October 15, 2013 Last Updated 7:12 am

Senate reported near deal on shutdown, debt ceiling; the NSA hungry for email data; WaPo goes to bat for Wall Street

Reports from case makers point to a thicker iPad mini to accommodate a retina display

Morning Brief:

The Senate may reach a deal as soon as tomorrow that would extend the government’s ability to borrow until February 7, news reports hint. Any such deal would then have to be approved by the House which would mean the leadership allowing the bill to come to a vote.

capitolbldg-sm“We’ve made tremendous progress. We are not there yet, but tremendous progress. And everyone just needs to be patient,” Senate Majority Leader Harry M. Reid said last night. “Perhaps tomorrow will be a bright day.”

Without a deal that can pass both chambers of Congress the U.S. government risks some sort of default, the consequences of which most financial experts really would prefer not to contemplate.

The Washington Post is showing WSJ syndrome: the ability to have the newsroom continue to do fair reporting while the editorial board goes off the rails. Today Barton Gellman and Ashkan Soltani reported on efforts by the National Security to harvest millions of email addresses and instant messages from users around the world in a massive operation that will only make those outside the U.S. even more leery of having anything to do with the U.S. – and ultimately, with US tech companies.

Meanwhile, the WaPo’s editorial board kissed up to JPMorganChase, decrying efforts to bring the company to justice for its actions during the 2007 crash, calling the crackdown a “political persecution.” The editorial said that “the crackdown on JPMorgan has gotten so aggressive that the bank claims it now qualifies for a new status: victim.”

Readers were having none of it, of course.

One wonders if the editorial is the first sign of the new ownership of Jeff Bezos, or the last actions of an editorial board about to be replaced?

The first reports from case makers show that Apple’s new version of the iPad mini will, indeed, sport a retina display. Sources report that the case makers are preparing for a slightly thicker tablet, one able to accommodate a higher resolution display. This slight thickening of the iPad also occurred when the second generation iPad went with a higher resolution display in the third generation model.

This is important in that an introduction of a new model iPad that would put Apple far behind its competitors would likely have the same effect on Apple’s stock as a default by the US government would on the market as a whole.

Apple will be holding its iPad launch event October 22, though official notices have not been received yet by the press – that should occur later this week. (Sadly TNM does not get Apple invites.)

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