STOCK MARKET WATCH, Thursday 24 August

[54anickel]

Thursday August 24, 2006

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 881 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2070 DAYS
WHERE'S OSAMA BIN-LADEN? 1770 DAYS
DAYS SINCE ENRON COLLAPSE = 1731
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 6
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 August 23, 2006

Dow... 11,297.70 -41.94 (-0.37%)
Nasdaq... 2,134.66 -15.36 (-0.71%)
S&P 500... 1,292.99 -5.83 (-0.45%)

30-Year Bond 4.95% -0.00 (-0.00%)
10-Yr Bond... 4.813% +0.002 (+0.04%)






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

[54anickel]

1. Sorry so late...storms here knocked out the power and cable. My

power was back up by 6:30, my cable just came back on-line.

[AnneD]

53. Morning Marketeers,

:donut: and lurkers. 54anickel, we are just glad you can fill in. Thanks :hug:.

Day 2 of the great lice hunt. You would think these buggers would be extinct by this point. Some look upon them as pest-I see them as job security.

Is it my imagination, or has there been an up tick in MSM economic reports that are more bearish. Maybe it is soaking in.

Happy hunting and watch out for the bears.

[54anickel]

2. Oil continues slide after U.S. gasoline build

http://biz.yahoo.com/rb/060824/markets_oil.html?.v=3

SINGAPORE/LONDON (Reuters) - Oil slipped further below $72 a barrel on Thursday, extending the previous day's two percent slide started by surprising increase in U.S. gasoline stocks.

Support came from the potential for Iran's nuclear dispute with the West to lead to United Nations sanctions against the world's fourth largest oil exporter.

U.S. crude (CLc1) was down 10 cents at $71.66 a barrel by 0929 GMT, after falling $1.34 on Wednesday. London Brent crude (LCOc1) was down 10 cents to $71.92 a barrel.

BP (London:BP.L - News) said late Wednesday that production at Prudhoe Bay fell to 110,000 barrels per day (bpd), down 90,000 bpd after a technical fault that would last several days. The Alaskan field had previously been running at about half its normal capacity.

The reduced output helped push down U.S. crude oil stocks last week, although the drop was smaller than expected.

more...

[54anickel]

34. Problem Slows Prudhoe Bay Oil Production

http://biz.yahoo.com/ap/060824/oil_field_shutdown.html?.v=3

Compressor Problem Again Slows Production at Prudhoe Bay Oil Field in Alaska


ANCHORAGE, Alaska (AP) -- Production at the Prudhoe Bay oil field was reduced by another 90,000 barrels on Wednesday when a problem was discovered in a compressor, according to a spokesman for BP PLC, operator of the country's largest oil field.

The mechanical problem cut oil production at Prudhoe Bay from an already reduced 200,000 barrels to 110,000 barrels, said BP Alaska spokesman Daren Beaudo. It likely would take several days to complete the repairs, he said.

The compressor that failed handles natural gas that is produced with the oil and water during the processing of crude. Only the western side of the field is producing oil following the shutdown of the eastern half earlier this month.

In a separate event, work to remove insulation from a transit line on the western side of the field was temporarily halted Wednesday. BP wants time to evaluate the potential for workers to be exposed to materials that contain between 5 percent and 10 percent asbestos before continuing the work, Beaudo said.

more...

[whistle]

3. Great cartoon, thanks

[54anickel]

4. Big fund flow into commodities seen from Japan

http://today.reuters.com/news/articlenews.aspx?type=reutersEdge&storyID=2006-08-24T100553Z_01_T299970_RTRUKOC_0_US-MARKETS-JAPAN-COMMODITIES.xml

TOKYO (Reuters) - Commodity markets, long shunned by cautious Japanese investors as too risky, could see an inflow of billions of dollars in the next few years as financial firms in the world's No. 2 economy hike exposure in hopes of big returns.

Global prices have skyrocketed. Non-ferrous metals such as nickel and copper have doubled since the start of the year, while gold jumped nearly 40 percent to a 26-year high in May and crude oil reached a record high above $78 a barrel last month.

Wealthy retail investors and small and mid-sized institutions have already bought a variety of instruments linked to oil and metals, including bonds and funds.

The value of commodities-linked investment trust funds, which are placed publicly in Japan, has jumped to about $1 billion from around $70 million when they were first offered in late 2004.

But the market could explode should big institutions, such as mega-banks, life insurers and major pensions, decide to shift part of their assets into commodities.

more...

[54anickel]

5. Market WrapUp for Wednesday, August 23rd - Chris Puplava

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

STOCKS FALL FOR 3rd CONSECUTIVE DAY ON WEAK HOUSING DATA

The markets initially opened up on the day but reversed course after a greater than expected decline in existing home sales was released. The National Association of Realtors (NAR) released their monthly existing home sales report today for July, which showed sales of 6.33 million units, down 4.1% from June and down nearly 12% from last year's levels.



The decline in existing home sales was broad based as all four regions showed decreases in July relative to June, with the greatest decline seen in the Midwest, down 5.9% from June, and the smallest decline seen in the South, down 1.2% from June. Weakening sales lead to an increase in the months of supply on the market, rising to 7.3 months, the highest levels seen since 1993. Weakening sales is also reining in house price appreciation with the single-family home price rising 1.5% on a year-over-year (YOY) basis, a far cry from the 12% YOY rate averaged in 2005. The slow down in housing is gaining momentum, with home equity loans dropping for ten straight weeks now, which will weigh on consumer spending.



The current economic expansion is more closely tied to housing than previous expansions when viewing the importance of home equity extraction on consumer spending to fuel GDP, as well as the proportion of job growth concentrated in the housing industry. Not only will a slow down in housing lead to decreased consumer spending vis-à-vis mortgage equity extraction, but it will also lead to a loss in job growth seen from the housing sector that will weigh on overall job growth which has been weak compared to previous expansions. This was seen in the June employment report that I commented on previously (07.12.06 WrapUp).

more...

[54anickel]

7. Those graphs tie in nicely to UIAs LBN post yesterday....

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2471426

Recession will be nasty and deep, economist says
Housing is in a free fall and is pulling the economy down with it, Roubini says

WASHINGTON (MarketWatch) - The United States is headed for a recession that will be "much nastier, deeper and more protracted" than the 2001 recession, says Nouriel Roubini, president of Roubini Global Economics.

Writing on his blog on Wednesday, Roubini repeated his call that the U.S. would be in a recession in 2007, arguing that the collapse of housing will bring down the rest of the economy. Read more.
Roubini wrote after the National Association of Realtors reported Wednesday that sales of existing homes fell 4.1% in July, while inventories soared to a 13-year high and prices flattened out year-over-year. See full story.

"This is the biggest housing slump in the last four or five decades: every housing indictor is in free fall, including now housing prices," Roubini said. The decline in investment in the housing sector will exceed the drop in investment when the Nasdaq collapsed in 2000 and 2001, he said.
And the impact of the bursting of the bubble will affect every household in America, not just the few people who owned significant shares in technology companies during the dot-com boom, he said. Prices are falling even in the Midwest, which never experienced a bubble, "a scary signal" of how much pain the drop in household wealth could cause.

more...http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=mktw&guid=%7BE18E95AF%2DDBFF%2D4EE4%2DACF7%2D530A3CD714D3%7D&symbol=


And he's not alone...Schwab strategist sees high risk of recession
http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2006/08/21/daily28.html?jst=b_ln_hl

Charles Schwab & Co. Chief Investment Strategist Liz Ann Sonders told investors this month that Wall Street is underestimating the risk of recession.

"Don't be snookered by the consensus," Sonders wrote in her Schwab (NASDAQ: SCHW) report. "We typically don't know we're in a recession until after it's either well under way or even over.

"Three of the most common traits leading to recessions historically are all flashing warning signals -- an inverted yield curve (when longer-term rates are lower than shorter-term rates,) an oil price shock and a severe real estate crunch."

Although many on Wall Street don't anticipate a recession, the speed at which the housing market is slowing is alarming.

more...

[AnneD]

60. Thanks for reposting UIA's find...

54anickel, that article from Market Watch stuck in my mind last night. I am seeing a growing chorus that is a counterpoint to the holler back girls in the Bush admin. Just cause they say it's true doesn't make it true. What do you believe-them or your wallet.

[spinbaby]

16. Aren't new home sales due out today?

Yesterday's data were existing homes. I'd swear the new homes are due out today.

[54anickel]

33. Yes, and they're down - New home sales drop 4.3 percent in July

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=2472568&mesg_id=2472738

[54anickel]

35. Strapped Homeowners Start To Feel the Pain of Rising Rates

http://www.realestatejournal.com/buysell/mortgages/20060811-simon.html

Luisa Cordova-Holmes was looking to lower her monthly payments when she refinanced her $312,000 mortgage in 2004. Instead, she wound up digging herself into a ditch.

For their new loan, Ms. Cordova-Holmes and her husband chose a so-called option adjustable-rate mortgage, which carried an introductory rate of 2.35% and gave her multiple payment choices each month. "I had a lot of financial obligations," says Ms. Cordova-Holmes, an accountant who lives near Detroit.

Two years later, however, the interest rate on her loan has jumped to 8.75%, her loan balance has climbed to $324,000 and her minimum monthly payment has risen to $2,257. She says the terms of the loan weren't clearly spelled out.

Ms. Cordova-Holmes says she would like to refinance, but can't -- in part because her loan carries a prepayment penalty that would force her to shell out thousands of dollars if she did. Instead, she's trying to sell her home. But with Detroit's economy slumping, she hasn't been able to find a buyer. When she and her husband first put the house on the market last summer, they were asking nearly $400,000. Now they're willing to accept as little as $270,000.

"We're in a very bad situation," she says. "The payments are just killing us."

more...

[orwell]

57. So...

...she won't refinance because of a prepayment penalty of "thousands of dollars" but she is willing to take a $130,000 hit on the asking price? And she is an accountant?

No wonder she's in deep doodoo...

[54anickel]

63. 'Real trouble': Valley home sales, construction plummet (Idaho)

http://idahostatesman.com/apps/pbcs.dll/article?AID=/20060824/NEWS0203/608240360

Six months into a nationwide slowdown, the Treasure Valley's runaway residential-housing market finally hit the wall in July, taking a dramatic downward turn, say area builders, real estate agents, mortgage brokers and economists.

Economists say it's too early to say how severe the housing downtown will become, but it could hurt builders and their suppliers, curb retail spending and force layoffs. The July data "means real trouble," Boise economist John Church said.

"There is going to be a reduction in (construction) employment," said Don Holley, professor of economics at Boise State University. "And as construction employment goes down, you'll see lost jobs among building suppliers, on down to retail stores, grocery stores and gas stations."

snip>

At The Mortgage Co. in Boise, owner Marianne Wake said some new loans are failing to close because buyers cannot sell their existing homes. "We've seen enough of that for me to be worried," she said.

Wake said the market is struggling because outside investment money has disappeared.

Those investment dollars aren't likely to reappear anytime soon, said Lisa Vander, chief executive officer of Pacific Blue Investment, a California real-estate investment firm that has begun warning clients not to sink money into Idaho single-family housing.

more...

[Roland99]

85. Just a few more dominoes starting to fall...

Oh, oh, Domino
Roll me over, Romeo, there you go
Lord have mercy, I said
Oh, oh, Domino
Roll me over, Romeo, there you go
Say it again
I said oh, oh, Domino
I said oh, oh, Domino

[AnneD]

94. Good choice....

or maybe John C Mellencamp's
Crumbling Down...

Some people ain't no damn good
You can't trust 'em
You can't love em
No good deed goes unpunished
And I don't mind being their whipping boy
I've had that pleasure
For years and years
No, no I never was a sinner
Tell me what else can I do
Second best is what you get
'Til you learn to bend the rules
Time respects no person
And when you lift up must fall
They're waiting outside
To claim my crumblin' walls

<snip>

When the walls
Come tumblin' down
When the walls
Come crumblin', crumblin'
When the walls
Come tumblin', tumblin'
Down
Yeah, yeah, yeah, yeah, yeah
Yeah, yeah, yeah

Some people say I'm obnoxious and lazy
That I'm uneducated
And my opinipn means nothin'
But I know I'm a real good dancer
Don't need to look over my shoulder
To see what I'm after
Everybody's got their problems
Ain't no new news here
I'm the same old trouble
You've been having for years
Don't confuse the problem
With the issue, girl
<snip>

[Champion Jack]

6. Thanks for doing this, It's one of my favorite features of DU

[54anickel]

8. Oops, wrong place...deleted.

[UpInArms]

11. self-deleted

:hi:

[54anickel]

29. DOH! Sorry UIA - I was afraid someone would post a report under

there while I was moving it.

[54anickel]

9. You're welcome. Always good to know folks are still tuning into the

thread. It gets rather quiet here sometimes, so we appreciate the occasional feedback from "lurkers". :hi:

[Jemmons]

84. Oh this is mandatory reading if I'm at all able.

Thanks to all on the team for your sustained efforts.

[philly_bob]

100. STOCK MARKET WATCH is a daily habit for me

Keep up good work.

[MaineDem]

15. I agree!

And I tend to lurk here rather than post. But I do read it many times a day.

Thanks to all who contribute. :thumbsup:

[bobo4u]

49. I'll ditto the sentiment.

This is one of my first stops every morning. You guys provide a great service. Thanks!

[54anickel]

10. Today's reports

8:30 AM Durable Orders
8:30 AM Initial Claims
10:00 AM New Home Sales Jul

[MaineDem]

12. U.S. Durables Orders Excluding Transportation Rise (Update1)

Aug. 24 (Bloomberg) -- U.S. companies ordered more computers and machinery last month, suggesting corporate investment will help sustain economic growth as housing and consumer spending slow.

Orders for durable goods excluding transportation equipment, which is volatile, increased a larger-than-forecast 0.5 percent in July, the Commerce Department said today in Washington. Declines in demand for commercial aircraft and motor vehicles resulted in a 2.4 percent drop in total orders after a revised 3.5 percent increase that was more than first reported.

Shipments of business equipment also increased in July, suggesting corporate investment will help absorb some of the slack from the slowdown in housing and consumer spending, economists said. A separate report this morning is forecast to show purchases of new homes dropped to the second-slowest pace this year.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aTWiAg1ZvZEk&refer=home

[hatrack]

22. Excluding Sectors That Fell, Durable Goods Orders Rose In July!

:eyes:

[MaineDem]

24. Yup

Baffles the mind, no?

[AnneD]

59. Welcome MainDem and Hatrack

:hi:and all you lurking posters (sounds kinda naughty doesn't it). Thanks for stepping up to the plate. Many of us regular posters have been undergoing job changes, moves, or have become unusually busy that we can't post at our normal frequency.

I really would like to start awarding a Bagdad Bob award. in this admin. and in the MSM there are so many that qualify. The write of that article has potential-he just needs to punch the story up a bit to make it over the top. He has a good start though. I thought it was informative as I though the only thing businesses we spending on was Executive pay raises, golden parachutes, and buy backs.:eye:

[UpInArms]

13. Initial Claims @ 313,000 - last week rev'd up 2,000

8:31 AM ET 8/24/06 U.S. WEEKLY INITIAL JOBLESS CLAIMS AT 313,000

Last week revised to 314,000 from 312,000

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BA9A5B557%2DEBC2%2D4DA9%2D8757%2D3E7A6B5DB49C%7D&dist=newsfinder&symbol=&siteid=mktw

WASHINGTON (MarketWatch) -- First-time claims for unemployment benefits fell by 1,000 to 313,000 last week, the Labor Department said Thursday. The four-week average of new claims rose by 3,500 to 315,250. The number of people collecting benefits fell by 9,000 to 2.5 million, while the four-week average of continuing claims rose to 2.47 million.

[AnneD]

89. Don't you just love.....

these 'revisions' that without a doubt always seem to be 1) higher 2)made when no one is looking.

[54anickel]

14. Orders for manufactured goods drop

http://news.yahoo.com/s/ap/20060824/ap_on_bi_go_ec_fi/economy_16

WASHINGTON - Orders to U.S. factories for big-ticket manufactured goods fell 2.4 percent in July as demand for aircraft and automobiles weakened.

The Commerce Department reported Thursday that new orders for durable goods decreased by $5.3 billion last month. The 2.4 percent decline, which followed two straight monthly increases, was a poorer showing than the unchanged level that analysts had expected.

Much of the weakness came from a 9.6 percent drop in demand for transportation equipment, which included a 10 percent decline in new orders for commercial aircraft and parts, and a 7 percent fall in orders for motor vehicles and parts.

snip>

U.S. automakers continue to struggle with lagging sales in the face of rising gasoline prices, which have cut demand for previously popular models such as sport utility vehicles.

Analysts believe that output in the manufacturing sector will rise in coming months :eyes: but at a slower pace than before, reflecting an economy that is slowing under the impact of surging energy prices, rising interest rates and a cooling housing market.

more...

[MaineDem]

18. Don't you love the "Ex-items" headlines

:eyes:

If you exclude energy, food, and housing from my budget I'm rolling in clover. Doesn't mean things are going well, however.

It's so hard to get a straight answer from anyone.

[54anickel]

23. Yup, just one big ministry of misinformation. n/t

[54anickel]

25. Stocks rebound despite economic data

http://news.yahoo.com/s/ap/20060824/ap_on_bi_st_ma_re/wall_street_50

NEW YORK - Wall Street rebounded in early trading Thursday despite economic data showing durable goods orders pulled back last month.

The Commerce Department reported July's new orders for durable goods decreased by $5.3 billion, or 2.4 percent, on lower demand for aircraft and automobiles.

Investors who have sent the markets down for three straight sessions are questioning whether the Federal Reserve's campaign of 17-straight interest rate increases is affecting economic growth. The biggest indicator this week will come later in the morning, new home sales data that is expected to show the housing market cooled last month.

more...

[54anickel]

27. New home sales drop 4.3 percent in July

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

WASHINGTON - Sales of new homes dropped in July by the largest amount since February while the inventory of unsold homes climbed to a record high.

The Commerce Department reported Thursday that new home sales fell by 4.3 percent last month to a seasonally adjusted annual sales pace of 1.072 million units. The decline was the largest since an 11.5 percent plunge in February.

[54anickel]

50. Treasurys higher after weak orders, housing reports

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B951D4C53%2D4082%2D4DFA%2D9B23%2D8E1C4C2A6D7A%7D&source=blq%2Fyhoo&dist=yhoo&siteid=yhoo

NEW YORK (MarketWatch) -- Treasury prices were higher Thursday, keeping yields at multi-month lows, after unexpectedly weak durable goods orders and home sales reports advanced the argument that the Federal Reserve can afford to end its rate tightening program soon.

"From our perspective, the economic data that seems to be coming out ever since the Fed pause seems to justify the pause," said Tom Girard, a senior Treasury portfolio manager at Weiss, Peck & Greer.

The Fed this month paused in its steady stream of quarter-point rate increases for the first time since June, 2004. Investors are uncertain whether the pause marks the end of the tightening series or was a stalling tactic before more increases

snip>

"Its clear that July was a miserable month for the housing sector, though we will need to see the August reports to get a sense of the degree to which the July data may have overstated weakness," said Action Economics.

more...

[UpInArms]

17. daily dollar watch

daily dollar watch

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

Last trade 84.98 Change \ -0.21 (-0.25%)

Fate of Dollar Tomorrow is Dependent Upon Which is Weaker - IFO or Durable Goods

http://www.dailyfx.com/story/dailyfx_reports/daily_fundamentals/Fate_of_Dollar_Tomorrow_is_1156369029287.html

US Dollar

When it comes to trading currencies, everything boils down to strong versus weak. These three words perfectly characterized the price action that we saw in the currency market today as both US and European economic data fell short of expectations. Yet with data from both countries disappointing, some traders may have had difficulty figuring out who was the weaker of the two. This is where expectations come into play. The only data released from the US were housing related and unsurprisingly – they were bad. Existing home sales in the month of July was the weakest in 2.5 years while the inventory of unsold homes increased to the highest level in 13 years. There is no question that the housing sector is pulling back and both traders and economists have been expecting this for some time. However the pullback in the real estate sector only has meaning when it trickles down to the consumer and so far, even though the slowdown has been occurring for months now, the impact on consumer spending has been minimal. Just two weeks ago, retail sales for the month of July jumped 1.4 percent, the biggest rise in six months. Therefore even though we are worried that a failure to cut back spending now increases the risk of a nasty contraction later, until we actually see consumers react to the slowdown in the housing market, the impact on economic growth remains limited. In contrast, the weakness of the ZEW survey yesterday caught the market completely off guard. Top that off with the drop in the Belgian manufacturing survey reported earlier this morning and chances are that Eurozone data will continue to weaken. Yet tomorrow, whether the US dollar rises or falls will once again depend on who is weaker. The US is projected to report a drop in durable goods in the month of July while the Eurozone is expected to report a drop in the German IFO survey. The country that has the sharper drop will likely be the day’s bigger loser. Meanwhile oil prices continue to move lower which should relieve some of the pressures on the Fed to continue to raise interest rates. Growth is starting to become a problem and the downside risks outweigh the upside. As inflation pressures begin to subside, the central bank only has better reasons to keep rates on hold for the remainder of the year.

...more...

[54anickel]

66. Gold edges lower as the dollar pares losses

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BFF245A27%2D0927%2D43AA%2D91CB%2DCD0246DCC3FC%7D&siteid=bigcharts&dist=news

SAN FRANCISCO (MarketWatch) -- Gold futures edged lower Thursday morning, with the U.S. dollar paring losses in the wake of mixed durable-goods data and a fall in new-home sales.

"The conditions seem to project sloppy to sideways and perhaps even lower pricing ahead," Nell Sloane, an analyst at NSFutures.com, said in daily commentary. "However, the December gold contract appears to have pretty solid support above the $625 level."

snip>

"Just as the euro/dollar has been stuck within a rather small range for these past several weeks, and has become stuck in an even tighter range in the past several days, so too gold," said Dennis Gartman, editor of The Gartman Letter.

The metal is encountering strong resistance at the $628-630 level, but equally strong support at the $619-621 range and that's unlikely to change in the near-term, he said.

snip>

On the supply side, gold inventories were down 18,168 troy ounces as of late Wednesday, according to data from the New York Mercantile Exchange.

Silver supplies fell by 198,666 troy ounces to 103.5 million troy ounces. Copper supplies rose by 947 short tons to 9,640.

more...


A peek at the soaring buck :wtf:
http://quotes.ino.com/chart/?s=NYBOT_DX&v=s

Last trade 85.26 Change +0.07 (+0.08%)

Settle Time 15:02 Open 85.25

Previous Close 85.19 High 85.34

Low 84.89 2006-08-24 12:57:50, 30 min delay

[UpInArms]

19. Printing Press Hums: Fed adds bank reserves via 14-day repos

http://today.reuters.com/news/articleinvesting.aspx?type=bondsNews&storyID=2006-08-24T123621Z_01_N24308593_RTRIDST_0_MARKETS-FED-OPERATIONS.XML

NEW YORK, Aug 24 (Reuters) - The Federal Reserve said on Thursday it added temporary reserves to the U.S. banking system through 14-day repurchase agreements.

Fed funds last traded at 5.25 percent, the Fed's target for the benchmark overnight lending rate.

For further details on the operation, see: http://www.ny.frb.org/markets/omo/dmm/temp.cfm

[54anickel]

20. 9:40 and open for bidness

Dow 11,322.07 +24.17 (+0.21%)
Nasdaq 2,139.95 +5.29 (+0.25%)
S&P 500 1,296.03 +3.04 (+0.24%)
10-yr Bond 4.791 -0.022 (-0.46%)
30-yr Bond 4.926 -0.024 (-0.48%)
NYSE Volume 114,961,000
Nasdaq Volume 85,913,000

09:15 am : S&P futures vs fair value: +4.0. Nasdaq futures vs fair value: +4.5.

09:00 am : S&P futures vs fair value: +3.8. Nasdaq futures vs fair value: +4.0. Still shaping up for buyers to regain some control on the heels of yesterday's pullback. Technology will be in focus after J.P. Morgan said it remains bullish on the chip equipment sector while the influential Financials sector looks to benefit from M&A activity (i.e. Rite Aid buying Eckerd and Brooks drugstore chains for $3.4 bln in cash and stock) and bond yields hovering at their lowest levels in five months. Blue chips are also getting a boost amid speculation that Ford Motor (F) may go private.

08:32 am : S&P futures vs fair value: +2.0. Nasdaq futures vs fair value: +3.5. Early indications are still signaling a slightly higher open for stocks as investors sift through a batch of economic data that lend more support for the Fed to remain on hold with its tightening campaign. July durable orders fell 2.4%, well below an expected 0.8% decline, led by a sharp drop in demand for commercial aircraft, while orders excluding transportation, which provide a clearer read on underlying business capital investment, rose 0.5%. Initial claims unexpectedly fell 1,000 to 313,000 (consensus 315,000). The 10-year note, which was up slightly ahead of the report, has pulled back a bit and is now down 1 tick to yield 4.81%.

08:00 am : S&P futures vs fair value: +2.0. Nasdaq futures vs fair value: +2.5. Futures versus fair value suggest stocks may bounce back a bit following three days of consolidation. However, there isn't a whole lot of conviction on the part of buyers since the absence of notable earnings reports during what is expected to be another light volume day has left investors again looking for economic data and perhaps ensuing action in the Treasury market to set the tone of trading for the day. Up first will be Initial Claims and Durable Orders, which will be released at 8:30 ET, while New Home Sales at 10:00 ET will be closely watched for more signs of a housing slowdown.

06:35 am : S&P futures vs fair value: +1.8. Nasdaq futures vs fair value: +0.3.

06:34 am : FTSE...5873.10...+13.10...+0.2%. DAX...5822.46...+46.92...+0.8%.

06:34 am : Nikkei...15960.62...-202.41...-1.3%. Hang Seng...16883.04...-205.35...-1.2%.

[UpInArms]

21. 9:42 EST with a wave to 54anickel!

Dow 11,318.47 +20.57 (+0.18%)
Nasdaq 2,140.30 +5.64 (+0.26%)
S&P 500 1,295.85 +2.86 (+0.22%)
10-Yr Bond 4.797 -0.016 (-0.33%)

NYSE Volume 133,529,000
Nasdaq Volume 97,388,000

gotta run - :hi:

[54anickel]

26. Later UIA!!! Have a good one. n/t

[54anickel]

28. Fannie Mae: Probe Ends Without Charges

http://www.chron.com/disp/story.mpl/ap/fn/4138564.html

WASHINGTON — Government-sponsored mortgage lender Fannie Mae said Thursday the U.S. Attorney's Office for the District of Columbia, which has been investigating Fannie Mae's accounting, is ending its investigation and doesn't plan to file charges against the company.

The company announced in May it agreed to comprehensive settlements resolving matters with the Office of Federal Housing Enterprise Oversight and the U.S. Securities and Exchange Commission. Fannie Mae expects to complete its ongoing restatement by the end of 2006.

"We will continue to work closely and cooperatively with our regulators as we move forward to carry out the terms of our agreements, complete our restatement and build a better company," said Daniel H. Mudd, president and CEO.

Fannie Mae was initially notified in October 2004 of the U.S. Attorney's probe.

bit more....

[54anickel]

30. So is this dropped too? - Goldman Sachs in Fannie Mae lawsuit

http://www.shanghaidaily.com/art/2006/08/21/289612/Goldman_Sachs_in_Fannie_Mae_lawsuit.htm

GOLDMAN Sachs & Co helped Fannie Mae shift US$107 million of earnings to future periods by designing transactions aimed at deceiving investors, according to an amended lawsuit filed by Ohio Attorney General Jim Petro.

Goldman in December 2001 and March 2002 constructed two mortgage-backed securities for Fannie Mae totaling US$30 billion that deferred income and violated accounting standards, contributing to a US$15.8 billion overstatement of earnings by the biggest mortgage finance company, Petro said in an August 14 filing with a US District Court in Washington, according to Bloomberg News.

"Goldman Sachs directly participated in this fraudulent scheme as both the architect of the improper transactions and as the underwriter for them," Petro said in the filing. It also helped Fannie Mae "conceal the purpose and nature of the transactions from the public."

Pending litigation

Petro represents the Ohio Public Employees Retirement System and the State Teachers Retirement System of Ohio, which in January 2005 were named lead plaintiffs in shareholder lawsuits against Fannie Mae and three former executives. The pension funds, based in Columbus, Ohio, allege Fannie Mae engaged in securities fraud by manipulating earnings from 2001 until 2004.

snip>

Treasury spokeswoman Jennifer Zuccarelli declined to comment about the allegations on behalf of Henry Paulson, who served as Chief Executive Officer of Goldman Sachs Group from 1999 until June, when he became Treasury secretary.

more...

[54anickel]

31. Why is this stuff only showing up in the foreign press?

http://www.easybourse.com/Website/dynamic/News.php?NewsID=45084&lang=fra&NewsRubrique=2

Ex-Fannie Executives Ask Court To Force OFHEO To Release Records
Tuesday August 22nd, 2006

By Damian Paletta Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- Two former top executives at Fannie Mae (FNM), in the crosshairs of a massive securities-fraud class action lawsuit, have dragged a federal agency to court hoping to pry loose records for their defense.

Franklin Raines and J. Timothy Howard were Fannie Mae's chief executive and chief financial officer, respectively, until they were both forced from the company in December 2004.

Fannie Mae's top regulator, the Office of Federal Housing Enterprise Oversight, released a broad examination of the company in May and alleged that former top officials at the housing giant improperly manipulated accounting for years in order to trigger huge bonuses for company executives, creating $10.6 billion in mistakes.

Ohio Attorney General Jim Petro now leads a class action representing Fannie Mae shareholders.
On Monday, the attorney for Raines filed a motion in the U.S. District Court for the District of Columbia attempting to force OFHEO to produce documents related to the case. (A similar motion was filed by Howard's attorney in late July).

The fact that OFHEO continually signed off on Fannie Mae's accounting systems from 1998 through 2003 - even though it later alleged accounting during these years was flawed - appears to be central to the arguments for both Raines and Howard, according to the court filing.

"Unsurprisingly, OFHEO jealously guards against the production of such materials, presumably for fear that the integrity of its own public statements will be called into serious question by the public disclosure of what was available to the agency before it issued its reports," said the complaint filed by Raines' attorney, Kevin M. Downey.

more...

[Robbien]

39. From a WSJ 2003 article on Fannie and Freddie

In lobbying members of Congress over the past several weeks, Fannie and Freddie have been hitting that point hard. During a recent members-only meeting of Republicans on Mr. Baker's subcommittee, Rep. Robert Ney of Ohio -- one of the companies' close allies -- warned that the housing sector needed to be protected at all costs. Mr. Baker said Treasury officials and others in the administration have sent similar messages.

. . .

Freddie and Fannie in recent years have made big investments in political contributions and lobbying firepower, winning lots of friends on congressional oversight committees. Eleven Republicans on Mr. Baker's subcommittee, including Mr. Ney, have benefited from fund-raisers hosted by Freddie Mac lobbyist Mitchell Delk at Galileo's, an elegant downtown Washington restaurant. Freddie says it hasn't sponsored those events.

Before Congress outlawed unregulated donations to political parties (known as soft money) Freddie Mac gave $4 million in the 2002 election cycle -- a big increase over previous cycles and more than any other public U.S. company. Republicans got a bit more than half. Fannie Mae also was a major soft money donor, though not as big. Freddie Mac spent about $9.8 million lobbying the government in 2002 and Fannie Mae spent about $7.6 million -- more than almost any other U.S. company.

(subscriber only link)
http://online.wsj.com/article/0,,SB105753046353128900,00.html?mod=todays%5Fus%5Fpageone%5Fhs

I don't expect much has changed in subsequent years.

[54anickel]

41. Thanks Robbien. Wasn't that about the time that Greenspin and Snow

were talking big about how the GSEs weren't too big too fail and that GSE did NOT mean "insured" by the gubbermint?

Here's a link to a Republican Policy Committee report form Sept '03.
PDF:
http://rpc.senate.gov/_files/bk090903.pdf

HTML:
http://216.239.51.104/search?q=cache:velk56LuVCgJ:rpc.senate.gov/_files/bk090903.pdf+fannie+mae+fail&hl=en&gl=us&ct=clnk&cd=3

[54anickel]

32. Central bankers head to Jackson Hole meet

http://biz.yahoo.com/rb/060824/economy_fed.html?.v=1

WASHINGTON (Reuters) - Central bankers are paid to worry and monetary policy-makers making their annual visit to the Rocky Mountain resort of Jackson Hole in Wyoming this weekend have plenty on their plates to earn their keep.

While Wyoming's 40-mile-long Teton Range of mountains may offer a serene physical backdrop to the yearly gathering of top Fed officials and many of their counterparts from around the globe, the economic backdrop is unsettling.

The U.S. economy, the world's largest, is slowing but inflation remains disturbingly high -- a combination that casts uncertainty over the Federal Reserve's interest-rate path.

"The discussion in the cocktail hour ... clearly is going to be on what is going on with the U.S. economy and what the Fed can do about it, because it is facing something of a dilemma," said former Fed Governor Lyle Gramley.

Furthermore, the ever-volatile Middle East is particularly unsettled now, pressuring already high oil prices and exacerbating the stagflation risks officials strive to manage.

In addition, large-scale global trade imbalances continue to hold out the prospect of a sharp drop in the value of the dollar that could send U.S. borrowing costs soaring.

more...

[54anickel]

36. Duke, U.S. Utilities Face Highest Borrowing Costs Since 2003

http://www.bloomberg.com/apps/news?pid=20601103&sid=ay2.wvnxzmQs&refer=us

Aug. 24 (Bloomberg) -- Duke Energy Corp., Dominion Resources Inc., American Electric Power Co. and at least 15 other U.S. utilities need to sell debt just as their borrowing costs reach the highest in almost three years.

Electric and gas utilities with investment-grade credit ratings have $10 billion of bonds coming due through December, more than the $7 billion for consumer-products companies and $6 billion for phone-service providers, according to Banc of America Securities LLC. Only banks have more debt coming due, with $30 billion maturing, according to data compiled by Bloomberg.

Utilities are paying an average yield premium, or spread, of 102 basis points more than Treasuries, up from 74 basis points in March of last year, according to Merrill Lynch & Co. indexes. The gap is the widest since November 2003, Merrill data show. A basis point is 0.01 percentage point. The companies have about $20 billion of debt maturing in 2007 and almost $25 billion the year after, according to Fitch Ratings.

``It is certainly going to cost more,'' said Stephan Haynes, assistant treasurer at Columbus, Ohio-based American Electric, which has $306 million of bonds maturing by year-end. ``We just have to build the higher rates into our projections.''

more...

[54anickel]

37. 10:40 and reports must be sinking in

Dow 11,294.38 -3.52 (-0.03%)
Nasdaq 2,130.05 -4.61 (-0.22%)
S&P 500 1,293.57 +0.58 (+0.04%)
10-yr Bond 4.795 -0.018 (-0.37%)
30-yr Bond 4.928 -0.022 (-0.44%)
NYSE Volume 489,994,000
Nasdaq Volume 359,211,000

10:30 am : Little has changed since the last update as investors sift through the day's last scheduled economic report. At the top of the hour, the Commerce Dept. showed that new home sales fell a greater than expected 4.3% in July to an annual rate of 1.11 mln, lifting inventories to an 11-year high. However, since the data mirror yesterday's 4.1% decline in existing home sales, which comprise a much larger base of sales than unsold homes, the market's reaction has so far been somewhat muted. DJ30 +17.85 NASDAQ +5.01 SP500 +3.21 NASDAQ Dec/Adv/Vol 1077/1459/318 mln NYSE Dec/Adv/Vol 1088/1790/264 mln

10:00 am : Equities are still on the offensive as the bulk of industry leadership is positive; but the indices are off their opening highs. Technology is providing some notable support, as bargain hunters jump back into underperforming communication equipment stocks. Financials is also an influential leader to the upside, following news that the Justice Dept. ended its accounting probe of Fannie Mae (FNM 51.47 +2.30) without filing charges, while UBS raising its price target on Johnson & Johnson (JNJ 64.48 +0.57) to $80 from $73 is providing a boost to the Health Care sector. Consumer Discretionary, however, is under some modest pressure amid weakness in retail following an analyst downgrade on Coach (COH 29.60 -0.96) and downside guidance from Williams-Sonoma (WSM 29.53 -3.07). DJ30 +18.49 NASDAQ +6.58 SP500 +3.41 NASDAQ Dec/Adv/Vol 897/1408/198 mln NYSE Dec/Adv/Vol 913/1649/170 mln

09:40 am : As expected, stocks open on an upbeat note as the bulls look to recoup some of yesterday's moderate sell-off. Underpinning some of the improved sentiment has been some reassurance that, despite a stronger than expected 2.4% decline in July durable orders due largely to a 9.6% plunge in the very volatile transportation component, the underlying trend in new orders remains strong, further suggesting that business investment will continue to provide a lift to the economy despite the slowdown in consumer spending. However, it is worth noting that market gains are modest at best as investors still have to contend with another read on the health of the housing market. July new home sales will be out 10:00 ET and, especially on the heels of yesterday's disappointing existing home sales data, may have some impact on trading.DJ30 +24.17 NASDAQ +5.50 SP500 +3.10 NASDAQ Vol 78 mln NYSE Vol 70 mln

[54anickel]

38. First Data Restates Over Derivatives

The credit card giant complains that FAS 133 interpretations are "very complex and continue to evolve," and notes that Ernst & Young initially signed off on its derivative accounting.

http://www.cfo.com/article.cfm/7826906/c_7827451?f=home_todayinfinance

First Data Corp. said it will restate results for 2005 and for the first two quarters of 2006 after "extensive interaction" with the Securities and Exchange Commission regarding its accounting treatment for certain derivative instruments.

The credit-card and payment-processing giant said the derivatives relate to interest rate swaps associated with its official check business and foreign exchange forward contracts associated with its Western Union business.

The company also expects to restate certain financials for The Western Union Co.

First Data noted that its accountant, Ernst & Young, believed the initial accounting treatment for the derivative instruments properly reflected the intent and economics of the underlying transactions. In its statement, First Data added that the interpretations of how to apply FAS 133 (the accounting standard for derivatives) and how to adequately provide documentation for the instruments so they qualify for hedge accounting "are very complex and continue to evolve."

As CFO magazine reported last May, 57 companies restated their earnings in 2005 because of faulty hedge accounting, up from 27 in 2004 and 13 in 2003, according to Glass Lewis Co. of San Francisco.

more...

[54anickel]

40. Ford: 0% financing for less than perfect credit

Beleaguered car maker expands financing program with longer times and looser standards.

http://money.cnn.com/2006/08/23/news/companies/ford/

NEW YORK (CNNMoney.com) -- Hurt by falling U.S. sales, Ford Motor Company said Wednesday it is offering a zero percent financing program that will be available to people who have less-than-perfect credit.

The program, which offers payment periods up to 72-months, starts Thursday and will run until Sept. 5, said Ford spokesman Jim Cain.

While these types of zero percent financing programs are not new, Cain said they had previously only been typically available to people with stellar credit.

"It's going to be very accessible," said Cain. "We think it's a good way to sell down 2006 inventory."

more...

[hatrack]

67. A six-year zero-interest car loan? A stench of desperation rises . . .

Shame about that SUV and truck-heavy "proven business model", huh?

[54anickel]

70. Ford was stupid, but not as stupid as the Idgit 'n Thief whom they

trusted and followed. Then again, since Dimson's buddies are all in the oil bidness, you've got to wonder if this wasn't all part of some grand scheme from the get-go. Ford is just a bit of collateral damage. :eyes:

http://www.ucsusa.org/clean_vehicles/cars_pickups_suvs/tax-incentives-suv-loophole-vs-clean-vehicle-credits.html

SUV tax loophole widens
A 1997 provision in the U.S. tax code (Section 179) provided small businesses with a tax write-off of up to $25,000 for a vehicle weighing more than 6,000 pounds- used 50% of the time for work purposes. The original intent behind this provision was to encourage investments in pickup trucks, minivans, and other needed service vehicles. A far smaller incentive was provided for cars—less than $7,000 over two years.

The explosion of SUV, pickup, and minivan sales in America’s passenger vehicle fleet has turned this small business benefit into a massive loophole in the tax law. Currently, 38 different passenger SUVs including the Lincoln Navigator, which nets a combined 15 miles per gallon according to the Environmental Protection Agency (EPA), the Cadillac Escalade (16 mpg), the BMW X5 (18 mpg), the Mercedes-Benz ML55 (16 mpg), and the notorious Hummer H2 (estimated 11 mpg) all weigh more than 6,000 pounds. This loophole allows some of the least fuel-efficient passenger vehicles on the road today to qualify for a significant tax break.

In 2003, the Bush administration proposed increasing the tax deduction to $75,000. Lawmakers responded by expanding it to a whopping $100,000 as part of the $350 million tax cut package. Yet Congress did not change the weight-based classification of the vehicles, creating a huge benefit for the largest, least efficient vehicles.

Accountants, SUV dealers rush to capitalize
Around the country, auto dealers such as "the Car Guy" Jerry Reynolds in Texas and hundreds of accountants and online tax management sites have been encouraging small business owners such as doctors, lawyers, and realtors to rush out and take advantage of this tax windfall. One advertisement from Dugan & Lopatka, an accounting firm in Wheaton, IL, reads, "Write-Off 100% of Your New SUV? Yes, If It’s Under 100,000!"

more...

[54anickel]

80. Ford bonds gain on talk of Jaguar sale

http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=google&guid=%7B976DA1C3-2072-4827-A5F4-F31D5F584AE5%7D&keyword=

NEW YORK (MarketWatch) -- Spreads of bonds issued by Ford Motor Co. narrowed on Thursday, as investors reacted positively to reports that U.K. construction machinery firm JCB is interested in purchasing Ford's money-losing Jaguar division.

Spreads of some Ford bonds narrowed by as much as 10 basis points. A spread represents the difference between a corporate bond yield and the yield of a Treasury of the same maturity. Narrower spreads indicate investor confidence, while wider spreads point to wariness.

UK media outlets reported that JCB's chairman Anthony Bamford is exploring a purchase of Jaguar. The possible sale is one of a number of options under review to bolster the embattled auto maker's fortunes.

Bamford reportedly said the deal would hinge on whether Ford is willing to split the Jaguar brand off from the rest of its Premier Automotive Group, which also makes Land Rover, Aston Martin and Volvo cars.

Ford bonds also were benefiting from a USA Today report that the Ford family is considering taking the company private in an attempt to forge through its massive restructuring. See full story.

more...

[54anickel]

42. China starts to ship higher costs abroad

http://www.iht.com/articles/2006/08/23/business/bank.php

During 20 years in the toy business, Anthony Temple has reveled in the bounty of inexpensive stuffed animals, coffee mugs and resin figurines on sale in China. But a buying trip this year for his company, Rainbow Designs, based in London, was a rude awakening.

Traveling through the Pearl River Delta north of Hong Kong, Temple found that cost increases - for raw materials, but above all, for labor - dominated every discussion he had with suppliers.

Far from being eager to underbid each other, Chinese companies talked about marking up their prices from 5 percent to 10 percent so consistently that Temple, whose company owns the British distribution rights to such cuddly creatures as Paddington Bear and Jemima Puddle-Duck, became convinced that these were not simply negotiating gambits.

"When I went over there, I was under the belief that China is a bottomless pit of cheap product," Temple said. "When I left, I was not."

As the Chinese economy races forward, signs are multiplying through the global flow of goods from suppliers to manufacturers - and deep in some statistical tables - that the Asian giant is beginning to slow its exporting of something dear to the hearts of the world's central bankers: lower prices.

For at least a decade, China has provided a welcome tail wind for inflation fighters in Europe and the United States by supplying inexpensive goods that depressed overall price levels.

more...

[orwell]

62. Highly predictable...

...the free labor ride can't go on forever. Now that the US junkie is hooked, it's time to raise the price of the cheap labor heroin.

[TrogL]

43. Loonie Watch

Highlights

Current:



30-day and 90-day vs.greenback:



30-day vs. Euro, Yen, UK Pound and Swiss Franc




Currency Comparison: http://members.shaw.ca/trogl/looniewatch.html

Detailed analysis: http://quotes.ino.com/exchanges/?r=CME_CD

Up-to-the-minute graph: http://quotes.ino.com/chart/?s=CME_CD.H06&v=s

Historical values http://www.x-rates.com/d/USD/CAD/data30.html

2006-07-24 Monday, July 24 0.876117 USD
2006-07-25 Tuesday, July 25 0.87604 USD
2006-07-26 Wednesday, July 26 0.879121 USD
2006-07-27 Thursday, July 27 0.881368 USD
2006-07-28 Friday, July 28 0.885191 USD
2006-07-31 Monday, July 31 0.884251 USD
2006-08-01 Tuesday, August 1 0.884017 USD
2006-08-02 Wednesday, August 2 0.888257 USD
2006-08-03 Thursday, August 3 0.887942 USD
2006-08-04 Friday, August 4 0.88739 USD
2006-08-07 Monday, August 7 0.894294 USD
2006-08-08 Tuesday, August 8 0.892618 USD
2006-08-09 Wednesday, August 9 0.893096 USD
2006-08-10 Thursday, August 10 0.887942 USD
2006-08-11 Friday, August 11 0.892379 USD
2006-08-14 Monday, August 14 0.88968 USD
2006-08-15 Tuesday, August 15 0.890869 USD
2006-08-16 Wednesday, August 16 0.896057 USD
2006-08-17 Thursday, August 17 0.896057 USD
2006-08-18 Friday, August 18 0.890155 USD
2006-08-21 Monday, August 21 0.894214 USD
2006-08-22 Tuesday, August 22 0.89662 USD
2006-08-23 Wednesday, August 23 0.900901 USD

Current values

Last trade 0.90 Change +0.0020 (+0.22%)
Previous Close 0.8988 Open 0.9019
Low 0.9006 High 0.9019


Blather (from http://quotes.ino.com/exchanges/?r=CME_CD)

The September Canadian Dollar was higher overnight as it extends Wednesday’s breakout above this summer’s downtrend line. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Wednesday’s close above this summer’s downtrend line confirms that a trend change has taken place while opening the door for a possible test of the reaction high crossing at .9076. Overnight action sets the stage for a higher opening in early-day session trading.



Analysis

I think we're seeing a repeat of last spring's activity with investors fleeing the greenback and parking in loonies.

[54anickel]

44. Tax man eyes the eBay crowd

IRS considers changes that could mean new rules for those that sell goods online.

http://money.cnn.com/2006/08/23/pf/taxes/online_taxes/index.htm

NEW YORK (CNNMoney.com) -- Facing a $345 billion tax gap, the Internal Revenue Service has set its sights on a new target - the rapidly expanding world of online business.

In an effort to crack down on under-reporting by individuals and businesses that sell goods online, an IRS official said the tax agency is discussing creating new tax reporting requirements. The review of tax policy was first reported on Tuesday by the tax-law trade publication Tax Notes.

While no details were given, the new reporting requirements could mean big changes for stand-alone Web retailers as well as individuals selling family heirlooms through popular online auction sites such as eBay Inc.

E-commerce continues to grow rapidly. Retailers generated $87 billion dollars in online sales in 2005, according to the Commerce Department's Census Bureau, up 22 percent from 2004.

The changes, which have been bandied about by the IRS for some time, are part of a larger IRS initiative to narrow the tax gap, or the difference between what taxpayers should have paid and what they actually pay.

more...

[orwell]

64. And yet...

...the IRS is cutting staff in it's estate tax audit department.

http://www.easybourse.com/Website/dynamic/News.php?NewsID=28193&lang=fra&NewsRubrique=2

What a surprise!

[54anickel]

68. Hush! You're not supposed to put 2 and 2 together! That was last

months news! They rely on the public having the attention span of a gnat.

So......what's the latest on the JonBenet murder?

[54anickel]

45. Doubts cast on Asean speeding single market

http://www.ft.com/cms/s/8eeb0c62-32bc-11db-87ac-0000779e2340.html

The head of a group drawing up an institutional framework for the Association of South-East Asian Nations expressed doubts on Wednesday about plans to accelerate the creation of a single market for the region.

Musa Hitam, a former Malaysian deputy prime minister, said that Asean did not have an adequate organisational structure in place to carry out the plan, which he regarded as “ambitious”.

Asean this week agreed in principle to advance the establishment of a common market for goods, services, and investment by five years to 2015 to counter competition for foreign investments from China and India.

Mr Musa is chairman of a group of elder statesmen from the region charged with drawing up a draft plan to establish agencies that would implement decisions by Asean.

The blueprint is expected to be submitted to Asean leaders at an annual summit in December.

more...

[54anickel]

54. The IMF's Asian Challenge

http://www.aei.org/publications/filter.all,pubID.24807/pub_detail.asp

What a difference ten years make to the global economic landscape. Almost a decade ago, Asia was engulfed in a major economic and financial crisis that forced many Asian countries to go as supplicants to the International Monetary Fund (IMF). Today, as the IMF prepares for its Annual Meeting next month in Singapore, the tables are completely turned. It is the IMF that is now desperately seeking to restore its legitimacy with a radically recharged Asia. And it is the IMF that now has to persuade Asia on the merits of cooperating to address today's large global payment imbalances.

The IMF's present lack of legitimacy in Asia is to a large degree the fall out of the high-handed way in which the IMF treated many Asian countries during the 1997 financial crisis. Still etched in Asian memories is the photograph of a self-satisfied and standing Michel Camdessus, the IMF Managing Director at the time, watching with folded arms as a seated and dejected President Suharto of Indonesia was forced to sign the humiliating terms of an IMF stand-by arrangement.

snip>

When the world's finance ministers meet in Singapore for the IMF meetings next month, one must hope that they do so both in the spirit of cooperation and with a sense of urgency. For experience suggests that dollar crises do not have the habit of waiting for the multilateral agencies to get all their ducks in a row. With the very real prospect of a slowing in the US economy that might trigger such a dollar crisis, the need for prompt action on the IMF's governance issue could not be more urgent.

more...

[stop the bleeding]

46. 54anickel

you are awesome - thank you

I have been busy with changing accounts and software also been trying some new day trading strategies.

Thank you to you and everyone else.

Kudos!

[54anickel]

48. Thanks Stop the Bleeding. You'll have to clue us in on those new

day trading stategies after you work out the bugs. ;-)

I'm too "chicken" to try that stuff, but kudos to anyone who's willing to try and is able to beat the house.

[stop the bleeding]

58. they have been working really well

I have been sitting with a very very successful day trader - he has been at this for over 10 years - even teaches classes on it, but he took me under his wing and has been showing me the candy store - all for free:evilgrin: - This is why I am changing accounts right along with the software so that the "tricks/methods" I wish to employ will execute better than what I was using before.

ie: this guy lost over a 100K last year in the market, but that is ok when you net 1.4 million:evilgrin:, shit I would gladly pay 100K in commission fees to make 1.4 million - that is almost like paying a tax.

keep on keep'in on

will update you all between now and the end of September - the transfers for both accounts will be completed sometime next week and then the fun begins.

[54anickel]

47. Moscow making Central Asia its own

http://www.atimes.com/atimes/Central_Asia/HH25Ag01.html

big snip>

Obviously, in geopolitical terms, the United States' "Great Central Asia" policy aims at crafting the sinews of cooperation in the areas of energy, transportation and infrastructure construction with a view to bringing the region out of the current orbit of Russian-Chinese influence within the SCO framework and to forge cooperative relations between the region and South Asia. Washington calculates that the policy will inevitably break the long-term Russian influence over Central Asia, disintegrate the cohesion of the SCO and, inevitably, catapult the US as the dominant power on the new template of Central Asia and South Asia.

Both China and Russia can be expected to counter the United States' "Great Central Asia" policy. The People's Daily concluded an unusually lengthy and detailed commentary on the subject recently with the following assessment:

Magnificent as it appears, the "Greater Central Asia" strategy will have to face some practical problems in its implementation. For historical and cultural reasons, Central Asian and South Asian countries lack a basic sense of identification and experience in in-depth cooperation. The mutual trust between India and Pakistan is not enough for implementing large-scale, cross-border infrastructure projects.

Afghanistan is the most critical "pawn" in the US strategy. But currently, the US and the Afghan government exercise very little control over the situation in Afghanistan ... The "Great Central Asia" policy strategy visualizes most major transport infrastructure and pipelines passing through Afghanistan. The risks are too high.

An important part of the US strategy is to export the energy from Central Asia to South Asia. However, the total energy reserves and the current exploitation capacity in the Central Asian region are quite limited. A large part of it is under control of Russia. To export energy to the South Asian countries will inevitably cause conflict with Russia.

The EEC summit's energy initiative, especially the decision on forming a hydropower consortium, will no doubt be seen in Washington as aimed at frustrating the "Great Central Asia" strategy. Actually, it may be an accurate reading of the emerging equations. The EEC decision, if it carries momentum, ensures a watery grave for the desperate US attempts to make a forceful comeback in the geopolitics of Central Asia.

From available details, the Sochi summit has moved in the direction of bringing the issues of water-sharing and hydropower generation within the framework of EEC cooperation. A wide-ranging plan was apparently discussed at Sochi to manage the region's water resources. (Russia itself possesses one-quarter of the world's freshwater resources.)

more...

[54anickel]

51. OT - Rockey has coffee with the president

http://www.troymessenger.com/articles/2006/08/24/news/newsss03.txt

Probably very few people believed that Rockey Vaccarella would get an audience with President George Bush. Maybe Rockey himself had his doubts.

But all of the doubts were put to rest Wednesday morning when Vaccarella walked into the Oval Office and had morning coffee with the President.

Vaccarella, a Hurricane Katrina survivor, towed an honorary FEMA trailer from St. Bernard Parish to Washington D.C. as a way of saying thank you to President Bush and the American people for everything they have done for south Louisiana and the Gulf Coast region and to remind everyone that the job is not finished.

snip>

According to the New Orleans Times Picayune Vaccarella thanked the President and suggested it would be great if he could run again. The Times Picayune also reported that the two men shared gifts. Vaccarella presented the President with a key to St. Bernard Parish and other communities he visited along the way.

snip>

The journey was documented by filmmaker Steven Scaffidi. The documentary will be titled ‘Forgotten on the Bayou' and will tell the story of Vaccarella, whose dramatic stand against Katrina was captured on film, and other survivors. :freak: Hmmmm, wonder if that's in response to the Spike Lee documentary?

more...

[54anickel]

52. GE veteran defects to run VNU

http://msnbc.msn.com/id/14482636/

General Electric on Wednesday lost the head of its biggest division to VNU, the Dutch media and information group, in a move that underlines the growing ability of cash-rich private equity groups to attract experienced managers.

The surprise departure of David Calhoun – a 27-year GE veteran who ran its $47bn infrastructure unit – to head VNU, which has sales of €3.5bn ($4.5bn), re-affirms the US group's reputation as a provider of top executives to other leading companies.

VNU, whose businesses include ACNielsen market research and Billboard magazine, was bought for €7.6bn in May, by a consortium of six private equity groups including Kohlberg Kravis Roberts and Carlyle Group.

One Wall Street analyst commented on Wednesday: "Private equity is changing the world. They have the ability and the cash to attract the best talent."

more....:puke:

[54anickel]

55. 12:05 - Storms rolling thru again - gotta log off for a bit

Dow 11,279.41 -18.49 (-0.16%)
Nasdaq 2,124.98 -9.68 (-0.45%)
S&P 500 1,292.30 -0.69 (-0.05%)
10-yr Bond 4.805 -0.008 (-0.17%)
30-yr Bond 4.941 -0.009 (-0.18%)
NYSE Volume 854,871,000
Nasdaq Volume 625,310,000

11:30 am : Indices continue to vacillate around the unchanged mark, not showing a strong sense of conviction on either the bullish or bearish side of the aisle. To wit, advancers on the NYSE now hold a narrow 15-to-14 edge over decliners while declining issues still have the upper hand on the Nasdaq, but maintain only a small 7-to-6 margin over advancing issues. A split ratio of up to down volumes also paints a similarly mixed picture at the Big Board and the Composite. DJ30 -2.12 NASDAQ -3.44 SP500 +1.63 NASDAQ Dec/Adv/Vol 1456/1233/522 mln NYSE Dec/Adv/Vol 1468/1509/444 mln

11:00 am : Major averages now trade in split fashion as oil prices turning positive within the last 30 minutes stall early upside momentum. Even though the spike higher in crude oil futures following natural gas inventory data has been modest at best, it has contributed to further consolidation in transports, pushing the Industrials sector into the red. Also taking some steam out of morning buying efforts, as market breadth now favors decliners over advancers, has been further deterioration in the brokerage group (-1.1%) as well as reversals in semiconductors and software, which have removed some of the leadership within Financials and Technology. DJ30 -3.60 DJTA -0.8% NASDAQ -1.91 SP500 +1.58 NASDAQ Dec/Adv/Vol 1468/1177/434 mln NYSE Dec/Adv/Vol 1589/1344/364 mln

10:30 am : Little has changed since the last update as investors sift through the day's last scheduled economic report. At the top of the hour, the Commerce Dept. showed that new home sales fell a greater than expected 4.3% in July to an annual rate of 1.11 mln, lifting inventories to an 11-year high. However, since the data mirror yesterday's 4.1% decline in existing home sales, which comprise a much larger base of sales than unsold homes, the market's reaction has so far been somewhat muted. DJ30 +17.85 NASDAQ +5.01 SP500 +3.21 NASDAQ Dec/Adv/Vol 1077/1459/318 mln NYSE Dec/Adv/Vol 1088/1790/264 mln

[54anickel]

61. 12:41 numbers and blather update

Dow 11,282.85 -15.05 (-0.13%)
Nasdaq 2,124.91 -9.75 (-0.46%)
S&P 500 1,292.56 -0.43 (-0.03%)
10-yr Bond 4.803 -0.01 (-0.21%)
30-yr Bond 4.938 -0.012 (-0.24%)
NYSE Volume 984,736,000
Nasdaq Volume 719,774,000


12:30 pm : Market kicks off the afternoon session with a modest push lower, as the S&P 500 joins the Dow and Nasdaq in negative territory for the first time today. Contributing to more aggressive profit-taking throughout the tech-heavy Composite, which has it sharply outpacing the blue chip indices to the downside, has been its inability to find support above a key technical level (2126) and further consolidation in semiconductors, which was among the biggest reasons behind the Nasdaq's impressive 5.2% performance last week. DJ30 -19.13 NASDAQ -11.00 SOX -0.6% SP500 -1.09 NASDAQ Dec/Adv/Vol 1742/1060/702 mln NYSE Dec/Adv/Vol 1747/1342/598 mln

12:00 pm : Stocks remain mixed midday as investors weigh economic data that offered further support for the Fed to remain on hold with its tightening campaign but also left investors questioning whether past rate hikes now leave the economy cooling off faster than previously thought.

Before the bell, the Commerce Dept. reported a larger than expected 2.4% decline in July durable orders. However, since that was largely due to a sharp drop in the very volatile transportation component, the strong underlying trend in new orders further suggesting that business investment will continue to provide a lift to the economy despite the slowdown in consumer spending offered some early optimism.

Be that as it may, investors shortly thereafter contending with more evidence of a slowdown in a housing market which had bolstered consumer spending for years via mortgage refinancing and home equity withdrawals has taken some steam out of early recovery efforts following yesterday's moderate sell-off. At 10:00 ET, new home sales checked in with a greater than expected decline of 4.3% in July and lifted inventories to an 11-year high, mirroring a disappointing existing home sales report yesterday that weighed on overall sentiment.

Also underscoring the epitome of warm-weather doldrums and the subsequent lack of conviction from either buyers or sellers are below average volumes, as the NYSE is barely on pace to surpass 1.0 bln shares all day, as split industry leadership continues to dictate early action.

Of the five sectors trading lower, Consumer Discretionary is pacing the way lower as downside guidance from Williams-Sonoma (WSM 29.53 -3.07) and rising oil prices weigh on the retail group. The modest advance in oil has also prompted more consolidation in transportation stocks, which has kept Industrials in the red most of the morning but barely offered much offsetting upside momentum in the Energy sector. Health care remains the most influential sector trading higher, but much of its modest 0.4% gain is due to a 1.0% surge in Johnson & Johnson (JNJ 64.55 +0.64) after UBS raised its price target on JNJ to $80 from $73. As a reminder, Johnson & Johnson is the seventh most influential component on the S&P 500. BTK -0.6% DJ30 -8.89 DJTA -1.2% DJUA -0.1% DOT -0.4% NASDAQ -6.68 NQ100 -0.4% R2K -0.4% SOX -0.4% SP400 -0.7% SP500 +0.52 XOI +0.1% NASDAQ Dec/Adv/Vol 1561/1201/612 mln NYSE Dec/Adv/Vol 1549/1504/526 mln

[specimenfred1984]

56. 20K Pump in S&P Yesterday @ 4:02pm

20K dump in S&P today at 10:02am.

Must of been those "UFOs" Tim Woods talks about over at Financial Sense. Too bad there's no real evidence except for blatently obvious high volume that only lasts for 2 minutes during slow days in August.

FED head Bernanke will be talking tomorrow, be on the lookout for more UFOs (FED speaks, FED pumps).

[54anickel]

65. Tenneco Freezes Pension Plan

http://www.cfo.com/article.cfm/7827426/c_7827451?f=home_todayinfinance

Tenneco is the latest company to freeze its defined benefit pension plans.

The $4.4 billion manufacturing company said it will replace the plans by making additional contributions under defined contribution plans, effective January 1.

Tenneco said these changes will save about $11 million in expenses (pre-tax) each year, beginning in 2007.

In addition, the company will realize a one-time benefit of between $6 to $7 million in the fourth quarter of 2006 related to curtailing the defined benefit pension plans.

According to Reuters, 5,400 salaried and nonunion hourly employees will be affected. They account for nearly 90 percent of Tenneco's U.S. workforce.

more...

[54anickel]

69. Here's one to send you shivering back under the covers for today -

especially if you check out some of the links! :tinfoilhat: :scared:

The Security And Prosperity Partnership Places One's Life Savings At Great Risk

http://www.321gold.com/editorials/allen/allen082406.html

Summary:

The Security and Prosperity Partnership (SPP) was signed at Baylor University on March 23, 2005; it is the plan to replace existing governments with state corporate rule over the entire North America continent.

At the Cancun Summit, March 31, 2006, the three presidents called for the "trilateral regulatory cooperation framework" -- the "executive branch of state corporate rule" to be in place by 2007.

New North American governance will be hyperinflationary with the dollar eventually becoming worthless. One is wise to transfer all of one's wealth out of fiat investments (stocks, bonds, money market accounts, and ETFs) to the physical security of gold.

I. The History of the Security and Prosperity Partnership and Related Multinational Agreements

A. March 23, 2005

The Security and Prosperity Partnership of North America (SPP) was signed March 23, 2005 by the three presidents of North America: George Bush, Vincente Fox and Paul Martin; it established a de facto North American Union.

The SPP was signed at America's leading Baptist University -- Baylor University

The SPP is a Council On Foreign Relations (CFR) Document

The SPP dissimulates the words democracy and democratic; the traditional meaning of the word democracy means people vote on rulers who act in the peoples interest; the new meaning of the word democracy means stakeholders meet and make decisions that they claim to be in the be in the interests of the people.

more...

[loudsue]

90. Now THAT is scary as hell.

What in the hell has dubya gotten us into for chrissake?

:kick:

[54anickel]

97. Bwahahahaha!

[54anickel]

71. FDA eases limits on morning-after pill

http://www.localnewswatch.com/benton/stories/index.php?action=fullnews&id=1166

WASHINGTON - Women may buy the morning-after pill without a prescription — but only with proof they‘re 18 or older, federal health officials decided Thursday. The Food and Drug Administration ruling culminated a contentious three-year effort to ease access to the emergency contraceptive.

The compromise decision is a partial victory for women‘s advocacy and medical groups which say eliminating sales restrictions could cut in half the nation‘s 3 million annual unplanned pregnancies. Opponents have argued that wider access could increase promiscuity.

The long delay had ensnared President Bush ‘s nominee to head the FDA. On Thursday, two senators said they would lift their blockade, making confirmation of Dr. Andrew von Eschenbach as FDA‘s commissioner likely next month.

Noting the restrictions the agency attached to its approval, Perino added, "I‘m sure the FDA will follow through on that and make sure these important conditions are established and enforced."

more...

[54anickel]

72. Analysis: Beijing wooed to influence Pyongyang

http://wpherald.com/articles/983/1/Analysis-Beijing-wooed-to-influence-Pyongyang/Kim-Jong-Il-reported-to-visit-China-soon.html

SEOUL -- With nuclear and missile tensions growing, top leaders from South Korea, North Korea and the United States are trying to meet with Chinese officials to woo Beijing's influence.

China, the largest ideological partner and economic supporter of North Korea, is widely considered to have the biggest leverage over the Kim Jong Il regime. South Korean President Roh Moo-hyun plans to visit Beijing in mid-October for a summit with Chinese President Hu Jintao to discuss ways to deal with North Korea's nuclear program, Seoul's diplomatic chief said Thursday.

"President Roh hopes to have close consultations (with Hu) in Beijing on bilateral economic cooperation as well as the North Korean nuclear problem," Foreign Minister Ban Ki-moon told a Seoul forum.

"China is not only economically important but also a partner to play a constructive role in resolving the nuclear issue and promoting security on the Korean peninsula," he said.

Roh's visit would come on the heels of his summit with U.S. President George W. Bush in Washington on Sept. 14, which will be focused on reviving multinational efforts to denuclearize North Korea.

more...

[54anickel]

73. Bush tells Congress will sign Colombia trade pact

http://www.washingtonpost.com/wp-dyn/content/article/2006/08/24/AR2006082400801.html

WASHINGTON (Reuters) - President George W. Bush has formally notified Congress the United States will sign a free trade agreement with Colombia, nearly six months after the two countries announced they had reached a deal, the White House said on Thursday.

The 90-days notice, as required by U.S. trade law, means the earliest the United States and Colombia could sign the pact is late November, or a few weeks after the U.S. congressional election. :eyes: That would set the stage for lawmakers to vote on the agreement in first half of next year.

Timing is everything

[54anickel]

74. Bush's disturbing nomination

http://www.courier-journal.com/apps/pbcs.dll/article?AID=/20060824/OPINION04/608240328

In a year when 55 men have lost their lives at U.S. mining operations, including 15 from Kentucky (14 coal miners and one worker at Powell County limestone mine), it's more important than ever to scrutinize President Bush's nominees for top regulatory posts.

On July 31, the President nominated Susan E. Dudley to head his Office of Information and Regulatory Affairs (OIRA), which oversees the administration's (and therefore the nation's) regulatory policies, including rules issued by the federal Mine Safety and Health Administration. Dudley currently directs the Mercatus Center's Regulatory Studies Program, an industry-friendly think-tank made up of scholars who criticize public health and safety regulations as unnecessary, too onerous or interfering with the free-market system.

Friends of Kentucky's miners might be particularly interested in a recent law review article that she co-authored about silicosis and workplace safety rules. Clearly, Dudley knows little about the adverse health effects of silica, the disabling disease silicosis or workers' struggles for occupational health protections. Most troubling, she feigns expertise and argues that more study is needed before protections for silica-exposed workers can be put in place.

In the article "Defining What to Regulate: Silica and the Problem of Regulatory Categorization" (Administrative Law Review, Summer 2006), this Bush nominee claims, "There are serious problems in identifying the cause of lung damage from silica exposure."

Article untrue
This is not true. The cause of lung damage is exposure to respirable crystalline silica. Despite the authors' assertions, physicians, toxicologists and other experts have known for nearly a century that microscopic particles of SiO{-2} (silicon dioxide, or quartz), when inhaled, can penetrate deep into the lung's alveoli. The body's natural defense mechanisms attack the tiny silica particle, thereby creating scar tissue -- and with too much exposure and too much scar tissue, silicosis develops.

more...

[UpInArms]

92. scholars who criticize public health and safety regulations as unnecessary

Near closing time on Saturday afternoon, March 25, 1911, a fire broke out on the top floors of the Asch Building in the Triangle Waist Company. Within minutes, the quiet spring afternoon erupted into madness, a terrifying moment in time, disrupting forever the lives of young workers. By the time the fire was over, 146 of the 500 employees had died. The survivors were left to live and relive those agonizing moments. The victims and their families, the people passing by who witnessed the desperate leaps from ninth floor windows, and the City of New York would never be the same.

...more...

http://www.ilr.cornell.edu/trianglefire/texts/newspaper/nyt_032611_5.html?location=Fire!">141 Men and Girls Die in Waist Factory Fire; Trapped High Up in Washington Place Building; Street Strewn with Bodies; Piles of Dead Inside

Three stories of a ten-floor building at the corner of Greene Street and Washington Place were burned yesterday, and while the fire was going on 141 young men and women at least 125 of them mere girls were burned to death or killed by jumping to the pavement below.

The building was fireproof. It shows now hardly any signs of the disaster that overtook it. The walls are as good as ever so are the floors, nothing is the worse for the fire except the furniture and 141 of the 600 men and girls that were employed in its upper three stories.

Most of the victims were suffocated or burned to death within the building, but some who fought their way to the windows and leaped met death as surely, but perhaps more quickly, on the pavements below.

All Over in Half an Hour.

Nothing like it has been seen in New York since the burning of the General Slocum. The fire was practically all over in half an hour. It was confined to three floors the eighth, ninth, and tenth of the building. But it was the most murderous fire that New York had seen in many years.

The victims who are now lying at the Morgue waiting for some one to identify them by a tooth or the remains of a burned shoe were mostly girls from 16 to 23 years of age. They were employed at making shirtwaist by the Triangle Waist Company, the principal owners of which are Isaac Harris and Max Blanck. Most of them could barely speak English. Many of them came from Brooklyn. Almost all were the main support of their hard-working families.

There is just one fire escape in the building. That one is an interior fire escape. In Greene Street, where the terrified unfortunates crowded before they began to make their mad leaps to death, the whole big front of the building is guiltless of one. Nor is there a fire escape in the back.

...more...

[stop the bleeding]

75. Apple to recall 1.8 million notebook batteries

SAN FRANCISCO - Apple Computer Inc. will recall 1.8 million lithium-ion notebook batteries after nine devices overheated, causing minor burns in two users, U.S. safety regulators said Thursday.

The recall is the second-biggest in U.S. history involving electronics or computers, after No. 1 PC maker Dell Inc. recalled 4.1 million lithium-ion batteries last week, the U.S. Consumer Product Safety Commission said. In both cases the batteries had power cells made by Sony Corp..

http://www.msnbc.msn.com/id/14500443/

[54anickel]

76. OT - How to look like a failure

http://www.guardian.co.uk/commentisfree/story/0,,1856820,00.html

Sidney Blumenthal
Thursday August 24, 2006
The Guardian


Each Bush presidency is unhappy in its own way. George W has contrived to do the opposite of his father, as if to provide evidence for a classic case of reaction formation. Rather than halt the army before Baghdad, he occupied the whole country. Rather than pursue a Middle East peace process that dragged along a recalcitrant Israeli government, he cast the process aside.

"Frustrated?" President Bush volunteered in his Monday press conference. "Sometimes I'm frustrated." His crankiness has deeper sources than having truncated his usual month-long summer vacation in Texas. "Rarely surprised," he continued, extolling his world-weary omniscience. "Sometimes I'm happy," he plunged on. "This is - but war is not a time of joy. These aren't joyous times."

Bush is trapped in a self-generated dynamic that eerily recalls the centrifugal forces that spun apart his father's presidency. It was not until the Gulf war that the public became convinced that the elder Bush was a strong leader and not the "wimp" stereotypically depicted. Then came a recession. Bush's feeble response was not seen as merely an expression of typical Republican policy, but as a profound character flaw. If Bush was strong, why didn't he solve the problem?

The younger Bush's staggering mismanagement of the Iraqi occupation has until recently served his purpose of seeming to defy the elements of chaos he himself has aroused. By stringing every threat together into an immense plot that justifies a global war on terrorism, however, he has ultimately made himself hostage to any part of the convoluted storyline that goes haywire.

Having told the public that Iraq is central to a war on terror, the worse things go in Iraq, the more the public thinks the war on terror goes badly. Asked at his press conference what invading Iraq had to do with September 11, Bush seemed so dumbfounded that at first he answered directly. "Nothing," he said, before sliding into a falsely aggrieved self-defence: "Except for it's part of - and nobody has ever suggested in this administration that Saddam Hussein ordered the attack."

more...

[54anickel]

77. Bush is going to leave Iraq for the next president to clean up

http://www.theage.com.au/news/opinion/bush-is-going-to-leave-iraq-for-the-next-president-to-clean-up/2006/08/24/1156012673354.html

"WE'RE not leaving, so long as I'm the President." There in nine words is the exit strategy for the United States involvement in Iraq. Depending on your viewpoint, it's either a commitment or an admission of defeat.

George Bush has another 26 months to run on his presidency, which means that by November 2008, the US will have been in Iraq for almost six years. In a couple of months, America will pass the time it spent fighting in World War II — 45 months.

The time span was noted by Senator Edward Kennedy during a hearing this month of the US Senate Armed Services Committee on Iraq and Afghanistan. The senator also noted the cost of the war: $US400 billion ($A524 billion), 2579 killed, 19,000 wounded. And that's just one side of the coin. Iraqi civilian deaths are estimated at more than 40,000.

Bush also mentioned the C word. Civil, that is, as in civil war. He was concerned about the shadow it cast. But the US strategy was to "help the Iraqi people achieve their objective and their dreams, which is a democratic society". The tactics to realise that dream were another matter. Cut and run or stay. To go "would be a huge mistake". Not only for the Iraqis. "It's in our interests that we help this democracy succeed. A failed Iraq would make America less secure … It would give the terrorists and extremists an additional tool besides safe haven, and that is revenues from oil sales."

more...

[loudsue]

91. The most depressing part of this article:

"George Bush has another 26 months to run on his presidency".

Ugh.


:kick::kick::kick:

[AnneD]

78. This one is worth a look...

Government is cooking the books :eyes:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2473118

WASHINGTON - Many health care providers will have to make do next month without a government paycheck or two. The Bush administration says it will not make any Medicare reimbursements to hospitals, doctors and scores of other providers during the last nine days of the current budget year, from Sept. 22-30. Congress ordered the hold.

Can you believe this shit! Talk about winning friends and influencing people. I know some folks that will be po'd.:nuke:

[54anickel]

81. Not surprised. But I am surprised they are being this up front about it.

Oh, wait a minute - that's right...it's a "pre-emptive" release. Publish it now so that when the budget numbers come out for this year no one will remember and the MSM won't bother to bring it up since it's old news. Counting on that attention span of a gnat again.

[AnneD]

86. Their boldness took me by suprise too...

they do all this crap with such arrogance and impunity. They tell the most bald faced lies (or steal, whatever) without blinking their eyes or showing remorse or guilt. What is even MORE shocking is that no one calls them on it. But what is really sad-is that the public doesn't seem to care. I mean I get pissed if I am over charged, but these folks are emptying our our national account and no one is saying a word (other than to blame the DEM'S for not stopping the GOP MAJORITY). I am just so :nuke:

[54anickel]

79. Bank of America CEO acquires $10.2 million stock

http://today.reuters.com/news/articleinvesting.aspx?view=CN&storyID=2006-08-24T161938Z_01_N24126685_RTRIDST_0_FINANCIAL-BANKOFAMERICA-LEWIS.XML&rpc=66&type=qcna

NEW YORK, Aug 24 (Reuters) - Bank of America Corp. (BAC.N: Quote, Profile, Research) Chief Executive Kenneth Lewis this week acquired about $10.2 million of the No. 2 U.S. bank's stock after exercising stock options, a Thursday regulatory filing shows.

According to a U.S. Securities and Exchange Commission filing, Lewis, 59, on Wednesday exercised 816,000 options at $30.68 each, or about $25 million.

He then sold 621,525 of the resulting shares for about $32.6 million, at prices ranging from $52.35 to $52.65 per share, and used the net proceeds to pay taxes and related costs.

The remaining 194,475 shares are worth about $10.2 million, based on Bank of America's Wednesday closing price of $52.49.

Lewis, 59, now beneficially owns about 2.25 million Bank of America shares worth about $118 million, excluding options that may be exercised within 60 days, a bank spokesman said.

more...

[54anickel]

82. 2:22 update - looking up a bit

Dow 11,303.74 +5.84 (+0.05%)
Nasdaq 2,135.50 +0.84 (+0.04%)
S&P 500 1,295.75 +2.76 (+0.21%)
10-yr Bond 4.809 -0.004 (-0.08%)
30-yr Bond 4.943 -0.007 (-0.14%)
NYSE Volume 1,346,073,000
Nasdaq Volume 987,918,000

2:00 pm : Not much has changed since the last update as the Nasdaq remains the worst (if such a word can be used to describe only a modest 0.2% pullback) performer among the majors, which isn't all that surprising given the tech-heavy Composite's huge 5.2% gain last week. The S&P 400 MidCap (-0.4%), however, is faring slightly worse today (again). Among the biggest percentage losers on the MID, Chico's FAS (CHS 18.12 -5.96) is pacing the way lower (-25%) after issuing downside guidance going all the way out to 2008. Hormel Foods (HRL 36.23 -1.76) ranks second worst after merely matching analysts' expectations while Nordson (NDSN 42.26 -1.09) is another mid-cap disappointment after it issued a cautious Q4 profit outlook.DJ30 -6.45 NASDAQ -3.29 SP500 +0.91 NASDAQ Dec/Adv/Vol 1622/1252/924 mln NYSE Dec/Adv/Vol 1630/1522/784 mln

1:30 pm : Market improves its stance since the last update as buyers return from lunch with an appetite for scooping up more bargains. To wit, this year's worst performing sector -- Technology -- has just turned positive as investors shrug off news of Apple Computer (AAPL 67.17 -0.14) becoming the latest computer maker to announce a battery recall. Even though AAPL shares plunged on the news, falling as much as 1.5%, the stock has pared most of those losses after an Apple spokesman, in similar fashion to Dell's (DELL 21.67 +0.03) response last weekend surrounding the same issue, said the recall of 1.8 mln batteries will not have a material effect on Apple's financials. DJ30 -4.88 NASDAQ -4.07 SP500 +1.02 NASDAQ Dec/Adv/Vol 1711/1148/850 mln NYSE Dec/Adv/Vol 1817/1332/718 mln

1:00 pm : Indices continue to languish near session lows as the bulk of industry leadership remains negative. Among today's laggards, the Consumer Discretionary stakes claim to the three worst performing S&P industry groups; Apparel & Accessories (-2.7%) ranks second following an analyst downgrade on Coach (COH 29.12 -1.44). Materials, though, is now pacing the way lower (-0.9%) among the five sectors losing ground as modest strength in the greenback diminishes the appeal of owning dollar-denominated commodities like Steel (-2.3%) and Gold (-2.1%). DJ30 -15.29 NASDAQ -8.70 SP500 -0.33 NASDAQ Dec/Adv/Vol 1704/1122/766 mln NYSE Dec/Adv/Vol 1803/1312/652 mln

12:30 pm : Market kicks off the afternoon session with a modest push lower, as the S&P 500 joins the Dow and Nasdaq in negative territory for the first time today. Contributing to more aggressive profit-taking throughout the tech-heavy Composite, which has it sharply outpacing the blue chip indices to the downside, has been its inability to find support above a key technical level (2126) and further consolidation in semiconductors, which was among the biggest reasons behind the Nasdaq's impressive 5.2% performance last week. DJ30 -19.13 NASDAQ -11.00 SOX -0.6% SP500 -1.09 NASDAQ Dec/Adv/Vol 1742/1060/702 mln NYSE Dec/Adv/Vol 1747/1342/598 mln


:hi: Storms are back so I'm logging off again. Someone may have to catch the lights on the way out. Just checked the radar and this is a BIG batch coming up. YIKES!!!

[54anickel]

83. New Yorker arrested for broadcasting Hizbollah TV

http://today.reuters.com/news/articlenews.aspx?type=domesticNews&storyID=2006-08-24T151244Z_01_N24429296_RTRUKOC_0_US-SECURITY-USA-HIZBOLLAH.xml&archived=False

NEW YORK (Reuters) - U.S. authorities have arrested a New York man for broadcasting Hizbollah television station al-Manar, which has been designated a terrorist entity by the U.S. Treasury Department, prosecutors said on Thursday.

Javed Iqbal, 42, was arrested on Wednesday because his Brooklyn-based company HDTV Ltd. was providing New York-area customers with the Hizbollah-operated channel, federal prosecutors said in a statement.

It did not say how long Iqbal's company had been providing satellite broadcasts of al-Manar, which the U.S. Treasury Department in March had designated as Specially Designated Global Terrorist entity, making it a crime to conduct business with al-Manar.

Iqbal has been charged with conspiring to violate the International Emergency Economic Powers Act, the statement said. Federal authorities searched HDTV's Brooklyn office and Iqbal's Staten Island home, where Iqbal was suspected of maintaining satellite dishes, the statement said.

more...

[AnneD]

88. Just an FYI....

The International Emergency Economic Powers Act (IEEPA) is a United States federal law allowing presidents to identify any unusual extraordinary threat that originates outside the United States and to confiscate property and prohibit transactions in response. In the United States Code the IEEPA is Title 50, sections 1701-1707.

Provisions
The IEEPA authorizes the president to declare the existence of an "unusual and extraordinary threat... to the national security, foreign policy, or economy of the United States" that originates "in whole or substantial part outside the United States." It further authorizes the president, after such a declaration, to block transactions and freeze assets to deal with the threat. In the event of an actual attack on the United States, the president can also confiscate property connected with a country, group, or person that aided in the attack.

The IEEPA falls under the provisions of the National Emergencies Act, which means that an emergency declared under the act must be renewed annually to remain in effect, and can be terminated by Congressional legislation.

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

The site also contains some interesting lists of groups that are considered terrorist organizations.

[54anickel]

98. Cheney's been accused? Obviously not formally - yet. I'm sure his

ass will be covered retroactively for that violation as well. :eyes:

There have been accusations that Dick Cheney violated the IEEPA when a subsidiary of Halliburton Corporation opened an office in Tehran, Iran, while Cheney was CEO of that company.

[54anickel]

87. Closing time - waiting on the blather

Dow 11,304.46 +6.56 (+0.06%)
Nasdaq 2,137.11 +2.45 (+0.11%)
S&P 500 1,296.06 +3.07 (+0.24%)
10-yr Bond 4.803 -0.01 (-0.21%)
30-yr Bond 4.939 -0.011 (-0.22%)
NYSE Volume 1,930,143,000
Nasdaq Volume 1,441,176,000

3:30 pm : Stocks continue to trade with little fanfare amid a lack of more spirited leadership from a number of blue chips. On the Dow, 18 out of 30 components are still trading higher; but the upper hand is currently going to the day's two biggest downers. Caterpillar (CAT 65.43 -1.78) is the worst performing blue chip (-2.7%) following weaker than expected economic data while Boeing (BA 75.29 -1.07) is second (-1.4%) after the Commerce Dept. showed that orders for civilian aircraft fell 10% in July. Both stocks rank among the priciest stocks on the price-weighted Dow Jones Industrials Average. DJ30 -8.42 NASDAQ -2.19 SP500 +1.16 NASDAQ Dec/Adv/Vol 1544/1409/1.21 bln NYSE Dec/Adv/Vol 1580/1640/1.05 bln

3:00 pm : Range-bound trading persists in stocks as oil prices recently close near session highs. While oil's 0.8% advance back above $72 a barrel now has the Energy sector (+0.7%) providing some notable support, the commodity's ability to put upward pressure on overall inflation is somewhat offsetting Energy's leadership as the bulls continuously struggle to erase much of yesterday's broad-based pullback.DJ30 +7.45 NASDAQ +1.41 SP500 +2.92 NASDAQ Dec/Adv/Vol 1476/1435/1.10 bln NYSE Dec/Adv/Vol 1535/1658/946 mln

2:30 pm : Major averages are back to clawing their way higher as a renewed wave of buying lifts the Dow and Nasdaq into the green for the first time this afternoon. It is worth noting though that gains are very small and that the indices continue to trade in narrow range around the flat line. Lending even further lack of appreciation behind the market's recent uptick is the fact that volume is again among the lightest traders have seen all year as many gear up for the weekend since tomorrow offers no earnings or economic data and Bernanke testimony from Jackson Hole at 10:00 ET Friday is not expected to offer anything overly market moving. DJ30 +5.84 NASDAQ +1.00 SP500 +2.81 NASDAQ Dec/Adv/Vol 1497/1408/1.02 bln NYSE Dec/Adv/Vol 1548/1625/876 mln


Have a great evening! Thanks to all who helped with the thread today :hi:

[UpInArms]

93. Oil price hike provided leadership bullshit blather

With investors still especially sensitive to economic data and swings in oil prices, Thursday was no exception -- except that neither left the market very convinced as to which direction the market should go. Stocks opened slightly higher, but traded relatively flat and in a narrow range throughout the session, only to cling to small gains. To wit, another day of below average volume, as the NYSE did not see 1.0 bln shares change hands until 3:30 ET, provided even less appreciation behind the market's modest uptick.

Before the bell, the Commerce Dept. reported a larger than expected 2.4% decline in July durable orders. However, since that was largely due to a sharp drop in the very volatile transportation component, the strong underlying trend in new orders further suggested that business investment will continue to provide a lift to the economy despite the slowdown in consumer spending, offering some early optimism.

Nonetheless, investors shortly thereafter contending with more evidence of a slowdown in a housing market which had bolstered consumer spending for years via mortgage refinancing and home equity withdrawals took some steam out of early recovery efforts following Wednesday's moderate sell-off. At 10:00 ET, new home sales checked in with a greater than expected decline of 4.3% in July and lifted inventories to an 11-year high, mirroring a disappointing report on home resales a day earlier that left investors questioning whether past rate hikes now leave the economy cooling off faster than previously thought.

When it was all said and done, another rise in oil prices (of all things) provided just enough leadership in the earnings-rich Energy sector -- the day's best performer -- to inch the indices into positive territory going into the close. Another sector providing notable leadership was Health Care; but again, the sector gained largely on its defensive-oriented merits and upbeat analyst commentary on Johnson & Johnson (JNJ 64.55 +0.64), which also happens to be the seventh most influential component on the S&P 500.

The Industrials sector, in contrast, acted as the day's biggest constraint, led by weakness in Caterpillar (CAT 65.50 -1.71) -- the day's worst performing Dow component (-2.5%) following weaker than expected economic data, and Boeing (BA 75.24 -1.12), which ranked second among Dow laggards (-1.5%) after the Commerce Dept. showed that orders for civilian aircraft fell 10% in July. BTK +0.1% DJ30 +6.56 DJTA -0.9% DJUA +0.3% DOT +0.2% NASDAQ +2.45 NQ100 +0.3% SOX +0.5% SP400 -0.2% SP500 +3.07 XOI +1.0% NASDAQ Dec/Adv/Vol 1475/1515/1.44 bln NYSE Dec/Adv/Vol 1512/1698/1.23 bln

[54anickel]

96. Hope springs eternal for that baton toss from consumers to bidness

I'm thinking business would prefer to continue to just roll the die

[OrangeCountyDemocrat]

95. Face It: The Housing Bust Is Here

I apologize if this was posted within the last couple of days. It's a great article from Monday that I just came across via another article posted on DU today.

http://articles.moneycentral.msn.com/Investing/ContrarianChronicles/FaceItTheHousingBustIsHere.aspx

The fabled engine of our economy is clearly unwinding. The sobering implications, however, were lost on the stock market last Tuesday. That's when a weaker-than-expected PPI number incited the umpteenth Fed-is-done rally. What folks ignored that day: News from the National Association of Homebuilders that its Housing Confidence Index fell to the lowest level since early 1991.

When 'adjustable' becomes unsustainable
But the bigger picture is becoming increasingly harder to ignore. What we'll soon be seeing on a regular basis was portrayed by The Wall Street Journal last week, in a story titled "Homeowners Start to Feel the Pain of Rising Rates" (subscription required). The subtitle nicely summarizes the thrust of it: "Payments on Adjustable Loans Hit Overstretched Borrowers; 'Budgets Are Out of Whack.'"

It begins with the story of a Detroit accountant who was looking to lower her monthly payments. In 2004, she refinanced a $312,000 mortgage via an option-adjustable-rate mortgage that offered various payment choices, as do so many of these plans. Her (introductory) rate of 2.3% is now up to 8.75%, and her loan balance has grown to $324,000. She claims that the terms weren't clearly spelled out. But if she actually read the documentation, as accountants often do, and didn't get it, you can imagine how many people truly understand their mortgages. (Hint: The number rhymes with "hero.")

[54anickel]

99. Thanks OCD, I missed that one!!! I usually try to catch Fleckenstein's

articles but he's been slipping under my radar lately.