The Fed's Monetary Report to Congress: "(The FOMC) made clear at its June meeting that it is prepared to take further action as appropriate." Bernanke warns Congress about the "fiscal cliff," saying the best thing lawmakers could do right now is to get religion about fiscal sustainability, but not just yet. (Watch live here) [View news story]
Funny. Can Bernanke try to tell us WHEN we should spend money on what we can actually afford? Not this year..not last year..not 5 years ago..or 10 years ago...
Geithner sent a private memo to BoE's Mervyn King in 2008 calling for six changes to improve Libor's credibility, according to documents seen by the WSJ. It's clear Fed officials knew of Libor irregularities early on, though it's unclear how far they went to address the problem. The NY Fed will release additional documents today. [View news story]
You mean the corrupt regulators enable(approve of?) the criminal behavior of the banksters?
Following an 18-month review begun after the Gulf Coast spill, BP suspends its Liberty offshore oil project in Alaska due to prohibitive costs and technical setbacks. The $1.5B project was to generate 40K barrels/day from a recoverable reserve of 100M barrels. [View news story]
Surely, our leadership wouldn't inhibit development with costly regulatory overhead, would it??
It's becoming increasingly clear Libor-manipulation was an open secret amongst central bank officials for years as the FRBNY says it was aware of issues concerning Barclays and the lending rate from late 2007. (The BoE's Paul Tucker yesterday) [View news story]
A manipulated economy? shocking. Feds are outraged that THEY should be the only ones allowed to "stimulate" the numbers.
May Consumer Credit:+$17.1B vs. +$8.5B expected and $10.0B prior (revised). The month saw the biggest jump in consumer credit since December. Non-revolving debt (student loans, car and personal loans) up $9.1B, while revolving debt (credit cards) increased $8.0B. [View news story]
May Consumer Credit:+$17.1B vs. +$8.5B expected and $10.0B prior (revised). The month saw the biggest jump in consumer credit since December. Non-revolving debt (student loans, car and personal loans) up $9.1B, while revolving debt (credit cards) increased $8.0B. [View news story]
The next opportunity for politicians to buy votes.
The "upshot for the health-care industry" of the Supreme Court's healthcare opinion is that it will receive "an influx of more than 30M newly covered people," writes the WSJ's Anna Mathews. The ruling will give momentum to shifts that were already occurring, such as structural changes at health-care providers and insurers, as well as consolidation. [View news story]
Though analysts are impressed with Microsoft Surface (MSFT +3.7%), few see it as a huge threat to the iPad (AAPL +0.6%). Jefferies' Peter Misek thinks Microsoft will need to "significantly undercut" the iPad on pricing (something that's unlikely given its specs) to be competitive, and argues the iPad's 225K+ apps set it apart. However, Forrester's David Johnson believes Windows RT's management features, user interface, and Office support will appeal to enterprise users. (more) [View news story]
Online poker will be legal. That's the word from Caesars CEO Gary Loveman who pitches the case (video) that it's the least contentious form of gambling due to its reliance on skill. The ace in the hole for the industry is the irresistible pull of the billions of dollars that could be added to the coffers of state governments and the U.S. Treasury - instead of letting offshore entities control the flow of poker funds. Waiting to get dealt a good hand: CZR, WYNN, MGM[View news story]
Freedom to spend (and lose) your money as you want...of course, that becomes more appealing when the bankers and Feds want a piece of it.
Facing a $16B budget deficit, California Governor Jerry Brown is proposing to overhaul the the state's CalWORKs welfare-to-work program in an effort to save $880M. It would represent a major shift in philosophy for California, which, with a third of the U.S.'s welfare recipients, is the national leader. (see S&P) [View news story]
The Fed is urged - by a group of bankers advising it - to reduce the "uncertainty and confusion" posed by its stress tests. Board members are "flying blind," guessing at distribution decisions, says the Federal Advisory Council. It's hard not to feel bad for the absurd situation bankers find themselves in, but they made their pact with the federales long ago. [View news story]
Facing a $16B budget deficit, California Governor Jerry Brown is proposing to overhaul the the state's CalWORKs welfare-to-work program in an effort to save $880M. It would represent a major shift in philosophy for California, which, with a third of the U.S.'s welfare recipients, is the national leader. (see S&P) [View news story]
Shocking..welfare is a drain of resources? What an epiphany.
Unemployment data out of France, Greece and Ireland continues to underscore the unfolding social consequences of the eurozone crisis. The French jobless rate rose to a 13-year high of 9.6% in Q1 from 9.3% in Q4 2011. Greece's March rate 21.9% vs. 21.4% in Feb., with 52.8% of 15-24 year-olds jobless. Irish Q1 unemployment 14.8% vs. 14.1% a year earlier. [View news story]
The Eurocrats should be proud...Wars have been waged over less...
The Fed's Monetary Report to Congress: "(The FOMC) made clear at its June meeting that it is prepared to take further action as appropriate." Bernanke warns Congress about the "fiscal cliff," saying the best thing lawmakers could do right now is to get religion about fiscal sustainability, but not just yet. (Watch live here) [View news story]
we get the leadership we demand, folks.
Geithner sent a private memo to BoE's Mervyn King in 2008 calling for six changes to improve Libor's credibility, according to documents seen by the WSJ. It's clear Fed officials knew of Libor irregularities early on, though it's unclear how far they went to address the problem. The NY Fed will release additional documents today. [View news story]
shocking news!
Following an 18-month review begun after the Gulf Coast spill, BP suspends its Liberty offshore oil project in Alaska due to prohibitive costs and technical setbacks. The $1.5B project was to generate 40K barrels/day from a recoverable reserve of 100M barrels. [View news story]
Farnborough : Alabama is providing Airbus (EADSF.PK) with 158M in financial and logistical support to build its new $600M factory in the state, Governor Robert Bentley says, adding that he expects four jobs will be created indirectly for each of the 1,000 at the plant. Meanwhile Airbus has won a potential $4.2B order from Cathay Pacific for its A350-1000 "mini-jumbo" jets. [View news story]
It's becoming increasingly clear Libor-manipulation was an open secret amongst central bank officials for years as the FRBNY says it was aware of issues concerning Barclays and the lending rate from late 2007. (The BoE's Paul Tucker yesterday) [View news story]
May Consumer Credit: +$17.1B vs. +$8.5B expected and $10.0B prior (revised). The month saw the biggest jump in consumer credit since December. Non-revolving debt (student loans, car and personal loans) up $9.1B, while revolving debt (credit cards) increased $8.0B. [View news story]
May Consumer Credit: +$17.1B vs. +$8.5B expected and $10.0B prior (revised). The month saw the biggest jump in consumer credit since December. Non-revolving debt (student loans, car and personal loans) up $9.1B, while revolving debt (credit cards) increased $8.0B. [View news story]
The "upshot for the health-care industry" of the Supreme Court's healthcare opinion is that it will receive "an influx of more than 30M newly covered people," writes the WSJ's Anna Mathews. The ruling will give momentum to shifts that were already occurring, such as structural changes at health-care providers and insurers, as well as consolidation. [View news story]
Though analysts are impressed with Microsoft Surface (MSFT +3.7%), few see it as a huge threat to the iPad (AAPL +0.6%). Jefferies' Peter Misek thinks Microsoft will need to "significantly undercut" the iPad on pricing (something that's unlikely given its specs) to be competitive, and argues the iPad's 225K+ apps set it apart. However, Forrester's David Johnson believes Windows RT's management features, user interface, and Office support will appeal to enterprise users. (more) [View news story]
May Consumer Price Index: -0.3% vs. -0.2% expected, +0.0% prior. Core CPI +0.2% vs. +0.2% expected, +0.2% prior. [View news story]
Online poker will be legal. That's the word from Caesars CEO Gary Loveman who pitches the case (video) that it's the least contentious form of gambling due to its reliance on skill. The ace in the hole for the industry is the irresistible pull of the billions of dollars that could be added to the coffers of state governments and the U.S. Treasury - instead of letting offshore entities control the flow of poker funds. Waiting to get dealt a good hand: CZR, WYNN, MGM [View news story]
Facing a $16B budget deficit, California Governor Jerry Brown is proposing to overhaul the the state's CalWORKs welfare-to-work program in an effort to save $880M. It would represent a major shift in philosophy for California, which, with a third of the U.S.'s welfare recipients, is the national leader. (see S&P) [View news story]
The Fed is urged - by a group of bankers advising it - to reduce the "uncertainty and confusion" posed by its stress tests. Board members are "flying blind," guessing at distribution decisions, says the Federal Advisory Council. It's hard not to feel bad for the absurd situation bankers find themselves in, but they made their pact with the federales long ago. [View news story]
Facing a $16B budget deficit, California Governor Jerry Brown is proposing to overhaul the the state's CalWORKs welfare-to-work program in an effort to save $880M. It would represent a major shift in philosophy for California, which, with a third of the U.S.'s welfare recipients, is the national leader. (see S&P) [View news story]
Unemployment data out of France, Greece and Ireland continues to underscore the unfolding social consequences of the eurozone crisis. The French jobless rate rose to a 13-year high of 9.6% in Q1 from 9.3% in Q4 2011. Greece's March rate 21.9% vs. 21.4% in Feb., with 52.8% of 15-24 year-olds jobless. Irish Q1 unemployment 14.8% vs. 14.1% a year earlier. [View news story]