It’s a down day, but as the government shutdown looms, Wall Street isn’t freaking out yet. Daniel Gross on why the markets may be waiting for Boehner and the fractious Republicans to blink.
It began Sunday afternoon East Coast time. As prospects of a government shutdown grew more likely, stock markets in Asia began to fall. As daylight moved from east to west, so too did the red arrows on stock markets. This is the way the global financial system processes dysfunction in America.Japan fell out of bed, postings “its biggest drop in six weeks,” according to Reuters, based in part on “growing concerns over a possible U.S. government shutdown.
Seventy-four missing in China.
Vietnam ordered the evacuation on Monday of 58,000 people from central coastal areas as the nation braced for a powerful typhoon that already sank three fishing boats in the South China Sea. Seventy-four Chinese fisherman were declared missing, China’s state-run news agency Xinhua reported, and 14 had been rescued. Typhoon Wutip is the 10th storm to hit Vietnam this year, and storms and floods have already killed 22 people. Wutip, with winds of up to 149 kilometers per hour, is expected to hit Vietnam on Monday and head toward Thailand on Tuesday.
Asia shares already open low on threats.
This is just what the economy needs to fully recover. The shutdown could cost the Washington area up to $200 million a day—and that’s not even counting the losses when all the tourist sites are closed, local economists said Sunday. More than 700,000 jobs in the Beltway are likely to be affected, coming just months after 26,500 jobs were affected by the sequester in August. “This is serious,” said economist Stephen Fuller. “For the Washington area, this is a tsunami.” In addition to the government contracts directly affected and national tourist sites shut down, federal agencies such as Social Security will not be able to process any new applications and basic agencies for the city, like trash collection, will be halted. Asian markets already took a hit Monday on fears of the shutdown.
Was shipped to Sheremetyevo in 2007.
Could it be the lost fortune of Saddam Hussein? Or Muammar Gaddafi? Officials in Russia are searching for the owner of about 16.75 billion that are just stacked on pallets at the Sheremetyevo Airport. A handful of people have tried to claim the cash, which was flown to Moscow in August of 2007 without a recipient listed on the shipping documents, but so far no one has been able to convince authorities that they are the rightful owners. Other possible explanations include the idea that the money belongs to the Russian mafia or corrupt politicians. Russian law enforcement agents haven't seized the stash because they don't have any grounds to at this point.
Film made $35 million.
Cloudy With a Chance of Meatballs 2 won the box office this weekend, taking in $35 million. The 3-D animated sequel did slightly better than the original, which opened with a $30.3 million haul in 2009 but went on to gross $243 million worldwide. The movie beat out last weekend’s top-grossing film, Prisoners, which made $11.3 million. Rush, starring Chris Hemsworth and Olivia Wilde, came in third with $10.3 million. Baggage Claim and Don Jon rounded out the top five, making $9.3 million and $9 million, respectively.
Over budget problems.
Just months after completing a $2 million renovation, the U.S.'s oldest continually operating public aquarium—open for 128 years—is most likely going to close on Monday. The National Aquarium is only 10,000-square-feet and has been operating out of the basement of the Herbert C. Hoover Building in Washington, D.C., but, it's going to run out of money unless a donor steps in to keep the aquarium going. If no one comes through, all of the wildlife, about 1,500 creatures in total, will have to be removed by March of 2014.
Kickstarter campaign is failing.
The New York City Opera is expected to file for bankruptcy on Monday, after likely failing to reach its $7 million fundraising goal to stay open for the 2013-14 season. The opera had hoped to raise $1 million from Kickstarter, but so far has only brought in $250,000 in pledges. New York City Opera, New York’s second-largest opera, had attempted a revival with the high-profile “Anna Nicole,” about the late celebrity, but it may not be enough to get over its struggles in recent years. Once housed at Lincoln Center, the New York City Opera was forced to move in 2011 amid financial difficulties, producing scaled-back seasons at venues throughout the city. With this bankruptcy, New York will be left with just one opera: the Metropolitan Opera at Lincoln Center.
Just 39 percent think children will have better life.
American life is looking more and more like a Bruce Springsteen song. Just 39 percent of Americans believe in the age-old American dream: that their children will have a higher standard of living, according to a Washington Post-Miller Central poll released Sunday. The poll of 1,509 adults showed the wearying effects of the economic meltdown five years ago, with almost two-thirds of people saying they had concerns about how to cover their family’s basic costs, and one in three saying they worry about paying the bills “all the time.” And nobody is getting any satisfaction in the workplace either: 58 percent said they earn less than they deserve, and more than half doubt they could find a better-paying job within five years. To top it all off, fear of losing your job is at its highest level since 1970.
Citizens will be allowed to sign foreign contracts.
This is why you need to put everything in your calendar. French authorities on Friday reported that Google missed the deadline to revise its privacy policies to clarify what it does with users' data. The French data protection agency, CNIL, warned in June that it would impose $200,000 in fines if the tech giant did not revise its policy by September. Google contested the threat, saying that its policy "respects European law and allows us to create simpler, more effective services."
What’s that on Cyrus’s arm in Rolling Stone? Well, she’s hurled herself into the arena, risking everything. James Poulos on the twerker’s intellectual tie to Teddy Roosevelt.
Miley Cyrus is serious. On the inside of her left forearm,” Rolling Stone reveals, a powerful message is inked:SO THAT HIS PLACE SHALL NEVER BE WITH THOSE COLD AND TIMID SOULS WHO NEITHER KNOW VICTORY NOR DEFEAT.You might be familiar with the line. It’s one of the few presidential maxims that Americans still relate to, or even remember. “It’s from a Teddy Roosevelt speech,” Miley told RS. “It’s about how people judge who wins and who loses, but they’re not the ones in there fighting.
With an Ohio Walmart hosting a holiday food drive for its own workers, The Daily Beast's Michael Tomasky criticizes the notoriously stingy company for not paying them more.
Russian surveillance planes already fly over America, thanks to a long-standing treaty. But a new, ultra-sophisticated spy plane has U.S. military and intelligence bosses spooked.