Morning Market Roundup: Important Developments Include Adobe Layoffs, Christine Lagarde’s Warning
- Posted on November 9, 2011 at 9:06am by
Becket Adams
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Greek and Italian prime ministers resign: The sovereign debt crisis in Europe became more confused as an unprecedented event occurred. The heads of two major national governments resigned within days of one another — Italian Prime Minister Silvio Berlusconi and Greece’s Prime Minister George Papandreou.
Neither has been replaced as the restructuring or support of the finances of each nation has become more vital. Italy’s sovereign paper now yields almost 7 percent. Eurozone leaders believe that Greece’s economy could contract by as much as 5 percent this year. Bank experts predict that the write-offs of Greek debt will become write-offs of Italian or Spanish debt as these nations seek better terms for loans they have taken in the past.
President agrees to more offshore drilling: The Obama administration said it would open more offshore locations to deepwater drilling. The president’s argument is that the U.S. cannot be less dependent on foreign oil if it cannot explore for oil here.
Secretary of the Interior Ken Salazar announced the Proposed Outer Continental Shelf (OCS) Oil and Gas Leasing Program for 2012 – 2017. The program makes more than 75 percent of undiscovered technically recoverable oil and gas resources estimated in federal offshore areas available for exploration and development. There will be resistance from some environmentalists, but concerns about that have been overwhelmed, in Obama’s estimation, by the chance that the U.S. could face oil prices above $100 for the next several years, and perhaps longer.
Adobe layoffs: The divide between the technology “haves” and “have nots” was demonstrated again as Adobe (NASDAQ: ADBE), the distributor of the Flash multimedia software found on nearly every PC in the world, laid off 750 people. Adobe has not had much success as it has tried to move its Flash software onto mobile devices. Apple (NASDAQ: AAPL) has blocked this progress as much as it can. Apple’s mobile devices use the competing HTML5. Apple’s near ubiquity in the mobile content delivery system has taken another victim.
IMF concerns with euro regions’s financial risk. Christine Lagarde, the head of the IMF, made more comments about the euro region’s financial risks. So far, based on the progress of Greece and Italy, her statements fall on deaf ears.
“Our sense is that if we do not act boldly and if we do not act together, the economy around the world runs the risk of downward spiral of uncertainty, financial instability and potential collapse of global demand … we could run the risk of what some commentators are already calling the lost decade,” she said.
(Douglas A. McIntyre–24/7 Wall St./The Blaze)
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mkurbo
Posted on November 10, 2011 at 3:21amU.S. has helped Europe:
WWI
WWII
Marshall Plan
Cold War Period (resisting communist expansion)
Policing the Middle East (oil supply)
WWIII (war on terrorism)
———————————
In the end it was the economic disease of socialism that took them down to their knees and America wasn’t around to help because Europe had previously exported their disease to the U.S. and liberals embraced it as their ideology for utopia.
The End.
Report Post »Redistributor
Posted on November 9, 2011 at 8:49pm“Our sense is that if we do not act boldly and if we do not act together, the economy around the world runs the risk of downward spiral of uncertainty, financial instability and potential collapse of global demand … we could run the risk of what some commentators are already calling the lost decade,” she said. Bull crap lady…uncertainty, financial instability we are there already. As for potential collapse, there is always a potential for collapse even in good times. What kind of crap are you pushing lady.
Report Post »johnpaulkuchtajr
Posted on November 9, 2011 at 6:11pmGee, after three years of royally screwing-up, Obama decides that he needs to open-up drilling?
Can’t those wind turbines lift all these jet airplanes off the ground? No?
Yeah, we need oil independence more than ever, you treasonous idiot!
By the way, why do you keep inviting guys like Mohammed Magid, President of ISNA, to the White House? Hasn’t anybody told you that ISNA was named as an unindicted co-conspirator in the HLF terror trial by federal judge Jorge Solis? Does Magid eating dinner at the White House really smell as bad as I think it would? Maybe like hogs defecating in the Lincoln bedroom? What a slimy pig!
Report Post »mike_trivisonno
Posted on November 9, 2011 at 2:17pmAdobe founder John Warnock invented the Postscript page description language used on many printers and display devices. Adobe released Illustrator, a postscript based illustration program in 1987 for the Macintosh computer. People were utterly amazed. I remember watching demos of Illustrator and being mesmerized.
If you use a computer or print stuff, you are using technology developed by Adobe.
Adobe charges way too much for much the software they develop considering much of is still based on technology pioneered in the 1980s.
They also have a massive product line of confusing bundles, suites, packages, as wells a crippleware.
Good technology coupled with bad marketing has always been Adobe problem.
Report Post »TMunson
Posted on November 9, 2011 at 5:37pmSpot On!
Report Post »ipadguy
Posted on November 9, 2011 at 6:33pmI‘m an owner of a full service graphic design firm for 21 years and an Apple guy since 1988 and you’re absolutely right. Upgrading to new releases is a nightmare, their customer service for the most part is outsourced to India (yeah, try to get a real problem fixed with these clowns) and yes they charge to way much and moving licensing is unbelievably difficult. I’ve written several emails to Adobe over the years about this & that. They’ve done a pretty good job with online training with their products, video’s etc., as long as you have a lot of time to drill down and find what it is exactly you’re looking for. A hassle at best. The product line is confusing also. Overall, IMHO, they are a prime example of a US company that relies to much on online service, has lost the value of personal customer service and has gotten to big in their own head that they’re the big boys on the block and you have to play it their way. Our company has to use their products because of the business we’re in. But we put off upgrades and complicated suites for the reasons I just mentioned. Our philosophy here is, keep it simple stupid and you have less problems. And…we don’t speak Indianenglish.
BTW…we love Apple.
Report Post »Stoic one
Posted on November 9, 2011 at 12:48pm“The program makes more than 75 percent of undiscovered technically recoverable oil and gas resources estimated in federal offshore areas available for exploration and development.”
UM..if it is undiscovered, that means it is UNKNOWN! Are they talking about the abandoned wells that litter the continental shelf? Or perhaps the KNOWN untapped deposits the fed & environmentalists have prevented the energy companies from harvesting?
Or perhaps the untested ice-methane deposits that no one has EVER harvested?
Or perhaps this is the usual bait & switch until after the election…
Report Post »Eraldo NY Tea Party
Posted on November 9, 2011 at 11:51amhtml5 is the future for mobile.
Adobe flash still the best animation software out there
God bless
Jesus is the Lord
Report Post »Amy
Posted on November 9, 2011 at 11:21amAdobe is not just flash. Whenever you open a .pdf doc, is that still not Adobe? They’re one of the best technologies.
Report Post »Eblaze44
Posted on November 9, 2011 at 10:53amObama will be re-elected – he’s going to let them drill for oil – there’s half our energy problem gone. Watch as he two steps over Romney and Cain.
Report Post »SHOWMESTATEGUY
Posted on November 9, 2011 at 9:27pmRight, he says he will open it for drilling now, but if he’s re-elected in 2012 he will announce a change of heart and cancel any new offshore drilling.
This a campaign stunt by the biggest liar to ever hold the office of president of the USA. And yes, that includes Clinton.
Report Post »drattastic
Posted on November 9, 2011 at 10:47amobama will promise more offshore drilling till he is reelected (fat chance) and promptly on Jan. 1st 2013 pull all drilling permits and make offshore drilling illegal. Nobody could be stupid enough to believe he is serious about energy independence. I mean that would make it harder for him to finish off the EVIL United States.
Report Post »lukerw
Posted on November 9, 2011 at 10:46amFUBar!
Report Post »flfshrmn
Posted on November 9, 2011 at 10:38amObama has granted the UN and the IMF his undevided attention once again. At the same time we tax payers are facing critical decisions on funding teachers, Police and Fire responders in our communities and assuring the Social Security System stays solvent as it is full of Federal Government IOU’s. The president, AGAIN, is in Europe pledging every last billion $$ he can scrape up to save the nucleus of his beloved Socialism. Of ALL the bailouts that were sold as “CRITICAL” by this administration, how about pledging to bailout the S.S Fund? This is Critical for many tax payers!
Report Post »Is that not on the food chain of importance? Its Shameful!!
FireWolf
Posted on November 9, 2011 at 10:36amDon’t blame Apple for Adobes layoffs. That’s absurd. Adobe has been a leader in the digital media market and if they want improvements/acceptance of their products they also know they need to innovate.
Capitalism/Free market systems, gobble up failures and spit out new ideas all the time.
The problem is that government likes to interfere with ever changing processes.
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