Stock Market Watch, Tuesday, November 1, 2011

[Demeter]

Source: du

STOCK MARKET WATCH, Tuesday, November 1, 2011

AT THE CLOSING BELL ON October 31, 2011

Dow 11,955.01 -276.10 (-2.26%)
Nasdaq 2,684.41 -52.74 (-1.93%)
S&P 500 1,253.30 -31.78 (-2.47%)
10-Yr Bond... 2.11 -0.20 (-8.68%)
30-Year Bond 3.13 -0.24 (-7.15%)

---

Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

---

Handy Links - Market Data and News: Economic Calendar Marketwatch
Data> Bloomberg Economic News Yahoo! Finance Google
Finance> Bank Tracker Credit Union Tracker Daily Job Cuts

Handy Links - Economic Blogs:
The Big Picture Financial Sense Calculated Risk Naked Capitalism Credit Writedowns
Brad DeLong Bonddad Atrios goldmansachs666 The Stand-Up Economist

Handy Links - Government
Issues: LegitGov Open Government Earmark
Database> USA spending.gov

Handy Links - Videos:
The Coming Collapse of the Middle Class Charlie Rose talks with
Roubini> Charlie Rose talks with Krugman William
Black: This Economic Disaster> Bill Moyers with Kevin Drum and David Corn

Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren
Dishonorable Mention: former House majority leader, Tom DeLay

Bush Administration Officials Charged = 1
Name(s): Richard Lopez Razo

Financial Sector Officials Convicted since 1/20/09 =
12

---

---

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.

No link yet.

---

I haven't done this in quite a while, so I'm setting it up tonight so there's lots of fiddle time...Demeter

[Demeter]

1. Economic Reports October 31 - November 01

Release_________For____Actual__Forecast__Consensus__Prior______Revised From

Chicago PMI_____Oct____58.4______60.0______58.9______60.4

ISM Index_______Oct______________53.0______52.1______51.6

Const. Spending Sep______________0.8%______0.3%_______1.4%

Auto Sales______Nov___________________________________4.07M

Truck Sales_____Nov___________________________________5.97M

Read more: http://www.briefing.com/investor/calendars/economic/2011/10/31-4/#ixzz1cP4VAbme

[Roland99]

56. Baltic Dry Index falls 2.7% to 1,912 points

[Roland99]

57. Chrysler October US vehicle sales up 27% vs. Exp. up 28%

[Roland99]

60. U.S. Sept. construction spending up 0.2%, 0.3% expected. Down 1.3% year-over-year

http://www.marketwatch.com/story/us-sept-construction-spending-up-02-2011-11-01-101560?link=MW_home_latest_news

[Roland99]

63. ISM manufacturing gauge falls to 50.8% in October. whoops.

[Roland99]

74. Anyone notice a certain something about the ISM long-term graph here >>>

[Demeter]

83. NOT a pretty picture

[Roland99]

88. Going back to 1963, every time the index hit where it is now on the way down, it kept right on going

[AnneD]

90. Last time I saw something like that.....

it was over 7.6 on the Richter and homes and building were flattened and lives were lost....


Oh, I'm sorry. It is an economic chart and not a seismograph. My bad.:evilgrin:

[Demeter]

2. Oil rises 18 pct in October

http://old.news.yahoo.com/s/ap/oil_prices

Oil soared 17.7 percent in October on the expectation that the world's thirst for petroleum would keep growing despite economic struggles in the West. West Texas Intermediate, the benchmark oil in the U.S., jumped from about $79 to $93 per barrel during the month as fears of another U.S. recession subsided while Europe struck a landmark deal to reduce Greece's debt. Demand from emerging markets remains strong. And a strategy calling for traders to buy WTI futures contracts while selling another variety, Brent crude, also boosted the price of WTI. The conditions that fostered the increase remain in place..."Oil demand is higher worldwide," said Tom Kloza, publisher and chief oil analyst at Oil Price Information Service. "Other parts of the world, most notably South America, are consuming a lot of our (petroleum) products."
Independent oil analyst Andrew Lipow expects benchmark oil to hit $100 per barrel by the end of the year. But this has been a year of pronounced swings in the price of oil. WTI hit a high of $113.93 at the end of April, after starting 2011 at around $91 per barrel...On Monday, WTI slipped 13 cents to end the month at $93.19 per barrel while Brent crude gave up 35 cents to $109.56 per barrel in London.

Analysts say a number of factors will influence prices for the next two months and into next year:

• How much oil will Libya contribute? Oil demand is on track to exceed supply in the second half of 2012 by about 1 million barrels per day. But a return of Libyan oil to the market could fix the shortage. Libya was exporting 1.5 billion barrels of oil daily before the eight-month rebellion that ultimately ousted leader Moammar Gadhafi.
  
  
• Will Europe continue to struggle? Eurozone leaders hammered out an agreement last week to bolster the region's banks. The decision was regarded as a landmark development that put Europe on the path to resolving a lingering credit crisis. However, its banks are still weak, debts are still high, and investors are unsure if it has really turned the corner.
  
  
• More government stimulus in the U.S.? The U.S. economy is growing, but the 2.5 percent growth estimated for the third quarter is hardly a fervid pace. Analysts speculate that the Federal Reserve may try something similar to last year's $600 billion bond-buying program to boost the economy. As a result of that program, the dollar fell and oil surged.
  
  
• Another Arab Spring? Oil traders are keeping a wary eye on unrest in the Middle East. In Syria, for example, protesters have clashed with the government for seven months, leaving an estimated 3,000 people dead. Continuing violence in Syria and other oil-rich nations could hamper world supplies and push prices higher.

Traders continue to be wary of an economic downturn in the West. The Organization for Economic Cooperation and Development said the European economy is headed for a "marked slowdown" next year. Analysts also note that Europe will need to slash spending and cut entitlement programs over the next several years to keep budgets in line, and that will hurt oil demand. China, India and other developing nations are expected to buy whatever oil Europe doesn't use. The U.S. expects daily global oil consumption to average at 88.4 billion barrels this year and 89.8 million barrels next year...While oil has become more expensive this month, gasoline prices have held steady. Gasoline, which is made from crude oil, ended the month at a national retail average of about $3.443 per gallon, according to auto club AAA, Wright Express and Oil Price Information Service. Gasoline prices tend to flatten in the fall as the summer travel season ends and refineries are allowed to start making a cheaper-blend of winter fuel.

It's a different story for heating oil and natural gas. Both are used to heat homes and business, and tend to get more expensive as the weather cools. Heating oil and natural gas futures rose by 9.5 and 7.3 percent, respectively, during October. Prices are likely headed higher in coming months. A nor'easter already blanketed the East Coast over the weekend, knocking out power to 3.1 million customers, and the National Weather Service predicted an especially chilly winter with above average snow and rain. The Energy Information Administration said homeowners will spend 3 percent more for natural gas than they did a year ago. Those who burn heating oil will spend about 8 percent more. About half of U.S. households heat their homes with natural gas, though about 80 percent of homeowners in the Northeast use heating oil...In other energy trading, heating oil slipped 1.63 cents to finish at $3.0429 per gallon and gasoline futures lost 3.93 cents to end at $2.6429 per gallon. Natural gas rose 1.1 cents to finish at $3.934 per 1,000 cubic feet.

[Demeter]

3. Is Goldman Sachs Poised to Takeover Europe? by MIKE WHITNEY

http://www.counterpunch.org/2011/10/31/is-goldman-sachs-poised-to-takeover-europe/

Goldman Sachs is about to take over Europe, but you wouldn’t know it by reading the papers...On Tuesday, G-Sax alum, Mario Draghi, will take the helm at the European Central Bank replacing retiring ECB president Jean-Claude Trichet. The appointment has slipped by the media virtually unnoticed even though the ECB is the most powerful institution in the EU and is likely to play a critical role in solving the debt crisis.

Draghi was formally a Managing Director at Goldman. He also served as an advisor to the Bank of Italy in 1990, chairman of the Italian Committee for Privatisations, and was an Executive Director of The World Bank from 1984 to 1990. His bio. affirms his globalist pedigree which makes him the perfect candidate to replace the curmudgeonly Trichet who failed to comply with all of Big Finance’s demands. That’s not likely to be the case with Draghi.

The new ECB chief faces the difficult task of trying to pacify Germany while implementing policies that are opposed by the German political class as well as the German people. It won’t be easy, even for a skilled diplomat like Draghi. But Draghi will move forward with his bank-centric agenda, because it may be the last chance to keep the 17-member monetary union from disintegrating...First, he will lower interest rates by .50 basis pts (from 1.5% to 1.%) at the ECB meeting on November 3 even though headline inflation in the eurozone is presently 3 percent and even though the move is bound to raise eyebrows in Berlin. Then he will announce that the ECB will step up its controversial bond buying program (already 170 billion euros) in order to push yields on soaring Italian debt below 6 percent. The Italian 10-year bond has zoomed to over 6.15 percent since the EU leaders announced their “breakthrough” agreement last Thursday. That means that bondholders do not believe the deal will solve the crisis. Draghi will act quickly to address the situation despite German opposition. Italy has 1.9 trillion euros in debt, 200 billion of which will come-due next year. Rising yields pose an existential threat for the faltering country.

In exchange for ECB support, Draghi will demand that Prime Minister Silvio Berlusconi (Bunga-bunga) push through unpopular reforms that target the unions and pensions. Italy will also be required to privatize more of its public assets and services. At the same time, the bank bailouts will continue mainly through easing new capital requirements and by underwriting bank debt so banks can issue bonds that are guaranteed by the ECB. Here’s the scoop from Bloomberg:

“European banks, which need to refinance more than $1 trillion of debt next year, may struggle to fund themselves until policy makers follow through on a pledge to guarantee their bond sales.

European Union leaders promised this week to “urgently” look at ways to guarantee bank debt in a bid to thaw funding markets frozen by the sovereign debt crisis. Lenders have found it hard to sell bonds for the past two years and have increasingly turned to the European Central Bank for unlimited short-term emergency financing…

In the U.S., the Temporary Liquidity Guarantee Program allowed banks to issue bonds with backing from the FDIC for as long as three years…

European governments including France, Spain, the U.K. and Germany guaranteed some bonds issued by their banks to reassure investors after the collapse of Lehman Brothers Holdings Inc. in September 2008. In May 2010, the EU ended the program when it said banks that relied on the pledges would face a review of their long-term viability.” (“European Bank Debt-Guarantee Proposals May Struggle to Thaw Funding Market”, Bloomberg)

Guarantees on bank debt is a direct subsidy to big finance, which is why we think that a former G-Sax exec. will support the policy...The central bank’s new approach will put the ECB on a collision course with Germany. This is a clash that can no longer be avoided. Draghi’s job is to save the union for the financial elites who benefit from it. Ultimately, their interests will prevail over Germany’s. You can bet on it. Naturally, no one cares about the public’s interest. The EU’s working people don’t count.

[Warpy]

4. Thanks, Demeter

I imagine PBD is shivering in the dark somewhere in the eastern snow belt. I hope the power is on soon. I also hope there's a gas stove in there somewhere so at least the kitchen can get warm. Long power outages suck.

Not only were the reports lousy, but the dollar spiked way up against many currencies. That means foreign investors will be taking profits today, the large drop not being particularly worrisome. They'll all be back when Geithner & Co. do something else stupid and the dollar drops back to the bargain basement.

I'm glad my dad isn't around to see this crazy market. His heart couldn't have taken it.

[Demeter]

5. I thought he might be without power--it took me a while, though

My Sis in MA is. Fortunately, she and BIL put in a generator, so my father could get out of his recliner in the event they lost power. That and a wood stove and a cell phone are keeping them functional.

6 inches before Halloween is unheard of in New England.

Here in Michigan it's trying to rain, 45F for a high, and gray. Not going to get any better, either. Winter has arrived, whether we are ready or not.

[Warpy]

11. It was over 70 here, bright sunshine, dry as the desert it's supposed to be

but we'll go down a good 20 degrees on Wednesday. No precipitation, but we did have some rain one day last week.

We're still minus about 5 inches of a 7 inch annual precipitation average.

I hope La Nina is nicer to us than El Nino was.

[Tansy_Gold]

20. Mid 80s here, sunny, clear, dry as a bone

Even the creosote and jojoba bushes are dry and brown.

Sky is wondrously clear, with lots of stars.


K&R



TG

[Roland99]

72. Rained steadily all morning yesterday, then cleared in early afternoon

a wonderful evening for trick or treating.

A far cry better than our dear ones up north!

[Po_d Mainiac]

75. Six inches before halloween unheard of?

You're right, seldom is it that small a storm.

[Demeter]

108. Mass/NH border, not Maine!

Best we ever saw was a dusting...since 1969, until this year.

[Po_d Mainiac]

123. 5 inches is just a dusting, barely. n/t

[Demeter]

6. OECD urges co-ordination to avoid recession

Another recession looms for European economies as the eurozone sovereign debt crisis hits confidence, the Organisation for Economic Co-operation and Development warned on Monday, urging countries to adopt a co-ordinated strategy to boost growth.

Slashing its growth forecasts in the week of the Group of 20 summit, the OECD said the grim outlook could be improved if G20 countries adopted a bold plan “to restore confidence through decisive actions in specific countries and regions”.

Read more >>
http://link.ft.com/r/OZMCDD/4C5GO0/NRHD3/JEQTEC/ZGVUE0/36/t?a1=2011&a2=10&a3=31

[Demeter]

7. The seven billionth baby: Malthus has not lost the argument yet

Economics is competing with Thomas Malthus as the world’s seventh billion inhabitant is born. Global population has grown from 2.5bn to 7bn just in my lifetime, so there is plenty to alarm doomsayers. But this landmark arrives at a very different cultural moment to the six billionth baby, twelve years ago.

Read more >>
http://link.ft.com/r/8P1R88/30MHHN/HI3M9/4CVYAW/MSPDG7/PJ/t?a1=2011&a2=10&a3=31

[Demeter]

8. Japan intervenes to halt yen’s rise against dollar

Japan’s Ministry of Finance intervened in the currency market for the first time since August to weaken the yen, sending the currency down as much as 5.1 per cent against the US dollar.

Jun Azumi, finance minister, confirmed that the Bank of Japan was acting on the MoF’s orders to halt the yen’s “speculative” rise, after the currency touched 75.35, a new postwar high, earlier in the day. The action had an immediate effect, sending the yen down to 79.49.

Read more >>
http://link.ft.com/r/CTBPCC/30MHXG/WH2F8/7AZQM4/IIR4YD/1G/t?a1=2011&a2=10&a3=30

[corkhead]

9. Thanks for posting this and for filling in

I am a lurker more than a contributor to SMW but I usually look at it every day and was wondering what was going on when it's absence disrupted my morning routine.

Hope the power comes up soon. I been there for outages in that type of weather and it sucks.

Being pm, I'll do :toast: instead of :donut:

[Demeter]

10. Thanks for delurking and welcome!

I've got to feed the Kid, be back later!

[westerebus]

12. Thanks, Demeter.

I had thought the evil empire had found a way to disappear SMW.

Back to lurking.

[Demeter]

14. Now THAT'S Paranoia

No, it's just that I didn't have time to reason out the situation this morning, but after reflection (I have lots of time to reflect on Monday), I figured it out.

[zogofzorkon]

17. same thought n/t

[Demeter]

13. Schäuble calls for EU lead on Tobin tax

Schäuble calls for EU lead on Tobin tax
Wolfgang Schäuble, German finance minister, wants the EU to take a global lead in introducing a financial transaction tax to curb speculative trading, along with tougher regulation of big banks and the “shadow” banking sector, such as hedge funds. If the UK blocked agreement on such a tax in the full EU, he said in an interview with the Financial Times, the eurozone should press ahead on its own

Read more >>
http://link.ft.com/r/R5WAEE/NJ1YSF/MJTKN/JEQTEH/HYJMMW/MQ/t?a1=2011&a2=10&a3=30

BETTER LATE THAN NEVER

[Ghost Dog]

18. (And UK should be kicked out of the EU).

Due to clear conflicts of interests.

[AnneD]

91. I thought the UK ....

Was not in the EU. They don't have the same currency, just like Switzerland.

[fedsron2us]

122. The UK is in the EU but is not in the Eurozone

It did not join because the then UK Chancellor Gordon Brown decided the country did not meet the convergence criteria. This was probably the biggest decision in his entire term of office

http://en.wikipedia.org/wiki/Euro

BTW the UK is not unique in being within the EU but not adopting the Euro. Amongst the others retaining their own currencies are Sweden, Poland and the Czech Republic. There are also EU members such as Denmark that peg their currencies to the Euro for trade purposes but are not members of the Euro currency zone.

[Demeter]

15. Global business leaders to press for G20 unity

Business leaders from the world’s leading economies are set to press for firm action on growth, trade and social issues at this week’s G20 summit in France, warning of the dangers of political disaffection

Read more >>
http://link.ft.com/r/KC2844/VLORXS/B49CK/YBG5B7/16A1NH/4O/t?a1=2011&a2=10&a3=30

ISN'T THAT ANOTHER NAME FOR "SUICIDE PACT"?

[Demeter]

16. I'm going to bed, guys

I drank an entire bottle of beer, and it's putting me out.....

[InkAddict]

19. Sweet dreams are made of this...

Thanks on the pick up, Demeter. Yup, being powerless sucks. Thoughts go out to those homebound by the dark and the snow.

[hamerfan]

21. K&R!

Thanks, Demeter! And best wishes for all those without power.
You know, us 99%ers, :D

[Ghost Dog]

22. Markets dive on Greek referendum

European markets have fallen following Monday's announcement of a Greek referendum on the latest aid package to solve its debt crisis.

...

The FTSE 100 in London traded 2.5% lower, the Dax in Frankfurt fell 3.8% and the Cac-40 in Paris dropped 3.3%.

Earlier, the Nikkei in Tokyo closed down 1.7% and the Hang Seng in Hong Kong closed down 2.5%.

Europe's main share markets had all fallen before the Greek announcement as well, with the FTSE, Dax and Cac-40 all dropping about 3% on Monday.

Opinion polls in Greece suggest that most people do not support the austerity deal.

/... http://www.bbc.co.uk/news/business-15533940


On Monday's action:

Ugly Close (Monday in USA) As 30Y TSY Yield Drops Most Since March 2009

While much was made of the MF Global news today, we suspect that the tipping point for risk assets was more likely driven by the plethora of reality-based analysis of the situation in Europe combined with the afternoon news that Greece is facing a referendum and a lack of demand for the EFSF issue today. Heavy volume arrived into the close to the downside, suggesting asset allocation rotation from equities to bonds, which helped propel TSYs even further down in yield. The entire complex flattened notably with 30Y outperforming -24.5bps, the largest single-day yield move since March 2009, as the much-watched 2s10s30s butterfly has retraced all of last week's increase. ES closed at its lows (down over 2.5%) only to extend those losses in the evening session as we post.

/more, with charts... http://www.zerohedge.com/news/ugly-close-30y-tsy-yield-drops-most-march-2009

[Hugin]

23. Thanks for the update, GhostDog.

and thanks to Demeter for making sure a day without SMW didn't happen. :thumbsup:

[tama]

45. Democracy up, moneymarkets down... nt

[Ghost Dog]

81. Fingers crossed...

:thumbsup:

[DemReadingDU]

24. Thanks for the SMW, I missed it yesterday morning

and obviously, I missed it last evening too.

[xchrom]

25. thanks Miss Demeter -- a bunch -- & i hope it's a good post Halloween morning for all

:donut:

[xchrom]

26. Gold slumps as euro-zone uncertainty lifts dollar

http://www.marketwatch.com/story/gold-slumps-as-euro-zone-uncertainty-lifts-dollar-2011-11-01

MUMBAI (MarketWatch) -- Gold futures fell on Tuesday as uncertainty over details about European plans to tackle the sovereign debt crisis resurfaced, lifting safe-haven demand for the dollar and pressuring the precious metal and commodities. Gold for December delivery /quotes/zigman/661658 GC1Z -1.23% fell $18.10, or 1%, to $1,707.50 an ounce. On Monday, gold finished down $22 but still finished the month of October with a 6% gain. "Prices succumbed to a stronger dollar as it makes dollar-denominated commodities look expensive for holders of other currencies," analysts at Mumbai-based Angel Broking said in a note. "Even though gold is considered as a safe-haven asset <...> prices are mainly taking direction from risk sentiments in the global financial markets."

[xchrom]

32. What Chinese unemployment?

http://www.atimes.com/atimes/Global_Economy/MK02Dj02.html

Occasionally we read in various columns of mainstream journalists that the Chinese have shot themselves in the foot when they (in violence of Friedmanite precepts) fail to revalue their currency upwards. The world will retaliate by imposing punitive tariffs, creating horrible unemployment in China and causing civil unrest.

These journalists should be careful to make wishes because they may just get what they've wished for. One of these days, China may open its Mint to gold and silver, setting the example to Asia and the Muslim world and, possibly, to South America. Other countries may follow suit. That will be the ultimate revaluation that


restores trade relations to normalcy, at least in that part of the world that returns to the gold standard.

There was a time when unemployment "insurance" and other forms of dole were unknown in the United States. That was the time when the country was on the gold standard and deflation meant an increase in the value (purchasing power) of gold. Whenever this happened, the battle cry inevitably was: "There is gold in them thar hills", and people who have lost their jobs typically went out prospecting and panning for gold.

Panning for gold always gave them an income and a chance to save some capital. The country did very well, thank you very much, with this "natural unemployment insurance". The bottom line was: more gold for the economy. More gold cured the disease of deflation, and soon things were back to normal. Unemployment did not have a chance to become "structural".

[xchrom]

51. PRECIOUS-Gold eases as Greek vote, MF Global rattle markets

http://uk.reuters.com/article/2011/11/01/markets-precious-idUKL5E7M11N020111101

LONDON, Nov 1 (Reuters) - Gold buckled under the pressure of a stronger dollar on Tuesday after the Greek prime minister shocked financial markets by calling a referendum on an agreed bailout package and the collapse of failed broker MF Global dented commodities.

Prime Minister George Papandreou's surprise decision to call a popular vote on the bailout dented most assets priced in euros to the benefit of the U.S. dollar.

Italian 10-year bond yields have risen by more than 30 basis points in the last three days to their highest since mid-August, in their largest three-day rise in almost a month, in spite of the European Central Bank buying Italian debt in the secondary markets to anchor yields.

The cost of insuring euro zone sovereign debt against default rose broadly, putting the euro under pressure and weighing on European financial stocks, while gold priced in euros neared one-month highs.

[xchrom]

asia: Asia stocks weak as resource firms fall

http://www.marketwatch.com/story/asia-stocks-weaken-with-resource-shares-down-2011-10-31

SYDNEY (MarketWatch) — Asian stocks ended mostly lower Tuesday to start the new month on a relatively downbeat note, with many commodity-sector firms and steel makers posting notable losses.

Hong Kong’s Hang Seng Index /quotes/zigman/2622475 HK:HSI -2.49% fell 2.5%, Japan’s Nikkei Stock Average /quotes/zigman/5986735 JP:NIK -1.66% lost 1.7%, and Australia’s S&P/ASX 200 index /quotes/zigman/1653884 AU:XJO -1.52% declined 1.5%.

The Shanghai Composite index /quotes/zigman/1859015 CN:000001 +0.07% managed to buck the trend with a 0.1% gain, while South Korea’s Kospi /quotes/zigman/1652118 KR:0100 +0.03% closed little changed.

Resource-related firms were pressured amid some weakness for commodity prices, with shares of BHP Billiton Ltd. /quotes/zigman/180893 AU:BHP -2.72% /quotes/zigman/270355/quotes/nls/bhp BHP -4.84% down 2.7%, and Rio Tinto Ltd. /quotes/zigman/176317 AU:RIO -2.98% /quotes/zigman/182541/quotes/nls/rio RIO -4.96% lower by 3% in Sydney.

[xchrom]

28. China manufacturing activity slows amid growth concerns

http://www.bbc.co.uk/news/business-15532676

China has reported an unexpected drop in manufacturing activity raising fresh concerns about the impact of a global slowdown on its economy.

China's Purchasing Managers Index (PMI) fell to 50.4 in October from 51.2 in the previous month, the first drop in three months.

The data comes amid fears that a slowdown in the global economy may dent demand for Chinese goods.

Authorities warned that growth may slow even further.

[xchrom]

33. Freeport strike mines a political jungle

http://www.atimes.com/atimes/Southeast_Asia/MK02Ae01.html

JAKARTA - He is a mechanic with a single name and a mysterious past, but the man called Sudiro is almost single-handedly leading the eight-week-long strike that has played havoc with the operations of the world's richest copper and gold mine in the central highlands of Papua, Indonesia.

When he was elected chairman of the Freeport Trade Union of Chemical, Energy and Mine Workers - a chapter of the nationwide All-Indonesia Workers Union (SPSI) - in October last year, Sudiro signaled from the beginning that things would be different for the mine's workers.

To the chagrin of Freeport Indonesia, a subsidiary of the Phoenix-based mining giant Freeport McMoRan Copper & Gold, he has


been true to his word. Suddenly, labor has became as much a part of the company's problems as perennial environmental and community issues and the renewal of its contract of work (COW) in 2021.

During previous union negotiations going back to 1977, everything had gone smoothly; for a lot of that time SPSI was the only union sanctioned by former president Suharto's New Order regime - and therefore was a docile one at that.

[xchrom]

36. Australia lowers rate to 4.5% in a bid to boost growth

http://www.bbc.co.uk/news/business-15532567

The Reserve Bank of Australia (RBA) has cut interest rates in a bid to boost growth amid fears of a slowdown in the global economy.

The central bank lowered its key rate to 4.5% from 4.75%, the first cut since April 2009.

The move comes amid fears that the debt crisis in Europe and slowdown in the US may hurt global economic growth.

RBA said it was concerned about the impact of global uncertainty on its economy,

[xchrom]

42. Vietnam reactor deal advances; Japan looks to accept caregivers

http://www.japantimes.co.jp/text/nn20111101a1.html

Prime Minister Yoshihiko Noda and his Hanoi counterpart, Nguyen Tan Dung, agreed Monday to move ahead with plans to construct atomic reactors in Vietnam using Japanese technology, despite the rethink of the national energy policy amid the Fukushima nuclear disaster.

Noda met with Dung at the prime minister's office in Tokyo and signed an agreement promising the two nations will move ahead with plans to build two boiling water reactors in Vietnam's southeast Ninh Thuan Province.

The two also signed strategic partnership agreements to codevelop rare earths and allow qualified Vietnamese nurses and care workers to come to Japan.

"On the economic front, we have made progress on accepting qualified nurse candidates and certified care workers, as well as cooperation in the fields of nuclear energy and joint development of rare earths," Noda announced following the signing ceremony.

[xchrom]

44. Noda takes flak in Diet over extra budget, free trade

http://www.japantimes.co.jp/text/nn20111101a3.html

Opposition lawmakers lashed out at Prime Minister Yoshihiko Noda on Monday over what they said is the administration's unclear stance on whether to join free-trade talks, criticized components of the third extra budget for the Tohoku region reconstruction and called on him to dissolve the Lower House for a snap election.

Sadakazu Tanigaki, president of the Liberal Democratic Party, grilled Noda during a Lower House plenary session two days after Noda made a policy speech, over the controversial Trans-Pacific Partnership, which seeks to eliminate in principle all tariffs among member states.

"The government hasn't provided enough information (on the TPP) so the public can't even debate whether to join or not," Tanigaki said. "They should actively disclose information . . . and show clearly whether they are going to join or not."

Conflict between pro- and anti-TPP members within the Democratic Party of Japan has deepened as the DPJ-led government tries to reach a conclusion before the summit later this month of the Asia-Pacific Economic Cooperation forum.

[xchrom]

49. Nikkei slips on downbeat earnings, global jitters

http://uk.reuters.com/article/2011/11/01/markets-japan-stocks-idUKL4E7M112D20111101

TOKYO, Nov 1 (Reuters) - The Nikkei share average fell on Tuesday after downbeat domestic earnings reports and fresh worries about Europe prompted profit-taking in exporters and recent gainers.

Consumer electronics maker Panasonic slid more than 5 percent after it forecast a full-year net loss of about $5.5 billion, its biggest in a decade, as it moved to cut unprofitable businesses deeper and faster than first planned.

An unexpected fall in Chinese PMI data hurt shares of China-related firms, and the shipping subindex was the worst performer on the Tokyo Stock Exchange, falling 3.7 percent.

"Stocks are under pressure mainly because so many earnings reports have contained bad news," said Yutaka Shiraki, senior strategist at Mitsubishi UFJ Morgan Stanley Securities.

[xchrom]

59. Another Chinese city restricts home purchases

http://timesofindia.indiatimes.com/world/china/Another-Chinese-city-restricts-home-purchases/articleshow/10564851.cms

SHANGHAI: China's southern city of Zhuhai on Tuesday became the latest to restrict home purchases and cap property prices after Beijing rebuffed recent talk that it might relax policies aimed at containing property inflation.

Chinese Premier Wen Jiabao stressed at a cabinet meeting over the weekend that China would "unswervingly" maintain its property curbs, although it would fine-tune other macroeconomic policies.

The reaffirmation, dousing off some investors' expectation for a loosening of China's more than one-year long property tightening measures, drove down property shares in Shanghai on Monday. The index was down 1.0 percent on Tuesday morning.

However, Beijing so far has ignored the relaxation of local mortgage rules last month by the eastern city of Nanjing and by Anhui province, after it apparently blocked a similar move by southern Foshan city.

[xchrom]

62. China's young millionaires set to migrate abroad in big numbers

http://timesofindia.indiatimes.com/world/china/Chinas-young-millionaires-set-to-migrate-abroad-in-big-numbers/articleshow/10556448.cms

BEIJING: One out of seven young millionaires in China is trying to migrate to other countries despite the country's massive improvements in infrastructure and living standards, a study supported by the Bank of China, showed.

The 40-page report, released by the bank and the Hurun Research Institute, revealed that 14% of millionaires in 18 cities across China have either applied or are in the process of applying for migration to other countries. It also showed that nearly one-third of them own foreign asserts and a similar number were planning to invest abroad.

China has thousands of millionaires, many of whom have built their wealth riding the wave of high property prices. Their migration plans will mean additional cash flows for the fund starved economies of Europe and the United States and substantial diversion of wealth from China.

The research covered 980 Chinese with assets exceeding 10 million Yuan ($1.57 million). The average asset holdings of the respondents covered in the survey are six times more at $9.44 million. The average age of the respondents is 42, the report said.

[xchrom]

80. Bank of Japan Losses Exceed $281 Million From Buying ETFs as Stocks Slump

http://www.bloomberg.com/news/2011-10-31/boj-losses-exceed-281m-from-buying-etfs.html

The Bank of Japan has lost as much as 22.4 billion yen ($281.7 million) purchasing exchange-traded funds as the Topix Index approaches a 27-year low.

The central bank’s stock holdings have fallen about 4 percent since buying began on Dec. 15, 2010, according to estimates calculated by Bloomberg using government filings. Losses climbed above 67.6 billion yen in September as equities plunged amid concern Europe’s debt crisis would trigger a global recession, the data show.

The purchases are part of a 20 trillion yen BOJ plan to stimulate economic growth and boost investor confidence by buying securities, such as government debt, commercial paper and real estate investment trusts. The central bank expanded the program last week by 5 trillion yen after the country’s currency reached a postwar record against the dollar, threatening the export-led economy.

“This is not what a central bank should be doing,” said Masaaki Kanno, the Bank of Japan’s former chief foreign-exchange dealer and now chief Japan economist at JPMorgan Chase & Co., referring to the ETF purchases. “The program started in an emergency, and it’s been snowballing.”

[DemReadingDU]

27. NPR Planet Money: Is Europe's Bailout 'A Gigantic Con Game'?

10/31/11 Is Europe's Bailout 'A Gigantic Con Game'?

Italy needs the backing of Europe's bailout fund. But Italy's a huge economy — much, much bigger than Greece, Portugal, and Ireland combined. And the Europeans don't want to put enough money into their bailout fund to back Italy. So they're getting creative.

The rest of Europe is likely offer investors insurance that will pay back the first 20 percent of any losses on new Italian bonds.

So if I buy an Italian bond for $100, and Italy can't pay back $10, or $15, or $20 of my bond, the rest of Europe will make up the difference. Beyond that, it's between me and Italy. But this insurance itself comes from money that Europe is borrowing from investors.

"It's actually a gigantic con game," says Satyajit Das, an author and financial risk consultant. "It's money being moved around at a frantic rate because they don't have the money. That's the fundamental problem with the European Financial Stability Fund."

If the insurance plan doesn't work, the Europeans also have a plan B. "The second solution is, let's place a call to China," Das says.

China might take this call— because China wants a lot from Europe. They want Europe's economy to be strong. Europe is China's biggest customer. China is becoming a major world power. And it wants a central place on the world stage. If China bails Europe out. Then Europe will owe China some big favors.

audio at link, appx 4 minutes
http://www.npr.org/blogs/money/2011/10/31/141802499/is-europes-bailout-a-gigantic-con-game

[Demeter]

37. Is the Pope Catholic?

[Tansy_Gold]

77. Does a fish have a watertight asshole?

[AnneD]

94. Well...

do they?

I often wondered about the reproductive system of guppies. I know the females can store the sperm, but I swear I have had virgin guppies giving birth and nary a male in sight. Which always had me asking if they had waterproof hooch.

[Demeter]

111. Which reminds me

I have fish to fry real soon in the fridge.

[AnneD]

114. I guess you have...

bigger fish to fry. Nice segway by the way.

[xchrom]

29. europe: UK economic growth picks up to 0.5%

http://www.bbc.co.uk/news/business-15535518

The UK economy grew by 0.5% in the third quarter of 2011, according to the Office for National Statistics (ONS).

The growth in the July-to-September period compared with a 0.1% expansion in gross domestic product (GDP) in the previous quarter.

But analysts said growth in the second quarter of the year had been dampened by one-off factors.

As a result, the third-quarter figures should not be interpreted as a big economic rebound, they added.

[xchrom]

35. Bank of Spain forecasts zero growth for the third quarter

http://www.typicallyspanish.com/news/publish/article_32511.shtml

The Bank of Spain has forecast zero growth in Spain’s GDP for the third quarter and warned that, despite all the adjustments made, this could result in Spain not meeting her deficit target for this year.

The Bank is clear to point out that the information available is ‘still partial and incomplete’, but it does indicate that the economy has stagnated because of the cuts in public spending. National demand was down 0.7% on the quarter, pulled lower by a lack of investment in construction and the reduction in public spending.

The bank’s report says that a the weak income from taxes is putting the austerity plan in danger, and says that more adjustments to meet the undertakings given with the EU would be indispensible.

It notes ‘small advances’ in the spending of homes and businesses, and notes too that house prices have fallen 18% since the start of 2008.

Read more: http://www.typicallyspanish.com/news/publish/article_32511.shtml#ixzz1cSJg2ZC3

[xchrom]

38. Italian glitz belies economic despair

http://www.bbc.co.uk/news/business-15529279

There are no price tags on the clothes in Brunello Cucinelli's showroom in Milan.

The people who shop in the designer's store do not need to worry about how much they are spending.

And Mr Cucinelli doesn't feel he needs to worry about talk of a double-dip recession in Europe.

"This is the century of China," he says.

[xchrom]

39. EU Shocked and Furious at Greek Referendum Plan

http://www.spiegel.de/international/europe/0,1518,795176,00.html

The shock announcement by Greek Prime Minister Giorgios Papandreou of a referendum on the Greek bailout has thrown efforts to rescue the single currency into doubt, unsettled global markets and angered EU leaders just days after they agreed a wide-ranging package to contain the debt crisis.

Global stock markets fell on the news. German and French stock indices were down more than 3 percent on Tuesday, with banking shares among the main losers. The UK FTSE index slid 2.5 percent. The euro was down over 1.3 percent from Monday at $1.3735 in late morning trading.

Shares in Commerzbank, Germany's second largest bank, slumped more than 10 percent and Deutsche Bank, the country's top bank, fell almost 8 percent. One economist at Bremer Landesbank said a Greek rejection of the euro zone's plan to provide Athens €130 billion ($178 billion) worth of aid and arrange a 50-percent write-down on its debt would be "suicide."

Papandreou, whose Socialist party has been hit by defections as it defied waves of at-times violent public protests and strikes to impose austerity measures demanded by international lenders, said he needed broader political support for the measures.

[tama]

47. Angered EU leaders

make people smile... :)

[xchrom]

40. Warnings Mount against Concessions to China

http://www.spiegel.de/international/europe/0,1518,795202,00.html

In the run-up to last week's European Union summit, the consensus was clear. Europe's bailout fund, the European Financial Stability Facility, was simply too small. The fund's lending capacity of €440 billion would never be enough, it was said, to stop the spread of contagion to larger euro-zone economies like Italy and Spain.

Now that euro-zone leaders, led by Chancellor Angela Merkel and French President Nicolas Sarkozy, have agreed to leverage the EFSF, however, they are realizing that finding investors to back an increase in the fund's lending capacity to €1 trillion might not be as straightforward as they first thought. Indeed, European fundraising is likely to play a major role at this weekend's G-20 summit in Cannes, France.

So too, though, are warnings that the euro zone should steer clear of acceding to possible Chinese demands for concessions should it invest in the EFSF.

"If we in Europe organize the stabilization of the euro in such a way that we allow states to exert political influence from outside, then we are making a tremendous mistake," Hans-Peter Keitel, president of the Federation of German Industry, told SPIEGEL ONLINE in a Monday interview.

[xchrom]

46. Economy on brink of recession despite Q3 growth

http://uk.reuters.com/article/2011/11/01/uk-britain-gdp-idUKTRE7A015020111101

LONDON (Reuters)- - Britain's economy is teetering on the brink of recession despite a solid performance in the third quarter, increasing pressure on the government to boost growth as renewed turmoil in the euro zone threatens to hit the country hard.

The Bank of England has already started pumping fresh money into the economy to prevent a sharp contraction, but the government is struggling to find ways to support the recovery -- already the slowest since the 1930s Great Depression -- without compromising its goal to erase a record budget deficit.

Gross domestic product grew by 0.5 percent on the quarter as business services and finance posted the strongest quarterly increase in four years, the Office for National Statistics said on Tuesday, a notch more than analysts had forecast.

However, the Purchasing Managers' Index (PMI) survey released earlier showed manufacturing activity in October fell at its sharpest monthly rate since June 2009 when Britain was still in recession.

[xchrom]

48. Greek referendum spooks European stock markets

http://uk.reuters.com/article/2011/11/01/markets-europe-stocks-idUKL5E7M11S420111101

FRANKFURT, Nov 1 (Reuters) - European shares suffered their biggest one-day loss in a month after Greece's prime minister unexpectedly called a referendum on the latest bailout deal, raising anxiety over the euro zone debt crisis.

Greek, Italian and French lenders, which have big exposure to euro zone peripheral debt, dragged the European banking sector 6.4 percent lower, with Bank of Piraeus (BOPr.AT) down 12.4 percent, Societe Generale losing 14.6 percent and Intesa Sanpaolo , down 13.3 percent.

"Fear and fright are back on the markets. At the very end of a 'golden October' with an impressive rebound in most stock markets, the stock exchange turned into a haunted house," said Roger Peeters, strategist at Close Brothers Seydler.

The FTSEurofirst 300 index of top European shares was down 3.8 percent at 958.71 points at 1200 GMT. The index fell below the 961.45 support level, a 38.2 percent retracement of the rally from Sept. 22 to Oct. 28.

[Roland99]

58. Italy 10-year government bond yield soars to 6.30%

[DemReadingDU]

30. NPR Planet Money: MF Global A U.S. Casualty Of EU's Debt Crisis

11/1/11 MF Global A U.S. Casualty Of EU's Debt Crisis

MF Global, the securities firm run by former New Jersey Governor Jon Corzine, was forced to file for bankruptcy protection Monday. The company, at Corzine's urging, made big investments in European sovereign debt. Those bets turned out to be losers. Analysts don't believe MF Global is a harbinger of bad things to come. It was much more exposed to European debt than most U.S. financial companies. Zoe Chace reports for NPR's Planet Money.

edit - She says the firm bet big on European sovereign debt, buying millions of dollars' worth of debt from Spain, Portugal, Belgium, Ireland, Italy and others — and got burned.

audio at link, appx 3 minutes
http://www.npr.org/2011/11/01/141895727/mf-global-a-u-s-casualty-of-eus-debt-crisis

[DemReadingDU]

34. Hundreds Of Millions Missing From MF Global, 'New York Times' Reports

11/1/11 Hundreds Of Millions Missing From MF Global, 'New York Times' Reports

Not only has MF Global had to file for bankruptcy protection, now there's this news about the securities firm run by former New Jersey Gov. Jon Corzine (D):

The New York Times reports that:

"Federal regulators have discovered that hundreds of millions of dollars in customer money has gone missing from MF Global in recent days, prompting an investigation into the brokerage firm, which is run by Jon S. Corzine, the former New Jersey governor, several people briefed on the matter said on Monday." The Times adds that "regulators are examining whether MF Global diverted some customer funds to support its own trades as the firm teetered on the brink of collapse."

Bloomberg News says that "the holding company for the broker-dealer run by former New Jersey governor and ex-Goldman Sachs Group Inc. co- Chairman Jon Corzine, told regulators yesterday about deficiencies in accounts that it managed for clients in the futures market, the CFTC and Securities and Exchange Commission said in an e-mailed statement."

And the news service adds that:

"Corzine, 64, now faces a regulatory probe as well as a bankruptcy. He wagered $6.3 billion of the firm's own money on sovereign European debt in a bid to increase profits. Instead, the firm reported a $191.6 million quarterly loss on Oct. 25. ... Under CFTC regulations, futures brokers that trade on exchanges are required to keep their clients' collateral, often cash or securities, separate from their own accounts."

According to The Wall Street Journal, the firm "collapsed into bankruptcy ... when a potential buyer bolted over a discrepancy of hundreds of millions of dollars in the beleaguered securities firm's books, people familiar with the matter said."

Zoe Chace of NPR's Planet Money team reported for Morning Edition on the "sad tale of MF Global." She says the firm bet big on European sovereign debt, buying millions of dollars' worth of debt from Spain, Portugal, Belgium, Ireland, Italy and others — and got burned.

links to NYT, Bloomberg, WSJ embedded in the story
http://www.npr.org/blogs/thetwo-way/2011/11/01/141898297/hundreds-of-millions-missing-from-mf-global-new-york-times-reports

edit to delete a duplicate link
:eyes:

[DemReadingDU]

43. Karl Denninger: there's really nothing more-serious than grabbing client funds internally

A few snippets from Karl Denninger...

11/1/11

Look folks, there's really nothing more-serious than grabbing client funds internally. It's black-letter wrong, and it appears to have happened in the case of MF Global:

The "mainstream media" outlets this morning are talking about this being a "risk management" issue. Nonsense. This is a trust issue and Corzine is a former Goldman guy and the former governor of New Jersey.

The obvious questions that this little "incident" raises are too many to count but at their core go straight to the credibility of our entire financial system. None of them are pretty. Our markets are responding pretty much as you'd expect and coupled with the European situation which is also a matter of confidence and lies we've lost 70 S&P points -- or about 5% of the the market's total value -- in the last 36 hours.

How much more of this is out there? There's no way to know and that's the root of the problem, just as it was in 2008.

But this much we do know: This is not an issue of a firm that allegedly broke every rule in the book when it comes to the sanctity of customer funds. Rather it is a story of utterly failed regulation and oversight that continues four years after the collapse that initiated in 2007.

It is the story of willful and intentional blindness by our government and the instrumentalities within it that are supposed to prevent this sort of crap from happening.

more...
http://market-ticker.org/cgi-ticker/akcs-www?post=196876

[Ghost Dog]

86. Is Someone Going To Jail For This?

Someone Is Going To Jail For This: MF Global Caught Stealing Hundreds Of Millions From Customers?

Say you are the head back office guy at MF Global, it is the close of trading on Thursday, the firm has already completely drawn down on its revolver, and all the resulting cash in addition to all the firm's cash at your disposal in affiliated bank accounts, up to and including petty cash, has been used to satisfy margin demands due to declining collateral value, yet the collateral calls just won't stop, and impatient voices on the other side of the phone line demand you transfer even more cash over immediately or else risk default proceedings commenced against you within minutes. What do you do? Do you go ahead and tell your superior that the firm is broke even though the co-opted media is trumpeting every 5 minutes that "MF Global is fine", knowing full well you will be immediately fired for being the bearer of bad news, or do you assume that courtesy of your uber-boss being the former head of the Vampire Squid, and thanks to infinite moral hazard which after Lehman made sure nobody would ever fail ever again, that there is simply no way that you will be left without some miraculous rescue, if only you can last one more day, and as a result proceed to "commingle" some client funds with the firm's cash. It turns out that at MF Global you do the latter... over and over... until you have literally stolen hundreds of millions from the firm's client accounts in hopes that the miracle rescue will come on Friday... then over the weekend... and then you realize no miracle is coming, partly because your actions have been exposed, partly because miracles only exist in fairy tales. The next thing you know, your firm is bankrupt and hundreds of clients are about to learn that all their money is gone. Poof. This is not a fictional tale. This is precisely what very likely happened at MF Global in the past 72 hours. And someone has to go to jail. That someone, if indeed this criminal act is proven to have taken place, should be none other than Jon Corzine himself.

/... http://www.zerohedge.com/news/someone-going-jail-mf-global-caught-stealing-hundreds-millions-customers

[Tansy_Gold]

97. Normally, no one would go to jail for this because

normally they'd all be republicans and IOKIYAR.

But since Corzine is nominally a Dem, he will go to jail.

[Demeter]

112. Wow

Not only Republican, but Golden Sacks Republican. Probably be Selected President next.

[DemReadingDU]

31. NPR: Greek Referendum Could Jeopardize Bailout Deal

11/1/11 Greek Referendum Could Jeopardize Bailout Deal

Greek Prime Minister George Papandreou says he will ask the public to vote in a referendum on last week's European debt deal. His surprise announcement could throw a wrench into the bailout agreement. The bankers holding Greek debt agreed to accept losses on Greek bonds on the assumption that the country would carry out austerity measures. For the latest, Steve Inskeep talks with reporter Joanna Kakissis in Athens.

audio at link, appx 5 minutes
http://www.npr.org/2011/11/01/141895725/greek-referendum-could-jeopardize-bailout-deal

[Demeter]

113. Is Greece Doing a "Hail Mary" Iceland?

Beware of Greeks bearing gifts....you would think the Europeans at least would have read the Iliad.

[Demeter]

41. Europe’s Economy is Falling Apart naked capitalism

http://www.nakedcapitalism.com/2011/10/europe%e2%80%99s-economy-is-falling-apart.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29

Yves here. Note the comment at the end, that Sarkozy’s sales pitch to China on the levered up EFSF did not go so well. If the Chinese don’t relent, this greatly reduces of this scheme working, even in the short term. And further note that the flagging European growth is the result of the austerity hairshirt being imposed on highly indebted economies. Ambrose Evans-Pritchard has a pointed article on the consequences of the beggar-thy-neighbor German stance.

By Delusional Economics, who is horrified at the state of economic commentary in Australia and is determined to cleanse the daily flow of vested interests propaganda to produce a balanced counterpoint. Cross posted from MacroBusiness

Angela Merkel has been warning for quite some time that Europe’s economic woes will take up to a decade to fix and that it is time for Europe to rethink its economic strategy after years of living “beyond its means”. It seems fairly obvious from those statements that the rest of the world is going to have to get use to Europe moving into a slow growth phase while it attempts to adjust away from what it considers to be unsustainable debt.

In an attempt support the transition while keeping Europe together the European leaders have put together 3 part package to save Greece, re-capitalise the banks and provide a stability mechanism for countries that run into trouble. The problem is that once you understand the technicalities behind what they have come up with you come to realise that real economic growth is the only thing that actually matters. The latest news out of Europe for many of the 17 member nations is not good at all in that regard.

It became obvious that Belgium was in trouble when it was forced to nationalise Dexia, and over the weekend the Belgium central bank reported that economy is now stalling...Cyprus is looking far worse and as usual the IMF is calling for austerity...On top of that property prices continue to fall and the real estate industry is reported to be in meltdown as construction activity has fallen by over 40% this year. Economic news from Portugal continues to be poor which is expected under the circumstances...And Spain‘s economy continues to deteriorate in the worst possible way...It now seems that France has little choice but to join the austerity budgeting brigade with Sarkozy warning his country of the coming budget cuts...And then there is Europe’s economic engine, Germany, which on the back of the latest European PMI is now predicted to stall into the new year...

With new reports suggesting that Sarkozy and Regling’s visits to China didn’t go as well as planned it would seem that Europe still has a long way to go before the end of this crisis and the rest of the world is going to have to get used to Europe in the slow-lane for a lot longer.

[Roland99]

50. Futures looking UG-LEE

DJIA INDEX 11,693.00 -204.00
S&P 500 1,217.30 -32.00
NASDAQ 100 2,306.50 -49.5

[DemReadingDU]

53. way down, DJIA -232

http://www.bloomberg.com/markets/stocks/futures/

[xchrom]

52. A New Declaration of Independence: 10 Ideas for Taking America Back from the 1%

http://www.alternet.org/economy/152912/a_new_declaration_of_independence%3A_10_ideas_for_taking_america_back_from_the_1

Here’s where we are in the course of human events right now: 14 million Americans are jobless and millions more are underemployed. Those still working have seen wages fall after 30 years of stagnation. The 1 Percent of top wage earners could buy and sell the rest of us without so much as a low balance warning on their checking account apps. The tenth-of-1 Percent earns millions more every year in barely taxed capital gains and derivatives while everyone else struggles to pay down trillions of dollars of debt. Massive, growing income inequality is now belatedly acknowledged by political and media elites, but many of them seem befuddled as to its cause and importance.

t is our belief that many of the problems facing Americans today can be directly connected to the unchecked power and complete unaccountability of the 1 Percent, a group that benefits from every unequal boom of the modern era and escapes each disastrous bust unscathed. The 1 Percent is insulated from the negative effects of its disastrous policies by its paid representatives in government. The elite 1 Percent ensures the slavish loyalty of its political handmaidens by flooding their campaign coffers with money squeezed from the 99 Percent as deposits, fees and interest.

[xchrom]

54. south asia: Sensex closes 215 points lower

http://timesofindia.indiatimes.com/business/india-business/Sensex-closes-215-points-lower/articleshow/10568127.cms

MUMBAI: A benchmark index for Indian equities markets Tuesday closed 215 points lower amid negative global cues.

The 30-scrip sensitive index ( Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,540.55 points, closed at 17,489.95 points (provisional), down 215.06 points or 1.21% from its previous close at 17,705.01 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also ended lower, 72.85 points or 1.37% down at 5,253.75 points.

Broader markets also ended in the red with the BSE 500 index closing 0.97% down. The BSE midcap index closed 0.69% lower, while the BSE smallcap index ended 0.56% down.

[xchrom]

68. Indian rupee slides to biggest single session fall in 2 weeks

http://timesofindia.indiatimes.com/business/india-business/Indian-rupee-slides-to-biggest-single-session-fall-in-2-weeks/articleshow/10569700.cms

MUMBAI: The Indian rupee posted its largest one session fall in nearly two weeks on Tuesday as concerns that Europe's debt crisis may worsen eroded global risk appetite hurting equities and the euro.

The partially convertible rupee ended at 49.27/28 per dollar, 1.2 percent weaker from its previous close of 48.69/70 making this the biggest single day fall for the unit since Oct 20.

Intraday, the unit had moved in a wide band of 48.8300 to 49.3150, but traders ruled out any intervention at the lower levels from the central bank stating the currency had seen far worse single day swings.

The central bank's policy states it would intervene in the foreign exchange market only to cut volatility and not to support any levels on the rupee.

[xchrom]

69. Imported chocolates Ferrero Rocher, Galaxy, Sapphire, Guylian taken big leap this Diwali

http://economictimes.indiatimes.com/news/news-by-industry/cons-products/food/imported-chocolates-ferrero-rocher-galaxy-sapphire-guylian-taken-big-leap-this-diwali/articleshow/10548832.cms

NEW DELHI: It has been a cracker of a Diwali for new imported brands Ferrero Rocher, Galaxy, Sapphire, Guylian and Lindt, which have taken a big bite of the Rs 250-crore chocolate gifting market dominated by traditional players such as Cadbury and Nestle.

Sales growth for the new entrants was driven by price cuts, retailing at top-end grocery stores and localised offerings. "People want to be seen gifting imported chocolates because they connote premiumness; yet the packs are priced more or less in the same range as made-in-India ones," said Ayan Ghosh, GM (FMCG) at Spencer's Retail.

Leading organised retailers Future Group's Big Bazaar and RPG Groupowned Spencer's said imported brands contributed 40-45% to overall chocolate sales nationally in the festive season, up from 30% last year. And in select organised retail stores such as those in Delhi and Gurgaon, Ferrero Rocher's transparent-and-gold boxes alone grew faster than category leader Cadbury.

"While category leader Cadbury must be credited for creating chocolate gifting, it's international brands that have accelerated gifting and taken a big leap this Diwali," says Devendra Chawla, president (food and FMCG) of the country's largest retailer Future Group, which runs 200-plus Big Bazaar and Food Bazaar stores.

[xchrom]

70. Basmati to fetch less, prices 15-20% lower this year

http://economictimes.indiatimes.com/news/economy/agriculture/basmati-to-fetch-less-prices-15-20-lower-this-year/articleshow/10567753.cms

CHANDIGARH: Basmati growers in Punjab and Haryana are likely to earn less from their produce this season, with rates for the aromatic rice variety ruling 15 to 20 per cent lower than last season on account of oversupply of the crop.

Finding "no scope" for any increase in prices of premium varieties of paddy in coming months, Punjab Agricultural University (PAU) has even asked farmers to sell their basmati crop immediately after harvesting.

"Farmers will be the main sufferers this season as prices of basmati crop are ruling low (against last year's rates) because of oversupply of crop," All India Rice Exporters Association President Vijay Setia told PTI today.

Rates of much-in-demand basmati variety PUSA 1121 are ruling at Rs 17-18 per kg, as against Rs 20-24 per kg last year. The price of PUSA 1 is hovering around Rs 15 per kg, while its price stood at Rs 19-20 per kg last season.

[Roland99]

55. Greek news updates here >>> (getting juicy)

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x5044331

[DemReadingDU]

66. Thanks, ZeroHedge has lots of info too

http://www.zerohedge.com/

[Roland99]

87. Banks to move ahead with Greek debt deal: IIF

http://www.marketwatch.com/story/banks-to-move-ahead-with-greek-debt-deal-iif-2011-11-01?link=MW_home_latest_news

[Roland99]

104. GREEK GOVERNMENT SPOKESMAN TOLKAS SAYS REFERENDUM TO GO AHEAD

http://www.zerohedge.com/news/greek-referendum

[Hotler]

61. I have no hope. I see no future. eom.

[Demeter]

65. This is the future

and Hope is just delay, nowadays.

[DemReadingDU]

67. We're all in the same boat

We need each other to help paddle

[Hotler]

79. I sound like a broken record.

I need a new slogan..

[Demeter]

64. It's a Global Wiley Coyote Moment!

Thanks everyone for filling out this thread...it's truly a group effort. And dear PBD, hope you are safe and warm and dry and have something good to eat.

This is the shape of things to come. Reality has spoken.

[bread_and_roses]

73. 2nd that for PBD ...

and for "Reality" too ....

[Demeter]

82. Here's Reality Writ Large

[Roland99]

84. +1776

[Tansy_Gold]

92. +1789

[Roland99]

93. :)

[Tansy_Gold]

98. +1791

Duh, my bad. I shoulda just looked at the damn copy posted! :blush:

[Roland99]

101. you would be technically correct on both, though, really

:)

[AnneD]

95. I love it....

That permit should be good in all 50 states.

[txlibdem]

125. [phone] - now we just print up about 100,000 to 1 million of these...

One for each protester...

[xchrom]

71. The Best U.S. States for Working Women

http://www.theatlanticcities.com/jobs-and-economy/2011/11/best-states-working-women/357/

Women now hold down the majority of jobs in the U.S. workforce. As Hanna Rosin has argued, in some ways the economic crisis may have tilted the playing field even further away from men, who have borne the brunt of blue‑collar job losses, and toward women, who are more concentrated in knowledge and service work. Still, a significant earnings gap between the genders remains, according to a host of studies, and in that respect men remain the winners by a large margin.

My new report, The Rise of Women in the Creative Class, written with my Martin Prosperity Institute colleagues Charlotta Mellander and Karen King, uses American Community Survey data to rank the best states for working women. We looked at rates of women’s workforce participation and wage and salary levels for the 50 states and the District of Columbia. In addition, we developed two new metrics to evaluate the best states for working women – a "Location Premium" and overall "Women’s Earnings Index." This week I'll summarize the key findings of that report. Today, I begin with our findings on the best states for working women.

[Roland99]

76. The magic number for the S&P 500 is -2%

http://blogs.marketwatch.com/thetell/2011/11/01/the-magic-number-for-the-sp-500-is-2/

The early 2.7% slide in the S&P 500 would qualify for the third worst after Nov. 4, 1929, and Nov. 1, 1932.

The S&P 500 has fallen more than 2% on the first trading day of November four times.

On each of those occasions it’s gone on to fall for the rest of the month.

However in Novembers when the first-day slide has been less than 2% but greater than 1%, the index has gone on to end the month higher.

[Roland99]

106. Ruh roh, Rorge! ... S&P 500 1,218 -35 -2.79%

[xchrom]

78. JPMorgan Shuffles Its Capital Markets Leadership

http://dealbook.nytimes.com/2011/11/01/jpmorgan-shuffles-its-capital-markets-leadership/

JPMorgan Chase has reorganized the management of its capital markets operations, putting both equity and debt capital markets under single global leadership teams, the firm announced in an internal memorandum reviewed by DealBook on Tuesday.

The firm has created a global debt capital markets group that will manage a broad spectrum of products, from investment-grade bonds to junk bonds and leveraged loans, as well as restructuring. The team will be led by JPMorgan’s current heads of syndicated leveraged finance, Andy O’Brien and Jim Casey, according to the memo from Jeff Urwin, the firm’s head of global investment banking coverage, capital markets and mergers and acquisitions.

Through the reorganization, Mr. O’Brien and Mr. Casey will be taking over the high-grade bond team formerly led by Therese Esperdy, who moved to Hong Kong earlier this year to become co-head of Asia Pacific investment banking. The two men will remain based in New York.

JPMorgan has also reorganized its various regional equity capital markets teams under a single global group managed by Vis Raghavan, the firm’s London-based head of international capital markets.

[Roland99]

85. 11:53am - DJIA -302

Dow 11,653 -302 -2.52%
Nasdaq 2,606 -79 -2.93%
S&P 500 1,218 -36 -2.84%
GlobalDow 1,821 -77 -4.07%
Gold 1,707 -18 -1.06%
Oil 90.38 -2.81 -3.02%


10year yields under 2.00%

[Roland99]

89. U.S. markets plunge to major support

http://www.marketwatch.com/story/us-markets-plunge-to-major-support-2011-11-01?link=MW_home_latest_news

pretty pictures.

[Roland99]

96. Everyone got their Faerie Detectors on?

[Tansy_Gold]

99. Is that like faydar? nt

[Roland99]

100. heh

[DemReadingDU]

110. lol!

[Demeter]

118. Or maybe Feydar?

[Pale Blue Dot]

102. Hi everyone!

We're still dealing with the latest storm of the century here in Western Mass. We were one of the lucky ones - we never lost power. However, our internet just came up now. Thank you, Demeter, for starting the thread today!

I hope everyone is safe here!

[Roland99]

103. nice to hear from ya! glad you didn't get the worst of it.

[DemReadingDU]

109. Hello!

Glad you missed the worst, but being without Internet is not so good
:hi:

[AnneD]

115. Back in the Saddle again.....

Aerosmith as opposed to Gene Autry. Glad you survived....

[hamerfan]

116. Glad to hear you are okay, PBD!

Stay warm and watch out for falling limbs.
hamerfan
:donut: :donut:

[Demeter]

117. Whew! Glad to hear you're okay

You can have the honor of starting SMW back for tomorrow....and ever after.

[girl gone mad]

120. You picked a fine time to leave us, Pale Blue Dot!

Meltdown not averted.

Good to hear from you. Glad you are safe!

:)

[Tansy_Gold]

121. Welcome home!

[Roland99]

105. Going to be closing near the session lows. Guess the Greek referendum skeered the markets again.

[DemReadingDU]

107. or Corzine's MF Global admitted to using client cash as its troubles mounted

11/1/11
MF Global, the securities firm led by Jon Corzine, admitted using clients' money as its financial troubles mounted, a federal official says.

An MF Global executive admitted that to federal regulators in a phone call early Monday after regulators raised questions about the company's books, according to an official familiar with the conversation.

It is not clear where the money ended up or what it might have been used for, said the official, who spoke on condition of anonymity because he wasn't authorized to discuss an investigation by federal regulators.

Government rules require securities firms to keep clients' money and company money in separate accounts. Violations can result in civil penalties.

more...
http://finance.yahoo.com/news/Official-MF-Global-admitted-apf-602167470.html?x=0&sec=topStories&pos=2&asset=&ccode=

[Roland99]

119. what a scumbag. But that news came out a bit earlier.

The big dips and the one "recovery" in today's market were all tied to Greek news.

The timing of the news and the subsequent market movements are right in time with each other.


Hopium is apparently the scientific name for Faerie Dust.

[Demeter]

124. (H)Opium, that's just too cute for words.