William K. Black Unloads on Andrew Ross Sorkin
Andrew Ross Sorkin Unmasks as Leading Occupy Wall Street's (Three Star Restaurants)
by William K. Black, New Economic Perspectives
Andrew Ross Sorkin (ARS), long believed to be the sycophants' sycophant who composes his odes to elite bank CEOs from his perch at the New York Times and CNBC has unmasked himself in a video entitled 'Two Myths and One Reality.'
Market Commentary: Averages End Up Near Yesterday's Close
Closing Market Commentary For 10-02-2013
Today's session chart looked exactly like yesterday's graph. The NASDAQ fell in the morning tested yesterday's highs but closed down. The DOW fell in the morning, tested yesterday's midday lows and closed down. The SP500 tried to test yesterday's highs and failed, also closed below yesterday's close.
Not exactly looking like the bulls are having a good time, but the good news is that we are meandering sideways and not losing much ground in the process. By 4 pm the markets closed down with the $RUT taking the biggest hit percentage wise with the DOW coming in second. The small caps staying in the single digits of loss for the day.
What We Read Today 02 October 2013
Econintersect: Click Read more >> below graphic to see today's list.
The top of today's reading list explains how the government decides what "closes" in a "shutdown"........ and the last article discusses how the absence of a taper and more QE is coinciding with a housing slowdown.
Market Commentary: Markets Melt Back Up Slightly From Morning Doldrums
Midday Market Commentary For 10-02-2013
The averages did move off their morning lows as expected, but much uncertainty remains as volume declines and the numbers stay in the -050% area.
By noon the numbers looked as if they were going to melt down a bit, but that is a guess. The most likely scenario is that the markets will close down modestly remaining in the trading zone of the past several sessions.
Plane Drops US$1-Million in Suspected Drug Money Over Bolivia
Authorities in Bolivia discover a bag of cash that had been thrown off a plane in a suspected drugs transaction. A million U.S. dollars was in a plastic bag dropped over a small community near Pozo de Tigre in Santa Cruz department.
Market Commentary: Markets Open Down On Government Uncertainties
Opening Market Commentary For 10-02-2013
Premarkets were down -0.80% as investors are still concerned about the ramifications of the government shutdown, the debt ceiling and of course whether the Fed is going to start the 'Taper' this month.
Markets opened down -0.60% on higher than usual volume and leaving small gaps. The DOW took the greatest hit descending 120 points while the NASDAQ was rising from its opening lows.
By 10 am all of the averages were under heavy selling pressure and descending quickly to lower levels. Is this going to be the morning lows and hopefully we will see a recovery later today?
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Nonfinancial Leverage NFCI Moderate Revision w/e 27 September 2013
The Nonfinancial leverage subindex of the National Financial Conditions Index increased slightly (less good) this week but still remains well inside of economic expansion territory. Econintersect focuses on non-financial tools to monitor the economy.
This index remains on a "less good" trend line, and is believed to be a good forward indicator a recession is coming. A value above zero is a recession warning. This week there was a moderate revision to the entire series.
September 2013 ADP Jobs Soft at 166,000, This May Be The Only Jobs Data We Get
Written by Steven Hansen
ADP reported September 2013 non-farm private jobs growth at 166,000 - and this might be the only employment report you see due to government shutdown.
Read more >>
Capital Flight inside the Euro Area: Cooling Off a Fire Sale
by Matthew Higgins and Thomas Klitgaard - Liberty Street Economics, Federal Reserve Bank of New York
Countries in the euro area periphery such as Greece, Italy, Portugal, and Spain saw large-scale capital flight in 2011 and the first half of 2012. While events unfolded much like a balance of payments crisis, the contraction in domestic credit was less severe than would ordinarily be caused by capital flight of this scale. Why was that? An important reason is that much of the capital flight was financed by credits to deficit countries' central banks, with those credits extended collectively by other central banks in the euro area. This balance of payments financing was paired with policies to supply liquidity to periphery commercial banks. Absent these twin lifelines, periphery countries would have had to endure even steeper recessions from the sudden withdrawal of foreign capital.
The Democratic Party is the Party of New Slavery!
Written by Frank Li
In a previous post (The GOP Is Dead; Long Live the GOP!), I spelled out a 3-point winning strategy for the Republican Party as follows:
New Technology Investment in Age-Old Question: Regenerative Medicine
Article of the Week from About Small Cap Stocks
Written by Allen Caron
Regenerative medicine is a field involving the study of stem cells to regenerate or regrow cells and even entire body parts in humans, reestablishing normal function. Successes in regenerative medicine could help the entire medical field advance as previously chronic and incurable conditions may be reversible. Some estimates claim that as many as 1 in 3 Americans would be helped by regenerative medicine therapies.
Housing Smoke and Mirrors (19) - 'The Audacity of Hope (and HARP and HAMP)'
Written by Adam Whitehead, KeySignals.com
In Housing Smoke and Mirrors 'The Mendacity of HOPE (and HARP and HAMP)' the use of various 'Federal Acronyms' to launch another economic stimulus by stealth through the housing market was introduced. This strategy can be seen as a response to the current political grid-lock which is blocking further fiscal stimulus. To be executed successfully, this strategy involves the complicity of the Federal Reserve to provide monetary stimulus through its balance sheet. The nomination of Sarah Bloom Raskin to Treasury Deputy Secretary was a key signal in this process[i]. This strategy should be put into the overall context of the Administration's attempts to focus economic policy on the Middle Class; which was covered by a related discussion in Terminal Velocity 'Gatsbied'[ii].
Read more >>
Public Banking Debate at The New York Times
Econintersect: Eight banking, finance, sociology, legal and economics experts have written opinions at The New York Times on the topic: In Banking, Should There Be a 'Public Option'?. Not all the eight Op Eds take debating positions: Only two openly critical of the idea, one cautionary about governance issues, one suggesting that the government already has tools that could perform many of the public banking functions,one neutral and finally three which support public banking.
Government Shutdowns in the United States
by Felix Richter, Statista.com
After weeks of bickering between the House of Representatives and the Senate, it has finally happened - a U.S. government shutdown is occurring for the first time in almost 18 years.
Confessions of a Former Gold Bear
Bullion Vault Article of the Week
Written by Miguel Perez-Santalla, Bullion Vault
Only emerging-market savers need gold and silver, right...?
Two weeks ago, 15 September 2013, marked the five-year anniversary of thecollapse of Lehman Brothers.
Lehman Brothers was large international bank based out of New York. They were well-respected. In fact, they were considered a rock in the marketplace.
The week before it happened I recall receiving a telephone call from a customer, way down in Colombia. He asked me if I had heard thatLehman Brothers was in financial difficulty and on the verge of bankruptcy. I was incredulous at the time. Sure, all the banks were in trouble. But I hadn't heard any concrete news from sources about LEH in my market - physical precious metals. Knowing Lehmans reputation (if not its balancesheet; they weren't a counterparty to my activity), I just couldn't imagine it.
Investing.com: Technical Analysis 01 October 2013
Investing.com Technical Analysis (as of Tue, 01 October 2013 05:00pm EDT)
by Investing.com Staff, Investing.com
Below, technical overviews and analysis for key stock indices, commodities and
currency pairs, based on market activity at the close of the 01 October 2013 U.S. session. This information is a comprehensive summary derived from simple and exponential moving averages along with key technical indicators shown for specific time intervals.
Infographic of the Day: How Our Food Is Losing Its Nutrients
What has happened to the taste of fruits and vegetables? Why is the produce today so different that what our grandparents used to grow? Well here's the answer, we're breeding nutrients out of food. What do you think?
America's Debt Ceiling Dilemma
by Felix Richter, Statista.com
The Republican-controlled House of Representatives passed a resolution on Sunday that would delay Obamacare for a year, stripping it of a key tax on medical devices. The possibility of a historic U.S. government shutdown that would place hundreds of thousands of federal workers on unpaid leave is now realized as the Senate refused to vote on the House Bill, just as the House had refused to vote on the Senate bill that funded the government without any additional provisions included.
