And the illne$$ is greed.
Related: Globe Gasses Up While Stocks Drop
Maybe they need a pre$cribed antidepre$$ant from some pharmaceutical, huh?
"Ailing global economy could lead Fed to delay hike" by Christopher S. Rugaber | Associated Press October 15, 2014
WASHINGTON — Just as the US job market is finally strengthening, the Federal Reserve is confronting a new worry: a sputtering global economy that has spooked investors around the world.
I'm tired of the rationalizing $ophi$try of the banker's mouthpiece, otherwise known as the flagship new$paper of the region. They always have some excuse.
The economic slump could spill into the United States, potentially weakening job growth....
What job growth, those no longer counted on unemployment rolls?
On Tuesday, solid earnings reports from several large US banks gave stocks a boost.
Oh, GOOD! Thankfully we still have the bank bottom lines are doing incredibly well!
The Dow rose nearly 100 points in afternoon trading but couldn’t hold on to the gains, ending the day 5.88 points lower.
How many mixed me$$age turds can they plate out, huh?
******************
Michael Hanson, an economist at Bank of America Merrill Lynch, and some economists still predict the Fed will start raising its benchmark short-term rate in mid-2015 as the US economy gains more steam. But yet even if the Fed starts raising rates by the middle of next year, the global slowdown could mean it will raise them only very slowly....
Let me give you my picks for the football games this weekend, and "but yet even if?" Ha-ha-ha-ha! What slop! What absolute slop!
Even so, the prospect of lower interest rates for longer has yet to restore most of the financial markets’ recent losses. That may be because the prospect of a delayed rate increase is seen as a sign of economic weakness and is concerning investors, said Dana Saporta, an economist at Credit Suisse.
Okay, the wealthy are putting on the heat because of the losses as their paper fortunes begin to dissipate. This actually makes me laugh because although I know $hit rolls downhill and the rich will be fine (and likely make a buck), it's nice to see them scramble while $hitting their pants.
And the damage to corporate profits from a global slowdown could outweigh any benefits from lower interest rates.
Related: Consumers Taking It in the Caboose
Couldn't stay at record levels forever, could they?
Crying all the time from the goddamn greedheads!
Hanson notes that exports make up just 13 percent of US gross domestic product. That suggests the effect on US economic growth might be limited to just one-tenth of 1 percentage point a year.
But roughly half the profits earned by companies in the Standard & Poor’s index of the 500 largest US companies come from overseas.
And they come tax-free, too!
‘‘The dominant effect of this is going to be a less favorable outlook for profits for US multinationals,’’ Hanson said.
Awwwwwwwwwwwwwww!!
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About those bank profits:
"Citigroup to exit retail banking in 11 markets" by Ken Sweet | Associated Press October 15, 2014
NEW YORK— Citigroup customers across Central America and in parts of Eastern Europe will be looking for a new place to bank next year.
Citigroup said Tuesday that it will bow out of the retail banking business in 11 markets, part of its ongoing effort since the financial crisis to restructure and slim down.
The banking equivalent of the finger, and all the better for those nations.
The news came as the bank announced third-quarter earnings.
Citi said the impact would primarily be in smaller countries in Latin America: Costa Rica, El Salvador, Guatemala, Nicaragua, Panama, and Peru.
It will also exit consumer banking in Egypt, Japan, the Czech Republic, Hungary, and Guam.
The bank is exiting those areas to focus on market share and growth potential in places where it thinks it can be competitive, chief executive Michael Corbat said in a statement. It will still have institutional banking operations in those areas.
In other words, they are serving the elite and bu$ine$$, not you. You must be out of money.
***********
Citi’s announcement came at the same time the company posted its quarterly financial results. The bank reported earnings of $3.44 billion for the three months ended Sept. 30....
Related: Weillding You This Citi Post
In a separate announcement, Citi said it discovered $15 million in fraud following an investigation into the bank’s Banamex unit.
The fraud came from personal security services that were provided to individuals outside the bank. The bank said it will use its internal security division going forward.
In February, Citi disclosed that its Banamex division had lost $400 million as a result of fraud related to a Mexican oil services company known as Oceanografia. The bank lent Oceanografia money based on invoices that were later found to be fake. The $15 million announcement came as a result of an investigation into the Oceanografia incident.
See: Citigroup Caused Mexican Oil $lick
Citigroup was one of a few large banks to report their quarterly results Tuesday.
JPMorgan Chase reported earnings of $5.6 billion. The results missed expectations.
Related: JPMorgan Chase Head of Real G-8
Wells Fargo said it had a third-quarter profit of $5.73 billion, meeting Wall Street’s expectations.
At least the banks are not hurting.
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"Big legal charge drags down Bank of America’s profit" by Michael Corkery | New York Times October 16, 2014
Bank of America said Wednesday that its profit fell sharply in the third quarter, weighed down by a large legal charge related to its record mortgage settlement with federal and state authorities.
The bank’s net income dropped to $168 million from $2.5 billion in the period a year earlier, although the decline was not as bad as Wall Street analysts had expected.
They still made plenty of money considering how everyone else is struggling.
After accounting for dividend payments on preferred shares, the results amounted to a loss of 1 cent a share. Wall Street had been expecting a loss of 9 cents a share, according to a survey of analysts by Thomson Reuters. The bank’s revenue fell 1 percent, to $21.4 billion, from the third quarter of 2013, slightly topping analysts’ estimates of $21.36 billion.
That's never a good $ign.
In August, Bank of America agreed to a $16.65 billion deal with federal and state authorities to settle civil charges related to its sale of shoddy mortgage securities. The third-quarter results, however, are a reminder that the bank has not yet put the financial crisis behind it.
They are still making money, but I gue$$ it is not enough.
Related: "The cash totals now being paid by some of the country’s largest banks are not nearly enough to reverse the damages caused by the bursting of the housing bubble and the ensuing recession."
Of course, this is too late to keep you in your home after they fraudulent foreclosed on you, and you are going to have to wait how long to collect chump change?
The cost of the settlement accounted for the majority of the $5.3 billion charge, obscuring otherwise decent quarterly results in the bank’s investment banking business and credit card business.
The charge from which this collaborative government gets a kickback. But they are looking out for you, citizen!
Speaking of obscuring things....
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Also see: Bank of America fined $7.65m for asset gaffe
Yeah, the lies were ju$t a mi$takes.
Related: Bank of America Now Countrywide
So is the Grand Depression:
"Stocks plunge amid worries of slowing global economy" by Megan Woolhouse | Globe Staff October 16, 2014
Stocks plummeted Wednesday amid heavy waves of selling as jittery investors responded to a broad array concerns, from disappointing economic data in the United States to slowing European and Asian economies to the spread of the Ebola virus.
This after I was told we are.... never f***ing mind.
Related: Look to Europe for investing bargains, pros say
I'm sure $omeone will be making a buck of all this madne$$.
With the Federal Reserve unwinding stimulus policies that supported the recovery, investors are becoming uncertain about the direction of the economy, analysts said.
Because the money has run out and they dare not print anymore.
Economic reports that show retail sales declining in September, manufacturing slowing in the New York region, and wholesale prices falling, a possible sign of weakening demand, added to the gloom.
Where are the prices falling because food costs are rising!
Nariman Behravesh, chief economist at IHS Global Insight, a Lexington forecasting firm, said the US economy remains sound as employment increases and overall economic activity expands. But “the markets are in one of those moods where all news is bad news, no matter how good or bad,” he said. “The market goes through these manic and depressive phases, and this is the depressive phase.”
I agree. The AmeriKan stock market and its banking sector are $ick beyond belief. Banks on a high right now.
After shedding as much as 460 points during the day, the Dow Jones industrial average recovered most of those losses to close down 173.45 points at 16,141.74. The Chicago Board Options Exchange Index which measures market volatility -- the so-called “fear index” -- surged to its highest level since 2011 on Wednesday.
Related:
"Fear drove one of the Street’s wildest days in years. Investors dumped stocks and poured into bonds, gold, and cash amid fears of a global economic slowdown (including dangerously low inflation in Europe), falling oil prices, and Ebola (airline stocks fell again). At one point the Dow was down 460. Late gains limited the damage, but investors were shaken by the heaviest trading in over three years. But not everyone suffered: Homebuilders surged, getting a lift from the slide in the 10-year Treasury bond yield, which affects interest rates on loans. A decline in the 10-year yield should nudge home mortgage rates lower, which could boost housing sales."
Look at them wishing, hoping, praying.... and blaming Ebola of all things!
Markets in recent weeks have moved closer to what professional investors refer to as a “correction,” which occurs when a benchmark index closes 10 percent or more below a recent peak. The last correction occurred in October 2011.
Some $cum do need to be corrected, yeah, but they are too big to jail.
John Sylvia, chief economist at Wells Fargo & Co. in Charlotte, N.C., said there are reasons to be concerned, citing the Commerce Department report Wednesday that showed retail sales falling last month across most categories, including auto dealerships, furniture stores, and gasoline stations. Retail sales are an indicator of consumer spending, which accounts for about 70 percent of US economic activity.
“That tells you something fundamental about the American consumer,” Sylvia said, that they may be pulling back.
Proving ungodly wealth accumulated by the 1% can't carry an economy.
Sylvia added that he possibility of another recession in Europe and a slowdown in growth in China also are changing the recently optimistic psychology in the market “quite a bit.”
What?
You guys ever tire of slinging $hit?
Europe and China are among Massachusetts biggest export markets and the weakening of those economies could affect the state’s economic growth, said Alan Clayton-Matthews, an economics professor and Northeastern University. Among the questions are whether Europe will slip back into recession and China’s overheated real estate market will end in a bust that would unsettle the global economy.
"By the end of 2018, the state’s economy will look significantly different from the one that preceded the recession in 2008, with more service jobs, fewer manufacturing jobs, and greater income inequality, said Alan Clayton-Matthews, the Northeastern University economics professor who prepared the Massachusetts forecast. Rising poverty and income inequality pose major challenges for Massachusetts, according to the forecast. “Economic progress should manifest itself in falling poverty, but over the past 10 years, the trend in poverty rates has been up,” Clayton-Matthews wrote in the report. He suggested greater investment in the state’s “human capital” through programs such as early childhood education and workforce development could help close the income gap. The state’s economy has improved steadily over the past several months."
Unemployment is up, but just ignore that and accept the same old failed solutions that allow the wealthy to keep accumulating wealth minute by minute, hour by hour, day by day, month by month. That's why writing about this corporate swill has become useless.
Also see:
“The story for the Massachusetts economy, if you ignore high levels of unemployment and inequality, is the economy has been performing very well.”
Who said that?
***************
Local business executives, like Ron Dechene, president of Auburn Systems LLC, in Danvers, say they are increasingly nervous about Wall Street and the global economy.
Crash, you f***er, crash. Then we can eat the rich.
Dechene’s company manufactures electronic dust monitors for factories around the world and about 15 percent of Auburn’s business comes from exports. It has offices in Europe, China, South America. and elsewhere.
So far, its foreign business is holding up and Auburn hasn’t seen any cutbacks in orders, Dechene said. But, he added, it’s hard to imagine the stock plunges of late won’t have an impact on the US and global economies – and his business.
“It has echoes of what we saw in 2008 and 2009,” Dechene said. “I’m not sure this time will be that bad. But we are concerned.”
It's either a double-dip recession or one LONG DEPRESSION!
Seeing as only the top 5% benefited from the "recovery," we never really had one despite the spew from the propaganda pre$$.
All this is unfolding as the Federal Reserve withdraws its support from the economy. The Fed this month is set to end its bond buying program, which was aimed at lowering long-term interest rates such as mortgages. Many analysts also expect policy makers to begin raising the Fed’s benchmark short-term rate, which has held near zero since 2008, around the middle of next year.
Who gives a f*** what manipulations and thrashings about they are doing? The ship is sinking and they behave no more bullets in the gun.
The Fed has begun shifting policies as result of a strengthening US economy.
Except it is not.
But don't let that destroy the myth of the whoreporate pre$$. You believe that bull!
The nation has added more than 2 million jobs this year and the unemployment rate last month slipped below 6 percent for the first time in about six years.
All rigged numbers and fudged fooleys, so f*** off.
In its report known as “Beige Book,” which collects anecdotal information from business across the country, the Fed on Wednesday characterized US economic growth as modest to moderate. The New England economy was described as “mixed,” with manufacturers citing weaker results than in earlier reports this year.
Oh, it's ALL ANECDOTAL, huh?
I thought I smelled something all too familiar!
That is where my print stopped.
Tourism, a bright spot, was characterized as robust, but overall, “firms are not generally hiring.”
Pfffft!
Other indicators also have pointed to global economic slowdown, including energy markets. With concerns over weakening demand, the price of crude oil in New York fell below $82 a barrel Wednesday. Crude prices have plunged about $10 a barrel over the past month, and more than $20 since the summer.
Tell the Saudis to stop trying to punish Russia then.
On the bright side, the drop in crude prices is reaching US gasoline pumps, which is good for both consumers and the economy, said Behravesh, the Global Insight economist. He said a 10 cent drop in gas prices is the equivalent of a $20 billion tax cut for consumers.
Average US gas prices have dropped about 50 cents a gallon since the end of June, according to the Energy Department.
“It’s money back in people’s pockets,” Behravesh said.
And we are still not driving, and going on about low gas prices brings us full circle.
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This is a hell of a time to ask for a raise!
Also see: US retail sales fell in September on autos and gas
Then the Globe was gassing us about people buying gas?
Related: Massport to build 1,700-car garage on South Boston Waterfront
Boston Gives Motorists the Gillooly Treatment
They take us out at the knees every day, readers.
Time for me to park this post. Enjoy.
