Merkel and Hollande will hold a phone conference to figure out how to solve Italy and Spain’s debt problems. A report in Europe is suggesting that there will be bond buying by the ECB for the troubled countries. This is largely assumed from yesterday’s comments by Mario Draghi.
So as a result stocks, commodities, the Euro are moving higher.
Euro ,
Merkel and Hollande discussion
Comments »“Gold climbed to a five-week high in New York on speculation central banks around the world will do more to spur growth.
Economists expect data today to show the U.S. economy expanded at the slowest pace in a year, increasing speculation the Federal Reserve will engage in a third round of quantitative easing. The dollar fell against the euro after European Central Bank President Mario Draghi said policy makers will do whatever is needed to save the single currency.”
Comments »“Spanish and Italian bonds surged for a third day on speculation euro-area policy makers will sanction purchases of government debt to ease the debt crisis.
Italy’s 10-year yields fell below 6 percent for the first time in a week after Le Monde reported that the European Central Bank is preparing to buy securities in the secondary market, followed by primary-market purchases from the region’s bailout funds. German bund yields climbed to a three-week high after Finance Minister Wolfgang Schaeuble said today he welcomed comments from ECB President Mario Draghi that officials will do whatever it takes to preserve the euro.”
Comments »Lengthy list tonight, and a lot of great looks, click here for charts
Comments »(CNN) — Islamic radicals linked to al Qaeda have seized the northern half of Mali, one of Africa’s largest nations, and there are widespread concerns that the region could soon become a terrorist haven.
The militants have been able to capitalize on the instability of the country, which has seen a rebellion and a government coup within the past few months.
Now, about 500,000 Malians have fled their homes in fear of the violence and discrimination that come with the radicals’ strict interpretation of sharia law.
Read here:
Comments »A California venture capitalist whose affiliated companies have received more than $100 million in tax credits from the government has given a rare glimpse into how Washington distributed money to green energy firms.
In a video recently posted to YouTube from 2009, investor Paul Holland described — in an off-color anecdote — the reaction when a Department of Energy official attended a meeting with other investors to announce he was dispersing billions in federal funds. In doing so, he pulled back the curtain ever so slightly on the first steps the Obama administration took to distribute the money.
Holland said: “He came in to do his talk and opened his talk with, ‘I’m Matt Rogers I’m the special assistant to the Secretary of Energy and I have $134 billion I have to disperse between now and the end of December.’
“So upon hearing that I sent an email to my partners that said Matt Rogers is about to get treated like a hooker dropped into a prison exercise yard.”
Rogers prefaced the remark by saying it’s a “little bit off color.” The crowd laughed anyway.
But the Republican National Committee, which posted the video to YouTube, didn’t think it was so funny.
“As we learn more about the Obama administration’s penchant for rewarding campaign donors with millions in taxpayer dollars meant to stimulate the economy and create jobs, it’s clear Obama doesn’t value our tax dollars,” RNC spokeswoman Kirsten Kukowski told FoxNews.com.
Read more:
Comments »Union heads representing thousands of America’s immigration agents slammed the Obama administration Thursday over a policy they claim is forcing officials to ignore the law and allowing illegal immigrants to exploit the system.
In a startling allegation, the president of the union representing Immigration and Customs Enforcement officers claimed illegal immigrants are “taking advantage” of a new directive allowing some undocumented residents who came to the U.S. as children to stay in the country. Union boss Chris Crane said the policy ends up allowing illegal immigrants to avoid detention without any proof — particularly so-called “dreamers,” or those illegal immigrants who would benefit under the “DREAM Act” proposal, which Congress has not passed but the administration has partially implemented.
“Prosecutorial discretion for dreamers is solely based on the individual’s claims. Our orders are if an alien says they went to high school, then let them go,” he said at a press conference with GOP senators. “Officers have been told that there is no burden for the alien to prove anything. … At this point we don’t even know why DHS has criteria at all, as there is no requirement or burden to prove anything on the part of the alien.
“We believe that significant numbers of people who are not dreamers are taking advantage of this practice to avoid arrest,” he said.
Crane cited one case in which, he said, an immigrant facing criminal charges was let go under the policy. Further, he complained that officers are “under threat of losing their jobs” if they defy the policy.
ICE didn’t respond to those allegations directly but said allegations of fraud and abuse will be investigated.
Read more:
Comments »It is very important to teach children at a young age what the Fed is so they don’t bother to question it when they grow up…
Thank you very much for the opportunity to address you today. I’m especially pleased as an economist and policymaker to discuss the importance of education to the success of our economy. At the Federal Reserve we spend a lot of time looking at economic data, such as production and employment. In doing so, we try never to forget that these seemingly sterile numbers are, in fact, reflections of the economic aspirations, opportunities, and well-being of millions of Americans. When individuals are denied opportunities to reach their maximum potential, it harms not only those individuals, of course, but also the larger economy, which depends vitally on having a skilled, productive workforce. As a result, we all have a stake in the essential work that you are doing for our children.
So how can we improve the opportunities for all children and give them a chance to succeed in our ever-changing, globalized economy? As the husband of a teacher and an educator myself, as well as a parent and former school board member, I know from personal experience that, for creating opportunity and changing lives, there is no substitute for a quality education. The research shows that effective educations lead to lower rates of poverty, higher lifetime earnings, and greater satisfaction on the job and at home. And specialists in economic development have identified educational attainment as a key source of economic growth and rising incomes in many countries around the world.
Although education and the acquisition of skills is a lifelong process, starting early in life is crucial. Neuroscientists observe that if the first few years of a child’s life include support for healthy development in families and communities, the child is more likely to succeed in school and to contribute to society as an adult. Conversely, without support during these early years, a child is ultimately more likely to drop out of school, earn lower wages, depend on government programs, or be incarcerated.1
Consistent with this research, early childhood education programs aim to nurture healthy development from the earliest years. Programs that provide enriched experiences for children and that also involve parents have shown to benefit children from all backgrounds, but they have the strongest influence on children from disadvantaged environments.2 Importantly, state preschool assessments have shown that early childhood education programs make children better prepared for school, a precursor of future success.3
The benefits of early childhood programs are not just short-term in nature. Careful studies demonstrate that early interventions can have a positive effect on young children from low-income families that lasts well into adulthood. For example, analysis of one program showed that children who attended a high-quality half-day preschool program at ages 3 and 4 were, at age 40, more economically successful–for example, more likely to own their own homes–than nonparticipants in a control group.4 In other evaluations, long-term benefits were demonstrated for a full-day early childhood education program starting before age 1 and for a nurse-based home visiting program.
Read here:
Comments »Bank breakups must be a great idea…
Now’s not the time to talk about breaking up the banks, Rep. Barney Frank (D-MA), told CNBC’s “Closing Bell” on Thursday. Frank was responding to former Citigroup CEO Sanford Weill’s call on Wednesday to separate commercial banks from investment banks.
Since the economy is still recovering and Europe is dragging us down, Frank said, “The notion that at this point we would do something drastic to a major part of the U.S. economy is not a very good idea.”
On Wednesday, Weill, who was the architect of the financial supermarket in the 1990s, told CNBC that it’s now time to break up the big banks to prevent a repeat of the huge taxpayer bailouts during the 2008 financial crisis.
“You can accomplish much of what Sandy Weill says he’s now for with the Volcker Rule,” Frank said. The Volcker Rule (Volcker Rule explained) says that banks should not be involved in certain trading and other non-lending activities, he said.
Read here:
Comments »Should you follow the buys and sells of the insiders?
…Zynga insiders took $516 million off the table just before the stock crashed…
In this case, definitely.
Read the article here.
Comments »
Those wondering why the Department of Justice has refused to go after Jon Corzine for the vaporization of $1.6 billion in MF Global client funds need look no further than the documents uncovered by the Government Accountability Institute that reveal that the now-defunct MF Global was a client of Attorney General Eric Holder and Assistant Attorney General Lanny Breuer’s former law firm, Covington & Burling.
Read the rest here.
Comments »Facebook beats by $0.01, beats on revs (26.85 -2.50)
Reports Q2 (Jun) earnings of $0.12 per share, $0.01 better than the Capital IQ Consensus Estimate of $0.11; revenues rose 32.3% year/year to $1.18 bln vs the $1.15 bln consensus. Revenue from advertising was $992 million, representing 84% of total revenue and a 28% increase from the same quarter last year. Payments and other fees revenue for the second quarter was $192 million.
Key Metrics: Monthly active users (MAUs) were 955 million as of June 30, 2012, an increase of 29% year-over-year. Daily active users (DAUs) were 552 million on average for June 2012, an increase of 32% year-over-year. Mobile MAUs were 543 million as of June 30, 2012, an increase of 67% year-over-year.
No guidance provided in press release, but may be provided on conference call, scheduled for 5:00 ET.
Comments »You might know him better by his handle “StockSage.” I know him as fat piece of shit who should be in prison for a long time.
A man faces several charges, including driving under the influence and driving with a suspended license, after police say he drove his car off a road Wednesday, hitting and critically injuring a pedestrian.
Police said Robert Sinn, 33, was driving a 2008 Chevy Impala north on Biscayne Boulevard when he left the roadway near Northeast 64th Street and hit a man walking near a bus bench.
Sinn’s vehicle also hit a palm tree, a streetlight, another tree, a bus sign post and a trash can, police said.
Witnesses told police that Sinn got out of the car, went over to the victim, who was lying on the ground, reached down, yelled something at him, stepped over him and got back in the car, according to the arrest form.
Sinn drove away before police arrived, but witnesses pointed officers in his direction, police said.
When an officer caught up with Sinn, he said, “Officer, I fell asleep at the wheel. Is the guy that I hit going to be OK?” according to the arrest report.
Sinn faces charges of leaving the scene of an accident with serious bodily injury, several charges relating to driving under the influence, and driving with a suspended license.
The pedestrian was taken to Jackson Memorial Hospital in critical condition.
Comments »
Before you get all preachy on me – the CO gunman had a semi-automatic, small caliber rifle outfitted with a cheap high capacity magazine. How are we talking about AK-47’s?
Fully automatic weapons are already pretty heavily controlled in the US. And I can’t think of a single gunman who’s used an automatic weapon in a civilian setting. Feel free to point out I’m wrong, if you have dates and facts.
The closest you can get to an AK-47 through standard channels is a semi-automatic variation – which capabilities-wise is probably closer to a hunting rifle than a military rifle.
So we’re going to have a war against any guns that look scary? Sounds reasonable…
Comments »(CNN) – Days after the Colorado movie theater massacre, President Barack Obama on Wednesday forcefully spoke out against gun violence, making perhaps some of his strongest comments yet as president on the issue.
While the president said he stands by the Second Amendment and recognizes the traditions of hunting and gun ownership in the country, he told a crowd at a gathering for the National Urban League in New Orleans that there is work left to be done in tackling the problem.
“I also believe that a lot of gun owners would agree that AK-47s belong in the hands of soldiers, not in the hands of criminals,” Obama said. “That they belong on the battlefield of war, not on the streets of our cities.”
The president has largely steered away from talking about gun laws. While he visited the families of victims in Aurora, Colorado on Sunday, he did not wade into the political debate over gun legislation that dominated national dialogue over the weekend.
Talk of gun rights was also largely absent from Obama’s speech in the aftermath of the Fort Hood shooting in 2009 and after then-Rep. Gabrielle Giffords and others were shot in Tucson, Arizona, last year. The president mentioned gun safety only in passing after the Tucson shootings to describe the polarizing nature of the issue.
