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Sep 16, 2010

GATA : THE GATA DISPATCH: Watch for $ 21 Silver And Mining Company Acquisitions. September 16th., 2010

Watch for $21 silver and mining company acquisitions

8:53p ET Thursday, September 16, 2010
Dear Friend of GATA and Gold:
At the King World News blog tonight, GoldMoney founder and GATA consultant James Turk says $21 silver should be the trigger for the precious metals explosion. The interview with him is headlined "James Turk -- Here We Go Again" and you can find it here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2010/9/16_Ja...
Meanwhile King World News founder Eric King writes that mining company acquisitions and combinations are likely to increase sharply as rising prices outpace new mine development. King's commentary is headlined "Gold and Silver Takeovers Heating Up" and you can find it here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2010/9/16_Go...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Join GATA here: Toronto Resource Investment Conference
Saturday-Sunday, September 25-26, 2010
Metro Toronto Convention Center, Toronto, Ontario, Canada
http://www.cambridgeconferences.com/index.php/toronto-resource-investmen...

The Silver Summit
Thursday-Friday, October 21-22, 2010
Davenport Hotel, Spokane, Washington
http://www.silversummit.com/

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Hilton New Orleans Riverside Hotel
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MarketWatch : Special Financial Services: Robert Powell: Eight ways to fix the U.S. retirement crisis. September 16th., 2010


MarketWatch
SPECIAL FINANCIAL SERVICES

Robert Powell: Eight ways to fix the U.S. retirement crisis

By Robert Powell MarketWatch


Paul Volcker and his troupe, the President’s Economic Recovery Advisory Board, are unlikely to appear on the “America’s Got Talent” stage any time soon. But retirement experts are giving the group, which just issued a 188-page plan to fix the nation’s complicated retirement system, mostly high marks for their effort. 

CNBC EVENING BRIEF: CNBC.com's Evening Brief: RIM Shares Push Higher as Results, Outlook Top Forecasts. September 16th., 2010



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MarketWatch: Personal Finance Daily : Personal Finance Daily: Family of four, on $60 a day. September 16th., 2010

MarketWatch
Personal Finance Daily
SEPTEMBER 16, 2010

Thursday's Personal Finance stories

Don't miss these top stories:

By MarketWatch






    A family of four living on $22,000 a year -- or less. That's about $60 a day, including housing, food, everything. I don't know where you can survive on that kind of income, or lack thereof, but many millions of people are doing it this year. Counting all types of households, 43.6 million people lived in poverty in 2009, not all that surprising, I guess, given the decimation of the labor market.

    Read Ruth Mantell's story today for more on the Census Bureau's report, which also found that the number of Americans with health insurance fell in 2009, the first time there's been a drop since 1987. All told, more than 50 million people did not have health insurance last year. Again, the job market is at least partly to blame.

    Perhaps, given the economic downturn, the figures aren't all that surprising. But they certainly are staggering.

    Andrea Coombes , Personal Finance editor

    Poverty rate highest since 1994: Census

    The poverty rate in the United States rose to 14.3% in 2009, the highest since 1994, up from 13.2% in 2008, the Census Bureau reported Thursday.
    Read more on poverty rate highest since 1994.

    RETIREMENT

    U.S. retirement income deficit: $6.6 trillion

    The gap between what Americans need for retirement and the amount they have saved is a staggering $6.6 trillion, Retirement USA, a coalition of workers' groups, said in a study published Wednesday.
    Read more on U.S. retirement income deficit: $6.6 trillion.

    TAXES

    Room to talk on tax cuts, Hoyer says

    House Democratic Leader Steny Hoyer indicated Wednesday that he's willing to negotiate with Republicans and some Democrats about an extension of tax cuts due to expire at the end of this year.
    Read more on Democrat says room to talk on tax cuts.

    REAL ESTATE

    Dimming American dream

    Homeownership has lost some allure, a new survey by Fannie Mae shows.
     Watch video report on homeownership has lost some allure.

    ECONOMY & POLITICS

    Jobless claims drop 3,000 to 450,000

    The number of people who filed new claims for unemployment benefits dipped 3,000 to 450,000 in the latest week, reflecting little change in a weak jobs market.
    Read more on weekly jobless claims drop 3,000 to 450,000.

    Don't count the Democrats out just yet

    Don't count the Democrats out in the upcoming midterm elections. That's the upshot of two polls released Thursday, which suggest that despite voter discontent over the handling of the economy, both Democrats and Republicans in Congress aren't held in high regard among voters.
    Read more on don't count the Democrats out just yet.

    Ineffective TARP limits future response, panel says

    The Treasury Department's "ineffective" handling of the $700 billion Troubled Asset Relief Program makes it more difficult for the government to respond to future financial crises, a key congressional watchdog said Thursday.
    Read more on ineffective TARP limits future response, panel says.

    Wary consumers rule the wobbly recovery

    Uneasy lies the head that wears the recovery crown. Consumers, who reign supreme in the U.S. economy, are doing their part to support growth. They are doing it cautiously, however. They can increase spending only about as fast as their incomes grow.
    Read more on wary consumers rule the wobbly recovery.

    Current account gap widens to $123.3 billion

    The U.S. balance of payments deficit widened sharply in the second quarter to $123.3 billion from $109.2 billion in the first quarter, the Commerce Department reported Thursday.
    Read more on current account gap widens to $123.3. billion.

    INVESTING

    State Street strategist sees stocks outpacing bonds

    A weak but sustainable economic recovery is likely to help stocks outperform bonds over the next 12 to 18 months, said the top investment guru for State Street Global Advisors Thursday.
    Read more on State Street strategist sees stocks outpacing bonds.

    Six investing lessons from Lehman's fall

    The Wall Street community is not anxious to celebrate the second anniversary of the collapse of Lehman Brothers, other than to signify that a significant amount of time has passed since one of its darkest hours. It wishes the news media, and the public, would forget the excesses that led to the near-collapse of the financial world.
    Read more on six investing lessons from Lehman's fall

    Exit Harry Schultz, pursued by a bear?

    A famous veteran gold bug, who called the Crash of 2008, is now calling for sudden hyperinflation. But he warns he may not be around to comment on it.
    Read more on exit Harry Schultz, pursued by a bear?

    RTTNews : Evening Market Wrap: Stocks End Mixed Following Tepid Economic Reports - U.S. Commentary

    Evening Market Wrap Thu Sep 16 17:01 2010  

    Commentary

    Sep 16, 2010 Stocks End Mixed Following Tepid Economic Reports - U.S. Commentary Stocks saw a mixed close on Thursday, as another round of lackluster economic data prompted a lack of conviction in the markets. The day's silver lining came in the form of an unexpected decline in weekly jobless claims, while data on Philadelphia-area manufacturing disappointed and producer prices rose slightly more than expected. Full Article

    Economic News

    Sep 16, 2010 Weekly Jobless Claims Unexpectedly Show Modest Decrease First-time claims for unemployment benefits unexpectedly showed a modest decrease in the week ended September 11th, according to a report released by the Labor Department on Thursday, with jobless claims falling to a key psychological level. The report showed that initial jobless claims fell to 450,000 from the previous week's revised figure of 453,000. Economists had expected jobless claims to rise to 460,000 from the 451,000 originally reported for the previous week. Full Article
    Sep 16, 2010 Rebound By Energy Prices Contributes To Producer Price Growth With energy prices showing a substantial rebound in the month of August, the Labor Department released a report on Thursday showing that producer prices for the month increased by a little more than economists had been anticipating. The Labor Department said that its producer prices index rose by 0.4 percent in August following a 0.2 percent increase in July. The increase in producer prices came in slightly above economist expectations for 0.3 percent growth. Full Article
    Sep 16, 2010 Philly Fed Index Remains Negative For Second Straight Month While a report released by the Federal Reserve Bank of Philadelphia on Thursday showed that its reading on regional manufacturing activity in the month of September increased compared to the previous month, the index unexpectedly remained negative. The Philly Fed said its diffusion index of current activity rose to a negative 0.7 in September from a negative 7.7 in August, with a negative reading indicating a contraction in activity. Full Article
    Sep 16, 2010 U.S. Poverty Rate Jumps To Highest Level Since 1994The poverty rate in America jumped to a fifteen-year high in 2009, according to a report released by the Census Bureau on Thursday, with the number of Americans living in poverty reaching its highest level in the 51 years for which estimates are available. Full Article

    Earnings News

    Sep 16, 2010 FedEx Lifts FY11 View After Strong Quarterly Earnings; To Cut 1,700 Jobs - Update Package delivery company FedEx Corp. (FDX) reported Thursday a strong growth in first-quarter profit, in line with market projections, mainly reflecting higher demand at FedEx Express and FedEx Ground, along with increased fuel surcharges. Further, the company lifted its fiscal 2011 adjusted earnings forecast. Full Article

    Energy

    Sep 16, 2010 Williams Cos. Slashes Earnings, Spending Outlook - Update Natural gas player Williams Companies, Inc. (WMB) on Thursday said it may fall short of the company's own projections through 2012, and will pull back on spending over the same time period. Still, the company continues to expect steady earnings growth during the period, despite lower expected natural gas prices and lower expected natural gas liquid margins. Full Article

    Forex Commentary

    Sep 16, 2010 Dollar Rally Versus Yen Runs Out Of Steam The dollar inched only slightly higher versus the yen on Thursday, despite reports suggesting that Japanese officials are preparing to intervene in the currency markets for a second time this week. In a highly irregular move showing just how desperate authorities are to reign in the rapidly rising yen, Japan bought up dollars on Wednesday. The move had a temporary effect, as the buck rose sharply from a 15-year low reached earlier in the week. Full Article

    Political News

    Sep 16, 2010 Senate Votes 61-38 To Pass Small Business BillUnder pressure from the White House to quickly pass a small business bill following months of debate, the Senate voted Thursday to give final approval to the Small Business Jobs and Credit Act of 2010 less than a week after returning from the month-long August recess. The 61 to 38 vote in favor of the small business bill largely came down along party lines, with only two Republicans Senators, George Voinovich of Ohio and George LeMieux of Florida, joining with Democrats to pass the bill. Full Article
    Sep 16, 2010 Poll Shows Americans Continue To Blame Bush For EconomyWhile more Americans now blame President Barack Obama for the economic problems facing the U.S. than did so a year ago, the results of a Gallup poll released Thursday showed that a significantly higher percentage blame former President George W. Bush. Full Article
    Sep 16, 2010 Obama Reiterates Goal Of Doubling U.S. ExportsPresident Barack Obama Thursday reiterated his commitment to supporting U.S. businesses selling more products overseas. Obama, speaking at a meeting of the President's Export Council at the White House, said that in the coming years the country's economic recovery would need a realignment of business and workers into a "united front" to ensure America succeeds. Full Article
    Sep 16, 2010 Senate Committee Approves New Nuclear Arms Treaty With RussiaA key Senate panel voted Thursday to approve a new nuclear arms treaty between the United States and Russia, sending the treaty to the full Senate for consideration. The Senate Foreign Relations Committee voted 14 to 4 in favor of the new Strategic Arms Reduction Treaty, or START. Full Article

    NYT : Afternoon Business News: F.D.A. Panel Rejects Diet Pill



    BUSINESS
    Prescriptions Blog

     

    F.D.A. Panel Rejects Diet Pill

    By ANDREW POLLACK
    An advisory committee voted against approving a weight-loss drug by Arena Pharmaceuticals, citing in part potential heath risks.

    G.M. Says Treasury Will Sell Its Stake Over Time

    By BILL VLASIC
    How long it takes for the government to divest its holdings in General Motors will, in part, be determined by the company's success, G.M.'s chief executive said.

    Fiat Shareholders Approve Plans to Separate Businesses

    By DAVID JOLLY
    The Italian company hopes the move to spin off its industrial business from its automotive unit will lead the stock market to view the two halves more positively than it has the whole.

    Energy Costs Push Up U.S. Producer Prices

     
    By CHRISTINE HAUSER
    The core index, which removes the volatile food and energy prices, rose 0.1 percent in August.
    Prescriptions Blog

    TV Ad Attacks McDonald's

     
    By DUFF WILSON
    A new commercial uses a corpse clutching a hamburger to talk about the dietary effects of eating fast foods.

    FINANCIAL & FOREX INFO : Reuters - Daily Invetor Update: Stocks stay in tight range after economic data


     

    FROM : REUTERS - DAILY INVESTOR UPDATE

    Stocks stay in tight range after economic data
    RIM profit rises more than expected
    FedEx profit lags Street view
    Geithner vows to take China currency dispute to G20
    Senate passes long-stalled small business bill
    Gulf bounce back seen distant after spill
    GM bailout payback to take several years: CEO
    Gold rushes to record
    Jobless claims at two-month low
    Fannie, Freddie could cost govt $53 billion through 2020

    The Washington Post : Afternoon Edition : Most read articles. September 16th., 2010



    Most Viewed Articles on washingtonpost.com

    1) O'Donnell's primary victory is a win for . . . the White House?

    Of all the primaries so far this year, none has been sweeter for the White House than the one in Delaware on Tuesday night.

    2) As Vincent Gray weighs choices for divided D.C., schools chief Michelle Rhee calls election results 'devastating'

    On his first day as the District's presumptive mayor-elect, D.C. Council Chairman Vincent C. Gray said he plans to spend the next two months trying to "heal" a city that seems sharply divided by race, class and geography.

    3) Racial hostilities, thawed with the ice

    The woman cradled Lanier W. Phillips's head in her arm as if he were a baby, gently feeding the shipwrecked sailor hot soup she had brewed to help save his life. "Swallow," she said gently. "Swallow."

    4) Softball practice in Boehner Land

    The presumed Speaker-in-Waiting is stumbling under the pressure.

    5) A nickel for big government

    A need for economic recovery is no excuse to subordinate private interests to public authority.

    6) Christine O'Donnell's big win in Delaware sends message to Republican establishment

    "Tea party" activists have been saying all along that their movement is about something more than winning elections. And as the bloody Republican primary season reaches an end, they have proved they really mean it.

    7) D.C. Schools Insider: Election result 'devastating,' Rhee says

    Schools Chancellor Michelle A. Rhee made it increasingly clear Wednesday evening that she has no long-term interest in serving as Vincent C. Gray's schools leader.

    8) The Fix: Palin's support is deep but narrow, poll shows

    1. Former Alaska Gov. Sarah Palin demonstrated her political magic touch in a pair of primaries Tuesday night -- watching while former New Hampshire Attorney General Kelly Ayotte and Delaware businesswoman Christine O'Donnell won their respective primaries due, at least in part, to her support.

    9) Storming the Castles

    Mike Castle represented a disposition that the Tea Party is determined to destroy.

    10) Census: 1 in 7 Americans live in poverty

    WASHINGTON -- The ranks of the working-age poor climbed to the highest level since the 1960s as the recession threw millions of people out of work last year, leaving one in seven Americans in poverty.

    FOX BREAJING BUSINESS NEWS: :Senate passes package of tax breaks and aid to small businesses.September 16th., 2010

    Obama Flag 276 generic
    Who Carries the Burden?EMac The president has said the rich can afford to pay "a bit more" in taxes, but top 5% of earners already pay 60.63% of them, says the National Taxpayers Union, while the bottom 50% pays just 2.89%.

    FOX Business: THE POWER TO PROSPER

    Stocks Inch Lower on FedEx, Philly Fed

    Wall Street ticked slightly lower in the wake of a second-straight negative Philly Fed manufacturing report and FedEx's cautious earnings view.   

    SEC Seeks More Disclosures

    Regulators are considering requiring companies to disclose more info on their short-term borrowings.

    Geithner: China Must Move Faster

    LIVE The Treasury secretary told lawmakers he was taking a tougher line on China's currency policies.

    RTTNews: Daily Stocks to Watch: LightPath’s bright Q4. September 16th., 2010

    Daily Stocks to Watch Thu Sep 16 09:02 2010 

    Stocks To Watch

    Sep 16, 2010 LightPath’s bright Q4 – Stocks To Watch Optical components maker LightPath Technologies Inc. (LPTH) swung to a profit in the fourth quarter, as revenues and gross margins rose sharply. Full Article
    Sep 16, 2010 Introducing RTT Growth & Value StocksThe Growth & Value Stocks service is designed with a disciplined approach of extensive fundamental analysis to cater swing traders and investors. The service identifies growth stocks that are generally overlooked and value stocks that are usually undervalued by the market. The growth and value stocks we select have significantly outperformed the broader market indices. Full Article

    RTTNews : Morning Market Briefing: Stocks Headed For Lower Open Following Jobs, Price Data - U.S. Commentary . September 16th., 2010

    Morning Market Briefing Thu Sep 16 09:01 2010

    Commentary

    Sep 16, 2010 Stocks Headed For Lower Open Following Jobs, Price Data - U.S. Commentary Stocks futures are pointing to a modestly lower open on Thursday, with traders largely shrugging off an unexpected drop in weekly jobless claims. The major index futures are all in negative territory, with the Dow futures down by 37 points. Full Article

    Economic News

    Sep 16, 2010 Producer Prices Rose 0.4% In August Amid Jump In Energy Prices With energy prices showing a substantial rebound in the month of August, the Labor Department released a report on Thursday showing that producer prices for the month increased by a little more than economists had been anticipating. Full Article
    Sep 16, 2010 Weekly Jobless Claims Edge Down To 450,000 First-time claims for unemployment benefits unexpectedly showed a modest decrease in the week ended September 11th, according to a report released by the Labor Department on Thursday, with jobless claims falling to a key psychological level. Full Article
    Sep 16, 2010 RBA Member Warns Of Changing Risk ScenarioAustralia has emerged from the global financial downturn in good shape but while the economy's outlook has changed due to strong ties with emerging Asia, so too have the risks, a senior Reserve Bank of Australia official warned on Thursday. Full Article
    Sep 16, 2010 RBI Lifts Key Rates For Fifth Time This Year The Reserve Bank of India on Thursday hiked its key rates for the fifth time this year to contain inflation and anchor inflationary expectations amid robust economic growth. Full Article
    Sep 16, 2010 RBNZ Holds OCR Steady At 3.00%The Reserve Bank of New Zealand on Thursday left its Official Cash Rate unchanged at 3.00 percent, pausing a two-month period of rises. Full Article
    Sep 16, 2010 U.K. Retail Sales Fall For First Time Since January U.K. retail sales fell in August for the first time since January driven by declines in both food and non-food store segments. This unexpected drop has fueled concern over the sustainability of the economic recovery. Full Article

    Earnings News

    Sep 16, 2010 FedEx Q1 profit soars, meets Street; guides Q2 EPS below StreetThursday, FedEx Corp. (FDX) reported a 110% surge in profit for the first quarter, reflecting better margins and a 18% growth in revenue. Earnings came in line with the Street view, while revenue surpassed expectations. The company said that strong demand resulted in higher volumes for the quarter. Operating margin expanded to 6.6% from 3.9%. However, looking ahead, the firm guided second quarter earnings below the current estimate of analysts. FedEx lifted its fiscal 2011 earnings outlook range. Full Article
    Sep 16, 2010 Dress Barn Q4 profit up 64%; guides FY11 EPSWednesday, Dress Barn Inc. (DBRN) reported a 64% rise in profit in the fourth quarter, reflecting a 78% growth in revenues, helped by inclusion of sales from Justice apparel brand that was acquired last year. Looking ahead, the company provided earnings guidance for fiscal year 2011. Full Article

    Corporate News

    Sep 16, 2010 Clearwater Paper to buy Cellu Tissue Holdings for $502 mlnThursday, Clearwater Paper Corp.(CLW) said it agreed to buy Cellu Tissue Holdings Inc. (CLU) for about $502 million, including equity of about $247 million and net debt of about $255 million. Clearwater Paper expects the $12.00-a-share deal to be immediately accretive to its earnings per share. The firm expects the purchase to close in the fourth quarter of 2010. Full Article

    Broker Ratings Changes

    Sep 16, 2010 KeyBanc Capital Markets Initiates Anixter International Inc (AXE) At Hold
    Sep 16, 2010 KeyBanc Capital Markets Lowers Actuant Corp. (ATU) To Hold From Buy

    Todays WS Events

    Sep 16, 2010 FedEx Q1 11 Earnings Conference Call At 8:30 AM ET FedEx Corp. (FDX) will host a conference call at 8:30 AM ET, September 16, 2010, to discuss its Q1 11 earnings results. To access the webcast, log on at http://ir.fedex.com/events.cfm
    Sep 16, 2010 3M To Present At Credit Suisse Chemical And Ag Science Conference; Webcast At 8:10 AM ET 3M Co (MMM) will make a presentation at the Credit Suisse Chemical and Ag Science Conference in New York City. The event is scheduled to begin at 8:10 AM ET September 16, 2010. To access the webcast, log on at http://investor.3M.com/
    Sep 16, 2010 Walt Disney To Present At Bank Of America Merrill Lynch Media, Communications And Entertainment ConfWalt Disney Co (DIS) will make a presentation at the Bank of America Merrill Lynch Media, Communications and Entertainment Conference. The event is scheduled to begin at 2:15 PM ET, September 16, 2010. To access the live webcast, log on at www.disney.com/investors
    Sep 16, 2010 Anadarko Petroleum To Present At Barclays Capital CEO Energy/Power Conference; Webcast At 11:45 AM EAnadarko Petroleum Corp.(APC) CEO, Jim Hackett, will make a presentation at the Barclays Capital CEO Energy/Power Conference in NY. The event is scheduled to begin at 11:45 AM ET September 16, 2010. To access the live webcast, log on at www.anadarko.com
    Sep 16, 2010 Microsoft To Present At Deutsche Bank Technology Conference; Webcast At 2:30 PM ET Microsoft (Nasdaq: MSFT) will make a presentation at the Deutsche Bank Technology Conference. The event is scheduled to begin at 2:30 PM ET, September 16, 2010. To access the live webcast, log on at www.microsoft.com/investor
    Sep 16, 2010 Oracle Q1 11 Earnings Conference Call At 5:00 PM ET Oracle Corp. (ORCL) will host a conference call at 5:00 PM ET September 16, 2010, to discuss its Q1 11 financial results. To access the live webcast, log on at www.oracle.com/investor

    FOX BUSINESS : BREAKING BUSINESS NEWS: Producer prices tick up 0.4% in August, largest rise since March. September 16th., 2010

    05-2010 Trader Concerned 05 276
    Futures Indicate Red OpenWall Street was pointing to a red start after earnings from FedEx and ahead of jobless data.


    FOX Business: THE POWER TO PROSPER

    MarketWatch: Special Financial Services: Peter Brimelow: Exit Harry Schultz, pursued by a bear?. September 16th., 2010

    MarketWatch
    SPECIAL  FINANCIAL SERVICES
     
    Peter Brimelow: Exit Harry Schultz, pursued by a bear?
     
    By Peter Brimelow MarketWatch


    A famous veteran gold bug, who called the Crash of 2008, is now calling for sudden hyperinflation. But he warns may not be around to comment on it. 

    FINANCIAL & FOREX INFO : Reuters - Before The Bell : Stock futures dip ahead of jobless data. September 16th., 2010



    FROM : REUTERS - BEFORE THE BELL 

    Stock futures dip ahead of jobless data
    FedEx profit doubles, but shy of Wall Street view
    Japan PM says ready to step into forex markets again
    Potash working on China-led buyout to top BHP: report
    DOJ drops charges against former Merrill banker in Enron case
    Cost of drilling moratorium less than feared
    China says pressure on yuan will not help
    Senate could pass small-business bill Thursday
    Banks take over record number of homes in August
    Bailout anger may hamper U.S. in future crisis: panel

    The Washington Post : Ezra Klein's Wonkbook : Warren as temp; China bill; Why your lightbulb is not made in America



     
     Thursday, September 16, 2010
     
    Wonkbook: Warren as temp; China bill; Why your lightbulb is not made in America The Obama administration will appoint Elizabeth Warren to oversee the creation of the Bureau of Consumer Financial Protection in a temporary capacity. Confused? So, frankly is everyone else. The upside for the administration is that Warren dodges a Senate confirmation battle -- and the endless waiting associated with it. This is a Senate after all, that just can't be bothered to vote on nominees to the Federal Reserve. The downside is that piqued Republicans are even less likely to support her in a future Senate battle, meaning this temporary appointment might come at the cost of a permanent position. And won't potential employees be reticent to join the agency when they don't really know who their actual boss will be?
    Just so you know, there are no Top Chef spoilers in today's Wonkbook. There is, however, the most amazing food slideshow I've ever seen.
    Top Stories

    Elizabeth Warren will build the Consumer Financial Protection Bureau without going through Senate confirmation, reports Brady Dennis: "The official said Obama plans to name Warren as an advisor to him and Treasury Secretary Timothy F. Geithner - giving her responsibility for shaping the consumer bureau in coming months...Under the law, the Treasury maintains responsibility for setting up the new regulator until the president nominates a director, subject to approval by the Senate..Scores of Obama nominations far less polarizing than Warren's have languished in the divided Senate for months. Warren herself has told allies on Capitol Hill that she would prefer to be assigned on a temporary basis, rather than enduring a prolonged confirmation process."
    Sen. Bob Corker is not pleased: http://bit.ly/c2rYvo
    We need Elizabeth Warren, writes Matt Miller: http://bit.ly/aHxXQL
    A bill targeting China's currency devaluation could pass Congress, report Kathy Chen and Kris Maher: "The bipartisan bill, which has 143 co-sponsors, would allow the U.S. to impose tariffs and other penalties on countries that undervalue their currency--with China a main target. Many U.S. businesses, policy makers and economists argue that the country keeps its currency artificially low against the U.S. dollar, giving its exports an unfair price advantage on the global market...Several bills addressing China's currency policy have emerged in Congress in recent years but have made little headway. But both supporters and detractors of the Ryan-Murphy bill say it could have a real shot at passage this year."
    Neil Irwin previews the Fed's preliminary policy meeting next week: "Top Fed officials will be preparing formal forecasts for the economy over the coming weeks in advance of their meeting Nov. 2 and 3. If their consensus is that growth will be too slow next year to bring down the unemployment rate significantly, they will be more inclined to take action, even if the exact economic impact is modest and hard to predict, according to analysts who study the Fed...As the debate over further bond purchases has ripened within the central bank and among outside economists, many Fed watchers expect action before the end of the year unless economic data improve significantly."
    Rafael Nadal is poised to pass Roger Federer as tennis's top earner: http://bit.ly/dDp8i3
    Innovations are often made in America, but the associated manufacturing jobs are lured by other countries, reports Peter Whoriskey: "Now, as Lighting Science rapidly expands its production of what is considered the next-generation technology, the company is being courted by China and Mexico. Aside from the enticement of lower-wage workers, those countries offer significant cash incentives for capital equipment and labor, amounting to as much as $4 million, company officials said. The United States, by contrast, has offered financing under the stimulus program, but the process has proved too cumbersome for the small company. Lighting Science is largely owned by Pegasus Capital, a private equity group."
    "The incentives are 'a game that the foreign governments are playing, but the U.S. isn't,' chief executive Zach Gibler said. 'Like any manufacturer, we have to look at our options.'"
    The most amazing food pictures I've ever seen: http://bit.ly/9Cbi7W
    Still to come: Geithner gets tougher on China; Greenspan attacks the stimulus; Menendez introduces a comprehensive immigration bill; and the charming taps of Irish hand dancing.
    Economy/FinReg

    Tim Geithner is taking a tougher tone with China, reports Howard Schneider: "Geithner's remarks did not detail possible steps being considered. The United States would potentially have a variety of tools at hand, such as complaints with the World Trade Organization, a more aggressive application of U.S. law or even the crafting of punitive legislation, a step favored by some in Congress. But the change in tone is significant, highlighting frustration with the resurgence of China's trade surplus with the United States, as well as the increasing sensitivity of economic issues before the midterm elections."
    Public workers earn less on average than those in the private sector: http://bit.ly/bgmYZl
    House Rules chair Louise Slaughter signaled she will not allow open amendments on a Bush tax cuts extension, reports Jonathan Allen: "Replying to the GOP's request for a more open amendment process on upcoming legislation extending lower income tax rates that would otherwise go up at the end of the year, the New York Democrat noted Minority Leader John Boehner's concession on Sunday that he would -- if forced into an up-or-down vote -- choose to support a bill cutting taxes for most, but not all, taxpayers. 'Mr. Boehner's statement suggests that it may be possible to find bipartisan common ground -- I hope that more of your colleagues in the Republican Conference will join Mr. Boehner in expressing support for these middle class tax cuts,' Slaughter wrote."
    John Boehner has repeatedly retracted his offer to vote for Obama's tax plan: http://politi.co/aIKI0V
    Greenspan attacked the stimulus in a recent speech, reports Michael Derby: "At this point, 'we’d probably be better off doing less than more' because 'you’d be far better off to allow the normal market forces to operate here,' Greenspan said. That’s largely because stimulus spending is not proving as effective as many had hoped. 'To the extent the evidence suggests very large deficits concurrently crowd out capital investment, there is a debit to the stimulus program that is somewhere between a third and a half of what the gross stimulus is,' he said."
    Bruce Bartlett argues Baby Boomers should leave some of their inheritance to the government: "Perhaps in the days when revenues were flush and the public's willingness to tolerate taxation was greater, governments could afford to reject such opportunities to obtain private funds for public purposes. And of course there will always be a legitimate concern that those making private contributions are buying more than the praise and good will of the citizenry. But in times like these, when resistance to taxation and spending are intense even for programs with broad public support, we must be open to new methods of building and maintaining society's critical infrastructure."
    New OMB chair Jack Lew should put a premium on management skills, write Jitinder Kohli and John Griffith: http://bit.ly/aB11ev
    Richard Riordan and Alexander Rubalcava propose a "Race to the Top" for state pensions: "Here’s how it would work. A city, county or state facing insurmountable pension costs would appeal to the Department of Treasury for relief...the applicant would have to take action to assure it can meet the debt service on its bonds, including placing a permanent cap on its pension liabilities...In exchange, the Treasury would authorize the fund to issue tax-free “pension protection” bonds which, for a fee, would be guaranteed by the federal government. Proceeds from the bond sales would cover its liabilities, providing a quick resolution to the underfunding crisis."
    Stationary dancing interlude: Irish hand dancing.
    Energy

    Unions and environmental groups are still pushing for a renewable energy standard: http://bit.ly/9I37aq
    The US is ordering oil companies to plug idle wells, reports Siobhan Hughes: "The U.S. Interior Department and its offshore-drilling oversight agency said almost 3,500 wells that aren't producing oil or gas must be plugged. Another 650 oil and gas platforms must be dismantled if they are no longer being used for exploration or production, the government said...The mandate becomes effective on Oct. 15. Companies will have 120 days to submit plans to decommission production facilities and wells. Under the regulation, any well that has not been used during the past five years for exploration or production must be plugged. Production platforms and pipelines must be decommissioned if no longer in use."
    Climate activists want to woo back John McCain: http://politi.co/9CxIez
    John Perlin debunks myths about solar cells: "Myth: Photovoltaic cells require much more area to generate power than do power plants run on fossil fuels or nuclear Fact: If the extraction and transportation of fossil fuels and nuclear is accounted for as well, then the area required for the production and generation of the three energy sources is about the same."
    Mashup interlude: Everything's a Remix.
    Domestic Policy

    Robert Menendez will introduce a comprehensive immigration bill in the Senate, reports Scott Wong: "Sources familiar with the Menendez bill said it would include border security provisions, employment verification, a temporary-worker program and a path to citizenship for the 11 million illegal immigrants now living in the U.S...Menendez and two vocal reform backers in the House -- Reps. Luis Gutierrez (D-Ill.) and Nydia Velazquez (D-N.Y.) -- said they would meet with President Barack Obama Thursday afternoon to request his support for the new legislation and the immigrant-student bill, known as the DREAM Act."
    Tom Coburn is still holding up a food safety bill on deficit grounds: http://bit.ly/9eQw6n
    A federal agency is weighing railroad price controls, reports Josh Mitchell: "Daniel R. Elliott III, appointed last year by President Barack Obama to chair the Surface Transportation Board, pointed to concerns that railroads are using market dominance to charge 'excessive' rates for the shipment of goods. Mr. Elliott also suggested that the Staggers Act, signed by President Jimmy Carter, was outmoded and may have given railroads too much pricing power over farmers, grain merchants and other shippers."
    The House will vote on a bill giving lawmakers the right to swear in new citizens: http://bit.ly/aDXNow
    Obama is readying a new defense of health care reform, report Jennifer Haberkorn and Sarah Kliff: "The Obama administration and its allies hope tough new insurance restrictions due to go into effect Sept. 23 and an accompanying public relations push will help turn the tide and give Democrats campaign-ready ammunition six weeks ahead of the midterm elections. This month’s new restrictions include some of the health care overhaul’s most consumer-friendly and popular changes, such as no co-pays for preventive care in new insurance plans and bans on denying coverage to children and taking away coverage from anyone when they get sick."
    Guitar heroics interlude: Marnie Stern's "For Ash".
    Closing credits: Wonkbook compiled with the help of Dylan Matthews and Mike Shepard.