STOCK MARKET WATCH -- Wednesday, 13 November 2013

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Wednesday, 13 November 2013[font color=black][/font]

SMW for 12 November 2013

AT THE CLOSING BELL ON 12 November 2013
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Dow Jones 15,750.67 -32.43 (-0.21%)
S&P 500 1,767.69 -4.20 (-0.24%)
[font color=green]Nasdaq 3,919.92 +0.13 (0.00%)


[font color=black]10 Year 2.77% 0.00 (0.00%)
[font color=green]30 Year 3.86% -0.01 (-0.26%)[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
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[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.
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]

[Demeter]

1. Actions speak louder than words, my friend!

There you are, Tansy! Top of the evening to you!

Have you ever tried to eat a pomegranate while typing? It's a sticky wicket.

[Warpy]

30. Mangoes are worse

As for actions speaking louder than words, not always. My main criticism of Obama has been his refusal to use the bully pulpit to tell it like it is. He's letting Pox propaganda go unanswered.

Other than that, I think he's taking some wretchedly bad economic advice but otherwise he's done a decent job.

[Demeter]

2. Maybe ought to add this to the resource links

Michael Olenick: Comprehensive Review of ObamaCare Plans Reveals Not Only High Cost for Atrocious Coverage, but Also Apparent Violations of ACA Requirements


http://www.nakedcapitalism.com/2013/11/michael-olenick-comprehensive-review-of-obamacare-plans-reveals-not-only-high-cost-for-atrocious-coverage-but-also-apparent-violations-of-aca-requirements.html

Yves here. From what Lambert and I can tell, Michael Olenick is the first to publish any sort of comprehensive analysis of Obamacare plans. And when you read his piece, you will see why were are likely to continue to be subjected to barrages of cherry-picked anecdotes in lieu of analysis.

His three-person family in his Florida zip code has 132 plans available to them. As he describes, the one mechanism that Obamacare stipulated to simplify the shopping task a bit, that of showing what the each plan would pay out under two specific treatment situations, was not disclosed for the overwhelming majority of plans on the healthcare.gov site. That meant that Olenick had to find the the information elsewhere and input it into his comparison.

But the most stunning part is the degree to which the plans fall short of their stipulated “actuarial” payouts. At least for Olenick’s family, the plans fall well short of the mandated level of reimbursements (for instance, a bronze plan is touted as covering 60% of expected medical costs). It’s unlikely that Olenick’s family would produce results that are out of line with results for states with similar regulations (note that some states have additional requirements that will influence plan structure and pricing).

It is finally important to recognize that the overwhelming majority of reporters and commentators have not been gone the route Olenick has, of obtaining actual detailed plan data for a particular family or individual. Instead, for the most part, they have relied on a dataset provided by the Centers for Medicare and Medicaid Services for every health care plan in the Federal marketplace. It has the appearance of being comprehensive, as Charles Ornstein tells us in his post “Not a good price calculator“(hat tip Lambert):

MUCH, MUCH MORE

[Fuddnik]

3. Considering the whole thing was a fraud before the negotiations even started.

I think Obama thinks of himself as another FDR. Except FDR was competent and achieved actual results. Obama sees himself as another savior of Capitalism. But, he manages to shoot himself (and us) in the foot every time. Instead of a few proles betting a bone every now and then, the Big Dogs keep them all.

[jtuck004]

4. I think you mean he's a savior of Capitalists. The rest of us don't seem to matter. n/t

[xchrom]

5. EXPERTS WARN GERMANY AGAINST MINIMUM WAGE PROPOSAL

http://hosted.ap.org/dynamic/stories/E/EU_GERMANY_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-11-13-06-32-13

BERLIN (AP) -- The German government's independent council of economic advisers is warning against a proposal to introduce a national minimum wage, saying it could harm economic growth.

The expert panel is also criticizing as "backward-looking" proposals to cap rent increases and boost pensions that are part of coalition talks between Chancellor Angela Merkel's conservative bloc and the center-left Social Democrats.

The Social Democrats have made clear that introducing a minimum wage is essential for their participation in government.

The panel released its annual report to the government Wednesday, in which it predicted Germany's gross domestic product would increase by 0.4 percent this year and 1.6 percent in 2014.

[xchrom]

6. WORLD STOCKS LOWER AS CHINA MEETING DISAPPOINTS

http://hosted.ap.org/dynamic/stories/W/WORLD_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-11-13-04-32-14

SEOUL, South Korea (AP) -- Asian stock markets sank Wednesday after a highly anticipated meeting of Chinese leaders did not announce bold reforms to overhaul a growth model that is running out of steam. European markets were muted.

Communist Party leaders in Beijing pledged to promote market forces in the country's state-dominated economy after the four-day meeting wrapped up late Tuesday. But in a disappointment for reform advocates, they failed to announce dramatic changes such as curbing the dominance of state industry, extending property rights to farmers or relaxing the one child birth control policy.

The ruling party said market forces will play a "decisive role" in China's economy, an upgrade from "core role" assigned to the market in party policy over the past two decades, and flagged 2020 as a timeframe for changes.

"It's going to be a slow moving ship," said Chris Weston, chief market strategist at IG in Melbourne, Australia. The investment community is encouraged that a bigger role is promised for private business but "simply wants more meat to sink its teeth into," he said.

[Demeter]

7. Hoist on his own petard

[xchrom]

9. ...

[xchrom]

8. Central Banks Risk Asset Bubbles in Battle With Deflation Danger

http://www.bloomberg.com/news/2013-11-13/central-banks-risk-asset-bubbles-in-battle-with-deflation-danger.html

Central banks are finding it’s easier to push up stock and home prices than it is to prevent inflation from falling short of their targets.

While declining costs for everything from gasoline to coffee can be good news for consumers, disinflation makes it harder for borrowers to pay off debts and businesses to boost profits. The greater danger comes when disinflation turns into deflation, which leads households to delay purchases in anticipation of even lower prices and companies to postpone investment and hiring as demand for their products dries up.

“There is definitely a whiff of disinflation again taking hold globally,” Robert Sinche, global strategist at Pierpont Securities Holdings LLC in Stamford, Connecticut, said Nov. 5 on Bloomberg Radio’s “Bloomberg Surveillance.”

Federal Reserve Chairman Ben S. Bernanke and his central-bank counterparts are trying to avert the deflationary danger by pumping up their economies with lower interest rates and monetary stimulus. They have bet the run-up in stock and home prices they’ve engineered would boost consumer and corporate confidence and spur faster growth and higher inflation. Now they’re having to maintain or intensify their aid -- running the risk those efforts do more harm than good by boosting equity and property prices to unsustainable levels.

[xchrom]

10. Weil on Finance: Rakoff Slams Holder

http://www.bloomberg.com/news/2013-11-13/weil-on-finance-rakoff-slams-holder.html

Jed Rakoff on too big to jail
The U.S. district judge from Manhattan spoke yesterday at a New York Bar conference, criticizing the Justice Department and U.S. Attorney General Eric Holder for the lack of prosecutions of high-level executives in connection with the financial crisis. This part was a stinger: “Attorney General Holder himself told Congress that `it does become difficult for us to prosecute them when we are hit with indications that if we do prosecute -- if we do bring a criminal charge -- it will have a negative impact on the national economy, perhaps even the world economy.’ To a federal judge, who takes an oath to apply the law equally to rich and to poor, this excuse -- sometimes labeled the `too big to jail’ excuse –- is disturbing, frankly, in what it says about the department’s apparent disregard for equality under the law. In fairness, however, Mr. Holder was referring to the prosecution of financial institutions, rather than their CEOs. But if we are talking about prosecuting individuals, the excuse becomes entirely irrelevant.”
What to do about Fannie and Freddie

Henny Sender and Stephen Foley of the Financial Times report that “a group of hedge funds and private equity companies is preparing a proposal to take over large parts of Fannie Mae and Freddie Mac.” And the pitch will go something like this: The hedge funds and private-equity companies want Congress to change the laws so they can make lots of money! And that’s about the extent of the pitch. (You weren’t expecting it to be about serving the public interest, were you?)
Things that puzzle Narayana Kocherlakota

See this excerpt from a speech by the Minneapolis Fed president yesterday, and you’ll see where the nickname “QE-ternity” comes from: “The Federal Open Market Committee is currently buying $85 billion of long-term assets per month. Recently, there has been an ongoing public conversation about the possibility that the FOMC might reduce its current flow of long-term asset purchases over the next year. The FOMC’s asset purchases push down long-term interest rates, and encourage consumers to spend and businesses to invest. Hence, reducing the flow of purchases in the near term would be a drag on the already slow rate of progress of the economy toward the Committee’s goals. From the perspective of a goal-oriented approach, the timing of this conversation seems puzzling.” Kocherlakota doesn’t have a slot on the FOMC. But as you can see, when it comes to the Fed’s most ardent doves, there is no good time to end quantitative easing. Sometimes it’s hard to imagine that they’ll ever see one.

[xchrom]

11. Attack on Junk-Loan Excess Risks LBO Profits as U.S. Cracks Down

http://www.bloomberg.com/news/2013-11-13/attack-on-junk-loan-excess-risks-lbo-profits-as-u-s-cracks-down.html

Fees for bankers and payouts for leveraged-buyout funds are at risk of being crimped as federal regulators crack down on underwriting standards in the market for high-risk, high-yield loans.

The government, in an annual review of bank credit, looked at a $429 billion sample of leveraged loans and found 42 percent were “criticized,” or classified as having a deficiency that might lead to a loss. Starting in September, it sent letters demanding banks draw up plans to improve the quality of their loans and a warning that regulators will pay close attention to high-risk loan performance in stress tests.

“We’re looking to deter the origination of criticized or below-standard loans,” Martin Pfinsgraff, senior deputy comptroller for large bank supervision at the Office of the Comptroller of the Currency, said in an interview last week. Regulators are “trying to say to the industry, ‘Look, there are certain standards that if you dive below, we will criticize.’”

The attempt to curb froth in the leveraged-loan market will test whether regulators have the tools to stop asset-price bubbles from emerging more than five years after the financial crisis triggered the worst recession since the Great Depression. Federal Reserve efforts to spur growth with near-zero interest rates and asset purchases are causing investors to rush into higher-yielding debt, undeterred by declining credit quality.

[xchrom]

12. Tea Party Joins Liberals in Push Against Fast-Track Trade

http://www.bloomberg.com/news/2013-11-13/tea-party-joins-liberals-in-push-against-fast-track-trade.html

U.S. lawmakers on opposite ends of the political spectrum are objecting to putting trade deals on a fast track for congressional approval, threatening one of the business community’s top priorities.

A group of House Democrats, led by Representatives Rosa DeLauro of Connecticut and George Miller of California, today will announce their opposition to renewal of the president’s so-called fast-track trade negotiating authority that they say robs lawmakers of the power to alter deals. Yesterday, 22 House Republicans, including some aligned with the small-government Tea Party movement, sent President Barack Obama a letter saying they won’t give ground on being able to change trade pacts.

The bipartisan objections complicate the efforts of Obama who, with the backing of business groups such as the Business Roundtable and the U.S. Chamber of Commerce, is attempting to negotiate two of the largest trade deals in history with Europe and the Pacific region.

“We used to have a bipartisan coalition for free trade, but both parties now have robust elements that for different reasons challenge trade promotion authority, and it makes things complicated for those who want these trade deals,” said Stu Rothenberg, editor of the Washington-based nonpartisan Rothenberg Political Report.

[xchrom]

13. Ex-Bank Executive May Face Death in Vietnam Fraud Trial

http://www.bloomberg.com/news/2013-11-12/ex-bank-executive-may-face-death-in-vietnam-fraud-trial.html

A Vietnam court will consider the death penalty for two former executives if they’re convicted in a $25 million fraud scheme, signaling an aggressive stance as leaders seek to clean up the banking system.

The People’s Court of Ho Chi Minh City may hand down the death penalty for Vu Quoc Hao, the former general director of Agribank Financial Leasing Co. (FLKO) No. 2, who is charged with embezzling 531 billion dong ($25 million) of state property, the official Vietnam News reported yesterday. Dang Van Hai, the former chairman of a construction company, also faces the death penalty in the case, the newspaper said.

The trial comes as the government seeks to shore up Vietnamese banks saddled with Southeast Asia’s highest rate of bad debt and turn around an economy that grew last year at the slowest pace since 1999. The central bank governor vowed to crack down on violations by groups of shareholders working against banking reforms last year.

“It would be a signal: You could be executed for being caught doing large-scale corruption,” said Adam McCarty, the Hanoi-based chief economist at Mekong Economics. “It has implications for the whole bank restructuring the government is about to do. They want to really dig into these bad debt issues and find out who is responsible for the problems.”

[Hotler]

20. This should be sent to Jamie Dimon and friends with a note.....

See how lucky you are Jamie.

[xchrom]

21. +1

[xchrom]

14. Orange Diamond Sells for $36 Million at Christie’s

http://www.bloomberg.com/news/2013-11-12/orange-diamond-sells-for-36-million-at-christie-s.html


"The Orange," the largest fancy vivid orange diamond in the world. The VS1 clarity pear-shaped diamond of 14.82 carats was estimated at $17 million to $20 million in a Geneva auction. It sold for 32.6 million Swiss francs, or about $36 million, a record for an orange diamond.

The largest fancy-vivid orange diamond known to exist sold for 32.6 million Swiss francs ($36 million) at Christie’s International in Geneva.

The 14.82-carat pear-shaped stone’s price including fees was about $2.4 million per carat, according to the auction house at last night’s sale. This was a per-carat record for any colored diamond at a public sale. The gem also set a record for an orange diamond of its type, Christie’s said.

The Geneva fall auction season culminates today when Sotheby’s (BID) auctions a 59.60-carat internally flawless diamond called the “Pink Star.” It’s valued at more than $60 million, and David Bennett, who will wield the gavel, may break his 2010 record for the most expensive diamond sold in auction if it finds a buyer.

“There are buyers out there for these great rarities,” Bennett said in an interview Nov. 8. “There are moments to offer these things and there are moments when it just doesn’t feel right. This does feel like one of the right moments.”

[Demeter]

29. Worth every penny, I suppose

[xchrom]

15. please excuse me...

[Demeter]

26. I squashed a millipede in the kitchen this morning

I was a bit disturbed by the disembodied legs, still frantically wiggling...

[xchrom]

16. The Shanghai Composite Took A Beating After China's Big Meeting On Reforms

http://www.businessinsider.com/shanghai-composite-falls-after-3rd-plenum-2013-11

***SNIP

So what can we take away from the communique?

The Communist Party's central committee will establish a team that will be focused on deepening reforms.
China will also establish a State Security Committee (SSC) that will resemble the White House National Security Council (NSC), according to Lu. Chinese president Xi Jinping is expected to chair the NSC.
No major reforms around the state owned enterprises (SOEs). Though they did say they would allow more private-sector investment up to 10-15%.
There was no mention of reform to China's one-child policy, thought it could be announced in the 'decision' a longer and more detailed announcement to follow a week after the communique.
There was no mention of reforms to the Hukou (residency permit system).
There were also some comments about giving farmers more property rights, "which, if referring to land, would be a major breakthrough," said Societe Generale's Wei Yao.


Read more: http://www.businessinsider.com/shanghai-composite-falls-after-3rd-plenum-2013-11#ixzz2kXGiS7hW

[xchrom]

17. The British Stock Market Is Tumbling

http://www.businessinsider.com/ftse-100-falls-2013-11

Britain's FTSE 100 is tumbling.

It's down by around 1.5% right now, and it's underperforming the European markets.

Earlier today, Bank of England Governor Mark Carney said that the country's unemployment rate was falling faster than expected. This appears to be a signal that the central bank may tighten monetary policy sooner than expected.

The pound also spiked on the news.



Read more: http://www.businessinsider.com/ftse-100-falls-2013-11#ixzz2kXHIcWEs

[xchrom]

18. Mortgage Applications Continue To Fall

http://www.businessinsider.com/mortgage-applications-continue-to-fall-2013-11

Mortgage applications fell 1.8% in the week ending November 9. This compares with -2.8% the previous week, which was revised up from an earlier estimate of -7%.
The purchase index fell 1%, down from a 5% fall the previous week.

Meanwhile, the refinance index fell 2%, down from an 8% fall the previous week.

The 30-year fixed mortgage rate stood at 4.16%, in the week ending November 7. This is down from a recent two-year high of 4.58%.



Read more: http://www.businessinsider.com/mortgage-applications-continue-to-fall-2013-11#ixzz2kXHxoMBv

[xchrom]

19. Futures Are Tanking

http://www.businessinsider.com/us-futures-falling-2013-11

U.S. stock market futures have deteriorated sharply in the last few minutes on no obvious news.

Dow futures are down 58 points. S&P futures are down 6.4 points. Nasdaq futures are down 13 points.

Here's a look at Dow futures via FinViz.



Read more: http://www.businessinsider.com/us-futures-falling-2013-11#ixzz2kXImPQFL

[Demeter]

27. Well, they just went back up on no appparent news

back to opening level at 1 PM

[xchrom]

22. Deflation Threat In Europe May Push Investors Out Of Stocks

http://www.businessinsider.com/deflation-threat-in-europe-may-push-investors-out-of-stocks-2013-11

LONDON (Reuters) - The threat of deflation in the euro zone could reverse a major investment trend of 2013, drawing funds out of stocks and into government bonds and cash.

Europe is still some way from a negative inflation rate, let alone a Japanese-style deflationary spiral - the policymakers' nightmare in which falling prices weaken demand, leading to wage cuts and even lower prices.

But a warning light is already flashing, with euro zone inflation registering a shock drop last month that prompted an interest rate cut.

This year's "Great Rotation" flows away from bonds have propelled many stock markets to multi-year or record highs and fuelled a rally in property and other relatively high-yielding assets.



Read more: http://www.businessinsider.com/deflation-threat-in-europe-may-push-investors-out-of-stocks-2013-11#ixzz2kXK0FBP9

[DemReadingDU]

23. Shelia Bair: How a $2 debt almost turned into $90,000

11/13/13 How a $2 debt almost turned into $90,000

Shelia Bair: Last January, I was shopping at a store I'll call Predator X. As part of its post-Christmas clearance sale, Predator X was offering big discounts on store card purchases. After digging around in my wallet, I found the card stuck between a dry cleaner receipt and old grocery list. I slapped it down on the counter to buy a half-price St. Johns suit.

The next month the credit card bill arrived. I wrote the check promptly, but sloppily. What was meant to be a "9" was read by Predator X's computer to be a "7". The following month, I received a bill for $2. Not wanting to waste a good check and postage stamp on a $2 debt, I let it slide. Thirty days later, I received another bill. This one for $12 -- the original $2 debt plus a $10 late fee. This was annoying, and I ignored it for a few more months.

Ultimately I paid the 12 bucks, deciding it wasn't worth an hour on the phone with customer service to waive the $10 fee. But I wasn't done paying, as I discovered when my husband and I applied for a loan to build a house. We both pride ourselves on our stellar credit histories. Our idea of fun is to compete with each other over who has the best FICO score.

But when our lender called with a rate quote, he gave us a half percentage point above prime. Outraged, I demanded to know why. While my husband had maintained his 800'ish credit score, it turns out mine was approaching subprime territory. Apparently, a 4 month delinquency can do a good bit of damage, even if it is only a $2 debt.

Needless to say, as instructed by my bank, I was on the phone the next day with Predator X's customer service. Once I reached a human being who saw what had happened, she profusely apologized and promptly requested a correction on the credit report, though it has taken the credit reporting agency forever to update the report.

Good thing it's getting fixed. A 1/2 percentage point on our loan would increase our monthly payment by $250 a month, or about $90,000 over the life of the loan.

So I have learned my lesson. My store cards have been removed from my wallet and placed under lock and key. Never again will I succumb to the siren song of 15% discounts. My one, bank-issued credit card is really all I want to handle and that one, I pay online.

http://money.cnn.com/2013/11/13/pf/sheila-bair-store-cards.moneymag/index.html?iid=Lead

[Demeter]

28. Slow learner

I haven't used a store card since the interest rates went over 9% way back in the 80's.

[xchrom]

24. Spain fails Brussels’ economic imbalances probe in five areas

http://elpais.com/elpais/2013/11/13/inenglish/1384357008_144495.html

In its third annual report on economic imbalances in European Union member countries released Wednesday, the European Commission identified five areas in which Spain continued to fall short of the mark, among them high public and private sector debt levels and rampant unemployment.

The report was issued a day before the Eurogroup – made up of euro-zone finance and economy ministers – was due to give its seal of approval to Spain’s fulfillment of the conditions imposed as part of the European bailout of the Spanish banking sector.

However, the formal decision to sign off on the program is not expected to be taken until the start of next year after ministers have examined the final review of compliance with the conditions. “There will be a clean exit from the bailout,” a Eurogroup source said.

Although Spain failed Brussels’ economic imbalance exam on five of the 11 counts reviewed, the possibility of sanctions being imposed is not on the horizon, with the Commission appreciative of the efforts of the conservative Popular Party government of Prime Minister Mariano Rajoy in addressing the problems through structural reforms.

[xchrom]

25. Spain’s great wage freeze reaches collective bargaining accords

http://elpais.com/elpais/2013/11/12/inenglish/1384251157_833415.html

For two years now, Spanish workers have been losing purchasing power through salary devaluation. Even collective bargaining agreements reflect the process: a growing number of them accept that wages are not going to rise, and in some cases that they will even fall.

According to Labor Ministry figures, out of 4.2 million employees covered by agreements that were registered to October, 1.27 million of them have accepted a 0-percent wage variation. Another 13,142 people said yes to an agreement that reduces their salaries over the coming years, with an average contraction of 3.3 percent. Overall, workers who accept a wage freeze or reduction already represent over 30 percent of people protected by a collective bargaining agreement.

Collective bargaining gained some traction again in the last three months, but the pace is still a lot slower than in previous years.

“There are millions of people who are losing that protection,” said Ignacio Fernández Toxo, secretary general of the CCOO union.

[DemReadingDU]

31. on Twitter: AskJPM

JPMorgan was to have a Ask JPM via Twitter on Thursday. But after seeing the latest questions, it has been cancelled. LOL!

https://twitter.com/search?q=%23AskJPM&src=hash

more info at ZeroHedge
http://www.zerohedge.com/news/2013-11-13/how-jpmorgans-latest-pr-stunt-blew-its-face