STOCK MARKET WATCH -- Tuesday, 20 October 2015

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Tuesday, 20 October 2015[font color=black][/font]

SMW for 19 October 2015

AT THE CLOSING BELL ON 19 October 2015
[center][font color=green]
Dow Jones 17,230.54 +14.57 (0.08%)
S&P 500 2,033.66 +0.55 (0.03%)
Nasdaq 4,905.47 +18.78 (0.38%)



[font color=green]10 Year 2.02% -0.01 (-0.49%)
[font color=black]30 Year 2.88% 0.00 (0.00%) [font color=black]


[center][/font]

[HR width=85%]

[font size=2]Market Conditions During Trading Hours[/font]
[center]
(click on link for latest updates)
Market Updates
[/center]

[font size=2]Euro, Yen, Loonie, Silver and Gold[center]

[/center]

[center]

[/center]

[HR width=95%]

[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
[center]
Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
[/center]

[font color=black][font size=2]Handy Links - Economic Blogs:[/font][/font]
[center]
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
[/center]

[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
[center]
Matt Taibi: Secret and Lies of the Bailout


[/center]

[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
[center]
LegitGov
Open Government
Earmark Database
USA spending.gov
[/center]

[font color=black][font size=2]Handy Links - Videos:[/font][/font]
[center]
Charlie Rose talks with Roubini
Charlie Rose talks with Krugman
William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
[/center]

[div]
[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.
02/06/14 Matthew Martoma convicted of insider trading while at hedge fund SAC (Stephen A. Cohen) Capital Advisors. Expected sentence 7-10 years.
03/24/14 Annette Bongiorno, Bernard Madoff's secretary; Daniel Bonventre, director of operations for investments; JoAnn Crupi, an account manager; and Jerome O'Hara and George Perez, both computer programmers convicted of conspiracy to defraud clients, securities fraud, and falsifying the books and records.
05/19/14 Credit Suisse, which has an investment bank branch in NYC, agrees to plead guilty and pay appx. $2.6 billion penalties for helping wealthy Americans hide wealth and avoid taxes.
09/08/14 Matthew Martoma, convicted SAC trader, sentenced to 9 years in prison plus forfeiture of $9.3 million, including home and bank accounts
08/03/15 Former City (London) trader Tom Hayes found guilty of rigging global Libor interest rates. Each fo eight counts carries up to 10 yr. sentence.
08/21/15 Charles Antonucci Sr, former pres. Park Ave. Bank sentenced to 2.5 years in prison for bribery, fraud, embezzlement, and attempt to steal $11MM in TARP bailout funds, as well as $37.5MM fraud on OK insurance company. To pay $54MM in restitution and give up additional $11MM.
09/21/15 Volkswagen CEO Martin Winterkorn apologizes for VW cheating on air quality standards with emission testing avoidance device. Stock drops 20%, fines may total $18B.
09/22/15 Stewart Parnell, CEO Peanut Corp. of America, sentenced to 28 years in prison for selling salmonella-tainted peanut butter that killed nine.





[HR width=95%]


[center]

[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. On Monday, I kept the Kid home with her germs, and stayed home myself until 3 PM

And even so, I feel more awful. So I finally called in to cancel tomorrow. I am throwing in the towels she dirtied, the dishes, the laundry, and the paperwork and the trash and I am just sick, sick sick still. I probably have started the second cold.

Two and a half months of feebleness....like I was 85 or 90....I'm going to have to tour shrines, or move to Arizona or something. Ugh!

[DemReadingDU]

2. No fun to be sick this long

Feel better soon.

[Demeter]

3. If nearly 40% of Americans aren’t working, what are they doing?

http://finance.yahoo.com/news/nearly-40-americans-aren-t-120014057.html

The most recent jobs numbers masked a dark story. Unemployment held steady at 5.1%, but only 59.2% of Americans have a job. The difference is the unemployment rate only counts people who don’t have a job and are actively looking for one. The labor force participation rate is perhaps a more accurate gauge of the economy. It includes people who’ve given up, don’t want to, or can’t work, and it fell to 62.4% last quarter. Labor force participation has fallen steadily since the start of the recession, and years into the recovery, shows no sign of turning around. It hasn’t been that low since 1977, and back then it was still common for women to be homemakers. The low labor force participation rate got Fed watchers talking that maybe an interest rate hike in December will be too soon.

Fed policy, of course, isn’t a magic cure-all for a sick labor market. If lots of people are out of the labor force because they are retired or can’t find work because their skills aren’t useful, low interest rates won’t do them much good. Whether or not low rates are still warranted depends on why so many Americans aren’t in the labor force anymore.

Some of the decline results from the fact that the population is older, which means more retirees per worker. The President’s Council of Economic Advisors estimates half of the decline (pdf) since the recession’s start can be blamed on an aging population. But lots of working age Americans, aged 16 to 64, aren’t in the labor force either. The figure below shows the labor force participation rate over the last 15 years by age group:

http://l1.yimg.com/bt/api/res/1.2/FpgUsUJ9v5PDc4cfUK6gtg--/YXBwaWQ9eW5ld3NfbGVnbztxPTg1/http://media.zenfs.com/en-US/homerun/quartz.com/e3f657f7f128d93e2419e23dc1a13cf9

Most of the decline in participation came from fewer young people working. Older Americans are more likely to be working, while everyone else is working a little less. Why are younger Americans not working?

The figures below, from the March Current Population Survey breaks down labor force status and how it has changed in the last 15 years for different age groups. The decline in labor force participation for young people can almost entirely be explained by their staying in school longer.

http://l3.yimg.com/bt/api/res/1.2/ZhV6wQzOHvcCAsbiTIjF6Q--/YXBwaWQ9eW5ld3NfbGVnbztxPTg1/http://media.zenfs.com/en-US/homerun/quartz.com/baaf262a52f487797091d70d2585c40e

The weak labor market probably induced people to study and wait things out. Or it could have little to do with the recession. Globalization and technology creates an economy that demands more education in order to be successful. The latest generation may be responding by getting more degrees to stay competitive. The flip side is the rise in school attendance probably accounts for the explosion in student debt. But assuming the education students received was valuable, the low labor force participation rate may indicate a positive trend. It could mean a more educated, competitive, and productive labor force that possesses the skills necessary to navigate an uncertain job market.

Fewer 25-to-54-year-olds are in the labor force, too. About 83% participated pre-recession, now only 81%—a small decline but worrying nonetheless. Here’s what they’re up to:

http://l1.yimg.com/bt/api/res/1.2/hRucz8z8JZfA6jjuATD1RA--/YXBwaWQ9eW5ld3NfbGVnbztxPTg1/http://media.zenfs.com/en-US/homerun/quartz.com/f4d79908fd55edacefa9f2e570714e87

It’s a pretty even split, a few went on disability, some are taking care of kids, some went back to school. But there is no overwhelming evidence of scores of discouraged, prime-age workers waiting out a bad labor market or permanently giving up as some predicted.

Older American workers are more likely to be working these days. That’s probably because early retirement is no longer a viable option for many of them.

http://l1.yimg.com/bt/api/res/1.2/uWPSW9jK14EM4jVqfvXYog--/YXBwaWQ9eW5ld3NfbGVnbztxPTg1/http://media.zenfs.com/en-US/homerun/quartz.com/1eb11b70ed1882e708041b4bb461d2eb

But a large share of the fall in early retirees, down 6.5 percentage points since 2000, is cancelled out by an increase in older workers on disability, up 3 percentage points. It could be they had problems finding work, found an inhospitable market for their skills, couldn’t afford to retire yet and used disability as a way out instead. It is a terrible situation that robs the economy of productive workers and valuable citizens the dignity of work. Perhaps as the economy improves some will return to work, but if they are using disability as early retirement it’s unlikely that many of them will.

The labor market still has not fully recovered. But restoring the labor force participation rate will take tools that are not in the Fed’s arsenal. Some of the decline represents a positive trend: young people getting more eduction. The rest of the decline can only be fixed by getting older people back to work and imparting the skills they need to contribute, which takes more than low interest rates.

[Demeter]

4. Microfinance is mostly a scam

http://mathbabe.org/2015/10/13/microfinance-is-mostly-a-scam/

I might be well behind others on this subject, but I’m trying to catch up. I just finished a book entitled Confessions of a Microfinance Heretic: how microfinance lost its way and betrayed the poor, written by Hugh Sinclair. Published in 2012, it reviews the previous decade or so of microfinance institutions and how there are essentially very few that haven’t become loan sharks for poor people. The promise of microfinance was this: that poor people are budding entrepreneurs, who simply don’t have access to the capital required to make their dreams come true. Turns out that’s pretty rare in practice, and that 90% of the loans taken out are “consumption loans,” meaning they are used to buy something like a TV or a service, and then some part of the remaining 10% are loans taken out to repay other loans, and so the “investment loans” are down to small single digits. There’s a success story given in the book of a female Mongolian “head processor,” who takes unused body parts and salvages them, and who borrows money to buy an electric grinder to improve efficiency so she can grind multiple brains per day, and then when that improves her business she buys a freezer so she can buy heads in bulk more cheaply and store them, which improves her business yet again. It’s a nice story, but of course it means, even in this best case, that the people around her who had previously done what she now does have been pushed out of business. They need to find a new job. And by the way, the example above happened in Mongolia, which has strict and enforced usury laws, which keeps the loans down to something like 30% annual interest. In other places there are weak laws and little or no enforcement, and the interest rates, if you include fees and tricks, are upwards of 140% (in Nigeria) or even 200% (in Mexico). Let’s face it, that kind of extortionist interest rate doesn’t (help) anyone. So we come to a basic question: how can that possibly happen under the guise of helping the poor?

The answer is that there’s an inherent conflict of interest between making profitable loans and helping the poor, and greed nearly always wins. Moreover, the feel-good message of helping the poor just seems too good to give up. It’s really sad but also entirely convincing. The author, Hugh Sinclair, chronicles his efforts to whistle-blow on one particularly egregious microfinance firm in Nigeria, called LAPO, which still seems to exist. He was basically given the job of establishing a better IT system, which means he got to see all the data. I’ve often said, cynically, that companies don’t really want data consultants because those consultants get to see the most embarrassing stuff. Well, in this case the most cynical of readings is true, and Sinclair saw everything and was disgusted by the way LAPO treated its customers, doing stuff like making them put a 20% deposit but charging them on the whole loan, miscalculating their interest rates, using their deposits for further loans, and of course having them sign a form they didn’t understand. Their astronomical interest rates made it impossible for their customers to actually benefit at all. In fact some of the stuff he uncovered was actually illegal, but it didn’t stop the practices, and even when Sinclair went back to the so-called “microfinance funds” and told them about LAPO, it didn’t stop them from investing, even the one he worked for at the time. Microfinance funds collect money from investors and governments, and their job is due diligence, but they weren’t doing it, nor did they appreciate Sinclair’s attention to that fact, because their investors might get spooked and because the entire house of cards was at risk of falling.

Sinclair also makes a convincing case that regulations and tough regulators are absolutely necessary if we’re going to have widespread loans, and that due diligence is a difficult thing to do from afar but is absolutely required. Not surprisingly, the countries where the most micro-finance occurred are also ones that don’t have such strong regulatory infrastructure (although who does, really?). The one part of the system that got a lot of credit was, interestingly, the independent credit rating companies, who knew their stuff and refused to be cowed, even through they got paid by their clients, the microfinance funds. That’s nice to hear and is certainly unusual.

At the end of the book Sinclair adds a convincing “Microfinance 101” section that explains how most of the entrepreneurial efforts that the poor are likely to engage in are nothing more than microfinance arms races that do little to help the local economies but do one thing for sure, namely impose a tax on business that is taken out of the local community entirely and distributed back to the rich world in the form of the investors...Since the book came out, some economists have performed experiments to test microfinance, in the “best case scenario” conditions, i.e. no loan sharking, and they’ve basically found no benefit...My conclusion is that microfinance is a failure in almost all ways, and for almost all people.

[Demeter]

5. Treasury Considers Plan to Help Puerto Rico

EVEN THE THOUGHT IS UNBELIEVABLE

http://www.nytimes.com/2015/10/15/business/dealbook/treasury-considers-plan-to-help-puerto-rico.html?_r=0

Officials in the Treasury Department are discussing a radical and aggressive response to the fiscal chaos engulfing Puerto Rico that could involve a broad debt exchange assisted by the federal government.

The proposal calls for the federal government to help Puerto Rico collect and account for local tax revenues from the island’s businesses and residents, according to people briefed on the matter who spoke on the condition of anonymity because they were not authorized to publicly discuss the proposal. An inability to collect all the taxes owed is widely seen as contributing to Puerto Rico’s debt crisis.

The tax proceeds would be placed in a “lockbox” overseen by the Treasury and eventually paid out by the Treasury to the holders of the new bonds that Puerto Rico would issue in the proposed exchange. Since the Treasury would effectively become the paying agent for the new bonds, they would be more attractive than the bonds that creditors now hold.

That would make it easier for Puerto Rico to exchange the new debt with creditors who hold bonds that have been devastated in value since the island warned this summer that it could not pay its debts. The proposal has logistical, political and legal challenges, however, and may never get off the ground.

“Right now, Puerto Ricans don’t even like to pay taxes to their own government,” said one person with knowledge of the discussions. If the I.R.S. were to suddenly replace the local tax authorities and try to gather up the money for debt service, “people would say, ‘Go to hell. I’m not paying the U.S. government.’ ”

But the fact that such an unusual idea has been floated between the Treasury and top finance officials from Puerto Rico in recent months suggests a sharp shift in Washington’s approach to the island’s economic crisis...

THAT WOULD BE A FIRST--MORE

[Demeter]

6. ANOTHER UNICORN: Germany ready to give Greece financial aid to tackle refugee crisis

IF GREECE HAD AN ECONOMY....IT WOULD STILL NEED HELP WITH REFUGEES, BUT ITS PEOPLE WOULD BE ABLE TO SURVIVE. SUCH HYPOCRISY!!

http://www.theguardian.com/world/2015/oct/16/germany-greece-financial-aid-refugee-crisis

Germany is willing to give Greece financial backing to deal with the unprecedented refugee crisis on its own soil instead of exporting it north towards central Europe.

With thousands of refugees pouring into Greece every day and the economy still sputtering, officials in Berlin indicated that Germany would come up with support for Athens in return for a more robust effort to control its borders in the Aegean Sea.

Stressing that there was no connection between any support linked to refugees and the bailout deal agreed this year, as had been suggested in German media, the government admitted Greece’s economy was too delicate for it to be able to deal with the crisis on its own.

“We want to support Greece in this, so that it is able to meet its duties as a member of the EU to protect its borders in the most effective way,” the government spokesman Steffen Seibert told journalists in Berlin...MORE

F'ING SHYLOCKS

[Demeter]

7. ‘There is no money’: cash-strapped Cuba is forced to cut vital imports

http://www.theguardian.com/world/2015/oct/16/cuba-cash-shortage-imports-oil-commodities



Low commodity prices, drought and Venezuela’s economic crisis have led to a cash shortage for the country, which imports more than 60% of its food... restricting its ability to trade just as it could be taking advantage of an economic opening with the United States. State companies have cut imports and are seeking longer payment terms from suppliers, diplomats and foreign business people say. The cash crunch, combined with Cuba’s hesitancy to embrace a recent softening of the US economic embargo, demonstrate some of the complications US companies face in Cuba even though Washington is chipping away at the sanctions.

The Caribbean island’s cash flow has been cut by low prices for nickel, one of its leading exports, as well as for oil. Cuba receives oil on favorable terms from Venezuela and refines and resells some of it in a joint venture with its socialist ally. But prices for refined products are down in tandem with crude. “There is no money,” said the foreign director of a manufacturing firm in a joint venture with Cuba. Like others interviewed for this story, the director wished to remain anonymous to avoid annoying the government. Comments about the liquidity shortage are echoed by others doing business with Cuba even with tourism up 17% this year.

“Cuba is clearly feeling the squeeze,” said the commercial attache of one of the country’s top trading partners. “They are falling behind on some payments and asking suppliers for credit terms of 365 days or longer, compared with 90 days to 180 days.”

MORE

[Demeter]

8. Oil prices nudge up on short-covering; glut, econ concerns persist

http://www.reuters.com/article/2015/10/20/us-global-oil-idUSKCN0SE07B20151020?feedType=RSS&feedName=businessNews

Oil prices rebounded on Tuesday as traders covered short positions after prices fell at least 3 percent in the previous session, but gains were capped by worries about oversupply and the health of the global economy. Brent crude for December delivery had climbed 10 cents to $48.71 a barrel by 2.38 a.m. ET after settling down $1.85, or 3.7 percent, in the previous session. U.S. crude for November delivery rose 14 cents to $46.03 after closing down $1.37, or 3 percent. The November contract expires on Tuesday...But worries over Iran boosting crude production when international sanctions are lifted and weaker economic growth in China, the world's second-largest economy, weighed on markets, Le Brun said.

...Iran plans to increase crude production by 500,000 barrels per day within a week of the lifting of sanctions, a senior Iranian oil official was quoted as saying on Monday, selling the oil to traditional customers in Asia and Europe.

[Demeter]

9. Deutsche Bank transfers $6 billion to a client by mistake

http://www.reuters.com/article/2015/10/20/us-deutsche-bank-hedgefunds-idUSKCN0SE08U20151020?feedType=RSS&feedName=businessNews

Deutsche Bank AG erroneously paid $6 billion (3.9 billion pounds) to a U.S. hedge fund client after a junior trader processed the wrong figure, the Financial Times reported.

The bank recovered the amount from the client the next day and the incident was reported to the U.S. Federal Reserve, the European Central Bank and the UK Financial Conduct Authority, the newspaper reported.

The trade was processed by a junior member of the bank's London-based forex sales team in June while his boss was on a holiday, FT reported, citing two people familiar with the matter.

The error occurred when the trader processed a gross figure instead of a net value that resulted in the trade having "too many zeroes", the newspaper said. Such mistakes are common but of this size are rare, the FT reported two people familiar with the matter as saying....

[DemReadingDU]

10. Robots to manage your 401k

10/20/15 Would You Let A Robot Manage Your Retirement Savings?

Comfortable with technology and skeptical of Wall Street, a growing number of young investors have turned to low-fee automated financial advisers for help saving for retirement.

They're called roboadvisers — or robos — and they appeal to Jesus Adrian Perez, 29, a biometric analyst from Albuquerque, N.M., because he knows what's at stake when lots of charges are tacked on to investments.

"I hear about investment advisers — that their fees are always really high and you end up losing a lot of money in the long run," Perez says.

He signed up with a roboadviser called WiseBanyan, an online financial manager that builds the customer a portfolio of low-fee funds based on the person's age, goals and tolerance for risk. All these decisions are made by an algorithm, not a broker.

Roboadvisers are significantly less expensive than human ones. The startup WiseBanyan offers a fee-free service. Fees at the largest roboadvisers are a small fraction of those at Wall Street firms and traditional wealth managers.

Greg Smith is the president of a roboadviser called Blooom that seeks out the lowest fee options in a customer's 401(k) plan. Smith says 401(k)s are needlessly opaque and crammed with high-fee funds that perform poorly.

"People don't realize that the public are being used as pawns in this game where billions of dollars are being extracted out of their pockets, and 401(k)s are a great example," says Smith, a former Goldman Sachs banker. "The average American household can pay $150,000 in fees into their 401(k) over the lifetime of their retirement account."

more...
http://www.npr.org/2015/10/20/445337189/would-you-let-a-robot-manage-your-retirement-savings


more from NPR series: Your Money And Your Life
http://www.npr.org/series/448706447/your-money-and-your-life

and see Monday's SMW for additional retirement savings topics
http://www.democraticunderground.com/111672771

[MattSh]

11. Damn, wish I came up with this one...

"I won't vote for Hillary" is the canary in the coal mine

Rather than take the canary laying on its back in the bottom of the cage as a warning that the political atmosphere is getting toxic many Hillary supporters seem to think that berating the canary for insufficient loyalty and showing its privilege is the answer rather than acknowledging the noxious atmosphere that caused the canary to keel over in the first place.

OP by Fumesucker, here -----> http://www.democraticunderground.com/1251704260

[antigop]

12. I would like to know what all of the Hillary supporter do for a living.

As someone who has seen tech workers' jobs offshored or replaced by h-1b visaholders, I'd really like to know what Hillary supporters do for a living. What do their spouses, siblings, children, nieces, nephews, etc. do for a living?

Whatever they do for a living, they must benefit from the status quo, or haven't been burned yet.

[DemReadingDU]

15. me too, n/t

[antigop]

13. Exclusive Federal Reserve Videos and the Glass-Steagall Media Conspiracy

http://wallstreetonparade.com/2015/10/exclusive-federal-reserve-videos-and-the-glass-steagall-media-conspiracy/

A funny thing happened in 2012 after Andrew Ross Sorkin, a financial writer at the New York Times, wrote his spectacularly false narrative telling readers that the repeal of Glass-Steagall Act had nothing to do with the crash because problem firms like Lehman Brothers, Merrill Lynch and AIG didn’t own insured commercial banks — which would have been prohibited under the Glass Steagall Act, had it not been repealed in 1999. In fact, all three of the firms did, indeed, own banks insured by the FDIC at the time of the crash.

We figured that Sorkin had just made an error, or, well, three monster errors, so we wrote to his editor. We heard nothing. We wrote to the New York Times public editor who is supposed to uphold the integrity of the paper. Nothing. We wrote to the publisher. Nothing. To this very day, the errors remain in the Sorkin article. When the so-called paper of record allows three outrageously wrong errors to persist as fact, it doesn’t look like sloppy journalism, it looks like a conspiracy to deny the public an honest narrative.

Sorkin’s lie has since been regurgitated by two other writers at the New York Times: Paul Krugman and William Cohan. The lie has also spread to President Obama and Presidential candidate, Hillary Clinton, as a cover for why they won’t buck Wall Street and work to reinstate this critically needed legislation as Senators Elizabeth Warren, John McCain, Bernie Sanders and dozens of others in Congress are demanding. Marcy Kaptur’s legislation in the House of Representatives to restore the Glass-Steagall Act has 67 cosponsors.

The New York Times seems disingenuous at best and conspiratorial at worst: admitting in an editorial that it blew it big time in advocating for the repeal of Glass-Steagall while hiding in the wings as its writers are allowed to push a false narrative that the New York Times refuses to correct.

[DemReadingDU]

14. Good find, thanks!

When I had more time, I used to read Pam Martens regularly. She always posts great investigative financial information.