The 12 lawmakers appointed to a new congressional super committee charged with tackling the nation's fiscal problems have received millions in contributions from special interests with a direct stake in potential cuts to federal programs, an Associated Press review of federal campaign data has found.
Financials are doing terrible
Goldman Sachs Downgrades Bank Of America and downgraded 19 other banks yesterday. Of course Goldman and nearly every other financial aren't doing too well either. Goldman's share price dropped 10% yesterday.
There goes the rebound.
Other French banks are slipping too, with SocGen up only 1.6% after opening up 6.5%. Credit Agricole also lost early gains, up only 1.6% now.
The CAC 40 is up only 0.6% and the FTSE is flat.
Overnite Dow futures fell from over 100 points to a 43-point gain.
With goYld spiking higher and London on fire, today King World News interviewed former LBMA commodities broker and trader and current MEP Nigel Farage to get his take on the situation. When asked about London being on fire Farage responded, "It's absolutely horrifying. In the past we've had civil disorder, I mean thirty years ago there were a very major series of riots that took place. What is so extraordinary and perhaps even more frightening about this is there is no real political motive, there is no real cause, this is just mass criminality on a quite unimaginable scale."
"There aren't just one or two flash points, there are hundreds of flash points at which people are going out and smashing down doors, looting, setting fire to buildings and you literally, this morning, have millions of decent, law abiding Londoners who are very, very frightened indeed. And we have a government who are mostly on holiday, who appear not to have a clue what to do.
I just feel that we've got to get a grip pretty quickly and whilst it may sound a radical thing to do, the police aren't big enough to cope and I think what the British government needs to do is to call in the army pretty damn quickly. Let's put soldiers on the street, let's give people a feeling that they can't just run riot everywhere and allow the police to actually get on with their job.
I am saying that it's that bad, I am saying that millions of people are terrified. I am saying that we have looting and arson going on, on a scale that we have never seen in this country before. Unless we get a grip, tonight could be even worse than last night and it's surely only a matter of time before a building gets set fire that's got twenty or fifty people in it and they'll all die.
The U.S. trade deficit increased to $53.1 billion in June from $50.8 billion (revised). It is the widest deficit since 2008.
Analysts were looking for a decrease to $48 billion.