“The following column accompanies a special report in the July-August issue, taking stock of America’s progress in fighting poverty on the 50th anniversary of Michael Harrington’s The Other America.”Ever since the 1960s, many of us have measured progress by how far America has gone in fulfilling the ideals of that era: guaranteeing equal rights, preventing unjust wars, safeguarding the earth, ending poverty.”
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“JP Morgan has some good comments on the markets and the effect of potential future government actions. For now, they’re saying the markets will likely have trouble finding their footing without a robust policy response or stabilization in the macro data. Interestingly, they do NOT believe QE3 will be a positive catalyst going forward:
Comments »“For a sustainable rally we would need the following: either a stabilisation in macro momentum or, more importantly, a robust policy response. Restart of the SMP programme,short selling bans nor the IMF rescue of Spain fit the bill. Markets tended to quickly rollover post these types of actions historically. Eurobonds remain as distant as ever.”
“Goldman’s latest research suggests that the Fed is likely to ease at the next meeting this month. This assesment is primarily based on their proprietary indicator called the GSFinancials
Conditions Index (GSFCI). As a backdrop, they point out that the US economy has slowed, as shown in the chart below. Both the nonfarm payroll growth and the CAI index (Goldman’s index of broad economic activity) have declined sharply.”
If the property tax is eliminated, it would be the first time since 1980 — when oil-rich Alaska got rid of its income tax — that a state has discontinued a major tax, reports the Tax Foundation, a non-partisan research group. North Dakota would become the only state not to have a property tax, a levy the state has had since before it joined the union in 1889.
Comments »“Bank of America’s Rates and Currencies Research team has a note out this morning taking a look at Fed policy.
This chart shows that until now, futures contracts have expected the Federal Reserve to hike rates sooner than they officially project. Now, they’re right in line with Fed forward guidance, expecting no rise in rates until late 2014. ”
Comments »The wealth gap continues to widen in America. Check out these charts to see what we have turned into.
Comments »The treasury is selling positions in seven bailed out banks. Gots (sic) to get rid of TARP holdings b4 Europe falls.
Comments »With larger and larger hedge fund withdrawals since December of 2011 the uber wealthy are sinking money into anything, but equities.
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[youtube://http://www.youtube.com/watch?v=4PQvGecMg6Q&feature=relmfu 450 300] [youtube://http://www.youtube.com/watch?v=B5faReUdN50&feature=endscreen&NR=1 450 300] Comments »
“I, _____, do solemnly swear (or affirm) that I will support and defend the Constitution of the United States against all enemies, foreign and domestic; that I will bear true faith and allegiance to the same; and that I will obey the orders of the President of the United States and the orders of the officers appointed over me, according to regulations and the Uniform Code of Military Justice. So help me God.”
[youtube://http://www.youtube.com/watch?v=UBR1qiLi1Iw 450 300] Comments »“The Securities and Exchange Commission approved two proposals to alter trading curbs meant to curtail volatility in the U.S. stock market.” I think iBC readers will agree that the “price bands” are going to be heavily exploited.
Read the article here.
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We walk a line of many unknowns in today’s world; we can only hope central banks know what they are doing.
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Forget waterboarding, Guantanamo Bay prisoners are now being tortured by BIG BIRD — at least according to a new documentary released by Al Jazeera.
According to the doc — called “Songs of War” — detainees at the U.S. Naval base have been forced to wear headphones blaring Sesame Street music on repeat for hours or days on end … to break their will (start at 2:00).
SEE THE REST HERE AT TMZ.COM
Comments »New York City plans to enact a far-reaching ban on the sale of large sodas and other sugary drinks at restaurants, movie theaters and street carts, in the most ambitious effort yet by the Bloomberg administration to combat rising obesity.
Comments »http://www.youtube.com/watch?v=YLgWHeezzuc&feature=g-all-u
Comments »“What’s going on here is basically a con game to suggest otherwise,” Callister said. “What do con men do? They normally try to change their name. The FDA has thankfully stopped that.”
Comments »A hopeful trend of debit card use over credit has now reversed according to the latest 8k filing by Visa-$V.
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Mary J. Blige has learned a valuable lesson about running a charity since her foundation was slapped with a $250,000 lawsuit — telling TMZ, she let dumbasses handle her finances … and now she’s paying the price.
TMZ broke the story … Mary J. Blige and Steve Stoute Foundation for the Advancement of Women Now is being sued by TD Bank over a $250k loan it took out back in June 2011.
READ THE REST HERE
Comments »Had the pleasure of seeing Doc pick many times, but my favorite would have to be at Merlefest, named for his late son, Merle Watson. Doc was a huge influence on my playing. He played so simply, nothing fancy, and it always sounded just right.
If there is anything good to be said, it is that Earl and Doc are probably tearing it up right now, and I bet Doc can finally see.
Read the NYT piece here.
http://www.youtube.com/watch?v=XdUrg2Cqxdw
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