Follow LA Observed on Twitter here
Stocks are slipping: A weak report on housing and disappointing earnings from IBM and Goldman get trading off to a glum start. Dow is down more than 100 points.
Bearish on Social Security: USA Today/Gallup Poll finds that a majority of retirees (56 percent) expect their current benefits to be cut, and six of 10 non-retirees predict Social Security won't be able to pay them benefits when they stop working.
CA has 3rd highest jobless rate: Nevada is tops at 14.2 percent, followed by Michigan, 13.2 percent; California, 12.3 percent; and Rhode Island, 12.0 percent. (BLS)
Toyota receives subpoenas: Federal grand jury in NY is looking into steering-related defects. No specifics provided on model or type of defect. (NYT)
DVDs get boost: Revenue fell 3.3 percent in the first half of the year, but it would have been worse without the strong sales of "Avatar." (LAT)
No action in Bell: The City Council took no action last night on the Chief Administrative Officer Robert Rizzo and his nearly $800,000 annual salary. The Council, citing legal concerns, ordered a staff report on salaries of top city officials. From the LAT:
"We're asking for your patience," Councilman Lorenzo Velez said over the shouts of "Fire Rizzo now!" and "Recall, recall!" Rizzo did not attend the meeting. "You're either with us or against us - and if you've been earning $100,000 a year, you're against us," said Cristina Garcia of the community group "Bell Assn. to Stop the Abuse."
Gas prices edge higher: An average gallon in the L.A. area $3.147, up about two cents from last week, according to the government's survey.
What is UltraViolet?: It's the brand name for the Digital Entertainment Content Ecosystem, made up of tech and entertainment companies that are creating a system to show movies and TV shows on a variety of devices - and without the current hassles. (All Things Digital)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.