U.S. GDP growth in 2nd quarter unchanged at 2.5% »
The U.S. economy grew an unrevised 2.5% in the second quarter,
according to the government's third and final review of gross domestic
product. Economists polled by MarketWatch had expected GDP to be revised
up to 2.7%. Companies restocked warehouse shelves less than previously
reported, the Commerce Department said Thursday, but state and local
spending actually rose instead of falling. Exports also grew somewhat
slower, at 8% compared to a prior reading of 8.6%. Consumer spending was
unchanged at a 1.8% increase, though final sales of U.S.-made goods and
serviced was raised to 2.1% from 1.9%. Inflation as measured by the PCE
index was revised down a notch to show a 0.1% decline. That's the first
drop since the last quarter of the Great Recession. U.S. growth is
projected to slow to a rate of 1.9% in the third quarter, according to
the latest MarketWatch poll of economists.
Thursday, September 26, 2013
U.S. jobless claims fall by 5,000 to 305,000
U.S. jobless claims fall by 5,000 to 305,000
The number of new applications for unemployment benefits fell by 5,000 to 305,000 in the week ended Sept. 21, the Labor Department said Thursday. Economists polled by MarketWatch had expected claims to jump to 327,000 on a seasonally adjusted basis. A government official said Labor has been told by California that the state eliminated a backlog of claims that built up after computer-related processing delays. The delays caused the number of initial claims to fall below 300,000 in early September for the first time in more than six years. The average of new claims over the past month, a more reliable gauge than the volatile weekly number, dropped by 7,000 to 308,000. That's the lowest level since June 2007. Also, the government said continuing claims increased by 35,000 to a seasonally adjusted 2.82 million in the week ended Sept. 14. Continuing claims reflect the number of people already receiving benefits. Initial claims from two weeks ago, meanwhile, were revised up to 310,000 an original reading of 309,000, based on more complete data collected at the state level.
The number is meaningless at this point as this point so why even post it as the system itself is being gamed. And of course not to go unscathed the typical drive-by in Gold.
The number of new applications for unemployment benefits fell by 5,000 to 305,000 in the week ended Sept. 21, the Labor Department said Thursday. Economists polled by MarketWatch had expected claims to jump to 327,000 on a seasonally adjusted basis. A government official said Labor has been told by California that the state eliminated a backlog of claims that built up after computer-related processing delays. The delays caused the number of initial claims to fall below 300,000 in early September for the first time in more than six years. The average of new claims over the past month, a more reliable gauge than the volatile weekly number, dropped by 7,000 to 308,000. That's the lowest level since June 2007. Also, the government said continuing claims increased by 35,000 to a seasonally adjusted 2.82 million in the week ended Sept. 14. Continuing claims reflect the number of people already receiving benefits. Initial claims from two weeks ago, meanwhile, were revised up to 310,000 an original reading of 309,000, based on more complete data collected at the state level.
The number is meaningless at this point as this point so why even post it as the system itself is being gamed. And of course not to go unscathed the typical drive-by in Gold.
Singles for Obamacare
Psst. Wanna save money on your Obamacare plan? Stay single. If you are married, get a divorce.
The "wedding tax" is upon us.
To illustrate, let’s start with the 60-year-old married couple with no children
If they have identical earnings totaling $65,000, which will usually net down to $50,000 or below after all income and payroll taxes, their Obamacare exchange Silver Plan premium next year with the same earnings will be $16,382, or about one-third of what used to be their take-home pay. (And they call it the “Affordable Care Act”?)PJ Media
That's going to hurt. But wait.
What can this couple do? Well, they could decide to earn a few thousand dollars less, which will negate the five-figure premium hit. Encouraging ordinarily willing workers to put in less effort isn’t good in any economy, but especially not this one. But if either spouse’s earnings are unpredictable or hard to precisely track, they could still “mess up” and get socked with a premium they can’t afford.
The “easiest” solution would be to avoid the “wedding tax” entirely by getting divorced while still living together. Here’s what would happen if they make that choice:
Similar occurrences at other ages. Do you suppose this was planned?
Gold Held In China
http://koosjansen.blogspot.nl/2013/09/gold-held-in-china.html
The other day I saw a chart in a video from Mike Maloney on how much gold we know is held in China. It inspired me to make my own version of it.
The other day I saw a chart in a video from Mike Maloney on how much gold we know is held in China. It inspired me to make my own version of it.
I have trade data from Hong Kong through which we know how much gold goes in and out of the mainland - based on the assumption that all gold import and export goes through Hong Kong. This data set starts in 2001, so that's where my chart will begin because in theory all gold held China could have been exported before 2001.
GLITCHCARE D.C.’s Obamacare fail: Prices won’t work until November
Obamacare software is nowhere near ready for October 1. It is going to be Glitchcare, maybe Nightmarecare. .
From WaPo:
Just days away from launch, the District of Columbia's health marketplace is announcing a pretty significant delay.
While the D.C. Health Link will launch a Web site on October 1, shoppers will not have access to the their premium prices until mid-November. The delay comes after the District marketplace discovered "a high error rate" in calculating the tax credits that low- and middle-income people will use to purchase insurance on the marketplace.
The insurance marketplaces, if working as plan, are supposed to spit out an estimate for a tax credit after a shopper enters in some basic information about where she lives and how much she earns. In the District, that won't happen next month. Instead, the eligibility determination will be made "off-line by experts" by early November[...]For a bit more background, here's what the D.C. Health Link sent out at 4 p.m. [Wednesday]:
DC Health Link is not currently deploying the function that makes new Medicaid eligibility determinations and calculates tax credits for purchase of private insurance due to a high error rate discovered through extensive systems testing.
People seeking Medicaid coverage or tax credits will be able to use DC Health Link to create an account and submit an on-line application. Their initial eligibility determination will be completed off-line by exw Those people who have submitted applications will automatically receive an eligibility determination for tax credits in early November. Based on an accurate premium reduction calculation a consumer will have ample time to make an informed decision about which health plan to enroll in. Coverage will begin Jan 1, 2014, as long as payment is made by December 15.
J.C. Penney shares plunge, 'floor' is $1: Citi
http://www.marketwatch.com/story/jc-penney-shares-plunge-floor-is-1-citi-2013-09-26?link=MW_latest_news
J.C. Penney Co. Inc. JCP -6.42% has a total liquidation value of $324 million or $1 a share, according to a note from Citi released Wednesday. The firm maintained its sell rating on J.C. Penney but lowered its price target to $7 from $11. "The turnaround is taking longer than we anticipated, and we are concerned about a softening macro environment combined with deteriorating vendor relationships (due to weak volumes and growing anxiety about on-time payments during and after holiday)," Citi analysts led by Deborah Weinswig wrote in a note Wednesday. That comes as Goldman Sachs on Wednesday recommended buying credit-default swaps on several of the retailer's outstanding debt. J.C. Penney shares tumbled nearly 7% in premarket trade Thursday, extending prior-day losses that pushed shares to levels unseen in more than 12 years
We here at TWAEII have been on a JCP watch for well over a year now, this is nothing surprising.
J.C. Penney Co. Inc. JCP -6.42% has a total liquidation value of $324 million or $1 a share, according to a note from Citi released Wednesday. The firm maintained its sell rating on J.C. Penney but lowered its price target to $7 from $11. "The turnaround is taking longer than we anticipated, and we are concerned about a softening macro environment combined with deteriorating vendor relationships (due to weak volumes and growing anxiety about on-time payments during and after holiday)," Citi analysts led by Deborah Weinswig wrote in a note Wednesday. That comes as Goldman Sachs on Wednesday recommended buying credit-default swaps on several of the retailer's outstanding debt. J.C. Penney shares tumbled nearly 7% in premarket trade Thursday, extending prior-day losses that pushed shares to levels unseen in more than 12 years
We here at TWAEII have been on a JCP watch for well over a year now, this is nothing surprising.
Thursday:
• Early: LPS First Look at Mortgage Delinquencies in August.
• 8:30 AM ET, the initial weekly unemployment claims report will be released. The consensus is for claims to increase to 330 thousand from 309 thousand last week.
• Also at 8:30 AM, the Q2 GDP (third estimate) from the BEA. This is the second estimate of Q2 GDP from the BEA. The consensus is that real GDP increased 2.6% annualized in Q2, revised up from the second estimate of 2.5% in Q2.
• At 10:00 AM, the Pending Home Sales Index for August. The consensus is for a 1.0% decrease in the index. Economist Tom Lawler is estimating the NAR will report a decline of "about 5%" in this index.
• Also at 10:00 AM, the 2013 Current Employment Statistics (CES) Preliminary Benchmark Revision. From the BLS: "[T]he Current Employment Statistics (CES) survey estimates are benchmarked to comprehensive counts of employment from the Quarterly Census of Employment and Wages (QCEW) for the month of March. ... The final benchmark revision will be issued with the publication of the January 2014 Employment Situation news release in February."
• At 10:00 AM, the Kansas City Fed Survey of Manufacturing Activity for August. The consensus is for a reading of 9 for this survey, up from 8 in August (Above zero is expansion).
Wednesday, September 25, 2013
Theft of US weapons in Libya involved hundreds of guns, sources say
http://www.foxnews.com/politics/2013/09/25/theft-us-weapons-in-libya-involved-hundreds-guns-sources-say/
EXCLUSIVE: The recent theft of massive amounts of highly sensitive U.S. military equipment from Libya is far worse than previously thought, Fox News has learned, with raiders swiping hundreds of weapons that are now in the hands of militia groups aligned with terror organizations and the Muslim Brotherhood.
The equipment, as Fox News previously reported, was used for training in Libya by U.S. Special Forces. The training team, which was funded by the Pentagon, has since been pulled, partly in response to the overnight raids last August.
According to State Department and military sources, dozens of highly armored vehicles called GMV's, provided by the United States, are now missing. The vehicles feature GPS navigation as well as various sets of weapon mounts and can be outfitted with smoke-grenade launchers. U.S. Special Forces undergo significant training to operate these vehicles. Fox News is told the vehicles provided to the Libyans are now gone.
EXCLUSIVE: The recent theft of massive amounts of highly sensitive U.S. military equipment from Libya is far worse than previously thought, Fox News has learned, with raiders swiping hundreds of weapons that are now in the hands of militia groups aligned with terror organizations and the Muslim Brotherhood.
The equipment, as Fox News previously reported, was used for training in Libya by U.S. Special Forces. The training team, which was funded by the Pentagon, has since been pulled, partly in response to the overnight raids last August.
According to State Department and military sources, dozens of highly armored vehicles called GMV's, provided by the United States, are now missing. The vehicles feature GPS navigation as well as various sets of weapon mounts and can be outfitted with smoke-grenade launchers. U.S. Special Forces undergo significant training to operate these vehicles. Fox News is told the vehicles provided to the Libyans are now gone.
This Is What Happens When Americans Place Their Trust In The State
By, Chris Rossini
A month after Sept. 11, 2001, Dick Cheney described the wide open fields that were placed in the U.S. state's hands:
Ron Paul tried to warn again, and again, and again, prior to 9/11, that America's foreign policy could someday come back to bite us here at home.
After that tragic day did sadly occur, the Neocons and the U.S. government received (as Dick Cheney said) an amazing amount of trust and belief in what they could do. Ron Paul again tried to warn against the actions that the U.S. government would be taking. No dice...war fever and the seeking of revenge would seize the day.
Now, here we are just 12 years later....
American public opinion has changed. Bloomberg is out today with a national poll that says 68% say that the government is on the wrong track. A few days ago, Gallup released a poll showing that American belief that government is too powerful is at record levels.
But this is 12 years later....Dick & The Gang took the huge opening and crammed in as much as they possibly could.
First the failures in Afghanistan & Iraq, which cost taxpayers a literal fortune:
We now get a good fondling when traveling on an airplane:
And as Ben Swann just pointed out
with ObamaCare, our private information is going to be shared amongst
various government agencies, opening an gigantic hole for abuse. The
people who will have access to this information don't even need a basic
background check!
Even without abuse, the thought of our lives being a big Matrix for the government to know everything about each of us, should be chilling!
How could so much nastiness happen in such a short period of time?
Trust....that's all that was needed for the surveillance state freight train to plow through.
Fortunately, opinions are changing, but now we have to struggle with all the baggage! Rolling it back will not be easy. There's plenty of big money and crony corporations who like the new setup. Check out the stock prices for Lockheed Martin & Boeing. Life couldn't be better!
The tag-team of Crony Corporations & The State won't just roll over.
Public opposition will have to be massive to start peeling away the layers that have been piled on over the last 12 years.
It can be done, as the thwarted U.S. attack on Syria proves. We're gonna need a lot more of that!
Speak up.
A month after Sept. 11, 2001, Dick Cheney described the wide open fields that were placed in the U.S. state's hands:
"one of the things that's changed so much since September 11th is the extent to which people do trust the government, big shift, and value it, and have higher expectations for what we can do."The American public didn't have to react that way, but it did.
Ron Paul tried to warn again, and again, and again, prior to 9/11, that America's foreign policy could someday come back to bite us here at home.
After that tragic day did sadly occur, the Neocons and the U.S. government received (as Dick Cheney said) an amazing amount of trust and belief in what they could do. Ron Paul again tried to warn against the actions that the U.S. government would be taking. No dice...war fever and the seeking of revenge would seize the day.
Now, here we are just 12 years later....
American public opinion has changed. Bloomberg is out today with a national poll that says 68% say that the government is on the wrong track. A few days ago, Gallup released a poll showing that American belief that government is too powerful is at record levels.
But this is 12 years later....Dick & The Gang took the huge opening and crammed in as much as they possibly could.
First the failures in Afghanistan & Iraq, which cost taxpayers a literal fortune:
We now get a good fondling when traveling on an airplane:
The NSA is spying on our every move:
Even without abuse, the thought of our lives being a big Matrix for the government to know everything about each of us, should be chilling!
How could so much nastiness happen in such a short period of time?
Trust....that's all that was needed for the surveillance state freight train to plow through.
Fortunately, opinions are changing, but now we have to struggle with all the baggage! Rolling it back will not be easy. There's plenty of big money and crony corporations who like the new setup. Check out the stock prices for Lockheed Martin & Boeing. Life couldn't be better!
The tag-team of Crony Corporations & The State won't just roll over.
Public opposition will have to be massive to start peeling away the layers that have been piled on over the last 12 years.
It can be done, as the thwarted U.S. attack on Syria proves. We're gonna need a lot more of that!
Speak up.
Dirty deed wrapped in the usual lies
Secretary of State John Kerry signs the UN Arms Trade Treaty...
As he signed the document, Kerry called the treaty a "significant step" in addressing illegal gun sales, while claiming it would also protect gun rights.
"This is about keeping weapons out of the hands of terrorists and rogue actors. This is about reducing the risk of international transfers of conventional arms that will be used to carry out the world's worst crimes. This is about keeping Americans safe and keeping America strong," he said. "This treaty will not diminish anyone's freedom. In fact, the treaty recognizes the freedom of both individuals and states to obtain, possess, and use arms for legitimate purposes."
As he signed the document, Kerry called the treaty a "significant step" in addressing illegal gun sales, while claiming it would also protect gun rights.
As he signed the document, Kerry called the treaty a "significant step" in addressing illegal gun sales, while claiming it would also protect gun rights.
"This is about keeping weapons out of the hands of terrorists and rogue actors. This is about reducing the risk of international transfers of conventional arms that will be used to carry out the world's worst crimes. This is about keeping Americans safe and keeping America strong," he said. "This treaty will not diminish anyone's freedom. In fact, the treaty recognizes the freedom of both individuals and states to obtain, possess, and use arms for legitimate purposes."
Subscribe to:
Posts (Atom)