Re: The great interest rate rip-off part 4 -

[interestrateripoff]

28 September 2011 Last updated at 18:49

 

UK 'will resist' EU financial tax

 

Bank shares have fallen in London after the UK said it would "resist" a financial transaction tax on EU members proposed by the European Commission.

 

• EU 'faces its greatest challenge'
  
• Hague: Euro is burning building
  
• Ask the experts: Eurozone crisis
  
• Living on less in Greece
  
• What now for Greece?
  
• Q&A: Greek debt crisis
  

 

Barclays heads UK complaints list

 

More complaints were made about Barclays than any other banking brand by UK customers in the first half of the year, figures show.

 

• Financial complaints surge again
  
• How to complain about financial services
  

 

 

Amazon unveils Kindle Fire tablet

 

Online book and music retailer Amazon unveils a $199 (£130) colour tablet computer called the Kindle Fire.

 

• Tablets: Amazon's competition
  
• Amazon launches web Kindle reader
  

 

 

 

• Reebok pays $25m over toning shoe
   
  Sports goods maker Reebok will pay $25m ( £16m) to settle charges that it made unsupported claims about its Easy Tone and Run Tone shoes.
  
• US durable goods slip in August
   
  Orders for big manufactured goods in the US fell slightly in August after a sharp jump in the previous month, figures show.
  
• Man shares fall on trading update
   
  Shares in hedge fund Man Group fall 20% after it said clients withdrew money at the fastest pace for two years.
  
• NBNK to bid for Lloyds branches
  
• House prices continue to stagnate
  
• Bank bonus and dividends warning
  
• Domino's Pizza sees sales rise
  
• Felixstowe opens new port berths
  
• Google boosts Silicon Roundabout
  
• Kingfisher to end budget airline
  
• Tatas suffer India land setback
  
• Investors warn on boardroom pay
  
• Aston Martin 'coolest UK brand'
  
• NBNK bids £1.5bn for Lloyds
   
  10 hours ago
  I have learned that NBNK, the stock-market group set up to buy banks, will at midday today submit a bid of around £1.5bn to acquire the 632 bank branches and £36bn of deposits that Lloyds is being forced to sell by the European Commission.
  

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[/url]

 

FTSE 100 drops as tension grows over second Greek bailout

 

London and European stocks fall sharply after Barroso says debt crisis biggest challenge in EU's history and nerves rise ahead of German vote on Greece as international creditors head for Athens to decide on €8bn loan.

EU president urges deeper economic union

 

 

Greek lawmakers pass controversial property tax

 

 

 

 

BoE: Banks must prepare for further shocks

 

Britain's banks should slash bonuses and cut shareholder dividends to shore up their balance sheets in the face of another potential downturn, the Bank of England has warned.

Financial Policy Committee: who's who

 

 

Financial Policy Committee: the full statement

 

 

Household lending improves but small businesses under pressure

 

 

 

Barclays is the 'most complained about' bank

 

Barclays received the highest number of bank complaints during the first six months of the year, according to FSA data.

 

BP and Transocean argue over fresh oil 'leaks'

 

The US Coast Guard has warned that more oil may have leaked from the Deepwater Horizon rig, causing a new round of finger-pointing between BP and Transocean.

Cairn hits dry well, as Tullow makes new oil discovery

 

 

 

Protesters plan to occupy the LSE

 

A group of protesters are organising an occupation of the London Stock Exchange over 'unethical behaviour of banks'.

 

UBS reviews business model after £1.5bn rogue trader loss

 

 

 

 

Briton named Wal-Mart's head of UK, Canada and Africa

 

 

 

 

Microsoft and Samsung pool patents to take on rivals

 

 

 

 

Germany slams US plan to boost rescue fund

 

 

 

 

Chancellor to miss deficit target, says Pimco

 

 

Debt crisis: live

 

Markets struggled to find direction as uncertainty over the eurozone bail-out brought yesterday's rally to a close, ahead of crucial votes by EU member states this week.

Household lending improves but small businesses under pressure

 

 

 

 

City Desk Morning Briefing - Wednesday

 

 

 

 

BoE: Banks must prepare for further shocks

 

 

Eurozone's dangerous lurch towards protectionism

 

 

Does the European Commission want Germany to leave the euro?

 

 

The dangerous subversion of Germany democracy

 

 

Inflation steals £2,500 from typical savers in slow motion bank robbery

[interestrateripoff]

Amazon Unveils Tablet That Undercuts iPad’s Price

 

By JENNA WORTHAM 11 minutes ago

 

 

At $199, the color Kindle Fire is less than half the price of the Apple iPad.

 

• Bits Blog: Recap of Amazon's Announcement
  
• Post a Comment
  

 

 

 

Josh Haner/The New York Times

 

Jeff Bezos, the chief executive of Amazon, introduced the Kindle Fire on Wednesday.

 

 

 

 

 

 

Expanded Euro Bailout Fund Clears Hurdle

 

By JACK EWING and STEPHEN CASTLE 46 minutes ago

 

Finland’s Parliament agreed to contribute its share despite reservations among legislators and a dispute over demands for collateral from Greece.

 

• Europe Nears Agreement on Bailout Fund That May Be Inadequate 11:35 PM ET
  
• Interactive Feature: Tracking Europe's Debt Crisis
  
• Post a Comment | Read (0)
  

 

Stocks Turn Down After Two-Day Rise

 

By THE ASSOCIATED PRESS 34 minutes ago

 

Wall Street was unable to keep alive a two-day rally driven by hopes that Europe had a plan to contain Greece’s debt crisis, despite reports of divisions.

 

• U.S. Durable Goods Orders Decline 8:57 AM ET
  

 

U.A.W. Approves Four-Year Contract With G.M.

 

By NICK BUNKLEY 24 minutes ago

 

The union said 65 percent of production workers and 63 percent of skilled-trades workers approved the deal, the first big auto industry labor agreement since 2009.

 

Interns File Suit Against ‘Black Swan’ Producer

 

By STEVEN GREENHOUSE 43 minutes ago

 

Two men who worked without pay on the film claim that Fox Searchlight Pictures violated labor laws.

 

Reebok to Pay in Settlement Over Health Claims

 

By ANDREW MARTIN

 

The Federal Trade Commission said the sportswear maker agreed to pay $25 million to settle allegations that it made unsubstantiated claims about the health benefits of two lines of shoes.

 

DealBook

 

Man Group Assets Drop Amid Market Turmoil

 

By AZAM AHMED

 

Man Group, the world largest publicly traded hedge fund, suffered a rough summer, with assets dropping by nearly $6 billion amid redemptions and weak performance.

 

Health Insurers Push Premiums Sharply Higher

 

By REED ABELSON and NINA BERNSTEIN

 

The cost of health insurance this year rose more steeply than in previous years, outstripping wages and adding uncertainty about the pace of growing costs.

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Caution: The Rats Not Only Flee, They Speak

 

Oh oh.... (run this through Google Translate if you don't read Hungarian)

Europe's common currency is virtually dead. The euro's doomed situation. The only open question now is, that European governments and the European Central Bank's desperate rearguard action even number of days to keep the spirit in Greece. For the moment, when Athens is declared bankrupt, a ten earthquake shakes the very Europe, which will be the overture to a whole new era in the life of the old continent.

 

Indeed, Greece is not only bankruptcy will mean that the Greek government securities holders did not get back their money invested, but also to the interior of the state will not be able to meet its debts.

 

From the moment only Greek teachers, doctors, police, army, ministry and local government employees will not receive a salary, just as the seniors did not expect nyugdíjukra good time. The ATM is emptied in minutes. The local banks are stuck holding government securities, an immediate liquidity crisis, devaluation of the Greek banking system in total collapse. Thus the savings of depositors is totally wasted because the Greek government deposit insurance or guarantee was now living. Bankkártyájukról since then, not only at home will not be able to withdraw some money, but the world's only automatájából not. The benzinkutakból run out of fuel, as well as food from the grocery store. Greece is practically a full stop at least a decade of life and dramatic drop in poverty in the country as a whole.

It only gets better from there.

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So Housing Is "Stabilizing"?

 

Then perhaps you can explain this:

Prime delinquencies of 60+ days were up a little to 12%.....those are suppose to be the best borrowers.

These are non-agency loans - Jumbos mostly. Otherwise known as "rich people" property. These are places with mortgages well north of a half-million smackers.

What we're now getting out of the objective data is what I've asserted for a good long while: A huge percentage of these so-called "rich" are really not rich at all; they're "paper rich" but in fact damn near dead-flat broke.

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Durables: A Mixed Bag

So this morning we get the August durables report, and it has some interesting internals buried in it.

New orders for manufactured durable goods in August decreased $0.2 billion or 0.1 percent to $201.8 billion, the U.S. Census Bureau announced today. This decrease, down two of the last three months, followed a 4.1 percent July increase. Excluding transportation, new orders decreased 0.1 percent. Excluding defense, new orders decreased 0.1 percent.

Primary metals, down following five consecutive monthly increases, had the largest decrease, $0.2 billion or 0.8 percent to $24.2 billion.

That's an interesting shift. Remember, the thesis of most on "the street" is that we will not have a "second recession." (My view, on the other side, is that we've never left the first downturn, instead choosing to cover it up with government deficit spending - a temporary fix that must eventually end.)

The contrary view in the report is here:

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Add The Ukraine To List Of Countries On Verge Of Technical Default

 

 

Guest Post: Government Corruption Causes Mass Blackout

 

 

No More Shorting Of Financials In Europe... Ever?

 

 

With 5 Year Trading -220 bps Special In Repo, 5 Year Drops Sub-1% Following Record Auction

 

 

Man Down As Hedge Fund Redemptions Arrive: 25% Of Hedge Funds Industry To Follow Into That Good Night

 

 

Guest Post: The Economy Is On The Ropes And Going Down

 

 

LIBOR Hasn't Fallen For 46 Days As Someone Is Getting More Desparate To Overpay (By Over 200%) For Funding

 

 

Here Comes The "China Hard Landing" - Full Bank Of America Presentation Slides

 

 

The "EURECA" Moment

 

 

Art Cashin On European Political Alliances, Marrying Your Best Friend's Sister, And Fed Fisher's Enlightenment

 

 

Goldman On Durable Goods: Encouraging, But Doubt Recent Growth Rates Will Be Sustained

 

 

Step Aside BBC "Trader": Head Of UniCredit Securities Predicts Imminent End Of The Eurozone And A Global Financial Apocalypse

 

 

Macro Commentary: We Are Moving To Disneyland

 

 

Greece Runs Out Of Ink, Can't Print Tax Forms

 

You really couldn't make this up could you?

 

Former Chief ECB Economist Tells It Is Inevitable Greece Will Leave Eurozone And The Greek Debt Haircut Will Be 50%

 

 

Goldman's 'Unconventional' Inflation Policy vs. Austrian Deflation Endgame

 

 

Greeks Sought Irish Central Bank Counsel. No, Seriously!

 

 

Guest Post: Euro Tarp - Why It Will Be A Screaming Failure

 

 

Doug Casey: How To Prepare For When Money Dies

 

 

Market Snapshot: Credit Early, Financials Unch, And New Issues Ugly

 

 

Jon Stewart's Extended Interview With Ron Paul

 

 

FT Report That Greek Bailout Package On The Verge Of Collapse After Surge In Greek Funding Needs Sends Stocks, Euro Plunging From Highs

 

 

Presenting A Post Mortem Of "Anonymous" First Trade Reco: Anon To Give Muddy Waters A Run For Its Fraudbuster Money

[interestrateripoff]

Breaking news

 

• UBS interim CEO to drop non-UBS obligations - Reuters
  

 

 

 

• European debt crisis: Germany backs revamped bailout fund
   
  Merkel pushes through rescue package in step towards tackling the eurozone's sprawling debt crisis
   
  
  • “5.01pm: If we're resorting to discussing the weather, it's clearly time to end this blog for the day. Here's a summary: • Germany's Bundestag has…”
    Germany backs eurozone rescue package - Live
     
    
  • Heather Stewart: This victory won't end the debt war
    
  • Debt inspectors prepare to fly back into Greece
    
  • Clegg warns on Britain's EU cold shoulder
    
  • Markets face 'severe strains', warns Bank of England
    
  • Interactive: EU states vote on bailout package
    
  • Michael White: Careful what you wish for, sceptics
    
  • Elena Panariti: Greece should not act alone
    

  [*]

  
  The vote buttresses Merkel after months of 'aussitzen'
  

  David Gow

  [*] US GDP shows stronger than expected growth, while jobless claims fall

   

  Away from the excitement of the never-ending eurozone crisis, leading shares have been given a boost by better than expected US data

  3 comments

 

 

• Nokia to axe another 3,500 jobs
   
  Finnish phone maker will also close Romanian factory as part of its ongoing €1bn cost-cutting plan
  
• Alexon sale saves thousands of jobs
   
  Indebted fashion group sold to private equity firm after going into administration
   
  
  • Argos pins hopes on shopping channel
    

  [*] Oracle accuses Autonomy boss of telling 'whopper' over key meeting

   

  Last updated 10 minutes ago

  Oracle says that a meeting which it claims took place between Autonomy's Mike Lynch and Oracle co-president Mark Hurd in April was a sales pitch

   

  • Autonomy's reaction to Oracle's statement
    

  [*] Sorry, but this trader's banking confession was no prank

   

  The Yes Men: The Yes Men have been blamed for Alessio Rastani's comments on the financial crisis. But sometimes truth outdoes satire

  327 comments

  • Were you shocked by Alessio Rastani's comments?
    

  [*] More business news

  [*] House prices are 'treading water'

  67 comments

  [*] MAN group shares hit by $6bn drop in assets under management

   

  • Nils Pratley: Man's growing pains
    

[interestrateripoff]

Eurozone holds its breath for vote on rescue package

 

 

Ben Chu: Germany will hold a crucial vote today on whether to approve an extension of powers for the eurozone's financial rescue fund.

 

• Bank of England: cut bonuses and dividends, not lending
  
• Nokia to slash 3,500 jobs by 2012
  
• Barclays Bank tops the financial complaints table for second time
  
• Treasury vows to oppose Barroso's plan for 'Tobin tax'
  
• Britain's 50p tax rate is fourth-highest in Europe
  
• Low pay rises set to limit inflation expecations
  
• Man Group tumbles as clients pull out $7bn in cash
  

 

David Prosser: BAE cuts are a wake-up call for a government with no growth strategy

 

 

Outlook It is easy enough to rant about the irony of BAE Systems cutting 3,000 jobs at a time when politicians of every persuasion talk of little else but the need to rebalance our economy away from financial services towards the kind of hi-tech manufacturing at which the defence company excels. However, the job losses announced yesterday do not represent a setback, a failure for that rebalancing act, but something else entirely.

 

 

• David Prosser: Moving into the eurozone endgame
  
• David Prosser: Regulate salesmen, not what they sell
  
• James Moore: Gold rush may be over as steep price dive sees the metal lose its lustre
  
• Hamish McRae: This scheme might just work but significant hurdles remain
  
• Ben Chu: The challenge for the eurozone? It must find its Abraham Lincoln
  

[interestrateripoff]

29 September 2011 Last updated at 19:48

 

Germany approves EU bailout fund

 

Germany's parliament votes by a large majority in favour of supporting a more powerful fund to bail-out troubled Eurozone economies.

 

• Bailout vote: Germans react
  
• Hewitt: Merkel's authority survives
  
• Q&A: Greek debt crisis
  
• What now for Greece?
  

 

Nokia to cut another 3,500 jobs

 

Mobile phone maker Nokia is cutting 3,500 jobs and closing a factory in Romania as part of its 1bn-euro restructuring plan.

 

• Samsung pays Microsoft royalties
  
• Amazon unveils Kindle Fire tablet
  

 

 

Alexon jobs saved as group sold

 

Women's clothing retailer Alexon is sold to a private equity firm in a deal which should secure the jobs of its 2,700 staff.

 

 

 

• ECB called for Italy budget cuts
   
  A leaked letter reveals the European Central Bank told Italy to make big changes to its labour laws and take action to cut its deficit.
  
• Increase in UK mortgage approvals
   
  The number of new mortgages approved for home buyers in August rose to its highest level since December 2009, the Bank of England says.
  
• Full Tilt Poker licence revoked
   
  Besieged online gambling site Full Tilt Poker has had its licence revoked, a week after US lawmakers accused it of being a "global Ponzi scheme".
  
• Warning over mobility aid scams
  
• Spain halts lottery privatisation
  
• US economic growth rate at 1.3%
  
• Flat summer sales at Thomas Cook
  
• NBNK confirms Lloyds branches bid
  
• UK house prices 'treading water'
  
• Brazil growth 'to slow sharply'
  
• Greek default now 'unavoidable'
  
• Typhoon Nesat heads for Vietnam
  
• UK 'will resist' EU financial tax
  
• Shell Singapore fire 'contained'
  
• Bank lending 'should be controlled'
   
  3 hours ago
  The free market consistently fails to ensure the right amount of loans are created by banks or that they go to the right place, says the UK’s top regulator, Lord Turner.
  

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Europe again steps back from brink in debt crisis

 

6:54pm BST

BERLIN - Following a now-familiar script, Europe again averted disaster in its debt crisis when German lawmakers rallied behind Chancellor Angela Merkel to approve a stronger euro zone bailout fund on Thursday.

 

FTSE weighed down by weak miners

 

LONDON - The FTSE 100 fell back on Thursday, bucking firmer trends from both U.S. and European equity markets and under pressure from big falls by heavyweight miners on lower copper prices amid concerns over future demand.

 

• Europe again steps back from brink in debt crisis | 6:54pm BST
  
• Autonomy hits back at Oracle in deal spat 7:28pm BST
  
• Cable cool on new state bank to aid small firms 5:03pm BST
  
• Analysis - For markets, euro zone QE no longer unthinkable
  

 

British investors dash for cash - Reuters poll

 

LONDON - British investors opted to brave inflation rates nearing 5 percent and increased their cash holdings as fears of a knock-on effect from the euro zone's worsening financial crisis sent them running for safety, a Reuters survey shows.

2:20pm BST

 

FSA urges caution on new watchdog expectations

 

LONDON - The financial regulator cautioned on Thursday not to expect too much from a new breed of watchdog that seeks to spot and tackle system-wide risks before they destabilise markets.

5:49pm BST

 

Shell shuts Singapore refinery; fire finally out

 

SINGAPORE - Royal Dutch Shell Plc finally put out a blaze at its massive Singapore refinery after firefighters struggled to contain it for a day and a half, forcing the firm to start shutting its biggest plant worldwide.

6:21pm BST

 

Greenergy has no firm IPO plan, this still an option

 

LONDON - UK refined oil product wholesaler Greenergy has not ruled out an initial public offering (IPO) but has no firm plans to go public for now and will aim to grow in services and in international markets, its chief executive said.

6:18pm BST

 

FTSE seen falling sharply on the year - Reuters poll

 

LONDON - The FTSE 100 is expected to register a drop of nearly 11 percent on the year as investors focus on the euro zone debt situation and its potential to wreak havoc on the financial system.

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[/url]

 

Stocks rise on bullish US data and German support for euro fund

 

Stocks get a boost after the release of surprisingly strong US economic data and the overwhelming approval by Germany's MPs of a bill to strengthen a bailout fund to help ease the eurozone debt crisis.

US unemployment an 'unheard of national crisis', says Bernanke

 

 

Merkel wins crucial euro crisis vote

 

 

Global stockmarkets fall on fears eurozone bail-out will stall

 

 

Greeks protest as EU and IMF begin bailout loan audit

 

 

Bernanke warns US enemployment is a 'national crisis'

 

 

 

 

Oracle accuses Autonomy chief of 'lying'

 

The row between Oracle and Autonomy has escalated into a war of words after the US company's chief Larry Ellison accused Autonomy's Mike Lynch of having a 'poor memory or lying'.

 

Santander UK issues severe profits warning

 

Ana Botín, the chief executive of Santander's UK business, issued a severe profits warning as the lender faces rising costs and difficult market conditions.

 

Full Tilt Poker licence revoked

 

Full Tilt Poker, the gambling company that earlier this month was described as a "Ponzi scheme", has had its licence revoked.

 

Hyundai in lights at London’s Piccadilly Circus

 

One of the world’s most high-profile advertising hoardings is welcoming a new resident for the first time in 17 years as Hyundai is switched on at London’s 'Piccadilly Lights'.

Piccadilly Lights: a history in pictures

 

 

Piccadilly Lights: facts and figures

 

 

Piccadilly Lights: did you know...

 

 

Piccadilly Lights: A timeline

 

 

 

UK house prices 'tread water', says Nationwide

 

 

 

 

ICAP considers London Metal Exchange bid

 

 

 

 

Computer company RM axes 460 staff

 

 

 

 

Neil Woodford leads board overhaul at Helphire

 

 

 

 

Alexon jobs saved by Sun Capital deal

 

 

Stop asking Germany to pay, and you may save the euro

 

Germany, Europe's richest country, should not accept responsibility for debts built up by Italy, Spain and Greece from long before the euro was established, says Andrew Lilico.

Debt crisis: live

 

 

 

 

UK has become a nation of zombie companies

 

 

 

 

US unemployment an 'unheard of national crisis', says Bernanke

 

 

UK has become a nation of zombie companies

 

 

China ruffles Europe's feathers

 

 

This is a German banking crisis - and they must lead the clean-up

 

 

Why 50pc tax row misses the point: what about the squeezed middle?

[interestrateripoff]

Even if Europe Averts Crisis, Growth May Lag for Years

 

By GRAHAM BOWLEY and LIZ ALDERMAN 30 minutes ago

 

A best-case scenario in Europe is a bailout of troubled governments and banks that keeps the financial system from experiencing a major shock, but it could take years to ease the huge debt.

 

• Post a Comment | Read (12)
  

John Kolesidis/Reuters

 

Bills for a new income tax on display during a rally this week in Athens against the Greek government's new austerity measures.

 

 

 

Washington, Seeking Revenue, Is in a Mood to Sell

 

By EDWARD WYATT 1:52 PM ET

 

The White House figures that selling spare land, buildings and airwaves could raise up to $22 billion over the next decade.

 

• Post a Comment | Read (24)
  

 

Germany Approves Expansion of Euro Bailout Fund

 

By NICHOLAS KULISH 8:00 AM ET

 

The vote was also a narrow but significant political victory for Chancellor Angela Merkel, as fewer lawmakers from her own coalition joined the no vote than had been expected.

 

• Borrowing Costs Jump for Italy at Bond Auction 7:10 AM ET
  
• German Jobless Rate Declines 8:24 AM ET
  
• Post a Comment | Read (49)
  

 

Wall Street Rally Fizzles

 

By THE ASSOCIATED PRESS 4 minutes ago

 

Economic news and a bailout vote in Germany gave stocks some momentum, but it was difficult to sustain.

 

Teller-A.T.M. Hybrid Takes Banking to Rural India

 

By VIKAS BAJAJ 11:42 AM ET

 

Roving tellers equipped with laptop computers, wireless modems and fingerprint scanners open accounts, take deposits and process money transfers.

 

• Slide Show: Bringing Cash to the Countryside 11:34 AM ET
  
• Post a Comment | Read (26)
  

 

Second-Quarter G.D.P. Grew at 1.3% Rate

 

By REUTERS 9:18 AM ET

 

The United States economy grew slightly faster in the spring than previously reported, and weekly jobless claims fell last week, the government said Thursday.

 

Nokia to Eliminate 3,500 More Jobs

 

By KEVIN J. O'BRIEN 56 minutes ago

 

The unexpected announcement is the second wave of cuts this year from the former global market leader.

 

DealBook

 

A Start-Up Takes On Procter & Gamble Over a Name

 

By PETER LATTMAN and ANDREW MARTIN

 

The consumer products company claims that customers will confuse Willa, a fledgling line of skin care products for young girls, with Wella, its hair care line.

 

Amazon’s Tablet Leads to Its Store

 

By JENNA WORTHAM and DAVID STREITFELD

 

At $199, the color Kindle Fire is less than half the price of the Apple iPad.

 

• Bits Blog: Recap of Amazon's Announcement
  
• Post a Comment
  
• Video: TimesCast | Amazon Fire Tablet 6:04 PM ET
  
• Interactive Feature: Amazon Takes Aim at Apple’s iPad
  

 

Reebok to Pay Settlement Over Health Claims

 

By ANDREW MARTIN and ANAHAD O’CONNOR

 

The Federal Trade Commission said the sportswear maker agreed to pay $25 million to settle allegations of unfounded claims about the health benefits of two lines of shoes.

 

• Post a Comment | Read (8)
  

 

G.M. Contract Approved, With Bonus for Workers

 

By NICK BUNKLEY

 

General Motors said the deal would increase the company’s labor costs by only 1 percent annually.

 

Interns, Unpaid by a Studio, File Suit

 

By STEVEN GREENHOUSE

 

Two men who worked without pay on “Black Swan” claim that the studio violated labor laws.

[interestrateripoff]

http://www.nytimes.com/2011/09/30/business/global/even-if-europe-averts-crisis-growth-may-lag-for-years.html?_r=1&ref=business

 

It has happened time and again in recent months as Europe’s debt crisis has played out. Stocks stage a remarkably strong comeback on expectations that a solution has been found. Then they quickly resume their decline as hopes dissipate, leaving investors puzzled and frazzled.

 

What is going on?

 

The problem, say close watchers of both the subprime financial crisis in 2008 and the European government debt crisis today, is that many investors think there is a quick and easy fix, if only government officials can come to an agreement and act decisively.

 

In reality, one might not exist. A best case in Europe is a bailout of troubled governments and their banks that keeps the financial system from experiencing a major shock and sending economies worldwide into recession.

 

But a bailout doesn’t mean wiping out the huge debts that have taken years to accumulate — just as bailing out American banks in 2008 didn’t mean wiping out the huge amount of subprime debt that homeowners had borrowed but couldn’t repay.

 

The problem — too much debt — could take many years to ease.

 

”Everybody has been living beyond their means for nearly the last decade, so it is an adjustment that will be painful and long, and it will test the resilience of societies socially and politically,” said Nicolas Véron, a senior fellow at Bruegel, a research organization in Brussels.

 

More at the link.

 

An interesting article.

 

The press seems to be leaking these types of bearish articles more and more frequently, it's almost as if the people are being slowly prepared for the inevitable collapse.

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The Obama Administration Just Flat-Out ROBS You

Just give up America. This is the sort of outright robbery that our administration engages in; as if Solyndra wasn't enough.

Despite the growing Solyndra scandal, yesterday the Department of Energy approved $1 billion in new loans to green energy companies -- including a $737 million loan guarantee to a company

known as SolarReserve

:

3/4 of a billion dollars. And who's the #2 at one of the "investment partners"? None other than the brother in-law of Nancy Pelosi.

Yeah.

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Pull Your BAC Deposits: $5/mo Debit Card Use Fee?

Time to pull your deposits and close your accounts folks.

Bank of America To Charge $5 Monthly Fee For Debit Card Usage $BAC @BofA_News - DJ

From CNBC Breaking Tweets.

 

Coming to the UK soon?

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Why We're Uncompetitive

 

Are these "isolated incidents"? Not when half the nation is obese -- and we're rapidly approaching that point.

BAE Systems violated federal disability laws by firing a morbidly obese employee at its plant in Sealy, the Equal Employment Opportunity Commission alleged in a lawsuit Tuesday.

....

Kratz, who weighs more than 600 pounds, asked if he could transfer to another position but he was told he could not, according to the lawsuit. Nor did BAE officials discuss whether he needed what's known as a "reasonable accommodation" under the Americans with Disabilities Act so he could better perform his essential job duties.

So it's a "disability" when you consume food -- a voluntary act -- to the degree that your body mass is three times that of where you would normally cross the threshold into "overweight" and would be bordering on "obese"?

Of course this is considered a "disability" and triggers obligations for the employer under the ADA these days, which the government contends were not met. This sounds like a matter of compassion.

 

More at the link.

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Oh Look, Let's Make Up Numbers!

Now this is a major move - is it real?

In the week ending September 24, the advance figure for seasonally adjusted

initial claims

was 391,000, a decrease of 37,000 from the previous week's revised figure of 428,000. The 4-week moving average was 417,000, a decrease of 5,250 from the previous week's revised average of 422,250.

I don't know. This report was good for a big spike in the futures with them trading at +14 as I write this. The real question is whether this is some sort of one-week distortion given the magnitude of the move or whether some sort of tectonic shift happened in the last week.

I don't buy the latter. Sure, it's possible, but is it likely? Not really.

 

More at the link.

[interestrateripoff]

Bernanke: I Smashed The China; You Eat Off The Floor

Good God....

WASHINGTON (MarketWatch) -- The nation's weak labor market was "a national crisis" that required attention from the White House and Congress, Federal Reserve Chairman Ben Bernanke said Wednesday.

The nation's weak labor market has come about due to multiple events, most of which Bernanke has encouraged if not outright caused.

Trade deficits are not sustainable in the intermediate and longer term. Our trade policies are always touted as "beneficial" (e.g. more "free trade") and yet they always lead to larger deficit positions with those nations. But trade deficits drain capital, and absent the central bank "filling the hole" by allowing unbridled credit creation the problem is self-correcting as nobody can tolerate an indefinite drain of capital from their nation.

 

More at the link.

[interestrateripoff]

Will The Dreaded "Double Bottom Within A Triangle" Push The S&P Down To Triple Digits?

 

 

Premature Speculation

 

 

Mike Krieger: "Rebellion Has Arrived In America"

 

 

Guest Post: Jamie Dimon’s Shameful Spouting about ‘anti-American’ Basel III regulations

 

 

Boycott Bank Of America Which Is About To Institute A $5 Debit Card Usage Fee

 

 

Meltdown Part 1: "The Men Who Crashed The World"

 

 

Presenting The Broke Bureaucrat Babel Fish: The Ten Most Misunderstood Euro Phrases Translated Into Americanish

 

 

Goldman Sachs: "Welcome To The Great Stagnation"

 

 

While Economic Data Never Lies, Consumer Comfort Reaches Second Weakest Ever And Buying Climate Collapses

 

 

Q2 GDP Revision Better But Doesn't Meaningfully Change Prospects For Q3

 

 

Initial Claims Beats By Multiple Standard Deviations As BLS Revisions Jump Again

 

 

Ugly Italian Bond Auction Which Fails To Meet Issuance Targets Follows Atrocious German 5 Year Bobl Auction

 

 

Goodbye Operation Twist, Hello QE X+1

 

 

Goldman's Take On The Imminent German EFSF Vote

 

 

German Lower House Begins Debate On EFSF Ratification, And Other European Events

 

 

Citi Downgrades Global Growth And Expects EFSF 'Grand Plan' Disappointment

 

 

Currency/Trade Wars, Begun They Have

 

For me currency wars had begun a long time ago.

 

Deputy PM Says Tax Limits of Greek Society Exhausted

 

 

"A Panorama Of The European Debt System" - The Definitive Primer Of The Eurozone

 

 

Prominent Deflationist Schilling Sees Deflation, A China Hard Landing And 800 On The S&P

 

 

Add The Ukraine To List Of Countries On Verge Of Technical Default

 

 

 

No More Shorting Of Financials In Europe... Ever?

[interestrateripoff]

Breaking news

 

• AT&T seeks Sprint, Cellular South cases dismissed - Reuters
  

 

 

 

• European debt crisis: Austria votes yes to euro rescue deal
   
  Last updated four minutes ago
  The Austrian parliament has agreed to the expansion of the European financial stability facility, after Germany backed the plan
  142 comments
  
  • Merkel's triumph in bailout vote may be shortlived
    
  • Larry Elliott on the eurozone crisis - video
    
  • Interactive: EU states vote on bailout package
    

  [*] Chancellor to tackle EU finance minsters over derivatives regulation

   

  George Osborne will leave Conservative party conference in hope of halting plans on how to regulate over-the-counter derivatives

  18 comments

  • FSB: Osborne must 'kickstart demand'
    

  [*] Why Obama needs a euro solution: he wants to stay in the White House

   

  As the eurozone crisis batters America, Washington is demanding leadership and positive action

 

 

• Bank of England to launch new £50 note
   
  Inventor James Watt and his financial backer Matthew Boulton to feature on new £50 note
  85 comments
  
• Renewable Heat Incentive withdrawn by government hours before launch
   
  Department of Energy cites objections from European commission as reason for withdrawal, and insists project has only been delayed
  
• Oracle accuses Autonomy boss of telling 'whopper' over key meeting
   
  Oracle says that a meeting which it claims took place between Autonomy's Mike Lynch and Oracle co-president Mark Hurd in April was a sales pitch
   
  
  • Autonomy's reaction to Oracle's statement
    

  [*] More business news

  [*] North Sea gas production falls 25%

[interestrateripoff]

Merkel breathes easily – for now – as MPs vote through EU bailout fund

 

Tony Paterson: Chancellor receives stronger than expected support from her coalition for bill which approves €211bn German contribution.

 

• Betfair kept data theft under wraps new
  
• John Lewis sales wilt in heat
  
• £8.3m package for sacked HP boss Leo Apotheker
  
• Bailout regulators 'bowed to banks'
  
• Alexon rescued in pre-pack deal that secures almost 3,000 jobs
  
• Worst quarter for FTSE 100 since 2002 new
  
• Seconds out: Oracle trades blows with Autonomy
  

 

David Prosser: Nokia's boss certainly talks the talk, but will we ever see some walk?

 

 

Outlook Nokia's boss, Stephen Elop, has an irritating addiction to corporate jargon: the man who famously began his tenure at the company with a memo to all staff warning them about the "burning platform" on which they were standing has continued in that vein ever since. Yesterday, he was talking about the need to "align our workforce and operations with our path forward" – make jobs cuts, in other words.

 

 

• Asia shows a vigour that is sadly lacking on our side of the world
  
• David Prosser: There is no consensus for regulatory reform
  
• David Prosser: Danger signals flash for Autonomy windfalls
  
• David Prosser: BAE cuts are a wake-up call for a government with no growth strategy
  
• David Prosser: Moving into the eurozone endgame
  

[interestrateripoff]

FTSE suffers worst quarter in nine years

 

LONDON - The FTSE 100 fell on Friday to register its biggest quarterly loss since 2002, with investors' confidence battered by fears of a global recession and a deepening euro zone debt crisis.

 

 

• SGX, LSE tying up for London Metal Exchange bid - source | 3:33pm BST
  
• Sarkozy to meet Merkel in coming days on Greece 6:50pm BST
  
• Bank close to launching QE2 2:21pm BST
  
• BP says $7 billion Pan American stake sale still on
  

 

AstraZeneca looking for new chairman - report

 

LONDON - AstraZeneca , Britain's second-biggest drugmaker, has begun searching for a new chairman to replace Louis Schweitzer, Sky News reported on Friday.

2:15pm BST

 

Buffett says Berkshire has begun share buybacks

 

- Warren Buffett's conglomerate Berkshire Hathaway Inc has begun its share buybacks, the billionaire investor said on Friday, but the repurchases will not stop the company from also making acquisitions or spending on infrastructure for its portfolio of companies.

7:17pm BST

 

UBS reputation could take decade to recover

 

LONDON - Swiss bank UBS is looking at up to 10 years' hard graft to rebuild its reputation after its rogue trading loss, and needs to spend heavily on marketing and sponsorship to court clients.

5:46pm BST

 

Worst quarter for UK, German, French stocks in nine years

 

LONDON - Shares in major European economies suffered their biggest quarterly loss in nine years, hit by concerns the global economy was slipping into recession and the euro zone debt crisis was deepening with Greece facing possible default.

6:28pm BST

 

Man Group doubles planned job cuts to 400 - source

 

LONDON - Man Group is doubling the number of planned job cuts to 400, a source told Reuters, as the world's biggest listed hedge fund manager trims costs after last year's takeover of rival GLG.

[interestrateripoff]

30 September 2011 Last updated at 19:53

 

Markets see big quarterly falls

 

Shares around Europe close lower, ending one of the worst three-month periods for the markets in the past decade.

 

• Factors behind market turmoil
  
• What turmoil means for you
  

 

Greece pushes for bailout tranche

 

Greek PM George Papandreou presses fellow EU leaders to approve an 8bn-euro tranche of bailout money Greece needs to avoid bankruptcy.

 

• Flanders: A German point of view
  
• Q&A: Greek debt crisis
  
• Living on less in Greece
  
• Hewitt: Merkel's authority survives
  

 

 

Credit agencies 'have failures'

 

The US Securities and Exchange Commission discovers "apparent failures" at 10 credit rating agencies.

 

• What is a rating agency?
  

 

 

 

• European financial tax 'bad idea'
   
  A European financial transaction tax is unlikely to raise the sums of money projected, says the finance minister of Sweden, which abandoned its tax.
  
• Sharp rise in eurozone inflation
   
  The eurozone inflation rate increased sharply to 3% in September, up from 2.5% in August, according to official estimates.
  
• Agency workers set for new rights
   
  Agency workers are set to gain additional rights in pay and benefits under new rules that come into force on Saturday.
  
• Southern Cross homes transferred
  
• IBM now second biggest tech firm
  
• China stocks dive on fraud fears
  
• Japan looking to stabilise yen
  
• Drug bust at Boeing defence plant
  
• CBI seeks first-time buyer boost
  
• FirstGroup sells German bus unit
  
• China in $1.3bn copper mine deal
  
• Climate 'could hit Canadian GDP'
  
• Alexon jobs saved as group sold
  
• Why Co-Op may be front runner for Lloyds’ branches
   
  2 hours ago
  The eventual loss for Lloyds from selling more than 300 branches and £36bn of deposits and liabilities could be as high as £2bn.
  
• The eurozone crisis: a German point of view
   
  19 hours ago
  The Germans have been painted as the villains of the eurozone crisis, but there are two sides to every story.
  

[interestrateripoff]

[/url]

 

Biggest quarterly drop on FTSE 100 since 2002

 

Global markets tumble as investors remain uneasy over next step in eurozone debt crisis, causing the FTSE 100 to suffer 13.7pc quarterly drop - the largest since Q3 2002.

Biggest quarterly drop on FTSE 100 since 2002

 

 

Banks putting eurozone rescue at risk

 

 

Consumer confidence improves for first time in five months

 

 

Surprise rise in eurozone inflation

 

 

 

 

World is heading for 'Great Stagnation'

 

There is a growing risk that the global economy will move from the 'Great Recession' into the 'Great Stagnation', according to economists at Goldman Sachs.

 

Autonomy growth 'at 6pc not 20pc'

 

Autonomy has received a fresh blow after a leading technology analyst claimed slides about the British software company, leaked by Oracle, showed it has less than a third of the rate of organic growth previously claimed.

 

ONS rapped for publishing wrong figures

 

The Office for National Statistics, Britain's national statistician, has had its knuckles rapped for failing to follow strict internal guidelines before publishing misleading construction data last month.

 

Vincent Tchenguiz's phone hacked by paper

 

Vincent Tchenguiz, the colourful entrepreneur under investigation by the Serious Fraud Office, had his phone hacked by News International in November 2006.

 

LSE mulling tie-up to bid for Metal Exchange

 

 

 

 

New worker laws to bring 'rash of tribunals'

 

 

 

 

Criminals stole customer card data from Betfair

 

 

 

 

BarCap Japan punished for breaking short-selling rules

 

 

 

 

Russian gold and metal producer to list in UK

 

 

Debt crisis: live

 

The FTSE 100 is expected to open down 17 to 30 points as the markets react to yesterday's vote backing the expansion of the EFSF.

Biggest quarterly drop on FTSE 100 since 2002

 

 

 

 

Markets tumble on global growth fears

 

 

 

 

New Zealand downgrade by S&P and Fitch

 

 

UK has become a nation of zombie companies

 

 

Germany's vote simply kicks the euro can down the road to Cannes

 

 

NEIN, NEIN, NEIN, and the death of EU Fiscal Union