U.S. Payrolls Rose 80,000 in October; Jobless Rate Fell to 9% - Bloomberg - Shobhana Chandra - November 5, 2011 - U.S. employment climbed in October at the slowest pace in four months, illustrating the “frustratingly slow” progress cited by Federal Reserve Chairman Ben S. Bernanke this week. The 80,000 increase in payrolls was less than forecast and followed gains in the prior two months that were revised up by 102,000, Labor Department figures showed today in Washington. The unemployment rate fell to a six-month low of 9 percent from 9.1 percent even as the labor force expanded.
US retail sales miss expectations - The Financial Times through Yahoo News - Barney Jopson in New York - November 3, 2011 - US retail sales climbed 3.8 per cent in October, but missed market expectations as retailers prepare for a holiday shopping season of fierce competition and volatile consumer sentiment. Sales rose for the 26th consecutive month in spite of the weak US economy, but the 3.8 per cent rise fell below forecasts of a 4.4 per cent rise and marked the first miss this year. The figures did little to alter the prevailing outlook for end-of-year shopping, as consumers say they will spend less on gifts than last year while analysts forecast that once they hit shop floors they will end up spending between 2 and 3 per cent more.
Send Citi, BofA to 'Minor Leagues' for Breakup: Mayo - CNBC - Jeff Cox - November 1, 2011 - Big banks that haven't been performing should be broken up before they become a threat to the entire financial system, analyst and author Mike Mayo told CNBC. Referring specifically to Bank of America and Citigroup , the managing director at Credit Agricole said the institutions are classic examples of banks where shareholders should be able to step in and remove ineffective executives. Bad corporate governance — and not fundamental weaknesses of capitalism — is at the heart of why so many people distrust banks, said Mayo, who called for accountability rather than more regulation. Mayo is author of the upcoming Exile on Wall Street: One Analyst's Fight to Save the Big Banks From Themselves.
Former Fed Chairman Paul Volcker laughs at the great increase in wealth disparity over the past 10 to 15 years, and at Americans for not speaking out more forcibly against it - Faux Capitalism - November 1, 2011 - In an October 24, 2011 interview with Charlie Rose, former Fed Chairman and fellow Bilderberger, Paul Volcker, laughed at the great increase in wealth disparity in the United States over the past 10 to 15 years, and at Americans for not speaking out more forcibly against it (starting at 18:27).
“But there is a feeling — which I’ve been a little surprised has not been expressed more forcibly before — the distribution of income, which has changed very radically in the last 10 or 15 years. And you have a situation in the United States where there’s been almost no growth in real income for the average family for 10 or 15 years, but way at the upper end of the income distribution, there’s been an enormous increase, of a kind that didn’t take place in my lifetime or even in your lifetime. (laughs)“
GOLDMAN SUX - Giant Squid Strikes Again at Occupy Wall Street's Credit Union - Greg Palast - October 31, 2011 - Last week, Democracy Now! and The Guardian ran our story about Goldman Sachs yanking financial support from a community credit union for honoring one of its largest customers. The customer: Occupy Wall Street. Our report so enraged Goldman that, within days, it doubled down on its attack on the little community bank. Goldman had already demanded the return of its $5,000 payment to the Lower East Side Peoples Federal Credit Union. Now, sources say, the trillion-dollar Wall Street mega-bank sent the following message to the not-for-profit community bank: "You will never get a dime from any bank ever again." About those "dimes" Goldman is taking away: They come from you and me, the taxpayers who put up billions into the Troubled Asset Recovery Plan (TARP), usually known as the Bank Bail-Out Fund.
Mortgage Fraud and the Housing Market - October 28, 2011 - Max Keiser & Catherine Austin Fitts