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Good Morning!
Longwood Gardens, photo by © joanneleon
The task on our part is twofold: First, as simple patriotism requires, to separate the false from the real issues; and, secondly, with facts and without rancor, to clarify the real problems for the American public.
There will be — there are — many false issues. In that respect, this will be no different from other campaigns. Partisans, not willing to face realities, will drag out red herrings as they have always done — to divert attention from the trail of their own weaknesses.
http://en.wikiquote.org/...
-- Franklin D. Roosevelt
News
Stocks Tumble for Eighth Day as Commodities Drop on
Stocks dropped for an eighth day, the longest losing streak since January 2010, and commodities declined on concern the U.S. recovery is faltering. The Swiss franc weakened and the yen strengthened.
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More than $4.5 trillion has been wiped off the value of equities worldwide since July 26. Markets are “extremely oversold,” Marc Faber, publisher of the Gloom, Boom & Doom report, said in a Bloomberg Television interview. The U.S. probably added 85,000 jobs last month, leaving the 9.2 percent unemployment rate unchanged, economists said before Labor Department data today that will cap a week of economic reports showing the recovery is slowing.
Anxiety grows ahead of July jobs report
Another bad report could darken mood on Wall Street, Washington
“If the numbers come in around the estimate, markets may get a little relief,” said John Herrmann, senior fixed-income strategist at State Street Global Markets. “But we cannot rule out a bad number.”
A bad number — payroll gains near or below zero — could deepen losses in a stock market already reeling from worries about an economic downturn in the U.S. and a debt crisis in Europe.
New York Attorney General Schneiderman Drops Bomb on Bank of America Settlement and Bank of New York
The meltdown in the financial markets obscured an important development on the mortgage front, namely, that New York state attorney general Eric Schneiderman filed a motion to intervene in the proposed $8.5 billion settlement between Bank of America and the Bank of New York acting as trustee of 530 Countrywide residential mortgage securitizations.
We said when the deal was announced that it was not a done deal and it stank to high heaven, so we are glad to see confirmation of our dim view. In keeping, the motion charges Bank of New York with “fraudulent and deceptive conduct”. As we will see, the allegations that Schneiderman has made against Bank of New York opens up a whole new front of mortgage securitization liability, that of the trustees failing to live up to their contractual duties and worse, making ongoing certifications that they had. This is an area we’ve discussed at some length before and have been surprised hasn’t been taken up until now.
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This is the first time I have ever seen a court filing discuss widespread document fabricatio by a servicer. This of the proper transfers is germane for the BofA deal because BofA gives Bank of New York indemnification for this liability. And it’s even juicier: Bank of New York’s self dealing works to the disadvantage of the investors to whom it owes a fiduciary duty
This is a classic liquidity crisis
This is a classic liquidity crisis. Bond markets in Europe are selling off. Commercial paper markets in the US are seizing up. Retail investors in Asia are already running for safety in overnight trading. What we are experiencing is a market panic and that means liquidity is the first order of the day.
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My concern is this: I think the ECB will eventually step in here. They have already gone in the market for Ireland and Portugal. The ECB increased liquidity for banks, offering up unlimited funds for six months. These are nice measures. But they don’t go nearly far enough. They will have to act as lender of last resort for the entire euro zone and eventually they will accede to this.
Social Security's Biggest Threat: The Debt Deal Super Committee
Russ Feingold
Founder, Progressives United; Fmr. U.S. Senator from Wisconsin
This week's deal to raise the debt ceiling should remove any doubt about the power corporate interests have over our government. The deal, hammered out by the president and Republican congressional leaders, places the burden of reducing our long-term budget problems squarely on average Americans, while the wealthiest individuals and corporations are given a free pass.
But the deal poses a larger threat. A provision in the agreement creates an appointed "Super Committee" in Congress that could circumvent normal rules and slash cherished programs like Social Security, Medicare, and Medicaid.
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In short, unless congressional leaders appoint progressives willing to stand up to moneyed interests, the Super Committee will be nothing less than a chopping block for Social Security.
David Dayen:
• Ya think: “Dems warn high numbers of long-term unemployed could derail economic recovery.”
A very sick state of affairs.
Even Marked Up, Luxury Goods Fly Off Shelves
Nordstrom has a waiting list for a Chanel sequined tweed coat with a $9,010 price. Neiman Marcus has sold out in almost every size of Christian Louboutin “Bianca” platform pumps, at $775 a pair. Mercedes-Benz said it sold more cars last month in the United States than it had in any July in five years.
Even with the economy in a funk and many Americans pulling back on spending, the rich are again buying designer clothing, luxury cars and about anything that catches their fancy. Luxury goods stores, which fared much worse than other retailers in the recession, are more than recovering — they are zooming. Many high-end businesses are even able to mark up, rather than discount, items to attract customers who equate quality with price.
Defense spending cut in debt deal unclear
Despite the White House's claim that the new debt deal would cut $350 billion from defense spending over the next ten years, there are no specifics in the bill on defense cuts -- and no way to tell what the final cuts will be.
"The deal puts us on track to cut $350 billion from the defense budget over 10 years," the White House said in a fact sheet today. "These reductions will be implemented based on the outcome of a review of our missions, roles, and capabilities that will reflect the President's commitment to protecting our national security."
But if you look at the text of the bill, there is simply no language on how much the defense budget will actually be cut. What the bill does is set spending caps for "security" spending, which the administration defines as defense, homeland security, intelligence, nuclear weapons, diplomacy, and foreign aid. There's no breakdown that defines which of these agencies get what, so there's no way to be sure that all the cuts would come from "defense."
Libya's rebels report death of key Qaddafi son
According to Libya's rebels, Muammar Qaddafi's son Khamis was killed in an overnight NATO raid on the western town of Zlitan.
His death, if true, is a much bigger blow to the Qaddafi regime than that of his brother, Saif al-Arab, who was killed earlier in the war in another NATO airstrike. Saif al-Arab held no significant leadership role, unlike Khamis, the leader of the Khamis Brigade – one of the country's most elite fighting units and most feared elements of Qaddafi's regime.
Libyan rebels embrace U.S. and its flag
Benghazi residents show a love of all things American, from pop culture to gadgets to fast food. And American flags are common at rallies in Benghazi, in recognition of U.S. support for the rebel cause.
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"Libyans love America," Keish explained as he cut through a boisterous crowd that numbered in the tens of thousands. "They love the flag because it stands for freedom and democracy — exactly what they want for Libya."
Mubarak faces wrath of nation he terrorised
Just when the Arab dictators desperately need to drink the secure, cool waters of an Arab summer, along came the Egyptians yesterday to poison the well. Deep into its depths, those dictators could see a flickering enmeshed face, fragile, fingers playing over its nose and mouth, the arm of a man on a stretcher raised to prevent the light getting too close but – for just a few brief moments – with the same old arrogant eyes. Then the heavy black mike appeared in the man's left hand. "I am here, your honour," said a chillingly strong voice. "I have not committed any such crimes."
Yes, the Egyptians really did put their wretched, ancient dictator on trial yesterday, along with his effete, sullen sons – both dressed in white as if heading for yet another summer tennis party, an illusion broken only by the green Koran under Alaa Mubarak's arm. An encouragement to his dessicated, 83-year-old father, Hosni? Or an insult to the dead?
Jobless vet: It was easier in Iraq than at home
(CBS News)
The unemployment rate has been around nine percent for almost two years, but it is surprising to see that unemployment for Iraq and Afghanistan veterans is nearly triple that. Twenty-six percent of vets between the ages of 18-24 are out of work. CBS News correspondent Bill Whitaker takes a look at two veterans struggling to find a job.
Baghdad agrees talks on extending US presence
BAGHDAD HAS agreed to open talks with Washington on extending the mission of US troops in Iraq beyond the end-of-year deadline for full withdrawal. The Iraqi government has been under growing pressure from the Obama administration to take a decision on this issue so arrangements can be made for the 47,000 troops remaining in the country.
However, the size of the force to remain, the duration of its stay, and whether or not soldiers would enjoy immunity from prosecution under Iraqi law have not been settled.
2 NATO soldiers killed as Afghan violence flares
KUNDUZ, Afghanistan — A NATO service member was killed in eastern Afghanistan on Thursday in an apparent “rogue” shooting by a man dressed as an Afghan policeman and another was killed elsewhere in the region by insurgents, the coalition said. The deaths brought to at least four the number of NATO troops killed in a bloody 24 hours in one of Afghanistan’s most volatile areas.