and every string-puller behind the prime movers, gets what he deserves: endless poverty, total loss of power in all aspects of life, and ills of the flesh that cannot be cured.

and I slopped around in it forever. Still alive, in spite of everything. but I won't be around much today....keep it together folks, the Weekend is almost here!

It's Dear Old Pappy's 84th birthday. I'll be back Sunday evening, so I'll see everyone Monday.

As soon as I finish this cup of coffee, I'm outta here.

"We are ruled by people who think $250,000 annual income means you're poor, but the minimum wage is too high and the olds have it too good."

http://www.eschatonblog.com/2013/02/no-jobs-no-money.html

http://elpais.com/elpais/2013/02/28/inenglish/1362051973_447589.html

The banking group BFA-Bankia, which was nationalized in May after coming unstuck because of its exposure to the floundering real estate market, posted a massive loss last year of 21.238 billion euros, an unprecedented figure in Spanish corporate history, according to its financial results presented on Thursday.

Bankia, the listed commercial banking arm of its parent Banco Financiero y de Ahorros, alone booked a loss of 19.056 billion euros after minority interests. Since BFA does not fully own Bankia the loss attributable to its majority shareholder, the Bank of Spain’s Orderly Bank Restructuring Fund (FROB), amounted to 10.792 billion euros.

The group dedicated 26.845 billion euros to cleaning up its balance sheet, using funds that came from a 40-billion-euro bailout granted by Spain’s European partners to recapitalize its banking sector. Three other banks, Banco NCG, Catalunya Banc and Banco de Valencia, were also nationalized.

“These write-downs, along with the recapitalization measures approved on November 28 by the European authorities, allow the bank to start 2013 with a healthy balance sheet and from a solid position in terms of solvency and liquidity,” the bank said in a statement.

http://elpais.com/elpais/2013/02/28/inenglish/1362057611_159946.html


The recession in Spain at the end of last year was slightly deeper than initially forecast as high unemployment weighed heavily on consumer spending, while government outlays fell due to the austerity drive.

The only bright spot in the overwhelmingly bleak scenario was a buoyant export sector that helped offset shrinking domestic demand.

The National Statistics Institute (INE) said Thursday that on a quarterly basis, GDP contracted 0.8 percent in the final three months of the year, compared with a fall of 0.3 percent in the third quarter. In a flash estimated released at the end of this month, the INE calculated that output had shrunk by 0.7 percent. The economy has now declined for seven quarters in a row, with Spain stuck in its second recession in four years.

The INE also revised the contraction for the full year from 1.37 percent to 1.42 percent, while the flash estimate for the annual fall in the fourth quarter is now estimated at 1.9 percent, compared with 1.8 percent previously, and 1.6 percent in the third quarter.

http://hosted.ap.org/dynamic/stories/U/US_ECONOMY_GDP?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-02-28-08-36-15

WASHINGTON (AP) -- The U.S. economy grew at a 0.1 percent annual rate from October through December, the weakest performance in nearly two years.

The Commerce Department's revision to fourth-quarter growth was only slightly better than its initial estimate that the economy shrank at a rate of 0.1 percent.

The upward revision reflected strength in exports and business investment. Analysts believe growth is rebounding in the current quarter despite higher taxes and government spending cuts set to start on Friday. A steady rebound in housing and solid business and consumer spending is expected to push growth higher in the current quarter.

http://hosted.ap.org/dynamic/stories/U/US_UNEMPLOYMENT_BENEFITS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-02-28-08-41-54

WASHINGTON (AP) -- The number of Americans seeking unemployment aid fell 22,000 last week to a seasonally adjusted 344,000, evidence that the job market may be picking up.

The four-week average of applications dropped 6,750 to 355,000, the Labor Department said Thursday. That was the first drop in three weeks.

Weekly applications are a proxy for layoffs. When they decline, it suggests companies are cutting fewer workers and may be more willing to hire.

The four-week average has steadily declined since November. Since then, it has fallen almost 11 percent. At the same time, employers have added an average of 200,000 jobs per month from November through January. That's up from about 150,000 in the previous three months.

http://www.reuters.com/article/2013/02/28/us-usa-fiscal-economy-idUSBRE91R08A20130228

(Reuters) - On paper, there's one thing to like about the ugly spending cuts due to kick in on Friday: $85 billion in budget savings at a time when Washington continues to bleed red ink.

In reality, the so-called "sequester" is likely to yield less than half that much in the short term.

In part, that has to do with the complex way the government handles its money. But it also reflects the probability that the spending cuts will hurt the economy, which in turn will lower tax revenue and drive up the costs of social safety-net programs like unemployment insurance.

On top of that, federal agencies - especially the Pentagon - will have to pay penalties to suppliers if the sequester forced them to cancel contracts.

http://www.reuters.com/article/2013/02/28/us-eu-bonus-karas-idUSBRE91R0G020130228

(Reuters) - Bankers in Europe face a cap on bonuses as early as next year, following agreement in Brussels on Thursday to introduce what would be the world's strictest pay curbs, in a move politicians hope will address public anger at financial-sector greed.

The provisional agreement, announced by diplomats and officials after late-night talks between EU country representatives and the bloc's parliament, means bankers face an automatic bonus cap set at a par with their salaries.

That can be raised to twice their pay packet only if a majority of the bank's shareholders vote in favor.

The rules will apply to all banks - American, Asian, Russian or European - based in Europe, and to units of European banks located abroad, so a Deutsche Bank employee working in New York or Tokyo would be subject to the same limits.

http://www.guardian.co.uk/global-development/2013/feb/28/profits-poverty-not-contradictory-ifc-chief


in-Yong Cai, CEO of the IFC, centre, with World Bank president Jim Yong Kim, right, and Miga vice-president Michel Wormser. Photograph: Dominic Chavez/World Bank


The International Finance Corporation, the branch of the World Bank that deals with private companies, last month announced a potential multimillion-euro investment in Lidl, the discount supermarket chain, to help it expand in Bulgaria, Croatia and Serbia. This deal would not only create jobs, it said, but also contribute to development by giving low-income consumers greater access to cheap, quality food.

It's precisely the sort of proposal that raises eyebrows among critics, who accuse the IFC of backing projects that "stretch the interpretation of development". Owned by the German multinational Schwarz Group, Lidl is one of Europe's largest and fastest-growing retail chains. It is "Europe's Walmart", with no-frills displays, ultra-low prices and a controversial history when it comes to workers' rights. Bloomberg's billionaires list ranks the man at the top, Dieter Schwarz, the 33rd richest person in the world with an estimated net worth of more than $20bn.

If the IFC is the largest development finance institution focused exclusively on the private sector, it's also one of the more controversial players in the fight against global poverty. Last year, it invested more than $20bn around the world – but is arguably most famous for its involvement in projects campaigners say do more for corporate profits than the world's poor people. Recently, attention has turned to its role in controversial mining projects, airport expansions and luxury hotels.

Jin-Yong Cai, the IFC chief executive, acknowledges there have been concerns about the institution's development impact. However, he insists, creating profitable companies and tackling poverty should not be seen as contradictory goals.

but it certainly doesn't hurt.

Source: Department of Labor, Employment and Training Administration

Link: http://www.dol.gov/opa/media/press/eta/ui/eta20130342.htm

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending February 23, the advance figure for seasonally adjusted initial claims was 344,000, a decrease of 22,000 from the previous week's revised figure of 366,000. The 4-week moving average was 355,000, a decrease of 6,750 from the previous week's revised average of 361,750.

The advance seasonally adjusted insured unemployment rate was 2.4 percent for the week ending February 16, a decrease of 0.1 percentage point from the prior week's revised rate. The advance number for seasonally adjusted insured unemployment during the week ending February 16 was 3,074,000, a decrease of 91,000 from the preceding week's revised level of 3,165,000. The 4-week moving average was 3,155,000, a decrease of 35,500 from the preceding week's revised average of 3,190,500.

UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 307,589 in the week ending February 23, a decrease of 43,208 from the previous week. There were 334,242 initial claims in the comparable week in 2012.
....

The largest increases in initial claims for the week ending February 16 were in California (+26,683), Connecticut (+1,747), Massachusetts (+883), and New Mexico (+5), while the largest decreases were in Illinois (-3,285), Kansas (-3,114), Pennsylvania (-2,865), Florida (-2,442), and Ohio (-2,265).

== == == ==

Good morning, Freepers and DUers alike. I ask you to put aside your differences long enough to read this post. Following that, you can engage in your usual donnybrook.

There was a big decrease this week, but not for workers in California. What caused that, I wonder.

I have been posting the number every week for at least a year. I seriously do not care if the week's data make Obama look good. They are just numbers, and I post them without regard to the consequences. I welcome people from Free Republic to examine the numbers as well. They paid for the work just as much as members of DU did, so I invite them to come on over and have a look. "The more the merrier" is the way I look at it.

I do not work at the ETA, and I do not know anyone working in that agency. I'm sure I can safely assume that the numbers are gathered and analyzed by career civil servant economists who do their work on a nonpartisan basis. Numbers are numbers, and let the chips fall where they may. If you feel that these economists are falling down on the job, drop them a line or give them a call. They work for you, not for any politician or political party.

The word "initial" is important. The report does not count all claims, just the new ones filed this week.

Note: The seasonal adjustment factors used for the UI Weekly Claims data from 2007 forward, along with the resulting seasonally adjusted values for initial claims and continuing claims, have been revised. These revised historical values, as well as the seasonal adjustment factors that will be used through calendar year 2012, can be accessed at the bottom of the following link: http://www.oui.doleta.gov/press/2012/032912.asp

http://www.atimes.com/atimes/Global_Economy/GECON-01-280213.html

OHANNESBURG - Emerging market leaders want their Brazil, Russia, India, China and South Africa club to be taken seriously, and next month they are expected to make a decisive move towards setting up a development bank to give it real substance and credibility.

"There is no doubt that the BRICS Development Bank will be a welcome development," Sandile Zungu, the Secretary of South Africa's Black Business Council, told IPS.

"The need for the bank is fairly obvious if you look at the growing trade among the BRICS countries and the frustrations these countries have had with existing development financing institutions like the World Bank and the IMF," he said.

Zungu particularly pointed to existing bureaucracy, the criteria for



lending, the conditions attached to loans and the slow pace in processing applications.

"Then there's the fact these countries have such massive infrastructure roll-out programmes, which gives all the more reason to create this bank - the need is there."

http://www.businessinsider.com/greek-pharmacies-face-medicine-shortage-2013-2

Greece is facing a serious shortage of medicines amid claims that pharmaceutical multinationals have halted shipments to the country because of the economic crisis and concerns that the drugs will be exported by middlemen because prices are higher in other European countries.

Hundreds of drugs are in short supply and the situation is getting worse, according to the Greek drug regulator. The government has drawn up a list of more than 50 pharmaceutical companies it accuses of halting or planning to halt supplies because of low prices in the country.

More than 200 medicinal products are affected, including treatments for arthritis, hepatitis C and hypertension, cholesterol-lowering agents, antipsychotics, antibiotics, anaesthetics and immunomodulators used to treat bowel disease.

Separately, it was announced on Tuesday that the Swiss Red Cross was slashing its supply of donor blood to Greece because it had not paid its bills on time.


Read more: ?key=YXJ0aWNsZT1jYWFhNGJiYzYzYTllYmIyMmIzYWZiOTNlMGI2Mzk2NSZvd25lcj01ZGYyMDgwZWQ3Y2QxN2VjMjVhYWU2ZTkwYWU2MzNmMiZub25jZT0wMThjMzQ4NC02ODVhLTQwZTMtYWVkMi1jNjM5OWM0YWQwOTcmcHVibGlzaGVyPThjMDBmYmVlNjFkNWJjZjBjNjA5MmQ4YjkyZWJiY2Ex#ixzz2MCkvCZ2b

http://www.bbc.co.uk/news/business-21619958

Gross domestic product (GDP) in the US in the last three months of 2012 has been revised from showing contraction to growth.

The Commerce Department's second estimate was that the economy had grown at an annualised 0.1%. The first estimate was a 0.1% contraction.

The revision was due to more exports and business investment than thought.

It is still a very low rate of growth, well down from the annualised 3.1% in the previous quarter.

http://www.bbc.co.uk/news/business-21617023


Inflation across the eurozone has fallen from 2.2% to 2% in January, according to official figures.

The fall comes as widespread austerity and weakening economies leave consumers with little free cash to spend, depressing retailers' ability to increase prices.

Some analysts think the drop could leave the European Central Bank (ECB) room to cut interest rates at its next meeting.

Rates are currently at 0.75%.

http://www.bbc.co.uk/news/business-21611720


Mr Kuroda is seen as a proponent of aggressive monetary policy to help revive Japan's economy

Japan's government has nominated Haruhiko Kuroda to be the next governor of the country's central bank.

Mr Kuroda is currently the head of the Asian Development Bank and is seen as a supporter of aggressive monetary easing to help revive Japan's economy.

The government, which recently won a general election, wants the Bank of Japan to do more to boost growth.

Both the upper and lower houses of Japan's parliament will now need to vote and approve the nomination.

http://www.bbc.co.uk/news/world-asia-india-21611782


India's finance minister has announced an unexpected rise in public spending for the next financial year in an attempt to revive its sluggish economy.

However, he vowed to cut the country's deficit as he unveiled new taxes on the super rich as well as large businesses.

P Chidambaram said that increased foreign investment was key to reviving growth in India's economy.

The budget comes at a time when India's growth rate has slowed, hurt by both global and domestic factors.

One more to go, between lunch and dinner, and I can return to what passes for my "normal" life, including posting on DU!!!

I'm so psyched. Or, I will be, maybe. Alive, at least. My horrorscope today:

"When you are working toward a goal, you have every right to use all of your skills -- not just your intelligence. Today, pull out your secret weapon -- your delightful charm! Flash that smile and tell people just how wonderful you think they are. People like to be treated well, and you know how to boost someone's ego without crossing that line and being too flirtatious. By helping people lighten up and not take things too seriously, you'll help them take you more seriously. "

2/28/13 Warning: Stocks Likely to Crater from Here
Losses of over 50% (!) may be in store

I don't relish the job of constantly pointing out the risks to the equity markets. But since few on Wall Street seem willing (or able) to do this, I'm "making the call" for a market correction, as enough variables have aligned to indicate a high likelihood of stocks heading downwards from here.

I've only given one other such warning about equities before, and that was in March of 2008, when I warned of the possibility of a 40% to 60% decline in stock prices by Fall. I am making a similar call today, with the understanding that I am usually a bit early to the game with my views.

Before I get into the details, the broad outline is that I see a case where speculative fevers, propelled by the Fed's $85 billion thin-air money printing program, have more or less run their course, with the Dow and S&P indexes stalled near their all-time highs. That is, $85 billion a month is what it takes to merely keep the Dow near 14,000 and the S&P 500 near 1,500.

On a fundamental basis, I see numerous signs of consumer weakness, political in-fighting and paralysis in DC, high insider selling, and the return of the retail investor (a.k.a. "greater fool&quot to the stock market.

On a technical basis, there are numerous tell-tale signs of a market top, including too much bullish sentiment, waning momentum on multiple timeframes, and too many NYSE stocks being above their 200-day moving average (at least until recently; that's begun to correct).

much more...
http://www.peakprosperity.com/blog/81049/warning-stocks-likely-crater-here

and EarlG is the host. The Farce is with us! I now return to real life...distinguished by nothing, actually.