Payday Loans: November 2010

Tuesday, November 30, 2010

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National debt: Will anyone buy Obama panel's bold plan? - Christian Science Monitor

Erskine Bowles and Alan Simpson, who chair Obama's commission on reducing the national debt, delay a key vote. It's an indication how elusive consensus will be on cutting the deficit.

The co-chairmen of President Obama's fiscal commission have agreed to a bold plan to slash federal deficits and put America's fiscal house in order. The problem is they're not sure if the rest of the bipartisan commission ? let alone Congress ? will sign on.

Erskine Bowles and Alan Simpson said Tuesday that a final set of recommendations is ready for the full commission to review. They said the deadline for a vote by the 18-member body is shifting to Friday, rather than Wednesday, however, to give members time to review the proposal.

"We'll get somewhere between two and 14 votes," said Mr. Bowles, a former chief of staff to President Bill Clinton. Two is a reference to himself and Mr. Simpson, a former Republican senator from Wyoming. Fourteen refers to the number of commission members who must approve the package of spending cuts and tax reforms in order to formally issue a final report to the president.

Ahead of the delayed vote, Bowles also sought to frame the panel's work as a success whatever the outcome.

"I think we've won, and we've won big," he said. "The era of deficit denial in Washington is over."

It is true that fiscal reform ranks as a rising voter priority. At the same time, however, the difficulties of winning agreement among the panel's bipartisan members signal how hard it will be to build consensus among US voters for significant fiscal reforms.

To the co-chairs' credit, they have managed to garner significant media attention for a package of proposals that would eliminate tax-code perks, raise the eligibility age for Social Security, and slash ordinary federal spending ? reducing federal deficits by some $3.8 trillion over the course of a decade. Commission members are being asked to vote on what Bowles and Simpson said is a modified version of the package they made public early in November.

Bowles said he does not expect any last-minute dealmaking across party lines, but were a bipartisan deal to emerge that would win broader commission support, "we'd be crazy not to" reshape the proposals.

Simpson said the panel's work, which included examining fiscal scenarios in detail, leaves no doubt that rising public debt must be a national priority.

"America, you have a serious problem," Simpson said. "Time is short."

Mr. Obama essentially has agreed, asking the panel to find ways to bring the federal budget into balance, excluding interest on public debt, by 2015. That would put the US roughly on course to stabilize public debt as a percentage of the nation's gross domestic product (GDP).

The success of the tea party movement in the November elections, propelling a new crowd of fiscal hawks into Congress next year, has amplified the prominence of deficit reduction on the nation's to-do list. The ongoing turmoil over public-debt burdens in Europe, meanwhile, is providing a current case study of the potential risks if the nation's debt rises unchecked.

Even so, it's not clear if momentum will build for far-reaching deficit reduction this year or next. A big-impact plan would likely have to include spending cuts and tax-revenue increases that are not easy for elected officials in either party to embrace.

Tax hikes, in particular, are a voter sore spot. With that in mind, Bowles and Simpson were careful in their initial proposals to emphasize keeping tax rates low. Some of their proposals would actually cut personal and business tax rates, while raising overall tax revenue by scaling back credits and deductions.

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Dow falls amid European debt fears - The Press Association

Dow falls amid European debt fears

(UKPA) ? 1 hour ago

Stocks pared their losses after President Barack Obama and Republican lawmakers promised to seek a compromise before the end of the year on extending Bush-era tax cuts.

The Dow recouped most of its losses and was down 25 points in afternoon trading on Tuesday. It had been down as many as 110 points earlier on concerns that Europe's debt crisis was spreading.

Mr Obama said while differences remain over how to address the expiring tax cuts, there was "broad agreement" that both parties can work together to resolve the issue.

Extending the tax cuts would motivate investors to hold stocks since they would not be subject to higher capital gains taxes next year. It would also encourage companies to continue paying dividends, which are taxed at a more favourable rate under the current tax cuts.

Investors were also encouraged by a jump in consumer confidence reported earlier today. The Conference Board said its index of consumer confidence jumped to a five-month high of 54.1 in November from 49.9 in October. It was better than analysts expected but still well below the level of 90 that indicates a healthy economy. The index has not been that high since the recession began in December 2007.

The euro briefly fell below 1.30 US dollars (84p) for the first time since mid-September after investors sold off government bonds from Spain, Portugal and Italy. A bailout of Ireland's banks announced on Sunday has not been enough to assuage worries that other weak European countries will also need to be rescued.

The Dow Jones industrial average fell 24.67, or 0.2%, to 11,027.82 in afternoon trading. The Standard & Poor's 500 index fell 4.83 or 0.4%, to 1,182.93. The Nasdaq composite index dropped 24.63, or 1%, to 2,500.59.

Barring a significant turnaround, the Dow is on track to post its first monthly loss since August. The index is down 0.8% for the month. The S&P 500 is flat for November and the Nasdaq is down 0.3%.

Stocks had been on a nearly unbroken rise since late August, when the Federal Reserve first hinted at its plans to stimulate the economy by buying Treasury bonds. The Fed's 600 billion US dollar (�386bn) programme is aimed at encouraging borrowing by keeping interest rates low.

After climbing throughout September and October on hopes that the Fed's plan would lift the economy, the Dow and other indexes have been falling since hitting 2010 highs on November 5, two days after the Fed announced its program. The Dow is down 3.5% since then; the S&P 500 3.2%.

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Dow falls amid European debt fears - The Press Association

Dow falls amid European debt fears

(UKPA) ? 1 hour ago

Stocks pared their losses after President Barack Obama and Republican lawmakers promised to seek a compromise before the end of the year on extending Bush-era tax cuts.

The Dow recouped most of its losses and was down 25 points in afternoon trading on Tuesday. It had been down as many as 110 points earlier on concerns that Europe's debt crisis was spreading.

Mr Obama said while differences remain over how to address the expiring tax cuts, there was "broad agreement" that both parties can work together to resolve the issue.

Barring a significant turnaround, the Dow is on track to post its first monthly loss since August. The index is down 0.8% for the month. The S&P 500 is flat for November and the Nasdaq is down 0.3%.

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Investors Clamor For New Debt From AIG And Other Companies - Wall Street Journal

      By Katy Burne     Of DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--High-grade corporate issuers flooded investors with more than $5 billion of new bonds Tuesday, even as mountains of debt in Ireland and other European sovereigns continued to cast a pall over the market.

While a long way off the record daily issuance tallies from earlier in the year, the day's volume put it on track to be the busiest day since Nov. 8, when $13 billion of U.S. investment-grade debt was sold, according to data provider Dealogic.

Before Tuesday, November had seen just shy of $60 billion of new high-grade bonds.

The extent of investor appetite only served to highlight how fresh fears over government deficits in Europe are making corporate debt look even more attractive than before.

"Investors still have plenty of cash to put to work in the investment-grade [corporate] new issue market," said John Hines, head of debt syndicate at Wells Fargo Securities. "Despite the volatility, high-grade bonds remain a very attractive asset class for them relatively speaking."

A $2 billion bond offering by American International Group Inc. (AIG)--the insurer's first since late 2008, when it needed a bailout from the U.S. government--received $7.5 billion in orders, according to people familiar with the sale. The company is trying to demonstrate it can access the capital markets again after the government bailout.

The level of investor interest let AIG price one part of the deal--$500 million of three-year notes--to yield 2.95 percentage points over comparable Treasurys. That compares with guidance of 3.125 percentage points before the sale, meaning the investors are being paid less than anticipated to take on the debt. Similarly, $1.5 billion of 10-year notes were priced to yield 3.625 percentage points over Treasurys, compared with pre-sale estimates of 3.75 percentage points.

A two-part, $1 billion deal from oil and gas company Apache Corp. (APA) received orders in the range of $2.7 billion: $1.8 billion on $500 million of 10-year bonds and $900 million on an equal amount of 31-year bonds, said sources tracking the deal.

Apache's 3.625% bonds due in February 2021 priced at 0.95 percentage points over Treasurys for a yield of 3.747%, and its 5.25% bonds due in February 2042 priced at 1.25 percentage points for a yield of 5.361%. Price guidance had been in the area of 1 percentage point and 1.30 percentage points, respectively.

Proceeds are expected to be used to pay down debt the company assumed as part of its acquisition of Mariner Energy Inc. in November. That includes $300 million of notes bearing interest at 7.50% due 2013, $300 million in 11.75% notes due 2016 and $300 million of 8% paper due 2017. In all, Apache said it assumed about $1.6 billion of Mariner debt at time of closing.

Two further deals were increased on demand: one a two-part issue by concrete products manufacturer CRH America Inc. (CRH) that grew by $250 million to $750 million, and one for Harris Corp. (HRS), a maker of digital radios, which grew by $100 million to $700 million.

Also in the market were Incitec Pivot Finance (IPL.AU), an Australian industrial chemicals and fertilizer company, with $500 million of five-year bonds; and Puget Energy, a unit of Bellevue, Wash.-based utility holding company Puget Holdings LLC, with a $350 million issue.

The Incitec bonds priced at 2.75 percentage points over Treasurys for a yield of 4.179%, while the Puget deal is expected to price Wednesday morning. Meanwhile, CRH's five-year bonds were offered at 2.75 percentage points over Treasurys, and its 10-year bonds were offered at 3 percentage points.

Harris priced $400 million of 4.40% 10-year bonds at a discount to yield 4.471%, or 1.65 percentage points over Treasurys, and $300 million of 6.15% 30-year bonds to yield 6.19%, or 2.05 percentage points over Treasurys. Proceeds will help it repay some of the debt the company took on when it acquired satellite-communications provider CapRock Communications for about $525 million in July.

Away from the new issuance, secondary trading in bonds was thin but reflected the concern over sovereign contagion in Europe--particularly among financial issuers. The price of J.P. Morgan's (JPM) 4.250% bonds due October 2020 fell to 97.687 from 97.858 on Monday, and the yield rose to 4.543% from 4.521%, according to online trading platform MarketAxess.

Similarly, Goldman Sachs's (GS) 3.7% debt due August 2015 lost ground, trading at a price of 102.081 versus 102.334 Monday for a yield of 3.215% compared to 3.157% the day before. Bond yields rise as prices fall.

"Credit markets had gone a number of months separating that European sovereign volatility from our domestic bond market and now it is having more effect on U.S. credit markets," said Hines. "You're seeing more volatility in financials than in corporates."

-By Katy Burne, Dow Jones Newswires; 212-416-3084; katy.burne@dowjones.com

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Betty's Version of Hall's Snappy Beer Cheese Recipe

In this video, Betty demonstrates how to make a Kentucky favorite, Hall's Snappy Beer Cheese. I am posting this recipe to show you how to make the luscious beer cheese that my husband and I enjoyed on our trip to Hall's on the River restaurant, where we had a late lunch of Beer Cheese, Deep Fried Banana Peppers, Fried Catfish, Coleslaw, Beer Cheese Grits, Derby Pie, a soda, and a tall glass of iced tea. (Please see the video of our trip, if you are interested.) The recipe has been around since the 1940s and is a famous offering of the restaurant. Here is a recipe for Hall's Snappy Beer Cheese! Ingredients: 2 cups finely shredded sharp cheddar cheese ¼ cup stale

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Dow falls amid European debt fears - The Press Association

Dow falls amid European debt fears

(UKPA) ? 1 hour ago

Stocks pared their losses after President Barack Obama and Republican lawmakers promised to seek a compromise before the end of the year on extending Bush-era tax cuts.

The Dow recouped most of its losses and was down 25 points in afternoon trading on Tuesday. It had been down as many as 110 points earlier on concerns that Europe's debt crisis was spreading.

Mr Obama said while differences remain over how to address the expiring tax cuts, there was "broad agreement" that both parties can work together to resolve the issue.

Barring a significant turnaround, the Dow is on track to post its first monthly loss since August. The index is down 0.8% for the month. The S&P 500 is flat for November and the Nasdaq is down 0.3%.

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Sun Orchard Employee Wins Häagen-Dazs Chef’s Challenge

Sun Orchard Employee Wins Häagen-Dazs Chef’s Challenge
TEMPE, Ariz.--(BUSINESS WIRE)--When Sun Orchard’s Beverage Innovation Chef, Hilary Hazeltine, blended cinnamon and cayenne pepper with a traditional milkshake she created a mouthwatering dessert and blue-ribbon recipe that took home first place at the recent Häagen-Dazs Chef’s Challenge. Her frothy concoction, dubbed Frozen Mexican Hot Chocolate, won her bragging rights, a $ 2,500 cash prize and ...
Read more on Business Wire

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Hanukkah menu can be festive and fast
Read more on Austin American-Statesman

Sun Orchard Employee Wins Häagen-Dazs Chef’s Challenge
When Sun

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AIG Sells $2 Billion of Debt in Insurer's First Offering Since US Rescue - Bloomberg

American International Group Inc. sold $2 billion of bonds in the insurer?s first offering since its government bailout two years ago.

AIG issued $500 million of 3.65 percent notes due January 2014 that yield 295 basis points more than similar-maturity Treasuries, and $1.5 billion of 6.4 percent debt due December 2020 at a spread of 362.5 basis points, according to data compiled by Bloomberg.

Orders for the bonds ?showed the pent-up demand for the AIG name,? said Anne Daley, managing director at Barclays Capital in New York, which helped underwrite the sale. ?We?re getting close to the end of the year, and we felt there was a compelling opportunity to get the size in and out of the market in one day, so we decided to move forward.?

Chief Executive Officer Robert Benmosche tapped the corporate bond market after announcing on Sept. 30 a plan to pay back taxpayers and regain the firm?s independence. AIG, based in New York, expects to repay a Federal Reserve credit line with proceeds from asset sales and convert the Treasury Department?s $49.1 billion stake into common stock by the end of March for sales on the open market.

?The markets have increased confidence in AIG?s ability to service debt on an ongoing basis, and, by extension, in its feasibility as a sustainable enterprise,? said Clark Troy, a senior analyst based in Chapel Hill, North Carolina, for Aite Group, a research firm.

?Lot of Angst?

While the cost to protect AIG bonds from default has declined this year, it?s risen this month. Corporate bond issuance has tumbled amid concern that Ireland?s debt woes will spread across Europe and slow the global economy.

?There?s a lot of angst right now in the marketplace, so I think anyone would?ve been better served to come a couple weeks ago,? said Lon Erickson, a money manager who helps oversee $9 billion of fixed-income assets for Thornburg Investment Management Inc. in Santa Fe, New Mexico.

The insurer, ranked A- by Standard & Poor?s, sold the debt at spreads wider than companies with similar credit ratings. Investors holding debt graded A demand an average spread of 120 basis points on notes due in one to three years and 174 basis points for bonds due in seven to 10 years, according to Bank of America Merrill Lynch index data.

Proceeds from AIG?s offering will be used for general corporate purposes, the company said today in a regulatory filing. The senior unsecured notes may be rated A3 by Moody?s Investors Service and A- by S&P, Bloomberg data show.

Market Reception

?We?re pleased with the market?s reception to our offering,? Mark Herr, a spokesman for AIG, said in an e-mailed statement.

The insurer must earn standalone investment-grade ratings to execute its repayment plan, which hinges on selling bonds and stock to private investors as the government withdraws support. AIG will get a $2 billion Treasury backstop for emergency funding until March 2012 or the insurer sells at least $2 billion in equity.

Five-year credit-default swaps tied to AIG climbed 13.8 basis points to 259 basis points today, the highest in nine weeks, according to data provider CMA. While the contracts, which typically fall as investor confidence improves, have declined from 581 on Dec. 31, they?ve risen from 211 at the end of last month, CMA data show.

AIG?s Focus

AIG will focus on global property-casualty coverage and U.S. life insurance after selling its two largest overseas life insurance divisions, AIA Group Ltd. and American Life Insurance Co. AIG divested in October a 67 percent stake in AIA for $20.5 billion in Hong Kong?s largest public offering. MetLife Inc. paid $16.2 billion for Alico on Nov. 1.

AIG?s third-quarter profit from continuing insurance operations climbed 6.4 percent to $2.05 billion. The company has made ?huge progress? in its restructuring and will emerge from government ownership ranked among the world?s largest insurers, Benmosche said Nov. 5. AIG?s stock surged 38 percent this year. The company?s shares fell 24 cents to $41.29 as of 4:15 p.m. in New York Stock Exchange composite trading.

The insurer, once the world?s largest, was rescued in September 2008 by the Fed. The firm?s lifeline includes a $60 billion Fed credit facility, a Treasury investment of as much as $69.8 billion and up to $52.5 billion to buy mortgage-linked assets owned or backed by AIG.

In August 2008, AIG raised $3.25 billion in its previous sale of corporate bonds, according to data compiled by Bloomberg. The insurer sold 8.25 percent, 10-year senior unsecured notes in a private placement that priced at par to yield 432.8 basis points more than similar-maturity Treasuries, Bloomberg data show. A basis point is 0.01 percentage point.

Bank of America Merrill Lynch, Citigroup Inc. and Morgan Stanley also managed today?s offering for AIG, according to the prospectus.

?It?s a good thing to test the capital markets and see what kind of answer they get,? said Erickson. ?It?ll be a good clue to see if they?re ready to stand on their own.?

To contact the reporters on this story: Sapna Maheshwari in New York at sapnam@bloomberg.net; Hugh Son in New York at hson1@bloomberg.net.

To contact the editors responsible for this story: Dan Kraut at dkraut2@bloomberg.net; Alan Goldstein at agoldstein5@bloomberg.net

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Deficit Panel Chair: Debt is "Like a Cancer" - CBS News

President Barack Obama stands with the co-chairs of the National Commission on Fiscal Responsibility and Reform, Erskine Bowles, second from right, and Alan Simpson, right, in the Diplomatic Reception Room of the White House in Washington, Thursday, Feb. 18, 2010.

(Credit: AP)

The leaders of President Obama's bipartisan deficit commission are delaying a vote by commission members on their comprehensive plan to reduce the deficit until Friday, they announced today.

In spite of the delay, they insisted America's moment of reckoning has arrived.

"America, you have a serious problem," deficit commission co-chair Alan Simpson said. "Time is short to address it."

Simpson and his fellow co-chair Erskine Bowles released their own draft proposal earlier this month that rankled both conservatives and liberals -- including other members of the commission.

Simpson told reporters that the commission will technically meet Mr. Obama's deadline for releasing their report by Dec. 1, even though the other commission members need more "time to absorb the changes." In order for the plan to have a serious chance to come up for a vote before Congress, 14 of the 18 commission members need to approve it.

The draft Simpson and Bowles released appeared unlikely to garner 14 votes: Republican panel member Rep. Jeb Hensarling of Texas said of the draft, "Some of it I like. Some of it disturbs me." Meanwhile, Democratic panel member Rep. Jan Schakowsky (D-Ill.) was compelled to release her own "liberal" plan for deficit reduction.

Bowles said today that he and Simpson have "met with and listened to every single member of this commission, and they have made this plan stronger." Still, he said it was unclear whether the plan would get 14 nods of support.

"There are enough reasons to vote 'no' in this plan for anybody to vote 'no,'" he said. "One thing is certain: The problem is real, the solutions are painful, and there are no easy choices."

Schakowsky, however, told liberals in Washington today that "the votes aren't there."

"I think [the co-chairs'] more modest goal is to try and get 10 members to say there is a majority," she said in an interview with the progressive group Campaign for America's Future. "I think they want to be able to say a majority of the president's commission supports the proposal."

Bowles said today that regardless of how the vote turns out, "We won, and we won big" because "the era of deficit denial in Washington is over." It is well understood among both lawmakers and the general public, he said, that "this deficit and debt is like a cancer and is going to destroy our country from within."

Bowles and Simpson said their plan included suggestions to eliminate certain targeted tax breaks, reduce the federal workforce by 200,000 people and alter Social Security, among other things.

Liberals have been particularly critical of the proposals to alter Social Security, which would lessen the payouts some Americans receive.

Schakowsky said today that her proposal has "very different assumptions... that we can actually reduce the deficit without hurting the middle class or lower income people."

Simpson passionately rejected those criticisms. "We're not balancing the books of America on the backs of poor Social Security recipients," he said. "That's babble."

Simpson dismissed the anticipated blow back from both the "far left" and the "far right."

"We will listen now in the next few days to the same old crap I've been dealing with all my public life: emotion, fear, guilt and racism," he said.

Proponents of preserving Social Security are already mobilizing strongly against the deficit commission's plan. Today, the liberal Strengthen Social Security Campaign held a national call-in day to flood Congress with calls from all 50 states to urge representatives to reject cuts to Social Security or plans to raise the retirement age.

Meanwhile, liberal groups have been busy fashioning alternative proposals. The "Citizens' Commission on Jobs, Deficits and America's Economic Future," for instance, released its own recommendations today, which include investments to spur job creation and long term economic recovery, establishing a "cap and trade" plan or carbon tax to raise revenue, and implementing a public option health plan. The Citizen's Commission is comprised of liberal economic policy experts, such as former Secretary of Labor Robert Reich, Jeff Madrick and economists Dean Baker, Robert Pollin and Heidi Hartman, and former members of the House and Senate.

Another effort called "Our Fiscal Security" released a report that also suggests ideas like a cap and trade plan. This plan calls for delaying deficit reduction plans until after the unemployment rate has fallen significantly. The plan was a collaboration of the Century Foundation, Demos and the Economic Policy Institute.

Stephanie Condon is a political reporter for CBSNews.com. You can read more of her posts here. Follow Hotsheet on Facebook and Twitter.

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Investors Clamor For New Debt From AIG And Other Companies - Wall Street Journal

      By Katy Burne     Of DOW JONES NEWSWIRES

Before Tuesday, November had seen just shy of $60 billion of new high-grade bonds.

The extent of investor appetite only served to highlight how fresh fears over government deficits in Europe are making corporate debt look even more attractive than before.

-By Katy Burne, Dow Jones Newswires; 212-416-3084; katy.burne@dowjones.com

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TransUnion: Canadians Getting Better At Managing Debt - Wall Street Journal

       By Monica Gutschi      Of DOW JONES NEWSWIRES

Canadians are getting better at managing their consumer debt: consolidating their credit cards, keeping up with their monthly payments, and transferring their debts to lower-income vehicles like lines of credit.

However, an inaugural quarterly survey by credit agency TransUnion, released Tuesday, shows that overall debt levels continue to rise even as Canada slowly emerges from the 2009 recession. Canadians carried an average household debt of C$25,163 excluding mortgage debt, in the third quarter of 2010, up 4.3% from a year ago. Still, TransUnion said the pace of growth has slowed significantly from the double-digit increases posted during the economic slump.

"The trends are saying that we are seeing some moderate improvement," Thomas Higgins, the vice president of analytics and decisioning for TransUnion's Canadian office, said in an interview. "Canadians are starting to come out of the recession and are proactively managing their credit."

He said the survey, which measured how 24.8 million Canadians use credit, found that Canadians are carrying fewer credit cards and doing a better job of keeping up with their payments. Among the most significant findings was that past-due balances have dropped 15% in the third quarter from a year earlier, which was the recession's nadir.

Moreover, the number of delinquent credit accounts has dropped to 88 in the third quarter of 2010 on an index where 100 was the level in the year-ago quarter.

"This is an early indication, but hopefully a sign of what's to come," Higgins said. While derogatory accounts--or those that have entered foreclosure, repossession, bankruptcy or write-off--rose to an indexed 124 in the latest quarter, he noted this is a lagging indicator that reflects the economic conditions of a year earlier. An account becomes delinquent after it is between 90 to 120 days past due, but becomes derogatory after several payments are missed.

Higgins noted that changes in the country's economic conditions don't seem to have an immediate impact on consumer credit trends, but do influence where consumers hold that debt. For example, as interest rates have fallen over the past few years, consumers have reduced their credit-card debt and increased the balances in lower-interest lines of credit, installment loans or revolving loans. In fact, debt held in revolving accounts rose 17.5% in the quarter.

Many Canadians use their credit cards to earn the loyalty points tied to the account, Higgins said, then move the balance to a lower-interest vehicle like a line of credit where the payments are more flexible in order to pay off the balance more slowly.

The popularity of card rewards has also contributed to the increase in short-term credit-card debt, he noted. Canadians held an average aggregate balance of C$3,709 on their credit cards in the third quarter, which is down from a peak of C$3,772 a year earlier, but up from C$3,614 in the second quarter.

Still, the number of active credit cards fell 3.5% in the third quarter, the fourth consecutive quarterly decrease, TransUnion found. The average Canadian credit-card consumer now holds 1.75 cards, down from a high of 1.9 cards in the first quarter of 2009.

"That indicates consumers are really trying to proactively manage and bring their credit into line," Higgins said.

-By Monica Gutschi, Dow Jones Newswires; 416-306-2017; monica.gutschi@dowjones.com

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US Stocks Decline on European Debt Concern; Google Slumps - BusinessWeek

November 30, 2010, 2:58 PM EST

By Rita Nazareth and Tara Lachapelle

Nov. 30 (Bloomberg) -- U.S. stocks fell, jeopardizing a third straight monthly gain for the Standard & Poor?s 500 Index, as Google Inc. faced an antitrust probe and concern grew that Europe?s government debt crisis will worsen.

Google sank as much as 4.1 percent, the most since July, after European Union antitrust regulators began an investigation. EBay Inc. dropped 3.5 percent after the stock?s rating was cut at Piper Jaffray & Co. Seagate Technology Plc slid 3.3 percent after the world?s largest maker of disk drives ended talks to be taken private.

The S&P 500 dropped 0.4 percent to 1,183.01 at 2:53 p.m. in New York, near its end-of-October level of 1,183.26. The Dow Jones Industrial Average lost 24.37 points, or 0.2 percent, to 11,028.12. Stocks briefly erased declines as President Barack Obama suggested he?s willing to compromise with Republicans on extending tax cuts.

?The things that we?ve put to bed are waking up again,? said Philip Orlando, the New York-based chief equity market strategist at Federated Investors Inc., which manages $341.3 billion. ?Ireland is a problem. The question is how far behind are Portugal and Spain? The market is concerned that this is going to become a bigger deal.?

Since reaching a two-year high on Nov. 5, the S&P 500 lost 3.1 percent through yesterday. The benchmark gauge of U.S. stocks fell below its 50-day average level for a second day, reaching a trend line watched by chart analysts as a possible harbinger of more losses, amid concern the sovereign-debt crisis will spread in Europe and speculation that China will raise interest rates to tame inflation.

Italy, Spain

Government securities and the euro are being dragged down by concern Portugal and Spain may suffer the fate of Ireland, which had to ask for an 85 billion-euro ($111 billion) rescue package to help bail out its banks. Italian and Spanish bond yields rose today and the extra yield investors demand to hold 10-year Italian debt instead of benchmark German bunds widened to more than 200 basis points for the first time since the euro?s debut in 1999.

Mohamed El-Erian, the chief executive officer at Pacific Investment Management Co., said Europe?s debt contagion will likely spread to nations such as Spain and Portugal. The 16- nation euro will probably be shared as a currency by fewer countries in five years, he said in an interview on CNBC today.

The S&P 500 pared a decline of as much as 1.2 percent as Obama said he asked Treasury Secretary Timothy Geithner and budget office director Jack Lew to lead negotiations with congressional Republicans on extending Bush-era tax cuts.

?High Priority?

?If Geithner has been appointed to deal with Congress, it means that the president sees the tax issue as a high priority,? said Keith Wirtz, who oversees $18 billion as chief investment officer at Fifth Third Asset Management in Cincinnati. ?That?s good for the market. The tax issue has been among the biggest uncertainties thus far. If that is resolved, stocks may have a chance to move forward.?

Technology companies, which comprise the biggest S&P 500 group, slumped 1.2 percent collectively.

Google lost 3.9 percent to $559.39. The company is being probed by EU antitrust regulators for allegedly discriminating against competing services in its search results and for stopping some websites accepting rival ads.

EBay lost 3.5 percent to $29.17. The owner of the second- most visited e-commerce site was cut to ?neutral? from ?overweight? at Piper Jaffray, which said the company will lose market share in the next two years.

Takeover Talks End

Seagate sank 3.3 percent to $13.40. Takeover discussions with TPG Capital collapsed after the buyout firm wasn?t able to find other partners to raise enough equity financing for the deal, according to a person familiar with the matter, who declined to be identified because the negotiations were private.

The S&P 500 bounced off its average price of the last 50 days after yesterday dipping below it for the first time since September, Bloomberg data show. Ryan Detrick, senior technical analyst at Schaeffer?s Investment Research, says the index may have found support at that level.

?It?s encouraging thus far that we haven?t violated it,? Cincinnati-based Detrick, who studies charts to make forecasts, said in an interview. ?That could be a very positive thing moving into the new year.?

Some retail companies were among the best performers in the S&P 500. Weekly retail sales rose by 0.5 percent for the week ending Nov. 27, according to the ICSC-Goldman Sachs Weekly Chain Store Sales Index. Retail sales rose by 3.5 percent on a year- over-year basis.

Gap Inc., the clothing retailer, gained 3.3 percent to $21.40. Sears Holdings Corp., the largest U.S. department-store chain, rallied 1.3 percent to $66.31.

Research In Motion Ltd. climbed 5.8 percent to $62.43, the highest since June 18. The Blackberry maker was raised to ?buy? from ?hold? at Jefferies Group Inc.

--With assistance from Lu Wang in New York, Adam Haigh in London, Aaron Ricadela in San Francisco and Jason Kelly in New York. Editors: Nick Baker, Michael P. Regan

To contact the reporters on this story: Rita Nazareth in New York at rnazareth@bloomberg.net; Tara Lachapelle in New York at tlachapelle@bloomberg.net.

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net.

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Hummus recipe? Doesn't taste like restaurant?

Question by Philip N: Hummus recipe? Doesn't taste like restaurant?
Homemade hummus tastes much more acidic and less creamy or "fatty" than storebought/restaurant hummus. Is that normal? What is their secret method of preparation?

Best answer:
Answer by markIn addition to the lemon, garlic tahini and chick peas, I also add water to get it to the right consistency. Add it slowly as you don't want to water it down. When I use 2 cans of chick peas, I will add as much as 1/3 cup water (or less as needed).

I tend to add less lemon juice than most recipes called for by about 1/3 less (just my preference).

Use fresh garlic and mash garlic with salt before adding to the food

TransUnion: Canadians Getting Better At Managing Debt - Wall Street Journal

       By Monica Gutschi      Of DOW JONES NEWSWIRES

Moreover, the number of delinquent credit accounts has dropped to 88 in the third quarter of 2010 on an index where 100 was the level in the year-ago quarter.

"That indicates consumers are really trying to proactively manage and bring their credit into line," Higgins said.

-By Monica Gutschi, Dow Jones Newswires; 416-306-2017; monica.gutschi@dowjones.com

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A Road Show of Sorts for Debt Panel Chiefs - Wall Street Journal (blog)

By Damian Paletta

Maybe there will be a road show after all.

The co-chairmen of the National Commission on Fiscal Responsibility and Reform told reporters two weeks ago they had no plans to go around the country and urge action to tackle the deficit after they issue their final recommendations on Dec. 1, but they now plan to hold a news conference on Dec. 8 in Cheyenne, Wyo., to do just that.

The focus of the two-day 2010 Wyoming Forum, sponsored by the Wyoming Business Alliance and the Wyoming Heritage Foundation, will be ?National Debt: The Consequences of No Action.?

And no need to worry if your personal deficit crisis prevents you from flying to Cheyenne. The group will provide real-time video on the event?s website.

The co-chairmen, former Sen. Alan Simpson from Wyoming, and Democrat Erskine Bowles are holding a press conference today, and then their 18-member panel will gather on Wednesday to vote on a revised proposal to cut the debt that the co-chairmen have spent months tailoring to win broader support. If their proposal wins the backing of 14 of the 18 members, then the House and Senate could vote to adopt some or all of the measures very soon.

But even if they come up short of the 14 votes, as many expect, their recommendations could be adopted by the White House or either political party. In fact, President Barack Obama?s proposal to freeze federal pay for two years is similar to a three-year freeze Messrs. Bowles and Simpson floated earlier this month.

The Wyoming appearance is particularly noteworthy because both co-chairmen recently said they didn?t plan to make any public appearances after the group?s final vote.

?Some people want us to absolutely die and go away,? Mr. Bowles said at a recent breakfast sponsored by the Christian Science Monitor. ?The good thing is that?s exactly what we?re going to do Dec. 2. You don?t have to worry about us.

?If they ask Erskine and I to hit the road and promote this thing, I said ?Just do a cardboard cut out and stick it in the bus and carry it around,?? Mr. Simpson said at the same breakfast. ?I?m not going anywhere.?

Perhaps Mr. Simpson doesn?t see the Dec. 8 appearance as a road show. He is, after all, from Wyoming.

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Indian Child Life

Indian Child Life

You will like to know that the man who wrote these true stories is himself one of the people he describes so pleasantly and so lovingly for you. He hopes that when you have finished this book, the Indians will seem to you very real and very friendly.

List Price: $ 3.40

Price:

Eurozone debt worries weigh on Wall St - Financial Times

Rising consumer confidence and better-than-expected economic activity in the Midwest helped US stocks off their lows but worries about eurozone debt still dominated.

The indices hovered around key technical levels and at some points the S&P 500 slipped under its 50-day moving average and the Dow Jones Industrial Average fell below 11,000.

?Bail-outs are never good and bail-outs of countries are even worse,? said Dan McMahon, director of equity trading at Raymond James. ?[The US indices] can turn around but it?ll take a fairly significant argument. Some investors are locking in profits given the performance of the markets.?

The S&P 500 was down 0.5 per cent to 1,182.31 by midday, the Dow Jones Industrial Average had lost 0.3 per cent to 11,019.80 and the Nasdaq Composite was 1 per cent lower at 2,500.06.

The indices were still set to finish November almost flat after a sharp rally in September and October.

Energy and consumer discretionary stocks led the risers over the month while the utilities and healthcare sectors suffered the most.

On Tuesday, stocks pared their losses after positive data on the US economy.

?Today?s catalyst for now is the Chicago PMI and the better-than-expected consumer confidence figures,? said Nino Jimenez, head of trading for Brinson Patrick. ?They point to the more largely folllowed ISM manufacturing index due out tomorrow as well as Friday?s employment numbers.?

The Chicago Purchasing Manager?s Index showed business activity in the region climbed faster than expected in November, partly on the back of stronger employment.

Improving confidence in the labour market helped US consumer confidence rise to its highest level in five months.

The S&P 500 consumer discretionary index pared its losses after the report and was down just 0.2 per cent. Supervalu, the grocery store operator, added 2.6 per cent to $9.03, department store owner Macy?s gained 1.7 per cent to $25.85 and clothing retailer Gap advanced 2.4 per cent to $21.22.

But the housing market remained grim. The S&P/Case-Shiller index of house prices in 20 cities showed US house prices fell for the third month running in September.

Dan Greenhaus, chief economic strategist at Miller Tabak, said 19 of the 20 cities showed a decline in prices for the month and he expected further declines before the end of the year.

However the S&P 500 homebuilders index edged up 0.6 per cent with Lennar gaining 1 per cent to $15.14 and DR Horton nudging up 0.5 per cent to $9.92.

The technology sector fell the most in the wider indices, down 1.3 per cent.

Google dropped 3.2 per cent to $563.37 as the European Union said it had opened a full investigation after allegations from smaller online search providers that the US company had abused its dominant market position.

There was also continued speculation that Google would bid for the GroupOn discount website and it was reported that a possible offer could be between $5bn and $6bn.

Comcast lost 0.9 per cent to $20.03 after it found itself at the centre of a dispute about how it handles video traffic on the internet as US regulators work to prepare ?net neutrality? rules.

The cable company was accused late on Monday of asking for fees for the first time in return for carrying internet movies and other traffic for Level 3, which provides streaming services. Shares in Level 3 were flat at $1.

Ebay fell 3.8 per cent to $29.09 after it was downgraded by analysts at Piper Jaffray who said the auction site will lose market share in the next two years.

But there was a technology bright spot. Research in Motion jumped 6 per cent to $62.51 after analysts at Jeffries Group upgraded the BlackBerry maker,?citing the company?s new QNX operating system.

In deals news, shares in Baldor Electric Companyput on 40.2 per cent to $63.24 after the maker of industrial motors agreed to be bought by Swiss-Swedish group ABB. The bid, worth $4.2bn including debt, will pay investors $63.50 a share, a 41 per cent premium to Monday?s closing price.

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Calendar

Calendar
Submissions for "Community Calendar" are required two weeks preceding the date of publication. Send to: Mary Ann Bottari, Pioneer Press, 3701 W. Lake Ave., Glenview IL 60026; mbottari@pioneerlocal.com. Information may be faxed to (847) 486-7495.
Read more on Park Ridge

Gold rallies as debt woes batter euro - MarketWatch

By Claudia Assis and Laura Mandaro, MarketWatch

SAN FRANCISCO (MarketWatch) -- Gold futures rose Tuesday, getting a lift from mounting worries over a spreading debt crisis in Europe and news Chinese authorities approved a fund to invest in gold overseas.

Gold for February delivery /quotes/comstock/21e!f:gc\z10 (GCZ10 1,387, +20.50, +1.50%) , the most active contract,�jumped $18.10, or 1.3%, to $1,385.50 an ounce on the Comex division of the New York Mercantile Exchange.

A close around these levels would be the highest for a most-active gold contract since Nov. 11, when gold closed at $1,403.30 an ounce.

Gold is on track to gain 2.1% in November. The metal hit four consecutive record highs this month, culminating with a record $1,410.10 an ounce on Nov. 9.

Silver and copper also rallied as trading focused on events in Europe and in China.

News Hub: Spain, Italy Debt Worries Pound the Euro

Paul Vigna discusses how worries about Spanish and Italian bonds are hammering the Euro and have caused shares in Europe to fall sharply.

Gold benefited from the safe-haven trade, rising to a record in euros, according to analysts, and shouldering a rise in the U.S. dollar.

The euro tumbled and Spanish government bond yields soared as investors bet the European Union would have to bail out another member -- or make some changes to the way it manages deficits. Read more on Spanish yields.

China?s securities regulator has given the green light to a mutual fund to invest in foreign exchange-traded funds backed by gold. Read more on gold funds.

?Even if just a small fraction of people in China (invest in the new fund) this adds another level of demand ... the implications are really big,? said Adam Klopfenstein, a senior market strategist at Lind-Waldock in Chicago.

Lion Fund Management Co. did not specify which ETFs, or which markets, it was considering.

The world?s largest gold-backed ETF, SPDR Gold Trust /quotes/comstock/13*!gld/quotes/nls/gld (GLD 135.49, +1.98, +1.49%) �, reported inflows of $185.4 million in the week ended Nov. 26, after five weeks of outflows.

/conga/story/misc/markets.html 84614

?This is a further step in the liberalization of the Chinese gold market, making it easier for domestic investors to invest in gold. The higher demand as a result should generally support gold prices,? analysts at Commerzbank said in a report to clients Tuesday.

The U.S. dollar traded at $1.30 per euro /quotes/comstock/21o!x:seurusd (EURUSD 1.3036, -0.0086, -0.6554%) �, down from $1.3121 in late North American trade Monday. Earlier it fell below $1.30 for the first time since mid-September.

The gold rally is being fostered by ?nervous and anxious holders of euro currencies and Far East buyers nervous about Korean problems,? wrote George Gero, a precious metals strategist for RBC Capital Markets.

The price in euros rose to a record ?1,052 per ounce, said Commerzbank.

U.S. stocks traded lower, as Europe debt concerns spilled into the U.S. markets, but had trimmed their losses on positive macroeconomic data. Read more about stocks.

The Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed (DJIA 11,019, -33.15, -0.30%) � recently traded off 51 points, paring its decline after the Conference Board reported its consumer confidence index rose to 54.1 in November from a downwardly revised 49.9 in October.

Separately, the Chicago purchasing managers index rose more than expected, to 62.5 in November from 60.6 in October.

Meanwhile, silver for March delivery /quotes/comstock/21e!f1:si\f11 (SIF11 2,811, +95.20, +3.51%) �added 64 cents, or 2.3%, to $27.82 an ounce. Silver was on track to a whopping 13% gain in November.

That would follow similar gains in October and a 12% advance in September, and set the metal for its fourth consecutive monthly gain.

Silver has hit a string of 30-year highs, peaking at $28.91 on Nov. 9.

Copper for March delivery /quotes/comstock/21e!f:hg\f11 (HGF11 383.20, +6.90, +1.83%) �rose 6 cents, or 1.6%, to $3.83 a pound, its highest since Nov. 19.

So far this month, copper has gained 2.7%, making it all but certain the metal will notch its fifth consecutive monthly advance.

Claudia Assis is a San Francisco-based reporter for MarketWatch. Laura Mandaro is a MarketWatch editor, based in San Francisco.