STOCK MARKET WATCH, Friday April 25

[ozymandius]

Source: du

STOCK MARKET WATCH, Friday April 25, 2008

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 271
DAYS SINCE DEMOCRACY DIED (12/12/00) 2651 DAYS
WHERE'S OSAMA BIN-LADEN? 2376 DAYS
DAYS SINCE ENRON COLLAPSE = 2667
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

---

U.S. FUTURES &
MARKETS INDICATORS>
NASDAQ FUTURES-----------------------------S&P FUTURES

---

AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.

AT THE CLOSING BELL ON April 24, 2008

Dow... 12,848.95 +85.73 (+0.67%)
Nasdaq... 2,428.92 +23.71 (+0.99%)
S&P 500... 1,388.82 +8.89 (+0.64%)
Gold future... 889.40 -19.60 (-2.20%)
30-Year Bond 4.54% +0.06 (+1.32%)
10-Yr Bond... 3.83% +0.10 (+2.60%)






GOLD,EURO, YEN, Loonie and Silver

---

PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact [e-mail]

For information on protests and other actions Citizens For Legitimate Government

---

Read more: du

[ozymandius]

1. Market WrapUp: US$ Stabilizes as US Interest Rates Bottom Out

BY GARY DORSCH

In today’s highly sophisticated financial marketplace, there is no longer any need to employ Federal Reserve officials to figure out the most appropriate target level for the federal funds rate. Instead, it’s already done by remote control, by the astute traders in the US Treasury and Chicago interest-rate futures markets, who are usually several steps ahead of the political appointees sitting at the Fed.

US Treasury dealers are calling the shots on monetary policy these days, wresting control from Fed chief Ben Bernanke, whose primary job is to simply to follow the direction of 2-year T-note yields, and bail out Wall Street whenever it gets into trouble. Bernanke administers a $200 billion auction facility that enables Wall Street dealers to swap toxic mortgage bonds for pristine US Treasuries.

Highlighting this gentleman’s agreement between the Fed and T-bond dealers, the April 24th edition of Wall Street Journal reported the US central bank is likely to lower the federal funds rate by a quarter-point to 2.00% at its upcoming April 30th meeting. But a few Fed rebels are concerned that lowering interest rates could fuel inflationary pressures to the detriment of the American consumer, so the option of holding interest rates steady at 2.25% is also on the table, the WSJ indicated.

.....

Mr Bernanke has told Congress that the Fed will do whatever it takes to rescue the banks on Wall Street, throwing price stability to the wind. The Fed’s latest rate cutting campaign has jacked-up the price of crude oil to as high as $120 /barrel. But using the Fed’s favorite intellectual justifications, the central bank can afford to open the monetary spigots when the economy is weak. Then when the economy recovers, the Fed can reverse course and tighten money policy. But that puts a great deal of faith in the rookies at the Bernanke Fed to know when to tighten.

http://www.financialsense.com/Market/wrapup.htm

[Ghost Dog]

42. Global rate outlook shift triggers bond sell-off

TOKYO/SINGAPORE (Reuters) - Investors dumped Japanese bonds on Friday, betting the world's biggest central banks were shifting their focus to fighting inflation rather than cushioning a fragile global economy from the credit crisis.

The main Japanese futures contract suffered its biggest daily fall in almost five years, triggering the first-ever trading halt, knocking down U.S. Treasuries in Asian trade. Euro zone government bonds also opened lower.

Traders said investors slashed their holdings of safe-haven government bonds amassed during months of market turmoil, when they were betting that major central banks would keep slashing interest rates to soften the blow from the global credit crunch.

But rising global inflation and tentative signs this week that the U.S. economy was proving more resilient than earlier thought in the face of its housing slump and the mortgage market meltdown, has forced investors to question these assumptions.

"The market is now moving on the view that the worst is behind us in the subprime related woes, which is spurring a sharp reversal in positions that had bet on a bearish outlook on the economy and financial markets," said Yasuhiro Onakado, chief economist at Daiwa SB Investments.

...

Now, there are growing expectations that the Fed will probably trim rates by another quarter point next week and then pause. That view was underscored on Thursday with U.S. data that showed the labor market was not deteriorating as much as feared in the face of slumping home values and the credit crunch.

Bets that the European Central Bank would lower its rates to help the euro area economy weather the global slowdown and ease the pain inflicted on its companies by record strong euro, are also off.

/... http://news.yahoo.com/s/nm/20080425/bs_nm/global_economy_bonds_wrapup1_dc;_ylt=AnYer0rQoku0xKhMSFYBmqW573QA

[ozymandius]

2. Today's Report

10:00 Mich Sentiment-Rev. Apr
Briefing 63.2
Consensus 63.2
Prior 63.2

http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm

[UpInArms]

40. April UMich consumer sentiment 62.6 vs 69.5 in March

04. April UMich consumer sentiment 62.6 vs 69.5 in March
9:58 AM ET, Apr 25, 2008

[UpInArms]

44. Consumer sentiment lowest in 26 years

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B1298221B%2D0A68%2D4493%2DB1A4%2DE4ECB1F99899%7D&siteid=mktw

WASHINGTON (MarketWatch) -- High fuel and food prices, coupled with "shrinking" income gains and falling home values pulled down consumer sentiment in April, according to a Friday report. The U.S. consumer sentiment index declined to 62.6 in April -- the lowest level in 26 years -- from 69.5 in March, according to a Friday report from University of Michigan/Reuters. An earlier estimate for April was 63.2. Economists surveyed by MarketWatch were looking for a final April result of 63.0. The expectations index fell to 53.3 - the lowest level since November 1990 -- from 60.1 in March.

[TalkingDog]

57. I'm waiting for the: "Like totally worst EVAR!!" rating.....

They've only taken the poll for, what, 50 years?

They are halfway there now, so what happens when they get to the worst ever?

[Hugin]

60. The usual M.O. of this crowd is to just stop reporting it when it gets bad enough.

Or there's always the... If I squeeze my eyes closed and yell, it'll just go away option... or the blame the media option... or the blame the Dems option... or the blame the neo-Keyseians option... or... or... etc.

[TalkingDog]

63. I think it's the Bogeyman's Existential Crisis Option

From Terry Pratchett's: Feet of Clay

(Angua on the meek exit of a very scary bogeyman who had a blanket tossed over his head)

"Existential uncertainty," Angua said. "He doesn't know whether he exists or not... Look, bogeymen go away if you put your head under the blankets. Everyone knows that, don't they? So if you put their head under a blanket..."

[Hugin]

66. I don't know if you're familiar with...

Eric Alterman's "Working the Refs" theory.

I see it all over the economy and policy these days. It's one reason I'm not as interested in the Markets or
anything else for that matter lately.

It's all a big game to them and they're just trying to hold on 'till time is out. I have no patience for this.

[TalkingDog]

78. My vague understanding of sports terminology brings to mind:

Running out the clock, which is why the shot clock was instituted. Close?

Or is it closer to Professional Wrestling, where they get in the Refs face to distract from dastardly deeds in other parts of the squared circle?

Because, in this instance, Google isn't cutting it....

[Hugin]

83. You seem to understand the essence of what they do...

In addition they politicize everything.


You might enjoy reading what he has to say...
Eric has long long long been a voice of reason among the din.

http://mediamatters.org/altercation/index

[ozymandius]

3. Oil falls below $115 on stronger dollar

SINGAPORE - Oil prices slipped further Friday after falling more than $2 a barrel in the previous session as the dollar strengthened, prompting investors to book profits.

Oil stalled in its march toward $120 a barrel on Thursday after the greenback gained against the euro. Investors see commodities such as oil as a less effective hedge against inflation when the dollar strengthens. A stronger greenback also makes oil more expensive to investors overseas.

.....

The contract dropped $2.24 overnight to settle at $116.06 a barrel on the New York Mercantile Exchange. It sank as low as $114.25 a barrel during the session.

Analysts said the dollar gained ground Thursday on speculation the Federal Reserve is growing concerned about inflation and may not cut interest rates as much as once thought. Higher interest rates tend to stabilize or strengthen the dollar.

http://news.yahoo.com/s/ap/oil_prices

[ozymandius]

4. Pipeline strike closure could hit British petrol supplies

LONDON (AFP) - British motorists could face petrol shortages in the next few days as one of the country's biggest oil refineries starts shutting down Friday ahead of a strike in a row over pensions.

Workers at the Grangemouth plant, west of Edinburgh in Scotland, are refusing to work on Sunday and Monday.

As a result, energy giant BP may have to close the neighbouring Forties pipeline, which brings in oil from the North Sea and delivers a third of Britain's daily output, because Grangemouth provides the electricity and steam it requires to function.

Energy minister Malcolm Wicks admitted the strike could hit petrol supplies and urged people to behave "sensibly and rationally."

http://news.yahoo.com/s/afp/20080425/bs_afp/britainoilstrikerefining_080425102030

[ozymandius]

5. High oil prices put focus on Strategic Petroleum Reserve

New York - Uncle Sam is adding 60,000 barrels of oil a day to giant underground caverns in Texas and Louisiana to be used for the proverbial "rainy day."

Is it raining yet?

The price of oil is moving closer to $120 a barrel, up almost $19 a barrel for the month. Gasoline stations can barely change their prices fast enough, and the cost of regular grade hit a record $3.54 a gallon on Wednesday morning, according to GasPriceWatch.com.

The driving club AAA is raising its estimate of Memorial Day pump prices to $3.75 a gallon, up 25 cents a gallon from its earlier prediction.

.....

At issue now are the reserve's 701.3 million barrels of oil, enough to replace imports for 58 days. As a member of the International Energy Agency, the United States is required to hold 90 days of net petroleum imports. By 2019, the US plans to reach 1 billion barrels, which will provide 100 days of emergency supplies. Adding in 90 percent of commercial stockpiles, the US has 118 days' supply today and will have 123 days by 2020, estimates Jeremy Cusimano, an economist for the Petroleum Reserves, which is part of the Department of Energy, in Washington.

http://news.yahoo.com/s/csm/20080424/ts_csm/areserve

[RantinRavin]

10. If they are adding 60,000 barrels a day to the SPR

Then why does the DOE weekly oil report show no change in the stock levels from a week ago, and only a 11,000 barrel increase from a year ago ?

http://www.eia.doe.gov/pub/oil_gas/petroleum/data_publications/weekly_petroleum_status_report/current/txt/wpsr.txt

[formercia]

11. State Secret

Junior is pumping as much cash as he can to his buddies in Big Oil before he leaves office.

[UpInArms]

13. Gasoline could hit $7 a gallon in four years: CIBC

http://www.marketwatch.com/news/story/gasoline-could-hit-7-oil/story.aspx?guid=%7B824E895C%2DF649%2D4526%2D89F1%2D50C198A8A0D5%7D&dist=MostReadHome

SAN FRANCISCO (MarketWatch) -- Surging crude prices, which could surpass $200 a barrel in four years on tight supplies, could push gasoline prices to as high as $7 a gallon, CIBC World Markets analysts said Thursday.

Crude supplies are actually lower than some official estimates indicate, while demand is unlikely to fall anytime soon, according to a statement by analysts led by Jeff Rubin at CIBC, an investment bank. They forecast that these tighter supplies and continued strong demand will drive oil and gasoline prices to roughly double their current levels by 2012.

"It is increasingly clear that the outlook for oil supply signals a period of unprecedented scarcity," said Rubin. "Despite the recent record jump in oil prices, oil prices will continue to rise steadily over the next five years."

The front-month crude contract slid Thursday to $116 a barrel, after hitting a historic high of $119.90 a barrel Tuesday. Retail gas prices averaged $3.56 a gallon Thursday, according to AAA, a new record high. See Futures Movers.

Some analysts, however, said crude prices could turn lower. Standard & Poor's predicted Thursday that crude prices could tumble to about $90 a barrel by the end of this year with the U.S. economy struggling in recession, though the range of that forecast is plus or minus $50. See full story.

Overstated estimates

CIBC based its prediction on an analysis of crude-production estimates by the International Energy Agency, which the investment bank says has overstated supplies because the agency counts natural-gas liquids as part of the output. Stripping out natural-gas liquids, the global oil market is much tighter, and oil production will hardly grow, they added.

...more...

[UpInArms]

32. U.S. retail price of gasoline up 2 cents in last day to $3.58

http://www.marketwatch.com/news/story/us-retail-price-gasoline-up/story.aspx?guid=%7B8BCBB878%2D9369%2D4D24%2DA4BD%2D3DA9F416F9E8%7D

NEW YORK (MarketWatch) -- U.S. average retail prices for a gallon of unleaded gasoline rose 2 cents to $3.58 from $3.56 in the last day, according to the Fuel Gauge Report published by AAA. Prices remain in record territory, up from $3.26 a gallon a month ago and $2.88 a gallon a year ago.

[Demeter]

87. The US Economy Will Cease to Exist Long Before That

[Karenina]

89. Let's just get through

2008. I'm reminded of watching the fire come over the hill in Isla Vista so many decades ago...

[UpInArms]

18. June crude up $1.21 at $117.27 a barrel on Nymex

10. June crude up $1.21 at $117.27 a barrel on Nymex
8:31 AM ET, Apr 25, 2008

[UpInArms]

24. Oil rises to $118 on Nigeria output cut

Fri Apr 25, 2008 9:27am EDT

http://www.reuters.com/article/hotStocksNews/idUSSYD3274320080425?sp=true

LONDON (Reuters) - Oil rose to nearly $118 a barrel on Friday as strikes by workers caused major supply disruptions in Nigeria and the North Sea.

U.S. crude futures rose $1.89 cents to $117.95 a barrel by 1320 GMT, after falling $2.24 the previous session.

London Brent crude traded $1.73 higher at $116.07 a barrel.

A strike by Nigerian workers at Exxon Mobil (XOM.N: Quote, Profile, Research) has forced the company to shut down some 200,000 barrels per day of crude oil output, a senior union official said.

Exxon has surpassed Royal Dutch Shell as the top foreign oil producer in Nigeria after Shell was struck by repeated militant attacks on its facilities.

Nigerian rebels said on Friday they had sabotaged an oil pipeline in the Niger Delta belonging to Royal Dutch Shell (RDSa.L: Quote, Profile, Research) late on Thursday.

...more...

[UpInArms]

51. Crude spikes over $3 after report U.S. fires on Iran boat

01. Crude spikes over $3 after report U.S. fires on Iran boat
11:03 AM ET, Apr 25, 2008

02. U.S.-contracted ship fires toward Iranian boat: report
11:02 AM ET, Apr 25, 2008

[Hugin]

52. That was fast...

How come it takes years to go back down? :shrug:

[ozymandius]

6. Many states appear to be in recession

The finances of many states have deteriorated so badly that they appear to be in a recession, regardless of whether that's true for the nation as a whole, a survey of all 50 state fiscal directors concludes.

The situation looks even worse for the fiscal year that begins July 1 in most states.

"Whether or not the national economy is in recession — a subject of ongoing debate — is almost beside the point for some states," said the report to be released Friday by the National Conference of State Legislatures.

The weakening economy is hitting tax revenue in a number of ways: People's discretionary income is being gobbled up by higher food and fuel costs, while the tanking housing market means people are spending less on furniture and appliances associated with buying a house.

The situation is grim in Delaware, with a $69 million gap this year, and bleak in California, with a projected $16 billion budget shortfall over the next two years, the report said. Florida does not expect a rapid turnaround in revenue because of the prolonged real estate slump there.

http://news.yahoo.com/s/ap/20080425/ap_on_re_us/state_finances

[ozymandius]

7. Microsoft Slides After Sales Throw Doubt on PC Demand (Update1)

April 25 (Bloomberg) -- Microsoft Corp., whose Windows software dominates the personal-computer market, dropped as much as 5.7 percent in late trading after sales slumped, casting doubt on whether PC demand can hold up in a slowing economy.

The world's largest software maker reported a 24 percent drop in sales of Windows last quarter and forecast earnings that may miss analysts' estimates, breaking a streak of positive reports from Intel Corp. and Google Inc. More PC sales are coming from developing economies, where software prices are lower and piracy is more common, dragging down Windows revenue.

.....

Third-quarter net income fell 11 percent to $4.39 billion, or 47 cents a share. Revenue was little changed at $14.5 billion. Microsoft said profit this quarter will be 45 cents to 48 cents on sales of $15.5 billion to $15.8 billion. That compares with estimates of 48 cents and $15.5 billion.

Analysts had expected Windows sales to exceed predictions because research firm IDC said this month that PC shipments rose 15 percent in the quarter. Microsoft had forecast growth of as much as 11 percent. More than 90 percent of the world's PCs use Windows, suggesting its sales would at least grow at the industry's rate.

http://www.bloomberg.com/apps/news?pid=20601213&sid=aqFpfFJKkNkM&refer=home

[UpInArms]

8. dollar watch

http://quotes.ino.com/chart/?s=NYBOT_DX&v=i

Last trade 72.787 Change +0.248 (+0.34%)

Euro SSI Flips For The First Time Since 2006

http://www.dailyfx.com/story/topheadline/Euro_SSI_Flips_For_The_1209056780285.html





It has finally happened. The EURUSD Speculative Sentiment Index flipped to a net positive reading of 1.14. Encouraged by a sharp yet steady drop in the pair below a major rising trend, this momentous shift in positioning offers the first signs of a major reversal after more than two years of a solid bull trend. With nearly 53% percent of traders holding long positions, this reading is still somewhat weak, but no doubt reflects early profit taking on breakout trades and overrun limit and stop orders.

...more...

What is Next for the US Dollar?

http://www.dailyfx.com/story/bio1/What_is_Next_for_the_1208986332326.html

After hitting a record low against the Euro on Tuesday, there has been little follow through selling in the US dollar, leaving many traders wondering whether this may be a pause before further losses or a potential bottom. Although we are long term dollar bears, the break of 1.60 is far from impressive. This indicates that there isn’t much speculative interest in taking the Euro higher in the near term, especially as economic data and official comments start to turn against the Euro and in favor of the US dollar. Earlier this week we had better than expected US housing market numbers. We would not be surprised to also see a recovery in new home sales. Even though US durable goods will be pressured by the sales of furniture and electronics, Boeing’s incredibly solid end of quarter earnings and their expectations of another strong year suggests that sales of non-defense aircraft could be firm. As for the Eurozone, we expect German business confidence to deteriorate materially (discussed in Euro section). Fed fund futures are currently pricing in an 82 percent chance of a quarter point rate cut next week with the remaining 18 percent probability in favor of no rate cut at all. This is a sharp departure from just a week ago when the market was pricing in a 76 percent chance of a 25bp cut and a 24 percent chance of a 50bp cut. The only reason for this dramatic shift in expectations is the increased inflationary pressures. A week ago, oil prices were trading at $113 a barrel and yesterday it hit an intraday high of $119.90 a barrel. The dollar should continue to recover for the rest of the week, but the party may end the following week when we have the Federal Reserve interest rate decision and non-farm payrolls due for release. We believe that the market may be under pricing the degree of Fed rate cuts because the problems in the US economy are far from over. Non-farm payrolls should continue to drop while consumer spending will probably slow, leaving the Federal Reserve with a lot of work ahead of them.

...more...

[UpInArms]

9. Dollar heads for best month in 2.5 years

http://www.reuters.com/article/hotStocksNews/idUSL2567026720080425?sp=true

LONDON (Reuters) - The dollar headed for its best monthly performance in 2-1/2 years against a basket of major currencies and rose further from this week's record lows versus the euro, boosted by improved sentiment on the U.S. economy.

The number of U.S. workers filing initial claims for unemployment benefits unexpectedly fell last week, data showed on Thursday, while figures on U.S. durable goods were also stronger than expected.

Having been pessimistic on the U.S. economic outlook for some time, investors are now embracing upside data surprises, analysts say. Investors are trying to assess the Fed's thinking on how much further interest rates need to fall to limit the impact of the global credit crisis.

Fed futures are now pricing in a 26 percent chance of interest rates being held at 2.25 percent this month rather than being cut. Just over a week ago, the futures pricing was evenly split between a 25 and a 50 basis point cut.

At the same time 'flight to quality' trades are also reducing, with U.S. 2-year Treasury yields hitting their highest level in over three months and gold prices hovering near three-week lows.

<snip>

"We have two stories here, one is the brief reversal of the flight to quality trade in the U.S. ... which is quite positive for the dollar, and the other is independent euro weakness beginning to come through," Turner said. "Net-net, we think the pick-up in U.S. yields is temporary and hence the dollar rally should also prove temporary."

...more...

[RantinRavin]

12. So how will they blame the climb in oil prices

To the devaluing of the dollar ? Looks like another myth, created by the traders that are the ones actually raping us, has been blown to hell.

[ozymandius]

22. It's not really a myth.

There are several reasons for the rise in oil prices. One hinges on the value of the fiat oil currency: the petrodollar. Other reasons include investment money moving toward oil and oil derivatives. Another factor involves overseas competition for resources. Partly greed, too.

What leaves so many people scratching their heads these day is the notion that petroleum pricing has come totally unhinged from the traditional ratio of supply and demand. So many metric factors today steer the price of basic supplies.

[Hugin]

31. It would be interesting to see a chart of this notion.

"the notion that petroleum pricing has come totally unhinged from the traditional ratio of supply and demand"

Anyone have one handy?

[ozymandius]

That would be one spiky chart.

Consider how much the price of oil fluctuates on the day's news. We just saw a $2 leap from overnight trading based on the news out of Nigeria.

edit: Consider the latest wad of spit dripping from Dick Cheney's mouth about Iran/Syria/(name other rhetorical enemy). Whenever Vice President Snarl comments on the "hidden ambitions" (that only he can see) then the price of crude gets the shakes.

[Hugin]

29. All of my FRetard e-spam is blaming it on...

Congress and the 2006 election turn-over.

Oh, yeah... And the fact the 'Illegal Aliens' are getting Social Security.

Typical pulp.

[ozymandius]

33. I blame the totally innaccuracy of Bazooka Joe horoscopes.

Try putting your faith in one of those. :silly:

[Hugin]

35. As good as any, Ozy.

:rofl:

[Warpy]

84. Those are more accurate than any official prognostication.

Face it, the only useful information in today's financial news comes when they're doing a happy talk segue to the next guest and discussing the local weather.

[UpInArms]

14. Five ways to prepare for a layoff - How to keep cash flowing in case your paychecks stop

http://www.marketwatch.com/news/story/how-keep-cash-flowing-case/story.aspx?guid=%7BFBC839D0%2D48F2%2D44C8%2D8F8F%2D9FA8BD0DF687%7D

SAN FRANCISCO (MarketWatch) -- The writing is on the wall. Or more to the point, the pink slip.

More than 230,000 Americans have lost their jobs so far this year, and the outlook isn't pretty. Maybe you work for a company that has announced cuts, and you expect to be among them. Or perhaps you're employed in a battered business such as banking or airlines, where it seems the axe could drop at any moment.

At times like this, stay focused on your work -- but go on the offensive at home. Get a handle on monthly expenses, research savings-account and money-market yields in the event you're forced to sell stock, make medical appointments and fill prescriptions in case you no longer have employer-subsidized health coverage, and, not least, talk honestly with your family and, if you have one, financial adviser.

"Have an exit strategy and expect the unexpected," says Carrie Schwab-Pomerantz, chief strategist of consumer education at Charles Schwab & Co.

There's no good way around it. If you see a layoff coming, you'll need to act quickly to sort your investments and other financial affairs to make sure there's cash when you need it. Here are five steps to take:

1. Keep a spending log. You'll have to cut expenses if you lose your job. But before you start slashing, find out how much you've been spending, and on what.
"You want to say, 'Where is my money really going, and how am I making decisions?"' says Nathan Dungan, founder "Share Save Spend," an educational program that encourages healthy financial habits.

...more laughs at link...

[Hugin]

50. "Have an exit strategy and expect the unexpected"

Now, I ask... Where was Carrie Schwab-Pomerantz of Charles Schwab & Co. when this foolhardy war was being thrown
together? :lol:

[kineneb]

55. buy canned goods and beans...

and pots that can be used over a campfire or Colman stove... sleeping bags and a tent would not be a bad idea, either...

[mdmc]

64. kick for a later read

:kick:

[Roland99]

77. Just saw that article up there. Should have known it was already posted here.

:hi:

[UpInArms]

15. PIEHOLE ALERT!

with a hattip to AllexxisF1 and this DU thread

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3283515

President Bush will make a statement this morning on stimulating the economy.
Source: CNN

President Bush will make a statement this morning on stimulating the economy. Watch it live on CNN and CNN.com at 9:20 a.m.

Read more: http://www.cnn.com /

[Demeter]

16. Are They Crazy?

Do they want the market to tank--again?

[ozymandius]

17. His handlers judiciously choose to hold the press conference before

the markets open. I said 'judicious' - however this could be pure dumb circumstance. I wonder if the futures will roll and dive like the moving averages?

[UpInArms]

19. it's all about the "rebate and switch" checks

03. IRS will begin mailing rebate checks May 9, Bush says
9:19 AM ET, Apr 25, 2008

04. Treasury will direct-deposit some tax rebates Monday: Bush
9:19 AM ET, Apr 25, 2008

[UpInArms]

21. Bush says U.S. economy is in a slowdown

http://www.reuters.com/article/marketsNews/idUSWBT00886820080425

WASHINGTON (Reuters) - President George W. Bush said on Friday that the U.S. economy is in a slowdown but added that tax rebates should help pull activity out of the slump.

"It's obvious our economy is in a slowdown," Bush said in a statement at the White House.

[ozymandius]

23. Insert snark here:

:hi:

[UpInArms]

26. hiya Ozy!

what kind of speech was that? were there questions allowed or did the dimson just trot out there, spew this crap out and run away?

[ozymandius]

30. I wish I could see it.

I am in the classroom right now. My students are working diligently. I can post between walks around the class to monitor their progress.

President Stooge is such an automaton these days. He knows that his reputation is baked. His appearance, when I catch a glimpse, is of someone who has essentially given up. Expect more phone-in appearances for the rest of his miserable stinking term.

[Hugin]

27. I got nothing...

Except to say this explains yesterday's 'surprise' gains on the Markets.

They threw in a few Billion so Dimson wouldn't be talking on a Down, yet again. :eyes:

[TalkingDog]

62. In my head, I just keep seeing that Gary Larson Cartoon:

Except it's W talking about....anything and loyal Bushites and the MSM sitting at rapt attention.

[kineneb]

56. well, there goes the economy

everytime he opens his stupid mouth the markets go... Down! ugh.

[antigop]

20. Merrill, TPG in talks on closer ties, capital stake

http://money.cnn.com/news/newsfeeds/articles/djhighlights/200804250036DOWJONESDJONLINE000007.htm

Merrill Lynch is holding high-level talks with TPG that could see the private equity group take a stake in the investment bank if it needs additional capital, according to a media report.

Representatives from the groups have met in New York this week, extending talks that began last autumn, when Merrill (MER) was seeking emergency capital, the Financial Times reported Friday, citing unnamed people familiar with the talks.

[UpInArms]

25. June gold up $8.60 at $898 an ounce on Nymex

02. June gold up $8.60 at $898 an ounce on Nymex
9:31 AM ET, Apr 25, 2008

[ozymandius]

28. markets are open for bidness

9:37
Dow 12,885.27 36.32 (0.28%)
Nasdaq 2,422.65 6.27 (0.26%)
S&P 500 1,393.97 5.15 (0.37%)
10-Yr Bond 3.86% 0.03
NYSE Volume 176,581,940
Nasdaq Volume 100,077,570

09:00 am : S&P futures vs fair value: +5.4. Nasdaq futures vs fair value: -1.0. The broader market remains on track to start Friday in positive territory, but Nasdaq futures continue to dance along the neutral line. Favorable premarket trading is giving shares of Merrill Lynch (MER) a slight lift. According to an article in the Financial Times Merrill is in discussions with private equity outfit TPG regarding forging closer ties and, possibly, capital investments in Merrill if its investment bank should need it. Shares of Merrill made healthy gains yesterday after the company reiterated its dividend.

[UpInArms]

37. 9:55 EST and the air is leaking from today's market bubble

Dow 12,855.55 6.60 (0.05%)
Nasdaq 2,412.19 16.73 (0.69%)
S&P 500 1,391.76 2.94 (0.21%)
10-Yr Bond 3.866% 0.039

NYSE Volume 431,913,125
Nasdaq Volume 232,952,890.625

09:45 am : Shortly after the opening bell the stock market is trading in positive ground, looking to make a gain for the third consecutive session. The Nasdaq has opened slightly lower, however.

Tech (-1.0%) is lagging the broader market. Microsoft (MSFT 30.12, -1.68) is trading more than 5% lower in response to an unimpressive fourth quarter forecast, which was announced after yesterday's close.

The financial sector (+1.3%) has opened higher and is a relative leader for the second straight session. American Express (AXP 46.98, +1.80) is attracting buying interest after announcing earnings results that exceeded analysts' estimates for the most recent quarter.DJ30 +40.96 NASDAQ -4.67 SP500 +6.42 NASDAQ Dec/Adv/Vol 822/1312/144.64 mln NYSE Dec/Adv/Vol 786/1851/91.07 mln

09:15 am : S&P futures vs fair value: +6.0. Nasdaq futures vs fair value: -1.5. Positive earnings announcements from American Express (AXP) and a favorable quarterly report from Swedish telecom company LM Ericsson (ERIC) are helping to stretch yesterday's optimism into Friday's trading. The stock market remains on track to open the session slightly higher in positive ground.

[Hugin]

39. Hmm... Gold up, Markets down, Oil still up, but, ignored...

SNAFU.

[UpInArms]

34. Hidden unemployment: What the official jobs report doesn't tell you (13.1% real unemply rate)

http://www.marketwatch.com/news/story/official-unemployment-numbers-hide/story.aspx?guid=%7BF26627B9%2D8332%2D4C5A%2D8736%2D1736EDA83382%7D

NEW YORK (MarketWatch) -- Last month's jobs report leaves little doubt that the country is in a deep downturn, although you can't easily tell it by the official numbers.

At 5.1%, the current unemployment rate is relatively low by historical standards. But the percentage of jobless Americans of prime working age -- 13.1% for men 25 to 54 years old -- is historically high. Most of them do not qualify as unemployed, but they are nonetheless out of work.

This discrepancy exists because the government's definition of the unemployed includes only people who do not have a job, have actively looked for work in the four weeks preceding the survey and are currently available for work. The headline number is based on a survey of 60,000 households and is the most widely reported number in the jobs report.

But it excludes the self-employed, those working part-time or on commission only, and the underemployed (example: mortgage brokers toiling at Starbucks for several hours a week). It also doesn't count those who have given up looking for work altogether -- a category known as "discouraged workers" -- and who are defined as persons not currently looking for work specifically because they believe there aren't any jobs available for them.

Some analysts say it is this particular group of jobless Americans -- who believe their prospects for finding a job are getting ever dimmer, yet who don't figure in the computation of the unemployment rate -- that represents the nation's dire job situation. Many may have become discouraged quicker simply because they don't see the full unemployment picture.

"The way it hurts people is they think the situation is just bad, but don't actually realize how bad it is," says Cynthia Shapiro, a career coach and author of the book "What Does Somebody Have to Do to Get a Job Around Here." She says she's been getting calls from people all across the U.S. feeling that they are the only ones struggling, not talented or not qualified enough to land a new job.

"If they knew the actual unemployment numbers, they might say, 'Oh, so it isn't just me -- everybody's struggling.' In my estimation, you can double the reported unemployment rate to approximate the real unemployment rate."

...more...

[Hugin]

38. The myth among the 'supply siders' is that...

5.0% unemployment rate is 'healthy' (For whom?, I always ask). So, we'll not see that number fluctuate by much as long
as they hold sway.

It's how they hold on to their illusion.

[ozymandius]

43. That is the supply-siders' ethos anymore.

(I know this is a mighty huge brush. But I don't care if I offend any supply-siders.)

Isn't it amazing how the unemployment rate has remained pretty much the same since two million jobs were lost during the 18 months after 9/11/01?

If we are at 5% unemployment then I'm the Queen of England.

[Hugin]

46. Oh, I agree...

No more kid gloves for the 'supply-siders'. That all died with the Bear-Stearns bail out. (Among other things)


But, that's why 5.0% is *ALWAYS* the official number during a Reaganomical Voodoo Economics Administration...
I was quite surprised to see it fluctuate somewhat during the Clinton Administration.


How's it hanging, Your Majesty? (I always wanted to say that) :lol:

[specimenfred1984]

53. Anybody see this "supply-sider" get pies in the face?

http://www.youtube.com/watch?v=sv6nvMUq10U

I watched it about 10 times, it's wonderful.

[Demeter]

65. Thanks for the Link--I hadn't Seen That

The audience sure took it calmly.

[thoughtanarchist]

85. It inspired me...

Simple Friedman met a pieman

Speaking while at Brown,

Said simple Friedman to the pieman

"What is with the frown?"

Said the pieman to simple Friedman

"The world it is not flat"

Then punctuated the debate

With flying pastry: Splat!

[InkAddict]

47. Gotta love my Country and State

We owe for taxes from one of the years in the past the spouse collected unemployment until it expired, which does not withhold taxes. Wanna make a bet that we're at the bottom of the time-line for the rebate (while the daily interest acrues) that will be confiscated to reduce that debt? If one defaults, all payment plans are out.

1st Daughter graduated 5 months ago; 2nd kid graduates in June, so the Feds will want their pound of flesh for the school loans very soon.

We got rif'd four weeks after the client that shall remain nameless decided to bail out an investment bank (they handed my spouse's assignment to an Indian BTW - Bet he wasn't a Vet either). Now Jobs and Family Services says we can get a direct deposit or a debit card payment(What's in your wallet?)of unemployment compensation AFTER a little THREE-WEEK investigation into a possible "overpayment." Until that's done, they won't be processing the claim; and will take the "overpayment" off the top until paid. Wanna make a bet how this will go?

Spouse got a merit raise two months prior to begin after a 30-day processing time. The first payroll on which the increase should have been applied shorted his hours; the second one shorted the pay-rate. Alert eyes spotted both, but necessitated several days to a week for processing (Wonder who got the puny float, a mere grain of sand in the ocean, on that one?)

Meanwhile, the State also says he also owes insurance premiums for BWC; either Fed or State refunds can be held for this cause. (Guess they'll have to fight over it). Can't figure this one out because he was paid during the time in question by W-2 not 1099. Only good thing--no one has yet tried to make a claim against the account, so identity theft doesn't look likely). Wonder who picks up the coerced checks for creatively created accounts?

Bitter and paranoid.
Targeted much?

Hi Agent Mike!

[Hugin]

48. Wow... Real CF going there.

You have my sympathy. I'm not sure if the trouble we are all facing has more to do with malice or incompetence... Or
even *gasp* a combination of the two. Oy, the worst of both worlds.

My SO is dealing with a 'State Small Business Tax' problem which just won't go away. They keep coming back saying
we owe... So, we send in all of the completed tax forms including (expensive) copies of the check used to pay
the taxes for that period. After a time, they come back and want a different period. Now, they've done it so many
times they're starting to repeat periods we've already corrected. Now, I ask... Is this shitty record keeping on
the State's part? (Fortunately, we keep really good records.) or are we being 'Targeted'?

Makes one wonder. :tinfoilhat:

Hey, Agent Mike... Caught Osama yet? ;)

[Tansy_Gold]

54. Similar situation here -- you're not alone

Different details but the same kind of crap -- records lost, multiple copies sent, people on the other end not paying attention to the dates on the forms.

What pisses me off -- other than the fact that a lingering but legitimate liability will undoubtedly claim my palty "stimulus" check anyway -- is that most of us here are small potatoes. There are much bigger fish who are getting away with so much more than we could even if we tried.


Tansy Gold

[Demeter]

67. Which State Is That, Prag?

I'll put it on my Avoid list.

[TalkingDog]

68. I usually solve that post haste with the: I'm a slow hick/evil bastid routine

I start off asking every possible question I can think of regarding the problem. Then when they get to the point where it sounds like they are explaining things to a toddler, I ask: I'm sorry (always, always apologize) what was your name again? And your last name? Could you spell that for me please? And what is your direct supervior's name? Spell that please. And would you mind telling me the name of their supervisor? And what is his/her extension number?

In nearly every case that has taken care of the "confusion". In the rest of the cases, talking to their direct supervisor tended to clear things up.

[Demeter]

70. Good Scenario! May I Use It?

[TalkingDog]

75. I offer it as intellectual "freeware". If you save 10K just send me a token fee n/t

[kineneb]

59. the only upside of being poor

I don't have to file tax forms because last year, we were under the amount required to file. There are a few advantages to flying under the radar; cash is my friend. The downside is dealing with the inane federal and state rules for assistance, and swallowing my pride to accept free food.

[Robbien]

61. Did you send in your tax forms anyway

to qualify for the rebate check? Even people who aren't required to file taxes because they are below income requirements needed to file this year in order to get a $300 per person tax rebate check.

[kineneb]

71. was unable to do so

Hubby was only getting SSDI, but he died in March. With all of his health issues, dealing with one more set of forms was beyond me. So I will get the paltry widows' benefit: a one-time payment of $255 from Soc. Sec.

[ozymandius]

36. The euphoria from W's pearly wisdom seems to be wearing off.

9:55
Dow 12,850.26 1.31 (0.01%)
Nasdaq 2,408.92 20.00 (0.82%)
S&P 500 1,391.40 2.58 (0.19%)
10-Yr Bond 3.862% 0.035
NYSE Volume 438,081,218.75
Nasdaq Volume 240,306,218.75

[UpInArms]

41. 10:04 EST taking the chips off the table from the last 2 sucker rally days

Dow 12,830.55 18.40 (0.14%)
Nasdaq 2,404.75 24.17 (1.00%)
S&P 500 1,388.40 0.42 (0.03%)
10-Yr Bond 3.858% 0.031

NYSE Volume 546,712,750
Nasdaq Volume 312,832,437.5

it may not be a good weekend for owning stocks? :shrug:

[JNelson6563]

45. Are the horrible consumer confidence numbers

causing the clouds to move on this sun-shiney day? When I took a look at futures this morning I broke out my shades and prepared for lots of yelling on CNBC this afternoon. Like cheerleaders at a game, they get louder the more excited they get. Ugh.

Julie

[Robbien]

49. Auction-Bond Flops Stick Student-Loan Holders With 0%

April 25 (Bloomberg) -- More than $9 billion of auction- rate bonds sold by student-loan agencies in U.S. states from Pennsylvania to Utah have trapped investors in debt that's not paying interest.

Rates on Pennsylvania Higher Education Assistance Agency bonds backed by student loans were set at 0 percent April 4 after auctions to determine interest costs attracted too few bidders. The same occurred on more than 10 percent of the $86 billion of student-loan debt, as failures triggered provisions in bond documents that limit the interest agencies must pay, according to data compiled by Bloomberg.

The collapse of the auction-rate market drove interest costs paid by states, hospitals and student-lending agencies as high as 20 percent, and froze investors in securities they couldn't sell. Now, holders of student-loan debt are stuck with bonds paying less than the 0.66 percent rate on the one-month Treasury bill.

``It's hard to explain, to conceptualize or even understand how someone can borrow money and not pay you interest,'' said Mike Saunders, who manages $1 billion in taxable student-loan bonds for Acton, Massachusetts-based Roundstone Advisors.

The bonds pay nothing because of a formula designed to ensure that borrowers don't pay more interest on their debt than they receive from their student-loan clients. The mechanism kicked in as rates climbed above 10 percent since February, when dealers stopped buying securities that went unsold at auctions.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aMBg8H6crmSI&refer=home

[Tansy_Gold]

58. Well, MY interest rate isn't 0.66%

Oh, wait, I'm the one who took out the student loan. . . . . .

[TalkingDog]

76. In honor of my recent layoff here is the letter I'm sending to the DOE

Re: Loan Repayment and Employment Status.

To whom it may concern.

I was laid off of my job due to budget cutbacks as of April 15th 2008.

I would like to request an unemployment deferment.

I am currently looking for work and am registered with the NC Employment Security Commission. And I am registered with Career Builders, an on-line job search service. But seeing as the economy is scheduled to collapse between the beginning of September and the November election, I am not sure anything less than direct kinship with George W. Bush, or his monied cadre, et.al. will afford me any chances of gainful employment.

However, by the time you re-open the debtor's prisons, I just may be desperate enough to find that a viable alternative to eating my pets. Please advise as this option becomes available.

If you have further questions, I will be happy to address them.

Thank you.

[Demeter]

80. They Won't Take You Seriously, TD

and we here know you are serious.

[Demeter]

69. Put On Your Thinking Cap and Ponder This Scenario

You are taking over from Bush, Bernanke, the whole lot of them. You are King (or Queen) of the world.

What are your goals for the nation and its economy, and how do you propose to get there?


I'd do a Texas maneuver: round up anybody appointed by Bush, put them in a compound (it doesn't have to be Guantanamo, we need the jobs in this country), strip them of all assets, and hold them without habeus corpus. Also, nullify any legislation Bush signed. If it's worth having, a good Congress will pass it.

If a legitimate real person not rounded up vouches for someone, they can be released, and after thorough review, some of their assets might be returned. Otherwise, dig for legitimate criminal charges and prosecute to the fullest extent of the law.

[Hugin]

74. My first stop in researching this would be to review how Thom. Jefferson...

cleaned up after the Federalist Coup (After all, that's what we're dealing with... Federalists)

There was a good book a few years ago which examined Meriwether Lewis' first job for Jefferson which
is where he was one of those charged by Jefferson to accomplish this task.

http://en.wikipedia.org/wiki/Meriwether_Lewis

"Originally, he was to provide information on the politics of the United States Army, which had seen an influx of Federalist officers as a result of John Adams's 'midnight appointments.'"

[specimenfred1984]

79. Something exactly like that absolutely needs to be done

Another idea is to just kick the "red" states, i.e. all McCain-voting states, out of the "United" States as they aren't united with most Americans in the least bit. Just like what preceded the Civil War, the Chimpleton States of Amurikkka don't want America's laws ruling over them, they want all their brainwashed BS like "free markets", "deregulation" and "no gov't interference". So, let them have it and watch and laugh as they go bankrupt in a matter of a few short years.

Then, we re-unite the completely broken states with the United States on terms the majority of Americans can agree on.

[Tansy_Gold]

81. I have an unfair advantage --

I put together my platform four years ago!

:evilgrin:

Most of what we kings and queens would propose would ultimately hinge on the make-up of Congress, whether there's a filibuster-proof senate majority, etc.

But if one can do things by executive order, then I'd --

1. Immediately begin phase out of the war on Iraq. Apologize to everyone.
2. Regulate hedge funds and all other currently non-regulated "investment" options.
3. Freeze all mortgages currently in default or foreclosure; resolve those that are primary residence and owner-occupied. Foreclose on those that are investment/rental/second or vacation homes.
4. Begin congressional investigations into the doings of EVERY booooosh cabinet department and major regulatory agency, including arrest of ALL boooosh cabinet officers, current and previous, and regulatory commission (SEC, FCC, FEC, etc.) members.
5. Begin impeachment hearings for all boooooosh-appointed SCOTUS justices, and other federal judges.
6. Lobby Speaker of the House to introduce legislation to enact sweeping tax changes, including reform to estate tax (exempt spouse, no tax on first $5M, no tax on business if run by heirs for five years, otherwise 15% per year not run by heirs up to maximum 75%, etc.), capital gains tax to incude ALL income derived from buying, selling, trading investments and investment structures, income tax to exclude income earned from wages, salaries, tips, self-employment up to $50,000 per person, $100K per household.
7. Scrap "Defense of Marriage Act" and any related and/or similar discriminatory bullshit
8. Immediately lift any and all "Hyde Amendment" sanctions and make funds available nation- and world-wide for family planning information, education, devices and drugs, and services including abortion.
9. Introduce legislation to phase out, in no more than four years, all "health insurance" companies and replace with universal health care.
10. RE-introduce "Equal Rights Amendment" and lobby to make sure that sucker passes and is ratified this time for sure.
11. Abolish the death penalty for human beings; institute a death penalty for corporations.

I think that's enough for the first 11 days of my administration. On 1 February 2009, we'll start work on the serious stuff.


Tansy Gold, who actually got called for a job interview but it's not anything to jump up and down about

[Demeter]

86. I'll Jump Up and Down For You Then

I especially like the death penalty for corporations--that's genius at work.

So, when do we start your grass roots campaign for queen?

[Tansy_Gold]

90. Well, you could always try drafting me. ;-)

Unlike Al Gore, I might take you up on it!

As for the "genius" of a death penalty for corporations, it was something I thought of years ago. If corporations have legal "personhood," then they should be held liable just like other "persons."

A corporation that commits a "capital" crime -- like Ford knowing that Pinto gas tanks could explode but opting to pay damages as the less expensive alternative to recall and fix the problem -- would be executed: stock no longer traded in U.S., assets liquidated. This would have two "side effects": Corporations, which are more beholden to providing stockholder profits than protecting the community, would have a monetary incentive to avoid execution and thus would take safety and environmental and other issues into consideration ALONG WITH profits; and there would be a disincentive to mega mergers and huge corporations because the "death" of one subsidiary or branch would lead to the "death" of all the others. Dresser Industries' liabilities related to asbestos would have killed off KBR and Halliburton. Since there wouldn't be all these humongous hypercorporations, power would be a little more evenly distributed. Maybe.

Anyway, that's where the whole thing came from and where it led to. Not sure that it's "genius," but :blush: thanks for the compliment!


Tansy Gold, potential draftee

[UpInArms]

72. FHLB Chicago stock redemption request denied - out of money!

http://www.reuters.com/article/bondsNews/idUSN2543612120080425?sp=true

NEW YORK, April 25 (Reuters) - The regulator of the Federal Home Loan Bank of Chicago has denied requests by seven shareholders that have terminated their memberships in the institution to redeem their stock, the FHLB said in a regulatory filing on Friday.

The Federal Housing Finance Board, which ensures the safety and soundness of the entire Federal Home Loan Bank system, in October reserved the right to approve stock redemptions based on capital adequacy, which has been under pressure.

The FLHB, one of 12 in the system chartered by Congress to raise housing funding for member banks, has come under scrutiny by the board for its capital management as its shareholder base declines and risks tied to a mortgage purchase program have caused losses. It lost a net of 17 members in 2007, in part through mergers with institutions outside its region.

The system of 12 regional FHLBs has increased in importance to the U.S. housing market since the credit crunch shriveled other sources of funds for mortgage lenders.

The volume of short-term loans the FHLBs provide to member banks that hold their non-public stock has soared since last summer as lenders such as Countrywide Financial Corp boosted requests for the funding.

...more...

[Robbien]

73. 2 dead as small plane crashes on private landing strip belonging to prominent Spanish banker

MADRID, Spain: The Spanish Interior Ministry says police are investigating whether drugs are linked to a small plane that crashed at the estate of one of the country's most prominent bankers, killing both people on board.

A ministry representative, Maximo Díaz-Cano, says the plane crashed around midday Friday as it tried to land at the private airstrip of banker Emilio Botin.

The light aircraft, which was attempting to land at an airstrip on the Botin property known as El Castano, contained illegal drugs. One man was waiting in a car for the plane, and he has been arrested, the official said. None of the three has any relation to the Botin family, which is believed to have nothing to do with the events said officials.

http://www.bloomberg.com/apps/news?pid=20601085&sid=aHGW.62Y.QyM&refer=europe

Yeah right. A car waiting on a private landing strip of the richest man in Spain has nothing to do with the rich man. The drug plane for which the car was waiting also had nothing to do with the rich man.

nothing to see here.

[DemReadingDU]

82. Kevin Phillips: The Plunge Protection Team

4/25/08 The Plunge Protection Team By Kevin Phillips

Some people foolishly think that Washington's recent high-profile effort to steer, subsidize and protect the American financial sector is the beginning of something new - a revolutionary development.

It isn't. Consider that the President's Working Group on Financial Markets - nicknamed "the Plunge Protection Team" by The Washington Post in 1997 quietly observed its 20th birthday on Mar. 18.

"Quietly," in fact, is an understatement. "Semi-secretly" would be more like it. The Working Group, or PPT, is much-pondered but reclusive group that has declined to submit to the federal Freedom of Information Act or to testify in detail before Congress about its activities. This is true even though its current chief, Treasury Secretary Henry M. Paulson Jr. - Federal Reserve Board Chairman Ben Bernanke is another prominent member - made no secret of revving up its operations after he took took over at Treasury in 2006.

The curious reader will wonder: Just what does the PPT do?

Right now, Congress ought to able to pursue this basic question: Is the PPT a kind of committee for the extra-legal coordination, manipulation and subsidization of financial institutions and markets? Has it been stepping in when free-market forces have become too perilous to profits and asset values - in financial crisis years like 1998, 2001 and 2007. Has Washington decided to protect the financial sector more than any other element of the U.S. economy?

Over the last decade or so, the Treasury Dept. and the Fed have both developed something of a scofflaw attitude toward strict interpretation of federal statutes and regulations. For example, both winked in the late 1990s, as federal regulators allowed Citibank to merge with Travelers Insurance, despite contrary law still on the books. Both winked in more recent years, as major banks set up huge multi-billion-dollar structured investment vehicles, or SIVs, to do on an off-the-books basis what they were not allowed under banking law. Now we have the federally funded J.P Morgan Chase takeover of Bear Stearns. The PPT may well have had a quiet role in some of these actions.


more...
http://www.truthout.org/docs_2006/042508C.shtml

[ozymandius]

88. Was there any good news today? Anything about the blessings of indebtedness?

Oh looky! American Depress shows its mettle!

Dow 12,891.86 Up 42.91 (0.33%)
Nasdaq 2,422.93 Down 5.99 (0.25%)
S&P 500 1,397.84 Up 9.02 (0.65%)
10-Yr Bond 3.87% Up 0.04
NYSE Volume 3,899,860,000
Nasdaq Volume 2,001,017,380

4:30 pm : Friday the stock market attempted to make a late-day push higher, but encountered resistance at a major technical hurdle. Still, stocks ended the session near their best levels and concluded the week with a marginal gain.

Oil rebounded Friday to weigh on investor sentiment, closing $2.43 higher at $118.49 per barrel on the Nymex. Oil traders sent the commodity higher amid concern that strikes at a BP (BP 69.18, +1.37) refinery in Scotland and an unrelated facility in Nigeria could jeopardize production. Crude hit a new all-time intraday high of $119.90 per barrel this last Tuesday.

The Nasdaq was an underperformer Friday. Microsoft (MSFT 29.83, -1.97) weighed on the tech-rich index and was the Dow's worst performer. Its shares fell more than 6.0% in response to an underwhelming fourth quarter forecast issued after yesterday's close. In turn, technology (-1.2%) was the worst performing major economic sector.

The financial sector (+1.7%) made a healthy advance for the second straight session. American Express (AXP 47.77, +2.59) attracted its share of buyers after posting earnings results that exceeded the consensus estimate for the most recent quarter. Still, Citigroup (C 26.60, +0.84), the largest bank in the U.S., provided the sector with leadership.

According to an article published by Financial Times, Merrill Lynch (MER 49.64, +1.55) is in discussions with private equity firm TPG regarding possible investments in Merrill, should Merrill need funds for its investment bank.

The materials sector (+2.8%) was the best performing sector. Monsanto (MON 125.48, +5.03) and Freeport-McMoRan (FCX 116.98, +4.37) provided the sector with the most support.

Shares of Ford Motor Company (F 7.50, -0.90) were knocked lower after being downgraded at JPMorgan, Merrill Lynch, and Bear Stearns. JPMorgan downgraded Ford's shares to Neutral from Overweight, Merrill downgraded the shares to Sell from Neutral, and Bear Stearns downgraded Ford to Underperform from Peer Perform. Yesterday, shares of Ford made their highest single-session climb in years after announcing a quarterly profit that reversed a loss in the prior year. Today's decline erased that gain.

Treasuries were out of favor again this session. The benchmark 10-year Treasury Note slipped another 10 ticks and is now yielding 3.87%, the most since late February.DJ30 +42.91 NASDAQ -5.99 NQ100 -0.3% R2K +0.7% SP400 +1.4% SP500 +9.02 NASDAQ Dec/Adv/Vol 1227/1589/1.99 bln NYSE Dec/Adv/Vol 1166/1938/1.28 bln