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Senate Finance Committee Chooses Moral Bankruptcy

by Lee Adler, Wednesday, September 30, 2009, in Economics | Permalink |Comments (0) Edit The Senate Finance Committee has voted to kill the public option in the health care bill it is writing. At least if they ban insurance companies from rejecting people with "pre-existing conditions", I and millions like me who can afford coverage but can't buy it, might have a shot at getting coverage. But how they can force insurers to insure millions of people like me without massive rate increases will be something to see.

 

There's no way around the fact that the US overpays medical service industry providers by 70%. That's a simple arithmetic, comparing costs in the US versus major industrialized countries. It's like a hidden tax on every American, and it costs the US even more than that in terms of its impact on competitiveness. It's what's wrong with the US system, and if they don't junk the for-profit system entirely, that tax will not go away, and nothing will be gained from any "reform". This system can't be reformed. It has to be destroyed if we are to survive as a people and a nation.

(Continued)

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w?s=^AORD

 

 

Neither here nor there today. All Ords closed -0.2% with falls being minor: Miners/Materials and Financials -0.5% and Consumer Staples -0.4%. On the plus side, Consumer Discretionary +1.7% and REITS +0.8%.

 

Mixed in Asia: China +1.1%, Honkers -0.7%, India +1.2% and Nikkers +0.3%.

 

 

On to UK/Europe:

 

Footsie

 

image;size=239x110

 

 

DAX

 

image;size=239x110

 

 

CAC 40

 

image;size=239x110

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Lets sum up the history

 

second peak (classic)

10 OCT 1929

5 OCT 1987

7 OCT 1997

 

 

=====

Chris Carolan

http://carolan.org/?p=2554

"In my years of working with the Spiral Calendar, the most fascinating aspect is the precision of its fit at the major market turning points. I realize that with that precision must come a corrollary aspect - that is as an important point approaches, because its fit will be so precise, than other tools may be more likely to fail at that time.

In other words, if the market is destined to make an imortant top near October 8-11, then bearish signals were getting now just arent going to work. And that certainly seems to be the case. Very simply, its looking increasingly like stocks have a date with a market peak either late next week or early the following week. That this chart is so important, means that other, short-term work, is going to take a back seat for a short while."

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Lets sum up the history

 

second peak (classic)

10 OCT 1929

5 OCT 1987

7 OCT 1997

 

 

=====

Chris Carolan

http://carolan.org/?p=2554

"In my years of working with the Spiral Calendar, the most fascinating aspect is the precision of its fit at the major market turning points. I realize that with that precision must come a corrollary aspect - that is as an important point approaches, because its fit will be so precise, than other tools may be more likely to fail at that time.

In other words, if the market is destined to make an imortant top near October 8-11, then bearish signals were getting now just arent going to work. And that certainly seems to be the case. Very simply, its looking increasingly like stocks have a date with a market peak either late next week or early the following week. That this chart is so important, means that other, short-term work, is going to take a back seat for a short while."

 

Does any of you Great Stoolies, has any experience with Carolan? Any one monitoring his calls?

 

TIA

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more debt more debtmore debt, debt is good debt is fine. [puke]

 

Sarkozy?€™s ?€˜Grand Loan?€™ to Pile On to Record French Debt Load

Sept. 30 (Bloomberg) -- French President Nicolas Sarkozy says even with a record budget deficit, France needs to spend more borrowed money to kick start economic growth.

 

As the government prepares to unveil its latest tax and spending plans today, Sarkozy is promising a ?€œgrand loan?€? to finance spending on everything from Paris?€™s rail system to new supercomputers. That will swell a budget shortfall that already is the highest since 1959, the year after France?€™s post-war government collapsed and Charles de Gaulle took power.

 

Sarkozy?€™s borrowing proposal puts him at odds with German Chancellor Angela Merkel and British Prime Minister Gordon Brown, who say they intend to rein in deficits swollen by the recession. The risk is that Sarkozy?€™s penchant for ?€œinvesting?€? may spook bond investors even as they improve earnings prospects for companies such as Bouygues SA and Electricite de France SA. It may even undermine France?€™s top credit rating.

“France is in a dreadful debt dynamic,” said Guillaume Sciard, who oversees 3 billion euros ($4.4 billion) of bonds at Barclays Wealth Managers France in Paris. “France will lose its AAA rating by 2012. In Europe, Germany may be the last to potentially keep its AAA.”

 

[...]

Thirty-five years of uninterrupted deficits have driven France’s gross debt to 1.4 trillion euros, equivalent to about 86 percent of GDP, according to Bloomberg data.

http://www.bloomberg.com/apps/news?pid=206...id=aUBz7hwf_hTw

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Dang! this is frustrating.

 

Took a large loss on gold last week and now its coming back. Had to chase it a bit and get back in with a smaller position.

 

Meanwhile AUDUSD broke out though its getting close to monthly resistance.

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Australia Retail Sales, Home Lending Jump

 

Sept. 30 (Bloomberg) -- Australian retail sales, approvals to build private homes and bank mortgage lending jumped in August, stoking speculation the central bank will raise borrowing costs from a half-century low in coming weeks.

 

Sales climbed 0.9 percent from July and approvals to build private houses increased 3.1 percent, the eighth consecutive month of gains, the Bureau of Statistics said in Sydney today. Bank lending rose 0.1 percent and loans to consumers buying houses jumped 0.6 percent, a central bank report showed.

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China Manufacturing Expands a Sixth Month

 

Sept. 30 (Bloomberg) -- Chinese manufacturing expanded for a sixth month in September on government stimulus spending and record bank lending in the first half of the year, a purchasing managers’ index released by HSBC Holdings Plc showed.

 

The index dropped to a seasonally adjusted 55 from August’s 16-month high of 55.1, HSBC said in an e-mailed statement today. A reading above 50 indicates an expansion.

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