STOCK MARKET WATCH -- Wednesday, 2 October 2013

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Wednesday, 2 October 2013[font color=black][/font]

SMW for 1 October 2013

AT THE CLOSING BELL ON 1 October 2013
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Dow Jones 15,191.70 +62.03 (0.41%)
S&P 500 1,695.00 +13.45 (0.80%)
Nasdaq 3,817.98 +46.50 (1.23%)


[font color=red]10 Year 2.65% +0.02 (0.76%)
[font color=black]30 Year 3.72% 0.00 (0.00%) [font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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[font size=2]Euro, Yen, Loonie, Silver and Gold[center]

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[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
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Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
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[font color=black][font size=2]Handy Links - Economic Blogs:[/font][/font]
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The Big Picture
Financial Sense
Calculated Risk
Naked Capitalism
Credit Writedowns
Brad DeLong
Bonddad
Atrios
goldmansachs666
The Stand-Up Economist
The Automatic Earth
Wall Street on Parade
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[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
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Matt Taibi: Secret and Lies of the Bailout


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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
Open Government
Earmark Database
USA spending.gov
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[font color=black][font size=2]Handy Links - Videos:[/font][/font]
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Charlie Rose talks with Roubini
Charlie Rose talks with Krugman
William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
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[font color=red]Partial List of Financial Sector Officials Convicted since 1/20/09 [/font][font color=red]
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
6/4/12 Matthew Kluger, lawyer, sentenced to 12 years in prison, along with co-conspirator stock trader Garrett Bauer (9 years) and co-conspirator Kenneth Robinson (not yet sentenced) for 17 year insider trading scheme.
6/14/12 Allen Stanford sentenced to 110 years without parole.
6/15/12 Rajat Gupta, former Goldman Sachs director, found guilty of insider trading. Could face a decade in prison when sentenced later this year.
6/22/12 Timothy S. Durham, 49, former CEO of Fair Financial Company, convicted of one count conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud.
6/22/12 James F. Cochran, 56, former chairman of the board of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud.
6/22/12 Rick D. Snow, 48, former CFO of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
7/13/12 Russell Wassendorf Sr., CEO of collapsed brokerage firm Peregrine Financial Group Inc. arrested and charged with lying to regulators after admitting to authorities he embezzled "millions of dollars" and forged bank statements for "nearly twenty years."
8/22/12 Doug Whitman, Whitman Capital LLC hedge fund founder, convicted of insider trading following a trial in which he spent more than two days on the stand telling jurors he was innocent
10/26/12 UPDATE: Former Goldman Sachs director Rajat Gupta sentenced to two years in federal prison. He will, of course, appeal. . .
11/20/12 Hedge fund manager Matthew Martoma charged with insider trading at SAC Capital Advisors, and prosecutors are looking at Martoma's boss, Steven Cohen, for possible involvement.
02/14/13 Gilbert Lopez, former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt sentenced to 20 yrs in prison for their roles in Allen Sanford's $7.2 billion Ponzi scheme.
03/29/13 Michael Sternberg, portfolio mgr at SAC Capital, arrested in NYC, charged with conspiracy and securities fraud. Pled not guilty and freed on $3m bail.
04/04/13 Matthew Marshall Taylor,fmr Goldman Sachs trader arrested, charged by CFTC w/defrauding his employer on $8BN futures bet "by intentionally concealing the true huge size, as well as the risk and potential profits or losses associated."
04/04/13 Matthew Taylor admits guilt, makes plea bargain. Sentencing set for 26 June; faces up to 20 years in prison but will likely only see 3-4 years. Says, "I am truly sorry."
04/11/13 Ex-KPMG LLP partner Scott London charged by federal prosecutors w/passing inside tips to a friend in exchange for cash, jewelry, and concert tickets; expected to plead guilty in May.
08/01/13 Fabrice Tourré convicted on six counts of security fraud, including "aiding and abetting" his former employer, Goldman Sachs
08/14/13 Javier Martin-Artajo and Julien Grout charged with wire fraud, falsifying records, and conspiracy in connection with JP Morgan's "London Whale" trade.
08/19/13 Phillip A. Falcone, manager of hedge fund Harbinger Capital Partners, agrees to admit to "wrongdoing" in market manipulation. Will banned from securities industry for 5 years and pay $18MM in disgorgement and fines.
09/16/13 Javier Martin-Artajo and Julien Grout officially indicted on charges associated with "London Whale" trade.








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[font size=3][font color=red]This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.[/font][/font][/font color=red][font color=black]

[Demeter]

1. It's A-Maze-Ing what government in this country is like

http://assets.amuniversal.com/7109d0c00c2b0131250f001dd8b71c47

[Demeter]

2. What Then Can I Do? Ten Ways to Democratize the Economy Gar Alperovitz and Keane Bhatt

http://truth-out.org/opinion/item/18908-what-then-can-i-do-ten-steps-toward-transforming-the-system

The richest 400 Americans now own more wealth than the bottom 180 million taken together. The political system is in deadlock. Social and economic pain continue to grow. Environmental devastation and global warming present growing challenges. Is there any path toward a more democratic, equal and ecologically sustainable society? What can one person do? In fact, there is a great deal one person working with others can do. Experiments across the country already focus on concrete actions that point toward a larger vision of long-term systemic change - especially the development of alternative economic institutions. Practical problem-solving activities on Main Streets across the country have begun to lay down the elements and principles of what might one day become the direction of a new system - one centered around building egalitarian wealth, nurturing democracy and community life, avoiding climate catastrophe and fostering liberty through greater economic security and free time.

Margaret Mead famously observed: "Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it's the only thing that ever has." Some of the ten steps described below may be too big for one person to take on in isolation, but many are exactly the right size for a small and thoughtful group committed to building a new economy, restoring democracy and displacing corporate power. As the history of the civil rights movement, women's movement, and gay-liberation movement ought to remind us, it's precisely actions of this sort at the local level that have triggered the seismic shifts of progressive change in American history.

1. Democratize Your Money! Put your money in a credit union - then participate in its governance.


2. Seize the Moment: Time For Worker Ownership! Help build a worker co-op or encourage interested businesses to transition to employee ownership and adopt social and environmental standards as part of their missions.


3. Take Back Local Government: Demand Participatory Budgeting!
Organize your community so that local government spending is determined by inclusive neighborhood deliberations on key priorities.



4. Push Local Anchors to do Their Part!
Make nonprofit institutions like universities and hospitals use their resources to fight poverty, unemployment, and global warming.


5. Reclaim Your Neighborhood With Democratic Development!
Build community power through economic development and community land trusts.


6. Public Money for the Public Good! Organize to use public finances for community development.

7. Stop Letting Your Savings Fuel Corporate Rule! Get your workplace to offer more retirement-plan opportunities for responsible investment.



8. Democratize Energy Production to Create a Green Economy! Get involved in public and cooperative utilities to fight climate change.



9. Mobilize the Faith Community! Get your religious organization to move its money to a local financial institution involved in community development.



10. Make Time for Democracy! Fight unemployment by joining the fight against work



And There's More SEE LINK FOR DETAILS

There are many additional practical precedents to build on, refine and adapt. The examples outlined above aim to encourage thinking about how we move beyond partial experiments toward greater publicly benefiting democratization over time. For many others, see Community-Wealth.org and What Then Must We Do? Straight Talk About the Next American Revolution, by Gar Alperovitz. But all of this hinges on the strategic and self-conscious decision to adopt a sustained course of institution-changing action - one linked to movement-building politics and explicitly understood as a way to begin laying the necessary groundwork for something more.

[Demeter]

3. What We Could Do With a Postal Savings Bank: Infrastructure That Doesn't Cost Taxpayers a Dime

http://truth-out.org/news/item/19017-what-we-could-do-with-a-postal-savings-bank-infrastructure-that-doesnt-cost-taxpayers-a-dime

[DemReadingDU]

14. Great idea!

[xchrom]

4. And Now It Looks Like The Government Shutdown Is Turning Into The Debt Ceiling Crisis

http://www.businessinsider.com/government-shutdown-turning-into-debt-ceiling-standoff-2013-10

Last night, US Treasury Secretary Jack Lew came out and said that the Treasury was close to exhausting its "extraordinary measures" that it has to keep funding itself (once it's no longer able to issue new debt) and that it the US WILL hit the debt ceiling on October 17 as planned.
This warning is unprecedented in that it's coming in the middle of a tense government shutdown.

The growing conclusion is that this will not be a short one-or-two day shutdown (no real progress was made yesterday) and that it could extend all the way until the debt ceiling, which will force some kind of negotiation.

From Manu Raju, Jake Sherman, and Carrie Budoff Brown at POLITICO:

On Capitol Hill there were signs only of the two sides digging into their respective corners, with the House Republican Conference having what several sources described as their best conference in months after Speaker John Boehner’s demands to gut Obamacare prompted the budget impasse. And at a private Democratic lunch in the Senate’s ornate Mansfield Room, speaker after speaker heaped praised on Reid for his no-compromise stand, attendees said.



Read more: http://www.businessinsider.com/government-shutdown-turning-into-debt-ceiling-standoff-2013-10#ixzz2gYULRAga

[Demeter]

22. NEGOTIATION? No chance of that

Both sides want capitulation. Neither side has anything to sacrifice, either.

Obama's got nothing. Boehner's got nothing. The public hates them all.

If I were the GOP, I'd raise the debt ceiling (or abolish it) and let the government hang twisting in the wind. Then Obama couldn't claim they did anything horrible, and they would still have room for his eventual, regularly scheduled capitulation.

[abelenkpe]

51. Whoa

A friend said the same thing last night. That she thought the reps would raise the debt limit but not fund the government. Thought it'd go on a long time.

Hope that's not the case.

[Demeter]

52. They are crazy, not stupid

well, some of them ARE stupid, but nevertheless....when all they have is a hammer...

[xchrom]

5. Markets Are Lower Again, As US Crisis Drags On

http://www.businessinsider.com/morning-markets-october-2-2013-10

Markets tumbled on Monday, as it became clear that the US government would shut down.
Then the government did shut down Monday night, but on Tuesday markets rallied sharply.

Now they're lower again.

US futures are off over 0.5% across the board.

Japan got totally smoked last night, losing over 2%.

And Germany lost 0.69%.



Read more: http://www.businessinsider.com/morning-markets-october-2-2013-10#ixzz2gYUrY01q

[xchrom]

6. Depressing Reality Of Spain's Youth Unemployment Crisis Brought To Life By A Grim Facebook Post

http://www.businessinsider.com/benja-serra-bosch-spains-unemployment-icon-2013-10




Here's a rough translation of Bosch's message:

My name is Benjamín Serra, I have two bachelor degrees and a master's degree, and I clean toilets.

No, it is not a joke. I do it to pay the rent for my room in London.

I've been working in a famous chain of cafes in the United Kingdom since May, and for the first time today, after 5 months working there, I've saw it clearly. I have been cleaning toilets. My thought was: "I received distinction in my two degrees and I clean other peoples' shit in a country that isn't my own." Well, I also make coffee, clean the tables and wash cups.

And I am not ashamed to do so. Cleaning is a very decent job. What embarrasses me is having to do so because no one has given me an opportunity in Spain. Like me, there are many Spaniards, especially in London. "You are a plague," I was told once here. And let's not kid ourselves. We are not young people on an adventure to learn the language and have new experiences. We are immigrants.

I've always been very proud, I am not going to deny. Those who know me, you know. And I have to bust out a smile at customers who look over my shoulder as I am simply a "barista" (as they call it here). Some are so outrageous that it makes me want to pull out my University and master degrees and put them in their face. But it would not really do anything. It appears that those titles now only serve to clean the SHIT that I clean from the toilets in the cafe. A pity.

I thought that it deserved something better after putting so much effort in my academic life. It seems that I was wrong.



Read more: http://www.businessinsider.com/benja-serra-bosch-spains-unemployment-icon-2013-10#ixzz2gYVrEOjN

[Demeter]

33. I Worked All Week for Free?': The Horrifying, True Story of $0 Paychecks

http://admin.alternet.org/i-worked-all-week-free-horrifying-true-story-0-paychecks?akid=10989.227380.3H021Z&rd=1&src=newsletter903535&t=8&paging=off&current_page=1#bookmark

In the annals of degrading, infuriating labor practices, this one may take a prize: Meet the cleaning workers who received … zero-dollar paychecks.

Now, defying alleged deportation threats and protesting those empty paychecks, a handful of striking guest workers from Jamaica are demanding accountability from the boss who hired them, the companies whose buildings they were cleaning, and the Florida politicians like Marco Rubio who took those companies’ cash.

“The promises made by our employer, Mister Clean, they were so enticing that we borrowed money to get here, over $2,000,” striker Dwight Allen told Salon in a recent interview. But “when we got here … we realized that all of the promises were all false.

“We had to sleep on the floor in overcrowded apartments,” said Allen, while paying their boss rent that sometimes exceeded the low wages and limited hours he provided them. “After getting a paycheck of zero dollars and zero cents” due to rent being deducted, said Allen, “we would still be getting texts from his wife saying that we still have balance of x amount” in remaining rent unpaid. When workers began organizing, he said, “we were threatened in writing from our boss.”

Allen and other guest workers employed by Mister Clean Laundry and Cleaning Services filed a federal complaint and went on strike Aug. 19. “We were scared,” said striker Shellion Parris, but “we knew in the back of our heads that we need to do this, we have to do this.”

Photos provided to Salon by the National Guestworker Alliance, the group behind the work stoppage, show checks reading “No Dollars and No Cents,” and a page dated June 25 warning guest workers on H-2B visas that, “Any worker who does not show up for your assignment will be immediately removed from Mister Clean Housing and will be reported as AWOL (Absent Without Leave) to ICE (Immigration Custom Enforcement).” The statement, which was in all-caps, continued, “You will then be escorted to pick up your plane ticket and go back to Jamaica. You will have an ICE and Okaloosa County Sheriff Department Escort.” Workers say that warning arrived stapled to their checks. Mister Clean did not respond to a request for comment. Those are some incendiary allegations. But NGA legal director Jennifer Rosenbaum says they reflect a “pretty standard set of problems that guest workers face.” “If you come forward to confront your boss about illegal workplace conditions,” said Rosenbaum, “there’s going to be egregious threats of immigration enforcement against you.”

MORE

Josh Eidelson (josheidelson.com) is a Nation contributor and was a union organizer for five years. He covers labor as a contributing writer at Salon and In These Times. Check out his blog or follow him on Twitter.

[Ghost Dog]

40. Be still, my (angry) heart.

What Spanish people need, at home, is some 'direct' (very direct) democracy.

Don't we all.

[Tansy_Gold]

55. Amen.

Amen.

[xchrom]

7. GEORGE SOROS: Europe's Nightmare Is Getting Worse, And Only Germany Can Make It Stop

http://www.businessinsider.com/soros-europes-nightmare-getting-worse-2013-10



Billionaire financier and legendary speculator George Soros gave a speech today at the Global Economic Symposium in Kiel, Germany, titled "The Future of Europe."
In the speech, Soros declared the euro crisis over:

The euro crisis is now over. This became official in the German elections where the rules governing the euro were not even discussed. Yet the system that emerged from the crisis is far from satisfactory. Mainstream economists would call it an inferior equilibrium; I call it a far-from equilibrium situation.

The euro crisis has already transformed the European Union into something radically different from what was originally intended. The EU was meant to be a voluntary association of sovereign and equal states that surrendered part of their sovereignty for the common good. It has turned into a relationship between creditors and debtors that is by its nature compulsory and unequal.

When a debtor country gets into difficulties the creditor countries gain the upper hand. The rules they have established merely perpetuate this state of affairs. That is liable to be politically unacceptable and it has the potential of destroying the European Union altogether. Only the creditors are in a position to prevent this outcome but they do not seem to show any inclination to do so.



Read more: http://www.businessinsider.com/soros-europes-nightmare-getting-worse-2013-10#ixzz2gYanxFzv

[Demeter]

23. Why does he care?

Is the loot not flowing his way?

[xchrom]

25. he specializes in currencies doesn't he? maybe it's a plan

to get the loot to flow his way?

[Demeter]

31. No Triumph for Austerity By Paul Krugman

http://truth-out.org/opinion/item/19170-no-triumph-for-austerity

It was, I suppose, predictable that Europe's austerians would claim vindication at the first hint of an economic upturn. Still, an op-ed by the German finance minister, Wolfgang Schäuble, in the Financial Times, in which he claims complete vindication because Europe has had one, count it, one quarter of growth, is pretty awesome even relative to expectations. It takes quite a lot of chutzpah — do they have that word in German? — to claim that this is a record of successful preparation for structural transformation. What about all the livelihoods, and in some cases lives, destroyed? What about the millions of young Europeans who still have no hope of getting a decent job?

I take particular professional exception to Mr. Schäuble's claim that Europe is following the recipe of Sweden in the early 1990s and that of Asia in the late 1990s. Those recipes involved large currency devaluations, not the slow, grinding "internal devaluation" supposedly happening in countries on Europe's periphery. And as I've stressed a number of times, the Asian economies bounced back fast, with nothing like the seemingly endless depression in much of Europe.

What we have to realize here, however, is that at this point it's not just a matter of ideology: egos and careers are at stake.

The evidence suggests that Europe's austerians did a terrible thing, ruining the lives of millions. They will never admit it; they will seize on anything that gives them an out.

REMINDS ME OF ANOTHER BUNCH OF DELUDED POLICY-MAKERS---TWO BUNCHES, ACTUALLY. OVER HERE.

[xchrom]

37. +1

[xchrom]

8. TREASURY SECRETARY: We're Using Our 'Final Extraordinary Measures'

http://www.businessinsider.com/treasury-secretary-were-using-our-final-extraordinary-measures-2013-10





In a letter to House Speaker John Boehner, U.S. Treasury Secretary Jacob Lew, said that the U.S. has started using "final extraordinary measures," to stay below the debt ceiling.
Lew said the measures will be exhausted no later than October 17.

Congress' failure to agree to a budget deal has led to a partial shutdown of the government for the first time in 17 years.

While the White House and Congress continue to battle it out over the budget, there are concerns that this will lead to a stalemate over raising the debt ceiling by October 17.



Read more: http://www.businessinsider.com/treasury-secretary-were-using-our-final-extraordinary-measures-2013-10#ixzz2gYcKgyie

[xchrom]

9. Obama to cut short Asia trip as shutdown continues

http://www.reuters.com/article/2013/10/02/us-usa-fiscal-idUSBRE98N11220131002

(Reuters) - President Barack Obama on Wednesday scaled down a long-planned trip to Asia, as a U.S. government shutdown entered a second day with no end in sight to the funding row in Congress that triggered it.

Obama is expected to leave on Saturday for summit meetings in Indonesia and Brunei. Malaysian media quoted Prime Minister Najib Razak as saying he would now skip a subsequent visit to Kuala Lumpur. His last stop, in the Philippines, also now looks in question.

The president would thus be able to return home just days before an even bigger crunch in Congress, which will put the United States at risk of defaulting on its debts if it does not raise the U.S. public debt ceiling.

The fight between Obama's Democrats and the Republicans over the government's borrowing power is rapidly merging with the standoff over everyday funding, which has forced the first government shutdown in 17 years and forced hundreds of thousands of federal employees to take unpaid leave.

[Demeter]

24. He shouldn't go at all

What a moron.

[westerebus]

36. TPP.

Doesn't want to leave his baby out there without a teleprompter.

[Demeter]

43. I stand corrrected

What a moronic sell-out.

[westerebus]

56. Irony.

You haz it.

[Demeter]

46. Obama Cancels Trip to Philippines and Malaysia

http://www.nytimes.com/news/fiscal-crisis/2013/10/02/president-obama-cancels-malaysia-trip/

The White House announced on Wednesday that President Obama had canceled his trip next week to the Philippines and Malaysia because of the budget standoff in Washington. Secretary of State John Kerry will lead delegations to both countries, instead of Mr. Obama...


STILL A BAD IDEA

[xchrom]

10. U.S. deadlock hits dollar, weakens shares

http://www.reuters.com/article/2013/10/02/us-markets-global-idUSBRE96S00E20131002

(Reuters) - World stock markets began to shake on Wednesday in response to a U.S. government shutdown that shows no signs of ending soon, also sending the dollar to a one-month low against the yen.

Investors have generally taken the view that the first such shutdown in 17 years would prove temporary, but there are growing worries about its implications for talks on raising the U.S. public debt ceiling later this month.

While the shutdown would have to drag on to have a substantial effect on the United States economy, a failure to raise the debt ceiling carries the threat of a government default on its debt with wide and unpredictable consequences.

"We do fear that as this discussion drags on, volatility in the market will continue to increase," said Patrick Moonen, senior equity strategist at ING Investment Management.

[Demeter]

48. Fearing blind spots, U.S. spy agencies to recall some laid-off by shutdown

http://news.yahoo.com/fearing-blind-spots-u-spy-agencies-recall-laid-174946590--business.html

Fearing they could miss important intelligence, U.S. spy agencies are planning to call back to work some of the thousands of civilian workers who have been temporarily laid off as a result of this week's federal government shutdown.

Director of National Intelligence James Clapper has already authorized chiefs of the 16 U.S. spy agencies he supervises to make revisions in their furlough arrangements, Clapper's spokesman Shawn Turner said.

"The impact of the shutdown on the Intelligence Community's mission is not static, it's cumulative. The employees who are on the job are stretched thin. They're focused on the most critical security needs," Turner said in an email on Wednesday.

"However, as this goes on and the security environment changes, we will need to make adjustments to the number of people we have working," Turner said. Precisely which agencies will call back workers and how many is unclear...

[xchrom]

11. Sluggish job creation mutes U.S. office recovery: report

http://www.reuters.com/article/2013/10/02/us-usa-property-office-idUSBRE99103320131002

(Reuters) - The U.S. office market mildly improved in the third quarter, as weak job creation continued to plague demand for office space, according to a preliminary report by real estate research firm Reis Inc.

The national vacancy rate for U.S. office buildings stood at 16.9 percent at the third quarter, down 0.1 percentage points from the prior quarter and only 0.30 from a year earlier, according to the report released late Tuesday.

"With the labor market's ongoing struggles to create office-using jobs, demand for space remains muted," the report said. "Stronger job growth is the catalyst that the office market needs for a faster decline in the vacancy rate."

With the tired job growth, demand for office space left the vacancy rate in the third quarter well above the 12.5 percent average U.S. vacancy rate seen in the third quarter 2007. During the recent cycle, the vacancy rate hit a high of 17.6 percent in late 2010 through the first quarter 2011.

[xchrom]

12. U.S. consumer watchdog says 2009 law reduced credit card fees

http://www.reuters.com/article/2013/10/02/us-financial-regulation-cardact-idUSBRE99103J20131002

(Reuters) - The total cost of credit card fees and interest payments to U.S. consumers fell and charges for going over allowable credit limits effectively disappeared after a 2009 law cracked down on the market, according to a report released on Wednesday.

The U.S. Consumer Financial Protection Bureau's first report on the so-called CARD Act said costs are easier to understand and consumers are better protected from credit cards they cannot afford than they were before Congress passed the law.

But regulators said they still are looking into whether credit card companies treat consumers fairly when they market extras such as identity theft protection and credit monitoring.

Congress passed the 2009 law in hopes of making the credit card market more transparent for borrowers. It called for issuers to check whether consumers could pay for credit cards, and restricts certain fees and changes to interest rates.

[xchrom]

13. Here’s what the world’s coolest cathedral will look like when it’s finally, finally finished

http://grist.org/list/heres-what-the-worlds-coolest-cathedral-will-look-like-when-its-finally-finally-finished/

We’re fans of Barcelona for all sorts of reasons: It’s got great street art, a strong bike culture, and buses with gardens on their roofs. But those are all piddling, passing details compared with Barcelona’s greatest, weirdest sight: Sagrada Familia, the church that looks like the best sand castle you could possibly imagine and which has been under construction since 1882. Here’s what it looked like 1915, for instance:

?w=470&h=383

The current stewards of the project, though, say that in just 13 years they will have it finished. And here is what it will look like. (Before you press play, we recommend muting the actual video and following the advice of one astute YouTube commenter: “Cue Game of Thrones soundtrack.”)

[xchrom]

15. Cheapest Stocks in Egypt Post Best Rally on Army Control

http://www.bloomberg.com/news/2013-10-01/cheapest-stocks-in-egypt-post-best-rally-in-year-on-army-control.html

Egyptian stocks posted their best quarter in a year as increased political stability combined with the world’s cheapest equities lured investors.

The benchmark EGX 30 Index gained 18 percent in the three months ending Sept. 30, the biggest advance since the 24 percent increase in the third quarter of 2012 and among the top 10 returns of 94 benchmarks tracked by Bloomberg. Cairo-based Ezz Steel, the country’s largest publicly traded manufacturer of the metal, soared 47 percent in the period, and Six of October Development & Investment, a luxury real-estate developer based in Giza, climbed 46 percent.

Investment Minister Osama Saleh says buyers are mostly Egyptians and trading volumes remain low after the military took over July 3 from President Mohamed Mursi. The EGX 30 is still down 16 percent since Arab Spring protests in January 2011 and the measure fetches 0.6 times estimated 2014 book value, the cheapest among the 45 largest equity markets tracked by Bloomberg. Dividend yield for companies on the EGX 30 is projected to jump 34 percent next year, second to Russia’s Micex Index, to 4.5 percent, data compiled by Bloomberg show.

“The military’s action was viewed as bringing more stability,” Dubai-based Walid Mourad, who helps manage about $400 million of Middle East and North Africa equities at ING Investment Management Middle East Ltd., said Sept. 29 by phone. “There are buying opportunities if investors are selective.”

[xchrom]

16. Biggest Banks Face Higher Bar in Rewritten Living Wills

http://www.bloomberg.com/news/2013-10-02/biggest-banks-face-higher-bar-in-rewritten-living-wills.html

Global banks that failed to convince U.S. regulators last year they could go bust without destroying the financial system got another chance this week to submit plans for a safe demise.

Eleven of the largest lenders including JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. (GS) and Bank of America Corp. were scheduled to send revised living wills to regulators yesterday, and public portions of those plans may be released as early as today. If regulators aren’t satisfied, the government could force the firms to restructure or sell off pieces.

The documents required by the 2010 Dodd-Frank Act are meant to describe hypothetical bankruptcies and bolster perceptions that financial giants can be allowed to go under without causing wider damage. The Federal Deposit Insurance Corp. and Federal Reserve will assess whether the plans are credible as they work to end the notion that some lenders are too big to fail.

“Banks have been working closely with the regulators to craft living wills that will pass muster,” said Jaret Seiberg, an analyst at Guggenheim Partners LLC. “The problem is going to be convincing many on Capitol Hill that these living wills are worth the paper they’re printed on.”

[xchrom]

17. Hollande Giving Workers Say in M&A Deepens Fortress-France Image

http://www.bloomberg.com/news/2013-10-01/hollande-giving-workers-say-in-m-a-deepens-fortress-france-image.html

Takeovers of French companies, already among Europe’s least targeted, are about to become even less desirable.

Seeking to fend off hostile takeovers and limit plant closings, the French National Assembly yesterday adopted rules that would give employees a bigger say over bids. The bill, which also forces companies with more than 1,000 employees in France to document attempts to find a suitable buyer before shuttering a plant with more than 50 workers, is expected to become law once it has been discussed and voted in the Senate and then passed by parliament.

“It projects an image of protectionism in France, and that’s not how we’re going to fix our problems,” said Thibaut De Smedt, a partner at Bryan, Garnier & Co., which handles French corporate-finance transactions. “In the M&A world, the image of France viewed from outside is deplorable, and this law is adding extra complexity.”

Foreign companies have spent $14.8 billion on French targets this year, putting 2013 on track to be the weakest for such deals in at least a decade, according to data compiled by Bloomberg. The new rules may further dissuade potential buyers. France hasn’t seen a major hostile takeover since Mittal Steel Co. bought Arcelor SA in 2006 in a transaction then valued at about $36 billion.

[Demeter]

26. they say that like it's a bad thing.

It means France will not be gutted and looted. As we have been.

[xchrom]

27. i wish more countries were as proud and protective of their

culture, livelihood, etc as the french are.

the world would be a better place.

[xchrom]

18. Why Germany’s Politics Are Much Saner, Cheaper, and Nicer Than Ours

http://www.theatlantic.com/international/archive/2013/09/why-germany-s-politics-are-much-saner-cheaper-and-nicer-than-ours/280081/



BERLIN -- It’s the day before the German election, and Stefan Liebich, a member of the Bundestag for the far-left Die Linke party, is standing on the sidewalk at a busy intersection, smiling and shaking hands. He has a boombox and an assistant who fills up crimson balloons that say “Really Red” -- to differentiate them from the slightly-less-red balloons being inflated by their rivals, the Social Democrats (SPD), who have a similar setup just a few feet away.

He’s in peak campaigning mode, yet he takes a 45-minute break to talk to a group of foreign journalists, including me, who can’t vote and don’t speak German.

Liebich’s casual arrangement seems fitting for someone running for, say, student council in the U.S., but he’s actually just a few thousand votes from losing his seat in parliament if Die Linke doesn’t garner a large enough percentage in the upcoming election. He says he is “excited” to see whether or not he makes it in.

It may seem barebones, but this is a typical last-day campaign event for a parliamentarian in Germany, where campaigns get government funding, parties are allocated TV advertising time, and microtargeting of voters is unthinkable.

[DemReadingDU]

19. We all want to be treated fairly, even monkeys

short 2.5 minute video

2/3/13 What happen when you give one monkey cucumbers but grapes for another monkey

[xchrom]

20. ECB leaves benchmark interest rate unchanged at 0.5%

http://www.bbc.co.uk/news/business-24364757

The European Central Bank (ECB) has kept its benchmark interest rate on hold at 0.5%.

Recent economic data has shown that an economic recovery may be taking hold in the eurozone.

Eurozone factory activity grew for the third month running in September, according to a survey.

ECB president Mario Draghi is expected to give more guidance on the health of the eurozone at a press conference later on Wednesday.

[xchrom]

21. Spain's jobless claims rise in September, government data shows

http://www.bbc.co.uk/news/business-24364754


The number of registered jobless in Spain has risen for the first time in seven months as the tourist sector laid off workers after the summer season.

Unemployment in September rose by 0.5%, or 25,572, to 4.7 million, with the service sector shedding 52,000 jobs, according to Labour Ministry data.

However, the jobless level in industry and construction continued to fall.

Prime Minister Mariano Rajoy hailed the figures as the "the best jobless data for September in many years".

[Demeter]

28. You Have GOT to See this Tolles Cartoon--It's a Perfect Summary of Events

http://assets.amuniversal.com/8f4015500cfb013125bf001dd8b71c47

I laughed out loud. That's why I am avoiding other portions of DU, too. The incredibly premature crowing over Obamacare is getting on my nerves. Its batteries will run out of juice pretty soon, I expect.

[Hotler]

34. Snort!

[Demeter]

35. Worse yet, in other places on this site, it's taken as an endorsement

http://www.democraticunderground.com/10023765610

[Hotler]

49. It's crazy isn't it? n/t

[Demeter]

29. I got a great horrorscope for today--Aries

Anyone who gets in your way today could be in for a big surprise when you arrive dressed for battle. The bottom line is that you're in no mood to deal with someone else's arbitrary judgments. Although your feelings are very strong now, there's little need to worry about any resistance you currently face. Be true to yourself; instead of looking for a fight, just keep pushing your best ideas ahead, one step at a time.

Thing is, I don't have any battles, nor do I encounter resistance, lately--it's remarkably peaceful, and I am actually starting to feel relaxed and confident and productive...

[bread_and_roses]

30. Glad to read this

"Thing is, I don't have any battles, nor do I encounter resistance, lately--it's remarkably peaceful, and I am actually starting to feel relaxed and confident and productive... "

That is good to hear - you deserve it.

[Demeter]

32. It could very well be pure delusion on my part, though

I could be overlooking something, or there may be a big, George W Bush size event that will wipe that smile off faster than anything...

You know, that is the usual outcome. Best laid plans, and all that.

[antigop]

38. Bank CEOs to meet with Obama on Wednesday

http://money.cnn.com/2013/10/01/news/companies/bank-ceos-white-house/index.html

Goldman Sachs' (GS, Fortune 500) Lloyd Blankfein will be among the group of CEOs meeting with the president in a visit organized by the Financial Services Forum, a trade group which represents bank chiefs, according to three sources familiar with the schedule.

The meeting was originally organized as part of the Obama Administration's ongoing efforts to mend relations with the financial services sector and woo their support for White House policy.

Given the meeting is happening in the midst of a government shutdown, one source suggested the shutdown and budget will likely be a major focus of the meeting.

[Demeter]

45. What an excellent time for a mass arrest!

(A girl can dream, can't she?)

[Hotler]

47. to mend relations with the financial services sector and woo their support for White House policy."

[xchrom]

39. Behind the Mask: The Singular Life of James Dean's Analyst{just for fun}

http://www.spiegel.de/international/zeitgeist/the-life-of-psychoanalyst-and-art-collector-muensterberger-a-925619.html



In September of 2005, art historian Lisa Zeitz visited then-92-year-old Werner Muensterberger in his New York City apartment in order to speak to a "psychoanalyst who understood the art collector." But he turned out to be so much more.

An analyst, ethnologist, professor of "ethno-psychiatry," an author and a collector of "primitive" art, Muensterberger treated numerous celebrities, including James Dean. His 1993 book "Collecting: An Unruly Passion" became a classic in its field. This first visit by Zeitz blossomed into a friendship that lasted until Muensterberger's death in 2011 and ultimately became a biography about his life, "The Man With The Masks -- Werner Muensterberger's Life of a Century" (Der Mann mit den Masken - Das Jahrhundertleben des Werner Muensterberger) which was recently published in Germany.

Zeitz was immediately impressed by the "small man in the checkered jacket" who offered to speak with her in German. Also impressive was the "awesomely magical aura" of his apartment filled with eerie masks and art objects -- a "soot-black relief made of Pavia skulls and bones," a life-sized "slender, headless torso with a long phallus" and a branched throwing knife from the Congo. This wasn't his collection, Muensterberger explained: "These are just a few things that I like. Aesthetics are important."

Bathing Naked for the Baron

Art collecting wasn't the only topic at that first meeting. Muensterberger spoke to Zeitz about early childhood trauma and his time spent at the Odenwaldschule, Germany's oldest private rural boarding school. He also discussed his distant uncle Eduard von der Heydt, the German-Swiss baron, banker and art collector, who instilled in him a love of art and a yearning for a life that would straddle science, bohemianism and high society.

[AnneD]

41. Poet's corner...

Our poem for today....

Republican's are red,
Democrat's are blue.
Neither one gives
a fuck about you.

Boldly stolen from Reddit.

[hamerfan]

50. Love it, AnneD!

Really sums up the way I've been feeling for quite a while now. Thanks for sharing.

[bread_and_roses]

54. Perfect! (n/t)

[westerebus]

57. Amen!

[DemReadingDU]

58. Good one!

[mnhtnbb]

42. I bought euros this morning for us to take on our trip to Europe Oct-Nov.

before the euro hit the 8 month high! And we've already made $35. Bought some for our son to take with
him in early Sept when he left for his 10 month stay in Berlin on a Fulbright scholarship.

Wish I'd bought more euros in early August when I bought for him! Who
would have thought these Repubs would pull this shit?

Looked into this new Visa card that can be pre-loaded with euros--but not nearly as good
an exchange rate as buying cash http://foreignmoney.com/ Used these folks before
and very happy with the transaction.

We decided to carry cash for hotels, meals, museums, etc. Train tickets are already bought.
Our lodging is already paid for one week in Vienna--back when the euro was $1.28 in early June. That
was a good decision!

Hubby and I spent a lot of time talking about this--costs of using a credit card, risks of cash,
risk of dollar falling dramatically-- if the Repubs keep this shit up through the debt ceiling date.

It will be interesting to see what happens!

[Demeter]

44. Have a good trip, but hurry back!

We need all hands on deck to keep the ship of state from sinking into the ooze...

[mnhtnbb]

53. LOL. We have to come back to NC where there is a boatload of work to be done

to undo the damage of the 2010 and 2102 state elections.