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Tansy_Gold

(17,816 posts)
Sun Jan 26, 2014, 08:27 PM Jan 2014

STOCK MARKET WATCH -- Monday 27 January 2014

[font size=3]STOCK MARKET WATCH, Monday, 27 January 2014[font color=black][/font]


SMW for 24 January 2014

AT THE CLOSING BELL ON 24 January 2014
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Dow Jones 15,879.11 -318.24 (-1.96%)
S&P 500 1,790.29 -38.17 (-2.09%)
[font color=black]Nasdaq 4,128.17 0.00 (0.00%)



[font color=green]10 Year 2.72% -0.02 (-0.73%)
30 Year 3.63% -0.03 (-0.82%) [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 - 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=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]


23 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
STOCK MARKET WATCH -- Monday 27 January 2014 (Original Post) Tansy_Gold Jan 2014 OP
Oh, that GIF works all right, Tansy Demeter Jan 2014 #1
Yes, it's still snowing, thank you for asking. Demeter Jan 2014 #2
Which Door Will Yellen Choose? Demeter Jan 2014 #3
Why There’s No Outcry ROBERT B. REICH Demeter Jan 2014 #4
Paranoia of the Plutocrats PAUL KRUGMAN Demeter Jan 2014 #5
Reich is much closer to the truth than Krugman, always has been Tansy_Gold Jan 2014 #8
If, as you say, it's a side-effect of the illness of greed, and NOT intentional Demeter Jan 2014 #12
"Scroogilistic Crapitalism" . . .by cer7711 REPOST FROM ELSEWHERE DU Demeter Jan 2014 #13
One thing that has changed Tansy_Gold Jan 2014 #18
Good point on that Patriotism meme Demeter Jan 2014 #19
WORLD STOCKS CONTINUE DROP ON EMERGING MARKET WOES xchrom Jan 2014 #6
US FUTURES SAY GO Demeter Jan 2014 #14
Well, that lasted all of 30 minutes Demeter Jan 2014 #20
TURKEY'S CENTRAL BANK CALLS EMERGENCY MEETING xchrom Jan 2014 #7
CATERPILLAR 4Q RESULTS TOP ANALYSTS' EXPECTATIONS xchrom Jan 2014 #9
GERMAN BUSINESS CONFIDENCE UP AMID RECOVERY HOPES xchrom Jan 2014 #10
SURVEY: BUSINESSES MORE OPTIMISTIC, BUT NOT HIRING xchrom Jan 2014 #11
Japan reports record annual trade deficit xchrom Jan 2014 #15
Centre for Cities says economic gap with London widening xchrom Jan 2014 #16
Top Trades in Disarray Amid Emerging-Market Rout: Currencies xchrom Jan 2014 #17
Confusion! Experts Confounded! The Customers Conned! Demeter Jan 2014 #21
we're gonna get it tonight. xchrom Jan 2014 #22
You can avoid it. Fuddnik Jan 2014 #23
 

Demeter

(85,373 posts)
1. Oh, that GIF works all right, Tansy
Mon Jan 27, 2014, 03:22 AM
Jan 2014

But you should have saved it for Halloween. Scared me!

Here's something that should scare you back:

War on women? U.S. Republican Rand Paul says women are winning

http://news.yahoo.com/war-women-u-republican-rand-paul-says-women-193800981.html

U.S. Senator Rand Paul on Sunday offered an way out of criticism that the Republican Party is waging a war on women: the women are ahead.

"You know, the whole thing of the war on women. I sort of laughingly say, 'yes, there might have been, but the women are winning it,'" Paul, a possible contender for the 2016 Republican presidential nomination, said on CNN's "State of the Union."


Paul was asked to comment on remarks that former presidential candidate Mike Huckabee made to the Republican National Committee last week, in which he urged Republicans to argue that women are not "weaklings" who rely on government for help, including contraceptives to "control their libido." Rand called Democratic criticism that Republicans are waging a "war on women" a charade that does not lead to good policy.

"I've seen the women in my family and how well they're doing," Rand said, citing women in medical and law schools. "I think women are doing very well and I'm proud of how well we've come and how far we've come, and I think that some of the victimology and all this other stuff is trumped up."




WELL, GENTLEMEN (AND DISGRACES TO THE TITLE YOU BOTH ARE):

FIRST OFF, JUST BECAUSE THE WOMEN IN YOUR 1%r ENTITLED FAMILY ARE DOING WELL, RAND PAUL, DOES NOT MEAN THE AVERAGE WOMAN IS DOING WELL. THE WAR ON THEM CONTINUES, AND YOU ARE LEADING THE ATTACK.

"VICTIMOLOGY" DOESN'T MEAN WHAT YOU THINK IT DOES, EITHER:

vic·tim·ol·o·gy
ˌviktəˈmäləjē/
noun
noun: victimology; plural noun: victimologies



  1. the study of the victims of crime and the psychological effects on them of their experience.

  2. the study of the ways in which the behavior of crime victims may have led to or contributed to their victimization

  3. the claim that the problems of a person or group are the result of victimization

  4. the possession of an outlook, arising from real or imagined victimization, that seems to glorify and indulge the state of being a victim.



THE LAST IS A BOGUS DEFINITION; TORTURING AND TWISTING THE LANGUAGE BY HUMAN RIGHTS VIOLATORS, LIKE YOU.




victimology, branch of criminology that scientifically studies the relationship between an injured party and an offender by examining the causes and the nature of the consequent suffering. Specifically, victimology focuses on whether the perpetrators were complete strangers, mere acquaintances, friends, family members, or even intimates and why a particular person or place was targeted. Criminal victimization may inflict economic costs, physical injuries, and psychological harm.

Victimology first emerged in the 1940s and ’50s, when several criminologists (notably Hans von Hentig, Benjamin Mendelsohn, and Henri Ellenberger) examined victim-offender interactions and stressed reciprocal influences and role reversals. These pioneers raised the possibility that certain individuals who suffered wounds and losses might share some degree of responsibility with the lawbreakers for their own misfortunes. For example, the carelessness of some motorists made the tasks of thieves easier; reckless behaviour on the part of intoxicated customers in a bar often attracted the attention of robbers; and provocation by some brawlers caused confrontations to escalate to the point that the instigator was injured or even killed. More controversially, women were sometimes said to bear some responsibility for misunderstandings that evolved into sexual assaults. By systematically investigating the actions of victims, costly mistakes could ... (200 of 915 words)

http://www.britannica.com/EBchecked/topic/1246187/victimology



Victimology Law & Legal Definition

Victimology is the scientific study of victimization, including the relationships between victims and offenders, victims and the criminal justice system, and victims and other social groups and institutions, such as the media, businesses, and social movements. Victimology studies victims of crimes and other forms of human rights violations that are not necessarily crime.

It is hoped that through an in-depth examination of victims, law enforcement officials can know the perpetrator a little better. It is believed that the victim's background may provide important information about past activities or lifestyle, possibly leading directly to the generation of a suspect.

http://definitions.uslegal.com/v/victimology/




Victimology is the study of victimization, including the relationships between victims and offenders, the interactions between victims and the criminal justice system — that is, the police and courts, and corrections officials — and the connections between victims and other social groups and institutions, such as the media, businesses, and social movements. Victimology is however not restricted to the study of victims of crime alone but may include other forms of human rights violations.

Victim of a crime

In criminology and criminal law, a victim of a crime is an identifiable person who has been harmed individually and directly by the perpetrator, rather than by society as a whole. However, this may not always be the case, as with victims of white collar crime, who may not be clearly identifiable or directly linked to crime against a particular individual. Victims of white collar crime are often denied their status as victims by the social construction of the concept. The concept also remains a controversial topic within women's studies.

The Supreme Court of the United States first recognized the rights of crime victims to make a victim impact statement during the sentencing phase of a criminal trial in the case of Payne v. Tennessee 501 U.S. 808 (1991).

A victim impact panel is a form of community-based or restorative justice in which the crime victims (or relatives and friends of deceased crime victims) meet with the defendant after conviction to tell the convict about how the criminal activity affected them, in the hope of rehabilitation or deterrence.
Consequences of crimes

Emotional distress as the result of crime is a recurring theme for all victims of crime. The most common problem, affecting three quarters of victims, were psychological problems, including: fear, anxiety, nervousness, self-blame, anger, shame, and difficulty sleeping. These problems often result in the development of chronic post-traumatic stress disorder (PTSD). Post crime distress is also linked to pre-existing emotional problems and sociodemographic variables. This has been known to become a leading case of the elderly to be more adversely affected.(Ferraro, 1995)

Victims may experience the following psychological reactions:

Increase in the belief of personal vulnerability.
The perception of the world as meaningless and incomprehensible.
The view of themselves in a negative light.

The experience of victimization may result in an increasing fear of the victim of the crime, and the spread of fear in the community.

Victim proneness

One of the most controversial sub-topics within the broader topic is victim-proneness. The concept of victim proneness has been described as a "highly moralistic way of assigning guilt" to the victim of a crime, also known as victim blaming.


Environmental theory

One theory, the environmental theory, posits that the location and context of the crime bring the victim of the crime and its perpetrator together.

Studies in the early 2010s showed that crimes are negatively correlated to trees in urban environments; more trees in an area are congruent with lower victimization rates or violent crime rates. This relationship was established by studies in 2010 in Portland, Oregon and in 2012 in Baltimore, Maryland. Geoffrey Donovan of the U.S. Forest Service, one of the researchers, said, "trees, which provide a range of other benefits, could improve quality of life in Portland by reducing crime..." and he said that is because "We believe that large street trees can reduce crime by signaling to a potential criminal that a neighborhood is better cared for and, therefore, a criminal is more likely to be caught." Note that the presence of large street trees especially indicated a reduction in crime, as compare to newer, smaller trees. In the 2012 study, lead by scientists from the University of Vermont and the USDA, a "conservative spatially adjusted model indicated that a 10% increase in tree canopy was associated with a roughly 12% decrease in crime.... and we found that the inverse relationship continued in both contexts, but the magnitude was 40% greater for public than for private lands."

Quantification of victim-proneness

There have been some studies recently to quantify the real existence of victim-proneness. Contrary to the popular belief that more women are repeat victims, and thus more victim-prone than men, actually men in their prime (24 to 34 year old males) are more likely to be victims of repeated crimes. While each study used different methodology, their results must be taken seriously and further studies are warranted.

In the case of juvenile offenders, the study results also show that people are more likely to be victimized as a result of a serious offense by someone they know; the most frequent crimes committed by adolescents towards someone they know were sexual assault, common assault, and homicide. Adolescents victimizing people they did not know generally committed common assault, forcible confinement, armed robbery, and robbery.

Sex workers are, anecdotally, thought to have an abnormally high incidence of violent crime committed against them, and such crimes go frequently unresolved, but there are few victimological studies of the matter.

Fundamental attribution error
Main article: Fundamental attribution error
See also: Dunning–Kruger effect


In social psychology, the fundamental attribution error (also known as correspondence bias or attribution effect) describes the tendency to over-value dispositional or personality-based explanations for the observed behaviors of others while under-valuing situational explanations for those behaviors. The term was coined by Lee Ross some years after a now-classic experiment by Edward E. Jones and Victor Harris (1967).

The fundamental attribution error is most visible when people explain the behavior of others. It does not explain interpretations of one's own behavior—where situational factors are often taken into consideration. This discrepancy is called the actor–observer bias. As a simple example, if Alice saw Bob trip over a rock and fall, Alice might consider Bob to be clumsy or careless (dispositional). If Alice later tripped over the same rock herself, she would be more likely to blame the placement of the rock (situational). Victim proneness or victim blaming can be a form of fundamental attribution error, and more specifically, the just-world phenomenon.

The Just-world phenomenon is the belief that people get what they deserve and deserve what they get, which was first theorized by Melvin Lerner (1977). Attributing failures to dispositional causes rather than situational causes, which are unchangeable and uncontrollable, satisfies our need to believe that the world is fair and we have control over our life. We are motivated to see a just world because this reduces our perceived threats, gives us a sense of security, helps us find meaning in difficult and unsettling circumstances, and benefits us psychologically. Unfortunately, the just-world hypothesis also results in a tendency for people to blame and disparage victims of a tragedy or an accident, such as victims of rape and domestic abuse to reassure themselves of their insusceptibility to such events. People may even blame the victim's faults in "past lives" to pursue justification for their bad outcome.

Victim facilitation


Victim facilitation, another controversial sub-topic, but a more accepted theory than victim proneness, finds its roots in the writings of criminologists such as Marvin Wolfgang. The choice to use victim facilitation as opposed to “victim proneness” or some other term is that victim facilitation is not blaming the victim, but rather the interactions of the victim that make him/her vulnerable to a crime.

The theory of victim facilitation calls for study of the external elements that make a victim more accessible or vulnerable to an attack. In an article that summarizes the major movements in victimology internationally, Schneider expresses victim facilitation as a model that ultimately describes only the misinterpretation by the offender of victim behavior. It is based upon the theory of a symbolic interaction and does not alleviate the offender of his/her exclusive responsibility.

In Eric Hickey’s Serial Murderers and their Victims, a major analysis of 329 serial killers in America is conducted. As part of Hickey’s analysis, he categorized victims as high, low, or mixed regarding the victim’s facilitation of the murder. Categorization was based upon lifestyle risk (example, amount of time spent interacting with strangers), type of employment, and their location at the time of the killing (example, bar, home or place of business). Hickey found that 13–15% of victims had high facilitation, 60–64% of victims had low facilitation and 23–25% of victims had a combination of high and low facilitation.[26] Hickey also noted that among serial killer victims after 1975, one in five victims were at greater risk from hitchhiking, working as a prostitute, or involving themselves in situations in which they often came into contact with strangers.

There is importance in studying and understanding victim facilitation as well as continuing to research it as a sub-topic of victimization. For instance, a study of victim facilitation increases public awareness, leads to more research on victim-offender relationship, and advances theoretical etiologies of violent crime.[27] One of the ultimate purposes of this type of knowledge is to inform the public and increase awareness so fewer people become victims. Another goal of studying victim facilitation, as stated by Maurice Godwin, is to aid in investigations. Godwin discusses the theory of victim social networks as a concept in which one looks at the areas of highest risk for victimization from a serial killer. This can be connected to victim facilitation because the victim social networks are the locations in which the victim is most vulnerable to the serial killer. Using this process, investigators can create a profile of places where the serial killer and victim both frequent.

Victimization rate in United States

The National Crime Victimization Survey (NCVS) is a tool to measure the existence of actual, rather than reported, crimes—the victimization rate. The National Crime Victimization Survey is the United States' "primary source of information on crime victimization. Each year, data are obtained from a nationally representative sample of 77,200 households comprising nearly 134,000 persons on the frequency, characteristics and consequences of criminal victimization in the United States. This survey enables the (government) to estimate the likelihood of victimization by rape, sexual assault, robbery, assault, theft, household burglary, and motor vehicle theft for the population as a whole as well as for segments of the population such as women, the elderly, members of various racial groups, city dwellers, or other groups." According to the Bureau of Justice Statistics (BJS), the NCVS reveals that, from 1994 to 2005, violent crime rates declined, reaching the lowest levels ever recorded. Property crimes continue to decline.

International Crime Victims Survey

Many countries have such victimization surveys. They give a much better account for the volume crimes but are less accurate for crimes that occur with a (relative) low frequency such as homicide, or victimless 'crimes' such as drug (ab)use. Attempts to use the data from these national surveys for international comparison have failed. Differences in definitions of crime and other methodological differences are too big for proper comparison.

A dedicated survey for international comparison: A group of European criminologists started an international victimization study with the sole purpose to generate international comparative crime and victimization data. The project is now known as the International Crime Victims Survey (ICVS). After the first round in 1989, the surveys were repeated in 1992, 1996, and 2000 and 2004/2005.
Society as crime victim

One train of thought supposes society itself is the victim of many crimes, especially felonies as murder, homicide and manslaughter. Many lawyers, judges, and academics have espoused this sentiment. District attorneys feel they represent all of society, while others feel they represent the victims of the crime.

Penal couple

The penal couple is defined as the relationship between perpetrator and victim of a crime. That is, both are involved in the event. A sociologist invented the term in 1963. The term is now accepted by many sociologists. The concept is, essentially, that "when a crime takes place, it has two partners, one the offender and second the victim, who is providing opportunity to the criminal in committing the crime." The victim, in this view, is "a participant in the penal couple and should bear some 'functional responsibility' for the crime." The very idea is rejected by some other victimologists as blaming the victim.


Rights of victims

In 1985, the UN General Assembly adopted the Declaration on the Basic Principles of Justice for Victims of Crime and Abuse of Power . Also, the International Victimology Institute Tilburg and the World Society of Victimology developed a UN Convention for Victims of Crime and Abuse of Power.

The term victimology, in fact, denotes to the subject, which studies about the harms caused to victim in commission of crime and the relative scope for compensation to the victim as a means of redressal. In criminal jurisprudence, mere punishing of offender is not sufficient to redress the grievance of victim; there is need to compensate the loss or harms suffered by the victim. In Criminal Procedure Code, though provisions have been made in Section 357 to provide compensation to victims, who have suffered loss or harms in consequence to commission of offence. But, what has been provided in Indian Law, as a compensatory measure to victims of crimes, is not enough and this aspect needs to be reviewed by the legislature to frame or enact necessary law, so as to sufficiently compensate to victims of crimes and to provide safeguards to victims of crimes, besides compensating him in monetary terms. [S.P. Sharma, Advocate, Rajasthan High Court, Jodhpur, December, 2010].

http://en.wikipedia.org/wiki/Victimology




What is Victimology?

A victim is described as someone who has suffered some type of injury, loss, or hardship for any reason. A crime victim is someone who suffers these things due to another person's illegal act (Karmen, 2010, p. 1). Victimology is the study of the people who incur these harms because of illegal activities. This study includes the handling of victims, the physical and mental condition of victims, as well as their economical hardships. Beyond just learning about hardships endured by victims, victimologist aim to make sure the victims are assisted effectively as well as create ways to help them recover (Karmen, 2010, p. 1). The main four steps in the victimologist job are; 1. identify, define, and describe the problem; 2. Measure the true dimensions of the problem; 3. Investigate how victims are handled; 4. Gather evidence to test hypothesis (Karmen, 2010, p. 23-25).



The paragraph above is how textbooks define victimologist. It is the "job details". I, however, believe a victimologist is so much more than a person who gathers the raw data. A victimologist is a person who is truly compassionate for the well-being of others. A victimologist not only wants to know about the harms people may incur, but a way to diminish these harms and make life livable once again. As a child I was a victim of a pretty haynes crime that had the ability to destroy me mentally for life. I, however, never suffered long term mental or physical effects from this crime. I accredit my good fortune to the detectives who handled the case, but more importantly to the victimologists who researched and determined the best way to handle a youth victim and all the programs for victim relief they have helped create. In conclusion, yes, a victimologist is the definition the book give, but they are also the people who care most about other people's well-being in the hardest times of their lives.

References:

Karmen, Andrew. (2010). Crime Victims: An Introduction To Victimology. Belmont, CA:
Wadsworth Cengage Learning.



Posted 16th March 2012 by Brittany Wiley http://bwvictimology.blogspot.com/2012/03/what-is-victimology.html



SECONDLY: MR. HUCKABEE, BIRTH CONTROL CONTROLS A WOMAN'S FERTILITY, NOT HER LIBIDO. IT'S ASSHOLES LIKE YOU THAT ARE MAKING WOMEN SO DEPRESSED AS TO NOT WANT TO PRODUCE THE NEXT GENERATION...NOT THAT THEY CAN AFFORD TO.

ALSO, YOU AREN'T GOING TO GET LAID ANY TIME SOON, WITH AN ATTITUDE LIKE THAT.
 

Demeter

(85,373 posts)
2. Yes, it's still snowing, thank you for asking.
Mon Jan 27, 2014, 03:28 AM
Jan 2014

15F, windchill of 4F at 2:30 AM.

I crashed shortly after returning home from a Volunteer Honor dinner for the condo association...and this is my reward. I'll post until I can sleep again.

 

Demeter

(85,373 posts)
3. Which Door Will Yellen Choose?
Mon Jan 27, 2014, 03:34 AM
Jan 2014
http://www.zerohedge.com/contributed/2014-01-25/which-door-will-yellen-chose

Two theories to explain the year-to-date global dump-a-thon. The first is that it's all local issues - no single macro story explains the depth of the sell off. Some examples (and why they are individually no big deal):



  • Turkey is facing big domestic political/economic problems – it’s no surprise that some of the ‘air’ is coming out of the currency, bonds and equities that were so recently loved. All in, Turkey is now cheap – one should buy this dip.

  • South Africa is facing labor issues. This explains the drop in the Rand. This is not a ‘contagion’ story. It’s an isolated case.

  • Brazil is temporarily suffering from some weakness in other EM markets. But Brazil is a ‘special’ case – this is the land of the future.
  • Argentina’s deval is a good thing. Every time that Argentina has hit a wall over the past 30 years they have gone through this, and came out strong. Buying this dip will be a moneymaker.

  • Japan is going to ‘Whip Deflation’ in 2014. The coming 40% increase in the national sales tax is not going to be a speed bump at all. The (still) cheap currency that has been engineered is about to trigger an export boom. Japan has the ‘Platinum Coin’ option, and it will use it to eliminate the debt problem.
  • Europe is really in ‘recovery mode’ this time. All the evidence you need to confirm this is that Spanish ten-year bonds were sold the other day (in size - E13b) at a dirt cheap 3.75%. The offering was 3Xs oversubscribed.

  • The ‘worst case’ in Puerto Rico will never be seen. Treasury Secretary Jack Lew will ape Mario Draghi and pledge that PR will not default. There’s big money to be made in PR bonds.

  • China’s latest ‘blip’ in funding costs is going to go away as of Feb. 1 (New Year). The fact that there will be a default of a Wealth Management product in a few days is well known - it's already in Friday's market print. China Inc. will not allow defaults to spread. And what’s all the complaining about? GDP of 7.5% is in the cards.

  • The US is going to have the best year of GDP growth in years. The higher corporate top line/earnings that will follow this economic spurt will keep multiples expanding. Janet Yellen has confirmed that she’s going to keep the short end at zero for years to come, so the Fed’s put is alive and well. Buy this dip!

  • The US picture is bright because of all those new holes that are being pounded into the ground from Colorado to Pennsylvania. For the first time in decades crude is a short. $75 WTI is in our future. As this evolves, there will be no meaningful consequence to Saudi Arabia, Iran, Iraq, Indonesia and it will not hurt Mexico a bit.




The “spin” on the foregoing issues have the same theme. They are isolated issues that are (for the most part) not really interconnected. Yes, those issues are causing some markets to adjust, but there is no case to be made for a single source of the global puke-out. And anyway, there is a positive side to all of this....But there is another take on this story. All of the issues that are emerging have one common thread – It’s the Fed’s Taper that is behind all the uproar. Is this possible? Can a relatively small adjustment in the supply and demand equation for the US bond market be responsible for the rout? I think the answer is “Yes”.

The real question is what does Janet Yellen think is behind the global sell off. I’m as certain that I can be that Ms. Yellen is itching for an excuse to extend (expand) QE. QE is, after all, her ‘baby’.

Next weeks’ Fed meeting is supposed to bring us another notch down in the QE monthly purchases – at least that is what the WSJ’s Jon Hilsenrath told us a few days ago. Given what has happened since then, the possibility of a Fed ‘surprise’ is now a distinct possibility. Yellen could fall back on the ‘data dependent’ theme, and opt for a pause in the Taper. This translates to a continuation of QE at the rate of $75B a month for a bit longer.

What might be the consequences if Yellen does a U-turn on the Taper? The hoped for result would be a rapid turnaround for the EM markets, and with that, the US market would quickly revert to green. Happy days would be here again. There are enough people who believe in the magic of QE that a suspension of the Taper might be sufficient to turn the global capital markets back to stability (Yellen is on top of the list). But that outcome is by no means assured – a delay in the Taper could backfire. The difference between QE of $75B a month versus $65B is meaningless. The markets are not that dumb - it will just take a few days for markets to reach this conclusion.


We have only two scenarios:



1) Yellen opts for a continuation of the Taper and we have an immediate blowout in the EM economies/markets or,

2) She delays the Taper and holds QE at $75B for "a few more months". The next leg down in markets would start in less than a week as reality/disappointment set in.



Both of these outcomes have a bad ending. Either way, the concept of the "Fed Put" is about to be tested. Seat belts should definitely be worn (tightly) next week.
 

Demeter

(85,373 posts)
4. Why There’s No Outcry ROBERT B. REICH
Mon Jan 27, 2014, 03:40 AM
Jan 2014
http://robertreich.org/post/74519195381

People ask me all the time why we don’t have a revolution in America, or at least a major wave of reform similar to that of the Progressive Era or the New Deal or the Great Society. Middle incomes are sinking, the ranks of the poor are swelling, almost all the economic gains are going to the top, and big money is corrupting our democracy. So why isn’t there more of a ruckus?

The answer is complex, but three reasons stand out.

  • First, the working class is paralyzed with fear it will lose the jobs and wages it already has.

    In earlier decades, the working class fomented reform. The labor movement led the charge for a minimum wage, 40-hour workweek, unemployment insurance, and Social Security. No longer. Working people don’t dare. The share of working-age Americans holding jobs is now lower than at any time in the last three decades and 76 percent of them are living paycheck to paycheck. No one has any job security. The last thing they want to do is make a fuss and risk losing the little they have. Besides, their major means of organizing and protecting themselves — labor unions — have been decimated. Four decades ago more than a third of private-sector workers were unionized. Now, fewer than 7 percent belong to a union.

  • Second, students don’t dare rock the boat.


  • In prior decades students were a major force for social change. They played an active role in the Civil Rights movement, the Free Speech movement, and against the Vietnam War. But today’s students don’t want to make a ruckus. They’re laden with debt. Since 1999, student debt has increased more than 500 percent, yet the average starting salary for graduates has dropped 10 percent, adjusted for inflation. Student debts can’t be cancelled in bankruptcy. A default brings penalties and ruins a credit rating. To make matters worse, the job market for new graduates remains lousy. Which is why record numbers are still living at home. Reformers and revolutionaries don’t look forward to living with mom and dad or worrying about credit ratings and job recommendations.

  • Third and finally, the American public has become so cynical about government that many no longer think reform is possible.


  • When asked if they believe government will do the right thing most of the time, fewer than 20 percent of Americans agree. Fifty years ago, when that question was first asked on standard surveys, more than 75 percent agreed. AND 50 YEARS AGO, THEY WOULD HAVE BEEN RIGHT! It’s hard to get people worked up to change society or even to change a few laws when they don’t believe government can possibly work.

    You’d have to posit a giant conspiracy in order to believe all this was the doing of the forces in America most resistant to positive social change. It’s possible. of course, that rightwing Republicans, corporate executives, and Wall Street moguls intentionally cut jobs and wages in order to cow average workers, buried students under so much debt they’d never take to the streets, and made most Americans so cynical about government they wouldn’t even try for change. But it’s more likely they merely allowed all this to unfold, like a giant wet blanket over the outrage and indignation most Americans feel but don’t express. I DON'T THINK SO, BOB. IT'S A CONSPIRACY. Change is coming anyway. We cannot abide an ever-greater share of the nation’s income and wealth going to the top while median household incomes continue too drop, one out of five of our children living in dire poverty, and big money taking over our democracy. At some point, working people, students, and the broad public will have had enough. They will reclaim our economy and our democracy. This has been the central lesson of American history.

    Reform is less risky than revolution, but the longer we wait the more likely it will be the latter.

    TELL IT TO DAVOS.
     

    Demeter

    (85,373 posts)
    5. Paranoia of the Plutocrats PAUL KRUGMAN
    Mon Jan 27, 2014, 05:35 AM
    Jan 2014
    http://www.nytimes.com/2014/01/27/opinion/krugman-paranoia-of-the-plutocrats.html?_r=0

    Rising inequality has obvious economic costs: stagnant wages despite rising productivity, rising debt that makes us more vulnerable to financial crisis. It also has big social and human costs. There is, for example, strong evidence that high inequality leads to worse health and higher mortality. But there’s more. Extreme inequality, it turns out, creates a class of people who are alarmingly detached from reality — and simultaneously gives these people great power. The example many are buzzing about right now is the billionaire investor Tom Perkins, a founding member of the venture capital firm Kleiner Perkins Caufield & Byers. In a letter to the editor of The Wall Street Journal, Mr. Perkins lamented public criticism of the “one percent” — and compared such criticism to Nazi attacks on the Jews, suggesting that we are on the road to another Kristallnacht. You may say that this is just one crazy guy and wonder why The Journal would publish such a thing. But Mr. Perkins isn’t that much of an outlier. He isn’t even the first finance titan to compare advocates of progressive taxation to Nazis. Back in 2010 Stephen Schwarzman, the chairman and chief executive of the Blackstone Group, declared that proposals to eliminate tax loopholes for hedge fund and private-equity managers were “like when Hitler invaded Poland in 1939.” And there are a number of other plutocrats who manage to keep Hitler out of their remarks but who nonetheless hold, and loudly express, political and economic views that combine paranoia and megalomania in equal measure.

    I know that sounds strong. But look at all the speeches and opinion pieces by Wall Streeters accusing President Obama — who has never done anything more than say the obvious, that some bankers behaved badly — of demonizing and persecuting the rich. And look at how many of those making these accusations also made the ludicrously self-centered claim that their hurt feelings (as opposed to things like household debt and premature fiscal austerity) were the main thing holding the economy back.

    Now, just to be clear, the very rich, and those on Wall Street in particular, are in fact doing worse under Mr. Obama than they would have if Mitt Romney had won in 2012. Between the partial rollback of the Bush tax cuts and the tax hike that partly pays for health reform, tax rates on the 1 percent have gone more or less back to pre-Reagan levels. Also, financial reformers have won some surprising victories over the past year, and this is bad news for wheeler-dealers whose wealth comes largely from exploiting weak regulation. So you can make the case that the 1 percent have lost some important policy battles. But every group finds itself facing criticism, and ends up on the losing side of policy disputes, somewhere along the way; that’s democracy. The question is what happens next. Normal people take it in stride; even if they’re angry and bitter over political setbacks, they don’t cry persecution, compare their critics to Nazis and insist that the world revolves around their hurt feelings. But the rich are different from you and me.


    WELL, ISN'T IT OBVIOUS? THE PLUTOCRATS DON'T WANT DEMOCRACY! DEMOCRACY IS A THREAT TO THEIR WEALTH! THEY ARE TOO STUPID OR IGNORANT TO REALIZE THAT ANY OTHER FORM OF GOVERNMENT IS A WORSE THREAT...

    And yes, that’s partly because they have more money, and the power that goes with it. They can and all too often do surround themselves with courtiers who tell them what they want to hear and never, ever, tell them they’re being foolish. They’re accustomed to being treated with deference, not just by the people they hire but by politicians who want their campaign contributions. And so they are shocked to discover that money can’t buy everything, can’t insulate them from all adversity. I also suspect that today’s Masters of the Universe are insecure about the nature of their success. We’re not talking captains of industry here, men who make stuff. We are, instead, talking about wheeler-dealers, men who push money around and get rich by skimming some off the top as it sloshes by. They may boast that they are job creators, the people who make the economy work, but are they really adding value? Many of us doubt it — and so, I suspect, do some of the wealthy themselves, a form of self-doubt that causes them to lash out even more furiously at their critics.

    MORE COMPARING BHO WITH FDR...

    Tansy_Gold

    (17,816 posts)
    8. Reich is much closer to the truth than Krugman, always has been
    Mon Jan 27, 2014, 09:07 AM
    Jan 2014

    As Reich says, it's not a "conspiracy" to break the middle class and turn the working class into slaves. Those are merely side effects of the 1%'s objective, which is to become more wealthy than they are. The means by which they do it and the collateral damage inflicted in the course of doing it do not matter. It's not that they want students to be crushed by debt and conspired to do so. It's that they don't care. They don't give a shit.

    There is benign neglect and then there is malignant neglect. Not malicious, you understand, because that implies awareness and intent. The 1% don't care enough even to be malicious.

    Some individuals in that group may indeed be malicious and may have a conscious will to be evil. Most, however, are simply too self-absorbed, too focused on their need and greed to take much notice. Their collective, i.e. political, actions are still directed toward amassing their own wealth and power, and that they have done it through fear and intimidation is, well, it's the natural way to do things.

    Giving them credit for a conspiracy is giving them far too much credit, and it also gives them power. Krugman makes his big mistake by thinking that the tables are turned, that it is the 1% who are afraid (or paranoid), but that doesn't mesh with what's actually happening.

    The 1% are not afraid, not by a long shot. They have no reason to be afraid. There is no revolt, no revolution, not even a reformist on the political scene. (Warren is still powerless, Sanders is too old and lacks the media charisma needed to sway sufficient masses to win election, former darling Franken is no longer visible enough). More important, the 1% control the media. Justin Bieber's DUI is much more newsworthy than . . . . . anything else.

    Reform is rare, especially this far into the slide. Revolution is effective, but it is also expensive.

     

    Demeter

    (85,373 posts)
    12. If, as you say, it's a side-effect of the illness of greed, and NOT intentional
    Mon Jan 27, 2014, 09:44 AM
    Jan 2014

    The we will have to resort to the French cure, again. PLUS the FDR cure. PLUS the Bolshevik cure.

    Because the lessons of history will not be unlearned, only repeated.

    But Tansy, a conspiracy explains and encompasses the NSA!


    AND, it's not that Krugman is wrong, it's that he's giving you the most charitable peek into the 1% camp. Can't say he's ever looking into the 99% camp, now that I think about it.

     

    Demeter

    (85,373 posts)
    13. "Scroogilistic Crapitalism" . . .by cer7711 REPOST FROM ELSEWHERE DU
    Mon Jan 27, 2014, 09:54 AM
    Jan 2014

    . . . as I prefer to call it.

    FDR saved "small-d democracy" and capitalism in the 30s when we went to America's robber barons and said, basically: "Look, I'm one of you. I'm of your class; I understand the world of power and privilege. But I also understand the desperation and anger of America's working and middle classes.

    So you've got a choice: Either sign on to the New Deal and see your slightly-diminished profits continue into the future, or keep destabilizing the country with an ever-increasing wealth gap and see yourselves and offspring stood up against a wall and executed as enemies of the people. Else be prepared to slaughter a large proportion of the seething, starving electorate. Those are the only two choices you will have--that's where social unrest and upheaval has lead recently in Germany, Spain and Russia--to communist or fascist dictatorships and the deaths of thousands; tens of thousands. Do we want to see that kind of violence here?"

    Wiser, less greedy, prudent heads worked out a compromise back then that preserved the social fabric of this nation and ensured the rise of the most prosperous middle class the world had ever seen.

    But that was then. This is now.

    I don't think this current crop of SOBs care one wit about the nation anymore. I believe this new predatory class is willing to snatch up the football and run to Kuwait, South America, the Pacific Rim or any goddamn where they please if they can't play the game devoid of referees and rules.

    So I say: Nationalize the banks, re-impose job-protecting tariffs and tax the 1% like we did in the 50s. And if they try to run--seize their assets and denounce these ruthless, exploitative scumbags as enemies of the people. Strip them of their wealth and citizenship and kick them out of the country they looted and destroyed.

    PS. They'll be fine. The (formerly) 1% will pull themselves up by their own bootstraps and climb to the top of the socio-economic ladder once again somewhere else, right? By virtue of their own superior intelligence, discipline and stamina. That's what they're always telling us: They did it all by themselves; didn't ask "for nothing from no one." So okay then--bye-bye, lords and ladies! New lands await . . .

    Tansy_Gold

    (17,816 posts)
    18. One thing that has changed
    Mon Jan 27, 2014, 10:31 AM
    Jan 2014

    The appeal to "patriotism" has finally reached its expected double standard.

    The one thing -- and perhaps the only thing -- that kept the 1% in line during FDR's era was the appeal to their "patriotism." Of course, in their case that merely meant that the armed forces of the nation existed solely to protect their wealth and power. Nation-states were limited by geography and population.

    Now that the nation-state has no relevance to the corporate-state -- which exists above and separate from and almost totally independent of the nation-state -- the 1% are free to use the appeal to "patriotism" as an enforcement tool while remaining immune to it themselves.

    Reich and Krugman both, to varying degrees, continue to believe that the 1% and their followers in the 99% operate on the same mental wavelength as the rest of us further to the left. They don't. They have an entirely different set of core beliefs, fundamental articles of faith that we often find laughable and totally incomprehensible. But if you confront one of "them" with a challenge on those core beliefs and expect them to suddenly see the error of their ways when shown the bright shining light of logic, you will be met with a blank stare.

    They don't get it, and they never will. Stop trying to reason with them. They can't do it. They simply can't. Not without imploding.


    (The implosions, though very rare, are enormously fun to watch.)

     

    Demeter

    (85,373 posts)
    19. Good point on that Patriotism meme
    Mon Jan 27, 2014, 01:53 PM
    Jan 2014

    Just wait until they are without any country at all...it's gonna happen, because it's inevitable. That's what all outlaws face...when the People are NOT behind them.

    xchrom

    (108,903 posts)
    6. WORLD STOCKS CONTINUE DROP ON EMERGING MARKET WOES
    Mon Jan 27, 2014, 09:05 AM
    Jan 2014
    http://hosted.ap.org/dynamic/stories/W/WORLD_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-01-27-07-29-43

    PARIS (AP) -- Global stocks continued to fall on Monday, extending a rout begun last week, as investors worried about a slowdown in growth in China and other developing economies that is causing big losses among emerging-market currencies.

    Markets first became unsettled on Thursday, when a survey indicated a drop in Chinese manufacturing activity, the latest sign that a painful slowdown in the world's No. 2 economy is likely to continue.

    When investors worry about global growth, they first pull back from riskier trades in emerging markets. That combined with concerns about specific countries - economic stability in Argentina and a political scandal in Turkey - to convince investors to sell off even more sharply.

    "The growing turmoil in emerging markets is inflicting damage ... across the board and no letup is expected in the near term," said Mitul Kotecha, head of global markets research for Asia at Credit Agricole CIB, in a report.

    After sharp losses in Asia, Europe was also trading lower. Around midday, London's FTSE 100 index of British companies skidded nearly 1.5 percent to 6,565.61. It was dragged down by a 17 percent plunge in the shares of natural gas provider BG Group, which warned on its outlook due to turmoil hitting its Egyptian operations, among other things
     

    Demeter

    (85,373 posts)
    14. US FUTURES SAY GO
    Mon Jan 27, 2014, 09:56 AM
    Jan 2014

    They gotta be kidding. Without QE4ever, the market isn't going anywhere but down.

    xchrom

    (108,903 posts)
    7. TURKEY'S CENTRAL BANK CALLS EMERGENCY MEETING
    Mon Jan 27, 2014, 09:06 AM
    Jan 2014
    http://hosted.ap.org/dynamic/stories/E/EU_TURKEY_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-01-27-07-36-16

    ANKARA, Turkey (AP) -- Turkey's central bank says its monetary policy committee will hold an emergency meeting as the Turkish currency, the lira, continues to weaken against foreign currencies.

    The central bank said the rate-setting panel would meet Tuesday evening "to take the necessary policy measures for price stability." It said its decision would be announced at midnight.

    The central bank is under pressure to support the lira by raising interest rates, despite Prime Minister Recep Tayyip Erdogan's opposition to a rate hike.

    The lira reached an all-time low of 2.39 against the dollar on Monday, before recovering to 2.31 with the central bank's announcement. It has hit multiple record lows in recent weeks as investors worry about the fallout of a corruption scandal that threatens to destabilize the government.

    xchrom

    (108,903 posts)
    9. CATERPILLAR 4Q RESULTS TOP ANALYSTS' EXPECTATIONS
    Mon Jan 27, 2014, 09:08 AM
    Jan 2014
    http://hosted.ap.org/dynamic/stories/U/US_EARNS_CATERPILLAR?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-01-27-07-55-36

    NEW YORK (AP) -- Caterpillar's fourth-quarter net income rose compared with results weighed down by a large impairment charge a year ago. Its results topped Wall Street's view.

    The Peoria, Ill.(equals)based company's board approved a new $10 billion buyback, and provided a 2014 forecast above analysts' estimates.

    Shares climbed in premarket trading Monday.

    For the period ended Dec. 31, Caterpillar Inc. - which makes mining gear, construction and forestry equipment and large power generators - earned $1 billion, or $1.54 per share. That compares with $697 million, or $1.04 per share, a year earlier.

    xchrom

    (108,903 posts)
    10. GERMAN BUSINESS CONFIDENCE UP AMID RECOVERY HOPES
    Mon Jan 27, 2014, 09:10 AM
    Jan 2014
    http://hosted.ap.org/dynamic/stories/E/EU_GERMANY_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-01-27-05-05-06

    FRANKFURT, Germany (AP) -- A key index of German business confidence rose by more than expected in January, adding to signs that Europe's biggest economy could be gathering speed.

    The Munich-based Ifo institute's survey of business executives rose to 110.6 points from 109.5 in December. Market analysts had expected an increase to 110.0.

    "The Germany economy made a promising start to the New Year," said Hans-Werner Sinn, the institute's head.

    The Ifo is one of several surveys that have indicated the German economy will have a better year in 2014 after growing by only 0.4 percent last year.

    xchrom

    (108,903 posts)
    11. SURVEY: BUSINESSES MORE OPTIMISTIC, BUT NOT HIRING
    Mon Jan 27, 2014, 09:12 AM
    Jan 2014
    http://hosted.ap.org/dynamic/stories/U/US_NABE_ECONOMY_SURVEY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-01-27-06-12-10

    Businesses expect their companies to perform better this year but that optimism still isn't translating into a push to hire more workers, according to a new survey from the National Association for Business Economics.

    Of the 64 members who responded to NABE's January survey, most said they saw stronger sales in the final months of 2013, and 43 percent expect their companies to modestly hike selling prices this year. That's the highest percentage in more than 12 months. Most respondents don't expect the new health care law or the Federal Reserve's easing of its stimulus policies to have a major impact on business, either. However only 37 percent expect to create jobs in the next six months, the same as in NABE's October survey.

    For the fourth quarter, only about a quarter of respondents said their companies expanded payrolls. Those most likely to report increased hiring were from the manufacturing, finance, insurance and real estate sectors.

    The U.S. unemployment rate fell to 6.7 percent in December, its lowest point in more than five years. But that wasn't because people found jobs. Rather, they stopped looking for work altogether, making them no longer counted as unemployed.

    xchrom

    (108,903 posts)
    15. Japan reports record annual trade deficit
    Mon Jan 27, 2014, 10:15 AM
    Jan 2014
    http://www.bbc.co.uk/news/business-25908413

    Japan has reported a record annual trade deficit after the weak yen pushed up the cost of energy imports.

    Its deficit rose to 11.5 trillion yen ($112bn; £68bn) in 2013 - a 65% jump from a year ago.

    Japan has seen its energy imports rise in recent years after it shut all of its nuclear reactors in the aftermath of the tsunami and earthquake in 2011.

    But it is having to pay more for those imports after a series of aggressive policy moves weakened the yen sharply.

    xchrom

    (108,903 posts)
    16. Centre for Cities says economic gap with London widening
    Mon Jan 27, 2014, 10:19 AM
    Jan 2014
    http://www.bbc.co.uk/news/uk-england-25879681

    The economic gap between London and the rest of the UK is widening because other cities are "punching below their weight", according to research.

    London has created 10 times more private sector jobs than any other city since 2010, analysis by the Centre for Cities found.

    The think tank is calling for more power to be devolved to the regions.

    Its research found almost a third of people aged between 22 and 30 who moved cities headed for London.

    xchrom

    (108,903 posts)
    17. Top Trades in Disarray Amid Emerging-Market Rout: Currencies
    Mon Jan 27, 2014, 10:26 AM
    Jan 2014
    http://www.bloomberg.com/news/2014-01-27/top-trades-in-disarray-amidst-emerging-market-rout-currencies.html


    It’s less than a month into 2014 and already currency strategists are seeing their top trade recommendations for the year upended by the rout in emerging markets.

    Buying Mexico’s peso versus the yen has lost about 1 percent since Bank of America Corp. named the trade one of its top picks in November, with a targeted return of 9.4 percent. Danske Bank A/S exited a trade this month buying Turkey’s lira versus Denmark’s krone at a loss of 2.9 percent. Of 31 major emerging-market currencies, 13 have already weakened beyond their median year-end forecasts in Bloomberg analyst surveys.

    “Traders either made their year or lost their jobs in the last week,” Douglas Borthwick, the head of foreign exchange at Chapdelaine & Co. in New York, said by phone Jan. 24.

    Exchange rates are tumbling to records across the developing world as a contraction in Chinese manufacturing adds to investors’ concern about the impact of the Federal Reserve withdrawing its unprecedented monetary stimulus. Deadly protests from Ukraine to Thailand are worsening the exodus, while Argentina’s unexpected devaluation of its peso last week dented confidence in Latin America.
     

    Demeter

    (85,373 posts)
    21. Confusion! Experts Confounded! The Customers Conned!
    Mon Jan 27, 2014, 01:56 PM
    Jan 2014

    And I can keep this up for hours.

    Morning, X. There's 3 inches of new snow again.It snows when it's cloudy, it snows when the sun shines, it snows by moonlight....I think you catch my drift here.

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