President Barack Obama signed an executive order that includes an end to the Federal Government purchases of swag-clothing, mugs and gadget related non-working, often given away in promotions.
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The debt crisis in Italy is huge, as the English sovereign debt is more than Greece, Ireland, Spain and Portugal-all put together. The debt burden of Italy is the highest of any country besides United States and Japan and makes it a huge problem seriously for the International Monetary Fund and the European Union, which have saved the other Nations. Italy has the fourth highest gold reserve in the world.
The US financial sector, which has loaned billions of dollars to European banks are now burdened with debt, Greek, Italian and Spanish risky and continue to suffer tremendously. From across the pond, the European tide washing as the region continues to struggle with a sovereign debt crisis after another, leaving many U.S. companies exposed to a severe recession. With Europe taking position as an important component to the economic engine of the U.S., companies selling products discretionary should begin to feel the wrath of the sovereign debt crisis, any time now. Europe is known as the largest market for U.S. goods, the melody of 1.36 billion dollars or about 29% of sales abroad, in the course of 2010 for S & P 500 companies.
Legendary coach Joe Paterno at Penn State University officially reported that will retire at the end of the current football season. The announcement came on the heels of accusations of child abuse leveled against a former assistant coach and very close friend to Paterno. "I am absolutely devastated by the developments in this case," said Paterno who led the football team of Penn State Nittany Lions for 61 years. Noting that the Board of Directors of the University has "far more important issues to address" than his future, he said that he is engaged to finish the season with "dignity and determination." "This is a tragedy," he said. "Is one of the great regrets of my life. With the benefit of hindsight, I wish I had done more. " While the support of team players, students and fans of Penn State was widely expressed for Paterno, there is wide out pouring for victims and families involved in child abuse charges against former assistant coach Jerry Sandusky. Sandusky was accused of 40 counts, accusing him of serial sexual abuse of minors. The alleged incidents reported in progress from Sandusky from 1994.
Wholesale inventories data released this morning showed a decline of 0.1% in September caused a large downgrade to Q3 estimates for growth. J.P. Morgan and macroeconomic consultants cut their estimate of GDP in the third quarter by 0.7 percentage points to 1.6% and 1.7% respectively compared to the first estimate of the Department of Commerce of 2.5%. Barclays cut his estimate of 1.8% from detection to 2.4%. The decline may Q4 increase production because there was a smaller inventory buildup during Q3 and macroeconomic advisers pushed their estimate for the last quarter up by three tenths to 2.9%. J.P. Morgan did regular Q4 estimates, noting that imports might be more of a drag on growth in Q4 if oil inventories are provided from foreign sources.
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