- Desperate Philippine typhoon survivors loot, dig up water pipes (Reuters)
- Fading Japanese market momentum frustrates investors (FT)
- China's meager aid to the Philippines could dent its image (Reuters)
- Headline du jour: Granted 'decisive' role, Chinese markets decide to slide (Reuters)
- Central Banks Risk Asset Bubbles in Battle With Deflation Danger (BBG)
- Navy Ship Plan Faces Pentagon Budget Cutters (WSJ)
- Investors pitch to take over much of Fannie and Freddie (FT)
- To expand Khamenei’s grip on the economy, Iran stretched its laws (Reuters)
- Short sellers bet that gunmaker shares are no long shot (FT)
- Deflation threat in Europe may prompt investment rethink (Reuters)
Have you ever cried yourself to sleep because you had no idea how you were going to pay the bills even though you were working as hard as you possibly could? You are about to hear from a single mother that has been there. Her name is Yolanda Vestal and she is another victim of Obama's "economic recovery". Yes, things have never been better for the top 0.01 percent of ultra-wealthy Americans that have got millions of dollars invested in the stock market. But for most of the rest of the country, things are very hard right now.
With Kill-Bill body-double Chilton fading poetically into the dark, and Gensler gone, President Obama is set to nominate Timothy Massad to the Chairmanship of the CFTC. We can't wait to hear how the man who was responsible for bailing out the banks at any cost, will now make sure these same banks don't do anything bad again. And he will also, somehow, "supervise" America's $234 trillion in derivatives and make sure nothing bad ever happens there too?
84% Of US Adults Don't Use Twitter, Only 4% Of Americans Over 30 Get Their News From Twitter, Pew Study FindsSubmitted by Tyler Durden on 11/12/2013 09:39 -0500
When it comes to Twitter, there seems to be a discrepancy in the publicly available user data. Recall that according to the company's S-1 filing, Twitter's US monthly user base has risen from 10 million in 2010 to just shy of 50 million. And yet, according to a just released Pew Research poll, a whopping 84% of the US adults were not Twitter users, and perhaps more importantly, of the 16% of adult users, half admitted to using Twitter for news. Narrowing this down even further, close to half, or 45%, of Twitter news consumers were under 30, which implies that roughly 4% of American adults use Twitter as something more than just a place to vent occasionally, and actually have a productive use for the service. So in attempting to reconcile the two vastly differing sets of numbers: one from the company and one from Pew, one wonders: is Twitter merely the latest platform for "socializing" teens who unfortunately for Twitter's advertisers (who between Google, Facebook, Pinterest, Yahoo and so on, seem to have infinite advertising budgets) don't have access to a credit card? And what happens when, just like FaceBook, Twitter's coolness factor disappears and only the hardcore, and quite paltry, news users remain?
- Philippines Left Reeling in Wake of Storm (WSJ)
- Khamenei controls massive financial empire built on property seizures (RTRS)
- Race to Bottom Resumes as Central Bankers Ease Anew (BBG)
- U.S. Postal Service to deliver Amazon packages on Sundays (LA Times)
- Obama Stocks Among Best After Re-Election as Rally Tested (BBG)
- Health-Law Rollout Weighs on Obama's Ratings, Agenda (WSJ)
- Twitter in Celebrity Spat With Facebook as Rivalry Builds (BBG)
- Iran deputy industry minister shot dead (AFP)
- Financier of Taliban-linked group shot dead in Pakistan (RTRS)
- Obama: The Lonely Guy (Vanity Fair)
When it comes to US equities today, the picture below summarizes it all... the only question is whether the NYSE breaks to celebrate the year's overhyped social media IPO.Aside from the non-event that is the going public of a company that will likely not generate profits for years, if ever, the overnight market has been quiet with all major stock indices in Asia trading modestly lower on the back of a modestly stronger dollar, although the main currency to watch will be the Euro (German Industrial production of -0.9% today was a miss of 0.0% expectations and down from 1.6% previously), when the ECB releases its monthly statement at 7:45 am Eastern when it is largely expected to do nothing but may hint at more easing in the future. On the US docket we have the weekly initial claims (expected at 335k) which now that they are again in a rising phase, have been the latest data item to be ignored in the Bizarro market, as well as the latest Q3 GDP estimate, pegged by consensus at 2.0%.
Bit by bit, we’re learning more about President Obama’s broken promise that you can keep your health insurance if you like it, which was repeated at least two dozen times in recent years... Obama’s pledge was no different to, say, JPMorgan’s misrepresentations about the toxic mortgages it sold to unwitting investors. Fraudulent mortgage claims were surely discussed within JPM, just as Obama’s team debated the health insurance promise. Moreover, any internal concerns about the mortgage fraud were certainly squashed, just like the reservations expressed by Obama’s more truthful advisers. Simply put: Obama told a blatant lie, which he then continued to repeat. It’s not the first time he’s lied, but this was an absolute whopper.
On the day when the CFTC begins considering 'speculative position limits', believed to be "the signal rule of [his] tenure at the Commission," Bart Chilton has had enough. Having "left traders in their own" during the shutdown, Chilton expressed "excitement" at his new endeavours after sending his resignation letter to President Obama this morning (more poetry? - or body doubles?) "I'm reminded of the old Etta James song, 'At Last,'" said Mr. Chilton, one of the agency's three Democratic members. "At last, we've got this rule here," and at last, he would be leaving the CFTC. This leaves us wondering whether Chilton, no longer burdened by the shackles of his meagre compensation, perhaps can finally do what he has been promising to do for years - become a whistleblower - after all he has insinuated so many times he knows where all the "dirt" is; unless, of course, it was all for show.
October was Iraq’s deadliest month since April, 2008. In those five and a half years, not only has there been no improvement in Iraq’s security situation, but things have gotten much worse. As post-“liberation” Iraq spirals steadily downward, Prime Minister Nuri al-Maliki was in Washington last week to plead for more assistance from the United States to help restore order to a society demolished by the 2003 US invasion. Obama pledged to work together with Iraq to address al-Qaeda’s growing presence, but what was not said was that before the US attack there was no al-Qaeda in Iraq.
“If you like your health care plan, you can keep your health care plan.”
These words, spoken by U.S. President Barack Obama in various forms and iterations, have become a running joke amidst the rollout of the Affordable Care Act. All across the country, hundreds of thousands of citizens are receiving cancellation notices in the mail. The stringent requirements for insurance plans under the new edict are curtailing many individual policies. A simpleton can grasp the economics: you prohibit something, it goes away. And yet, for years prior, the White House ignored the oncoming train and is now slowly inching away from the wreckage.
This was not the unforeseen consequence of good-intentioned legislation.
The ironically-named Quality Software Services Inc (QSSI) allegedly responsible for the SNAFU that is the Obamacare website's data hub has, incredibly, been named the new general contractor in charge off repairing the glitch-plagued HealthCare.gov. As The NY Post reports, as if the $150 million so far paid to this UnitedHealth subsidiary for its farcically bad implementation was not enough, the executive vice president of the firm (Anthony Welters) and his wife were among Obama's largest personal campaign contributors during the 2008 election cycle (and the firm has spent millions "lobbying" for Obamacare). The cronyism runs deep as the Post also points out that visitor logs show at least a dozen visits between the two by the end of 2012, the most recent information available.
Two months ago we reported that Obama had officially declared war on the weather, after it was reported that he was ready to use "administrative authority" to fight climate change. While at the time it was not quite clear just what authority he had to unleash centrally-planned weather, today we finally got a glimpse of how Obama's biggest war yet would look like. As Washington Times reports, "President Obama issued an executive order Friday directing a government-wide effort to boost preparation in states and local communities for the impact of global warming. The action orders federal agencies to work with states to build “resilience” against major storms and other weather extremes. For example, the president’s order directs that infrastructure projects like bridges and flood control take into consideration climate conditions of the future, which might require building structures larger or stronger — and likely at a higher price tag." In other words, following the epic Syrian fiasco, whose primary intention was to boost the US budget deficit as a result of a localized war, and allow Bernanke more debt issues to monetize, Obama now has decided to unleash a very expensive, and very much debt-funded war against the greatest enemy of all: the weather.
NSA Spied on World Bank, IMF, UN, Pope, World Leaders, and American Politicians and Military OfficersSubmitted by George Washington on 11/01/2013 11:45 -0500
Proof that NSA Spying Is Not Very Focused On Terrorism
If you believe that there is high inflation in the United States, you are just imagining things. That is the message that the U.S. government and the Federal Reserve would have us to believe. Of course anyone that shops for groceries or that pays bills regularly knows what a load of nonsense the official inflation rate is. The U.S. government has changed the way that inflation is calculated numerous times since 1978, and each time it has been changed the goal has been to make inflation appear to be even lower. But if the mainstream news actually reported 'the real' number, everyone would be screaming and yelling about getting inflation under control. Instead, the super low number that gets put out to the public makes it look like the Federal Reserve has plenty of room to do even more reckless money printing. It is a giant scam, but most Americans are falling for it.
Gold had a good run for twelve years but has fallen by as much as 20% this year alone. Is that set to continue?