New York

Initial Unemployment Claims 410,000 for November 17, 2012 - Sandy Still Pounds Workers

The DOL reported Initial weekly unemployment claims for the week ending on November 17th, 2012 were 410,000, a 41,000 drop from the previous week of 451,000. Superstorm Sandy's devastating effects can be seen in state not seasonally adjusted claims for the week of November 10th.


New York Governor Proposes Regulating Credit Default Swaps

Ah, if you can't skin a cat federally, nail one locally. Praise Jesus and thank God for State law.

Paterson's Plan to regulate Credit Default Swaps.

This is really good news actually. The crux of the plain is
CDS sellers must prove the ability to pay in case of a default.

There is immediate blow back from those dealing with derivatives which is probably a good sign this will actually start some regulation.

Paterson's plan only covers about 1/5th of the market, but 20% is sure better than no percent!

New York State can also not regulate naked swaps.