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Author Topic: US Economy: News & Discussion  (Read 22265 times)

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Offline ragerunner

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Re: US Economy: News & Discussion
« Reply #4080 on: November 14, 2012, 09:24:08 AM »
U.S. retail sales retreat in October
Sellers hurt by hurricane, but demand weaker in most categories
"WASHINGTON (MarketWatch) — Retail sales in the U.S. fell in October by the sharpest amount since June, hurt by the effects of Hurricane Sandy, but data released Wednesday also showed weak consumer demand in a number of areas."
http://www.marketwatch.com/story/us-retail-sales-retreat-in-october-2012-11-14?dist=lcountdown


Australia business conditions sink to crisis level
"SYDNEY--Australian business conditions deteriorated last month to levels not seen since the global financial crisis as a mining slowdown weighed on the country's resources-dominated economy, a private sector survey Tuesday showed."
http://www.marketwatch.com/story/australia-business-conditions-sink-to-crisis-level-2012-11-13?Link=obinsite
 

Citigroup to Cut 100 Retail Bank Workers on Long Island
"Citigroup Inc. (C), the third-biggest U.S. bank, is dismissing 100 people on New York’s Long Island as the lender seeks to cut costs amid a slump in revenue."
http://www.businessweek.com/news/2012-11-13/citigroup-discloses-dismissal-of-100-workers-on-long-island


Xerox to lay off 2,500; local impact unclear
"Company doesn't detail local impact"
http://www.democratandchronicle.com/article/20121113/BUSINESS/311130035/Xerox?odyssey=nav%7Chead&nclick_check=1


Panasonic prepares for 'garage sale', to axe 10,000 jobs
http://www.reuters.com/article/2012/11/14/us-panasonic-cfo-idUSBRE8AD0D120121114


Texas Instruments to lay off 1,700 workers
http://www.marketwatch.com/story/texas-instruments-to-lay-off-1700-workers-2012-11-14?dist=tbeforebell
« Last Edit: November 14, 2012, 04:29:52 PM by ragerunner »

Offline ragerunner

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Re: US Economy: News & Discussion
« Reply #4081 on: November 15, 2012, 09:40:04 AM »
If these drops in the data are all from Sandy, then we should see a nice pop up in data when the next numbers are released. This is what usually happens when Florida is hit with a hurricane.

Negative November Philly, New York factory gauges
Nearly five days of lost activity for New York City firms
"WASHINGTON (MarketWatch) — Hurricane Sandy contributed to negative readings for both Philadelphia- and New York-area manufacturing gauges in November, demonstrating the disruption the storm took on economic activity in the Northeast."
http://www.marketwatch.com/story/factory-activity-contracts-again-in-new-york-2012-11-15


The next reading will be even lower.

Euro zone double dips back into recession
"Third-quarter euro-zone gross domestic product shrank 0.1% compared to the second quarter, the European Union statistics agency Eurostat said. That’s equal to an annualized contraction of around 0.4%."
http://www.marketwatch.com/story/euro-zone-double-dips-back-into-recession-2012-11-15


Pricier food, rent offset falling gas prices
"9:03AM EST November 15. 2012 - As expected, the government said Thursday that rising food costs and higher rents offset a drop in gas prices last month, leaving consumer prices slightly higher in October compared with the previous month."
http://www.usatoday.com/story/money/personalfinance/2012/11/14/cpi-to-let-us-know-if-inflation-is-really-slumbering/1705575/


Job Cuts Announced At Wake Forest Baptist Medical Center
"Winston-Salem, NC -- Cost-cutting at Wake Forest Baptist Medical Center will cause 950 full-time positions to be eliminated by June 30, 2013, the healthcare provider announced Wednesday."
http://www.digtriad.com/news/article/254529/57/Wake-Forest-Baptist-Announce-Layoffs


But, I thought housing was getting all better. The sky was the new limit?!

Audit due this week could show FHA need for bailout funds
"The U.S. Federal Housing Administration, weighed down by losses on souring loans, will release a report on its finances this week that could point up the possibility it may require taxpayer aid for the first time in its 78-year history."
http://articles.chicagotribune.com/2012-11-13/business/chi-audit-due-this-week-could-show-fha-need-for-bailout-funds-20121113_1_mortgage-insurance-fund-fha-edward-pinto
« Last Edit: November 15, 2012, 09:47:35 AM by ragerunner »

Offline ragerunner

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Re: US Economy: News & Discussion
« Reply #4082 on: November 15, 2012, 12:18:19 PM »
Sad. The economy is starting to weaken to near 0 and the billions that have been pumped into buying treasuries to keep interest rates near 0 and having 9 out of 10 loans being backed by Fannie/Freddie (the taxpayers) still has not proven to be enough to reignite the housing inferno. So now we are left with going back to loosing standards in hopes of blowing another economic bubble. That truly is all that is left in our economy, jumping from one bubble to another. Dotcom, housing, stock market and now back to housing. They have to get as many buyers into the market as possible, over the next year or two, to consume all the foreclosures in the shadow inventory that 'needs' to be bought.

Mortgage lending standards are too tight: Bernanke
Housing not ‘out of woods’ despite improving conditions
"WASHINGTON (MarketWatch) — Mortgage lending standards now appear to be “overly tight,” and are preventing creditworthy borrowers from buying homes, Federal Reserve Board Chairman Ben Bernanke said Thursday."
http://www.marketwatch.com/story/mortgage-lending-standards-are-too-tight-bernanke-2012-11-15
« Last Edit: November 15, 2012, 12:21:23 PM by ragerunner »

Offline 327

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Re: US Economy: News & Discussion
« Reply #4083 on: November 15, 2012, 12:23:04 PM »
Data interpreted as "lending standards are too tight" could (and probably should) be interpreted as "people don't make enough money."

Offline Gramarye

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Re: US Economy: News & Discussion
« Reply #4084 on: November 15, 2012, 12:31:16 PM »
How are those two statements the same?  It would be quite possible (indeed, I'd argue beneficial) for incomes to rise but lending standards to remain strict.  If incomes rise and lending standards loosen, then people will leverage up again ... and be even more exposed if/when real incomes fall again.  Unless you really think that the recent contraction was a true historical anomaly that will never be repeated (and while it's impossible to prove the future, I still think that's a very naively optimistic assumption), we are going to need to keep in mind that increases in income need not be permanent.

Offline 327

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Re: US Economy: News & Discussion
« Reply #4085 on: November 15, 2012, 12:45:20 PM »
Increases in income do need to be permanent, if increases in housing prices are to be permanent.  The latter is dependent on the former.  I agree that rising incomes and tight lending standards would be a good way forward.   

Offline Gramarye

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Re: US Economy: News & Discussion
« Reply #4086 on: November 15, 2012, 01:10:18 PM »
I was using "need not be permanent" in the sense of "might not necessarily be permanent."

I remain unconvinced that increases in housing prices are a net societal benefit.  Price increases are a net transfer of wealth from buyers to sellers.  They are only balanced out if the buyer gets more for his money.  Given that houses lose value absent maintenance (which itself costs money and should be factored into the carrying cost of the good), house prices increasing over time means buyers paying more and getting less.  Since buyers will generally (though not always) be younger than sellers, that also means a net wealth transfer from the young and less affluent to the old and more affluent.  The young and less affluent face sufficient financial burdens as things stand.

Offline 327

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Re: US Economy: News & Discussion
« Reply #4087 on: November 15, 2012, 01:24:33 PM »
Totally agree, and that's why growth can't be based on real estate.

Offline Gramarye

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Re: US Economy: News & Discussion
« Reply #4088 on: November 15, 2012, 01:39:02 PM »
Ah, then we agree.  I was just assuming we were arguing because I was talking with you.   :-D :evil: :shoot:

Offline 327

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Re: US Economy: News & Discussion
« Reply #4089 on: November 15, 2012, 01:43:16 PM »
I assumed we were arguing because I made a statement and you responded like WHAT ?!?

Offline ragerunner

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Re: US Economy: News & Discussion
« Reply #4090 on: November 15, 2012, 05:00:56 PM »
Procter & Gamble Plans More Job Cuts, Boosts Buyback Program 50%
Procter & Gamble Co. (PG) announced plans to possibly cut more than twice as many nonmanufacturing jobs than it had already planned, a further sign that it is heeding analyst and investor criticism over its bloated cost structure.
The world's largest consumer-product company Thursday disclosed plans to cut its nonmanufacturing workforce by an additional 2% to 4% annually through fiscal year 2014 to 2016. That comes on top of plans to reduce its nonmanufacturing jobs by 10%, or 5,700, by the end of its current fiscal year ending June 30.
The top end of the job-cut projections would further reduce P&G's nonmanufacturing workforce by an additional 5,900.
Read more: http://www.foxbusiness.com/news/2012/11/15/procter-gamble-plans-more-job-cuts-boosts-buyback-program-50/#ixzz2CL2ceMhk


I get the feeling gamestop is potentially heading in the same down direction as blockbuster.

GameStop Plans to Close 200 Money-Losing Outlets
"GameStop Corp. (GME) the world’s largest video-game retailer, plans to close 200 stores by next year, saying about 3 percent of its outlets worldwide lose money."
http://www.bloomberg.com/news/2012-11-15/gamestop-plans-to-close-200-money-losing-u-s-outlets.html
« Last Edit: November 15, 2012, 05:09:26 PM by ragerunner »

Offline Loretto

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Re: US Economy: News & Discussion
« Reply #4091 on: November 15, 2012, 05:49:16 PM »
There's nothing potentially about it. GameStop exists solely because console developers decided to slow down their product cycles and play the iteration game.

Offline unusualfire

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Re: US Economy: News & Discussion
« Reply #4092 on: November 15, 2012, 07:30:21 PM »
This country would be amazing if no company laid off  people even if they are making 100m profit needless to say billions in profit. When you are losing money like Gamestop. I have no idea why they kept the stores that were losing money open so long.

Offline Boreal

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U-M survey: U.S. economy expected to regain nearly 9M jobs
« Reply #4093 on: November 16, 2012, 05:21:58 AM »
By The Detroit News

Ann Arbor — Over the next two years, the U.S. economy will regain the rest of the nearly 9 million jobs lost in the Great Recession, according to an annual forecast by University of Michigan economists.

Employment fell by 8.8 million jobs during the 2008-09 economic downturn, but the economy has recovered 4.5 million jobs in the last three years, according to the survey released Thursday morning. By the end of 2014, another 4.3 million jobs will be added as the economy grows at a moderate pace with steadily falling unemployment, the economists said.

http://www.detroitnews.com/article/20121115/BIZ/211150429

Even with that growth, according to the forecast, the state will have recovered just one-third of the jobs lost between the middle of 2000 to the end of 2009. <The Bush Years

Offline ragerunner

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Re: US Economy: News & Discussion
« Reply #4094 on: November 16, 2012, 09:32:05 AM »
Chrysler to add 1,250 jobs (and they're not in China)
http://www.usatoday.com/story/money/cars/2012/11/15/chrysler-ram-michigan-us-jobs-bailout/1707661/


Twinkies maker Hostess going out of business
The liquidation of the company will mean that most of its 18,500 employees will lose their jobs, Hostess said on Friday.
http://money.msn.com/top-stocks/post.aspx?post=6d7b095e-e558-4dc4-83e9-1859d177e676&ocid=ansmony11


China may be hiding bad loans, just as Japan did
"But economists at Also Sprach Analyst said in an online posting that the troubled-loan problem dogging Chinese banks is likely much larger than official figures indicate, and they hinted that the debt crisis could turn up in official figures at a later date.
Japanese banks also reported non-performing loans as relatively low in 1990, the year that nation’s economic bubble burst, according to Also Sprach Analysts, citing Bank of America Merrill Lynch research.
“Chinese banks are now sitting on a tiny bit of non-performing loans — which probably no one in their right mind should believe,” the analyst said."
http://blogs.marketwatch.com/thetell/2012/11/16/china-may-be-hiding-bad-loans-just-as-japan-did/


In other words, Greece will default again on what they still owe. It just sounds better when you say debt writedown.

Debt crisis: live
"Greece will eventually need another debt writedown, the head of Germany's central bank has said, as IMF managing director Christine Lagarde urged Europe's leaders to forge a deal next week to help the country get "back on its feet"."
http://www.telegraph.co.uk/finance/debt-crisis-live/9681567/Debt-crisis-live.html

Offline KJP

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Re: US Economy: News & Discussion
« Reply #4095 on: November 16, 2012, 09:47:55 AM »

Twinkies maker Hostess going out of business
The liquidation of the company will mean that most of its 18,500 employees will lose their jobs, Hostess said on Friday.
http://money.msn.com/top-stocks/post.aspx?post=6d7b095e-e558-4dc4-83e9-1859d177e676&ocid=ansmony11


Screw Hostess and its Wall Street fraud-docs who are so eager to carve the company's organs for sale to the highest bidders.
"Give me control of a nation's money supply, and I care not who writes the laws." -- Mayer Amschel Rothschild, founder of the European banking dynasty.

Offline Hts121

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Re: US Economy: News & Discussion
« Reply #4096 on: November 16, 2012, 11:35:54 AM »
Terrible news for cockroaches.  What will they eat in the event of a nuclear holocaust?

Offline ragerunner

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Re: US Economy: News & Discussion
« Reply #4097 on: November 16, 2012, 12:55:22 PM »
JPMorgan, Credit Suisse paying total $417M to settle SEC charges on sales of mortgage bonds
"WASHINGTON — JPMorgan Chase and Credit Suisse have agreed to pay a combined $417 million to settle federal civil charges of selling risky mortgage bonds to investors that the banks knew could fail ahead of the 2008 financial crisis."
http://www.therepublic.com/view/story/03411a2477f1415ba8fef9b1152c598b/US---JPMorgan-Credit-Suisse-Settlement

Offline ragerunner

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Re: US Economy: News & Discussion
« Reply #4098 on: November 19, 2012, 09:29:09 AM »
Average US Credit Card Debt Per Borrower up in 3Q
"Americans cranked up their use of credit cards in the third quarter, racking up more debt than a year ago, while also being less diligent about making payments on time, an analysis of consumer-credit data shows.
The average credit card debt per borrower in the U.S. grew 4.9 percent in the July-to-September period from a year earlier to $4,996, credit reporting agency TransUnion said Monday."
http://abcnews.go.com/US/wireStory/average-us-credit-card-debt-borrower-3q-17757527#.UKnETIdfBmo


If Bernanke reduces the requirements for home loans this number will go through the roof.

Nov. builder sentiment hits six-plus-year peak
"The National Association of Home Builders/Wells Fargo housing market index rose 5 points to a seasonally adjusted level of 46, the highest point since May 2006."
http://www.marketwatch.com/story/nov-builder-sentiment-hits-six-plus-year-peak-2012-11-19


US taxpayers bail out California homeowners, as banks fail to pay their share
"Contrary to what voters were led to believe, California took the unprecedented step this month to give banks and struggling homeowners up to $100,000 in taxpayer funds to reduce underwater mortgages.
Originally, banks and lenders were supposed to pay 50 percent of the cost of reducing the principal for those whose homes are worth less than their mortgage. But when the banks refused, California took the controversial step of paying the entire amount, up to $100,000."
Read more: http://www.foxnews.com/politics/2012/08/20/us-taxpayers-bailout-california-homeowners-as-banks-fail-to-pay-their-share/#ixzz2CgbgzQE2


United Technologies laying off 500 workers, including 4 in Charlotte area
Read more here: http://www.charlotteobserver.com/2012/11/16/3670382/united-technologies-laying-off.html#storylink=cpy


Medical giant Stryker cuts 1,170 jobs, citing ObamaCare
Read more: http://www.foxnews.com/politics/2012/11/16/medical-supply-giant-stryker-corp-makes-pre-emptive-strike-against-pending/#ixzz2CgdTHNA1


Kaiser Permanente lays off 530 employees in Southern California
http://www.presstelegram.com/breakingnews/ci_22014897/kaiser-permanente-lays-off-530-employees-southern-california
« Last Edit: November 19, 2012, 09:39:36 AM by ragerunner »

Offline unusualfire

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Re: US Economy: News & Discussion
« Reply #4099 on: November 19, 2012, 11:27:23 AM »
Are you nit picking job losses? I know for a fact some  companies are hiring even after Obama was elected.
« Last Edit: November 19, 2012, 11:28:08 AM by unusualfire »

Offline ragerunner

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Re: US Economy: News & Discussion
« Reply #4100 on: November 19, 2012, 11:33:57 AM »
Nope.
But I am listings major job losses. Since the first of September job losses has increase over the last year significantly and these losses will impact job numbers over the next several months. Most of these jobs are also higher paying not just Wal mart type retail jobs. Feel free to post job gains, most that I have seen lately are jobs that are expected to be created by X company over the next X amount of years. Not exactly locked in job growth.

Offline Hts121

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Re: US Economy: News & Discussion
« Reply #4101 on: November 19, 2012, 02:07:52 PM »
Are you nit picking job losses?

This blog is really more about nit-picking sources of information

Offline ragerunner

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Re: US Economy: News & Discussion
« Reply #4102 on: November 19, 2012, 05:14:19 PM »
Investment Falls Off a Cliff
U.S. Companies Cut Spending Plans Amid Fiscal and Economic Uncertainty
"U.S. companies are scaling back investment plans at the fastest pace since the recession, signaling more trouble for the economic recovery.
Half of the nation's 40 biggest publicly traded corporate spenders have announced plans to curtail capital expenditures this year or next, according to a review by The Wall Street Journal of securities filings and conference calls.
Nationwide, business investment in equipment and software—a measure of economic vitality in the corporate sector—stalled in the third quarter for the first time since early 2009. Corporate investment in new buildings has declined."
http://online.wsj.com/article/SB10001424127887324595904578123593211825394.html

Offline KJP

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Re: US Economy: News & Discussion
« Reply #4103 on: November 19, 2012, 11:02:11 PM »
Terrible news for cockroaches.  What will they eat in the event of a nuclear holocaust?

Fast food. French fries will outlast everything.

Half of the nation's 40 biggest publicly traded corporate spenders have announced plans to curtail capital expenditures this year or next, according to a review by The Wall Street Journal of securities filings and conference calls.

There's the wrinkle: "the 40 largest publicly traded companies." And what kinds of businesses create most new jobs?
"Give me control of a nation's money supply, and I care not who writes the laws." -- Mayer Amschel Rothschild, founder of the European banking dynasty.

Offline gottaplan

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Re: US Economy: News & Discussion
« Reply #4104 on: November 20, 2012, 07:24:34 AM »
Are you nit picking job losses?

This blog is really more about nit-picking sources of information

We've been through this.  Some of you dislike the negative economic data presented by ragerunner, but can't or won't produce data indicating otherwise.

Offline ragerunner

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Re: US Economy: News & Discussion
« Reply #4105 on: November 20, 2012, 09:02:49 AM »
Terrible news for cockroaches.  What will they eat in the event of a nuclear holocaust?

Fast food. French fries will outlast everything.

Half of the nation's 40 biggest publicly traded corporate spenders have announced plans to curtail capital expenditures this year or next, according to a review by The Wall Street Journal of securities filings and conference calls.

There's the wrinkle: "the 40 largest publicly traded companies." And what kinds of businesses create most new jobs?

Bad News for Small Business: VC Investments Decline
"Recently, we posted here about the growth in angel capital investments. Now, there’s some not-so-good news for small businesses about venture capital. The most recent MoneyTree survey from PricewaterhouseCoopers and the National Venture Capital Association reports that in the third quarter of 2012, VC investments shrunk both in terms of overall dollars (down by 11 percent from the second quarter of 2012) and in terms of deal volume (down by 5 percent from the second quarter of 2012)."
http://www.networksolutions.com/smallbusiness/2012/11/bad-news-for-small-business-vc-investments-decline/


Small Businesses Grow Wary, See Fewer Hires, Investments
"Confidence among U.S. small businesses cooled in September as fewer companies said they planned to hire or invest in new equipment, a survey found."
Read more: Small Businesses Grow Wary, See Fewer Hires, Investments
Important: Can you afford to Retire?
http://www.moneynews.com/Economy/Small-Businesses-Hires-Investments/2012/10/09/id/459211

Offline ragerunner

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Re: US Economy: News & Discussion
« Reply #4106 on: November 20, 2012, 09:06:27 AM »
Debt crisis: Eurozone remains split on Greek aid - live
"Eurogroup leader Jean-Claude Juncker and Finland raise doubts about reaching a deal on Greek aid as eurozone finance minister prepare to meet in Brussels later today."
http://www.telegraph.co.uk/finance/debt-crisis-live/9688943/Debt-crisis-Eurozone-remains-split-on-Greek-aid-live.html


France's rating downgrade a warning for banks
"PARIS, Nov 20 (Reuters) - French banks were reminded of risks to their own growth and credit ratings when Moody's stripped France of its triple-A badge because of an uncertain fiscal and economic outlook."
http://www.reuters.com/article/2012/11/20/france-moodys-banks-idUSL5E8MK3XI20121120


Offline StapHanger

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Re: US Economy: News & Discussion
« Reply #4107 on: November 20, 2012, 09:20:04 AM »

We've been through this.  Some of you dislike the negative economic data presented by ragerunner, but can't or won't produce data indicating otherwise.

Oh FFS, I'll take the bait.  From 30 seconds of googling below is a sampling from the past three days. Obviously the fiscal cliff is a major wildcard, and things are still messy, but the high doom and gloom ratio here is the very definition of cherry-picked.

Housing Market Posts Gains
Sales of Previously Owned Homes Rose in October; Supply of Properties Shrinks

http://online.wsj.com/article/SB10001424127887324307204578128900029337018.html

California posts strong job gains as employers add 45,800 workers
http://articles.latimes.com/2012/nov/17/business/la-fi-california-jobs-20121117

GDP Accelerating to 2.9% Helping U.S. Overcome Sandy Woes
http://www.bloomberg.com/news/2012-11-19/gdp-accelerating-to-2-9-helping-u-s-overcome-sandy-budg.html

Offline gottaplan

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Re: US Economy: News & Discussion
« Reply #4108 on: November 20, 2012, 09:31:39 AM »
Great.  Keep it up.  I like reading good news.

Offline KJP

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Re: US Economy: News & Discussion
« Reply #4109 on: November 20, 2012, 09:43:21 AM »
I like getting good news. Seems to me that the national news believes its viewers want more doomer porn. So I don't give them my ratings. I do watch BBC-America and Bloomberg however.
"Give me control of a nation's money supply, and I care not who writes the laws." -- Mayer Amschel Rothschild, founder of the European banking dynasty.