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STOCK MARKET WATCH -- Wednesday, 1 May 2013
[font size=3]STOCK MARKET WATCH, Wednesday, 1 May 2013[font color=black][/font]
SMW for 30 April 2013
AT THE CLOSING BELL ON 30 April 2013
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Dow Jones 14,839.80 +21.05 (0.14%)
S&P 500 1,597.57 +3.96 (0.25%)
Nasdaq 3,328.79 +21.77 (0.66%)
[font color=red]10 Year 1.67% +0.02 (1.21%)
30 Year 2.88% +0.01 (0.35%) [font color=black]
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[font size=2]Market Conditions During Trading Hours[/font]
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[font size=2]Euro, Yen, Loonie, Silver and Gold[center]
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[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
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Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
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[font color=black][font size=2]Handy Links - Economic Blogs:[/font][/font]
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The Big Picture
Financial Sense
Calculated Risk
Naked Capitalism
Credit Writedowns
Brad DeLong
Bonddad
Atrios
goldmansachs666
The Stand-Up Economist
The Automatic Earth
Wall Street on Parade
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[font color=black][font size=2]Handy Links - Essential Reading:[/font][/font]
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Matt Taibi: Secret and Lies of the Bailout
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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
Open Government
Earmark Database
USA spending.gov
[/center][font color=black][font size=2]Handy Links - Videos:[/font][/font]
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Charlie Rose talks with Roubini
Charlie Rose talks with Krugman
William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
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[font color=red]Partial List of Financial Sector Officials Convicted since 1/20/09 [/font][font color=red]
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
6/4/12 Matthew Kluger, lawyer, sentenced to 12 years in prison, along with co-conspirator stock trader Garrett Bauer (9 years) and co-conspirator Kenneth Robinson (not yet sentenced) for 17 year insider trading scheme.
6/14/12 Allen Stanford sentenced to 110 years without parole.
6/15/12 Rajat Gupta, former Goldman Sachs director, found guilty of insider trading. Could face a decade in prison when sentenced later this year.
6/22/12 Timothy S. Durham, 49, former CEO of Fair Financial Company, convicted of one count conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud.
6/22/12 James F. Cochran, 56, former chairman of the board of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud.
6/22/12 Rick D. Snow, 48, former CFO of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
7/13/12 Russell Wassendorf Sr., CEO of collapsed brokerage firm Peregrine Financial Group Inc. arrested and charged with lying to regulators after admitting to authorities he embezzled "millions of dollars" and forged bank statements for "nearly twenty years."
8/22/12 Doug Whitman, Whitman Capital LLC hedge fund founder, convicted of insider trading following a trial in which he spent more than two days on the stand telling jurors he was innocent
10/26/12 UPDATE: Former Goldman Sachs director Rajat Gupta sentenced to two years in federal prison. He will, of course, appeal. . .
11/20/12 Hedge fund manager Matthew Martoma charged with insider trading at SAC Capital Advisors, and prosecutors are looking at Martoma's boss, Steven Cohen, for possible involvement.
02/14/13 Gilbert Lopez, former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt sentenced to 20 yrs in prison for their roles in Allen Sanford's $7.2 billion Ponzi scheme.
03/29/13 Michael Sternberg, portfolio mgr at SAC Capital, arrested in NYC, charged with conspiracy and securities fraud. Pled not guilty and freed on $3m bail.
04/04/13 Matthew Marshall Taylor,fmr Goldman Sachs trader arrested, charged by CFTC w/defrauding his employer on $8BN futures bet "by intentionally concealing the true huge size, as well as the risk and potential profits or losses associated."
04/04/13 Matthew Taylor admits guilt, makes plea bargain. Sentencing set for 26 June; faces up to 20 years in prison but will likely only see 3-4 years. Says, "I am truly sorry."
04/11/13 Ex-KPMG LLP partner Scott London charged by federal prosecutors w/passing inside tips to a friend in exchange for cash, jewelry, and concert tickets; expected to plead guilty in May.
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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]
52 replies
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= new reply since forum marked as read
Then do something about your varmint problem, Texas!
I know, AnneD. Individually, we have very little power on anything but the first level...that's what makes the koolaid-drinking DU so distasteful. I've not met in person so many people I'd rather not know as I have on this website...
No hurricanes, but we have felt the wind from hurricane Ike a few years ago. One of the local wineries named their special wine that year 'Windy Ike'.
In 1974, the area had one of the largest tornadoes in Xenia, Ohio. Last year my daughter had a tornado flatten her barn in Clermont County, east of Cincinnati.
Periodically we shake and rattle with earthquakes.
We have several rivers and creeks near us that are prone to flooding. When we bought this house in 1987, the area was not in flood plain. But when we refinanced in 1991, we had to get flood insurance due to rezoning. Only a wee portion of our back property was in the flood plain, and we got the preferred rating of 'X' for low rate flood insurance.
Just yesterday, we received a letter from FEMA that our area has been rezoned again, and we will need to pay higher rate for flood insurance. I did some research and this area has vastly increased the flood plain, and most of this neighborhood in in zone 'AE', and mandatory flood insurance. I am not looking forward to the next bill.
http://www.businessinsider.com/there-is-no-debt-crisis-in-europe-2013-5
As much I criticize the Fed for its shortcomings, it pales in comparison to the failures of the ECB. Under its watch, aggregate nominal income and broad money growth has faltered in the Eurozone. This, in turn, has created an economic crisis. Note that causality runs from a weakened economy allowed by the ECB to a debt and financial crisis in the Eurozone, not the other way around. This is a point Ramesh Ponnuru and I have stressed before:
[Observers] tend to think of Europe’s current crisis as the result of overspending welfare states. And these states would indeed be better off with lower spending levels and less regulated labor markets. But many of the nations swept up in the euro-zone crisis, such as Spain and France, had spending and tax revenues well aligned before it hit. The true problem has again been monetary. Europe has for a decade had a monetary policy well suited to the circumstances of Germany but not to those of the rest of the euro zone and especially its periphery. Nominal income in Germany has stayed on a fairly steady trend line. In the periphery, however, it first went way up and then crashed. For the euro zone as a whole, nominal spending has fallen far below its previous trend—and has been continuing to fall farther away from it. Monetary policy therefore remains very tight in the euro zone overall. One effect of that drop-off, in Europe and in the U.S., has been to make debt burdens more onerous.
The graph below underscores this point. It shows that below-trend growth in Eurozone NGDP--the NGDP gap--has been matched by a rise in Eurozone government debt. The Eurozone crisis, then, is a nominal GDP crisis, not a debt crisis:
Read more: http://macromarketmusings.blogspot.com/2013/04/there-is-no-public-debt-crisis-in-europe.html#ixzz2S2RET9v2
As much I criticize the Fed for its shortcomings, it pales in comparison to the failures of the ECB. Under its watch, aggregate nominal income and broad money growth has faltered in the Eurozone. This, in turn, has created an economic crisis. Note that causality runs from a weakened economy allowed by the ECB to a debt and financial crisis in the Eurozone, not the other way around. This is a point Ramesh Ponnuru and I have stressed before:
[Observers] tend to think of Europe’s current crisis as the result of overspending welfare states. And these states would indeed be better off with lower spending levels and less regulated labor markets. But many of the nations swept up in the euro-zone crisis, such as Spain and France, had spending and tax revenues well aligned before it hit. The true problem has again been monetary. Europe has for a decade had a monetary policy well suited to the circumstances of Germany but not to those of the rest of the euro zone and especially its periphery. Nominal income in Germany has stayed on a fairly steady trend line. In the periphery, however, it first went way up and then crashed. For the euro zone as a whole, nominal spending has fallen far below its previous trend—and has been continuing to fall farther away from it. Monetary policy therefore remains very tight in the euro zone overall. One effect of that drop-off, in Europe and in the U.S., has been to make debt burdens more onerous.
The graph below underscores this point. It shows that below-trend growth in Eurozone NGDP--the NGDP gap--has been matched by a rise in Eurozone government debt. The Eurozone crisis, then, is a nominal GDP crisis, not a debt crisis:
Read more: http://macromarketmusings.blogspot.com/2013/04/there-is-no-public-debt-crisis-in-europe.html#ixzz2S2RET9v2
You know, that could be construed as Obama-bashing, too....
Forked tongues, indeed!
http://www.businessinsider.com/japan-is-inching-back-up-2013-4
Earlier in the session Japan was significantly lower, but it's since inched back up a bit.
One thing you might have missed is that USDJPY (dollar against the yen) is back below 98, as it's still failed to reach 100, and is now notably below it.
Earlier in the session Japan was significantly lower, but it's since inched back up a bit.
One thing you might have missed is that USDJPY (dollar against the yen) is back below 98, as it's still failed to reach 100, and is now notably below it.
Last edited Wed May 1, 2013, 10:47 AM - Edit history (1)
http://www.alternet.org/economy/pilots-and-professors-barely-scraping-9-surprising-jobs-pay-pittance?akid=10378.227380.KMrMx6&rd=1&src=newsletter832576&t=3&paging=offIt's not only fry chefs who are struggling to make ends meet...The top 25 hedge fund managers continue to take in close to a billion dollars per year each, on average. As Les Leopold noted, it would take a middle-class family 47 years to bring in what they make in just one hour. What value do they add to our society? Well, when they're not wrecking the global economy, they're pricing people out of the housing market and ripping off small investors.
As for the rest of us, the reality is that a disproportionate share of the jobs being created in America since the crash are low-income McJobs. According to a study by the National Law Employment Project, low-income jobs represented 21 percent of the total lost in the crash, but 58 percent of those added during the recovery (PDF). In contrast, 60 percent of the jobs lost in the downturn paid a middle-class wage, but they've only made up 22 percent of those added during the recovery. One of the problems one finds talking about the proliferation of crappy, low-wage jobs is that many people have a mental image of teenagers flipping burgers at a fast-food joint. But those minimum-wage service jobs aren't the only ones that pay a pittance. You might be surprised at some of the professions where people make around $25,000 per year. Many require relatively scarce skills; others provide real value for our society.
1. Regional Airline Pilots
Senior pilots working for major international carriers earn a pretty good living. But flying for regional carriers – which employ about 13 percent of all pilots – means not only having to worry about weather and navigation, but also how you'll pay your bills at the end of the month. According to the Houston Chronicle, starting salaries for pilots at regional airlines start at as low as $16,500. The average starting salary is about $20,000, and with years of experience, these pilots can pull their way up to a maximum wage of around $60,000. Not only are passengers' lives in their hands, but piloting a commercial jet requires hours of training, extensive licensing, and in most cases, a four-year college degree.
2. Adjunct Professors
This profession is similarly tiered; tenured professors at private universities make a handsome salary of around $135,000 per year, on average. But an increasing number of courses are being taught by part-time adjunct professors – they now teach 75 percent of all classes, according to Inside Higher Education – and many of them are barely scraping by. According to the Chronicle of Higher Education, adjunct report being paid an average of $2,987 per 3-credit course. But at some community colleges, that figure is as low as $1,100; the average pay at rural two-year colleges is $1,808, or around $22,000 per year. As part-timers, they rarely receive benefits like health insurance.
THEY ARE CALLED GYPSIES... AS THEY FREQUENTLY COMMUTE BETWEEN THREE OR MORE INSTITUTIONS TO MAKE A LIVING WAGE...
3. Home Health/Psychiatric Aides
It's long been the case that occupations that have traditionally been seen as “women's work” tend not to pay well, and home health and psychiatric aides are no exception. But consider how difficult this job is – if you've ever cared for someone who is too elderly or handicapped to care for themselves, you know it's no picnic. This is also a profession that requires some trust – you don't want to leave grandpa with just anyone. And yet, this fast-growing field pays an average of just $10.49 per hour, or $21,830 per year, according to BLS.
4. Ambulance Drivers and Attendants
They're first responders, with lives in their hands, and they make just $11.97 per hour, on average, according to BLS. One would think you wouldn't want the ambulance rushing you to the hospital to be driven by someone who has to work a second job to make ends meet, but that's often the case.
5. Veterinary Animal Caretakers
Sure, Fido is part of your family. His vet is pretty well paid, but the person who takes care of him when he disappears into the back of the vet's office? She's getting an average of $24,740 per year.
6. Childcare Workers
According to the shopworn cliché, our children are the future. And when we drop them off for childcare, we expect them to be well cared for, safe and un-molested. It's a lot to ask for an average of $10.25 an hour or $21,310 per year.
7. Cosmetologists for Dead People
This one pays a middle-class wage, although less than the median at $16.31 per hour, according to the Houston Chronicle. But it takes special skills, and one would think you'd need to pay folks a decent wage to deal with corpses all day. (The McJobs of the industry are funeral attendants, who make $24,250 per year, on average.)
8. Gambling Dealers
It seems like an exciting, high-paying job. And dealers at good casinos make good money in tips (or “tokes,” in gaming parlance) if they're at the right casino. But the best jobs are scarce, and those who don't see a lot in tips aren't getting rich. According to the Bureau of Labor Statistics, dealers make an average of $22,410 per year in salary.
9. Models
Top fashion models like Naomi Campbell rake in millions. But most models aren't international superstars. According to BLS, the average wage for a model is just $12.55 per hour, or $26,110 per year.
THAT MAKES WEIGHT CONTROL JUST THAT MUCH EASIER...
Joshua Holland is a freelance writer and editor-at-large at AlterNet. He's the author of The 15 Biggest Lies About the Economy. Drop him an email or follow him on Twitter.
