Labor Day 2012: 8 Biggest Layoff Announcements

http://abcnews.go.com/Business/labor-day-2012-biggest-layoff-announcements/story?id=17114901#

Technology company Hewlett-Packard announced in May that it expects "approximately 27,000 employees to exit the company, or 8.0 percent of its workforce, as of Oct. 31, 2011, by the end of fiscal year 2014."

 American Airlines, which filed for bankruptcy in November, had initially announced in February that it would elimiate 13,000 positions in a restructuring process, but it has since narrowed those cuts to 10,000.

Food and beverage company PepsiCo announced a number of strategic changes in February, such as increasing advertising by $500 to $600 million this year and reducing headcount by 8,700 across 30 countries. The reduction represents about 3 percent of its global workforce and less than 2 percent domestically. 


 In January grocer Food Lion, owned by Delhaize America, based in Salisbury, N.C., announced 4,900 employees were exiting the company, some related to the closure of 113 Food Lion stores. The company has about 74,000 total employees. 

 Last year, consumer products company Procter & Gamble announced plans to reduce its global non-manufacturing enrollment by 10 percent, or about 5,700 roles, over two years ending June 30, 2013. 

 In January, Buffets Inc., the owners of Old Country Buffett and HomeTown Buffet, said it was filing for bankruptcy and it planned to close 81 restaurants nationwide, which Challenger, Gray and Christmas estimates is leading to a cut of 3,000 positions.

 In June, grocer Albertsons announced it was laying off up to 2,500 workers in California and Nevada beginning that month. 

But this is Ok, because President Obama says, " Go forward " and give me another chance I'll make it better. Epic failure, if Welfare and SNAP programs are you're forte well then this president is your man.

Me I like working for a living.

SILVER trough it's 200 Day MA

Still not touching this trade until I see a $32 and hold. Until then full steam ahead. :)

charles hugh smith-The Real Reverse Robin Hood: Ben Bernanke and his Merry Band of Thieves

charles hugh smith-The Real Reverse Robin Hood: Ben Bernanke and his Merry Band of Thieves

Away from the stifling media crush, staid Ben Bernanke is dashing Reverse Robin Hood, lackey pawn of the Neofeudalist Financial Lords who shamelessly steals from the poor to give to the parasitic super-rich.
Amidst electioneering chatter about a "reverse Robin Hood" who steals from the poor to give to the rich, it's important to identify the real Reverse Robin Hood: Ben Bernanke and his Merry Band of Thieves, a.k.a. the Federal Reserve. It's especially appropriate to reveal Ben as the real Reverse Robin Hood today, as the Chairman is as omnipresent in the media as Big Brother due to the Cargo-Cult confab in Jackson Hole, Wyoming.
Please answer the following questions before launching a rousing defense of the All-Powerful Fed and its chairman: 

Exclusive: Morgan Stanley Smith Barney rainmakers consider exit - CNBC

Exclusive: Morgan Stanley Smith Barney rainmakers consider exit - CNBC

Several dozen Morgan Stanley Smith Barney advisers who manage tens of billions of dollars of client money are considering leaving the firm, saying that widespread technology problems have made it very difficult for them to do their jobs, according to people familiar with the matter.

The group has hired a lawyer to argue that they should be able to keep lucrative retention payments even if they quit, and they have also drafted a letter to Morgan Stanley CEO James Gorman outlining their concerns, though the letter has not yet been sent, the sources said.

MS Puts? hmm

A Critique of Fed Policy - NYTimes.com

A Critique of Fed Policy - NYTimes.com

Many economists regard asset purchases as the most powerful tool the Federal Reserve could use to stimulate the economy. But Michael Woodford, an economics professor at Columbia University, argued Friday that a second option would actually be much more effective – both because it would have significant economic benefits, and because the benefits of asset purchases are significantly overstated.

The option favored by Professor Woodford is a modified version of the Fed’s statement that it intends to keep interest rates near zero until late 2014. In a paper presented at the annual monetary policy conference in Jackson Hole, he said that the Fed should instead declare its intention to hold down interest rates until the economy meets certain benchmarks, like a specified increase in economic output. In other words, to boost growth now, the Fed must promise to tolerate higher inflation later.

Dealtalk: Banks pin hopes on $7.6 billion AIA selldown to buffer poor year | Reuters

Dealtalk: Banks pin hopes on $7.6 billion AIA selldown to buffer poor year
| Reuters


As American International Group (AIG.N) becomes free next week to sell a $7.6 billion stake in former unit AIA (1299.HK), deal-starved bankers in Hong Kong are jostling for a role in what may be Asia-Pacific's biggest stock market event of the year.
A lock-up agreement preventing the U.S. insurer from selling the stake expires on September 4. If AIG does decide to sell the entire 18.6 percent stake, the deal would be Asia's biggest-ever block offering, ahead of Vodafone plc's (VOD.L) $6.6 billion sale in China Mobile (0941.HK) two years ago

This may be a nice snatch and grab and run play as the PPS may rise considerably on this sale...As always invest at your own risk.

Romney adviser Hubbard: More 'QE' from Fed would be a mistake

Romney adviser Hubbard: More QE a mistake - MarketWatch

More asset purchases by the Federal Reserve would be a "mistake" and would not help the real economy, said Glenn Hubbard, the dean of the Columbia University Graduate School of Business and a senior adviser to Republican presidential candidate Mitt Romney. Hubbard told MarketWatch that QE has brought down bond yields but its impact on the real economy remains in doubt. "I don't think that another 20 basis points on a ten-year yield is what is holding back the U.S. economy," he said. Hubbard is mentioned as a possible replacement for Fed Chief Ben Bernanke if Romney is elected. More asset purchases also run political risks for the Fed, he said. 

BBC News - Spain creates 'bad bank' for toxic property assets

BBC News - Spain creates 'bad bank' for toxic property assets

Spain creates 'bad bank' for toxic property assets
The Spanish government is creating a "bad bank" into which all the toxic property assets of its debt-laden banking sector can be off-loaded.
The move is aimed at helping the country's troubled banks draw a line under the debt crisis and move on.
The Bank of Spain will assess the value of the assets being transferred into the "banco malo" and the banks will receive cash, debt or shares in return, said economy minister Luis de Guindos.

China, Germany plan to settle more trade in yuan, euros - CNBC

China, Germany plan to settle more trade in yuan, euros - CNBC

Germany and China plan to conduct an increasing amount of their trade in euros and yuan, the two nations said in a joint statement after talks between Chancellor Angela Merkel and Chinese Premier Wen Jiabao in Beijing on Thursday.

"Both sides intend to support financial institutions and companies of both countries in the use of the renminbi and euro in bilateral trade and investments," said the text of the statement. 

J.P. Morgan Rankled by Risk - WSJ.com

J.P. Morgan Rankled by Risk - WSJ.com

Bank Seeks to Dial Back Some Dealings With Brokerages; the Knight Aftermath

Highlights From Fed Chairman Ben Bernanke's Jackson Hole Speech - Real Time Economics - WSJ

Highlights From Fed Chairman Ben Bernanke's Jackson Hole Speech - Real Time Economics - WSJ

“The unemployment rate remains more than 2 percentage points above what most FOMC participants see as its longer-run normal value… The stagnation of the labor market in particular is a grave concern not only because of the enormous suffering and waste of human talent it entails, but also because persistently high levels of unemployment will wreak structural damage on our economy that could last for many years… Taking due account of the uncertainties and limits of its policy tools, the Federal Reserve will provide additional policy accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability.”

Japan plans to cut state spending, could run out of money in a month - Telegraph

Japan plans to cut state spending, could run out of money in a month - Telegraph

Japan's government is planning to suspend some state spending as it could run out of cash by October, with a deficit financing bill blocked by opposition parties trying to force Prime Minister Yoshihiko Noda into an early election.

Cities with the Most Homes in Foreclosure - 24/7 Wall St.

Cities with the Most Homes in Foreclosure - 24/7 Wall St.

In the second quarter of 2012, there were 986,355 completed home sales across the United States, according to RealtyTrac. Of those, 22.8% were “foreclosure sales,” which means that homes were either actively in default and in the foreclosure process, or the home already had been foreclosed and belonged to the bank at the time of the sale. While the average price of a nonforeclosure sale was $249,090, the average price of a foreclosure sale was $170,040, a 31.8% discount.

‘QE3’ is necessary, Bernanke suggests - MarketWatch First Take - MarketWatch

‘QE3’ is necessary, Bernanke suggests - MarketWatch First Take - MarketWatch

The Federal Reserve will soon fire off another round of bond-buying in an effort to goose the economy and bring down the unemployment rate.

While Fed Chairman Ben Bernanke did not give any hints at the timing of the next Fed move, he made it clear that he’s ready to pull the trigger. The only question that remains is whether it will happen in mid-September or December.

Chicago Business Barometer Anemic

Chicago Business Barometer Anemic

The Chicago Purchasing Managers reported the CHICAGO BUSINESS BAROMETER posted a small gain in August but remained steady for the last four months. Among the Business Activity measures, declines into contraction for both Order Backlogs and Supplier Deliveries offset minor gains in Production, New Orders, and Employment in August.

• EMPLOYMENT recovered more than half of last month's slowing; • PRICES PAID slight gain; • ORDER BACKLOGS lowest since September 2009; • SUPPLIER DELIVERIES lowest since July 2009.

Tsunami warnings after 7.9 quake strikes off Philippines - World News

Tsunami warnings after 7.9 quake strikes off Philippines - World News


Tsunami warnings and alerts were issued across a wide swath of Asia after a 7.9-magnitude undersea earthquake struck off the eastern Philippines Friday, the U.S. Geological Survey said.
The quake was centered 91 miles off the town of Guiuan in Samar province at a depth of about 20 miles, USGS said.
There were no immediate reports of damage or injuries, the Pacific Tsunami Warning Center said.
Warnings were in effect in the Philippines, Indonesia, Belau, Yap, Taiwan, Japan, Guam, North Marianas and Papua New Guinea.

SF Fed's Williams prefers open-end purchases - MarketWatch

SF Fed's Williams prefers open-end purchases - MarketWatch

 San Francisco Fed President John Williams said he prefers open-end purchases as a way for the central bank to ease further. Without further action, he said the U.S. economy will grow around 2% for this year and next. In an interview with CNBC from Jackson Hole, the Federal Open Market Committee voter also said he'd like to move away from calendar-date focused communication but cautioned against focusing on only one number.

Gentlemen prefer bonds.

Fed's Bullard not ready to support more QE - MarketWatch

Fed's Bullard not ready to support more QE - MarketWatch

Bullard said he would support "smaller things" like cutting the interest rate paid on excess reserves that banks park at the central bank. Bullard said he would consider setting a negative interest rate on reserves. "I don't really see any reason to be subsidizing banks for holding reserves," Bullard said.

To Serve and Protect

And kick the shit out of you for using a Cell Phone. To think we have Jail cells full of Criminals and we hand them Badges and Guns  when they are set free.

Just another Lawsuit for the  City of LA...after all they can afford it right?

Romney: 'What America Needs Is Jobs, Lots of Jobs' - Business News - CNBC

Romney: 'What America Needs Is Jobs, Lots of Jobs' - Business News - CNBC

"I will begin my presidency with a jobs tour. President Obama began his presidency with an apology tour," he said, then accusing the incumbent of failing to support Israel while exercising patience with its arch-enemy, Iran.

"As president, I will protect the sanctity of life. I will honor the institution of marriage. And I will guarantee America's first liberty: the freedom of religion," Romney said. 

Jobs tour? ... Just send out the checks already..I mean " Thingamajigs " I yearn to see what these 12 million jobs will be, let me guess Census jobs, more Green Jobs ( fail ), Shovel ready? ABCDEG....

State Department: 'Hold down the fort,' other common phrases could be offensive | Fox News

State Department: 'Hold down the fort,' other common phrases could be offensive | Fox News


Watch your mouth -- everyday phrases like "hold down the fort" and "rule of thumb" are potentially offensive bombshells. 
At least according to the State Department. 
Chief Diversity Officer John Robinson penned a column in the department's latest edition of "State Magazine" advising readers on some rather obscure Ps and Qs. 
Robinson ticked off several common phrases and went on to explain why their roots are racially or culturally insensitive. The result was a list of no-nos that could easily result in some tongue-tied U.S. diplomats, particularly in an administration that swaps "war on terror" for "overseas contingency operation" and once shied away from using the word "terrorism." 
For instance, Robinson warned, "hold down the fort" is a potentially insulting reference to American Indian stereotypes. 
"How many times have you or a colleague asked if someone could 'hold down the fort?'" he wrote. "You were likely asking someone to watch the office while you go and do something else, but the phrase's historical connotation to some is negative and racially offensive."

Such idiocy...So I am helping my son build a club house and while he was nailing the wood in place I was " Holding down the Fort " so it would not move while he was hammering. The " Rule of Thumb" is, when nailing  always make sure you hammer strait at the nail and watch yourself so you do not hammer  your finger.

Morons at the helm...To think no one  has anything better to do than to sit here and make this shit up...truly amazes me. Life is hard enough as it is living day by day, never mind having others telling us what their personal opinion is on what is offensive or not.

I find this entire charade offensive.

The World's Worst Central Bankers - CNBC

Argentina’s central bank president Mercedes Marco del Pont... at the top of the list as the world’s worst central bankers.
Retaining the “D” grade she received in 2011, Marco del Pont has been governor of the central bank since 2010 and is considered a close ally of the country's President Cristina Fernandez. One of the biggest challenges facing the central bank is skyrocketing prices; Argentina's inflation rate is estimated at 25 percent a year, the highest in Latin America. The Fernandez government has gone as far as fining and even suing economists who publicize their inflation estimates, which it says tend double or triple the official figure. Investors aren't expecting inflation to fall this year because of high state spending, loose monetary policy, wage hikes and the impact of currency and import controls . The central bank has continued to print money, part of which ends up financing the government as its fiscal deficit widens.

The World's Worst Central Bankers - CNBC

Gold: First Mover Advantage

One chart that might turn those three bears to gold bulls was featured in a recent Investor Alert. I noted that gold's 12-month rolling return in standard deviation terms triggered an extremely low sigma event, dipping below a reading of -2. To our investment team, this signal means that investors should expect gold to experience a significant price reversal....
Gold still hasn't made it back to its all-time high, but Stifel Nicolaus' gold-to-crude oil ratio suggests gold climbing to $1,900. According to Stifel's research, the gold-to-oil ratio based on the price of Brent has historically "shown a tendency to run to around 16.5x." In other words, the price of the yellow metal is usually about 16.5 times the price of a barrel of Brent oil. With Brent trading around $116 per barrel last week, the math tells us that gold could go to $1,900.
...
As for gold demand in India, his team hears that people are buying gold with cash to avoid the higher duties. "As a result, these cash purchases will not be recorded in the official data," says [Christopher] Wood.
 Commentators' Corner with Frank E. Holmes

Remote Alaska to stockpile food, just in case - Businessweek

Remote Alaska to stockpile food, just in case - Businessweek

 Alaska is known for pioneering, self-reliant residents who are accustomed to remote locations and harsh weather. Despite that, Gov. Sean Parnell worries a major earthquake or volcanic eruption could leave the state's 720,000 residents stranded and cut off from food and supply lines. His answer: Build giant warehouses full of emergency food and supplies, just in case.

Good Friday

On Friday:
• At 9:45 AM ET, the Chicago Purchasing Managers Index for August will be released. The consensus is for a decrease to 53.0, down from 53.7 in July.

• At 9:55 AM ET, the final Reuter's/University of Michigan's Consumer sentiment index for August will be released. The consensus is for a reading of 73.5, down from the preliminary August reading of 73.6, and up from the July reading of 72.3.

• At 10:00 AM, the Manufacturers' Shipments, Inventories and Orders (Factory Orders) for July will be released. The consensus is for a 0.9% increase in orders.

• Also at 10:00 AM, Fed Chairman Ben Bernanke will speak at the Federal Reserve Bank of Kansas City Economic Symposium, Jackson Hole, Wyoming, "Monetary Policy Since the Crisis"

Spanish banks witness huge withdrawal of deposits

Spanish banks witness huge withdrawal of deposits

Rajoy has said that once he knows what conditions the European Central Bank will impose for renewing its bond-buying program, he will decide whether or not to seek assistance from the European rescue funds as a step prior to intervention.

Romney's New Campaign Plane

 So this is where Sheldon Adelson's money is going, Romney's new campaign plane was spotted Thursday by a producer for CNN, who tweeted a picture of the aircraft.

Sheldon gets a war with Iran and Mitt gets a serious campaign plane. Quite the dealmakers.

Four years ago " Hope and Change " now " Believe in America "...pleeb's.

Transacta Prive Developers files Chapter 11 - South Florida Business Journal

Transacta Prive Developers files Chapter 11 - South Florida Business Journal

A Fort Lauderdale developer who has grand plans for the old Howard Johnson’s beach hotel on A1A Highway filed for Chapter 11 bankruptcy Wednesday, citing more than $50 million in debt.
Transacta Prive Developers, led by Sylvia Coltrane, paid $20.6 million for the HoJo site during the condo boom heyday.
Transacta assembled financing from BankUnited and multiple investors for a 20-story project dubbed The Orion. Among the biggest investors listed for the project are BankUnited, which invested $15.03 million before it was taken over the FDIC, and Terra Investments of Surfside at $7.7 million.

World food prices jumped 10 percent in July: World Bank | Reuters

World food prices jumped 10 percent in July: World Bank
| Reuters

World food prices jumped 10 percent in July as drought parched crop lands in the United States and Eastern Europe, the World Bank said in a statement urging governments to shore up programs that protect their most vulnerable populations.
From June to July, corn and wheat prices rose by 25 percent each, soybean prices by 17 percent, and only rice prices went down, by 4 percent, the World Bank said on Thursday.
Overall, the World Bank's Food Price Index, which tracks the price of internationally traded food commodities, was 6 percent higher than in July of last year, and 1 percent over the previous peak of February 2011.
U.S. soybean futures hit a record high of $17.78 per bushel in trading on Thursday, while corn futures remained near the record of $8.49 set earlier this month.
A recipe for unrest.

Bank of America hasn't modified any mortgages so far under settlement - Bottom Line

Bank of America hasn't modified any mortgages so far under settlement - Bottom Line

Bank of America Corp hasn't completed any first-mortgage modifications that reduce loan balances for borrowers so far under a $25 billion settlement reached this year, the official monitoring the agreement said Wednesday.
Five financial institutions that are part of the settlement have provided $10.6 billion in consumer relief from March 1 to June 30, with $8.7 billion in the form of short sales in which customers sell their homes for less than the mortgage's value. Bank of America produced $4.8 billion in short sales, the most of the five banks, according to the first report by settlement monitor Joseph Smith.
JPMorgan Chase & Co completed $367 million in first lien modifications in which borrowers had their loan balances reduced, about half of all modifications. 

The agreement required Bank of America, which bought subprime lender Countrywide Financial in 2008, to provide the most consumer relief. But in a securities filing this month it said a significant number of modifications had not yet been completed "due to the time required to underwrite the modified loans."
The bank so far has provided no relief through refinancings, according to the report. It has completed $54.2 million in second-mortgage modifications. ''


Remember this folks when Obama speaks at the DNC and touts of the housing recovery in his name...

WHERE IS THE MONEY?

Sears dropped from S&P 500 - latimes.com

Sears dropped from S&P 500 - latimes.com

Sears Holdings Corp., one of the earliest members of the S&P 500, is being kicked out of the index next week and replaced by a Dutch chemicals company.
The retailer, which trades on Nasdaq, will exit the index when the market closes on Sept. 4. LyondellBasell, based in the Netherlands, will take its place.
Sears has been wracked by stressed sales, store closures, brand spinoffs and consumer skepticism. But its retail struggles didn’t cause its expulsion from the S&P club.
Instead, the number of shares Sears made available to the public, known as the “public float,” “has been well below the 50% threshold for inclusion for an extended period of time and is no longer considered representative of the index,” according to a statement from S&P Dow Jones Indices.
As a result, Sears may drop off the trading radar for many indexed funds that use the S&P 500 as a bellwether.

Report: Older Small Business Owners Can't Retire | Inc.com

Report: Older Small Business Owners Can't Retire | Inc.com

More small business owners are finding themselves working later into life than they had planned to, says a new report.

80% of President Obama's Drought Relief Bill Is For Food Stamps - Forbes

 80% of President Obama's Drought Relief Bill Is For Food Stamps - Forbes

The farm bill that President Obama was referring to, and that the Senate had passed, is proposed as an extension to current legislation which is due to expire next month. That new plan would cost taxpayers nearly $1 trillion over the next ten years, with an estimated $770 billion of that money going to fund an already out-of-control food stamp program. Yes, the vast majority of all the money budgeted to support the “Federal Agricultural Reform and Management Act” is specifically earmarked for the Supplemental Nutrition Assistance Program (SNAP), more commonly known as the food stamp program.
Food stamp program costs doubled between 2001 and 2006, and then doubled again between 2008 and 2012. Under the Obama administration, the number of food stamp recipients has also grown dramatically, up from 28.2 million in 2008 to more than 44.7 million in fiscal 2011. The proposed Senate extension will essentially lock in an $80 billion per year food stamp budget, but for appearances will, “cut spending” by a token $4.5 billion over the next decade.
Corn price volatility has more than doubled since RPS was enacted in 2007. Consumer food cost inflation, relative to all other goods, has risen to twice its 2005-2007 rate of increase as well due to sharp increases in corn, soybean and wheat 

Student-loan debt rises to $914 billion in 2nd quarter – Bloomberg

Student-loan debt rises to $914 billion in 2nd quarter – Bloomberg


Outstanding student debt increased from $904 billion three months earlier, the New York Fed said today in a report. The loans were taken out by students and their parents, and the majority are backed by the U.S. government.
Ninety-day delinquency rates for student loans increased to 8.9 percent from 8.69 percent in the first quarter, the New York Fed said. Since the peak in household debt in the third quarter of 2008, student-loan debt has increased by $303 billion, while other forms of debt fell a combined $1.6 trillion.
The loan totals are based on figures from a nationally representative random sample provided by the Equifax Inc. (EFX) credit bureau. 

U N S U S T A I N A B L E  

Consumer Comfort in U.S. Hovered Last Week Near Seven-Month Low - Bloomberg

Consumer Comfort in U.S. Hovered Last Week Near Seven-Month Low - Bloomberg

Seven of eight income groups were more pessimistic last week. Sentiment among those making more than $50,000 a year worsened to a five-month low of minus 21.9. Households earning at least $100,000 had the lowest confidence since January, with the index falling to minus 13.

Growth in Tenth District Manufacturing Activity Improved Moderately

From the Kansas City Fed: Growth in Tenth District Manufacturing Activity Improved Moderately

The Federal Reserve Bank of Kansas City released the August Manufacturing Survey today. According to Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City, the survey revealed that growth in Tenth District manufacturing activity improved moderately, and producers’ optimism continued to edge higher.

“Factory activity in our region grew slightly faster this month, in spite of the ongoing drought having a negative effect on producers of agricultural equipment” said Wilkerson. “Firms also expected production to accelerate in coming months.”
...
Growth in Tenth District manufacturing activity improved moderately in August, and producers’ optimism continued to edge higher. Price indexes were relatively stable, although the share of producers planning to raise prices increased further. Several respondents said the ongoing drought has negatively affected their business, mainly through higher input costs and slower sales for agricultural-related products.

The month-over-month composite index was 8 in August, up from 5 in July and 3 in June . The composite index is an average of the production, new orders, employment, supplier delivery time, and raw materials inventory indexes. ... The production index climbed from 2 to 7, and the shipments, new orders, and order backlog indexes all moved back into positive territory. The new orders for export index inched higher but remained below zero, while the employment index dipped slightly from 6 to 2.
Most future factory indexes improved further after rebounding last month. The future composite index edged up from 13 to 16, and future production and shipments indexes increased notably after no change last month. The future order backlog index jumped from 3 to 14, while the employment index remained unchanged.

Greed and Debt: The True Story of Mitt Romney and Bain Capital | Politics News | Rolling Stone

Greed and Debt: The True Story of Mitt Romney and Bain Capital | Politics News | Rolling Stone

The great criticism of Mitt Romney, from both sides of the aisle, has always been that he doesn't stand for anything. He's a flip-flopper, they say, a lightweight, a cardboard opportunist who'll say anything to get elected.
The critics couldn't be more wrong. Mitt Romney is no tissue-paper man. He's closer to being a revolutionary, a backward-world version of Che or Trotsky, with tweezed nostrils instead of a beard, a half-Windsor instead of a leather jerkin. His legendary flip-flops aren't the lies of a bumbling opportunist – they're the confident prevarications of a man untroubled by misleading the nonbeliever in pursuit of a single, all-consuming goal. Romney has a vision, and he's trying for something big: We've just been too slow to sort out what it is, just as we've been slow to grasp the roots of the radical economic changes that have swept the country in the last generation.

Fed s Issues Final Interchange Rule - American Banker Article

Fed s Issues Final Interchange Rule - American Banker Article


The amendment to the rule, which was released by the central bank on Friday, will allow an issuer to receive or charge an amount of no more than 1 cent per transaction, the same amount currently permitted, in addition to any interchange transaction fee, if the issuer develops a process to reduce the occurrence of fraudulent electronic debit transactions.
The Fed didn't make any significant changes to an earlier interim rule, which will go into effect on October 1.

Greek PM says new austerity round will be the last - The Times of India

Greek PM says new austerity round will be the last - The Times of India

 Greece's prime minister promised his austerity-weary countrymen on Thursday that new spending cuts planned for 2013-14 would be the last major austerity package, but insisted it was vital to remain in the euro.

Antonis Samaras, who is struggling to get his uneasy coalition partners' full support for the (euro) 11.5 billion ($14.4 billion) in cutbacks, argued that economic reforms and privatizations would restore growth after four years of deep recession.


Really! This time, we mean it!

QE3 and the looming currency war

QE3 and the looming currency war

this was interesting from the perspective of foreigners as the "savers" who get hurt by the QE wealth transfer effect. The main point of this article being that the first QE is like shock and awe. Then all the foreign parties who use the dollar as the reserve currency develop their own countermeasures to prevent the devaluation from harming their economy. Subsequent QE cannot duplicate the benefits of the initial wealth transfer. It is like a person's immune system developing anti-bodies after the initial viral attack.

Bain Capital’s Contec Holdings Files for Bankruptcy - Bloomberg

Bain Capital’s Contec Holdings Files for Bankruptcy - Bloomberg

Contec Holdings Ltd., the cable-box repair company owned by Bain Capital LLC, sought bankruptcy protection from creditors.
Contec Holdings, based in Schenectady, New York, listed debt of as much as $500 million and assets of as much as $100 million in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Wilmington, Delaware.
“This reorganization process will allow Contec to invest in and enhance our capabilities to serve our cable industry customers,” Wes Hoffman, Contec chief operating officer, said yesterday in a statement.
U.S. Republican presidential nominee Mitt Romney co-founded Bain in 1984. Romney left Bain in 1999 to oversee the Salt Lake City Olympics and served as governor of Massachusetts from 2003 to 2007. Bain acquired Contec in 2008 from American Capital Ltd. (ACAS), a Bethesda, Maryland-based asset manager, which said at the time that it made $120 million from its two-year investment in Contec, including dividends and profit from the sale.

Atlanta Fed's Lockhart: Close call on more easing - MarketWatch

Atlanta Fed's Lockhart: Close call on more easing - MarketWatch

 Atlanta Fed President Dennis Lockhart said it's a "close call" as to whether more easing is needed at this point. Speaking on CNBC, Lockhart said it's clear the economy is growing around 2% and that inflation is "well behaved." Lockhart is a voting member of the Federal Open Market Committee

Brandon Raub to File Civil Lawsuit Over Wrongful Arrest, Detention in Psych Ward

At the request of Brandon Raub, attorneys for The Rutherford Institute are preparing to file a civil lawsuit against government officials who were involved in the arrest and detention of the 26-year-old Virginia resident, who was arrested by a swarm of FBI, Secret Service agents and local police on Aug. 16, 2012, and forcibly detained in a psychiatric ward from Aug. 16-Aug. 23 for posting controversial song lyrics and political views on his private Facebook page.

In challenging the government’s actions as unlawful and an egregious abuse of power, Institute attorneys hope to shed light on and put a stop to what appears to be a growing problem in terms of a governmental system seemingly targeting Americans—especially military veterans—for expressing their discontent about the state of affairs in America. Since coming to Raub’s defense, The Rutherford Institute has been contacted by military veterans across the country recounting similar incidents. (More than 20,000 civil commitments were carried out in 2011 in Virginia alone.) In announcing their intention to file a civil suit against government officials, Rutherford Institute attorneys plan to take issue with the manner in which Virginia’s civil commitment statutes are being used to silence individuals engaged in lawfully exercising their free speech rights. Under these laws, a person may only be involuntarily committed upon clear and convincing evidence that he or she has a mental illness, that there is substantial likelihood that the person will cause serious physical harm to himself or others in the near future, and that there is evidence of recent, actual behavior of causing, attempting, or threatening harm to others. Anthony Troy and Brian Fowler with Troutman Sanders LLP of Richmond, Va., will be acting as affiliate attorneys for The Rutherford Institute in preparation of the civil lawsuit.

 The Rutherford Institute :: Rutherford Institute Attorneys to File Civil Lawsuit Over Wrongful Arrest, Detention in Psych Ward of Marine Brandon Raub Because of Facebook Posts

U.S. jobless claims unchanged at 374,000 - MarketWatch

U.S. jobless claims unchanged at 374,000 - MarketWatch

 U.S. consumer spending climbs 0.4% in July - MarketWatch

Some key points

Initial claims from two weeks ago were revised up to 374,000 from an original reading of 372,000, based on more complete data collected at the state level.
The average of new claims over the past month, which smooths out short-term volatility, rose by 1,500 to 370,250.
Claims have shown almost no improvement after falling to a four-year low in February, reflecting a slowdown in the U.S. economy that’s prompted businesses to scale back hiring plans. The nation has added an average of only 104,000 jobs a month from May through July, less than half the number of positions created in the late winter.
In August, the economy is expected to add about 120,000 jobs, based on the latest MarketWatch survey of economists. That’s barely enough to keep up with the natural growth of the labor force and falls well short of what’s needed to make any headway in reducing the nation’s stubbornly high unemployment rate

About 5.53 million people received some kind of state or federal benefit in the week ended Aug. 11, down 62,253 from the prior week. Total claims are reported with a two-week lag.

I see no reason why we should not give this president another 4 years.Maybe we can lose 2 million jobs a month instead of 1.2 million. CHANGE!

F = FAILURE.

Illinois' credit rating downgraded after pension reform failure - chicagotribune.com

Illinois' credit rating downgraded after pension reform failure - chicagotribune.com

 The agency lowered the state's credit rating from A+ to A, citing a "lack of action" on changes aimed at decreasing the pension system's unfunded liability, which could hit $93 billion by next summer if nothing is done. Standard & Poor's also gave Illinois a "negative outlook," saying the state's budget future remains uncertain.

Banks give $10.6 billion in relief under mortgage settlement - Aug. 29, 2012

Banks give $10.6 billion in relief under mortgage settlement - Aug. 29, 2012

Nearly half of the total, $4.9 billion, comes from Bank of America. Ally Financial, the smallest of the lenders, has submitted just over $500 million in claims.
The settlement was meant to atone for foreclosure processing abuses dating back to 2008. Under the deal, which was approved by a federal judge in April, the banks get credit for helping homeowners avoid foreclosure, by doing such things as reducing the principal on loans and refinancing mortgages to lower interest rates.

Gross Says QE3 Likely Even if Bernanke Doesn’t Provide Hint - Bloomberg

Gross Says QE3 Likely Even if Bernanke Doesn’t Provide Hint - Bloomberg

Policy makers will announce more so-called quantitative easing “relatively soon,” Gross, who runs the world’s biggest bond fund, said in an interview on Bloomberg Television’s “Street Smart” with Trish Regan.
The Fed signaled last week it’s ready to take further steps to spur the economic recovery. Many policy makers said additional stimulus probably will be needed soon unless the economy shows signs of a durable pickup, according to minutes released Aug. 22 of the central bank’s most recent meeting, on July 31-Aug. 1. Bernanke is scheduled to speak on Aug. 31 at the Kansas City Fed’s economic-policy conference in Jackson Hole, Wyoming.

Citigroup in $590 Million Settlement of Subprime Lawsuit - NYTimes.com

Citigroup in $590 Million Settlement of Subprime Lawsuit - NYTimes.com

Citigroup said on Wednesday that it had agreed to pay $590 million to settle a class-action lawsuit brought by shareholders who contended that they had been misled about the bank’s exposure to subprime mortgage debt on the eve of the financial crisis.
The shareholder lawsuit, originally filed in November 2007, contended that the bank and some of its former senior executives and directors had failed to disclose the bank’s huge holdings in securities known as collateralized debt obligations that were tied to mortgage securities until November 2007, when it took a multibillion-dollar write-down on them. Citigroup later wrote down the C.D.O.’s by tens of billions of dollars more.
The bank had previously tried to conceal the deteriorating value of its holdings by improper accounting practices, the shareholders contended in an amended complaint filed in December 2008. “Citigroup used inflated, unreliable and unsupportable marks to keep its C.D.O.-related quasi-Ponzi scheme alive and to give the appearance of a healthy asset base,” the complaint said.

Pigeons Vanish in 'Birdmuda Triangle' - Yahoo! News

Pigeons Vanish in 'Birdmuda Triangle' - Yahoo! News

Hundreds of racing pigeons have been disappearing over a sleepy pocket of North East England, earning the region a reputation as the "Birdmuda Triangle." 

On Saturday (Aug. 25), the Telegraph reported, one club of pigeon fanciers released a flock of 230 birds from North Yorkshire. Only 13 birds arrived at their destination in Scotland.

Some of the aggrieved hobbyists — who routinely release trained pigeons tasked with finding their way home from distances of hundreds of miles — are now considering grounding their remaining birds until the mystery is solved.

Pigeons have long baffled scientists with their uncanny navigation abilities. Earlier this year, researchers at Baylor College identified one component of the birds' internal GPS when they showed that their brains contain a specialized group of cells that measure the strength and direction of the Earth's magnetic field, serving as a compass.

U.S. states' debt tops $4 trillion-report | Reuters

U.S. states' debt tops $4 trillion-report
| Reuters

 
Aug 28 (Reuters) - America's 50 state governments owe $4.19 trillion, including outstanding bonds, unfunded pension commitments and budget gaps, according to a new report.
At $617.6 billion, California had by far the biggest total debt, more than twice the total of No. 2, New York, with $300.1 billion owed, according to State Budget Solutions, a research and non-partisan advocacy group.
Texas, with $287 billion owed, New Jersey, with $282.4 billion, and Illinois, with $271.1 billion, ranked next among states with the biggest total debt, according to State Budget Solutions. Vermont had the smallest debt load at $5.85 billion.

TSA, DHS Order 1,400 Pounds of High Powered Explosives Set to Deliver August 31

Activist Post: TSA, DHS Order 1,400 Pounds of High Powered Explosives Set to Deliver August 31

 Documents reveal that The Department of Homeland Security (DHS) has ordered over 1,400 pounds of super high-powered explosives through the (TSA) Transportation Safety Administration set to be delivered on August 31st. The news comes just after it was reported that the DHS had purchased over 1.2 billion rounds of hollow point bullets and a wide assortment of riot gear. The new explosives purchase, as highlighted by mainstream news service Government Security News, consists of 1,400 pounds worth of high density ammonium nitrate and A-5 Flake RDX explosives.

The biggest reason why California is bankrupt – The Atlantic

   The biggest reason why California is bankrupt – The Atlantic

 After crunching some census data, Dan Walters of The Sacramento Bee reports a remarkable figure. In the decade that ended in 2011, California's state government employed roughly 9.3 percent more people, a number that roughly tracks the increase in population seen in the Golden State.

You'd think that payroll costs would've increased by roughly the same amount.

Nope.

The rot runs deep 3: the capture of the professional class – OfTwoMinds.com

The rot runs deep 3: the capture of the professional class – OfTwoMinds.com

U.S. Economy: The Financial Tectonic Plates Are Shifting Once Again | Elliott Wave International

U.S. Economy: The Financial Tectonic Plates Are Shifting Once Again | Elliott Wave International

The Next Major Economic Change May Come from the Credit Craze
Deflation is always accompanied by a preceding credit build-up.
The Era of Good Feelings came to a screeching halt when America's first deflationary depression occurred from 1835 - 1842. Before then, credit had boomed.
America's second major deflationary depression was the Great Depression that began in 1929. That was also preceded by a credit boom.
Today's credit boom dwarfs those earlier examples.
The March 2008 Elliott Wave Theorist elaborates on the next potential shift in the financial tectonic plates

$16,OOO,OOO,OOO,OOOBAMA! Alex Jones' Infowars: There's a war on for your mind!

$16,OOO,OOO,OOO,OOOBAMA! Alex Jones' Infowars: There's a war on for your mind!

November 16, 2011 was a historic date: that’s when the US officially surpassed $15 trillion in debt for the first time since World War 2. We celebrated it by cheering $15,OOO,OOO,OOO,OOOBAMA. Today, August 28, 2012, is when we can unofficially celebrate again, because 286 days after the last major milestone was surpassed with disturbing ease, total US debt following today’s $35 billion auction of 2 Year bonds is, well, in a word: $16,OOO,OOO,OOO,OOOBAMA!
The math?
Take today’s $35 billion in 2 Year bonds.

State Budget Solutions' third annual State Debt Report shows total state debt over $4 trillion > Publications > State Budget Solutions

State Budget Solutions' third annual State Debt Report shows total state debt over $4 trillion > Publications > State Budget Solutions

"This year's report shows that aggregate debt across the 50 states amounted to $4.19 trillion. State debt calculations include a state's regular debt, the fiscal year 2013 budget gap, outstanding unemployment trust fund loans, unfunded other post employment benefit liabilities, and the state's unfunded pension liabilities."

SEC probing ResCap for possible mortgage fraud | Reuters

UPDATE 3-SEC probing ResCap for possible mortgage fraud
| Reuters


The U.S. Securities and Exchange Commission is investigating Ally Financial mortgage unit Residential Capital for possible misconduct in its loan origination and underwriting practices.
The SEC disclosed in court documents that it had issued a formal order of investigation on Feb. 22 to probe possible fraud in the offer and sale of mortgage-backed securities by ResCap.

Obama administration stonewalling UN questions about abuse of Occupy protesters | MyFDL

Obama administration stonewalling UN questions about abuse of Occupy protesters | MyFDL

In December of 2011, the U.N. Special Rapporteur for the Protection of Free Expression, Frank La Rue, and the UN Special Rapporteur for Freedom of Peaceful Assembly, Maina Kiai, sent a letter to the Obama administration reminding the U.S. government of its international obligations to “take all necessary measures to guarantee that the rights and freedoms of all peaceful protesters be respected.”

This letter was prompted by the government’s response to the Occupy movement.

U.S. grew 'gradually' last month: Beige Book - MarketWatch

U.S. grew 'gradually' last month: Beige Book - MarketWatch

The U.S. economy grew "gradually" last month, as improving retail and other service-sector activity was weighed down by softening activity in manufacturing, according to a collection of anecdotes released by the Federal Reserve Wednesday. The so-called Beige Book said activity expanded gradually in July and early August across most regions and sectors, compared to the previous assessment of "modest to moderate" growth. The report, based on information collected on or before Aug. 20, showed 6 of the 12 Fed districts with "modest" growth and 3 with "moderate" growth. The previous Beige Book showed 3 districts growing at a "modest" pace and 5 growing at a "moderate" race. 

NO QE3

Banks labeled 'slumlords' over foreclosure neglect - Aug. 29, 2012

Banks labeled 'slumlords' over foreclosure neglect - Aug. 29, 2012

 U.S. Bank is the country's fifth-largest commercial bank, with 3,000 branches in 25 states. It's also "one of the largest slumlords in the City of Los Angeles," according to the L.A. city attorney's office.
In a complaint filed last month, the office accused U.S. Bank of failing to maintain more than 170 foreclosed properties, blighting neighborhoods, decreasing property values and increasing crime rates. 

Richard Eggers, 68, fired from Wells Fargo bank for 'stealing' TEN CENTS when he was a TEENAGER | Mail Online

Richard Eggers, 68, fired from Wells Fargo bank for 'stealing' TEN CENTS when he was a TEENAGER | Mail Online

U.S. Firms Move Abroad - Yahoo! Finance

U.S. Firms Move Abroad - Yahoo! Finance

Companies cite various reasons for moving, including expanding their operations and their geographic reach. But tax bills remain a primary concern. A few cite worries that U.S. taxes will rise in the future, especially if Washington revamps the tax code next year to shrink the federal budget deficit.
"We want to be closer to where our clients are," says David Prosperi, a spokesman for risk manager Aon plc, which relocated to the U.K. in April.
Aon has told analysts it expects to reduce its tax rate, which averaged 28% over the past five years, by five percentage points over time, which could boost profits by about $100 million annually.
Since 2009, at least 10 U.S. public companies have moved their incorporation address abroad or announced plans to do so, including six in the last year or so, according to a Wall Street Journal analysis of company filings and statements. That's up from just a handful from 2004 through 2008.

FIU Study: College becoming unaffordable to Middle Class - Sun Sentinel

FIU Study: College becoming unaffordable to Middle Class - Sun Sentinel

With 15 percent tuition hikes starting this fall, FAU students will pay more than $17,000 a year, including room and board. FIU students face similar costs.
Meanwhile, the Great Recession has shrunk median household income to $48,772 in Broward and $49,660 in Palm Beach County by 2009, the U.S. Census Bureau reported. In fact, the American middle class finished the last decade poorer and in fewer numbers than when the 21st Century began, according to a Pew Research Center report released Wednesday.
As a result, college is becoming unaffordable to a growing number of South Florida families and students, unless they go deeply into debt, concluded Bruce Nissen, a co-author of the report and chairman of the advisory committee of Research Institute on Social and Economic Policy.
"Students are being priced out of an education," said Nissen, who also worked with researchers at the New York-based

LAPD Beating Victim Brian Mulligan -- The Gruesome Photo | TMZ.com

LAPD Beating Victim Brian Mulligan -- The Gruesome Photo | TMZ.com

Although the LAPD claims officers beat and arrested Mulligan after he became violent and threatening ... prosecutors declined to file charges.  Our sources say prosecutors believe the photos are "clear evidence of excessive force."  Indeed, Mulligan already filed a $50 million claim against the City of L.A.

TMZ first reported, Mulligan claims two LAPD cops beat him senseless after wrongfully detaining him ... claiming he resembled a person suspected of attempted car theft.  Mulligan claims the officers took him to a hotel against his will and when he tried to leave officers brutally attacked him. 

WTF!

Household Deleveraging Continued? - Liberty Street Economics

Just Released: Has Household Deleveraging Continued? - Liberty Street Economics

There's a nice table of charge offs at the above link. ~$1.2T since 2007. I still remember when CR first threw out $1T of losses, and the media were shocked.

RNC Attendee Allegedly Threw Nuts At Black CNN Camerawoman, Said ‘This Is How We Feed The Animals’

The convention just keeps getting better: RNC Attendee Allegedly Threw Nuts At Black CNN Camerawoman, Said ‘This Is How We Feed The Animals’ | TPM2012

USA! USA! USA! USA! USA!
Enjoy!


GOP convention nuts story: RNC and CNN issue terse statements - Erik Wemple - The Washington Post

Following the incident in which attendees at Tampa’s Republican National Convention threw nuts at an African American camera operator and said, “This is how we feed animals,” the Republican National Committee issued a statement:
“Two attendees tonight exhibited deplorable behavior. Their conduct was inexcusable and unacceptable. This kind of behavior will not be tolerated.”

More Data on Why California Will Become the Next Greece

In California, the government takers are taking more and more. Steven Malanga
 
Wisconsin offers California lessons on balancing budget - latimes.com
 
Average annual pay for a local government employee in the state rose by 60%, to $61,185 (excluding benefits), between 1999 and 2008, according to the Little Hoover Commission on California State Government Organization and Economy. That's about 70% more than the increase in private sector wages in the state over the same period. Average pay for cops and firefighters climbed 69%, to $89,056, again excluding benefits, in the same period. 

Benefit costs have soared even more than wages. The annual cost of funding pensions in California's 20 largest municipalities has grown from $1.3 billion in 1999 to $5.1 billion last year, according to a study by Stanford University professor Joe Nation. That's an annual growth rate of better than 11%.

Obviously, at some point this all explodes and the state will not have the money to pay the wages, and especially the pension benefits.

Greecifornia

Half of Americans Die With Almost No Money - Yahoo! Finance

Half of Americans Die With Almost No Money - Yahoo! Finance

Almost half of U.S. retirees die with savings of $10,000 or less, but that grim finding doesn’t fully describe the variability and uncertainty that characterize retirement in America, according to a recent study.
While some retirees struggle profoundly, living at or below the poverty line, others enjoy wealth and health—in fact, the two are strongly linked—while still others have little in savings but enjoy a decent income, according to the report, based on a survey that tracked retirees from 1993 through 2008.

 

Wells Fargo pledges $9M to boost Twin Cities homebuying - Minneapolis / St. Paul Business Journal

Wells Fargo pledges $9M to boost Twin Cities homebuying - Minneapolis / St. Paul Business Journal

Wells Fargo & Co. is offering homebuyers in Minneapolis and St. Paul thousands of dollars in grants as part of a down-payment assistance program called Neighborhood Lift.
The San Francisco-based bank has pledged $9 million to the effort in the Twin Cities market, the Star Tribune reports. Grants of $15,000 are available to first-time homebuyers who purchase homes in either Minneapolis or St. Paul; there are income requirements, too, and the buyer has to live in the home for five years.

Somebody wants to get rid of some stale inventory me thinks.

U.S. grew at revised 1.7% pace in second quarter - MarketWatch

Exports revised up to 6.0% from 5.3%
Q2 PCE inflation index little changed at 1.7%
Corporate profits rise $10.4 billion last quarter
Q2 sales of equipment and software lowered to 3.0%
Drop in government spending revised down to 0.9%
Personal spending also revised up to 1.7% vs. 1.5%
Rise in Q2 imports revised down to 2.9% from 6.0%
U.S. economy's growth revised up in second quarter
U.S. expanded at 1.7% rate vs. first read of 1.5%

From the BEA:

Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 1.7 percent in the second quarter of 2012 (that is, from the first quarter to the second quarter), according to the "second" estimate released by the Bureau of Economic Analysis.

U.S. grew at revised 1.7% pace in second quarter - MarketWatch

 No QE3...no need for it.

Status-conscious investors shell out on great walnuts of China | Reuters

Status-conscious investors shell out on great walnuts of China
| Reuters

So are walnuts the tulip bulbs of the 21st century? I suspect this is a bit of a fad and that the Chinese will continue to view gold as their preferred alternative asset.

Get Your Money Out of Morgan Stanley—Fast!

http://www.beaconequity.com/get-your-money-out-of-morgan-stanley-fast-2012-08-27/#ixzz24np0Ma5q

With the stock price of Morgan Stanley (NYSE: MS) inches from its Armageddon lows of Oct. 2008, whispers of the imminent overnight collapse of this U.S. broker-dealer begin to surface.  Client funds, again, are at risk.
“I’m hearing rumors that another major financial house is going to implode,” says TruNews host Rick Wiles.  In fact, the name I’ve been given is Morgan Stanley . . .
“It’s going to be put on the sacrificial alter by the financial elite.”

Beyond the evidence of a teetering stock price—Morgan Stanley’s troubles may never go away—leading to bankruptcy, if traders can glean anything from the financial activities of front-running insider George Soros, the man who warned in Jun. 2010 that the global financial crisis has entered “act II.”

Mortgage Applications Decrease in Latest MBA Weekly Survey

From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey

The Refinance Index decreased 6 percent from the previous week to its lowest level since May 11, 2012. The seasonally adjusted Purchase Index increased more than 1 percent from one week earlier.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.80 percent from 3.86 percent, with points remaining unchanged at 0.42 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.

Grand Island Preschooler Asked to Change the Sign for His Name in School

Grand Island Preschooler Asked to Change the Sign for His Name in School

Hunter Spanjer says his name with a certain special hand gesture, but at just three and a half years old, he may have to change it.
"He's deaf, and his name sign, they say, is a violation of their weapons policy," explained Hunter's father, Brian Spanjer.
Grand Island's "Weapons in Schools" Board Policy 8470 forbids "any instrument...that looks like a weapon

This country has gone full retard....Anyone on the school staff supporting that decision needs to be fired and barred from any responsibility for the care of children. They are not fit for the job.

RNC Disenfranchises Paul Delegates; Rigs Rules to Nominate Romney

RNC Disenfranchises Paul Delegates; Rigs Rules to Nominate Romney

 Disregarding the nominating rule and the Ron Paul delegates’ adherence thereto, when the roll call was read only the votes for Mitt Romney were announced. The nomination of Ron Paul was ignored in open and hostile violation of the RNC’s rules governing the presidential nomination process. No explanation. No chance for appeal. No recourse.

According to RNC Rule 40(b) in effect until Tuesday’s revisions:

Each candidate for nomination for President of the United States and Vice President of the United States shall demonstrate the support of a plurality of the delegates from each of five (5) or more states, severally, prior to the presentation of the name of that candidate for nomination.

Ron Paul unquestionably qualified for nomination under this rule, but he was denied placement on the ballot — and an opportunity to address the convention on behalf of his nomination — in what amounts to a total takeover of the Republican Party by the RNC and Mitt Romney.

Additional rule changes all but guaranteed that in the future the RNC will not allow itself to be embarrassed by “grassroots” candidates.

Not only did the RNC rob Ron Paul of delegates he won fairly at the Maine state convention, it prevented any who follow in his footsteps from winning any delegates in the first place.

According to the revised Rule 16, every state must amend its nominating process to ensure that their delegations are bound to vote in accordance with the winner of the popular vote as cast at state caucuses or primaries.

Another newly adopted rule — Rule 12 — empowers the RNC to bend the rules to suit their needs at any time without having changes approved at the quadrennial convention. This unprecedented revision places the control of the GOP in the hands of the Establishment candidate without suffering the inconvenience of listening to dissenting voices.


While I probably wasn't going to vote for Romney anyway, this has sealed the deal.
The party has decided that they do not want our voice to be heard.
Since the party elite do not want anyone to be able to change the status quo (faux liberty), IMHO what we have witnessed here today is the beginning of the end of the Republican party.

Swiss National Bank Ponders Capital Controls | OANDA Forex Blog

Swiss National Bank Ponders Capital Controls | OANDA Forex Blog

Swiss National Bank (SNBN) President Thomas Jordan said controls on capital inflows are among measures being considered by a government-led panel to stop the franc from strengthening if the euro-area debt crisis escalates.
“The working group focuses mainly on instruments to combat the franc strength based on a joint approach of the government and the central bank,” Jordan told the SonntagsZeitung newspaper in an interview published yesterday. “We also need to be prepared for the possibility of the currency union collapsing, even though I don’t expect it.” SNB spokesman Walter Meier confirmed Jordan’s remarks to the newspaper.
Any capital controls would follow the SNB’s efforts to stem franc gains by purchasing euros in the 15 months through June 2010. As the euro crisis worsened last year, prompting investors to pile into currency, Swiss policy makers imposed a ceiling of 1.20 versus the euro to protect the economy, using the measure for the first time since the 1970s.

The Global Demise of Pension Plans | Finance

The Global Demise of Pension Plans | Finance

Bernanke weighing on bank profits - The Term Sheet: Fortune's deals blog Term Sheet

Bernanke weighing on bank profits -
The Term Sheet: Fortune's deals blog
Term Sheet

For banks, it's getting harder and harder to earn a buck.
= =
But low-interest rates, driven by the Federal Reserve's efforts to stimulate the economy, mean that new loans are increasingly less profitable, crimping bank profits.

America’s Descent into Poverty | Economy In Crisis

America’s Descent into Poverty | Economy In Crisis

The United States has collapsed economically, socially, politically, legally, constitutionally, and environmentally. The country that exists today is not even a shell of the country into which I was born. In this article I will deal with America’s economic collapse. In subsequent articles, i will deal with other aspects of American collapse.
Economically, America has descended into poverty. As Peter Edelman says, “Low-wage work is pandemic.” Today in “freedom and democracy” America, “the world’s only superpower,” one fourth of the work force is employed in jobs that pay less than $22,000, the poverty line for a family of four. Some of these lowly-paid persons are young college graduates, burdened by education loans, who share housing with three or four others in the same desperate situation. Other of these persons are single parents only one medical problem or lost job away from homelessness.

Brandon Raub Issues First Public Comments Since Being Arrested, Detained in Psych Ward Over Views,

In his first public remarks since being arrested and detained in a psychiatric ward for posting controversial song lyrics and political views on his Facebook page,  Brandon Raub speaks on camera with attorney John W. Whitehead, president of The Rutherford Institute, about the events leading up to his arrest by FBI, Secret Service agents and local police and involuntary civil commitment. Rutherford Institute attorneys secured Raub’s release on Aug. 23 after Circuit Court Judge Allan Sharrett dismissed the government’s case against Raub on the grounds that its petition for involuntary commitment “is so devoid of any factual allegations that it could not be reasonably expected to give rise to a case or controversy.”

Elizabeth Warren Driver Roughs Up Cameraman

LMAO " You're messing with the wrong people "

That 1/32nd Cherokee has props as we all know....My what goons.

Lloyds suspends all international mortgage lending - FTAdviser.com

Lloyds suspends all international mortgage lending - FTAdviser.com

Prospective clients calling Lloyds to enquire about mortgages in the United States are being told the bank is experiencing "operational issues" and are not able to accept applications.
For clients enquiring about mortgages in France, the bank is saying the "operational issues" mean new applications could take three to four weeks.
A spokesperson for Lloyds said: "Our acceptance criteria for new business are subject to regular review and we are currently reviewing this product to determine whether it meets the group's current lending appetite and criteria.