Earnings are dominating the headlines this morning. So there isn't much other news. China's inflation is still cruising along. Euro is still broke and it looks like they are going to continue to drag out their "fix". For some reason, Gold and Silver are correlated with equities, which is not the norm. That should remedy itself in the medium to long term.
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More stimulus coming to the jobs bill
Despite the failure of President Obama’s jobs bill in the Senate last week, Senate Majority Leader Harry Reid said Monday that Senate Democrats will continue to “pursue” $30 billion in education stimulus spending included in the bill, along with $5 billion to “retain” police, firefighters and first responders.
“State and local budget cuts could cost as many as 280,000 teacher jobs next year unless we do more,” Reid said on the Senate floor. “That’s why President Obama proposed we invest $30 billion as part of the American Jobs Act to keep our schools well-staffed to ensure our children are well-educated.”
“Democrats will pursue the President’s plan to keep nearly 400,000 teachers and support staff where they belong — in the classroom. A $30 billion investment, fully paid for, will help school districts not only avoid layoffs, but also rehire tens of thousands of teachers who have already lost their jobs because of budget cuts.”
“We will also commit $5 billion to retaining the police, firefighters and first responders who work so hard to keep our communities safe,” Reid continued, ”and to rehiring those who have already been laid off in these tough economic times.”
The human race doesn't really surprise me anymore, but this was real close.
Drunk Dad Let's 9 Year Old Drive Van
A father, suspected of being intoxicated, was arrested after police found his 9-year-old daughter behind the wheel of his GMC van being driven on King Road near Dean.
A motorist called police at about 2:45 a.m. Oct. 8 and said he believed he had seen a child driving a van and it looked like the passenger was intoxicated.
According to police, the motorist followed the van from a gas station at Telegraph and West roads to Beech Daly and King roads.
The witness stayed on the telephone with a dispatcher until an officer arrived.
The child could be seen driving the van, with the father in the passenger’s seat, police said.
After an officer activated his overhead lights, the van was stopped and the father jumped out, according to police.
By the time the officer approached the van, the girl was in the passenger’s seat.
The officer asked the girl why she was driving the van, and she said her father always lets her drive, the report said.
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I'm glad the TSA is around to keep us safe...
The son of Los Angeles’ former fire chief, Millage Peaks, has been arrested for allegedly bribing a TSA agent to help him smuggle marijuana on board a flight.
Authorities arrested Millage Peaks Jr., 23, Sunday morning on charges of smuggling 10-15 pounds of pot on a flight from Los Angeles International Airport to Boston.
“It’s a fair amount. I think it was purchased for about $38,000 and was gonna be resold for some amount greater than that,” said Robert Little, Peaks’ attorney.
Peaks Jr. admitted he bribed a TSA agent, Dianna Perez, to let his suitcase go through security screening for an American Airlines flight. He and Perez also said that they had worked together before and that several thousands of dollars had exchanged hands.
Perez, 28, was also arrested. She was charged with accepting the alleged bribe.
Peaks Jr. has been charged with bribing a public official, according to the FBI.
The arrest came when the suitcase was searched after other baggage handlers smelled marijuana.
According to the FBI affidavit, “Peaks had arranged for Perez to help him move bags containing marijuana through airport security for a fee. He intended to pay Perez $500 for each bag that she helped bypass security.”
The FBI affidavit said Peaks claimed Perez had helped him “circumvent security nine previous times.”
Officials said Perez had denied everything at first, but later admitted to taking “big tips” for helping bags bypass security in the past.
Peaks’ father, as well as his sister, who is an LAX officer, said they did not know he was selling drugs.
“I can’t say he’s been very cooperative with law enforcement, with me, and with the process and it’s part of the reason he’s bonding out within the next few hours,” said Little.
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I pulled this from the Goldman Sachs Earnings release posted on ZeroHedge.
In a nutshell: for the first time in probably since the Lehman crisis, Goldman reported a massive loss in its prop trading division of $2.5 billion, and also based on LTM accured comp benefits and the total staff at period end of 34,200, average compensation amounted to $358,713/employee.
WOW!
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And for the Bizarre of the Day, a guy in a wingsuit. I'm not sure why anyone would try this.
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