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Tansy_Gold

(17,817 posts)
Tue Mar 11, 2014, 08:40 PM Mar 2014

STOCK MARKET WATCH -- Wednesday, 12 March 2014

[font size=3]STOCK MARKET WATCH, Wednesday, 12 March 2014[font color=black][/font]


SMW for 11 March 2014

AT THE CLOSING BELL ON 11 March 2014
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Dow Jones 16,351.25 -67.43 (-0.41%)
S&P 500 1,867.63 -9.54 (-0.51%)
Nasdaq 4,307.19 -27.26 (-0.63%)


[font color=green]10 Year 2.77% -0.01 (-0.36%)
30 Year 3.71% -0.01 (-0.27%)[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.
02/06/14 Matthew Martoma convicted of insider trading while at hedge fund SAC (Stephen A. Cohen) Capital Advisors. Expected sentence 7-10 years.








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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 -- Wednesday, 12 March 2014 (Original Post) Tansy_Gold Mar 2014 OP
DIBBS! First post. ........ Hotler Mar 2014 #1
shaking my damn head Tansy_Gold Mar 2014 #2
The upside to this spying.... AnneD Mar 2014 #26
....... Hotler Mar 2014 #33
It's too much to swallow for breakfast Demeter Mar 2014 #7
China doesn't WANT our Frankenfood! Ingrates! Demeter Mar 2014 #9
Ironic, isn't it? dixiegrrrrl Mar 2014 #28
Who says they are shipping that pork to China? Demeter Mar 2014 #29
It seemed like he was trying to redirect the topic. Hotler Mar 2014 #34
China worries chill markets, copper slumps xchrom Mar 2014 #3
Greek public sector workers strike as job cuts run into fifth straight year xchrom Mar 2014 #4
Japan's Abe seeks trilateral summit with Korea, U.S. xchrom Mar 2014 #5
Ukraine tensions to keep Russian central bank on guard xchrom Mar 2014 #6
Yesterday morning, I saw my first snowdrop, poking through the ice Demeter Mar 2014 #8
The Kid has the day off Demeter Mar 2014 #10
i love snowdrops xchrom Mar 2014 #11
Tech-Sector Neoliberalism Isn’t the Answer to America’s Inequality Problem xchrom Mar 2014 #12
Help from Germany: Firms Could Soon Provide Gas to Ukraine xchrom Mar 2014 #13
OFFICIAL: OBAMA TO PUSH FOR MORE OVERTIME PAY xchrom Mar 2014 #14
2 KEY SENATORS AGREE ON FANNIE-FREDDIE OVERHAUL xchrom Mar 2014 #15
Do I have to mention that this is a stupid idea? Demeter Mar 2014 #18
they don't know what they are doing...but nobody will cop to it. nt xchrom Mar 2014 #19
Sure, they know what they are doing Demeter Mar 2014 #20
PRIVATIZE THE GAINS, SOCIALIZE THE LOSSES, n/t DemReadingDU Mar 2014 #24
Can you speak a little louder... AnneD Mar 2014 #25
AGENCY SUING AMERICAN AIRLINES OVER TAX INCENTIVES xchrom Mar 2014 #16
STRIKES IN GREECE AS AUSTERITY DEAL PROVES ELUSIVE xchrom Mar 2014 #17
Our economic yardsticks are broken – they offer no warning of catastrophe xchrom Mar 2014 #21
It's the faulty interpretations Demeter Mar 2014 #27
Cyprus's outgoing central bank chief hits back as replacement is named xchrom Mar 2014 #22
Toyota union workers, in Japan, gets raise DemReadingDU Mar 2014 #23
A market to match my mood Demeter Mar 2014 #30
Gold is going for the Moon, too Demeter Mar 2014 #31
And the oil bubble has popped, only took a couple weeks... Demeter Mar 2014 #32
Saw $3.89 this morning at the most expensive station in town... Demeter Mar 2014 #35
Gasoline here has jumped from $2.89 to $3.39 Warpy Mar 2014 #36

Hotler

(11,354 posts)
1. DIBBS! First post. ........
Tue Mar 11, 2014, 10:13 PM
Mar 2014

I just watched this, Denies Hacking saying the CIA wasn't spying on congress. Denies, how the hell did you get to be director of the CIA? You couldn't lie your way out of being late for work........ NEXT!
http://xfinity.comcast.net/video/CIA-Director-Denies-Hacking-Senate-Computers/191573571893/Comcast/Today_in_Video/?cid=hero_sf_TIV

Tansy_Gold

(17,817 posts)
2. shaking my damn head
Tue Mar 11, 2014, 10:44 PM
Mar 2014

you nailed it, hotler.

Jesus Harold Christ. Just how dumb do they think we are?

(Or, Dunning-Kruger proven once again.)

AnneD

(15,774 posts)
26. The upside to this spying....
Wed Mar 12, 2014, 08:41 AM
Mar 2014

when my Alzheimer's kicks in, maybe my family can get a report on my activities. Better than an alert bracelet.

 

Demeter

(85,373 posts)
7. It's too much to swallow for breakfast
Wed Mar 12, 2014, 06:54 AM
Mar 2014

I don't want the CIA putting anything behind itself....because that means funerals.

He's not denying, so much as trying to redraw the picture so as to portray the CIA as doing its job to keep us safe from Congressional interference...I mean, oversight. Well, oversight is okay, so long as Congress is only looking at what we want them to see...

This cloak and dagger stuff is complicated. Average people wouldn't understand.

 

Demeter

(85,373 posts)
9. China doesn't WANT our Frankenfood! Ingrates!
Wed Mar 12, 2014, 07:02 AM
Mar 2014
Trade fears sprout in the GMO divide By Gregory Meyer

http://www.ft.com/intl/cms/s/0/8882579e-a560-11e3-8070-00144feab7de.html?siteedition=uk

In a video advert for Syngenta’s new genetically modified seeds, the camera pans across a row of immature corn stalks, then cuts to dozens of pallid worms gnawing on a root. “There’s a ticking time bomb in your fields,” it warns farmers. “It can eat into your profits and sink your entire operation.” It is not a new message: the fight against corn rootworm, a common pest, is perennial in agriculture. But Syngenta’s latest attempt to protect crops from the larval creature, by adding a new genetically modified ‘trait’, has triggered a new battle – involving biotechnology companies, the grain trading industry and the government of China.

As the US corn belt prepares for its planting season next month, Syngenta’s Agrisure Duracade seeds have been approved inside the US – but not yet in China. As one of the world’s emerging corn import heavyweights, however, China’s stance on genetic modification has the potential to transform agricultural markets. Late last year, China’s decision to reject imports containing another unapproved corn trait caused losses of hundreds of millions of dollars at commodities trading houses globally, including Archer Daniels Midland and Louis Dreyfus Commodities, industry executives say. Now, traders are alarmed that Duracade corn will leak into their export stream, making it unsaleable in China....

“We could test every truckload,” he says. “Yet, if the Chinese authorities . . . find two kernels in a 2m-bushel Panamax vessel . . .” He warns that such a discovery could lead to the rejection of an entire shipment. US corn exports to China totalled $1.2bn last year.


Associations of US grain exporters and silo operators have demanded that Syngenta halt commercial sales of Duracade as well as Viptera – the corn variety already rejected by China – until Beijing and some other foreign markets have given their approval, warning of “serious economic harm to exporters, grain handlers and, ultimately, agricultural producers”. Swiss-based Syngenta, the largest agricultural chemicals company by sales, is not backing down, though. It has outlined a spring planting “launch zone” from Colorado in the west to New York in the east – and has teamed with Gavilon, a subsidiary of Marubeni of Japan, which promises to buy any Duracade corn that farmers harvest...

THIS IS A VERY DISTURBING ARTICLE...THE CORPORATIONS FORCING UNWANTED AND UNTESTED PRODUCTS ON THE WORLD BECAUSE THEY KNOW BETTER THAN US.

dixiegrrrrl

(60,010 posts)
28. Ironic, isn't it?
Wed Mar 12, 2014, 09:45 AM
Mar 2014

I DO like this part:

China’s decision to reject imports containing another unapproved corn trait caused losses of hundreds of millions of dollars at commodities trading houses globally, including Archer Daniels Midland and Louis Dreyfus Commodities, industry executives say.


thank you China.

Interestingly, China now owns a US Pork biz, Smithfiled.
What do they think those pigs are being fed?
 

Demeter

(85,373 posts)
29. Who says they are shipping that pork to China?
Wed Mar 12, 2014, 09:51 AM
Mar 2014

They just want the profits. I doubt the Chinese can afford American pork. I further doubt they would buy it from Chinese business hands.

Hotler

(11,354 posts)
34. It seemed like he was trying to redirect the topic.
Wed Mar 12, 2014, 10:12 AM
Mar 2014

"This cloak and dagger stuff is complicated. Average people wouldn't understand" Yes, remember "TreadStone"? The part that the average person would understand would be the mob style tactics and the corruption side of it. CIA is thought to mean Cocaine In America. Never forget Gary Webb's Dark Alliance series.

xchrom

(108,903 posts)
3. China worries chill markets, copper slumps
Wed Mar 12, 2014, 06:34 AM
Mar 2014
http://uk.reuters.com/article/2014/03/12/uk-markets-global-idUKBRE9920LO20140312

(Reuters) - A dizzying fall in copper to a near four-year low compounded increasing concern in China over its economic slowdown on Wednesday to send a wave of unease sweeping through world markets.

World shares fell for fourth day, but it was copper, often seen as a proxy for China's fortunes, that grabbed the headlines as Shanghai futures fell by their 5 percent daily limit again and benchmark prices of the metal slumped to their lowest since 2010.

In Europe, bourses from London to Lisbon tumbled in early deals and safe-haven German government bonds were in demand as the jitters compounded the geopolitical tug-of-war between Russia and Kiev and the West over Crimea.

"Markets are watching what is happening in copper, with awe and trepidation," said Societe Generale head of currency strategy Kit Juckes.

"It's partly ongoing concern about Chinese growth (or lack thereof) and nagging worries about the Ukraine. And partly it is just that the commodity bubble burst last year and not everyone noticed."

xchrom

(108,903 posts)
4. Greek public sector workers strike as job cuts run into fifth straight year
Wed Mar 12, 2014, 06:35 AM
Mar 2014
http://uk.reuters.com/article/2014/03/12/uk-greece-strike-idUKBREA2B0G020140312

(Reuters) - Greek public sector workers shut schools and left hospitals on emergency staffing levels on Wednesday to protest against thousands more job cuts demanded by foreign lenders even as unemployment holds near record highs.

Doctors, teachers and school guards joined the 24-hour strike and planned marches to parliament, the focal point of anti-austerity protests, where lawmakers will debate a draft bill on public sector reforms.

Labour unions fear Greece will have to impose even more wage and pension cuts in the coming years to meet the targets of its 240 billion euro bailout deal with the European Union and IMF.

"They won't stop unless we stop them," public sector union ADEDY, which organised the walkout, said in a statement, calling the reforms "an attack on workers' rights".

xchrom

(108,903 posts)
5. Japan's Abe seeks trilateral summit with Korea, U.S.
Wed Mar 12, 2014, 06:39 AM
Mar 2014
http://uk.reuters.com/article/2014/03/12/uk-japan-korea-usa-idUKBREA2B05U20140312

(Reuters) - Japan is trying to arrange a trilateral summit with South Korea and the United States for this month, a government official said on Wednesday, in a bid to thaw Tokyo's frozen relations with Seoul.

But Seoul appears cool to the idea of a meeting of Japanese Prime Minister Shinzo Abe, South Korean President Park Geun-hye and U.S. President Barack Obama on the sidelines of a global nuclear-security summit in the Hague, Netherlands, on March 24-25.

Japan hopes that with mutual ally Obama in the room, Park would be willing to sit down face-to-face with Abe, something the Japanese leader has sought unsuccessfully since he took office 15 months ago.

Abe has visited the leaders of all 10 Southeast Asian nations and met five times with Russia's president but has yet to meet one-on-one with the leaders of South Korea or China.

xchrom

(108,903 posts)
6. Ukraine tensions to keep Russian central bank on guard
Wed Mar 12, 2014, 06:41 AM
Mar 2014
http://uk.reuters.com/article/2014/03/12/uk-russia-economy-rates-preview-idUKBREA2B08620140312

(Reuters) - Russia's central bank will probably keep key policy rates on hold at its regular meeting on Friday, economists say, but any escalation of tensions over Ukraine could prompt a further tightening in monetary policy.

The Russian Central Bank has had to hike interest rates to defend the rouble and stem capital flight since President Vladimir Putin said he had the right to intervene to protect the rights of ethnic Russians in Ukraine.

Russian forces' seizure of Crimea has been bloodless so far, but it has cost Moscow dearly. The central bank has spent at least $13 billion on defending the rouble and Russian equities have tumbled, knocking $60 billion off the MICEX index .

The tightening of the one-week repo rate, by 150 basis points to 7 percent, interrupts the central bank's long-promised shift towards inflation targeting and risks tipping the Russian economy into recession in order to ensure temporary financial market stability.
 

Demeter

(85,373 posts)
8. Yesterday morning, I saw my first snowdrop, poking through the ice
Wed Mar 12, 2014, 06:57 AM
Mar 2014

By lunchtime, there were two of them, perched on top of the rapidly melting winter. By dinner, there was a bare patch with at least 8 snowdrops in various stages.

Today they are under freshly fallen snow, with more still falling.

Sic semper gloria mundi.

 

Demeter

(85,373 posts)
10. The Kid has the day off
Wed Mar 12, 2014, 07:20 AM
Mar 2014

Wish I did. Still, it saves me an hour or two of driving...I also wish I'd checked before I woke her...but she needs to feed the livestock, anyway.

xchrom

(108,903 posts)
12. Tech-Sector Neoliberalism Isn’t the Answer to America’s Inequality Problem
Wed Mar 12, 2014, 07:40 AM
Mar 2014
http://www.thenation.com/blog/178795/tech-sector-neoliberalism-isnt-answer-americas-inequality-problem

Eric Schmidt is the chairman of Google. Last year, he raked in compensation totaling over $100 million from the company, adding to his net worth of over $8 billion. According to The New York Times, Schmidt owns “a Gulfstream V, a 195-foot yacht and multiple homes across the country including a new $22 million Hollywood mansion.”

Last week, he addressed the SXSW conference on the topic of economic inequality—I mean, who better, right? He proposed three basic fixes for the problem.

One is strengthening the safety net for the less well-off. I am definitely with him there. The United States is one of the richest societies the world has ever known, but it has a remarkably ungenerous welfare state. So, so far we’re good. The war on poverty worked, and it would work even better if programs like food stamps, Medicaid and the EITC were expanded.

Schmidt’s second idea involves devoting more resources to education in the science and technology fields. This may be a good idea, but there is no evidence that it will decrease inequality. The education policies that would probably do the most to fight inequality would be enacting universal pre-K and making college more affordable by making public colleges tuition-free and increasing financial aid for students. Studies have found that early childhood education programs lead to greatly enhanced employment and education outcomes for poor children. The high cost of college is putting the brakes on social mobility by preventing many talented students from acquiring an education. Research shows that low-income students with high test scores are less likely to graduate from college than low-scoring rich kids.

xchrom

(108,903 posts)
13. Help from Germany: Firms Could Soon Provide Gas to Ukraine
Wed Mar 12, 2014, 07:51 AM
Mar 2014
http://www.spiegel.de/international/germany/german-companies-prepare-plans-to-supply-ukraine-with-gas-a-957988.html

In geopolitical disputes between Moscow and Kiev, natural gas is a frequent tool used by the Russians to bring Ukraine back into political line. With frigid winter temperatures, Ukraine is heavily reliant on Russian gas to provide heating, and in recent years, the Russians have twice cut off gas supplies to the country.

That eventuality could play a role in the current crisis. Now Germany's major energy utility companies are developing strategies to help Ukraine fill the shortfall if Moscow decides to cut gas supplies. Companies including RWE and E.on are working on plans to supply Ukraine with weeks' worth of gas.

Currently, Ukraine taps around half of it gas needs from Russia. But last Friday, Russian Gas monopolist Gazprom threatened to suspend deliveries to Ukraine if the country doesn't pay its outstanding February bill of €1.7 billion ($2.35 billion).

In an emergency, the flow through Europe's pipelines could simply be reversed, with gas getting pumped from German reservoirs through the Czech Republic and Slovakia directly to Ukraine. Following this year's especially mild winter, Germany's reservoirs are much fuller than usual. Even long-term deliveries would be conceivable at the moment.

xchrom

(108,903 posts)
14. OFFICIAL: OBAMA TO PUSH FOR MORE OVERTIME PAY
Wed Mar 12, 2014, 07:55 AM
Mar 2014
http://hosted.ap.org/dynamic/stories/U/US_OBAMA_OVERTIME?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-03-12-07-50-23

WASHINGTON (AP) -- A White House official says President Barack Obama will direct the Labor Department to strengthen overtime pay protections for millions of workers.

The directive is meant to help salaried workers, such as fast-food shift supervisors or convenience store managers, who may be expected to work more than 40 hours a week without receiving overtime pay.

For example, the Labor Department could raise the pay threshold for workers covered by overtime rules. Currently, salaried workers who make more than $455 per week are exempt from overtime.

It's the latest move in Obama's self-described "year of action," a series of economy-focused executive decisions that don't require congressional approval.

xchrom

(108,903 posts)
15. 2 KEY SENATORS AGREE ON FANNIE-FREDDIE OVERHAUL
Wed Mar 12, 2014, 07:58 AM
Mar 2014
http://hosted.ap.org/dynamic/stories/U/US_MORTGAGE_GIANTS_OVERHAUL?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-03-11-18-47-02

WASHINGTON (AP) -- A plan to phase out government-controlled mortgage giants Fannie Mae and Freddie Mac and instead use mainly private insurers to backstop home loans has advanced in Congress.

The agreement by two key senators and a White House endorsement sent shares of Fannie and Freddie sinking Tuesday. Fannie stock fell $1.79, or more than 30 percent, to $4.03. Freddie dropped $1.48, or 26.8 percent, to $4.04.

The plan by Sen. Tim Johnson, D-S.D., chairman of the Banking Committee, and Sen. Mike Crapo of Idaho, its senior Republican, would create a new government insurance fund. Investors would pay fees in exchange for insurance on mortgage securities they buy. The government would become a last-resort loan guarantor.

President Barack Obama proposed an overhaul of Fannie and Freddie last year, but Congress has struggled to craft legislation. The government rescued the two mortgage giants at the height of the financial crisis in September 2008 with a $187 billion bailout, which they have repaid.
 

Demeter

(85,373 posts)
18. Do I have to mention that this is a stupid idea?
Wed Mar 12, 2014, 08:07 AM
Mar 2014

It was stupid to privatize Fannie and Freddie, which led directly to the mortgage fraud, by the way.

It's even more stupid to destroy the home market entirely by destroying them.

Sure, we will willingly go back to the 1920's! Let me get my hip flask and flapper dress...

xchrom

(108,903 posts)
16. AGENCY SUING AMERICAN AIRLINES OVER TAX INCENTIVES
Wed Mar 12, 2014, 08:00 AM
Mar 2014
http://hosted.ap.org/dynamic/stories/U/US_AIRLINE_SUED?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-03-12-05-54-17

CHICAGO (AP) -- The agency that oversees public transportation in Chicago is suing American Airlines for falsely claiming to buy "vast amounts of jet fuel" from a small office in a rural community to avoid paying tens of millions of dollars in taxes in the nation's third-largest city, where the actual work is done.

The lawsuit comes a year after the same agency - the Regional Transportation Authority - accused United Airlines in a lawsuit of doing the same thing in the same small town. The RTA filed its lawsuit in Cook County Circuit Court late Tuesday afternoon.

The RTA oversees the Chicago Transit Authority, the region's Metra commuter line and the Pace suburban bus service. The agency has been making the allegations against American for more than a year but said it was waiting for the airline to emerge from bankruptcy protection, something that happened in December.

As it said when it sued United, the RTA said American or its subsidiary, American Aviation Supply, could not possibly conduct the business of buying fuel for jets at one of the largest airports in the world, Chicago's O'Hare International Airport, out of an office that's less than a 1,000 square feet where one or two employees work. The office is in City Hall in the town of Sycamore.

xchrom

(108,903 posts)
17. STRIKES IN GREECE AS AUSTERITY DEAL PROVES ELUSIVE
Wed Mar 12, 2014, 08:03 AM
Mar 2014
http://hosted.ap.org/dynamic/stories/E/EU_GREECE_FINANCIAL_CRISIS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-03-12-06-02-10

ATHENS, Greece (AP) -- A 24-hour strike by civil servants disrupted public services in Greece Wednesday as the country's government struggled to hammer out a deal on further austerity measures with international creditors.

The strike by public sector unions hit services at tax offices, local government and elsewhere. A protest march is planned in central Athens later in the day, while civil servants have penciled in another 48-hour strike on March 19-20.

Demonstrators gathered at two squares in central Athens, including cleaning staff fired by the Finance Ministry, who marched holding up buckets and mops.

The latest disruptions have come as negotiations with rescue lenders have dragged on for months, with the government reluctant to impose more economic pain in a country already exhausted by a six-year recession.

xchrom

(108,903 posts)
21. Our economic yardsticks are broken – they offer no warning of catastrophe
Wed Mar 12, 2014, 08:10 AM
Mar 2014
http://www.theguardian.com/commentisfree/2014/mar/12/economic-yardsticks-no-warning-catastrophe

In next week's budget the chancellor, George Osborne, will announce the best economic headlines for years: solid economic growth, falling unemployment and low inflation. But headlines can deceive: the last time the main economic indicators were this good was 2007 and we know what happened next.

Back then, even as bankers were clearing their desks at some of the world's leading financial institutions, the standard economic measures provided no warning of the catastrophe that was unfolding. As Britain sailed into the worst economic storm in living memory, the economic numbers said "steady as she goes".

And unless you read beyond the economic headlines, the risks the economy faces today are once again impossible to see. For the global financial crisis revealed not only the structural deficiencies of our economy, but also the total inadequacy of how governments monitor economic progress.

A new Fabian report on alternative ways of measuring economic success uncovers warning lights almost everywhere you look. The research shows that the recovery is founded on a menacing combination of economic short-termism and rising inequality. Indeed, since inequality breeds lower consumer spending over time, it is a form of short-termism itself.
 

Demeter

(85,373 posts)
27. It's the faulty interpretations
Wed Mar 12, 2014, 09:11 AM
Mar 2014

and the constant rejiggering of the yardstick to suit the political need...

xchrom

(108,903 posts)
22. Cyprus's outgoing central bank chief hits back as replacement is named
Wed Mar 12, 2014, 08:12 AM
Mar 2014
http://www.theguardian.com/world/2014/mar/11/cryprus-central-bank-chief-panicos-demetriades-replacement-chrystalla-georghadji

Cyprus's outgoing central bank chief, Panicos Demetriades, has hit back after the government accused him of mishandling the island's near economic collapse, as the Cypriot president, Nikos Anastasiades, wasted no time in appointing a replacement.

The centre-right leader, who had been openly at war with the bank chief, said he would install auditor-general Chrystalla Georghadji to the post just 15 hours after Demetriades resigned.

As it emerged that he had received a €250,000 payoff, Demetriades issued a statement that cited "personal and family reasons" for his resignation and rejected claims he had failed to take adequate steps before the island's banking collapse last spring.

"It was a privilege to serve as governor of the CBC. During my tenure my actions were always aimed at ensuring confidence and stability in our financial system and I always acted in the best interests of our country," he said.

DemReadingDU

(16,000 posts)
23. Toyota union workers, in Japan, gets raise
Wed Mar 12, 2014, 08:21 AM
Mar 2014

3/12/14 Toyota Agrees to First Pay Raises Since ’08

Toyota Motor Corp. (7203) agreed to increase base wages in Japan for the first time since 2008 as the nation’s largest company heads for record profits.

The average Toyota Motor Workers’ Union member will earn 2,700 yen ($26) more in base pay per month, Senior Managing Officer Naoki Miyazaki told reporters today. That’s 0.8 percent of last year’s average salary and below the 4,000 yen the union was asking for.

While a weaker yen has helped Toyota forecast a record 1.9 trillion yen profit for the year ending March 31, the raise comes as Japanese companies brace for next month’s sales-tax increase, the first in 17 years. Prime Minister Shinzo Abe has been pressing employers to increase pay for workers to help end more than 15 years of deflation.

“If the Japanese economy was more likely to continue to grow for another 12 months, we would see much more robust growth in wages,” Takuji Okubo, chief economist at Japan Macro Advisors in Tokyo, said in a phone interview before Toyota briefed reporters in Toyota City, Japan.

Toyota shares fell 2 percent to close at 5,728 yen in Tokyo trading, compared with the 2.6 percent drop by Japan’s benchmark Nikkei 225 Stock Average.

When including the 7,300 yen average increase in pay that workers receive based on seniority or promotions, Toyota said its workers will get a 2.9 percent raise on average.
Photographer: Tomohiro Ohsumi/Bloomberg

Toyota’s union, which represents more than 50,000 workers for the world’s largest automaker, was granted its request for the average bonus to rise to 2.44 million yen, the equivalent of 6.8 months of salary and the most in six years.


http://www.bloomberg.com/news/2014-03-12/toyota-raises-wages-for-first-time-since-08-amid-record-profits.html

 

Demeter

(85,373 posts)
30. A market to match my mood
Wed Mar 12, 2014, 09:53 AM
Mar 2014

It's a blizzard out there. Only a desperate, crazy person (someone who wants to stay employed) would venture out.

That's me.

 

Demeter

(85,373 posts)
35. Saw $3.89 this morning at the most expensive station in town...
Wed Mar 12, 2014, 03:24 PM
Mar 2014

Guess they haven't heard yet.

Looks like 5 inches of snow fell, and not much since 11 AM, but temperature's dropping already (-5F in the morning when the paper carrier goes out).

Warpy

(110,913 posts)
36. Gasoline here has jumped from $2.89 to $3.39
Wed Mar 12, 2014, 06:53 PM
Mar 2014

but that's as much the transition from gasohol to gasoline as anything else. Eventually I hope we get gasohol year round even if it does make my car hesitate a bit at stop lights. I can live with that and cleaner air is worth it.

Gold is going up because nervous Nellies think the minimum wage increase is inevitable and that there will be a round of Weimar inflation if workers get paid enough to live on.

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