Friday morning headlines

First day of Q4: Starting out the month on the plus side, with the Dow up about 60 points.

Consumer spending picks up: Government reports a 0.4 percent increase in August, while incomes increased by the largest amount in eight months. (AP)

TARP may turn profit: Talk about perception over reality - the reviled $700-billion bailout to banks, insurance and auto companies will expire after Sunday way under budget - and perhaps eventually earning taxpayers a profit. From the NYT:

Brian A. Bethune, the chief financial economist in the United States for IHS/Global Insight, while critical of parts, called the program over all "a tremendous success. Now obviously, they can't go out on the campaign trail and say that, because certainly, for a lot of voters, it's just not going to resonate."

Fiorina: No bailout money for California: The Senate Republican candidate says that would "once again allow California to punt on making the tough choices that need to be made." She's pushing for a more "competitive tax structure." (Bloomberg)

Stimulus jobs over: Tens of thousands of low-income workers are out of work effective today because a federally-subsidized employment program came to an end. From CNNMoney:

The TANF jobs initiative was one of several stimulus initiatives that ended Thursday. Also running out are a $2 billion subsidized child care program and a $2.1 billion boost for Head Start, an early learning program for needy children. State officials and advocacy groups have been lobbying Congress to extend the jobs program and other Recovery Act measures, but federal lawmakers have shown little appetite to do so.

Modification marathon: Thousands of homeowners will be at Los Angeles Convention Center through the weekend making their case for better terms on their mortgages. Bank representatives and counselors will be on hand. (LAT)

United, Continental close deal: The merger of the two carriers creates the world's largest airline, although they'll continue to operate separately until final government approval. (Reuters)

Flash crash report blames mutual fund: Last May's tumultuous plunge was caused when Waddell & Reed Financial made a routine trade that somehow spooked investors. Report might be released today. (Bloomberg)

Gas prices barely budge: An average gallon in the L.A. area is $2.975, according to the Auto Club.


More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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