The Top Ten Financial Links Of The Day
Tech Eye - TechEye has heard that Nokia is going to fire up to 6,000 people as soon as next week.
Zero Hedge – The BLS beat the expectations game continues. While this week’s number of people filing initial cliams surged to 410K, blowing out expectations of 380K, it is once again the prior revision that shows the true nature of the BLS. As we said last week when claims printed at 382K, better than expectations: “last week’s 388K was revised up to 392K, declining to 382K below expectations of 385K, which in tried BLS fashion will certainly be revised next week so that the actual number will have been a miss but by then nobody will care.” Sure enough: last week’s number was revised… to 385K, meaning there was no beat. Obviously this week’s number will be revised higher next week. As usual. Looking at continuing claims we see the same thing: the prior number was revised from 3,723K to 3,738K, meaning the drop to this week’s 3,680K was better than expected. Lastly from the BLS, people claiming EUCs and Extended Benefits increased by about 40K in the week ended March 26
Bay Citizen - The number notices of mortgage default in California rose in March to their highest level since October 2010, up 17.3 percent since the previous month to 26,615 filings, according to a report released Tuesday by the website ForeclosureRadar.com.
These documents revealed how open-minded the Fed can be when it needs to be. Local governments in Belgium, Japanese fishing cooperatives, the Libyan government and many other unlikely parties received the Fed’s financial aid. Failing U.S. banks, such as Citigroup and Morgan Stanley (MS), were of course handed whatever they wanted, and permitted to post as collateral pretty much anything they could get their hands on: junk bonds, defaulted debt, volatile equities.
To naive critics this came as just more evidence that the Fed had mistaken the wants of a handful of rich people for the needs of the wider society.
Pajamas Media – Dick Durban wants to tax internet shopping
Right Wing News – 5 things that will happen to you when America goes bankrupt
International Liberty – Responding to widespread criticism of his AWOL status on the budget fight, President Obama today unveiled a fiscal plan. It already is being criticized for its class warfare approach to tax policy, but the most disturbing feature may be a provision that punishes the American people with higher taxes if politicians overspend
NY Post - Early this month Labor reported that 216,000 new jobs were created in March. It was better than Wall Street expected. But the figure included 117,000 jobs that the department thinks, but can’t prove, were created by newly formed companies that might not even exist. In fact, the department is getting so optimistic about the labor market that it increased this imaginary job count from just 81,000 in March, 2010.