (which translates insults from Bavarian German to High German). The book also highlights some historic Oktoberfest tidbits, such as how Albert Einstein worked there as a student screwing in light bulbs. "If he could only see the sea of sparkling LED lights today," Still muses.

Practical Tips

Packed beer tents can ruin the Oktoberfest experience for those who don't come prepared, and reservations are highly recommended. But there is still hope for those who fail to plan ahead. On the weekends, half of the tent spots remain reservation-free until 3 p.m., after which 35 percent are still open. And this year, the city of Munich has made sure that an additional 150,000 tent seats were left open to spontaneous guests.
 

Demeter

(85,373 posts)
34. Dirndls were very fashionable, for a while in the 60's
Thu Sep 19, 2013, 06:30 PM
Sep 2013

My grandmother made me a lovely one in a printed corduroy pattern...

mahatmakanejeeves

(56,884 posts)
15. ETA News Release: Unemployment Insurance Weekly Claims Report (09/19/2013)
Thu Sep 19, 2013, 08:50 AM
Sep 2013

Source: Department of Labor, Employment and Training Administration

Read More: http://www.dol.gov/opa/media/press/eta/ui/eta20131889.htm

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending September 14, the advance figure for seasonally adjusted initial claims was 309,000, an increase of 15,000 from the previous week's revised figure of 294,000. The 4-week moving average was 314,750, a decrease of 7,000 from the previous week's revised average of 321,750.

The advance seasonally adjusted insured unemployment rate was 2.1 percent for the week ending September 7, a decrease of 0.1 percentage point from the prior week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending September 7 was 2,787,000, a decrease of 28,000 from the preceding week's revised level of 2,815,000. The 4-week moving average was 2,885,000, a decrease of 54,000 from the preceding week's revised average of 2,939,000.

UNADJUSTED DATA

....
The total number of people claiming benefits in all programs for the week ending August 31 was 4,037,491, a decrease of 235,250 from the previous week. There were 5,173,597 persons claiming benefits in all programs in the comparable week in 2012.

== == == ==

Good morning, Freepers and DUers alike. I ask you to put aside your differences long enough to read this post. Following that, you can engage in your usual donnybrook.

Ordinarily, an increase of 15,000 would be alarming, but, as you recall, changes in computer software in a few states made last week's figure abnormally low. Therefore I'm not sure what to make of this week's "increase."

I have been posting the number every week for at least a year. I seriously do not care if the week's data make Obama look good. They are just numbers, and I post them without regard to the consequences. I welcome people from Free Republic to examine the numbers as well. They paid for the work just as much as members of DU did, so I invite them to come on over and have a look. "The more the merrier" is the way I look at it.

I do not work at the ETA, and I do not know anyone working in that agency. I'm sure I can safely assume that the numbers are gathered and analyzed by career civil servant economists who do their work on a nonpartisan basis. Numbers are numbers, and let the chips fall where they may. If you feel that these economists are falling down on the job, drop them a line or give them a call. They work for you, not for any politician or political party.

The word "initial" is important. The report does not count all claims, just the new ones filed this week.

Note: The seasonal adjustment factors used for the UI Weekly Claims data from 2007 forward, along with the resulting seasonally adjusted values for initial claims and continuing claims, have been revised. These revised historical values, as well as the seasonal adjustment factors that will be used through calendar year 2012, can be accessed at the bottom of the following link: http://www.oui.doleta.gov/press/2012/032912.asp

 

Demeter

(85,373 posts)
35. Unemployment has increased every month for the past 3 months in Michigan
Thu Sep 19, 2013, 06:31 PM
Sep 2013

because PEOPLE are losing their JOBS.

Not because this psychedelic recovery has drawn more people out to look for jobs.

xchrom

(108,903 posts)
16. Ireland exits recession as economy grows
Thu Sep 19, 2013, 08:58 AM
Sep 2013
http://www.bbc.co.uk/news/business-24159574

The Irish Republic's economy has emerged from recession, according to official figures.

The economy grew by 0.4% in the second quarter of the year, although this was much weaker than many economists had forecast.

Economists had expected growth of at least 0.8%.

Ireland, which was bailed out after its banking and property crisis, fell back into recession in June.

xchrom

(108,903 posts)
17. Senior holds up bank to get prison bed in crisis-hit Lisbon
Thu Sep 19, 2013, 09:10 AM
Sep 2013
http://elpais.com/elpais/2013/09/19/inenglish/1379592886_877640.html

Some Portuguese prisoners are actually renouncing their right to parole, preferring jail over the streets, claims José Mouraz Lopes, a magistrate and president of the Union Association of Portuguese Judges. "In July I talked with two colleagues in charge of awarding parole at two Portuguese prisons and they confirmed it. I suppose there must be more. In my experience as a judge and a jurist, this had never happened in Portugal before."

The General Directorate of Penitentiary Services "does not know" how many prisoners are rejecting their freedom, but José Brites, president of the non-profit group O Companheiro, which helps ex-convicts return to society, has already worked with several middle-aged men who would rather come to the association by day and return to jail by night, rather than stay out of prison altogether: "Because of the recession they have no place to go."

Still, none of these cases can match that of Carlos Garcia da Mata, the senior who held up a bank, he says, in order to ensure a roof over his head.

One afternoon, sitting inside a boarding house in Lisbon and about to be kicked out after failing to pay the rent, this unemployed man with health problems who lives on a monthly pension of 240 euros decided that rather than sleep on the streets, he would prefer a prison cell. So he picked up a stone, walked over to a nearby store, took aim and smashed the display window. Then, as the alarms went off, he sat down to wait for the police.

AnneD

(15,774 posts)
27. And you laughed...
Thu Sep 19, 2013, 10:17 AM
Sep 2013

when I told you my retirement plan was to commit a federal crime so I could get 3 hots and a cot + medical care.

xchrom

(108,903 posts)
21. US CURRENT ACCOUNT DEFICIT DROPS TO $98.9 BILLION
Thu Sep 19, 2013, 09:39 AM
Sep 2013
http://hosted.ap.org/dynamic/stories/U/US_CURRENT_ACCOUNT?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-09-19-08-53-18

WASHINGTON (AP) -- The U.S. current account trade deficit narrowed in the April-June quarter to the lowest level in nearly three years.

The imbalance fell to $98.9 billion in the second quarter, a drop of 5.7 percent from the first quarter deficit of $104.9 billion, the Commerce Department reported Thursday.

The spring deficit was the lowest since a $93.8 billion imbalance in the third quarter of 2009, a period when the Great Recession had cut into demand for foreign goods.

The current account is the country's broadest measure of trade. It tracks not only the sale of goods and services but also investment flows.

xchrom

(108,903 posts)
22. census: no sign of economic recovery for many in US
Thu Sep 19, 2013, 09:43 AM
Sep 2013
http://hosted.ap.org/dynamic/stories/U/US_CENSUS_UNEVEN_RECOVERY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-09-19-03-24-16

WASHINGTON (AP) -- Even as the economy shows signs of improvement and poverty levels off, new U.S. census data suggests the gains are halting and uneven. Depending on education, race, income and even marriage, not all segments of the population are seeing an economic turnaround.

Poverty is on the rise in single-mother families. More people are falling into the lowest-income group. And after earlier signs of increased mobility, fewer people are moving as homeownership declined for a fifth straight year.

"We're in a selective recovery," said William H. Frey, a Brookings Institution demographer who analyzed the numbers.

The annual U.S. survey of socioeconomic indicators covers all of last year, representing the third year of a post-recession rebound.

xchrom

(108,903 posts)
23. JPMORGAN PAYING $920M IN LONDON WHALE CASE
Thu Sep 19, 2013, 09:47 AM
Sep 2013
http://hosted.ap.org/dynamic/stories/U/US_JPMORGAN_TRADING_LOSS_FINES?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-09-19-09-42-55

WASHINGTON (AP) -- JPMorgan Chase & Co. is paying $920 million in penalties and admitting wrongdoing over a $6 billion trading loss last year that tarnished the bank's reputation.

Regulators said Thursday that the largest U.S. bank failed to properly supervise traders in its London operation, allowing them to assign inflated values to trades and cover up losses as they ballooned. Two of the traders are facing criminal charges of falsifying records to hide the losses.

The combined amount JPMorgan is paying the three U.S. regulators and the U.K. Financial Conduct Authority adds up to one of the largest fines ever levied against a financial institution.

The Securities and Exchange Commission fined the bank $200 million and required it to admit wrongdoing. The Federal Reserve Board imposed a $200 million penalty, while the Office of the Comptroller of the Currency set a $300 million fine.

DemReadingDU

(16,000 posts)
25. Admitted wrongdoing and paid penalties
Thu Sep 19, 2013, 09:53 AM
Sep 2013

Yet no senior execs will be faulted. They need to be prosecuted and goto jail, otherwise they have not learned their lesson.

Roland99

(53,342 posts)
29. Philly Fed index jumps in September (kink in Chopper Ben's plans?)
Thu Sep 19, 2013, 10:40 AM
Sep 2013

The Philadelphia Fed's manufacturing index jumped to a reading of 22.3 in September from 9.3 in August. That's the highest reading since March 2011. Economists polled by MarketWatch had anticipated a reading of 11

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