Financial News

[jasonxctf]

Yes, this would be for the 99ers.

 

I'll admit, I'm conflicted on this one. Frankly, you're somewhat right on the latter. On the other hand...damnit, there aren't enough jobs open even at cash registers to absorb 2 million+ people right now.

 

I hear ya. I just feel that there is a good amount of the population who was "overearning" for the past 10 years who are having trouble accepting reality.

 

We all probably know people, and I know of 2 of them, who feel like their job skills (which went the way of the dinosaurs) are worth a certain amount and they wont settle for less. Shoot I know of a guy who was an early-mid 90's computer programmer, with very old tech skills, who still thinks he'll get hired for $35-60/hr contract jobs for technology that not many businesses use anymore. Every once in a while he catches lighting in a bottle for a 30-60 day contract, but then its back to unemployment again for 6-9 months.

[Rex Kickass]

is this for the 99'ers?

 

If it is, I'll break with my party affiliation and say, let them lose benefits.

 

If you can't find an acceptable job in 2 years, you're not looking hard enough or maybe your standards are a bit too high.

 

If there were fewer than 5 seekers for every job out there right now, I'd probably agree with you.

[lostfan]

My friend just quit her job to move to Texas, she hasn't left yet but she gets every resume applying for her job. She said it's been like 150 since they announced the vacancy.

[StrangeSox]

My friend just quit her job to move to Texas, she hasn't left yet but she gets every resume applying for her job. She said it's been like 150 since they announced the vacancy.

 

My fiance left her job back in August to go to school full time to finish up her teaching certificate. Her boss stopped bothering to check the email account after 200 resumes, but it was up around 500 when she left.

[mr_genius]

employers definitely have their pick of candidates right now

[mr_genius]

I hear ya. I just feel that there is a good amount of the population who was "overearning" for the past 10 years who are having trouble accepting reality.

 

We all probably know people, and I know of 2 of them, who feel like their job skills (which went the way of the dinosaurs) are worth a certain amount and they wont settle for less. Shoot I know of a guy who was an early-mid 90's computer programmer, with very old tech skills, who still thinks he'll get hired for $35-60/hr contract jobs for technology that not many businesses use anymore. Every once in a while he catches lighting in a bottle for a 30-60 day contract, but then its back to unemployment again for 6-9 months.

 

he's been doing that since the mid 90's?

[Balta1701]

Link

Steven Rattner, the former Obama administration auto industry czar, was sued by New York's attorney general for allegedly paying kickbacks to win investments from the state's public pension fund.

 

AG Andrew Cuomo's two charges seek $26 million from Rattner and an immediate lifetime ban from practicing in New York's securities industry.

 

In a separate but related action, the Securities and Exchange Commission said Rattner has agreed to pay $6.2 million to settle its own civil charges related to the case and consented to a bar from investment advisory or broker-dealer services for at least two years.

 

Rattner neither admitted nor denied the charges that were filed in a federal court in Manhattan. But he agreed not to violate the securities laws in the future. The settlement, which must be approved by the court, calls for Rattner to pay a $3 million fine and about $3.2 million in restitution.

[jasonxctf]

he's been doing that since the mid 90's?

 

rpg as400 programming.

[NorthSideSox72]

rpg as400 programming.

There's actually still a decent size market for that, particularly in the finance realm in Chicago. All the shops that do heavy derivatives use GMI running on an AS/400. Then there are some 400 systems in the retail banking area as well.

 

 

[mr_genius]

There's actually still a decent size market for that, particularly in the finance realm in Chicago. All the shops that do heavy derivatives use GMI running on an AS/400. Then there are some 400 systems in the retail banking area as well.

 

hmm, I mostly have seen Z/OS IBM machines at the banks and financial places.

Edited November 19, 2010 by mr_genius

[NorthSideSox72]

hmm, I mostly have seen Z/OS IBM machines at the banks and financial places.

I've seen both zOS and iOS (AS-400), depends on the shop. There are some major financial systems that still use AS/400.

 

[kapkomet]

I've seen both zOS and iOS (AS-400), depends on the shop. There are some major financial systems that still use AS/400.

 

 

Which is scary since I used it 25 years ago.

[lostfan]

Which is scary since I used it 25 years ago.

Holy s*** you're old.

[NorthSideSox72]

Which is scary since I used it 25 years ago.

 

Financial companies typically only move to fancier technology when it gives them a specific edge - they won't just employ new tech because its cool. If it works, especially for back and middle office systems where stability is key, they'll stick with it.

 

Holy s*** you're old.

 

Get off my lawn!

 

[kapkomet]

Financial companies typically only move to fancier technology when it gives them a specific edge - they won't just employ new tech because its cool. If it works, especially for back and middle office systems where stability is key, they'll stick with it.

 

 

 

Get off my lawn!

 

 

What was that from? I can never remember. Eh? EH? EHHH? I can't HEAR YOU!

[HuskyCaucasian]

Is this the place to say that Warren Buffett feels like he, and every rich person, should be taxed a lot more? He declared that trickle down economics hasn't worked in over 10 years.

 

Warren Buffett: I 'Should Be Paying A Lot More In Taxes'

Edited November 21, 2010 by Athomeboy_2000

[Balta1701]

So does anyone honestly think that in 6 months or so they won't be on to Portugal, and a year from now finally onto the big one, Spain?

[Balta1701]

The FBI raided 3 hedge fund offices this morning in a widening investigation of the industry.

 

The news that financial crimes may have been committed by anyone, of course, sent Goldman Sachs's stock down significantly.

[NorthSideSox72]

3Q GDP change revised up to 2.5% from 2%.

 

October home sales dropped 2.2%, but that was expected after a ridiculous 10% gain last month. People in the sector seem to be feeling more confident that activity is reliably off from the bottom now, and see a strengthening 2011.

 

[southsider2k5]

3Q GDP change revised up to 2.5% from 2%.

 

October home sales dropped 2.2%, but that was expected after a ridiculous 10% gain last month. People in the sector seem to be feeling more confident that activity is reliably off from the bottom now, and see a strengthening 2011.

 

A 1% drop in home prices to according to CNBC. That really isn't bad. The market has to put in a bottom sooner or later, and if are at a 1% loss, it looks like we might be there.

[Balta1701]

A 1% drop in home prices to according to CNBC. That really isn't bad. The market has to put in a bottom sooner or later, and if are at a 1% loss, it looks like we might be there.

There are still more than 10 months of supply in the currently available market, with more waiting in the shadow market. Typically, prices are stable when there are about 6 months of supply available. There is still a glut of housing that can't be sold at current market rates.

[NorthSideSox72]

There are still more than 10 months of supply in the currently available market, with more waiting in the shadow market. Typically, prices are stable when there are about 6 months of supply available. There is still a glut of housing that can't be sold at current market rates.

I agreed with you until the "can't be sold at current market rates". The pickup in activity says otherwise. And no one is saying the market is healthy or good. Just that its showing signs of coming back to life, slowly. And in the case of housing market, slowly is probably better than quickly.

 

 

 

[Balta1701]

I agreed with you until the "can't be sold at current market rates". The pickup in activity says otherwise. And no one is saying the market is healthy or good. Just that its showing signs of coming back to life, slowly. And in the case of housing market, slowly is probably better than quickly.

If that number isn't adequate to make my point...let's also add that year over year inventory is up 10% as well. For the last 2 years, year over year inventory has been negative as the bubble-built homes have been cleared out. The glut of houses on the market is actually growing, not shrinking. And this is not a shadow inventory effect.

[NorthSideSox72]

If that number isn't adequate to make my point...let's also add that year over year inventory is up 10% as well. For the last 2 years, year over year inventory has been negative as the bubble-built homes have been cleared out. The glut of houses on the market is actually growing, not shrinking. And this is not a shadow inventory effect.

Inventory was at 13 months at one point this year, and its under 10 now. So no, its not growing right now - it was growing earlier this year.

 

[Balta1701]

Inventory was at 13 months at one point this year, and its under 10 now. So no, its not growing right now - it was growing earlier this year.

The red line is inventory, the blue line is year over year inventory. The red line plummetted and then spiked as a result of government policy. The Blue line has been more stable, as it should be, and is creeping upwards.

 

There's no way you can look at the red line since early 2008 and say it has trended downwards at all. And the year over year numbers suggest to me that inventory growth is likely in the near term, which would force prices down further.