Important News - Oct. 28
By Daniel at 28 October, 2009, 3:44 pm
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1) Breaking: Banks cut GDP forcasts
The Market had it’s best rally since 1938… I thought we could look back at the rallies during the Great Depression Bear Market (1929-1932):
3) “Legalize It: Insider Trading Is a Victimless Crime, Says James Altucher”
4) Bank can’t prove they are the lien holder. Chaulk one up for the consumer
5) Fears of a New Chill in Home Sales
Ah, yes indeed…, “Truth” begining to push its way out among all the green shoots…
5A) New-home sales suffer reversal
6) K1 Hedge fund snared in probe as Barclays, JP Morgan face losses
7) GMAC Asks for Fresh Lifeline:
Lender in Advanced Talks for Third Slug of Taxpayer Cash — at Least $2.8 Billion More
“CNBC Viewership Plunges 50% In October”
“ANKARA, October 28 (RIA Novosti) - Turkey is switching to national currencies in trade with Iran and China, ending dependence on the U.S. dollar and the euro for about 20% of its commodity turnover, local media reported on Wednesday.
Turkey has already switched to settlements in national currencies with Russia amid weakening confidence in the greenback as the world’s major reserve currency.”
“”I know that Medicaid rolls are up, and instead of cutting the $240 million we expected in September, it will be closer to $280 million. I’m guessing we’re going to cut higher education some more, and now the governor has announced four more furlough days. That hurts,” she said.
Keller said even if the recession ends, it will be at least another year before state revenues rebound.”
“More than 4,000 state employees from just two state agencies may be forced to take unpaid time off.
Lawmakers were hoping to avoid furloughs while trying to balance the state’s $650 million revenue shortfall. But state employees who are struggling now in this economy could take another big hit by being forced to take time off without pay—a lot of time if you work for the Human Services Department.”
“JEFFERSON CITY — The number crunchers who follow state revenue trends sound like doomsayers.
“I’ve never seen anything like it,” said business consultant and former state budget director Jim Moody.
“There aren’t too many ways out of this one,” said House Budget Chairman Allen Icet, R-Wildwood.
“We’re talking about complete elimination of programs,” said Sen. Brad Lager, R-Savannah.”
- 13) Rendell: Budget Cuts Could Result In Hundreds Of Layoffs (Pennsylvania)
“HARRISBURG, Pa. — Gov. Ed Rendell said hundreds of layoffs are coming in November because of cuts in the state budget.
But that is about all he is saying, and the lack of information is putting the more than 76,000 people who work for the state on edge.”
- 14) American Airlines to close Kansas City maintenance base, cut 700 jobs
- 15) Reading plans to cut 26 detectives; only major crimes would be investigated
“Reading’s budget woes mean city police will end up next year with only a third of the criminal investigators they have now, and the detectives will work only on major crimes, city administration officials said Tuesday.”
- 16) City budget deficits (Google news search)
(Page after page of these. Scroll down)
“”After careful review of all of our options, bankruptcy protection seems to be the only solution left at this time,” Davis said in a statement released Tuesday afternoon. “Over the past 50 years, the pension plan was amended by the Legislature more than fifteen times, and always the economic burden on the City was increased. This has been a long-term problem that was unfortunately inherited by this administration.
“After several lawsuits filed by pensioners, it has forced us to come to this decision, one that will protect the city and its residents,” Davis’ statement added.”
“Native Americans testifying at the all-day hearing at Borough of Manhattan Community College Tuesday, most notably the Seneca Nation, strongly resisted the notion of paying state taxes on the sales to nontribal members. Violent confrontations accompanied two attempts at tax collection by the state in the 1990s.
“A police problem could quickly elevate to a military one,” Kiernan said, adding Paterson is still considering how to move forward. He said the state favors a policy of negotiating a peaceful settlement.”
“A state report expected soon from the CalPERS state government employee retirement system will show the county has about $63 million in unfunded pension liabilities, Christoffel said. That is the amount of money the county would need to pay out in pensions if all 906 county employees were to retire tomorrow.”
“New Yorkers are fleeing the state and city in alarming numbers — and costing a fortune in lost tax dollars, a new study shows.”
- 21) RealtyTrac Foreclosure rates for top metro areas in Q3
“RealtyTrac counted 937,840 foreclosure-related filings during the third quarter, a 5.4 percent boost from the previous quarter and a 22.5 percent increase from a year ago.”
“Oct. 28 (Bloomberg) — California’s Assembly will consider lifting its 96-year-old ban on marijuana, decriminalizing the drug and taxing it like alcohol, as the state seeks ways out of its worst financial crisis since World War II.”
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““It is time to take our heads out of the sand and start to regulate this $14 billion industry,” Ammiano said in the statement.”
- saxplayer
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