STOCK MARKET WATCH -- 24 April 2014

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Thursday, 24 April 2014[font color=black][/font]

SMW for 23 April 2014

AT THE CLOSING BELL ON 23 April 2014
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Dow Jones 16,501.65 -12.72 (-0.08%)
S&P 500 1,875.39 -4.16 (-0.22%)
Nasdaq 4,126.97 -34.00 (0.00%)


[font color=black]10 Year 2.70% 0.00 (0.00%)
30 Year 3.48% 0.00 (0.00%) [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.
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.








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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. Cute Cartoon!

[xchrom]

2. Weapon of Last Resort: ECB Considers Possible Deflation Measures

http://www.spiegel.de/international/europe/ecb-prepares-measures-to-combat-possible-deflation-a-965636.html


One of European Central Bank President Mario Draghi's most important duties is watching his mouth. One ill-considered utterance is enough to sow panic on the financial markets.

But during a press conference earlier this month, Draghi allowed himself a telling slip.
Speaking to gathered journalists at the Spring Meetings of the International Monetary Fund and the World Bank, Draghi twice almost uttered a word he has been at pains to avoid. "Defla…", Draghi began, before stopping himself and continuing with the term "low inflation."

Yet despite Draghi's efforts, the specter of deflation was omnipresent in Washington during the meetings. And it is one that is making central bank heads and government officials nervous across the globe. The IMF in particular is alarmed, with Fund economists warning that there is currently up to a 20 percent risk of a euro zone-wide deflation. IMF head Christine Lagarde has called on European central bankers to "further loosen monetary policy" to address the danger.

The reason for concern is clear: Ever since the Great Depression at the beginning of the 1930s, deflation has been seen as one of the most dangerous illnesses that can befall an economy. Several countries at the time fell victim to a downward spiral consisting of falling prices, rapidly rising unemployment and shrinking economic output -- a morass that took years to escape. Because prices were falling, people stopped spending in the hope that everything would become even cheaper. Companies were unable to sell their products and many went broke, which led to millions of people losing their jobs and a further squeeze on consumption.

[xchrom]

3. FCC TO PROPOSE PAY-FOR-PRIORITY INTERNET STANDARDS

http://hosted.ap.org/dynamic/stories/U/US_INTERNET_NEUTRALITY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-04-24-07-16-22

LOS ANGELES (AP) -- The Federal Communications Commission is set to propose new open Internet rules that would allow content companies to pay for faster delivery over the so-called "last mile" connection to people's homes, but enhance scrutiny of such deals so they don't harm competition or limit free speech.

That's according to a senior FCC official familiar with the matter who wasn't authorized to speak publicly and spoke on condition of anonymity. FCC Chairman Tom Wheeler is to present the proposed rules to the other commissioners on Thursday.

So-called "net neutrality" rules are hotly debated because without them, consumers' ability to freely access certain types of content could be constrained by giant conglomerates for business, political or other reasons.

The new rules are meant to replace the FCC's open Internet order from 2010, which was struck down by a federal appeals court in January. The U.S. Court of Appeals for the D.C. Circuit affirmed that the FCC had the authority to create open-access rules but said it failed to establish that its 2010 regulations didn't overreach.

[xchrom]

4. US-JAPAN TRADE TALKS SUSPENDED WITHOUT AGREEMENT

http://hosted.ap.org/dynamic/stories/A/AS_JAPAN_US_TRADE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-04-24-05-13-07

TOKYO (AP) -- Talks between the United States and Japan on a Pacific Rim trade pact have halted for now without any resolution in sight, spoiling plans for a showcase deal during President Barack Obama's visit to Tokyo.

Economy minister Akira Amari, Japan's top negotiator, said too many issues remained unresolved and further working-level talks will be needed to reach a market-opening pact as part of the Trans-Pacific Partnership.

Amari told reporters Thursday that no end was in sight. He described the negotiations as in a "tough situation."

The two sides had hoped to proclaim a broad agreement or at least significant progress during Obama's visit, which ends Friday.

[Demeter]

11. To which, all I can say is:

[xchrom]

19. ...

[xchrom]

5. DRAGHI WANTS TO PUBLISH ECB MINUTES

http://hosted.ap.org/dynamic/stories/E/EU_EUROPE_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-04-24-05-22-47

FRANKFURT, Germany (AP) -- European Central Bank head Mario Draghi says the bank's rate-setting council should publish a written account of its deliberations - without names.

Draghi said Thursday that a "more detailed explanation of the reasoning" behind bank's decisions would help its monetary policy work its way through to the economy by making clear why the bank was acting - and how it might react to future trouble.

Draghi said any minutes must omit names to protect the independence of members who could be exposed to national pressures back home. The ECB's 24 governing council members set monetary policy for the 18-country eurozone as a whole, not for their individual country.

Other central banks, like the U.S. Federal Reserve, release minutes with a delay.

[xchrom]

6. WAL-MART CUT FORMER CEO'S PAY 73 PERCENT IN 2013

http://hosted.ap.org/dynamic/stories/U/US_WAL_MART_STORES_EXECUTIVE_COMPENSATION?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-04-23-21-31-07

NEW YORK (AP) -- The pay of Wal-Mart Stores Inc.'s outgoing CEO fell 73 percent in 2013 because he received a lower performance-based bonus and he didn't get stock awards that are given in anticipation of future performance.

The world's largest retailer gave Duke, 64, a compensation package worth about $5.6 million, down from $20.7 million in the prior year, according to an Associated Press analysis of a regulatory filing Wednesday. The fiscal year ended Jan. 31 and Duke was replaced by Doug McMillon, head of Wal-Mart's international division, on Feb. 1.

McMillon received a compensation package valued at $25.6 million for 2013. The bulk of the package, $23 million, is in stock grants over three years that are linked to company performance goals.

Separately, Wal-Mart said former CEO Lee Scott won't stand for reelection to Wal-Mart's board at the company's annual shareholders meeting on June 6. The company said Scott's departure from the board is in line with other CEOs leaving. Chris Williams will also not stand for reelection after 10 years, per Walmart's corporate governance guidelines.

[xchrom]

7. BUFFETT DISAPPROVES OF COCA-COLA'S PAY PLAN

http://hosted.ap.org/dynamic/stories/U/US_COCA_COLA_BUFFETT?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-04-23-21-31-08

NEW YORK (AP) -- Warren Buffett criticized Coca-Cola's pay plan for its executives on Wednesday.

Buffett, whose company is Coca-Cola's largest shareholder, called the plan "excessive" in an interview on CNBC after it was approved at the beverage maker's annual meeting. But he said Berkshire Hathaway abstained from voting against it because he didn't want to express disapproval of the company's management.

Buffett also noted during the interview how difficult it can be to sit on company boards and oppose a pay plan. Buffett said that he has never heard anyone speak out against a compensation committee's plan in 55 years of serving on company boards.

"Taking them on is a little bit like belching at the dinner table. You can't do it too often," Buffett said.

[xchrom]

8. GERMANY PUTS MILITARY EXPORTS TO RUSSIA ON HOLD

http://hosted.ap.org/dynamic/stories/E/EU_GERMANY_RUSSIA_MILITARY_EXPORTS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-04-24-06-19-13

BERLIN (AP) -- The German government says it isn't authorizing any exports of military goods to Russia at present "because of the current political situation," leaving nearly 70 export applications on hold.

The Economy Ministry replied to questions from the opposition Greens that "in critical cases" the government will also ensure previously authorized exports aren't carried out. The letter, obtained by The Associated Press Thursday, was first reported on by daily Sueddeutsche Zeitung.

The ministry didn't detail which products or companies are affected but said none of the export applications involves "weapons of war" such as tanks and missiles. It said 69 export applications worth nearly 5.2 million euros ($7.2 million) were pending.

Last month, Germany said it put on hold a company's deal to deliver the Russian military a field exercise simulator.

[xchrom]

9. EU OFFICIAL AGAINST CUTTING RUSSIA GAS TIES

http://hosted.ap.org/dynamic/stories/E/EU_EUROPE_RUSSIA_GAS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-04-19-06-15-29

BERLIN (AP) -- A senior European Union official says he opposes cutting back gas ties with Russia in the next few years but the bloc should work on diversifying supplies.

Russia is a major European gas supplier, and mounting tensions over Ukraine have raised concerns about possible disruption.

In an interview with Germany's Welt am Sonntag newspaper, EU Energy Commissioner Guenther Oettinger conceded there's a risk of Russia cutting supplies to Ukraine, an important transit country, over unpaid bills.

However, Oettinger was quoted Saturday as saying: "We agree that the gas sector should not be a priority in possible economic sanctions - whether on the European or Russian side."

[Demeter]

10. Apple expands buybacks by $30 billion, OKs seven-for-one stock split

http://finance.yahoo.com/news/apple-expands-buybacks-30-billion-203525653.html

Apple Inc has approved another $30 billion in share buybacks till the end of 2015 and authorized a rarely seen seven-for-one stock split, addressing calls to share more of its cash hoard while broadening the stock's appeal to individual investors.

The company also approved a roughly 8 percent increase in its quarterly dividend to $3.29 per share.

Activist investor Carl Icahn, who had famously called on the iPhone maker to boost its buyback program, tweeted his approval of the move on Wednesday.

Shares of the company, which have remain mired around the $500 to $550 range since the start of the year, jumped 7 percent to $561.51 in after-hours trade...

[Demeter]

12. 2014 Crash Will Be Worse Than 1987's: Marc Faber By Alex Rosenberg

http://www.cnbc.com/id/101573688

Marc Faber says the stock market is setting up for a decline more painful than the sudden crash of 1987.

"I think it's very likely that we're seeing, in the next 12 months, an '87-type of crash," Faber said with a devious chuckle on Thursday's episode of "Futures Now." "And I suspect it will be even worse."

Faber, the editor and publisher of the Gloom, Boom & Doom Report, has recently called for growth stocks to decline. And he says the pain in the Internet and biotech sectors is just getting started.

"I think there are some groups of stocks that are highly vulnerable because they're in cuckoo land in terms of valuations," Faber said. "They have no earnings. They're valued at price-to-sales. And this is not a good metric in the long run."

MORE, PLUS VIDEO AT LINK

[Demeter]

13. Meltdown America Is The US Military Preparing For The Collapse Of The Dollar? Video

ONLY THE TRAILER, ALAS

A DOUBLE FEATURE!

[Demeter]

14. Barack Obama pulls a George W. Bush

http://www.salon.com/2014/04/10/barack_obama_pulls_a_george_w_bush_lies_misinformation_and_chemical_weapons/

Am I misjudging our time, or have we entered some accelerated cycle of American subversions, and then another cycle of coverups and disinformation that do not quite come off? In less than a year, the Obama administration has mounted four covert coup operations, all variants of the classic Cold War model, all costly of human life, all assuring us the contempt and animosity of many people for years to come.

In chronological order:

* The American-authorized coup in Egypt last July. In the disinformation universe, Washington watched at a distance. Since the coup, dead silence in the face of a blood bath, except for Secretary of State Kerry’s applause for the Egyptian army’s “restoration of democracy.”

• In the war to depose Syria’s Bashar al-Assad, the linchpin event is the chemical-weapons attack last Aug. 21. We are invited — required, actually — to believe Assad allowed U.N. inspectors in to determine responsibility for previous gas attacks and then launched another attack near Damascus while the inspectors were settled in their hotel rooms.

* The role of the U.S. and its European allies in financing, fomenting and steering the direction of the Ukraine coup requires little discussion at this point. Rather bizarrely in the face of all we have on record, the Obama people continue to insist Ukraine is nothing more than a case of Russian overreach. As order unravels in the eastern sections of the country, it is important to bear in mind the chronology of events — and from the beginning, not somewhere in the middle.

* In Venezuela, the foreign minister recently read aloud portions of intercepted cable traffic documenting American subterfuge. No, no, no: Nicolás Maduro, successor to the late Hugo Chávez, is just as paranoid as his mentor, and both were merely trying to distract Venezuelans from their economic problems. (Vigilance is always essential when Washington and the hacks marshal the “distraction” thesis.)

Cuba could go on this list, given news of Washington’s operation of a social-media network on Cuban soil via the customary collection of front companies, except that intruding covertly in Cuba is so routine as to be (appallingly) unremarkable.

I find this an exceptionally busy schedule for the spooks and the nation-building set. We can explore the reasons on another occasion; for now, it seems also unusual that so much of what in an earlier time would remain hidden from view is not....

SHOULD NOT BE SEEN? IF HE HAD SAID, "SHOULD NOT BE TOLERATED BY A FREE SOCIETY" I COULD AGREE...

[Demeter]

15. World's first Internet bill of rights signed into law--IN BRAZIL

http://www.dailydot.com/politics/marco-civil-internet-bill-of-rights-brazil-rousseff/

The world's first major Internet Bill of rights is finally law.

Brazilian president Dilma Rousseff signed "Marco Civil" Wednesday morning, merely hours after the Senate passed it late Tuesday evening.

Tweeting that evening, Rousseff praised the bill as a "fundamental step to guarantee freedom, privacy, and respect for Internet users' rights."

[Demeter]

16. White House considers bank experts for Fed board

http://www.cnbc.com/id/101608135

The White House is weighing candidates with community banking backgrounds to fill gaps on the Federal Reserve's powerful but depleted board, according to sources familiar with the efforts.

Diana Preston, a lawyer who recently left a post at the American Bankers Association, which represents many small banks, is one of those under consideration, two sources said.

[Demeter]

17. Banks Tell Fed Commodity Business Benefits Outweigh Risks

http://www.bloomberg.com/news/2014-04-17/banks-tell-fed-commodity-business-benefits-outweigh-risks.html

Banking-industry groups urged the Federal Reserve not to write new rules restricting their involvement in physical commodity businesses, arguing that the benefits they provide outweigh risks highlighted by lawmakers.

The Securities Industry and Financial Markets Association and four other groups representing lenders including Goldman Sachs Group Inc. (GS) pressed their case in a letter meant to counteract calls by Senators Sherrod Brown and Elizabeth Warren to bar bank ownership of “physical assets like warehouses, pipelines and tankers” because of safety, legal and reputation risks that could harm the financial system.

The comments came as the Fed closed a public comment period in which it sought input on the risks posed by financial company ownership and trading of commodities such as oil, gas and aluminum, and the possible benefits of imposing additional capital standards. The proposal and request for comment may lead to new rulemaking on the issue, though the central bank could choose to take no action.

“Having a small presence in the physical commodities market actually adds liquidity and efficiency to those markets for the benefit of the end-user consumer” because of the role financial institutions, bank affiliates and investment banks play in making markets, Sifma President and Chief Executive Officer Ken Bentsen said today in a telephone interview.

When those business activities are conducted in accordance with appropriate safeguards, the benefits outweigh the risks, Sifma and the other industry groups said in their letter...

....................................................................

[Demeter]

18. When It Comes to Generating Jobs It Pays Not to Listen to the Experts

http://www.cepr.net/index.php/blogs/beat-the-press/when-it-comes-to-generating-jobs-it-pays-not-to-listen-to-the-experts



It is remarkable that no country has outlawed economics as a dangerous occupation on a par with drug dealing or murder for hire. The damage done to the world over the last seven years based on policies designed by economists has been incredible.

Floyd Norris documents this fact in a nice piece comparing the change in employment rates (the percentage of the population employed) in rich countries since 2007. The only two countries with higher employment to population ratios today than at the start of the downturn are Germany and Japan. Both countries have broken with the economic orthodoxy in important ways.

In Germany, the government has adopted policies that encourage employers to keep workers on the payroll by cutting back hours rather than laying them off. As a result, their unemployment rate is almost three percentage points below its pre-recession level even though its growth has actually been somewhat slower than in the United States.

Japan has adopted a policy of aggressive deficit spending even though its debt to GDP ratio is already more than twice that of the United States. It also has deliberately targeted a higher rate of inflation as a way of lowering real interest rates and reducing debt burden. As a result, it has created a number of jobs that would be the equivalent of more than 4 million in the United States.

In short, ignoring the economic orthodoxy works. Listening to orthodox economists brings destruction to the economy and devastates peoples' lives.

[xchrom]

20. OBAMA REJECTS NOTION THAT TRADE DEAL IS IN DANGER

http://hosted.ap.org/dynamic/stories/A/AS_OBAMA?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-04-24-07-56-53

TOKYO (AP) -- As negotiators struggle, President Barack Obama is rejecting suggestions that an Asia-Pacific trade deal is in danger and says the U.S. and Japan must take bold steps to overcome differences that are threatening completion of the cornerstone of his strategic rebalance to the region.

Illustrating those difficulties, the top Japanese negotiator said Thursday that talks had come to a stop only to have a U.S. official later say that discussions would continue.

Standing alongside Japanese Prime Minister Shinzo Abe, Obama also affirmed that the U.S. will defend its Asian ally in a potential confrontation with China over a set of disputed islands. At the same time, he called on both parties to peacefully resolve the long-running dispute that has heightened tensions between the two countries.

On the first full day of a four-nation visit to Asia, Obama called for the U.S. and Japan to resolve disagreements promptly over access to agriculture and automobile markets, issues that are hindering completion of the Trans-Pacific Partnership. The deal, involving 12 nations overall, is a key component of Obama's efforts to assert U.S. influence in Asia in the face of China's ascendancy in the region.

[xchrom]

21. Caterpillar Smashes Earnings Expectations And Boosts Its Outlook

http://www.businessinsider.com/caterpillar-q1-earnings-2014-4

Global machinery giant Caterpillar earned $1.61 per share on an adjusted basis, which was much stronger than the $1.23 expected by analysts.
Management also raised earnings guidance. It now expects to earn $6.10 per share for the year, up from previous guidance of $5.85.

The stock is up 3.5% in pre-market trading.

"Given the business and economic uncertainties around the world and continuing decline in our mining sales, I am pleased with our performance in the first quarter," said CEO Doug Oberhelman. "We understand we don't control the economy and have instead focused on what we can improve. We're lowering costs, improving cash flow and driving value for our customers through the continued deployment of our lean manufacturing initiatives. We see the benefits of these actions in our first-quarter results and in improving market position for many of our products."



Read more: http://www.businessinsider.com/caterpillar-q1-earnings-2014-4#ixzz2znxeBebB

[xchrom]

22. New 80-MPH Mini Combat Vehicle Can Be Dropped From The Sky

http://www.businessinsider.com/navys-new-80-mph-mini-combat-vehicle-2014-4

Master Chief, your new combat vehicle is ready.
The U.S. Navy has certified the Phantom Badger, a 240-horsepower combat support vehicle that’s about the size of a Mini and tough enough to traverse damn near anything.

It’s designed to fit inside several different aircraft, including the V-22 Osprey, and airdropped to provide ground troops with superior mobility.

“This certification validates Phantom Badger’s versatile design while offering the warfighter increased battlefield access and deployment options,” John Chicoli, who leads Boeing’s internally transportable vehicle program, said in a statement.

The vehicle, which looks a lot like a squished HumVee, was developed by Boeing Phantom Works with an assist from Motorsport Innovations.



Read more: http://www.wired.com/2014/04/navy-phantom-badger/#ixzz2znyHkX7d

[Demeter]

23. FUNNY PAPERS

Supreme Court Calls Lying by Politicians an Expression of Their Religion

http://www.newyorker.com/online/blogs/borowitzreport/2014/04/supreme-court-calls-lying-by-politicians-an-expression-of-their-religion.html?utm_source=tny&utm_medium=email&utm_campaign=borowitz&mbid=nl_Borowitz%20%2862%29

In a landmark decision, the Supreme Court of the United States declared on Tuesday that lying by politicians is protected by the First Amendment because it is an expression of their religion.

By a 5–4 majority, the Court struck down an Ohio law that would make it harder to lie in political ads, arguing instead that “any attempt to restrict or punish lying by politicians is an unconstitutional infringement on a religion they have practiced for decades.”

The Court’s decision won praise from politicians of both parties, with many saying that the Justices’ recognition of lying as a religion was “long overdue.”

Writing for the majority, Chief Justice John Roberts argued, “For politicians, lying is a religious observance akin to attending a church or a synagogue, except that they do it seven days a week.”

[Demeter]

24. I sure as shooting hope I do not have to live through another Long Hot Summer

ala 1969....

[Demeter]

25. This weekend, we meet an extraordinary lady from Britain

and NO, it's not Margaret Thatcher, any of the Royals, nor JKRowling. See you Friday night!

[Fuddnik]

31. I'm spending the next few days with a rat.

His name's Mickey.

We're going over to Orlando for a few days. Not going to anything Disney, just a place to relax for a few days. Our friends have a couple of time shares at a Sheraton resort, so we're relaxing with them.

[xchrom]

26. Things Are Finally Starting To Look Up In Spain

http://www.businessinsider.com/things-are-finally-starting-to-look-up-in-spain-2014-4

Spain's economy grew at the fastest rate in six years in the first quarter of 2014 as it pulled out of a long, job-destroying downturn, the central bank said in a preliminary estimate Thursday.
The Eurozone's fourth-largest economy expanded by 0.4 percent on a quarterly basis, the Bank of Spain said in a monthly report, citing initial data.

It was the sharpest quarterly growth rate since the first quarter of 2008 when a decade-long property bubble imploded, tipping the nation into a double-dip recession that wiped out millions of jobs and flooded the nation in debt.

"In the first quarter of 2014, the Spanish economy continued on a path of gradual recovery in the a context of increasing normalization on the financial markets and a gradual consolidation of the labour market," the central bank said.



Read more: http://www.businessinsider.com/things-are-finally-starting-to-look-up-in-spain-2014-4#ixzz2zo4RPINH

[xchrom]

27. Jobless Claims in U.S. Rose More Than Forecast in Holiday Week

http://www.bloomberg.com/news/2014-04-24/jobless-claims-in-u-s-rise-more-than-forecast-in-holiday-week.html

More Americans than forecast filed applications for unemployment benefits last week as the Easter holiday period made it more difficult to adjust the data for seasonal variations.

Jobless claims increased by 24,000 to 329,000 in the week ended April 19, the most in a month, a Labor Department report showed today in Washington. The median forecast of 44 economists surveyed by Bloomberg called for an increase to 315,000. The adjustment during spring holidays is hard to quantify from year to year, a Labor Department spokesman said as the figures were released to the press.

Looking beyond the swings, firings have slowed, which probably means employers are gaining confidence the world’s largest economy is strengthening. Claims dropped to the lowest level since 2007 at the start of the month, a sign the companies are seeing string-enough sales to retain staff.

“It is the week leading up to Easter, so you have to be wary,” Jim O’Sullivan, chief U.S. economist at High Frequency Economics in Valhalla, New York, said before the report. “The trend has clearly been coming down -- if anything, the claims data are signaling a pickup in employment growth.”

[xchrom]

28. Bank Cutting Commodities Trade Severs Link With Equities

http://www.bloomberg.com/news/2014-04-23/bank-cutting-commodities-trade-severs-link-with-equities.html

Banks’ pullback from commodities trading is weakening the link between raw materials and equities and helping to re-establish supply and demand as the main factor in setting prices, United Nations researchers say.

As Barclays Plc, JPMorgan Chase & Co. and Morgan Stanley leave parts of the business, prices of commodities are moving more independently of stocks. The correlation between U.S. equities and corn, cattle and wheat fell to less than 0.05 in January, compared with almost 0.3 in 2008, an analysis by David Bicchetti and Nicolas Maystre, economic affairs officers at the UN Conference on Trade and Development in Geneva, shows.

Banks, hedge funds and other financial institutions piled into physical commodities and derivatives over the past 12 years, amplifying a run-up in prices for everything from copper to oil, in short supply before the 2008 global recession, the UN found in a 2011 study. The exodus is nudging futures markets back toward their original function, as a way for farmers, miners and other companies in the commodities business to hedge against price swings.

“Now, we’re getting back to where strict supply-demand gives us truer pricing and hopefully better ability to look ahead,” Richard Nelson, chief strategist at Allendale Inc., a broker and consultant in McHenry, Illinois, said in an April 21 phone interview. For people who use the contracts to hedge, “it’s a completely good thing,” he said.

[xchrom]

29. German Business Confidence Unexpectedly Rises On Outlook

http://www.bloomberg.com/news/2014-04-24/german-business-confidence-unexpectedly-rises-amid-growth-signs.html


German business confidence unexpectedly rose in April, signaling optimism that Europe’s largest economy will withstand risks from tension in Ukraine to price weakness in the euro area.

The Ifo institute’s business climate index, based on a survey of 7,000 executives, advanced to 111.2 from 110.7 in March. Economists predicted a decline to 110.4, according to the median of 34 estimates in a Bloomberg News survey.

German manufacturing and services activity is expanding at near the fastest pace since 2011 as the country leads a recovery in the 18-nation euro area. At the same time, the European Central Bank has pledged to add stimulus if needed to counter threats to regional growth that include low inflation and Russia’s territorial dispute with Ukraine.

“The outlook for the economy remains bright on a general basis, and we don’t see movements that could immediately reverse sentiment,” said Alexander Koch, an economist at Raiffeisen Schweiz in Zurich. “But there are risks correlated with rising trade uncertainty with Russia because of the Ukraine crisis, and partly to slower dynamics in emerging markets.”

[xchrom]

30. Samaras Met Dimon for Greek Bonds on Way to a 400% Return

http://www.bloomberg.com/news/2014-04-23/samaras-met-dimon-for-greek-bonds-on-way-to-a-400-return.html

Shut out of international bond markets for four years, Greek Prime Minister Antonis Samaras wasn’t going to take any chances with his country’s return.

He began months ago lining up investors for the April 10 debt sale, which proved irresistible to the likes of BlackRock Inc. and Invesco Ltd. (IVZ) The keystone for his pitch was a September meeting with investors at JPMorgan Chase & Co.’s headquarters in Manhattan hosted by Chief Executive Officer Jamie Dimon, according to two people with knowledge of the matter, who asked not to be identified because the event was private.

The charm offensive paved the way for a 3 billion-euro ($4.2 billion) offering that drew orders for almost seven times that amount. While the nation remains blighted by deflation and the highest unemployment in Europe, the sale underscored Greece’s strengthening ties across the euro area as it seeks to overcome the stigma of starting a region-wide financial crisis and carrying out the biggest-ever restructuring.

“This trade is not without risk,” Mark Nash, a London-based money manager at Invesco, which oversees $787 billion including $177 billion of fixed-income assets, said in a telephone interview on April 17 after buying the new government notes. “It relies on European growth continuing to improve. The fundamentals in Greece are not terribly rosy, but there’s no doubt they are doing a lot better.”

[Demeter]

32. Can I believe my Eyes?

Do they actually claim that the DJIA closed where it opened?

[tclambert]

33. So has anyone here read Piketty's book yet? Sounds like it's hard to get copies of it.

I've heard some about Capital in the Twenty-First Century, and I like what I've heard. But I haven't read it, and it sounds like it may take quite a while before I can get hold of a copy. Forbes, Bloomberg, and The Wall Street Journal all vilify the book, and WSJ tries to brand it Marxism. I suspect that means it's great. And discussions of it taught me a new word: rentier, a person whose wealth "earns" more wealth in the form of rents, interest, fees, etc., not from the creation of new wealth. Sort of the opposite of an entrepreneur.