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Demeter

(85,373 posts)
Fri Jul 12, 2013, 06:21 PM Jul 2013

Weekend Economists Go For the (Pot of) Gold July 12-14, 2013

This is the weekend of the Celtic Festival in Saline, Michigan, one of my Must-Do annual events.

http://www.salineceltic.org/



Why I like it, I don't know. The Poles have a bagpipe tradition, I'm told, but never have I experienced it. Maybe it's the kilts. Or maybe, it's all the fault of a little Latina in Arizona: Diana Galbadon.

Diana J. Gabaldon is an American author, known for the Outlander Series. Her books contain elements of romantic fiction, historical fiction, mystery, adventure, and science fiction.

Gabaldon was born on January 11, 1952, in Arizona, of Mexican and English ancestry. Her father, Tony Gabaldon (1931–1998) was an Arizona state senator from Flagstaff. Her mother's family were originally from Yorkshire (England).

Gabaldon grew up in Flagstaff, Arizona. She earned a Bachelor of Science in Zoology from Northern Arizona University, 1970–1973, a Master of Science in Marine Biology from the University of California, San Diego, Scripps Institution of Oceanography, 1973–1975, and a Ph.D. in Ecology from Northern Arizona University, 1975-1978. Gabaldon received an honorary Doctor of Humane Letters (DHL) degree from Northern Arizona University in 2007.

As a full-time assistant professor in the Center for Environmental Studies at Arizona State University in the 1980s, Gabaldon did research, was a scientific computing and database expert, and taught university classes in anatomy and other subjects. She was the founding editor of Science Software Quarterly. During the mid-1980s, Gabaldon wrote computer articles and software reviews for national computer publications such as Byte magazine, PC Magazine, and InfoWorld.

Gabaldon currently lives in the Phoenix, Arizona area with her husband, Doug Watkins; they have three adult children including fellow fantasy author Sam Sykes. After her first book deal was finalized, she resigned her faculty position at Arizona State University to become a full-time fiction author.

Novel writing

In March 1988, Gabaldon decided to "write a novel for practice, in order to learn how." At the time, she did not intend to share it with anyone, or to try to get it published. While "casting about for an appealing time and place" for the novel, she happened to see an old Doctor Who rerun on PBS, titled "War Games." One of the Doctor's companions was a Scot from around 1745, a young man about 17 years old named Jamie MacCrimmon, who provided the initial inspiration for her main male character, James Fraser, and for her novel's mid-18th century setting. Gabaldon decided to have "an Englishwoman to play off all these kilted Scotsmen," but her female character "took over the story and began telling it herself, making smart-ass modern remarks about everything." To explain the character's modern behavior and attitudes, Gabaldon chose to use time travel.

Later in 1988, Gabaldon posted a short excerpt of her novel on the CompuServe Literary Forum, where author John E. Stith introduced her to literary agent Perry Knowlton. Knowlton represented her based on an unfinished first novel, tentatively titled Cross Stitch. Her first book deal was for a trilogy, the first novel plus two then-unwritten sequels. Her U.S. publishers changed the first book's title to Outlander, but the title remained unchanged in the U.K. According to Gabaldon, her British publishers liked the title Cross Stitch, a play on "a stitch in time"; however, the American publisher said it "sounded too much like embroidery" and wanted a more "adventurous" title.

The Outlander series presently comprises seven published novels, with the eighth installment, Written In My Own Heart's Blood, scheduled to be published in 2014. Gabaldon has also published The Exile (An Outlander Graphic Novel) (2010). The novels center on Claire and James Fraser, and are set in Scotland, France, the West Indies, England, and America. The "Lord John" series is a spin-off from the Outlander books, centering on a secondary character from the original series.

http://www.dianagabaldon.com/

Her characters will come to life on STARZ TV with actor Sam Heughan cast as Jamie Fraser. The Starz network is scheduled to begin production on the OUTLANDER TV series in September, 2013, with filming in Scotland. On June 1, Deadline Hollywood reported that Starz has ordered 16 episodes of the series, a dramatic adaptation of the OUTLANDER novels. The show-runner for the new series is Ron D. Moore (of “Battlestar Galactica” reboot and “Star Trek” fame), who has been developing the series in conjunction with Sony Pictures TV. Four writers have been hired to work on episode screenplays.

The first novel has also been staged as a musical play in England!


So, if you are looking for the perfect summer novel...there are 7 with the original characters, many more of a secondary character, and enough for several summers. Diana writes slowly, but that's because each book runs a 1000 pages or more, testing the bookbinder's skill. ENJOY!

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Weekend Economists Go For the (Pot of) Gold July 12-14, 2013 (Original Post) Demeter Jul 2013 OP
As of 6:30 EDT, there are no bank failures Demeter Jul 2013 #1
Love the theme & those books look interesting bread_and_roses Jul 2013 #2
The Celts bread_and_roses Jul 2013 #3
Roman historian describes the Celts bread_and_roses Jul 2013 #4
Celtic music Fuddnik Jul 2013 #5
Celtic Music -- for the truly Brave Tansy_Gold Jul 2013 #6
The Brave Tansy_Gold Jul 2013 #11
Celtic music -- to the Land's End Tansy_Gold Jul 2013 #8
Celtic Music -- Here be Dragons Tansy_Gold Jul 2013 #9
Celtic Languages Tansy_Gold Jul 2013 #7
Irish and/or Gaelic? Tansy_Gold Jul 2013 #10
To find the pot o' gold, you gotta Tansy_Gold Jul 2013 #12
'Til Tomorrow -- Ar Hyd y Nos Tansy_Gold Jul 2013 #13
Rawk them 'Pipes! hamerfan Jul 2013 #14
JP Morgan and Wells Fargo post big jump in profits xchrom Jul 2013 #15
S&P upgrades Ireland's credit outlook as debt falls xchrom Jul 2013 #16
To Rescue Local Economies, Cities Seize Underwater Mortgages Through Eminent Domain xchrom Jul 2013 #17
I'm back from festival to feed the Kid Demeter Jul 2013 #18
Also caught this dance troupe from Troy...very good dancers Demeter Jul 2013 #19
The Flesh is weak Demeter Jul 2013 #20
I dug out my Celtic Calendar from the Celtic League American Branch 1989-90 kickysnana Jul 2013 #21
Celtic Art bread_and_roses Jul 2013 #22
Celtic coins Tansy_Gold Jul 2013 #30
No pot of gold for the poor: "Sequester's Devastating" bread_and_roses Jul 2013 #23
I think TPTB define "disaster" as rioting in the streets and arson Demeter Jul 2013 #26
Who's got the pot (of gold)? CEO pay bread_and_roses Jul 2013 #24
a tale of two tapers xchrom Jul 2013 #25
Dubai Stocks Post Longest Winning Streak in 2 Months on Stimulus xchrom Jul 2013 #27
Detroit’s 20% Offer Jeopardizes Insurers’ Recovery: Muni Credit xchrom Jul 2013 #28
Surprise! Surprise! Demeter Jul 2013 #29
 

Demeter

(85,373 posts)
1. As of 6:30 EDT, there are no bank failures
Fri Jul 12, 2013, 06:23 PM
Jul 2013

Maybe the FDIC took the summer off? Check back later...

bread_and_roses

(6,335 posts)
2. Love the theme & those books look interesting
Fri Jul 12, 2013, 07:15 PM
Jul 2013

My ancestors were mostly Scots and Irish. There's a little German mixed in there. And, of course, who knows what else? My father was of the sort of Irish called "Black Irish" - at least when I was growing up. Near-black hair and a saturnine complexion. I've read both that this means a dose of Spanish and that it refers to Scots who somehow ended up in Ireland. WIKI cites the first:

https://en.wikipedia.org/wiki/Irish_people#Black_Irish (I don't recall where I read the Scots theory)

Black Irish

Black Irish is an ambiguous term sometimes used (mainly outside Ireland) as a reference to a dark-haired phenotype appearing in people of Irish origin.[33] Opinions vary in regard to what is perceived as the usual physical characteristics of the so-called Black Irish: e.g., dark hair, brown eyes and medium skin tone; or dark hair, blue or green eyes and fair skin tone.[34] Unbeknownst to some who have used this term at one time or another, dark hair in people of Irish descent is common, although darker skin complexions appear less frequently.[35] The physical traits associated with the term Black Irish are sometimes thought to have been the result of an Iberian admixture.[36] One popular theory suggests the Black Irish are descendents of survivors of the Spanish Armada, despite research discrediting such claims.[37] In his documentary series Atlantean, Bob Quinn explores an alternative 'Iberian' hypothesis, proposing the existence of an ancient sea-trading route skirting the Atlantic coast from North Africa and the Iberian Peninsula to regions such as Connemara. While preferring the term "The Atlantean Irish", Quinn's reference to certain phenotypical characteristics (within elements of the Irish populace and diaspora) as possible evidence of a previous Hibernian-Iberian (and possibly Berber) admixture mirrors common descriptions of the Black Irish.[38]


We never celebrated our heritage in any way, though, and anything I've learned about the Celts I've picked up as an adult.

bread_and_roses

(6,335 posts)
3. The Celts
Fri Jul 12, 2013, 07:17 PM
Jul 2013
https://en.wikipedia.org/wiki/Celts

The Celts (/ˈkɛlts/, occasionally /ˈsɛlts/, see pronunciation of Celtic) or Kelts were an ethno-linguistic group of tribal societies in Iron Age and Medieval Europe who spoke Celtic languages and had a similar culture,[1] although the relationship between the ethnic, linguistic and cultural elements remains uncertain and controversial.

The earliest archaeological culture that may justifiably be considered as Proto-Celtic is the Late Bronze Age Urnfield culture of central Europe from the last quarter of the second millennium BC.[2] Their fully Celtic[2] descendants in central Europe were the people of the Iron Age Hallstatt culture (c. 800–450 BC) named for the rich grave finds in Hallstatt, Austria.[3] By the later La Tène period (c. 450 BC up to the Roman conquest), this Celtic culture had expanded over a wide range of regions, whether by diffusion or migration: to the British Isles (Insular Celts), France and The Low Countries (Gauls), Bohemia, Poland and much of Central Europe, the Iberian Peninsula (Celtiberians, Celtici and Gallaeci) and northern Italy (Golaseccans and Cisalpine Gauls)[4] and following the Gallic invasion of the Balkans in 279 BC as far east as central Anatolia (Galatians).[5]


There's Central Europe in there, Demeter - including Poland

bread_and_roses

(6,335 posts)
4. Roman historian describes the Celts
Fri Jul 12, 2013, 07:48 PM
Jul 2013
http://www.ibiblio.org/gaelic/celts.html

Other Roman historians tell us more of the Celts. Diodorus notes that:

Their aspect is terrifying...They are very tall in stature, with ripling muscles under clear white skin. Their hair is blond, but not naturally so: they bleach it, to this day, artificially, washing it in lime and combing it back from their foreheaads. They look like wood-demons, their hair thick and shaggy like a horse's mane. Some of them are cleanshaven, but others - especially those of high rank, shave their cheeks but leave a moustache that covers the whole mouth and, when they eat and drink, acts like a sieve, trapping particles of food...The way they dress is astonishing: they wear brightly coloured and embroidered shirts, with trousers called bracae and cloaks fastened at the shoulder with a brooch, heavy in winter, light in summer. These cloaks are striped or checkered in design, with the seperate checks close together and in various colours.

[The Celts] wear bronze helmets with figures picked out on them, even horns, which made them look even taller than they already are...while others cover themselves with breast-armour made out of chains. But most content themselves with the weapons nature gave them: they go naked into battle...Weird, discordant horns were sounded, [they shouted in chorus with their] deep and harsh voices, they beat their swords rythmically against their shields.

Diodorus also describes how the Celts cut off their enemies' heads and nailed them over the doors of their huts ...


There's other interesting tale at that link - I can't vouch for any of it in any way though - don't know the subject that well.

Tansy_Gold

(17,869 posts)
7. Celtic Languages
Fri Jul 12, 2013, 11:48 PM
Jul 2013

(For more technical info, see http://en.wikipedia.org/wiki/Celtic_languages or just google the language of your choice. What follows is pretty much just off the top o' me wee head.)


There are six main Celtic languages recognized today:
Welsh
Scots Gaelic
Irish Gaelic (Eirse)
Breton
Manx
Cornish

Scots Gaelic, Irish, and Manx (Isle of Man, home of those cats with no tails) belong to the Goidelic branch of the linguistic family; Welsh, Breton, and Cornish are the Brythonic branch.

Welsh is still spoken as "mother tongue" by 15-20% of the Welsh people and is considered a still healthy living language. Scots Gaelic and Irish are less healthy but still have their share of native speakers.

Breton, spoken in Brittany in northwestern France, severely declined in number of native speakers in the second half of the 20th century to become "endangered," but remained sufficiently strong that vi-lingual education is increasing the number of fluent speakers.

Both Cornish and Manx became virtually extinct in modern times in terms of monoglots -- persons who only spoke the language -- but there was sufficient survival through persons who spoke some of the old language as well as English that they could be revived (much as Hebrew was revived as the language of modern Israel).

xchrom

(108,903 posts)
15. JP Morgan and Wells Fargo post big jump in profits
Sat Jul 13, 2013, 08:50 AM
Jul 2013
http://www.bbc.co.uk/news/business-23286901

JP Morgan has recorded a profit of $6.5bn (£4.3bn) for the second quarter of 2013, up 31% from a year ago.

JP Morgan's steep rise in profits was flattered by the heavy losses controversially incurred by the US banking giant's chief investment office last year.

Dubbed the "London whale", trader Bruno Iksil ran up $6.2bn in losses in total.

Separately, Wells Fargo reported a 20% rise in quarterly profits to $5.27bn as it set aside less money for bad loans.

xchrom

(108,903 posts)
16. S&P upgrades Ireland's credit outlook as debt falls
Sat Jul 13, 2013, 08:55 AM
Jul 2013
http://www.bbc.co.uk/news/business-23284847

Standard & Poor's has upgraded its credit outlook for the Republic of Ireland from "stable" to "positive", arguing that the country's debts are falling faster than expected.

"Ireland's economic recovery is under way", it said.

Ireland lost its AAA credit rating in 2009 following the global financial crisis and it now stands at BBB-plus

But S&P said there was a one-in-three chance it would raise the country's credit rating in the next two years.

xchrom

(108,903 posts)
17. To Rescue Local Economies, Cities Seize Underwater Mortgages Through Eminent Domain
Sat Jul 13, 2013, 09:01 AM
Jul 2013
http://www.thenation.com/article/175244/rescue-local-economies-cities-seize-underwater-mortgages-through-eminent-domain#axzz2YviLbfZu

In 2005, Rodney Conway and his wife, Vicki, paid $340,000 for their 950-square-foot two-bedroom home in Richmond, California, a blue-collar city in the Bay Area. Today the home is worth about $140,000. But the couple still owes $320,000 and makes monthly mortgage payments to the Bank of America. “We’re basically renting this house for $2,000 a month,” said the 52-year-old Conway, who was disabled while serving on a Navy ship in Lebanon in 1983.

With her office job and his disability income, the Conways can barely make ends meet. “We don’t take trips or go to restaurants. We just went to a movie for the first time in a year,” said Conway, who spent twenty-six years as a letter carrier before being laid off in 2009. “I’d like to be able to give my wife a nice birthday present, but I can’t afford it.”

In almost every part of the country, entire neighborhoods—and in some cases, whole cities—are underwater. They are not victims of natural disasters like Hurricanes Katrina and Sandy. Like the Conways, they are drowning in debt, victims of Wall Street’s reckless and predatory lending practices.

Since 2006, when the speculative housing bubble burst, home prices have plummeted; homeowners have lost more than $6 trillion in household wealth. Many now owe more on their mortgages than their homes are worth. Despite rising home prices in some parts of the country, more than 11 million American families—one-fifth of all homeowners with mortgages—are still underwater, through no fault of their own. If nothing is done, many will eventually join the more than 5 million American homeowners who have already lost their homes to foreclosure.



Read more: To Rescue Local Economies, Cities Seize Underwater Mortgages Through Eminent Domain | The Nation http://www.thenation.com/article/175244/rescue-local-economies-cities-seize-underwater-mortgages-through-eminent-domain#ixzz2Yvj47Dh6
Follow us: @thenation on Twitter | TheNationMagazine on Facebook
 

Demeter

(85,373 posts)
18. I'm back from festival to feed the Kid
Sat Jul 13, 2013, 05:20 PM
Jul 2013

This talented young group of performers is always a star act...they are high schoolers in Saline.



And these harpers from Ann Arbor were also fabulous



There's so much talent in this area...I love it!

If I'm not too tired and sunburned, I might return after supper for the evening.
 

Demeter

(85,373 posts)
19. Also caught this dance troupe from Troy...very good dancers
Sat Jul 13, 2013, 05:25 PM
Jul 2013

Last edited Sat Jul 13, 2013, 06:42 PM - Edit history (1)



And a kind gentleman favored me with a waltz...
 

Demeter

(85,373 posts)
20. The Flesh is weak
Sat Jul 13, 2013, 06:46 PM
Jul 2013

The comfort of the air conditioning, the relief of a shower, and the ominous approach of the Sunday paper, all have combined to make me stay home. So, I guess I will post.

Plus, I am tired and relaxed and it's 30 minutes one way....and the highway is closed for repairs (large holes in the middle...funny way to fix anything).

kickysnana

(3,908 posts)
21. I dug out my Celtic Calendar from the Celtic League American Branch 1989-90
Sun Jul 14, 2013, 12:13 AM
Jul 2013

but it is copyrighted so I cannot share. I got it at a local festival held at Macalester College, St Paul in 1989.

Website here: http://www.celticleague.net/

Wikipedia: https://en.wikipedia.org/wiki/Celtic_League_%28political_organisation%29

A good chunk of my ancestors were Scottish, Welsh and Irish, Hughes, Corley, McEntire, Robertson, Bowen and many more. A lot of the McIntyre's fled to the colonies in the 1700's following a defeat fighting for Scottish home rule.

bread_and_roses

(6,335 posts)
22. Celtic Art
Sun Jul 14, 2013, 07:15 AM
Jul 2013
http://en.wikipedia.org/wiki/Celtic_art

Celtic art is the art associated with the peoples known as Celts; those who spoke the Celtic languages in Europe from pre-history through to the modern period, as well as the art of ancient peoples whose language is uncertain, but have cultural and stylistic similarities with speakers of Celtic languages.

Celtic art is a difficult term to define, covering a huge expanse of time, geography and cultures. A case has been made for artistic continuity in Europe from the Bronze Age, and indeed the preceding Neolithic age however archaeologists generally use "Celtic" to refer to the culture of the European Iron Age from around 1000 BC onwards, until the conquest by the Roman Empire of most of the territory concerned, and art historians typically begin to talk about "Celtic art" only from the La Tène period (broadly 5th to 1st centuries BC) onwards.[1] "Early Celtic art" is another term used for this period, stretching in Britain to about 150 AD.[2] The Early Medieval art of Britain and Ireland, which produced the Book of Kells and other masterpieces, and is what "Celtic art" evokes for much of the general public in the English-speaking world, is called Insular art in art history.

Both styles absorbed considerable influences from non-Celtic sources, but retained a preference for geometrical decoration over figurative subjects, which are often extremely stylised when they do appear; narrative scenes only appear under outside influence.[3] Energetic circular forms, triskeles and spirals are characteristic. Much of the surviving material is in precious metal, which no doubt gives a very unrepresentative picture, but apart from Pictish stones and the Insular high crosses, large monumental sculpture, even with decorative carving, is very rare ...


I was surprised how few images I found other than at commercial sites. WIKI has one that is quite beautiful, here:

http://en.wikipedia.org/wiki/File:Romano-Celtic_mirror_%28Desborough%29.jpg

The reverse side of a Celtic bronze mirror from Desborough, Northants, England, showing the development of the spiral and trumpet decorative theme of the Early Celtic La Tène style in Britain. Date: 50 BC - AD 50. 36 cm diameter.


Some very beautiful items can be seen here http://www.unc.edu/celtic/imagesindex.html , particularly under "jewelry."

I think the absence of "large monumental sculpture" is a good thing - though the Celts were no saints, perhaps it is indicative of a lack of desire to conquer, torture, and slaughter the world, a la the Meso-American "high" civilizations? (sorry, Meso-American fans - I couldn't resist getting in some sort of comparison. Aesthetic response is individual, and not subject to "judgment" in IMHO, but as an individual response I utterly loathe the grotesqueries of the Aztecs, Mayans, etc., which seem to me to speak to an utterly psychotic megalomania ....)

bread_and_roses

(6,335 posts)
23. No pot of gold for the poor: "Sequester's Devastating"
Sun Jul 14, 2013, 07:39 AM
Jul 2013

The 1% is fine, of course, but poor kids? Seniors who need meals? Not so much.

http://www.theatlantic.com/politics/archive/2013/07/the-sequesters-devastating-impact-on-americas-poor/277758/

The Sequester's Devastating Impact on America's Poor

It's fashionable in political circles to say the mandatory budgets cuts haven't been the predicted disaster. Cuts to programs like Head Start suggest otherwise.

The federal government's across-the-board sequestration cuts, which began taking effect in March, may seem like an overhyped piece of political theater--that is, unless you're an unemployed adult living in Michigan. There, roughly 82,000 people, like Kristina Feldotte of Saginaw, have watched their federal unemployment checks dwindle by 10.7 percent since late March. That's as much as a $150 per month from payments that, at most, clock in at $1,440.

... Agencies such as the Justice and Homeland Security departments found wiggle room in their budgets to stave off furloughs. But programs outside of D.C. for low-income or distressed people -- such as Head Start, Meals on Wheels, or federal unemployment benefits -- have suffered as the cuts kicked in, leading to cancellations, fewer meals, smaller checks, and staff layoffs.

...Take the Meals on Wheels program in Contra Costa County, California, which, like the national program, has had to cut 5.1 percent of its budget. After losing $89,000 in federal funding over a six-month period, the program had to scale back the number of meals it serves from 1,500 to 1,300 a day. This puts its director in the unenviable position of having to choose which low-income or lonely 80-year-olds are less deserving of a meal delivery.

... The Head Start program in Rockland County, N.Y., had to make similarly tough choices. It managed to keep open its summer program for the youngest children, ages 1 to 3, but had to cancel the summer sessions for 3-to-5-year-olds and lay off 12 staff members
 

Demeter

(85,373 posts)
26. I think TPTB define "disaster" as rioting in the streets and arson
Sun Jul 14, 2013, 10:17 AM
Jul 2013

Neither the infants nor the elderly are prone to indulge in civil unrest...They just crawl into corners and die quietly, like the good "useless eaters" they are....

and then, there's the Florida verdict. Not the first miscarriage of justice in this nation, nor the last, but certainly we could expect better in this 21st century than lynching with public and official consent....

bread_and_roses

(6,335 posts)
24. Who's got the pot (of gold)? CEO pay
Sun Jul 14, 2013, 07:46 AM
Jul 2013
http://www.alternet.org/ceo-pay-went-16-last-year-15-million-how-much-did-your-pay-go

CEO Pay Went Up 16% Last Year to $15 million -- How Much Did Your Pay Go Up?
July 10, 2013 |

Congratulations CEOs! You've been having a great time of it. Salaries are up, and up in a major way. The Economic Policy Institute says [3] you brought home an average $14.1m in 2012. The New York Times, looking at slightly different numbers, claims the news is even better, saying the median number is $15.1m [4]. That's a 16% increase in one year.

As for the rest of us … well, about that.

The money for our bosses has to come from somewhere, doesn't it? Here's one place it likely originated: us.

According to the Department of Labor Statistics [5], hourly wages plunged by a record-breaking 3.8% in the first quarter of 2013.

These are more than just numbers. This pay disparity is having an increasingly corrosive effect, leaving us governed by and lectured to by an elite that seems out-of-touch with the lives of everyone else.

xchrom

(108,903 posts)
25. a tale of two tapers
Sun Jul 14, 2013, 09:50 AM
Jul 2013
http://www.nationofchange.org/tale-two-tapers-1373726031

The United States Federal Reserve and the People’s Bank of China are not typically seen as two peas in a pod. But they have had similar experiences in recent weeks – and neither has been a pleasant one.

The Fed’s bout of indigestion started with Chairman Ben Bernanke’s June 19 press conference, where he warned that the Fed’s purchases of long-term securities might start to taper off if the economy continued to perform well – specifically, if unemployment fell to 7%. Stock prices swooned. Yields on US Treasuries spiked. Emerging-market currencies weakened on fears that capital flows from the US would reverse direction.

Indeed, the reaction was so extreme and alarming that a parade of Fed officials felt compelled to clarify. To say that the Fed’s policy of “quantitative easing” might taper off, they explained, was different from saying that it would be halted. When and how purchases of long-term securities were reduced would depend on incoming data. In particular, there was no guarantee that 7% unemployment would be reached before the end of the year.

By coincidence, June 19 was the same day that the People’s Bank of China decided not to provide additional liquidity to the country’s strained credit markets. The interest rate that Chinese banks charge one another for short-term loans had begun rising two weeks earlier on rumors that two medium-size banks had defaulted on their debts. The interbank rate went from 5% to nearly 7%. Investors expected that the PBOC would step in, as always, to prevent rates from rising further and slowing the economy’s growth.

xchrom

(108,903 posts)
27. Dubai Stocks Post Longest Winning Streak in 2 Months on Stimulus
Sun Jul 14, 2013, 10:26 AM
Jul 2013
http://www.bloomberg.com/news/2013-07-14/dubai-stocks-post-longest-winning-streak-in-2-months-on-stimulus.html

Dubai stocks climbed for a seventh day, the longest winning streak in two months, tracking a global rally amid optimism central banks will continue their monetary stimulus measures.

The benchmark DFM General Index (DFMGI), the world’s third-best performer this year among 94 gauges tracked by Bloomberg, gained 2 percent at the close in Dubai to the highest close since November 2008. Abu Dhabi’s measure increased 0.9 percent.

Emerging-market stocks rose, extending a weekly rally, as the European Central Bank executive board member Vitor Constancio said the euro area’s slow recovery implies that policy has to stay “accommodative for a longer period of time”. U.S. stocks also rose for a third week, sending benchmark indexes to all-time highs, as Federal Reserve Chairman Ben S. Bernanke pledged sustained monetary stimulus.

“Dubai is likely up on the back of U.S. markets hitting record highs on Friday after the Fed reassured investors that it would continue to keep the floodgates of cheap money open,” said Gus Chehayeb, the Dubai-based research director for the Middle East at investment bank Exotix Ltd. “It seems the Fed is backing down after the capital markets rioted over the past two months.”

xchrom

(108,903 posts)
28. Detroit’s 20% Offer Jeopardizes Insurers’ Recovery: Muni Credit
Sun Jul 14, 2013, 10:32 AM
Jul 2013
http://www.bloomberg.com/news/2013-07-12/detroit-s-20-offer-jeopardizes-insurers-recovery-muni-credit.html

Detroit’s bid to stick investors with losses as part of an effort to avert a historic bankruptcy is jeopardizing municipal bond insurers’ recovery prospects.

Insurers, including Assured Guaranty Ltd. (AGO) and FGIC Corp., are on the hook for at least 95 percent of the $2 billion of unsecured Detroit debt that wasn’t issued for city utilities, data compiled by Bloomberg show. Kevyn Orr, the city’s emergency financial manager, proposes paying investors less than 20 cents on the dollar on those bonds as the auto-industry capital bleeds cash.


Even as last month’s surge in muni yields to a 26-month high makes it more economical for localities to pay for the bond backing, Orr’s plan may damp confidence in the insurers, said Matt Fabian at Municipal Market Advisors. By serving as a model for other municipalities facing financial distress, the approach makes insured bonds a target for cost savings, he said.

“The city is relying on insurers to pay bondholders that it chooses not to pay,” said Fabian, a managing director at the Concord, Massachusetts-based research firm. “It does appear that the insurance companies are sitting ducks.”
 

Demeter

(85,373 posts)
29. Surprise! Surprise!
Sun Jul 14, 2013, 04:17 PM
Jul 2013

Honestly...did they think it was free money they collected every year?

Thanks X for putting some news down on this thread.

I've been very remiss, but I think the break was necessary, to avoid a more psychotic one.

I'm going to be in over my head until Thursday...post and run! I wonder what it would be like to live a "normal" life?

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