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Nov 2, 2012

NYT Politics -November 2, 2012-: Romney's Closing Argument: 'Look to the Record'

The New York Times

November 2, 2012

Politics


The Caucus

Romney's Closing Argument: 'Look to the Record'

In what his aides called Mitt Romney's closing argument to the electorate after 18 months of bruising politics, he asked that Americans "look to the record, the accomplishments and failures, and the judgment."
Job seekers waited to enter a career fair in New York City last month.

Jobs Report Shows Persistent Economic Growth

In the last assessment of the job market before the presidential election, the Labor Department said the economy added 171,000 positions in October. The unemployment rate edged up to 7.9 percent.

More Politics

The Caucus

Obama Says Romney Is Being Dishonest About Auto Bailout

President Obama, returning to full-throttle campaign mode after a week upended by the East Coast storm, accused Mitt Romney on Friday of dishonesty in saying that the auto bailout had resulted in jobs moving to China.

Economic Data Offers Little Change in Dynamic Between Obama and Romney

Mitt Romney called the numbers "a sad reminder that the economy is at a virtual standstill," but the White House cited the report as further evidence that the nation's economy is recovering.

In Shift, Romney Campaign Approaches Pennsylvania With a New Urgency

Mitt Romney's campaign and his supporters are investing millions of dollars in ads in a last-minute effort to sway voters in certain key demographics.
Mr. Axelrod talking to reporters in Boca Raton, Fla., after the final presidential debate. Friends said he took the first debate harder than he let on.

The Man Who Wields a Lead-Weighted Beanbag for Obama

David Axelrod, President Obama's longtime strategist, is leading a grittier fight in this, his final campaign with his friend. "There are no ingénues in this battle," Mr. Axelrod said.

Campaigns Brace to Sue for Votes in Crucial States

Thousands of lawyers from both presidential campaigns will enter polling places next Tuesday with one central goal: tracking their opponents and, if need be, initiating legal action.
President Obama greeted supporters at a campaign event on Thursday in Green Bay, Wisc.

After Storm Hiatus, Presidential Race Is Back in Full Swing

The campaigns roared back to life with urgent closing arguments and a flurry of cross-country rallies as Mitt Romney raced to overtake President Obama in the election's final 100 hours.

Romney Advance Team Works Every Angle in Pursuit of Visual Perfection

For Mitt Romney's team, producing Hollywood-caliber events with a fraction of a film director's time and budget has required a lot of hard work and a gift for anticipating trouble.

Federal Relief Costs Likely to Be Big, and Contested

FEMA had distributed $19 million in temporary housing aid and other assistance to 85,072 victims of the storm as of 11 a.m. Friday, but lawmakers are just beginning to tally the federal government's costs.
Paul Penzone, who is challenging Joe Arpaio in the race for  Maricopa County Sheriff,  speaks during a campaign event in Mesa, Arizona on October 25.

Chance to Oust Arizona Sheriff Spurs Latino Voters

Religious groups and labor unions are among those working to persuade Latinos to vote against Sheriff Joe Arpaio, 80, who has pursued illegal immigrants.

A Romney Travels to Russia, but on Strictly Friendly Terms

Matt Romney, one of Mitt Romney's sons, went to Moscow seeking investors for his real estate firm.

In Wisconsin, Real Battleground Is Rural

The presidential election in this swing state hangs in an area where the electorate is prone to shifting between red and blue.

The Caucus

Akin Finds Funding in Final Days of Senate Race

Representative Todd Akin, abandoned by the Republican establishment after his controversial comments on rape months ago, is seeing an influx of more than $2 million in the final days of his campaign.
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Election 2012 iPhone App

A one-stop destination for the latest political news, from The Times and other top sources around the Web. Plus opinion, polls, campaign data and video.
FiveThirtyEight
The Simple Case for Saying Obama Is the Favorite
The FiveThirtyEight model represents a complicated analysis of the polls, but simplicity is on its side in finding that President Obama is the Electoral College favorite.
Abstract Sunday Blog
State of the Art
A primer to the electoral college.
Common Sense
Comparing the Tax Bite Under Obama and Romney
An attempt to determine if taxpayers would pay more or less under each proposal and how that would compare with the taxes of the richest Americans.
Talk
The Last Days of Joementum
The Connecticut senator is taking a sabbatical from elective partisan politics - and it may last the rest of his life.

Multimedia

Video: The Last Jobs Report Before the Election
TimesCast Politics: Both sides spin the new jobs numbers. | Power problems and the political response to the storm. | Voices of troops voting from Afghanistan. | Lawyers mobilize for Election Day.
Interactive Graphic: Swing State Tracker
Watching nine swing states, minute by minute, with polls from FiveThirtyEight, daily calendar and reports from the ground.
Interactive Feature: The Third Presidential Debate
Follow along with this interactive replay of the final debate, using fact-checks and graphics to take a closer look at attacks and assertions by President Obama and Mitt Romney.

DealBook Afternoon Edition -November 2, 2012-: Reading the Fine Print in Abacus and Other Soured Deals



Friday, November 2, 2012
TOP STORY
Reading the Fine Print in Abacus and Other Soured Deals Many of the soured investment products that helped lead to the financial crisis contained ample disclosures of their risks, but the sophisticated investors who lost billions failed to heed warning signs that should have led them to further investigation.
  • DEALBOOK »
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  •  
    DEALBOOK HIGHLIGHTS
    Restoration Hardware Jumps in Market Debut Shares in Restoration Hardware opened up at $32.28, more than 35 percent higher than their initial offer price, as investors' appetite for the stock appeared undiminished by the storm-shortened week.
    Berkshire to Buy Oriental Trading Company With the holidays approaching, Warren E. Buffett has found a way to stock up on all the elf hats and reindeer paper plates anyone could ever need: by buying an 80-year-old retailer overflowing with them.
    R.B.S. Expects Fine Over Libor Investigation The Royal Bank of Scotland said on Friday that it would probably face financial penalties connected to the rate-rigging investigation, as the British bank reported a net loss in the third quarter of the year.
    Nomura Faces Another Insider Trading Case On Friday, the Japanese bank said it was likely involved in a new insider trading case, months after the firm's chief executive, Kenichi Watanabe, resigned following similar allegations.
    LOOKING AHEAD
    Economic Reports Economic information to be released on Monday includes the Institute for Supply Management Services Report for October.
    Corporate Earnings Companies scheduled to release quarterly earnings reports on Monday include HSBC, Humana and Toyota Motor.
    In the United States On Monday, a federal judge in Madison, Wis., will begin hearing testimony on Apple's claims that Google's Motorola unit breached licensing patents.
    Overseas On Sunday, G-20 finance ministers and central bank chiefs will meet to discuss Europe's debt crisis.

Wall Street at Close Report | MarketWatch -November 2, 2012-: U.S. stocks fall sharply; election eyed

By Polya Lesova and Deborah Levine, MarketWatch 

NEW YORK (MarketWatch)U.S. stocks fell sharply on Friday, as cheer over better-than-expected employment data gave way to nervousness ahead of the U.S. presidential election next week. 

The equity market had been buoyed at the open by data showing that the American economy created more jobs than expected in October, pointing to a gradual but steady improvement in the labor market.


Bloomberg endorses Obama New York City Mayor Michael Bloomberg endorsed Barack Obama for president, citing his positions on climate change, abortion and marriage equality as major factors in his decision. 

However, jitters about Tuesday’s presidential and Congressional elections quickly prevailed.
“Investors are telling me they’re doing nothing until next week,” said Dan Greenhaus, chief global strategist at BTIG. “All that matters at this point is the fact that the election is in a few days.” 

The Dow Jones Industrial Average DJIA -1.05%  dropped 139.46 points, or 1.1%, to 13,093.16. It had traded as high as 13,289.45. The blue-chip index posted a 0.1% decline for the week.

Oil giant Chevron Corp. CVX -0.20%  and equipment maker Caterpillar Inc. CAT +0.49%  were the top losers in the Dow, falling 2.8% and 2.1%, respectively. Bank of America Corp. BAC -0.10%  was the top gainer in the Dow, with its shares ending up 1.1%. 

The S&P 500 index SPX -0.94%  lost 13.39 points, or 0.9% to end at 1,414.20, with energy and materials the biggest losers among its 10 major industry groups. For the week, the index gained 0.2%.
The Nasdaq Composite index COMP -1.26%  fell 37.93 points, or 1.3%, to 2,982.13. For the week, it dropped 0.2%. 

However, jitters about Tuesday’s presidential and Congressional elections quickly prevailed.
“Investors are telling me they’re doing nothing until next week,” said Dan Greenhaus, chief global strategist at BTIG. “All that matters at this point is the fact that the election is in a few days.” 

The Dow Jones Industrial Average DJIA -1.05%  dropped 139.46 points, or 1.1%, to 13,093.16. It had traded as high as 13,289.45. The blue-chip index posted a 0.1% decline for the week. 

Oil giant Chevron Corp. CVX -0.20%  and equipment maker Caterpillar Inc. CAT +0.49%  were the top losers in the Dow, falling 2.8% and 2.1%, respectively. Bank of America Corp. BAC -0.10%  was the top gainer in the Dow, with its shares ending up 1.1%. 

The S&P 500 index SPX -0.94%  lost 13.39 points, or 0.9% to end at 1,414.20, with energy and materials the biggest losers among its 10 major industry groups. For the week, the index gained 0.2%.
The Nasdaq Composite index COMP -1.26%  fell 37.93 points, or 1.3%, to 2,982.13. For the week, it dropped 0.2%. 

After trading flat for most of the morning, U.S. stock futures had turned higher when the government reported that nonfarm payrolls increased by 171,000 in October, more than the 120,000 rise expected by economists. 

Hiring also rose faster than expected in the preceding two months than previously believed, the data showed. Read: Economy adds 171,000 jobs as hiring picks up. 
 
The unemployment rate, drawn from a separate survey of about 60,000 households, edged up to 7.9% from 7.8%, as expected. The jobs report comes just days before Tuesday’s presidential election between President Barack Obama and Republican challenger Mitt Romney. 

Several analysts said the data may prove supportive for Obama, which may not be good for markets because of the perception that he’ll have a harder time negotiating with a Congress split between Republicans and Democrats to tackle a package of expiring tax breaks and spending measures that threaten to push the economy into a recession.

“The fiscal cliff is going to be more difficult under Obama,” Greenhaus said.
Before and after the jobs report, analysts also talked about the potential implication for the Federal Reserve’s easy monetary policy if the employment trend continues to improve. The Fed recently launched an open-ended mortgage-bond-buying program, which some economists call its third round of quantitative easing. 

“There is an expectation that future quantitative easing is now on hold,” though the Fed will continue its current program, said Andrew Brenner, head of international fixed income at National Alliance Securities.
“Investors are now betting that the Fed may not be on hold all through 2015. Some may be focusing on the election and Obama’s chances.” 

Gold and oil futures declined on Friday, while the U.S. dollar advanced against a basket of major currencies, with the dollar index DXY +0.65%  up 0.6% to its highest level in almost two months. Read: Gold futures fall below $1,700 an ounce. 
 
Polya Lesova is MarketWatch's New York deputy bureau chief. Deborah Levine is a MarketWatch reporter, based in San Francisco.


Business in Vancouver | BIV Today's Business News -October 2, 2012-: Idled sawmill in Cranbrook goes up in flames



Forestry

Idled sawmill in Cranbrook goes up in flames

Another sawmill has gone up in flames – but this time no one was injured, as the mill had been idle for some time.

Politics and Policy

 

Government miscommunicates probe into Clark's departed chief of staff “incident of concern”

Christy Clark's chief of staff Ken Boessenkool had no meetings with the head of B.C.'s Public Service Agency, Lynda Tarras, in the days prior to his resignation over an alleged misconduct – despite Clark saying the investigation was being handle by Tarras.
 

Liquor privatization documents reveal secret government consultation

The biggest pre-distribution liquor warehouse in B.C. was consulted by the provincial government before it joined the bidding for Liquor Distribution Branch logistics, documents obtained under Freedom of Information reveal.

Hospitality and Tourism

 

NDP would restore Tourism BC to industry control

In the past, the NDP has opposed the privatization of public services, but in the case of Tourism BC, that's what needs to happen, says NDP Leader Adrian Dix.

Economy and Finance

B.C. loses 11,000 jobs in October: StatsCan

There were 11,000 fewer jobs in British Columbia in October compared with September – the highest loss of any province in the country, according to Statistics Canada numbers released this morning.
 
B.C. is experiencing a flurry of mergers and acquisitions that include seafood companies, video production companies and architectural firms.

Education and Research

SFU support workers plan no-holds-barred, all-campus strike

Support workers at Simon Fraser University have scheduled an all-out, all-campus withdrawal of services on November 7, and members of CUPE 3338 say picket lines will go up at all three SFU campuses.

NYT Opinion Today -INovember 2, 2012-: Defense of the Undecided

The New York Times

November 2, 2012

Opinion Today


Campaign Stops

In Defense of the Undecided

They may pay less attention to the news, but voters who take their time choosing between Obama and Romney have some admirable qualities.
Nature Votes Last
Opinionator

Nature Votes Last

Republicans can get away with fact-denial, so long as reality does not shatter the picture.
Op-Docs

The Black Vote for Gay Marriage

Focusing on pastors with opposing views on same-sex marriage, the filmmaker Yoruba Richen explores the influence of African-Americans on a ballot initiative in Maryland.
Should New York Build Sea Gates?
Room for Debate

Should New York Build Sea Gates?

How can we better protect New York City from flooding?
Op-Ed Contributor

Innovative Immigrants

Why new Americans often make the best entrepreneurs.
Op-Ed Contributor

Don't Get Found Out

The 11th commandment at the heart of the BBC scandal: you're not doing anything wrong if the only people who know are you, the person you're doing it to and the people you're doing it with.
Misunderestimating Spain
Latitude

Misunderestimating Spain

To suggest, as Mitt Romney does, that Spain's current woes are due to government profligacy is to take the wrong lesson from its experience and risk making its problems worse.
Bad Blood in the Bald Hills
Opinionator

Bad Blood in the Bald Hills

As the Civil War raged in the East, settler-Indian violence tore apart northern California.
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Editorial

The Junk Is Back in Junk Bonds

As institutional investors pull back, individual investors need more warning and protection.
Editorial

Subject to Deportation

The Constitution requires a lawyer to tell a client who is not an American citizen that pleading guilty to a criminal offense carries the risk of deportation.
Editorial

Even Death Won't Part Them Now

After a state politician retires, goes to jail or dies, it's time to close shop, including the campaign fund.
Editorial

Hurricane Tracking in Peril

Satellites were used to predict Hurricane Sandy's path, but their future is at risk because of budget cuts and mismanagement.

The Opinion Pages

Read the full opinion report, including editorials, columns, op-eds and Opinionator. Go to the Section »
No Comment Necessary: This Is Still America
Taking Note

No Comment Necessary: This Is Still America

Senator James Inhofe said President Obama "has tried to destroy every institution that makes America great."
Who Will Vote?
Evaluations

Who Will Vote?

Further notes on the great polling debate.
Lessons from Sandy: Building with Resilience in Mind
Dot Earth Blog

Lessons from Sandy: Building with Resilience in Mind

A look at ways to cut disaster losses before disasters occur.