STOCK MARKET WATCH, Thursday, January 20, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Thursday, January 20, 2011

AT THE CLOSING BELL ON January 19, 2011

Dow 11,825.29 -12.64 (-0.11%)
Nasdaq 2,725.36 -40.49 (-1.49%)
S&P 500 1,281.92 -13.10 (-1.02%)
10-Yr Bond... 3.34 -0.01
30-Year Bond 4.52 -0.01

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Handy Links - Market Data and News:Economic Calendar    Marketwatch Data    Bloomberg Economic News    Yahoo! Finance    Google Finance    Bank Tracker    
Credit Union Tracker    Daily Job Cuts

Handy Links - Economic Blogs:
The Big Picture    Financial Sense    Calculated Risk    Naked Capitalism    Credit Writedowns
Brad DeLong      Bonddad    Atrios    goldmansachs666    The Stand-Up Economist

Handy Links - Government Issues:
LegitGov    Open Government    Earmark Database    USA spending.gov

Handy Links - Videos:
The Coming Collapse of the Middle Class    Charlie Rose talks with Roubini    Charlie Rose talks with Krugman
    William Black: This Economic Disaster    Bill Moyers with Kevin Drum and David Corn

Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren
Dishonorable Mention: former House majority leader, Tom DeLay

Bush Administration Officials Charged = 1
Name(s): Richard Lopez Razo

Financial Sector Officials Convicted since 1/20/09 = 11

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This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

Read more: du

[Pale Blue Dot]

1. Today's Reports

Date ET Release For Actual Briefing.com Consensus Prior Revised From
Jan 20 08:30 Initial Claims 01/15 430K 425K 445K
Jan 20 08:30 Continuing Claims 01/08 4000K 3900K 3879K
Jan 20 10:00 Existing Home Sales Dec 4.85M 4.80M 4.68M
Jan 20 10:00 Leading Indicators Dec 0.7% 0.6% 1.1%
Jan 20 10:00 Philadelphia Fed Jan 21.0 20.0 20.8 24.3
Jan 20 11:00 Crude Inventories 01/15 NA NA -2.15M

Read more: http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm#ixzz1BZpg5KLR

[Pale Blue Dot]

15. Weekly U.S. jobless claims sink 37,000 to 404,000

WASHINGTON (MarketWatch) - New claims for unemployment benefits fell by 37,000 last week to 404,000, reversing a sharp increase two weeks ago, the Labor Department reported Thursday. Economists polled by MarketWatch had expected initial claims in the week ended Jan. 15 to fall to a seasonally adjusted 420,000 from a revised 441,000 the week before. Continuing claims, which reflect the number of people already receiving unemployment compensation, dropped 26,000 to a seasonally adjusted 3.86 million in the week ended Jan. 8. About 9.61 million Americans were getting some kind of state or federal benefit in the week ended Jan. 1, up 401,237 from the prior week.

http://www.marketwatch.com/story/weekly-us-jobless-claims-sink-37000-to-404000-2011-01-20

I'll bet this saves the market today. Had the numbers been bad, I was predicting a big drop. Bad-but-not-as-bad-as-it-could-have-been numbers to the rescue!

[Pale Blue Dot]

35. December Existing-Home Sales Jump

WASHINGTON, DC--(Marketwire - January 20, 2011) - Existing-home sales rose sharply in December, when sales increased for the fifth time in the past six months, according to the National Association of Realtors®.

Existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 12.3 percent to a seasonally adjusted annual rate of 5.28 million in December from an upwardly revised 4.70 million in November, but remain 2.9 percent below the 5.44 million pace in December 2009.

Lawrence Yun, NAR chief economist, said sales are on an uptrend. "December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery," he said. "The December pace is near the volume we're expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain."

The national median existing-home price2 for all housing types was $168,800 in December, which is 1.0 percent below December 2009. Distressed homes3 rose to a 36 percent market share in December from 33 percent in November, and 32 percent in December 2009.

http://www.marketwire.com/press-release/December-Existing-Home-Sales-Jump-1383090.htm

[Pale Blue Dot]

36. December leading economic indicators up 1%

WASHINGTON (MarketWatch) -- The economy's expansion is expected to continue, though there are "some strong headwinds" in the medium-term, the Conference Board said Thursday as it reported that its leading economic index rose 1% in December. "Overall, economic activity is likely to continue to gain momentum in 2011," said Ken Goldstein, economist at the Conference Board, in a statement. Six of the 10 indicators included in the LEI made positive contributions in December, led by building permits, the interest rate spread, and average weekly initial claims for unemployment-insurance benefits. In November, the LEI gained 1.1%. The LEI is a weighted gauge of 10 indicators that are designed to signal business cycle peaks and troughs. There have been widespread strengths among the indicators in recent months, according to the Conference Board. For the six months through December, the LEI gained 3.3%, up from 2.4% in the prior six months.

http://www.marketwatch.com/story/december-leading-economic-indicators-up-1-2011-01-20-100180

[Pale Blue Dot]

37. Philly Fed factory index slips to 19.3 in Jan.

WASHINGTON (MarketWatch) -The index of manufacturing activity in the Philadelphia region dipped slightly in January, the Federal Reserve Bank of Philadelphia reported Thursday. The Philly Fed business condition index fell to 19.3 in January from 20.8 in December. The decline was a bit weaker than expected. Below the headline, the report had some strong signals. The index for new orders jumped to 23.6 in January from 10.6 in December. The index for employment also jumped to 17.6 from 4.3 in the prior month.

http://www.marketwatch.com/story/philly-fed-factory-index-slips-to-193-in-jan-2011-01-20

[Pale Blue Dot]

38. Bottom line on the reports:

If you're a bull and believe that the economy's ripe for a rebound, this is all good news. If you (like me) are a bear and believe that none of the fundamentals are fixed and that we're continuing to delude ourselves and dig ourselves a deeper hole, then nothing's changed.

[Pale Blue Dot]

2. Oil falls to near $91 amid China inflation worries

BANGKOK – Oil prices fell to near $91 a barrel Thursday in Asia as Chinese inflation figures suggested authorities need to do more to slow growth and investors awaited a weekly report on U.S. crude inventories.

Benchmark crude for March delivery was down 62 cents at $91.19 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract lost 50 cents to settle at $91.81 on Wednesday.

China's latest figures on economic growth and inflation put a dampener on Asian stock markets, with analysts saying Beijing may need to slow the world's No. 2 economy more aggressively to tame price increases. That could dent China's appetite for crude and other commodities.

The extent of new moves to slow China's growth will be a "critical factor" for the oil market this year, energy consultants Cameron Hanover said in a report.

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

[Pale Blue Dot]

3. Emerging Market Stocks Fall Most in Six Weeks on China Inflation Outlook

merging-market stocks fell the most in six weeks and currencies weakened on deepening concern that Chinese inflation will accelerate, spurring the central bank to increase interest rates.

The MSCI Emerging Markets Index slid 1.1 percent to 1,149.1 as of 11:45 a.m. in London, the biggest decline on a closing basis since Dec. 8. South Korea’s won depreciated 1 percent versus the dollar, while the South African rand fell 0.7 percent ahead of a central bank interest-rate decision today.

The Shanghai Composite Index tumbled 2.9 percent to the lowest level since Sept. 30 after data showed China’s economic growth accelerated to 9.8 percent in the fourth quarter and industrial production picked up. The country’s inflation rate, at 4.6 percent in December, probably quickened in January and may rise to as high as 6 percent, according to Mizuho Securities. The Shanghai Composite has lost 4.6 percent this year, following a 14 percent drop in 2010, the biggest decline among major emerging markets.

“What worries investors is that China might tighten too much,” said Jerome Gonzalez, Manila-based fund manager at Philequity Management Inc., who helps manage about $90 million. “A severe tightening will hamper growth and that would be negative.”

http://www.bloomberg.com/news/2011-01-20/emerging-market-stocks-fall-most-in-six-weeks-on-china-inflation-outlook.html

[xchrom]

4. to just a lay person -- these guys never sound like they know what they want.

might tighten too much, not enough, it never seems right to these guys.

and then i suppose they're the same ones who are always 'surprised'.

[Pale Blue Dot]

6. I agree.

I think what they most want is to keep deluding themselves.

[Po_d Mainiac]

7. Their event horizon is about 23 minutes out n/t

[xchrom]

18. ...

:spray:

[AnneD]

53. It is measured in minutes????

I thought it was in nanoseconds :eyes: :rofl:

[Pale Blue Dot]

5. Stocks Drop as China Growth Stokes Interest-Rate Concern; Commodities Fall

tocks fell, with the benchmark index for emerging markets dropping the most in six weeks, while U.S. index futures and copper declined as China’s accelerating economy fanned concern interest rates will rise.

The MSCI Emerging Markets Index lost 1.1 percent at 7:25 a.m. in New York. The Shanghai Composite Index tumbled 2.9 percent. The Stoxx Europe 600 Index slipped 0.8 percent, while Standard & Poor’s 500 Index futures retreated 0.2 percent following the measure’s biggest drop in almost two months. Lead sank 1.5 percent and copper slid 1.4 percent. The Australian dollar weakened against 13 of its 16 most-traded counterparts.

Growth in China, Asia’s biggest economy, quickened to 9.8 percent in the final three months of 2010 from 9.6 percent in the July-September period, the government reported. U.S. economic data today will probably show home sales rose and jobless claims fell while Google Inc. and Morgan Stanley are among companies scheduled to release earnings.

“The figures aren’t overly worrying, but with growth continuing along at a fairly solid pace and inflationary pressures still evident, it’s all consistent with further tightening,” said Shane Oliver, head of investment strategy in Sydney at AMP Capital Ltd., which manages about $93 billion.

http://www.bloomberg.com/news/2011-01-20/asian-stocks-fall-on-goldman-sachs-profit-china-growth-dollar-advances.html

[Ghost Dog]

13. Fears of slowing growth hold back investors

The FTSE All-World index is down 0.5 per cent, commodities are weaker and the dollar stronger.

Disappointing results from Goldman Sachs and a lack of follow-through from barnstorming Apple earnings had battered the banking and tech sectors on Wall Street on Wednesday.

This precipitated a widespread bout of selling as investors locked in profits following moves in commodities and stocks to some record and cyclical highs.

The sense of vertigo has been exacerbated by strong growth and inflation data out of China on Thursday that has once again raised fears that Beijing will need to tread forcefully on the monetary brake – a strategy that could damage traction in the world’s second biggest economy. Shanghai has slumped 3 per cent.

/... http://www.ft.com/cms/s/0/14a3c02e-21e7-11e0-9e3b-00144feab49a.html

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Japan's Nikkei 225 stock average shed 1.1 percent to 10,438.16 as investors sold banking stocks after Goldman Sachs said quarterly earnings fell by more than half. Sumitomo Mitsui Financial Group Inc. fell 1.5 percent, and Mitsubishi UFJ Financial Group Inc. lost 0.9 percent.

Hong Kong's Hang Seng index was off 1.3 percent at 24,112.83 and the Shanghai Composite index fell 1.3 percent to 2,721.79 after China said its economy grew 10.3 percent last year. Strong investment boosted demand but also added to inflationary pressures for the world's No. 2 economy.

South Korea's Kospi lost 0.5 percent to 2,104.48, a day after finishing at a new record high of 2,115.69.

Australia's S&P/ASX 200 was down 1 percent at 4,785.60. Benchmarks in Taiwan, Singapore and New Zealand also declined.

/... http://finance.yahoo.com/news/Asia-shares-fall-on-Goldman-apf-2252605728.html

[Pale Blue Dot]

8. Merkley Offers Comprehensive Fix for Mortgage Market, Includes Bankruptcy Reform

Here are the six points to the Merkley proposal:

1) A national short refinance program. When a bank sends a home into foreclosure, it becomes an REO property, to be sold at auction at a large loss for the investors. Instead of going through the long process of resale, with the attendant upkeep that has to be spent by the bank on the home, and the disruption to the property values from having a vacant home in their neighborhood, this short refi program would allow qualified families facing eviction to refinance to an FHA-guaranteed mortgage based on current property values and interest rates. In the interim the family could stay in the home during the appraisal, new underwriting and final resolution. Many families would be able to pay a reduced payment if the home was written down to real value. The investor would get a bigger payoff than selling a vacant home in foreclosure. Neighbors would see their communities stabilized without a vacant property in their midst. And the family would get to stay in their home.

2) Ending dual track. The family highlighted at today’s event, Connie and Michael Umphress, were current on their mortgage when they sought a modification with Wells Fargo. The servicer encouraged them to miss a payment to qualify for the private modification, and then reduced the loan in the trial period. But at the same time, they pursued foreclosure actions. So Connie and Michael got foreclosure notices while they negotiated the modification process. Merkley’s plan would end this highly stressful dual track process, and suspend foreclosure actions while families sought a modification. This would reduce incentives for servicers to string along borrowers with a reduced payment for months (in the case of the Umphresses, 10 months), only to reject the modification and demand payment of the balance owed to avoid foreclosure. “This leads to families walking away from their homes or avoiding the modification process altogether,” Merkley said. “There must be a better way.

3) Single point of contact. Borrowers aiming for a modification usually talk to a different person at their servicer every single time they establish contact. This means they have to explain their situation all over again, and increases the possibility for mistakes. Merkley would establish a single point of contact between the borrower and the lender.

http://news.firedoglake.com/2011/01/18/merkley-offers-comprehensive-fix-for-mortgage-market-includes-bankruptcy-reform/

Yves at Naked Capitalism likes this plan the best out of the ones she's seen, which she admits means it has zero chance of passing.

[Pale Blue Dot]

9. Banks drop foreclosures in Southwest Florida

:10 A.M. — Banks in recent weeks have been dropping hundreds of their Southwest Florida foreclosure lawsuits instead of facing defendants at trial, according to local attorneys and court records.

Opinions varied sharply on whether that means banks are just taking a breather before refiling with stronger evidence - or giving up for good on hopelessly flawed cases.

Some foreclosures at large law firms were never actually read by the attorneys who filed them here and elsewhere, and some of the mortgages that ended up in mortgage-backed securities sold to investors were never legally transferred by the banks, defense attorneys have alleged.

"We think they're going to come back and refile," Lee County Clerk of Court Charlie Green said.

http://www.news-press.com/apps/pbcs.dll/article?AID=/201101190110/RE/101190387

[Ghost Dog]

10. Spain to Ramp Up Bailout of (Savings) Banks

... In a first step, Spain is preparing to issue €3 billion ($4 billion) in debt in coming days, the people familiar with the matter said. Government officials are putting plans in place to eventually raise as much as €30 billion, according to these people, though some say the final tally will be less.

...

Another step the government is taking to boost investor confidence in the cajas is simplifying their complex structures, making them more like traditional banks. The cajas have long had confusing ownership and governance structures and disclosed far less financial information than other banks. Their boards consisted of local politicians, union members, clients and, in some cases, Catholic priests, many of whom were reluctant to relinquish their influence over lending decisions.

...

Many of the cajas, which account for €1.3 trillion in assets—or 42% of total bank assets in Spain—used liberal lending practices to fuel a decade-long housing boom that went bust and left many of the institutions holding billions in bad loans and facing heavy losses.

...

The Spanish government is also studying changes to allow the Fund for Orderly Bank Restructuring to inject capital in the banks through direct stake purchases, considered the safest kind of investment and one that would give the government more control over the entities, in contrast to the nonvoting preferred shares it bought in the past.

/... http://online.wsj.com/article/SB10001424052748703951704576092133248887432.html?ru=yahoo&mod=yahoo_hs

---

Insurers Step Up Europe Real Estate Lending as Banks Scale Back

Non-bank lenders lifted their share of European commercial real estate lending to about 24 percent in 2010 from 13 percent in 1997, London-based property adviser DTZ Holdings Plc estimates. Prudential Plc’s M&G unit raised a 140 million-euro fund ($186 million) to provide junior loans on top of its senior lending business. Axa SA, Cairn Capital Ltd. and Matrix Property Fund Management Ltd. are also raising debt-lending funds.

“We have become a more active lender, both on a senior and mezzanine basis, over the course of 2010 and I expect our appetite for it will increase in 2011,” said John Barakat, head of real estate finance at M&G, which oversees 107 billion pounds ($171 billion) of fixed-income assets. “The number of participants prepared to lend above 60 percent loan-to-value is fewer than six months ago.”

Europe’s banks became less willing to lend after incurring 476.2 billion euros of losses since the third quarter of 2007 from the financial crisis and ensuing property slump, according to Bloomberg calculations. An overhaul of bank capital rules by the Basel Committee on Banking Supervision, known as Basel III, may trigger further losses, writedowns, foreclosures or sales of more than 200 billion euros of property loans this decade, CB Richard Ellis Group Inc. estimates.

European property owners face a funding gap of $126 billion through 2013, the world’s biggest shortfall, as a record amount of bank loans made before 2007 come due, DTZ estimates. U.S. landlords have less acute or immediate funding needs because their loans are typically longer term and they can tap a broader pool of non-bank lenders or the reviving market for bonds backed by property loans, DTZ said.

/... http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=a46s.oh3JC3o

---

Will Greece Be The Catalyst For Stage 6 Panic?

On Wednesday, we may have seen a potential catalyst from a fitting source, Greece, where the EPC was officially born.

* Reuters reports here that German officials are preparing for a Greek restructure (aka, partial default)

* Adding to the tension, in his Reuters blog here, Felix Salmon summarizes the growing chorus of influential opinion that a number of the weaker EU economies will ultimately need to restructure in order to have any chance of avoiding total default

None of this is really news, as credit markets have long assumed a Greek restructuring within the coming 3 years. Of course, once one nation pulls that off it makes similar moves easier for others, or may even force the others to restructure or default as confidence in EU sovereign debt plunges, similar to what has happened to Latin American government bonds during past defaults from that region.

However, even though the news isn’t new, predicting when these concerns start to roil markets is difficult because these are ultimately political decisions, beyond the usual fundamental or technical tools that traders use.

/... http://seekingalpha.com/article/247518-7-stages-of-the-eu-panic-cycle-understanding-and-profiting-part-ii?source=yahoo

[Pale Blue Dot]

11. Volcker takes aim at long-term investments

Paul Volcker, the former Federal Reserve chairman, is encouraging a crackdown on banks’ longer-term principal investments as his plan to prohibit short-term proprietary trading comes closer to implementation.

Goldman Sachs’ investment in Facebook is the sort of deal that could be affected if Mr Volcker’s call to curb banks’ longer-term investments is taken up by regulators or Congress. Democratic congressional aides are already examining the issue.

Mr Volcker told the Financial Times that regulators had made “a good honest effort” to develop his “Volcker Rule” in a study released on Tuesday. The rule, which became law as part of the Dodd-Frank financial reforms, prohibits banks from trading on their own account or investing in private equity or hedge funds.

But Mr Volcker said he and Congress had perhaps “lost sight” of longer-term activities, which are considered merchant banking and are authorised under banking rules. “Potentially what is ‘merchant banking’ and what is a ‘proprietary trade’ needs some delineation, I think,” he said.

http://www.ft.com/cms/s/0/2a03c58c-242a-11e0-a89a-00144feab49a.html#ixzz1Ba0vu14w

This makes me glad that Volcker's on the outside now...

[Ghost Dog]

12. Ben Ali relatives arrested: Tunisian state TV

TUNIS (AFP) – Thirty-three relatives of Tunisia's toppled dictator Zine El Abidine Ben Ali have been arrested in recent days, state television reported Thursday.

...

On Wednesday, officials opened an investigation against the former president and his family for having allegedly plundered the country's resources.

The charges include illegal property acquisitions and currency transfers. Those targeted included Ben Ali, his wife Leila Trabelsi, her brothers and sons and their children.

/.. http://news.yahoo.com/s/afp/20110120/ts_afp/tunisiaunrestpoliticsfamily_20110120093147

[Robbien]

34. A few relatives charged. Just a drop in the bucket.

A token.

Another token: The old cabinet members are still in their positions and feel if they just drop out of Ben Ali's party then they should be okay and be able to keep their jobs.

As if dropping party affiliation changes anything.

[Ghost Dog]

48. Indeed.

I'm seeing plenty of 'inside dope', in Spanish, and in French, on the Bin Ali/Trabelsi clan and hangers on. Not much in English.

I'm not sure I'm motivated, or paid, enough to interpret for anglo-monolinguists, though.

Time will tell.

[Demeter]

61. I could curse you in several European languages

and ask my Punjabi and Mandarin speakers for more...

[Ghost Dog]

51. Tunisia protesters demand change

TUNIS (Reuters) – Street protesters in Tunisia kept up pressure for a government free of ties with the old guard while a prominent dissident said he would run for president to sweep the former leadership from power.

/... http://news.yahoo.com/s/nm/20110120/ts_nm/us_tunisia

[Ghost Dog]

54. BTW. On the mood in some parts of Europe:

(I came across this beautiful version of "Banks of the Nile"): Piers Faccini + Camille - Banks of the Nile: http://www.youtube.com/watch?v=lRlmA1d1Rwo

[Po_d Mainiac]

14. 12 Economic Collapse Scenarios That We Could Potentially See In 2011

#3 The debt bubble that the entire global economy is based on could burst at any time and throw the whole planet into chaos. According to a new report from the World Economic Forum, the total amount of credit in the world increased from $57 trillion in 2000 to $109 trillion in 2009. The WEF says that now the world is going to need another $100 trillion in credit to support projected "economic growth" over the next decade. So is this how the new "global economy" works? We just keep doubling the total amount of debt every decade?

#4 As the U.S. government and the Federal Reserve continue to pump massive amounts of new dollars into the system, the floor could fall out from underneath the U.S. dollar at any time. The truth is that we are already starting to see inflation really accelerate and everyone pretty much acknowledges that official U.S. governments figures for inflation are an absolute joke.

#7 There are persistent rumors that simply will not go away of massive physical gold and silver shortages. Demand for precious metals has never been higher. So what is going to happen when many investors begin to absolutely insist on physical delivery of their precious metals? What is going to happen when the fact that far, far, far more "paper gold" and "paper silver" has been sold than has ever actually physically existed in the history of the planet starts to come out? What would that do to the price of gold and silver?

http://theeconomiccollapseblog.com/archives/12-economic-collapse-scenarios-that-we-could-potentially-see-in-2011

This one of those sites worth checking in on from time to time

[Demeter]

16. Hope and Change? DILBERT

[Tansy_Gold]

22. Y'know, most of the time I don't "get" Dilbert.

Today I did.






TG, TT

[Demeter]

26. I'm sorry

If there's a need for explanation, you can always ask...sometimes the geek in me takes over...

[Tansy_Gold]

39. Oh, it wasn't a complaint.

It was more an observation that today's Dilbert hits home. Know what I mean? The part about it seeming like a good idea/offer even when you know it's not. . . . .


:hi:


TG

[AnneD]

58. I think you really need...

the hard core cubicle experience to get some of them-like Fortune 500 worst run.

[Ghost Dog]

70. Been there. Done that.

Not for long. Fuck that.

:hi:

[Tansy_Gold]

72. Et moi aussi.

Un poco rato, demasiado. :puke:




TG

[Demeter]

17. Goldman Executive Named as SEC Investment Chief

http://abcnews.go.com/Business/wireStory?id=12643375

A Goldman Sachs executive has been named to head the division of the Securities and Exchange Commission that oversees mutual funds and investment advisers.

The agency said Tuesday that Eileen Rominger will become director of investment management, replacing Andrew "Buddy" Donohue, who left the SEC in November. Rominger has worked for nearly 30 years as a portfolio manager and leader of asset management teams. She worked for 11 years at Goldman Sachs Asset Management, most recently as its global chief investment officer.

Prior to that, Rominger worked at Oppenheimer Capital. She has a degree in English from Fairfield University and an MBA in finance from the Wharton School of Business at the University of Pennsylvania.

[Roland99]

20. Well, of course! Why not?!?

:banghead:

[Tansy_Gold]

21. Ditto. n/t

[DemReadingDU]

30. not unexpected

:evilgrin:

[mbperrin]

41. Will she run the SEC function FROM her Goldman office, or will she

actually have to check in at the actual SEC from time to time?

SO wearing to have to associate with commoners, fer gawd's sake!

[StarburstClock]

60. It's a sideways move, will still run the same corruption

One of these years people will become aware of the way crime climbs up into political realms as a natural progression until it's stopped. Until then the U.S. will remain a shell of a democracy.

[Roland99]

19. Futures - Techs flat...rest not so good

S&P 500 1,277 -1.50 -0.12%
DOW 11,746 -40.00 -0.34%
NASDAQ 2,295 +0.25 +0.01%

[Demeter]

23. Former Bear trader to plead guilty in Galleon case

A former Bear Stearns hedge fund trader involved in the Galleon insider trading investigation is expected to plead guilty on Wednesday to trading on inside information, a person familiar with the matter says.

Danielle Chiesi, a former employee of New Castle Funds, once part of Bear Stearns Asset Management, is expected to enter her guilty plea before a federal judge at 1:30pm on Wednesday in New York.

It is not clear if Ms Chiesi is cooperating with prosecutors, however if she does it could bolster the US government’s case against Galleon Group co-founder Raj Rajaratnam. Mr Rajaratnam has denied wrongdoing and is scheduled to go to trial on February 28.

Read more >>
http://link.ft.com/r/8P1R88/KEZJ8T/HI3M9/403STH/18Q5D7/W1/t?a1=2011&a2=1&a3=19

[Demeter]

24. Apple faces pollution storm over China suppliers

A group of 36 Chinese environmental groups has accused Apple of failing to address concerns over pollution and worker health issues in factories supplying components for its gadgets.

In a report to be published on Thursday, the groups rank Apple last in a list of 29 multinational technology companies based on how each company dealt with inquiries about pollution and occupational health hazard incidents at factories in their supply chain.

Read more >>
http://link.ft.com/r/ZE9K33/PRWPM4/VTVRG/GK0GD3/EWHR1C/YT/t?a1=2011&a2=1&a3=19

[Demeter]

25. Volcker highlights long-term investments

Paul Volcker, the former Federal Reserve chairman, is encouraging a crackdown on banks’ longer-term principal investments as his plan to prohibit short-term proprietary trading comes closer to implementation.

Goldman Sachs’ investment in Facebook is the sort of deal that could be affected if Mr Volcker’s call to curb banks’ longer-term investments is taken up by regulators or Congress. Democratic congressional aides are already examining the issue.

Read more >>
http://link.ft.com/r/YIQXNN/OJ4PBJ/204L2/TPDW0G/GKGN09/E4/t?a1=2011&a2=1&a3=19

[Demeter]

27. F.B.I. and Police Arrest More Than 100 in Mob Sweep

UNFORTUNATELY, THEY WERE NOT GOING AFTER THE WALL ST MOBS...

http://www.nytimes.com/2011/01/21/nyregion/21mob.html

[AnneD]

59. Don't tease me...

Demeter, you had me excited for a second-Like Dilbert.

[Demeter]

62. I Gotta Find Amusement Wherever It Lies in this Godforsaken Season

The icebox continues for the duration....

[Demeter]

28. Technology: A dip in the Valley

Early-stage investors appear to be losing interest in the painstaking work needed to sustain America's lead in the advanced industries that can generate many future jobs

Read more >>
http://link.ft.com/r/G8OTZZ/5CUMM7/4VXHZ/TPDWZY/S35ORO/7V/t?a1=2011&a2=1&a3=20

THERE'S MORE THAN ONE "DIP' IN 'THE VALLEY'--I'VE MET BUNCHES OF THEM THERE.

[Demeter]

29. Got to go out and freeze my extremities now. Have a Good Day, If Possible

[DemReadingDU]

31. Brrr, stay warm!

We are getting snow showers now, expecting 3-5 inches by tonight, more or less

[Roland99]

33. 75F and Sunny. What's to freeze off?

:evilgrin:

[Fuddnik]

56. That's still cold.

[Demeter]

63. So You Came Back

"Of all the gin joints in all the towns in all the world,"

Play it again, Sam!

[mbperrin]

68. Hey, good to see ya!

Strange doings.

[UpInArms]

32. HP Plans Independent Investigation of Ex-Chief Hurd’s Departure

http://www.bloomberg.com/news/2011-01-19/hp-plans-independent-outside-probe-of-mark-hurd-s-departure-severance.html

Hewlett-Packard Co., relying on outside lawyers, is planning an “independent” probe into the circumstances of former Chief Executive Officer Mark Hurd’s departure from the company, according to court documents.

The proposed probe stems from a shareholder lawsuit in federal court in San Jose, California, claiming HP’s directors wasted company money by awarding Hurd as much as $53 million in severance when he resigned in August. He quit after an internal investigation found he violated business conduct standards in trying to conceal a personal relationship with a contractor.

The new investigation would be conducted by a committee of directors who joined Palo Alto, California-based HP, the biggest maker of personal computers, after Hurd’s departure and by lawyers not involved in the shareholder litigation, according to the filing. The company and shareholders who brought the suit asked a judge to put it on hold until the probe is finished.

<snip>

HP’s finding that Hurd violated company standards came after he was accused of sexual harassment by former marketing contractor Jodie Fisher. HP found that Hurd didn’t violate its harassment policy.

...more...

what a giant prick - and then he takes off with $53 million ... sheesh

[Demeter]

64. Makes me wonder what the REAL issue is.

[Festivito]

40. Debt: 01/18/2011 14,052,380,830,542.80 (UP 44,437,293,671.65) (Tue, UP a lot.)

(Good day.)
More on a ticket.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 9,415,963,819,710.17 + 4,636,417,010,832.63
UP 38,613,327,669.01 + UP 5,823,966,002.64

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 311-Million person America.
If every American, man, woman and child puts in $3.21 THAT'S 1B$, and $3,213.67 makes 1T$.
A family of three: Mom, Dad, Child: $9.64, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 311,170,592 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,159.73.
A family of three owes $135,479.2. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 32 days.
The average for the last 22 reports is 7,680,943,653.77.
The average for the last 30 days would be 5,632,692,012.77.
The average for the last 32 days would be 5,280,648,761.97.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 75 reports in 110 days of FY2011 averaging 6.54B$ per report, 4.46B$/day.
Above line should be okay

PROJECTION:
There are 733 days remaining in this Obama 1st term.
By that time the debt could be between 15.1 and 17.9T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
01/18/2011 14,052,380,830,542.80 BHO (UP 3,425,503,781,629.72 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,490,757,799,651.10 ------------* * * * * * * * * * * * BHO
Endof11 +1,628,423,607,933.20 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
12/28/2010 +001,124,227,282.97 ------------*********
12/29/2010 +000,165,778,043.38 ------------********
12/30/2010 +000,091,969,590.77 ------------*******
12/31/2010 +062,732,309,679.32 ------------**********
01/03/2011 -005,396,108,430.64 -- Mon
01/04/2011 -000,085,302,113.98 ----
01/05/2011 -000,029,576,179.10 ----
01/06/2011 -001,749,774,139.62 --
01/07/2011 +000,022,074,863.06 ------------*******
01/10/2011 -000,254,217,892.29 --- Mon
01/11/2011 +000,490,152,520.38 ------------********
01/12/2011 -000,273,054,954.79 ---
01/13/2011 -005,996,045,152.69 --
01/14/2011 +000,146,255,477.48 ------------********
01/18/2011 +038,613,327,669.01 ------------********** Tue

89,602,016,263.26 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4702118&mesg_id=4702121

[Festivito]

66. Debt: 01/19/2011 14,053,512,150,448.45 (UP 1,131,319,905.65) (Wed, UP a little.)

(Good day.)
One ticket gone.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 9,415,973,770,693.35 + 4,637,538,379,755.10
UP 9,950,983.18 + UP 1,121,368,922.47

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 311-Million person America.
If every American, man, woman and child puts in $3.21 THAT'S 1B$, and $3,213.60 makes 1T$.
A family of three: Mom, Dad, Child: $9.64, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 311,177,792 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,162.32.
A family of three owes $135,486.97. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 33 days.
The average for the last 23 reports is 7,396,177,403.85.
The average for the last 30 days would be 5,670,402,676.29.
The average for the last 33 days would be 5,154,911,523.90.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 76 reports in 111 days of FY2011 averaging 6.47B$ per report, 4.43B$/day.
Above line should be okay

PROJECTION:
There are 732 days remaining in this Obama 1st term.
By that time the debt could be between 15.1 and 17.8T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
01/19/2011 14,053,512,150,448.45 BHO (UP 3,426,635,101,535.37 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,491,889,119,556.70 ------------* * * * * * * * * * * * BHO
Endof11 +1,617,473,230,974.74 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
12/29/2010 +000,165,778,043.38 ------------********
12/30/2010 +000,091,969,590.77 ------------*******
12/31/2010 +062,732,309,679.32 ------------**********
01/03/2011 -005,396,108,430.64 -- Mon
01/04/2011 -000,085,302,113.98 ----
01/05/2011 -000,029,576,179.10 ----
01/06/2011 -001,749,774,139.62 --
01/07/2011 +000,022,074,863.06 ------------*******
01/10/2011 -000,254,217,892.29 --- Mon
01/11/2011 +000,490,152,520.38 ------------********
01/12/2011 -000,273,054,954.79 ---
01/13/2011 -005,996,045,152.69 --
01/14/2011 +000,146,255,477.48 ------------********
01/18/2011 +038,613,327,669.01 ------------********** Tue
01/19/2011 +000,009,950,983.18 ------------******

88,487,739,963.47 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4703531&mesg_id=4703805

[Pale Blue Dot]

42. AmEx will cut 1,500 jobs in Greensboro

In the first mass layoff announced by a major North Carolina employer this year, American Express plans to close a customer service center in Greensboro and eliminate about 1,500 jobs.

The news deals a fresh blow to an already shaky region of the state and signals that companies continue to look for ways to cut costs despite a slowly reviving economy.

"This is all too typical of this recovery," said Mark Vitner, a senior economist with Wells Fargo Securities in Charlotte. "Job growth is severely lagging, and many businesses are still struggling to bring costs in line with slower revenue growth."

AmEx announced Wednesday that work handled from the Greensboro center will be shifted to other locations in the United States by the end of 2011

Read more: http://www.newsobserver.com/2011/01/20/931730/amex-will-cut-1500-jobs.html#ixzz1Balv5gY6

[Pale Blue Dot]

43. Cuomo Weighs More Than 10,000 Layoffs

Gov. Andrew Cuomo is weighing plans to lay off more than 10,000 government workers, rivaling the number of pink slips handed out by his father a generation ago, according to individuals familiar with budget discussions.

While Mr. Cuomo has not settled on a figure, the governor in recent days has told lawmakers and other officials that he is looking at dismissing 10,000 to 12,000 workers, or more than 5% of the state's public work force, the individuals say.

Not since the early 1990s, when Mario Cuomo was grappling with a recession, has a New York governor threatened layoffs of that magnitude.

Talk of layoffs has escalated as Mr. Cuomo prepares to submit his budget for the upcoming fiscal year. Since taking office on Jan. 1, after a landslide victory in November, the former state attorney general has enjoyed robust public support and has courted cooperation across a spectrum of government players: labor leaders, upstate advocates, real-estate developers and Wall Street.

http://online.wsj.com/article/SB10001424052748704590704576092801256486430.html

[Pale Blue Dot]

44. Boeing C-17 workers confirm layoffs (up to 1,000)

LONG BEACH - Boeing C-17 workers were notified Wednesday that up to 1,000 positions in Long Beach will be cut by late 2012.

Boeing did not confirm the rumors, but a downsizing of such a size aligns with the company's longtime plan to reduce its C-17 work force as it scales back production from 15 to 10 jets annually.

A cutback of around 1,000 workers would bring C-17 employment in Long Beach to fewer than 4,000 by 2012, less than a third of the local aerospace work force of the late 1990s.

"We just got the news today, and people are obviously devastated," said Stan Klemchuck, President of Local 148 of the United Aerospace Workers, which represents about 1,700 workers. "Between this and recent layoffs at the (Carson) warehouse facility, it's overwhelming. The jobs are just drying up."

http://www.presstelegram.com/news/ci_17140879

[mbperrin]

69. Piker! Texas could be laying off 100,000 teachers with the new budget

http://www.chron.com/disp/story.mpl/metropolitan/7388923.html

The 82nd Legislature: Schools shudder at cuts
Massive layoffs, large class sizes, higher property taxes among fears as educators assess budget proposal

<snip>
The House's budget proposal, which serves as a starting point for the state's spending plan, cuts between $5 billion and $10 billion from public schools. Because schools spend most of their money on personnel, 80,000 to 100,000 education jobs are on the line statewide, according to estimates from the firm Moak, Casey & Associates.

<snip>

I added the emphasis, of course. Hey, when bigger eggs are laid, the Texas Lege will lay them!

[Pale Blue Dot]

45. 1,600 layoffs in the works at Hanford

Two Hanford contractors announced late Wednesday afternoon that about 1,600 employees will have to be laid off as federal economic stimulus spending ends later this year.

Hanford workers had hoped an early retirement incentive program would ease the end of the $1.96 billion of extra spending under the American Recovery and Reinvestment Act at Hanford.

But the Department of Energy told Hanford contractors Wednesday that it would not approve the proposed Special Voluntary Retirement Program.

CH2M Hill Plateau Remediation Co., which was assigned $1.3 billion of the work paid for with stimulus money, is hardest hit. It is assigned to central Hanford and ground water cleanup projects.

Read more: http://www.tri-cityherald.com/2011/01/20/1333876/1600-layoffs-in-the-works-at-hanford.html#ixzz1Ban4Pcxv

[Pale Blue Dot]

46. Career Education To Cut 600 Jobs In U.S. Amid Slowing Enrollment - Update

RTTNews) - Career Education Corp. (CECO: News ), a for-profit educational services provider, said Wednesday that it will cut 600 jobs across its U.S. operations. The move follows slowing student enrollments across the private-sector post-secondary education industry and is part of the company's efforts to streamline its organization structure to better align with its long-term business strategy.

The Hoffman Estates, Illinois-based company said it expects to incur a charge of up to $8 million related to severance payments and other costs related to these actions in its fourth quarter of fiscal year 2010. The company expects the job cuts to be carried out over the next several months.

The company is slated to announce its financial results for the fourth quarter and fiscal year 2010 on Thursday, February 17, 2011, Analysts expect the company to earn $0.78 per share for the quarter on revenues of $552.04 million.

In early November, Career Education reported an increase in profit for the third quarter, driven mainly by higher tuition and registration fees. The company's net income for the quarter rose to $26.13 million or $0.33 per share from $20.79 million or $0.25 per share in the same period of the prior year. Total revenue for the quarter increased 14.4% to $524.21 million from $458.29 million in the year-ago period.

http://www.rttnews.com/Content/BreakingNews.aspx?Id=1530940&SM=1

[Pale Blue Dot]

52. Hostess To Close Queens Wonder Bread Factory (200 more jobs gone)

After almost a century in Jamaica, Queens, the Hostess Company's Wonder Bread factory is closing.

Almost 200 employees will lose their jobs as a result.

The closing was announced last year, when the company decided upgrading and modernizing the 130-year-old facility would be too costly in a tough economy.

A nearby Hostess outlet store will remain open, but the products will be brought in from around the northeast.

http://www.ny1.com/content/top_stories/132523/hostess-to-close-queens-wonder-bread-factory

[Demeter]

65. Oh, there's not going to be ANY layoffs this year!

Hiring outlook brightens as layoffs hit a new low Associated Press

http://www.spokesman.com/stories/2011/jan/07/hiring-outlook-brightens-as-layoffs-hit-a-new-low/

[Roland99]

47. 11:40am - DOWn day

Dow 11,760 -66 -0.55%
Nasdaq 2,691 -35 -1.28%
S&P 500 1,273 -9 -0.71%
GlobalDow 2,127 -25 -1.18%
Gold 1,348 -22 -1.61%
Oil 89.44 -2.37 -2.58%

[Hotler]

49. k&r n/t

[Ghost Dog]

50. Free exchange: Growth: The China syndrome

.. For all its macroeconomic managerial prowess, economists have grown concerned about the sustainability of the Chinese catch-up machine. It holds enormous reserves of a currency that will almost certainly lose value. Its efforts to control investment and inflation have led to a highly repressed financial system that has almost certainly wasted billions of dollars on crummy investments. Household consumption in China is unsustainably low, and its economy is unsustainably dependent on both exports and public-led investments in infrastructure. Unlike some others, I don't think China will face economic disaster as it navigates its way through these challenges. But I do think it will be difficult to handle them and maintain the near-10% growth rate it has lately enjoyed.

And that's a problem because there are more hurdles right down the road. An aging population will begin to weigh on the economy while the median income remains a quarter of the American level. China may find, like so many catch-up economies before it, that once technology transfer has run its course and the initial boom is over it lacks the innovative capacity to continue growing at a healthy 3% clip. And then there are environmental concerns, likely problems posed by disgruntled minorities or class groups in an increasingly unequal China, and the inevitable busts to come. How will the government cope?

America's government is far from perfect, and I think there's a case that it's become too sclerotic and is in need of some institutional reform. I don't think I'm alone in wishing that America's leaders could agree to fund basic infrastructure appropriately and build a rail line in less than an average human lifespan. But to suggest that the ability to force its companies to act collaboratively is a Chinese strength?

I don't know what will happen with the Chinese political system, though I do think that America's record handling domestic political conflict, while far from spotless, is clearly better than China's. I do know that China's economic growth has occured thanks to its willingness to learn lessons from the success of western economies. And I think that the only way western economies can really lose from China's rise is by forgetting those very same lessons. Which some Americans, at least, seem all too eager to do.

/... http://www.economist.com/blogs/freeexchange/2011/01/growth_0?%3Ffsrc%3D=scn%2Ftw%2Feecon%2Fsf%2Ffreeex

[TalkingDog]

55. Builders Still Betting on Mega-Mansions ('scuze my French but, WTF?)

http://www.cnbc.com/id/41136755

The National Association of Home Builders reported weaker than expected confidence in January, but apparently one builder in Potomac, MD didn't get the memo.

David Niroo, of Niroo Masterpieces, claims the luxury market is alive and well and ready to move in to the outskirts of the Washington, DC metro area. He's so sure that he's building a 32,000 square foot spec home, which he expects to price at $6 million when complete.


(edited because complete was incomple)

[Ghost Dog]

57. "outskirts of the Washington, DC metro area"

http://answers.yahoo.com/question/index?qid=20080125144646AAjPHWK

[Demeter]

67. Oh the Markets Tonight Are Frightful

but the cold is so delightful

And since there's no place to go (but down)

Let it snow, let it snow, let it snow!

http://www.youtube.com/watch?v=p87qLDgj4dk


It's sticking out there....both the snow and the single digits.

[bread_and_roses]

71. A slightly different version

Oh the Markets Tonight Are Frightful
but the spin is so delightful
though we're left out in the snow
the Banksters still run the show!

[Ghost Dog]

73. Heh heh heh. Oh yeah.

http://www.youtube.com/watch?v=-aLi2Tktgrs (Diego el Cigala-Dos gardenias para tí(Festival Cultural Zac) )