STOCK MARKET WATCH, Wednesday December 12, 2007

[Hugin]

Source: du

STOCK MARKET WATCH, Wednesday December 12, 2007

DAYS REMAINING IN THE * REGIME 406 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2521 DAYS
WHERE'S OSAMA BIN-LADEN? 2243 DAYS
DAYS SINCE ENRON COLLAPSE = 2204
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

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




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

AT THE CLOSING BELL ON December 11, 2007
Dow... 13,432.77 -294.26
Nasdaq... 2,652.35 -66.60
S&P 500... 1,477.65 -38.31












GOLD, EURO, YEN, Loonie and Silver



Note: Since I don't know how hotlinking a comic from Slowpoke would affect their bankbook I removed it...
Be sure to visit the Slowpoke archives at:

http://www.slowpokecomics.com/archives.html


No link yet.

---

(Prag Enterprises presents a SMW which is a mere shadow of it's normal self.) :)

[AnneD]

1. Thanks so much....

I am happy to let my thread dropo. I figured that if I kept my post up-we would get reinforcements.Prag to the rescue. Kicked and recommended.

[RUMMYisFROSTED]

2. Now I don't have to do a cheap knock-off. Thank you kindly.

[AnneD]

8. Neither do I...

I hate those knock-off threads.;)

[Hugin]

9. Anybody have a cartoon?

Before the edit period lapses?

(Something we can use without getting sued?)

[RUMMYisFROSTED]

33. Toon.

[JNelson6563]

3. Thank you Prag!

I know it's not easy to do the kick off post for this thread, I too have filled in before. My thanks to you for your efforts. Looks like it's going to be an amazing day on the Street.

Will check back later, in between meetings with my candidate and such--as time permits.

Julie

[trogdor]

4. As predicted.

It seems that the market grossly overreacted to yesterday's offering by the Fed of half a loaf, and now the bargain-hunters are out in force. It remains to be seen if this post-selloff rally can be sustained, but since I went out and bought another ten grand worth of American Century Ultra yesterday, I stand to cash in on the bounce.

[ret5hd]

14. yeah you told us already yesterday.

[trogdor]

24. Well excuse me.

We can't all be rooting for the bears, ya know. Some of us have 401Ks to tend to.

[AnneD]

27. Confession is good for the soul, trogdor....

your penance is one Hail Mary and give a generous gift of no more than 10% of your good fortune to your local food bank.

I just gave one to our food bank in memory of one of our Elders that died of leukemia. Didn't think much of it at the time but his widow came up last Sunday, gave me a big hug, and thanked me profusely for one of the nicest things-said he really supported the food bank and gave many a donation to it anomously...and how did I know. The weird thing is-I didn't know it was his pet project. Sometimes you just never know.......

[trogdor]

35. Well...

...turns out that today's trading had more twists and turns than the newest rollercoster at King's Island. Still came out OK.

I wrote my check to the food bank weeks ago.

[AnneD]

40. Well...

good for you. Don't forget, be a good steward.

[Hugin]

5. ~09:45 ET: Santa's coming to town!

Index Last Change % change
• DJIA 13646.64 +213.87 +1.59%
• NASDAQ 2701.09 +48.74 +1.84%
• S&P 500 1504.95 -11.01 -0.73%

[trogdor]

7. S&P is up around 26.

Your chart needs to be refreshed. Santa Claus came yesterday to lower the prices of stocks the mutual fund people had to buy anyway. Thus today's rally.

[zabet]

6. Thanks Prag!!!!

Today should be real
interesting to say the
least.

K and R

[zabet]

10. C'mon people!!! 1 more Rec PLEASE!!!

Kickety-kick-kick-kick

[DemReadingDU]

11. Greenspan: subprime "accident waiting to happen"

12/12/07 NEW YORK (Reuters) - The U.S. subprime mortgage crisis was an "accident waiting to happen" as a period of unprecedented global growth seduced investors into underpricing risk, former Federal Reserve Chairman Alan Greenspan argued in an article published by The Wall Street Journal on Wednesday.

While acknowledging the low U.S. interest rates set under his leadership may have contributed to the bubble in U.S. home prices, Greenspan said he felt the roots of the subprime mortgage crisis actually lie with global economic expansion.

"The root of the current crisis, as I see it, lies back in the aftermath of the Cold War, when...market capitalism quietly, but rapidly, displaced much of the discredited central planning that was so prevalent in the Third World," Greenspan wrote.

more...
http://www.reuters.com/article/businessNews/idUSN1258328720071212

for those who subscribe to WSJ...
http://online.wsj.com/article/SB119741050259621811.html?mod=googlenews_wsj

[antigop]

12. Fed alliance to fight credit crunch

http://money.cnn.com/2007/12/12/news/economy/bc.na.fin.eco.us.fed.credit.ap/index.htm?postversion=2007121209

The Federal Reserve announced Wednesday it is coordinating with other central banks to deal with the global credit crunch.

The central bank said it had reached an agreement with the European Central Bank as well as the Bank of England, the Bank of Canada and the Swiss National Bank to address what it termed "elevated pressures" in credit markets.

The Fed said that it was creating a temporary auction facility to make funds available to banks and was also setting up lines of credit with the European Central Bank and the Swiss Central Bank that could be used for additional resources.

The Fed said that commercial banks would be able to bid at auction for funds that would be drawn from the Temporary Auction Facility. The money would be intended to help cash-strapped banks raise money needed to keep making loans to businesses and consumers.

The action represented another step by the Fed to deal with a serious credit crunch stemming from the tightening of bank lending standards in the wake of multibillion dollar losses from a rising tide of defaults on mortgage loans.

[Roland99]

16. Looks like another $50 billion or so in pumping.....

http://www.marketwatch.com/news/story/fed-other-central-banks-move/story.aspx?guid=%7B6FAFC482%2DF8E4%2D4F23%2DA021%2D52DC7DE8938C%7D

[fasttense]

25. How about the liquidity crisis people face when paying medical bills?

"WASHINGTON - President Bush on Wednesday was ready to veto legislation that passed with bipartisan support to dramatically expand government-provided health insurance for children.

It would be Bush's seventh veto in seven years. Bush vetoed an earlier version of the health insurance program.

The bill passed the Democratic-controlled Senate by a veto-proof margin, but the same was not true in the House. Even after the bill was approved, negotiations continued on a compromise version."

How about setting up a loan for all those people going bankrupt over medical bills? They need liquidity too. But I guess welfare for con artists who call themselves bankers is a ok, but not for a country's citizens.

[Hugin]

38. Good point.

True... Oh, so true.

[antigop]

13. Thanks for the kickoff, Prag. n/t

[Hugin]

15. No prob...

I saved a template if anyone else would like to have one on hand.

:thumbsup:

[AnneD]

22. I didn't have a template .....

I would love to have it.... JIC. You can PM me.

[Hugin]

26. SMW Template...

[b]STOCK MARKET WATCH, Wednesday December 12, 2007

[font color="green" ]DAYS REMAINING IN THE * REGIME
406 LONG DAYS[/font]
[font color="red" ]DAYS SINCE DEMOCRACY DIED
(12/12/00) 2521 DAYS
WHERE'S OSAMA BIN-LADEN? 2243 DAYS
DAYS SINCE ENRON COLLAPSE = 2204
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54[/font]

U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES-----------------------------S&P
FUTURES>[/b]

http://i.cnn.net/money/ssi/BC/AM_marketcall/nasdaq_future_large.gif
http://i.cnn.net/money/ssi/BC/AM_marketcall/sandp_future_large.gif
 

[b][font color="blue" ]AT THE CLOSING BELL WHEN BUSH
TOOK OFFICE on January 22, 2001[/font]
[font color="red"]Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90 
Oil - $27.69/bbl
Gold - $266.70/oz.[/font]

[font color="blue"] AT THE CLOSING BELL ON December
11, 2007 [/font]
[font color="red"]Dow... 13,432.77 -294.26
Nasdaq... 2,652.35 -66.60
S&P 500... 1,477.65 -38.31[/font][/b]

http://money.cnn.com/ssi/BC/markets-data/dow.gif
http://money.cnn.com/ssi/BC/markets-data/nasdaq.gif
http://money.cnn.com/ssi/BC/markets-data/sandp.gif
http://money.cnn.com/ssi/BC/markets-data/bond.gif



http://www.wtrg.com/daily/small/clfclose.gif




http://www.wtrg.com/daily/small/ngfclose.gif

[b][font color="blue"]GOLD, EURO, YEN, Loonie and
Silver[/b][/font]

http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif
http://www.weblinks247.com/exrate/exr24_eu_en_2.gif
http://www.weblinks247.com/exrate/exr24_ye_en_2.gif
http://www.weblinks247.com/exrate/exr24_ca_en_2.gif
http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif

[Mojorabbit]

17. Central banks step in to attack credit crisis

Central banks step in to attack credit crisis
By Krishna Guha in Washington and Gillian Tett, Jamie Chisholm and Neil Dennis in London

Published: December 12 2007 14:25 | Last updated: December 12 2007 15:22

The world’s central banks on Wednesday unleashed a co-ordinated assault on the liquidity squeeze in global capital markets.

The Federal Reserve, European Central Bank, Bank of England, Bank of Canada, and the Swiss National Bank all announced measures to attack the liquidity crisis.


Central banks tear up rules of intervention - Dec-12Full statement from Federal Reserve - Dec-12Intervention boosts global risk appetite - Dec-12Yen sinks after liquidity boost - Dec-12Central banks’ action plan takes FTSE 100 higher - Dec-12European equities climb on liquidity boost - Dec-12The Fed said it was creating a temporary credit auction facility, as revealed in Wednesday’s FT, and entering into foreign exchange swap agreements with the ECB and the Swiss to tackle the shortage of dollar funds in Europe.

The move comes after several weeks of mounting tension in the global money markets, due to a combination of normal, year-end funding pressures and deepening gloom among banks about the impact of the losses on subprime-linked securities.

Until recently, some bankers had hoped that these money market pressures would be short-lived. However, in recent days some of the money market indicators have started to move in ways that suggest banks are now worried that funding problems will last into the New Year, or even the summer. This appears to have prompted the central banks to launch their joint action - a step which is unprecedented in terms of the degree of co-ordination that it implies between the leading central banks.

The issue of co-ordination between central banks has become particularly important in recent months, since the most severe funding problems have often occurred in the dollar markets - but many of the victims of these pressures have been European institutions, which have not always had access to the dollar market on the same terms as US banks.

This pattern prompted suggestions in the summer that the ECB should conduct a currency swap with the Fed, but this was rejected by the ECB at this time as an unnecessary move.

“The actions demonstrate that central banks are working together to try to forestall any prospective sharp tightening of credit conditions,” a Bank of England spokesman said.

Wall Street welcomed the news. The Dow Jones Industrial Average opened up 204 points at 13,637. The yen fell sharply against a range of currencies as traders bet that the banks’ move would help raise risk appetite and lead to a rejuvenation of the carry trade.
more at link
http://www.ft.com/cms/s/0/d9e03c62-a8bb-11dc-ad9e-0000779fd2ac.html

[kineneb]

34. Central banks act on credit fears-BBC

http://news.bbc.co.uk/2/hi/business/7140771.stm

The Federal Reserve, European Central Bank and central banks from the UK, Canada and Switzerland are to jointly help banks deal with the credit crunch.

They have each announced that they will provide billions in loans to banks in order to lower interest rates and ease the availability of credit.

The move was coordinated by the US Federal Reserve, which has already cut interest rates three times this year.

It is a sign that despite rate cuts, banks are nervous about credit risks.

-snip-

...seems to be big (as in important) news on BBC World Service today

[Mojorabbit]

18. Oil and gold rally as central banks act

http://www.ft.com/cms/s/7fd359da-a8c4-11dc-ad9e-0000779fd2ac.html
Oil and gold rally as central banks act
By Chris Flood

Published: December 12 2007 15:18 | Last updated: December 12 2007 15:18

Oil and gold prices rallied strongly on Wednesday following news that central banks planned to co-ordinated their efforts to improve liquidity in global capital markets.

Nymex January West Texas Intermediate rose $1.80 to settle at $91.82 a barrel while ICE January Brent rose $1.69 to $91.68 a barrel.

StatoilHydro, the Norwegian energy group, confiormed that 25,000 barrels of oil spilled into the North sea from a loading facility a its Statfjord field. This could be Norway’s second largest oil spill but the company said that production or exports from the field would nit be affected.

Oil traders awaited the latest US weekly inventories information. The consensus forecast from a paoll of analysts by Reuters was for crude stocks to have fallen 200,000 barrels, partly due to disruption to supplies from Canada through the Enbridge pipeline system. The estimates ranged widely from a fall of 3m barrels to a rise of 3.8m barrels.

“The key to watch will be what happens in Cushing (the delivery point for WTI),”” said Nauman Barakat at Macquarie: “If we were to see yet another build (increase in crude stocks) in Cushing, we could see a repeat of last week’s pattern that the market may still fall despite an overall rise in crude stocks.”

Distillate stocks (including heating oil) were expected to have risen 500,000 barrels and gasoline stocks were forecast to rise 1.3m barrels.

Nymex January RBOB unleaded gasoline rose 4.2 cents to $2.3348 a gallon while Nymex January heating oil added 5.6 cents at $2.5793 a gallon.

Gold prices rose strongly after news of the moves by central banks to counter the credit crisis.

Gold hit $817 a troy ounce before easing back to trade at $814.80 a troy ounce.

[AnneD]

19. U.S., China open talks on contentious trade issues

XIANGHE, China — China and the United States opened thorny trade talks today amid rising frustration by Washington over Chinese trade barriers and implied threats by Beijing that U.S. protectionist moves would cut both ways.

Both sides stressed the countries' growing economic interdependence, but differed on what steps were needed to shrink China's massive trade surplus.

The start of the two-day China-U.S. Strategic Economic dialogue follows a similar forum in Beijing on Tuesday that produced wide-ranging agreements on boosting Chinese tourism to the U.S., increasing safeguards over Chinese products and opening up mid-sized Chinese cities to American imports.

In opening remarks at a faux imperial palace outside Beijing, U.S. Treasury Secretary Henry Paulson warned that "short-term, politically expedient" protectionist measures would harm prosperity and prospects for working through trade frictions.

"The U.S.-China relationship has become central to each nation's interest and to maintaining a stable, secure and prosperous global economic system," Paulson said.

http://www.chron.com/disp/story.mpl/business/5371438.html

I think it will be a onesided conversation:eyes:

[TrogL]

20. 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.Y%24%24&v=s&w=5&t=l&a=1

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

2007-10-31 Wednesday, October 31 1.05307 USD
2007-11-01 Thursday, November 1 1.05296 USD
2007-11-02 Friday, November 2 1.06838 USD
2007-11-05 Monday, November 5 1.07101 USD
2007-11-06 Tuesday, November 6 1.0819 USD
2007-11-07 Wednesday, November 7 1.09075 USD
2007-11-08 Thursday, November 8 1.07492 USD
2007-11-09 Friday, November 9 1.06553 USD
2007-11-12 Monday, November 12 1.06553 USD
2007-11-13 Tuesday, November 13 1.03745 USD
2007-11-14 Wednesday, November 14 1.0408 USD
2007-11-15 Thursday, November 15 1.01999 USD
2007-11-16 Friday, November 16 1.02807 USD
2007-11-19 Monday, November 19 1.01636 USD
2007-11-20 Tuesday, November 20 1.01543 USD
2007-11-21 Wednesday, November 21 1.01071 USD
2007-11-22 Thursday, November 22 1.01071 USD
2007-11-23 Friday, November 23 1.01143 USD
2007-11-26 Monday, November 26 1.01245 USD
2007-11-27 Tuesday, November 27 1.00321 USD
2007-11-28 Wednesday, November 28 1.00939 USD
2007-11-29 Thursday, November 29 1.00725 USD
2007-11-30 Friday, November 30 0.9993 USD
2007-12-03 Monday, December 3 1 USD
2007-12-04 Tuesday, December 4 0.989511 USD
2007-12-05 Wednesday, December 5 0.987459 USD
2007-12-06 Thursday, December 6 0.987654 USD
2007-12-07 Friday, December 7 0.994926 USD
2007-12-10 Monday, December 10 0.989805 USD
2007-12-11 Tuesday, December 11 0.989413 USD

Current values

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

Market            Open   High    Low   Last  Change    Pct 
CD.Y$$ Cash     0.9877 0.9916 0.9877 0.9898 +0.0025 +0.25% 
CD.Z07 Dec 2007 0.9903 0.9903 0.9895 0.9895 +0.0025 +0.25% 
CD.H08 Mar 2008 0.9880 0.9948 0.9878 0.9900 +0.0025 +0.25% 
CD.M08 Jun 2008 0.9975 0.9975        0.9872 -0.0058 -0.59% 
CD.U08 Sep 2008 0.9842 0.9842 0.9842 0.9872 -0.0058 -0.59% 
CD.Z08 Dec 2008 0.9840 0.9840 0.9836 0.9869 -0.0057 -0.58% 
CD.H09 Mar 2009 0.9870 0.9870 0.9870 0.9866 -0.0056 -0.57% 
 

Other combinations: (http://quotes.ino.com/exchanges/?c=currencies)

Market              Open    High     Low    Last   Change     Pct 
AUSTRALIAN $/CANADIAN $ (NYBOT:AS)
AS.Z07 Dec 2007 0.88400 0.87540 0.87540 0.88900 -0.00135 -0.15%  
AUSTRALIAN $/US$ (NYBOT:AU)
AU.Z07 Dec 2007 0.87060 0.88150 0.87600 0.87715 -0.00645 -0.74%  
CANADIAN $/JAPANESE YEN (NYBOT:HY)
HY.Z07 Dec 2007 108.870 108.870 108.870 109.390 -1.285 -1.17%  
EURO/AUSTRALIAN $ (NYBOT:RA)
RA.Z07 Dec 2007 1.6926 1.6845 1.6845 1.6717 +0.0064 +0.38%  
EURO/BRITISH POUND (NYBOT:GB)
GB.Z07 Dec 2007  0.6983   0.6983  0.6983  0.6983  -0.0031  -0.44%  
EURO/CANADIAN $ (NYBOT:EP)
EP.Z07 Dec 2007 1.4968 1.4700 1.4700 1.4865 +0.0038 +0.26%  
EURO/JAPANESE YEN (NYBOT:EJ)
EJ.Z07 Dec 2007 163.31 164.85 163.21 164.85 +2.33 +1.43%   
EURO/US$ (LARGE) (NYBOT:EU)
EU.Z07 Dec 2007 1.46860 1.46860 1.46860 1.46655 -0.00490 -0.33%  

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

The March Canadian Dollar was steady to slightly higher overnight as it consolidates below the 10-day moving average crossing at .9932 and above the 50% retracement level of this year's rally crossing at .9784. Stochastics and the RSI are neutral to bullish hinting that a short-term low is in or is near. Closes above the 20-day moving average crossing at 100.40 are needed to confirm that a short-term low has been posted. If March renews the decline off November's high, the 50% retracement level of this year's rally crossing at 97.84 is the next downside target. First resistance is Monday's high crossing at 99.99. Second resistance is the 20-day moving average crossing at 100.40. First support is last Wednesday's low crossing at 97.99. Second support is the 50% retracement level crossing at 97.84.


Analysis

Articles up above indicate the Bank of Canada is planning on intervening (somebody else will have to explain how). This could get interesting.

[AnneD]

21. Moneymakers

FIVE QUESTIONS WITH S.M. GAVAI
India-Texas connection: room to grow






"I would like to see more Houston oil and gas engaged with India and the exploration of oil fields there. There hasn't been that much interest out of Houston, despite the fact that we've had our ministers come here. I don't know why."

India's consul general in Houston, S.M. Gavai, has watched the number of visa applications to India soar in recent years. In 2006, the office issued 58,116 visas, 30 percent more than it did the year before. About 60 percent of that increase was accounted for by businesses, Gavai said."

Gavai noted the increase has come as more companies nationwide and within his nine-state jurisdiction have explored business opportunities in India.

He spoke recently with Chronicle reporter Purva Patel about those opportunities. Here are excerpts from that conversation.
<snip>
the rest is in Q&A format

http://www.chron.com/disp/story.mpl/business/5370594.html

Hubby has many contacts in the oddest places. When we went-one of my fav things I visited was the National Geologic Institute in Hyderabad and a visit with Dr Gupta-a good friend of Hubby's. Dr Gupta literally built the Institute to the facility it is today. We got the royal treatment when we were there (Dr G is well respected). With my oil background I was in hog heaven. Dr Gupta knew I was a Nurse, but when I started talking geology with him and his staff....they were shocked. I started reading some of their seismic data. I knew about the mineral wealth in gemstones but I was shocked at how little else was mapped. The coolest thing was seeing the equipment to measure seismic activity. It was right in the middle of Hyderabad (like the same thing located in the middle of LA). He had the foresight to convince the Indian Government to buy a large block of land around the Institute many years ago-they couldn't touch the price of it today. He had to retire 2 years ago (mandatory in India) but he has such a wealth of knowledge that they would be foolish not to have him back as a consultant. India has tried and tried to get American companies to help them develop their resources but we have given them the cold shoulder. They really are desperate and this is a golden opportunity for our companies. In fact, he even job offered me after showing me the sights (and I mean we went everywhere). It was one of the most impressive things I saw in India.

[Roland99]

23. Import prices rise 2.7%, the most in 17 years

Import prices rise 2.7%, the most in 17 years
Nonfuel import prices rise 0.5% because of higher commodities prices
http://www.marketwatch.com/news/story/import-prices-rise-27-november/story.aspx?guid=%7BAE22879A%2D0A22%2D4910%2D9ACB%2D0130365B4E3B%7D

Driven by a weaker dollar and much higher prices for petroleum and natural gas, import prices surged 2.7% in November, the largest monthly increase in 17 years, the Labor Department reported Wednesday.

Even excluding fuels, import prices rose 0.5%.

Import prices have now risen 11.4% in the past year, the largest gain in the 25-year history of the import price index. Import prices increased a downwardly revised 1.4% in October.

The report comes one day after the Federal Reserve cut its overnight interest rate target by a quarter percentage point, citing slower economic growth. However, the Fed also said some inflationary pressures remain, which could be an argument against cutting rates further.

[Warpy]

29. And who was in office 17 years ago?

Oh, yeah, right!

[AnneD]

31. Warpy...

I'd love to buy a vowel if I could afford it:sarcasm:

[Demeter]

28. AA for Banks: Fed, counterparts coordinate to ease market stress By David Lawder and Mark Felsenthal

http://news.yahoo.com/s/nm/20071212/bs_nm/usa_fed_liquidity_dc_6


WASHINGTON (Reuters) - The U.S. Federal Reserve on Wednesday launched a new temporary short-term lending facility to ease credit market strains in concert with market-calming actions by several other major central banks. The Fed, the U.S. central bank, said it would launch a "temporary term auction facility" that banks can use to secure funds and avoid borrowing through its traditional discount window. The move is aimed at easing money market strains that intensified in November and may intensify with banks' normal year-end demand for cash.

"This is not about particular financial institutions with particular problems. It is about market functioning," a senior Fed official told reporters on a conference call.

The official said there should be no stigma associated with borrowing via the new weekly and bi-weekly term auctions, as banks can obtain funds through an anonymous bidding process...The Fed has committed to two auctions of $20 billion each in December and two other auctions of an undetermined size in January, and will study whether to make the arrangement permanent...The European Central Bank and counterparts in Canada, Britain and Switzerland announced similar moves, along with some facilities for foreign exchange swaps.

The announcement comes a day after the Fed trimmed benchmark interbank interest rates by a modest quarter percentage point to 4.25 percent and cut the discount rate it charges banks for loans by the same amount, to 4.75 percent. That disappointed investors and stock markets tumbled sharply, but within minutes of the U.S. stock market's open on Wednesday a large part of those losses had been erased as investors saw the Fed action as likely to help settle markets.

"This is exactly what the market was praying for yesterday to address legitimate fears about a year-end credit crunch," said Chris Rupkey, vice president of the Bank of Tokyo/Mitsubishi in New York. "The coordinated effort with other central banks is probably the most important aspect of this as this crisis is certainly on a global scale."

[AnneD]

30. China launches drug recall system

BEIJING — China launched a nationwide recall system Wednesday that shifts responsibility to companies to recall harmful drugs, a day after U.S. and Chinese officials signed an agreement on the safety of medicine and medical devices.

The recall plan will place Chinese-made drugs and imported drugs in three classes according to their possible danger to people's health, a State Food and Drug Administration official said at a news conference.

Each will have to be recalled within different timeframes, ranging from 24 hours for the most serious drugs, to 72 hours for those deemed less life-threatening.

The global pharmaceutical industry increasingly uses drugs either made or containing ingredients sourced in China. That has put more attention on China to restore confidence in its manufacturing capabilities after a series of products ranging from toothpaste to pet food ingredients were found to contain poisonous products earlier in the summer.

<snip>

and more interesting stuff.

http://www.chron.com/disp/story.mpl/ap/business/5371455.html


The best tidbit is at the end of the article...The list for the U.S. includes drugs to treat impotence, dietary supplements, glucose test strips and condoms.

On China's list is drugs to treat AIDS, hepatitis and insulin, as well as pacemakers.

If I am reading it right the US drug companies want to outsource meds like Viagra, viatimin supplements, glucose strips, and condoms. :wow:

[TalkingDog]

36. Condoms?

Don't they have, like, a billion people in China? How good can their condoms be?

My Favorite Master Artist: Karen Parker GhostWoman Studios

[AnneD]

39. Oh no you didn't.....

you owe me a screen:rofl:

[DemReadingDU]

32. going down, and back up

at 3:39pm

Dow -83.57
Nasdaq -8.38
S&P -6.95

Breaking news...
Oil surges $4.37 to settle at $94.39 a barrel after inventories surprisingly fall in 4th-straight week of declines. More soon.
http://money.cnn.com/

added link
http://money.cnn.com/2007/12/12/markets/oil_eia/index.htm?postversion=2007121215

going up
at 4:00pm

Dow 46.82
Nasdaq 18.79
S&P 9.05

[Hugin]

37. ~16:00 ET: Santa's team ridden hard and put away wet...

Index Last Change % change

• DJIA 13473.90 +41.13 +0.31%
• NASDAQ 2671.14 +18.79 +0.71%
• S&P 500 1486.59 +8.94 +0.61%

Mini-blather:

They went way up and then they went way down ending up slightly from where they started.

[AnneD]

41. Don't forget....

we may have to do this again tomorrow. Best wishes to our regulars that couldn't post.

[Hugin]

43. Who's this we you speak of?

:D

Yeah, I hope the regulars are all healthy and happy!

[question everything]

42. Really bizarre behavior

Every time that I looked - several hours apart, the Industrial was either in the up swing or the down.

[Hugin]

44. The futures for tomorrow look a little more stable...

So, far. :worried-expression:

The thing I haven't run across yet is any mention of fuel price increases in the mid-west due to
the closing of a primary refinery there and what havoc that's going to cause with prices.