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Monthly Archives: September 2011

Geithner Says He is Sure the EU Will Boost the Bailout Funds For the Sovereign Debt Crisis

“They recognize that if you let, as the United States did in the early part of 2008, the momentum of these concerns build, they’re very hard to arrest, much more expensive to arrest,” Geithner said.

“So you’re going to see them act with more force in the coming weeks and months,” he said.

“I am very confident they’re going to move in the direction of expanding the effective financial capacity of that set of financial ring fences because they have no alternative and they recognize that and they’re going to do it,” Geithner said.

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THE TEN AMERICAN STATES LOSING THE MOST JOBS TO CHINA

10. Georgia
> Net job change: -87,700
> Jobs lost: 101,200
> Jobs gained: 13,500

Georgia has lost a significant number of jobs, primarily in industries “including computers and electronic parts, textiles and apparel, and furniture,” according to the EPI. One of the hardest hit districts in the country was the state’s 9th congressional district, which is located in the northern part of the state and includes the city of Gainesville. Georgia has historically been known for its textile industry and remains one of the top cotton-producing states in the country.

Cities Where Seniors Can’t Get Around

9. Massachusetts
> Net job change: -88,600
> Jobs lost: 99,300
> Jobs gained: 10,700

Two of the nation’s 20 hardest-hit congressional districts are located in Massachusetts. The first of these is the 5th congressional district, which includes the cities of Lowell, one of the country’s earliest textile centers, and Lawrence, home of a number of textile and electronics manufacturers. The state’s neighboring 3rd congressional district also lost an exceptional number of jobs. This district includes Worcester, another historically significant textile city, which has since increased its technology industry.

8. Ohio
> Net job change: -103,500
> Jobs lost: 124,100
> Jobs gained: 13,500

Ohio is one of the U.S.’s biggest manufacturing states. It is home to major companies such as Procter & Gamble (PG: 61.17, -1.85, -2.94%) and AK Steel Corporation (NYSE: AKS). However, the state’s manufacturing sector is declining at a faster rate than the nation’s. The automobile sector has had the highest unemployment growth since 2007, although companies in other sectors have contributed to sending jobs overseas as well.

Eight Beers Americans No Longer Drink

7. Pennsylvania
> Net job change: -106,900
> Jobs lost: 127,200
> Jobs gained: 20,200

According to the National Association of Manufacturers, “Manufacturers in Pennsylvania account for 12.5 percent of the total output in the state” and employ “10 percent of the workforce.” Politicians have been outspoken about China’s effect on the state’s economy. Senator Bob Casey recently stated that “Unfair Chinese trade practices harm Pennsylvania businesses … and reduce their ability to create jobs.”

6. North Carolina
> Net job change: -107,800
> Jobs lost: 122,400
>Jobs gained: 14,600

North Carolina is home to three of the top 20 hardest hit districts in the U.S. Textiles and furniture are among the two industries that have lost the most jobs to China, according to the EPI report. North Carolina Congressman Howard Coble is co-sponsoring House Bill 639, the Currency Reform for Fair Trade Act, to address this issue. “This bill will at least force China to compete on a level playing field with U.S. manufacturers,” Coble is quoted as saying in the Winston-Salem Journal.

5. Florida
> Net job change: -114,400
> Jobs lost: 134,500
> Jobs gained: 20,100

Florida is not normally considered to be a major manufacturing state, yet it does excel in some areas, such as medical device manufacturing. The state has lost almost 115,000 jobs to China from 2001 to 2010. Governor Rick Scott has been a supporter of business relations with China, but other local politicians have not been as hospitable. In 2007, Mayor John Mazziotti of Palm Bay proposed a ban on items made in China, stating that the city was “losing jobs left and right to them.”

4. Illinois
> Net job change: -118,200
> Jobs lost: 139,400
> Jobs gained: 21,200

Illinois is another traditional manufacturing power that has lost a significant number of jobs to China. Robert Scott, director of manufacturing and trade policy research for EPI, told Illinois WJBC radion stateion that “In Illinois you also have a large number of firms involved in industries like auto parts production and fabricated metal products, and those are industries that were hurt by the growth of imports from China.” China also exports lots of electronics and specialty steel — industries that were once major sectors in Illinois.

3. New York
> Net job change: -161,400
> Jobs lost: 183,300
> Jobs gained: 21,900

“New York has lost 140,000 predominantly middle-wage manufacturing jobs in recent years as a result of China’s unfair labor practices,” said James Parrott, deputy director and chief economist at the New York-based Fiscal Policy Institute in the Times Union. New York Senator Chuck Schumer has made efforts to encourage China to further appreciate its currency.

2. Texas
> Net job change: -232,800
> Jobs lost: 269,300
> Jobs gained: 36,400

Texas has suffered greatly from the trade deficit with China due, largely, to the prominence of the computer and electronic parts industry in the state. Four of the top 20 congressional districts that lost the most jobs in the country are located in the state. Many Chinese companies have close ties with Texas. Two companies, Huawei and ZTE, have set up their U.S. headquarters in the state. Oil company CNOOC (CEO: 145.32, -13.56, -8.53%) has also bought an exceptionally large amount of mineral rights in the state in order to extract shale oil.

1. California
> Net job change: -454,600
> Jobs lost: 519,000
> Jobs gained: 64,300

California has lost almost half a million jobs to China, according to EPI. Like Texas, many of these were lost in the computer and electronic parts industry. Additionally, eight of the nation’s 20 hardest hit districts are in the state. Governor Jerry Brown has proposed ways to win back jobs from China outside of the computer sector, such as green technology. In his race for governorship, Brown said that he would create thousands of clean-energy jobs, “reclaiming from China leadership of the cleantech economy.”

Read more: http://www.foxbusiness.com/industries/2011/09/22/states-losing-most-jobs-to-china/#ixzz1Yie6KaNw

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Today’s Biggest ETF Winners

No. Ticker % Change
1 EDZ 19.76
2 ZSL 19.24
3 LHB 19.11
4 TVIX 19.08
5 YANG 18.15
6 ERY 15.89
7 DUST 15.13
8 BZQ 13.70
9 EEV 13.60
10 INDZ 13.22
11 SQQQ 12.88
12 SMN 12.50
13 FXP 12.23
14 TMF 11.45
15 SFK 10.95
16 DUG 10.85
17 SCO 10.74
18 MWN 10.63
19 SOXS 10.15
20 VXX 10.11
21 VIIX 9.97
22 BXDC 9.89
23 VIXY 9.88
24 DTO 9.65
25 TYP 9.46
26 DPK 9.45
27 BGZ 9.42
28 SPXU 9.01
29 FAZ 8.99
30 SKK 8.15
31 TZA 7.86
32 SRTY 7.68
33 UBT 7.54
34 DRV 7.34
35 SICK 7.26
36 SJH 7.24
37 SIJ 7.24
38 MZZ 7.18
39 VZZB 7.15
40 EPV 7.06
41 DXD 7.01
42 SCC 6.81
43 EUM 6.75
44 SJF 6.57
45 QID 6.40
46 EFU 6.29
47 REW 5.95
48 SDS 5.89
49 RSW 5.88
50 SKF 5.71

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Today’s Biggest Winners and Losers

No. Ticker % Change
1 PIP 20.35
2 DEER 18.57
3 IRIS 14.67
4 SCMR 12.78
5 HEV 12.47
6 VICL 12.35
7 PENX 12.31
8 FUEL 11.26
9 BVX 10.68
10 GR 10.10
11 CADX 9.48
12 EVC 9.09
13 OMEX 8.80
14 CLWR 8.62
15 TSON 8.11
16 ENER 7.29
17 SCHL 6.72
18 MNTA 6.31
19 JKS 6.25
20 OCLS 5.81
21 ES 5.69
22 CSKI 5.56
23 LBAI 5.38
24 TNH 5.24
25 KIPS 4.81
————————–
No. Ticker % Change
1 SIGA -42.80
2 KGN -27.49
3 NOAH -21.81
4 AUMN -20.99
5 PGTI -20.00
6 SCS -19.53
7 SFUN -19.36
8 TLR -19.00
9 TRX -17.95
10 TAOM -17.75
11 FPP -16.91
12 ZLC -16.53
13 TUDO -16.10
14 TZOO -16.00
15 CTDC -15.69
16 NAK -15.67
17 XFN -15.62
18 YRCW -15.57
19 SZYM -14.98
20 MDW -14.80
21 XRA -14.63
22 MOBI -14.63
23 CRR -14.47
24 NTWK -14.29
25 SWC -14.27
26 CX -14.10
27 LNG -13.98
28 CXZ -13.93
29 MALL -13.86
30 XG -13.68
31 MTL -13.53
32 BIOS -13.44
33 CYCC -13.43
34 GRO -13.42
35 FSM -13.38
36 TESO -13.31
37 TITN -13.31
38 EDAP -13.20
39 RNET -13.19
40 RBN -13.17
41 QMM -13.16
42 SWFT -13.15
43 DQ -13.10
44 PAL -13.06
45 CPHI -13.04
46 ATI -13.03
47 CPSL -12.99
48 SHZ -12.98
49 ANV -12.84
50 TWI -12.83

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FLASH: John Paulson’s Nuts Were Cut Off Today

No. Ticker Inst. Holdr. (% outstanding) Institutional Holder % Change
1 LNG 4.05 PAULSON & COMPANY, INC. -13.98
2 ANR 9.93 PAULSON & COMPANY, INC. -10.99
3 FCH 4.58 PAULSON & COMPANY, INC. -8.55
4 DEXO 7.33 PAULSON & COMPANY, INC. -8.22
5 MTN 6.21 PAULSON & COMPANY, INC. -7.72
6 RIG 5.87 PAULSON & COMPANY, INC. -7.50
7 HHC 4.88 PAULSON & COMPANY, INC. -7.34
8 NG 8.47 PAULSON & COMPANY, INC. -7.18
9 GFI 3.42 PAULSON & COMPANY, INC. -7.15
10 C 1.15 PAULSON & COMPANY, INC. -6.27
11 BPOP 6.55 PAULSON & COMPANY, INC. -6.12
12 AU 10.47 PAULSON & COMPANY, INC. -5.90
13 BZH 7.66 PAULSON & COMPANY, INC. -5.85
14 MYL 3.50 PAULSON & COMPANY, INC. -5.67
15 APC 3.36 PAULSON & COMPANY, INC. -5.67
16 WY 5.57 PAULSON & COMPANY, INC. -5.62
17 RF 1.54 PAULSON & COMPANY, INC. -5.52
18 BEE 4.31 PAULSON & COMPANY, INC. -5.52
19 BSX 5.26 PAULSON & COMPANY, INC. -5.40
20 RKT 6.23 PAULSON & COMPANY, INC. -5.27
21 BAC 1.22 PAULSON & COMPANY, INC. -5.02
22 IP 2.29 PAULSON & COMPANY, INC. -4.97
23 MGM 8.53 PAULSON & COMPANY, INC. -4.90
24 PMI 3.09 PAULSON & COMPANY, INC. -4.76
25 BZ 6.59 PAULSON & COMPANY, INC. -4.33
26 WHR 3.27 PAULSON & COMPANY, INC. -4.08
27 GEN 6.69 PAULSON & COMPANY, INC. -4.07
28 SNI 2.35 PAULSON & COMPANY, INC. -4.07
29 STI 5.99 PAULSON & COMPANY, INC. -3.58
30 LEA 4.04 PAULSON & COMPANY, INC. -3.58
31 HIG 9.10 PAULSON & COMPANY, INC. -3.50
32 SHO 3.13 PAULSON & COMPANY, INC. -3.48
33 CBG 4.15 PAULSON & COMPANY, INC. -3.33
34 BAX 1.40 PAULSON & COMPANY, INC. -3.06
35 XL 0.00 PAULSON & COMPANY, INC. -3.00
36 LIFE 4.17 PAULSON & COMPANY, INC. -2.96
37 BYD 4.64 PAULSON & COMPANY, INC. -2.88
38 GGP 2.07 PAULSON & COMPANY, INC. -2.61
39 THC 4.22 PAULSON & COMPANY, INC. -2.58
40 ACAS 12.36 PAULSON & COMPANY, INC. -2.48
41 ARG 1.78 PAULSON & COMPANY, INC. -2.22
42 NVS 0.27 PAULSON & COMPANY, INC. -1.73
43 AON 2.81 PAULSON & COMPANY, INC. -1.63
44 RAH 6.70 PAULSON & COMPANY, INC. -1.62
45 BLK 1.04 PAULSON & COMPANY, INC. -1.59
46 COF 4.59 PAULSON & COMPANY, INC. -1.50
47 SLXP 2.54 PAULSON & COMPANY, INC. -1.43
48 RLJ 2.59 PAULSON & COMPANY, INC. -1.43
49 FHN 2.91 PAULSON & COMPANY, INC. -1.38
50 FDO 2.87 PAULSON & COMPANY, INC. -1.17

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Republicans Making Another Attempt at Spending Bill

Republican leaders will propose cutting more spending to offset the amount of additional disaster relief money in a short-term government spending measure defeated earlier by the House, a GOP aide told CNN on Thursday.

The additional spending cut, called an offset, would be roughly $100 million from a Department of Energy loan program linked to a solar panel firm that recently collapsed, said another Republican source.

The move is intended to persuade the 48 Republicans who voted against the GOP measure Wednesday night to change their minds, according to the GOP aide, who spoke on condition of not being identified.

Democrats in the House and Senate said Thursday they oppose any offsets of emergency spending for natural disasters.

SOURCE

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More Details about the European Union’s Plan to Recapitalize 16 Banks

European officials look set to speed up plans to recapitalize the 16 banks that came close to failing last summer’s pan-EU stress tests, the Financial Times reported on Thursday, citing European officials.

The report said the move would affect mostly mid-tier banks. Seven are Spanish, two are from

Germany, Greece and Portugal, and one each from Italy, Cyprus and Slovenia.
The list includes Germany’s HSH Nordbank and Banco Popolare of Italy, the newspaper said on its website.

Read more: http://www.foxbusiness.com/industries/2011/09/22/report-eu-speeding-up-plans-to-recapitalize-16-banks/#ixzz1YiAE4KEp

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Mid Afternoon Fun: Freetopia

[youtube:http://www.youtube.com/watch?v=3zNnaeD09C8&feature=player_embedded#! 450 300]

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