STOCK MARKET WATCH, Tuesday 21 February

[ozymandius]

Tuesday February 21, 2006

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 1063 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 1888 DAYS
WHERE'S OSAMA BIN-LADEN? 1588 DAYS
DAYS SINCE ENRON COLLAPSE = 1549
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 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 February 17, 2006

Dow... 11,115.32 -5.36 (-0.05%)
Nasdaq... 2,282.36 -12.27 (-0.53%)
S&P 500... 1,287.24 -2.14 (-0.17%)
30-Year Bond 4.51% -0.07 (-1.49%)
10-Yr Bond... 4.54% -0.06 (-1.20%)
Gold future... 554.60 +5.80 (+1.05%)






GOLD, EURO, YEN, Dollars and Loonie


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

[ozymandius]

1. Today's Reports

10:00 AM Leading Indicators Jan
Briefing Forecast 0.6%
Market Expects 0.5%
Prior 0.1%

2:00 PM FOMC Minutes Jan 31

[UpInArms]

29. US Leading Indicators Report:

U.S. Dec. leading index revised to up 0.3% vs rise 0.1%
10:00 AM ET Feb. 21, 2006 -

6 out of 10 U.S. leading indicators rise in Jan.
10:00 AM ET Feb. 21, 2006 -

U.S. leading indicators up for fourth straight month
10:00 AM ET Feb. 21, 2006 -

U.S. Jan. leading economic indicators up 1.1%
10:00 AM ET Feb. 21, 2006 -

WHEE!

[UpInArms]

31. more info:

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BE11A6A12%2D011F%2D4C7F%2DBF3E%2D50C992C16270%7D&siteid=mktw&symbol=

The strong gain in the leading index "could be a signal of a faster pace" of growth in the spring, said Ken Goldstein, labor economist at the Conference Board.

The coincident index rose 0.2%, while the lagging index rose 0.7%.

Six of the 10 indicators increased in January, led by a drop in weekly jobless claims, an increase in building permits, improving vendor performance, higher stock prices and a narrower interest rate spread.

The negative contributor was lower consumer expectations.

Measures of the factory sector held steady in January.

[UpInArms]

80. FOMC Minutes:

FOMC to discuss delinking statement from vote on policy
2:00 PM ET Feb. 21, 2006 -

FOMC: Staff forecasts some rise in core inflation in '06
2:00 PM ET Feb. 21, 2006 -

FOMC: Economy likely to "bounce back" from weak Q4
2:00 PM ET Feb. 21, 2006 -

FOMC: Future rate path can't be prejudged
2:00 PM ET Feb. 21, 2006 -

FOMC: Some members saw core inflation as too high
2:00 PM ET Feb. 21, 2006 -

FOMC still concerned about upside risk of inflation
2:00 PM ET Feb. 21, 2006 -

FOMC unanimous in decision to hike rates on Jan. 31
2:00 PM ET Feb. 21, 2006 -

FOMC: Some more rate hikes might be needed to stem inflation
2:00 PM ET Feb. 21, 2006 -

FOMC minutes: Rate stance 'close to where it needed to be'
2:00 PM ET Feb. 21, 2006 -

[EuroObserver]

85. FT's first response

Fed confirms further monetary tightening likely
(FT) The Federal Reserve’s monetary policy body sees current interest rates as appropriate but is entertaining the possibility of further monetary tightening amid stronger economic data, official meeting minutes showed on Tuesday.

The Federal Open Market Committee’s minutes of its January meeting said: “Although the stance of policy seemed close to where it needed to be given the current outlook, some further policy firming might be needed to keep inflation pressures contained and the risks to price stability and sustainable economic growth roughly in balance.”
...

Mr Bernanke told lawmakers that the FOMC would act as needed in order to keep inflationary pressures in check and rely on data to guide its decisions.

Markets were broadly steady on the news. Observers said the comments were “nothing new” to the markets.

...more...

Well, at least he said FOMC decisions would be 'guided by data' (rather than by, say, 'blind faith' or 'unthinking loyalty', I suppose) :think:

[ozymandius]

2. Nymex Oil Prices Jump Over $1.50 a Barrel

SINGAPORE - Crude oil prices climbed by more than $1.50 a barrel Tuesday after militant attacks on oil pipelines in Nigeria renewed fears of more disruptions to supply from the oil-rich West African nation.

Light, sweet crude for March delivery gained $1.57 to $61.29 a barrel in electronic trading on the New York Mercantile Exchange. Nymex trading on Monday was closed for the Presidents Day holiday. On Friday, oil prices had jumped more than $1 and settled near $60 a barrel.

-cut-

Militants on Monday attacked a Royal Dutch Shell PLC pipeline and a boat the militants claimed housed Nigerian military personnel in Nigeria's swampy delta region, vowing to spread their campaign across the petroleum-rich south from where most of the country's crude is pumped.

Nigeria is Africa's leading oil exporter and the United States' fifth-largest supplier, usually exporting 2.5 million barrels daily.

more...

[EuroObserver]

9. 455,000 barrels a day of Shell's Nigerian oil production continues closed

(FT)... Reuters reported that Royal Dutch Shell extended a contractual exemption clause on exports of Nigerian crude oil from the EA and Forcados fields after militant attacks shut output.

The force majeure clause, which exempts the company from delivering crude oil under long-term contracts, was initially imposed in January after a first wave of militant attacks, but was extended after another series of attacks at the weekend.

Shell has closed a total of 455,000 barrels a day of oil production in Nigeria from Forcados and EA, equivalent to 19 per cent of the Opec member nation’s output.

...more...

[EuroObserver]

12. War of words between Chávez and US heats up

(FT) Accusations of spying and tit-for-tat expulsions of diplomats might seem the stuff of historic ideological battles between Washington and Moscow. But such cold war antics look set to take centre-stage in the saga of deteriorating ties between the US and Venezuela, home to the largest energy reserves in the Americas.

At the weekend, Hugo Chávez, Venezuelan president warned Condoleezza Rice, US secretary of state, against trying to build an international alliance to curb his government’s expanding tentacles of influence across Latin America. “I will sting those who rattle me, so don’t mess with me, Condoleezza,’’ he said, blowing Ms Rice a kiss during his Sunday television programme.

On Friday, he insisted that the US would receive “no more oil” if it “crossed the line” in its supposed efforts to undermine his “revolution”.
...

He has in the past threatened to sever oil supplies to the US, even if most analysts have dismissed such a threat as economic madness. Venezuelan oil is especially heavy and can only be processed in US-based refineries owned by Citgo, the Venezuelan state-owned oil company’s refining and marketing subsidiary in the US.
...

People familiar with the policy development in Washington say it has gelled as a result of recent appointments in the area of security. “The policy is to convince the governments of South America that Chávez is a danger to the hemisphere, if not to the US,’’ said a US security consultant who has been party to the discussions.

Robert Zoellick, deputy secretary of state, is believed to have advised Ms Rice recently of the risk of neglecting Latin America. Similar views have been taken, the consultant said, by Porter Goss, chief of the Central Intelligence Agency, John Negroponte, director of national intelligence, and Patrick Maher, the national intelligence officer for the western hemisphere.

...more...

[AnneD]

39. If I were Hugo..

I'd give up smoking the Cuban cigars for a while :rofl:

[EuroObserver]

13. Protests hit Ecuador oil exports

(BBC) Ecuador's state oil firm Petroecuador has been forced to suspend crude exports after a violent demonstration in Napo province shut a key pipeline.

Petroecuador's halt to its 144,000 barrels per day (bpd) of exports came into effect on Tuesday after the Trans-Ecuadorean pipeline was closed.

Protesters had occupied a pumping station to demand more state resources for the poor province in the Amazon.
...

The demonstrators want more of the country's oil wealth to be spent on infrastructure and new jobs. They also want a crackdown on alleged corruption by big oil companies.

Ecuador, which is not a member of the Opec cartel of oil producing nations, is the fifth biggest oil producer in South America extracting 532,000 barrels of oil a day. A total of 37% is extracted by Petroecuador, the rest by private companies.

Last autumn, a protest in the same region stopped Ecuador's daily exports of crude oil for two weeks. Oil sales account for about a quarter of Ecuador's GDP.

...more...

[UpInArms]

30. March Crude @ $61.50 bbl - NatGas @ $7.39 mln btus

March crude opens at $61.50, up $1.62
10:00 AM ET Feb. 21, 2006

Natural gas opens at $7.39, up 20.8 cents
10:01 AM ET Feb. 21, 2006

[UpInArms]

87. Crude closes @ $61.10 bbl - NatGas @ $7.731 mln btus

Gasolines closes at $1.4757, down 2.69 cents
3:10 PM ET Feb. 21, 2006 -

Heating oil closes up 0.9 cent at $1.6664 a gallon
3:04 PM ET Feb. 21, 2006 -

Crude closes at $61.10, up 2%, or $1.22
3:02 PM ET Feb. 21, 2006 -

Natural gas up 7.6%, or 54.9 cents, to close at $7.731
3:03 PM ET Feb. 21, 2006 -

[EuroObserver]

3. Tokyo continues bouncing: Nikkei up 3% today

Tokyo stocks rebound sharply as bargain hunters step in
(Kyodo) _ The Tokyo stock market rose sharply Tuesday as bargain hunters stepped in following recent sell-offs, scooping up a wide range of shares, especially recently battered real estate and brokerage issues.

The 225-issue Nikkei Stock Average jumped 457.01 points, or 2.96 percent, to 15,894.94, a rebound from its fall to a nearly one-month low the previous day. The Tokyo Stock Price Index of all First Section issues on the Tokyo Stock Exchange was up 40.45 points, or 2.57 percent, to 1,612.56.

Brokers said Japanese investors were heartened after foreign brokerages returned as net buyers Tuesday for the first time in 10 trading days in orders placed before the Tokyo market opened.

The pre-opening net buying was placed after worries over the apparent weakening demand for Japanese stocks by foreign investors weighed down the Tokyo market in recent sessions. Foreigners' record buying played a major role in boosting Japanese stocks last year when the Nikkei index surged 40 percent, its biggest annual gain in nearly two decades.

Also buoying market sentiment was news that the government will show greater confidence in Japan's economic recovery in a monthly report to be issued Wednesday, upgrading its economic assessment for the first time in six months, brokers said.
...

"With sellers withdrawing and the news suggesting a favorable state of the domestic economy, there was a sense of relief in the buying," said Fumiyuki Nakanishi, chief equity strategist at SMBC Friend Securities Co. ...more...

[EuroObserver]

5. JGBs mostly lower but short-end stages rebound

TOKYO, Feb 21 (Reuters) - Benchmark Japanese government bond yields rose on Tuesday, as the Nikkei average <.N225> recovered from a sharp slide and rallied almost three percent. But short-term bond yields fell after an auction of 20-year bonds attracted only tepid demand in the secondary market, prompting dealers to unwind recent trades betting on a flattening of the yield curve.
...

The five-year yield <0#JPTSY=JBTC> fell 3.5 basis points to 0.970 percent, well below a five-year high of 1.050 percent hit last week. The 20-year yield rose 3 basis points to 1.980 percent. The yield on benchmark 10-year JGBs was up 1.5 basis point to 1.525 percent, off its session high of 1.540 percent. March 10-year futures <2JGBv1> gained 0.22 point to 136.82 after falling as low as 136.31 in early trade.

...more...

[EuroObserver]

6. BOJ, policymakers shift focus beyond policy exit

TOKYO, Feb 21 (Reuters) - Bank of Japan Deputy Governor Toshiro Muto forecast a steady rise in prices on Tuesday, while other central bankers and policymakers shifted their focus to longer-term issues as a monetary policy exit appeared closer.

Muto said the economy was showing signs of steady and broad-based growth and consumer prices were bottoming out from a seven-year downturn, a trend he said was likely to continue. "Conditions surrounding prices are improving," he told a parliamentary committee. "We should see a more clear upward trend ... after January," he said. "The uptrend should take hold thereafter."

The BOJ has vowed to stick to its ultra-loose "quantitative easing" policy, in which it tries to boost corporate activity by flooding the banking system with money, until year-on-year changes in core CPI stabilise above zero percent. Japan's core consumer price index (CPI) rose for a second straight month in December from year-ago levels, raising expectations the BOJ may switch policy around April.

Financial markets expect the central bank to keep rates pinned near zero percent for a while even after ending the current policy framework, and to raise them later in the year.

...more...

[EuroObserver]

7. Japan bankers head says BOJ needs 'normal' policy

TOKYO, Feb 21 (Reuters) - A high-ranking Japanese banker urged the Bank of Japan on Tuesday to end its ultra-loose monetary policy as quickly as possible and return to a "more normal" stance.

Terunobu Maeda, the head of the Japan Bankers Association and president of Japan's second-biggest bank, Mizuho Financial Group (8411.T: Quote, Profile, Research), said banks were chafing under the BOJ's policy of pinning short-term rates near zero and flooding the financial system with excess funds. "This abnormal policy has continued for a long time," he said at a regular news conference of the bankers' association. "Lending margins continue to shrink, which is very severe for all banks."

Japan's six major banking groups expect a record 2.835 trillion yen ($23.97 billion) in profits this business year, and share prices have surged with the end of the country's decade-long bad-debt crisis. But banks' income from lending has declined due to rock-bottom interest rates -- designed to reverse a seven-year fall in consumer prices -- and fierce competition among lenders.

...more...

[EuroObserver]

10. Domestic stocks led rise: real estate, construction, retail, banking

(FT)... The market was pushed up by huge rises in domestic stocks, such as real estate and construction, that had dropped sharply in recent days.

Analysts said the sudden rebound in the market was triggered by the news that buy orders placed with large foreign securities houses before the market open outnumbered sell orders for the first time in two weeks.

The Nikkei closed at 15,894.94. The Topix rose 2.5 per cent to 1,612.56.

The largest single rise came from the real estate sector, which leapt 8.1 per cent. Mitsui Fudosan, Japan’s biggest property company, rose 7.1 per cent to Y2,345. Mitsubishi Estate, its largest rival, was up 6.2 per cent to Y2,385. Tokyu Land gained 7.1 per cent to reach Y1,023. But even these gains looked puny compared with a 10.2 per cent rise in Sumitomo Realty & Development to Y2,645, and an 11.9 per cent gain in NTT Urban Development to Y938,000.
...

Among other domestic sectors, retailers were up 4.5 per cent, with construction rising 4.9 per cent. Fast Retailing jumped 8.4 per cent to Y10,560 after Japan’s biggest maker of casual clothes announced plans to open a store under its Uniqlo brand name in New York City. Kajima, the large general construction contractor, jumped 10.2 per cent to Y671.

Banking was up 2.5 per cent. Mitsubishi UFJ, the world’s biggest bank by assets, was 1.9 per cent higher at Y1,600,000. Mizuho, its biggest Japanese rival, jumped 3.3 per cent to Y899,000. The securities sector followed the market upwards, jumping 6.3 per cent. Daiwa Securities, one of Japan’s biggest securities houses, rose 6.4 per cent to Y1,309. ...more...

[JNelson6563]

20. Wow! Things are hot, hot, hot!!

The largest single rise came from the real estate sector, which leapt 8.1 per cent.

.....retailers were up 4.5 per cent....

.....construction rising 4.9 per cent...

.....securities sector followed the market upwards, jumping 6.3 per cent...

Pretty hot stuff! :toast:

Julie

[EuroObserver]

21. Yep. Entertaining if you can stand the risk! n/t

[EuroObserver]

89. Whither the Nikkei? (clueless analysts)

(FT) ... But although the Nikkei’s increase stoked bulls’ hopes that the recent downward correction may be over, sceptics saw Tuesday’s movement as only the latest in a series of gyrations. Yann Muzika, head of equities in Tokyo at BNP Paribas, said: “Market movements are getting pretty volatile.” He added that investors were “definitely” becoming jumpier, because “people realise things are getting quite expensive”.
...

Many analysts are still worried that overseas interest in Japan is waning – and that this could send the Nikkei down again. Morgan Stanley reduced the Japan part of its global equity weighting last month, following December’s reduction by UBS.

Some foreigners fear the market could be hit by an increase in Japanese interest rates this year. But other analysts think higher interest rates could boost recently flagging sectors such as retailing that are highly exposed to the vagaries of household spending. Their reasoning is that Japanese consumers are huge net savers and will earn significant interest income when the BoJ ends its zero-interest rate policy.

...more...

ed. "Latest in a series of gyrations," obviously. The question is, what's the trend (ignoring, for the moment, you-know-what geopolitical factor)? A few weeks ago, 'analysts' were pointing to some of those 'huge' Japanese (real) savings already jumping into the market. Now they concentrate on the role of 'foreigners'. After what they've gone through this past decade, wouldn't you expect the Japanese to be extremely cautious around stock-markets?

[EuroObserver]

4. Europe: energy, utilities M&A activity lead bourses higher

Utilities power European shares to 4-1/2 yr high
PARIS, Feb 21 (Reuters) - European shares reached new 4-1/2 year highs on Tuesday, powered by the utilities sector after Germany's E.ON (EONG.DE: Quote, Profile, Research) trumped Gas Natural's (GAS.MC: Quote, Profile, Research) bid for the Spanish utility Endesa (ELE.MC: Quote, Profile, Research).
...

The FTSEurofirst 300 <.FTEU3> index of leading European shares climbed 0.7 percent to 1,355.09 points by 1110 GMT -- its highest since August 2001. Stocks to rise outnumbered those to fall by almost 3-to-1, and a quarter of the FTSEurofirst's constituents hit new 52-week highs. Across Europe, the FTSE 100 <.FTSE> rose 0.3 percent to 5,882 points, near a 5-year high, while the CAC <.FCHI> and DAX <.GDAXI> were both up 0.8 percent.

"People are asking where can we hunt down a few M&A targets, particularly in areas like utilities where there is plenty to be done on a pan-European level," said a Paris-based trader.

Shares in Endesa soared 9 percent after cash-rich utility E.ON launched a bid for Endesa at 27.50 euros per share in cash, or around 29.1 billion euros. Endesa is currently the subject of an unsolicited 22 billion euro offer by Gas Natural. E.ON shares rose 4 percent, while Gas Natural was up 2 percent.

"The deal looks interesting from a strategic point of view because the Spanish market offers stronger growth rates (than Germany)," said Nils Machemehl, an analyst at MM Warburg.

Utilities across Europe gained. France'sSuez (LYOE.PA: Quote, Profile, Research) was up 3 percent, Finland's Fortum (FUM1V.HE: Quote, Profile, Research) gained 5.5 percent, while Britain's Centrica (CNA.L: Quote, Profile, Research) and Germany's RWE (RWEG.DE: Quote, Profile, Research) gained around 4 percent each.

This pushed the DJ Stoxx utility index <.SX6P> nearly 4 percent higher to be the top sectoral gainer. ...more...

FTSE rises to near 5-year high on oil gains
LONDON, Feb 21 (Reuters) - Britain's leading FTSE 100 share index <.FTSE> on Tuesday extended its recent winning streak, boosted by gains in energy shares such as BP (BP.L: Quote, Profile, Research) and Royal Dutch Shell (RDSa.L: Quote, Profile, Research) as crude oil prices rose.

By 0830 GMT, the benchmark index was up 0.3 percent at 5,878.7 points, its strongest level in just under five years. The index has risen 4.5 percent so far this year, boosted by a wave of takeover bids and adding to last year's jump of nearly 17 percent in the index.

BP and Royal Dutch Shell inched higher, adding to strong gains struck in the previous session, as U.S. crude oil prices rose 2 percent to $61.0 a barrel.

Standout losers included Scottish Power (SPW.L: Quote, Profile, Research), which shed as much as 3.5 percent before paring losses, as German utility E.ON's (EONG.DE: Quote, Profile, Research) bid for Spanish power company Endesa (ELE.MC: Quote, Profile, Research), scotched takeover speculation, traders said. "Though E.ON was not expected to bid soon for Scottish Power, this still takes away some takeover speculation surrounding the stock," said one trader. The UK utility, last year, rejected a takeover offer from E.ON, but has since been the focus of bid speculation. ...more...

[EuroObserver]

14. Bourses still in reasonable shape at midday

Swiss SMI up 0.69% at 8005.47 13:26:47 CET
Xetra Dax 30 up 0.8% at 5,838.37 in Frankfurt 13:43 CET
CAC 40 up 0.8% at 5,017.33 in Paris 13:23 CET
FTSE 100 up 0.3% at 5,878.6 in lunchtime trade in London 12:00 GMT

[EuroObserver]

74. Bourses depressed by Wall St. but closed mostly positive

Swiss SMI up 0.66% at 8002.56 in Zurich 17:30:33 CET
CAC 40 closes up 0.2% at 4,991.93 in Paris 17:42 CET
Xetra Dax 30 closes up 0.1% at 5,801.04 in Frankfurt 17:41 CET
FTSE 100 closes down 0.1% at 5,857.7 in London 16:43 GMT
FTSE 250 closes flat at 9,458.9 in London 16:40 GMT


London follows Wall Street lower after busy day for utilities
London equity markets pared gains in afternoon trade on Tuesday after Wall Street opened in negative territory. ...more...

European shares at 4-1/2 yr high led by utility M&A
FRANKFURT, Feb 21 (Reuters) - European shares hit a 4-1/2 year high on Tuesday, led by utilities, after Germany's E.ON (EONG.DE: Quote, Profile, Research) trumped Gas Natural's (GAS.MC: Quote, Profile, Research) bid for Spanish utility Endesa (ELE.MC: Quote, Profile, Research) with a 29.1 billion euro ($35 billion) offer.

But European markets shed some gains after a surprisingly large rise in U.S. leading economic indicators, which heightened the prospect of more rate rises from the Federal Reserve. ...more...

[EuroObserver]

8. Dollar gains ground ahead of Fed minutes; Swiss Franc strengthens

(FT) The US dollar strengthened in European morning trade on Tuesday as traders positioned for the release of potentially hawkish Federal Reserve minutes.

The minutes of the Federal Open Market Committee’s gathering on January 31, the final meeting of Alan Greenspan’s reign, will be released later on Tuesday, with some market participants believing the minutes will support expectations that the Fed has two or three more rate rises up its sleeve. “The dollar has edged steadily higher overnight, supported in part by speculation that the release of the minutes from the FOMC’s last meeting may give further support to those expecting several more rate hikes,” said Chris Gothard, currencies strategist at Brown Brothers Harriman.

With US inflation data also due on Wednesday, traders moved to rebuild a some of the long-dollar positions that appeared to be closed on Friday, prior to the US holiday weekend. As a result the dollar firmed 0.3c to $1.1906 against the euro and Y0.65 to Y118.86 against the yen, although it was little changed at $1.7443 against sterling.

However, analysts at Saxo Bank warned the dollar’s rise could be a case of “buy the rumour, sell the fact” ahead of the FOMC minutes, speculating that the physical release of the minutes could trigger a reversal in the dollar’s fortunes.
...

Elsewhere the yen came under fresh selling pressure. With risk aversion still low and interest in carry trades high, despite the travails of the kiwi, the yen was once again being used as a funding currency for carry trades, sending it Y0.45 lower to Y141.51 against the euro and Y1.05 weaker to Y207.28 against sterling. However the Swiss franc, another popular funding currency, was strong, firming 0.2 centimes to SFr1.5585 against the euro. Saxo argued that the traditionally “safe haven” Swissie could see support as confirmed cases of bird flu spread across Europe.

...more...

[EuroObserver]

11. China rebuffs US call for faster revaluation

(FT) Beijing has rebuffed renewed US demands for a faster acceleration of its currency, saying that it would maintain its policy of “gradualism” in building a flexible system suited to the development of its own economy.

A statement published on the website of the People’s Bank of China, the central Bank, part of its quarterly survey of the economy, said Beijing would maintain a “basically stable” renminbi. This phrase, often used by the government, highlights Beijing’s priority of bedding down reforms to its currency system at a pace that will allow traders and enterprises to adjust to a new regime before allowing a freer float.

The government wants to avoid surprises for enterprises which have little experience in managing currency risk and allow them to build expertise in foreign exchange markets prone to speculation.

“We will perfect the managed floating exchange rate system based on China's needs for economic and financial development and stability, and the principles of manageability and gradualism to let supply and demand play a fundamental role,” the bank said in its statement.

...more...

[loudsue]

22. China seems to have pretty good sense when it comes to their currency

They're just not willing to have some knee-jerk response, the way republicans do. Instead, they want to prepare their business community slowly and responsibly.

Republicans just want to throw things against the wall and see if they stick, without regard for what the future might bring.

:hi: Hi Marketeers! You guys do a great job of keeping us informed! This is how some of us

FOLLOW THE MONEY!!

:yourock:


:kick::kick::kick:

[AnneD]

28. Morning,

:hi: LoudSue. and this is much better than the Wall Street Journal-more accurate AND entertaining.

[EuroObserver]

36. Chinese banks to trade FX on Reuters exchange

(FT) China’s four largest banks on Monday signed up to trade foreign exchange via Reuters’ electronic trading system. The move gives Bank of China, Bank of Communications, China Construction Bank and the Industrial and Commercial Bank of China access to about 40 spot currency pairs traded on the system. Some of the banks had already signed up with EBS, Reuters’ main rival in the inter-dealer market. Until recently, onshore Chinese banks could only trade non-renminbi currency pairs via the China Foreign Exchange Trade System, a dealer-to-bank platform that boasts just 10 market-makers and far less liquidity than Reuters’ global system.

The move coincides with increased sabre-rattling on Capitol Hill about China’s foreign exchange regime, with John Snow, the US Treasury secretary, hinting earlier this month that his department was likely to formally accuse China of being a “currency manipulator” in its next report on trade and exchange rates. China has allowed the renminbi to appreciate by just 0.8 per cent since a 2.1 per cent revaluation of the currency in July 2005.

As such, the recent moves by Chinese banks to enter the wider foreign exchange markets will be seen by some as another small sign that China is slowly liberalising its foreign exchange regime and preparing its domestic banks for a less regulated trading environment. “This is another indication the market is opening up,” said one currency analyst. “China can say ‘stop moaning, we are developing our system at our own pace’.”

However, simultaneously, there are signs that Chinese banks and exporters are still woefully unprepared for the advent of a freer-floating currency that would move by more than a fraction of a percentage point a day.

...more...

[UpInArms]

78. US Treasury's Adams to visit Beijing

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-02-21T174803Z_01_WAT004911_RTRIDST_0_ECONOMY-TREASURY-CHINA-URGENT.XML

WASHINGTON, Feb 21 (Reuters) - U.S. Treasury Undersecretary Tim Adams is visiting Asia this week and next, including a stop in Beijing, where foreign exchange issues are among the items on his agenda, a Treasury spokesman said on Tuesday.

"Undersecretary Adams is on point on this issue, and the question of the role of the economies in Asia in the global adjustment process is foremost in his mind," Treasury spokesman Tony Fratto told reporters at a briefing.

Adams is due to visit the Philippines Tuesday and Wednesday; Malaysia Thursday and Friday, and Singapore through the weekend, Fratto said.

...more...

[UpInArms]

15. daily dollar watch

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

Last trade 90.59 Change +0.06 (+0.07%)

No Confidence

http://www.dailyfx.com/story/strategy_pieces/trade_or_fade/6862_no.html

Boooooring. In what had to be one of the tightest trading range weeks in months the dollar spent its time going nowhere fast. By the end of the week it managed to lose 31 basis points to the euro. This 1/3 of 1% was actually the largest move of the week in the majors. If a trader went to sleep last Friday only to wake up a week later he would be hard pressed to notice that a week of FX trading passed him by.

What is causing all this churn? Friday’s downdraft in the dollar was blamed on weak U of M Consumer Confidence number which printed a woeful 87.4 versus 91 expected and cast a pall on the strong Retail Sales and Housing Starts data earlier in the week. However, the true problem for dollar bulls was the shockingly small TICS report which registered only a $56.6 Billion surplus against expectations of $76.2 Billion. The shortfall was caused by massive outflow from hedge funds creating the smallest TICS surplus in months. In fact it did not even cover December’s -$65 Billion Trade deficit. If this is a start of a trend dollar longs are in a heap of trouble as all of the US Balance Sheet concerns will come to the forefront once again with a vengeance. Much like a knife wound victim who appears to be momentarily calm before collapsing in shock, the FX market may do the same if it comes to the conclusion that there is no more money to fund the US Current Account deficit.

...more...

[54anickel]

54. Many Faces of Exchange Rate Arrangements

http://times.hankooki.com/lpage/biz/200602/kt2006022116300311860.htm

These days, one U.S. dollar is exchanged for about 970 Korean won, while one Chinese yuan is exchanged for about 120 Korean won. One euro is exchanged for about 1150 won, while one Mexican peso is exchanged for about 92 won. As you know, these exchange rates fluctuate on a daily basis if not on an hourly basis.
When you look around at currencies of many other countries, you will find that exchange rates do not always fluctuate like the Korean won. This is because countries can have several different exchange rate arrangements. In today's article, let us go over the types of exchange rate arrangements.

If you read economics textbooks, they usually classify exchange rate arrangements into fixed system, pegged system, and flexible system. Reality is a little more complicated than that.

First of all, let us start from one end of the spectrum in which exchange rates do not exist between any two or more countries. How is it possible that two different countries that trade together cannot have an exchange rate? Not only is it possible, it is more common than you think it is. Such arrangement is known as the system of no separate legal tender.

Legal tender is money that is unique to a particular country. Everyone in that country should accept it by law as money or a medium of payment. For instance, Korea's won is a legal tender, Japan's yen is a legal tender, and China's yuan is a legal tender. Under the system of no separate legal tender, a country may use another country's money as its sole legal tender.

more...

[54anickel]

61. A new fundamentalism

http://business.guardian.co.uk/economicdispatch/story/0,,1714714,00.html

Mervyn King's call for a reformed International Monetary Fund comes at a time when the world economy may be teetering on the edge, writes William Keegan

Tuesday February 21, 2006


When anti-globalisation protesters say the International Monetary Fund (IMF) needs to be reformed, nobody takes much notice. But when the highly respected governor of the Bank of England speaks out, he makes quite a splash.
Mervyn King has been gearing up for several years for the important speech on the IMF he delivered in India yesterday, and the location he chose to urge fundamental reforms was most appropriate, because one of his criticisms is that the IMF as at present constituted is far too US and Euro-centric.

One of Mr King's proposals is that the voting (ie power) structure of the fund needs to be altered to take account of modern realities.

Another central theme is that the very role and powers of the IMF need to be redefined. "Its lending activities have waned, and its role in the international monetary system is obscure," he said.

more...

[54anickel]

71. UK policy blamed for soaring debt levels (BIS)

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2006/02/20/cndebt20.xml

The world's top central banking authority has warned that the Bank of England's inflation-busting tactics are largely responsible for the dangerous pile-up of household debt, which last year passed £1,158 billion, £30 billion more than the country's total economic output.

Gordon Brown, the Chancellor, made inflation targeting the cornerstone of an independent Bank of England in 1997. But the powerful Bank for International Settlements (BIS) has now voiced grave doubts about the policy and called on politicians to begin debating an overhaul of the current global economic system.

In another radical move it has also suggested ditching many national currencies in favour of a small number of formal currency blocks based on the dollar, euro and renminbi or yen.

The BIS, which is controlled by a coalition of central banks and helps oversee the global financial system, warned that by pushing interest rates so low, inflation targeting has encouraged the public to take on more debt and has accelerated a flow of money out of the world's major economies.

The news will also cause concern in the US, where Ben Bernanke, the new chairman of the Federal Reserve, is thought to be considering adopting an inflation target.

more...

[UpInArms]

16. RadioShack CEO resigns after questions arise over his resume

http://www.azcentral.com/business/articles/0221biz-talker21.html

RadioShack Corp.'s embattled president and chief executive officer, David Edmondson, resigned Monday following questions about his resume. The electronics retailer released a statement saying that its board accepted Edmondson's resignation.

On Wednesday, the Fort Worth company said it would hire outside lawyers to investigate errors in Edmondson's resume, including claims that he earned two college degrees. The school he attended has no such record. Edmondson said he took responsibility for errors in the resume.

This news comes in the wake of last week's earnings report, stating that the company's fourth-quarter profit plunged 62 percent. The company announced a restructuring that will close up to 700 stores. It has about 60 stores in the Phoenix area.

When will *Co resign for his lies?

[UpInArms]

17. GM plant in Okla. shuts down production

http://www.myrtlebeachonline.com/mld/myrtlebeachonline/business/13919667.htm

OKLAHOMA CITY - Some workers brought cameras to General Motors Corp.'s Oklahoma plant to take photographs of their work stations and co-workers before the last vehicle rolled off the line Monday, photos that will become treasured keepsakes in scrapbooks.

Others just brought their sadness.

"It's a rough day," said GM spokeswoman Nancy Sarpolis in Detroit. "It's hard to see your co-workers go."

After 27 years, the last vehicle produced at the plant, a white Chevrolet Trailblazer EXT, rolled out Monday evening as GM shut down production in the first of 12 facilities the company plans to close by 2008 as it struggles to match production with market demand.

Detroit-based GM plans to cut 30,000 jobs. The Oklahoma City plant employs 2,400 - 2,200 hourly and 200 salaried - but economists said as many as 7,500 jobs could be affected including those at GM suppliers and secondary jobs, like hotel and restaurant workers.

...more...

[UpInArms]

51. Ohio: G.M. Announces Date For Local Layoffs

http://www.wdtn.com/dsp_story.cfm?storyid=27333

Job cuts are coming for local G.M. workers. 2News learned on Monday that the third shift will be eliminated on June 30.

Those cuts will affect about a thousand workers at the Moraine assembly plant.

An e-mail sent to employees from shop chairman Mike Hall said:

"At five p.m. tonight management notified the union of the date for the third shift reduction. The last day for the third shift will be June 30th.

We will be working on the details of the layoff tomorrow and as soon as we have a seniority date for the layoff we will have a handbill to the membership.

The talks with management are not going well, they are insisting that we out-source many jobs and we are refusing their demands.

...more...

[UpInArms]

67. Moody's cuts GM's rating deeper into junk

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-02-21T172752Z_01_WNA2531_RTRIDST_0_AUTOS-GM-MOODYS-URGENT.XML

NEW YORK, Feb 21 (Reuters) - Moody's Investors Service on Tuesday cut its rating on General Motors Corp. (GM.N: Quote, Profile, Research) deeper into junk territory, citing increased uncertainty about the automaker's ability to achieve competitive wage, benefit and supplier cost structures outside of bankruptcy.

"GM also faces the near-term challenge of completing the sale of GMAC and resolving the current SEC investigations into various accounting matters," Moody's said in a statement.

The company's operating profile continues to be pressured by declining U.S. market share, the ratings agency said.

Moody's cut GM's long-term senior unsecured rating by one notch to "B2," five levels below investment grade, from "B1." The outlook is negative, meaning an additional cut is likely over the next 12 to 18 months.

...more...

[UpInArms]

18. U.S. Treasuries inch lower before Fed minutes

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-02-21T024905Z_01_T62500_RTRIDST_0_MARKETS-TREASURIES-ASIA.XML

TOKYO, Feb 21 (Reuters) - U.S. Treasury prices inched lower in Asia on Tuesday as investors awaited the minutes of the Federal Reserve's Jan. 31 policy meeting to get a better idea of how much longer U.S. interest rates will rise.

Trade was quiet after a U.S. market holiday on Monday, and some dealers said that investors were waiting for the minutes, due at 1900 GMT, as well as consumer price data on Wednesday, before taking on any big positions after a rally late last week.

"After Friday's short-covering, we're seeing some adjustments in long positions, but the market is basically at a standstill ahead of the CPI and the (Federal Open Market Committee's) minutes," said a dealer at a Japanese trust bank.

Market participants said the minutes of the last policy-setting meeting presided over by former Chairman Alan Greenspan were likely to offer little forward-looking insight into future Fed policy under the central bank's new chief, Ben Bernanke.

But some said they would comb through the minutes to see why the reference to "measured," one of Greenspan's favourite terms to explain the pace of monetary tightening, was omitted at the last meeting.

...more...

[UpInArms]

23. Printing Press Report:Fed adds temporary reserves via overnight repos

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-02-21T143910Z_01_N21344013_RTRIDST_0_MARKETS-FED-OPERATIONS.XML

NEW YORK, Feb 21 (Reuters) - The Federal Reserve said on Tuesday that it was adding temporary reserves to the banking system through overnight repurchase agreements.

The benchmark fed funds rate last traded at 4.50 percent, the Fed's current target for the overnight lending rate on loans between banks.

Further details are available at: http://www.ny.frb.org/markets/omo/dmm/temp.cfm

[UpInArms]

24. US Treasuries ease in give-back from Friday rally

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-02-21T144547Z_01_N21408010_RTRIDST_0_MARKETS-BONDS.XML

NEW YORK, Feb 21 (Reuters) - U.S. Treasury debt prices eased on Tuesday as investors gave up some of the gains made on Friday and amid expectations the Federal Reserve still has a way to go in raising interest rates.

"We had a big rally on Friday, so any weakness this morning is basically the market trying to unwind some of the strength from Friday," said Adam Brown, co-head of U.S. Treasury trading at Barclays Capital in New York.

Benchmark 10-year Treasury notes <US10YT=RR> eased 7/32 for a yield of 4.553 percent, up from 4.539 percent late on Friday. Ten-year notes had climbed 12/32 on Friday after January inflation data proved benign and February consumer sentiment fell more than anticipated.

Volume was thin early on Tuesday as traders returned to work from the Presidents Day long weekend, and waited for the release late on Tuesday of minutes from the Federal Open Market Committee's January 31 meeting.

...more...

[UpInArms]

37. Printing Press Alert: Fed says adds permanent reserves via coupon pass

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-02-21T154353Z_01_N21509411_RTRIDST_0_MARKETS-FED-COUPONPASS-URGENT.XML

NEW YORK, Feb 21 (Reuters) - The Federal Reserve said on Tuesday it added permanent bank reserves through purchases of U.S. Treasury coupons maturing between Feb 15, 2007 and Nov 30, 2007 with some exceptions.

Federal funds last traded at 4.50 percent, the Fed's current target for the rate on overnight loans between banks.

Details are available on the New York Fed's Web site: http://www.newyorkfed.org/markets/permanent.html

[54anickel]

43. Gulf oil wealth looks east for investment

http://today.reuters.com/news/newsArticle.aspx?type=reutersEdge&storyID=2006-02-21T045540Z_01_HKG101749_RTRUKOC_0_US-FINANCIAL-ASIA-PETRODOLLARS.xml

snip>

Some market watchers say Asian bourses should enjoy a lift from the influx of oil money, with Gulf investors expected to buy more than $360 billion in overseas assets during 2005 and 2006, according to the Institute of International Finance.

"The Middle East names, even the governments, are looking to diversify, and where else but where there's huge opportunity," said Shah, managing director and Middle East region head of Citigroup (C.N: Quote, Profile, Research) Global Wealth Management.

Historically, Gulf oil money has been invested locally and in Western assets such as U.S. Treasuries and London property.

While those markets still lure petrodollars, Asia is seen as better value after Gulf stock and property markets have rocketed since 2002.

Asia is also perceived as more friendly than the West to Middle Eastern wealth following the September 11, 2001 attacks on the United States.

snip>

To meet demand, financial services and property firms are developing Asia-focused products that comply with Islamic law, which forbids the charging or paying of interest.

Predominantly Muslim Malaysia and neighboring Singapore, meanwhile, are vying to become global hubs for Islamic finance.

more single sentence paragraphs...

[wordpix2]

46. why don't these asses invest in renewable resource energy? After all,

even the Mideast will run out of oil eventually. They have so much money they don't know what to do with it. How about investing in companies/sectors that will benefit the poor and the environment?

[54anickel]

50. They may very well be. How many companies/sectors that fit that

description are in the US or West?

[UpInArms]

65. U.S. Treasuries falter ahead of FOMC minutes

http://today.reuters.com/misc/PrinterFriendlyPopup.aspx?type=bondsNews&storyID=uri:2006-02-21T174209Z_01_N21448791_RTRIDST_0_MARKETS-BONDS-UPDATE-1.XML

NEW YORK, Feb 21 (Reuters) - U.S. Treasury debt prices slipped on Tuesday as investors worried the upcoming minutes from the Federal Reserve's January meeting would confirm the central bank's wish to raise interest rates further.

Such concerns helped the market unwind some of the gains posted late last week, sending benchmark 10-year Treasury notes <US10YT=RR> 9/32 lower in price to yield 4.56 percent.

The minutes were expected to be released at 2 p.m. EST (1900 GMT).

Investors are currently expecting the Fed to boost rates once more in March, and probably again in May, bringing the key federal funds rate to 5.0 percent.

"The minutes are probably going to be very similar to what Fed officials have been saying recently," said Joseph Di Censo, fixed-income strategist at Lehman Brothers.

Considering that most such remarks have emphasized a strong growth outlook as well as the risk of higher inflation, it was little wonder the bond market had started off the holiday-shortened week on a negative note.

Five-year notes <US5YT=RR> were off 4/32 and yielding 4.58 percent, while the 30-year bond <US30YT=RR> was down 8/32 and offering a yield of 4.53 percent.

...more...

Hmmm.... Still inverted :eyes:

[UpInArms]

84. US Treasuries stay lower after Fed minutes

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-02-21T191639Z_01_N21387444_RTRIDST_0_MARKETS-BONDS-MINUTES-URGENT.XML

NEW YORK, Feb 21 (Reuters) - U.S. Treasury debt prices held at negative levels on Tuesday after minutes from the last Federal Reserve policy meeting hinted at further interest rate hikes.

Minutes from the Jan. 31 meeting of the Federal Open Market Committee showed some members saw higher than desired core inflation reinforcing the possibility of more rate increases.

The minutes also showed some FOMC members viewed the U.S. economy's resource utilization as "nearly full," hinting that some central bankers may be concerned about the possibility of wage inflation.

...more...

still inverted :eyes:

[UpInArms]

88. Treasuries lower as Fed minutes signal more hikes

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-02-21T195354Z_01_N21526860_RTRIDST_0_MARKETS-BONDS-UPDATE-2.XML

NEW YORK, Feb 21 (Reuters) - U.S. Treasury debt prices held lower on Tuesday after minutes from the Federal Reserve's last meeting hinted at the need for further interest rate hikes, just as expected.

Policy-makers suggested any rise in core inflation beyond desired levels would reinforce the chances of more rate increases.

They also noted the economy's resource utilization was "nearly full," which indicated a worry that tight labor markets could help push up wage inflation.

But traders already knew all that, and left benchmark 10-year notes <US10YT=RR> 10/32 lower in price for a yield of 4.57 percent, not far from where they stood before the minutes were published.

"They are confirming in their own subtle way there are some more moves ahead, whether it is one, two or three rises," said Anthony Karydakis, chief U.S. economist at JP Morgan Asset Management.

Investors are currently expecting the Fed to boost rates once more in March, and probably again in May, bringing the key federal funds rate to 5.0 percent.

...more...

[UpInArms]

19. Indiana: Waterfield Job Cuts Revealed

http://www.wane.com/Global/story.asp?S=4416470&nav=menu32_2

(WANE) -- When we first told you about job cuts at the Waterfield Mortgage Company, we didn't know exactly how many jobs would be lost, but, today, Newschannel 15 has uncovered those numbers.

It was on January 13 when Waterfield announced it would be terminating hundreds of employees because of its acquisition by American Home Mortgage. That same day, Waterfield's president sent a five page letter to the Indiana Department of Workforce Development. The letter says that 650 of Waterfield's 750 Fort Wayne employees will lose their jobs. Those jobs are at three different Waterfield locations, two on West Jefferson, the other on Illinois . These jobs cuts will affect a wide range of employees, everyone from the night shift supervisor all the way up to 33 company vice-presidents.

[AnneD]

26. Morning Marketeers,

:donut: And speaking of revealing, we had the NBA All Star game here this weekend. The tickets were almost $1000 so not many locals were there. We had alot of Celebrities here.
We also had Oprah. I want to give you a heads up to watch her show today and tomorrow. She is doing an expose about what hasn't been done to help the victims of Rita (completely forgotten) and Katrina. I think I may personally drive up to NO this weekend if I can get my hands on a digital camera. A native LA member of our church was telling me about her trips. She said the coast between Beaumont to NO is dead, hardly any building. She said some of her Friends tried to get a FEMA trailer but they were told they would not issue them to flood areas :eyes:. She also said Mississippi has received more aid than LA and areas of Texas. I guess they'll build Trent's porch first. She swears she believes it is because LA is DEM-and she isn't alone in this thinking. The GOP has lost so much support along the Gulf Coast...and the response to Katrina and Rita will be his legacy, not some Presidential Library containing copies of My Pet Goat. Please check out Oprah, it will give you a look at what's going on down here.

Happy hunting and watch out for the bears.

edited 'cause I can't spell :blush:

[UpInArms]

25. 9:49 EST mixing it up

Dow 11,130.13 +14.81 (+0.13%)
Nasdaq 2,281.51 -0.85 (-0.04%)
S&P 500 1,290.62 +3.38 (+0.26%)
10-Yr Bond 45.53 +0.12 (+0.26%)

NYSE Volume 216,711,000
Nasdaq Volume 189,358,000

09:40 am : The market opens slightly higher, as an upeabt earnings report from Home Depot (HD 42.53 +0.67) lends further credence that consumer spending remains robust, but gains are modest at best. Optimism that Bernanke's testimony last week will be validated with this afternoon's release of the FOMC minutes (14:00 ET) is also contributing to the market's favorable bias but we believe that, while Bernanke's strong anti-inflation talk is fine for the long term, the market should not be comfortable with the reality that two more rate hikes could prove very problematic over the near-term.DJ30 +5.80 NASDAQ +0.34 SP500 +2.02 NASDAQ Vol 106 mln NYSE Vol 86 mln

09:15 am : S&P futures vs fair value: +2.0. Nasdaq futures vs fair value: +2.0.

09:00 am : S&P futures vs fair value: +2.0. Nasdaq futures vs fair value: +2.0. Stage remains set for the major averages to get last week's rally back on track. Also helping investors shrug off a 2.3% surge in oil prices, Wall-Mart's warning and a mixed report from Federated Dept Stores (FD) is news that Time Warner (TWX) will boost its share buyback to $20 bln and cut up to $1 bln in costs.

08:30 am : S&P futures vs fair value: +2.2. Nasdaq futures vs fair value: +1.5. Still shaping up to be a positive start for the indices, as futures indications hold steady above fair value trading in sympathy with strength in overseas markets. Japan's Nikkei Index closed up 3.0% while broad-based bullishness in European markets has carried over into U.S. markets. Confirmation of a deal worth up to $4.0 bln between Honeywell (HON) and Airbus is also contributing to the market's favorable disposition.

[UpInArms]

27. Tenet settles Florida suits, to take $7 Million charge

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-02-21T145102Z_01_N21407420_RTRIDST_0_HEALTH-TENET-UPDATE-2.XML

CHICAGO, Feb 21 (Reuters) - Tenet Healthcare Corp. (THC.N: Quote, Profile, Research) on Tuesday said it reached a deal with the Florida attorney general to settle all state charges against the hospital chain, including claims of overbilling to Medicare and Medicaid.

Under the deal, Tenet will pay $7 million, which it will record as a charge in the 2005 fourth quarter, Dallas-based Tenet and Attorney General Charlie Crist said in a statement.

Analysts said the deal is a modest positive for Tenet, but bigger legal challenges remain.

"The biggest one out there is the federal one," said Rob Mains, an analyst at Ryan Beck & Co.

Shares of Tenet rose 2.3 percent to $7.99 in early trade on the New York Stock Exchange.

The settlement included a lawsuit that Crist filed against Tenet in March 2005, claiming it inflated fees to obtain $1 billion in improper reimbursement from a fund for Medicare, the federal health insurance program for the elderly.

Tenet has been mired in lawsuits over a myriad of issues for the past several years, including a federal government probe of Medicare payments, a U.S. Securities and Exchange Commission investigation, and criminal charges on physician recruiting in San Diego.

...more...

[AnneD]

33. Heads up,

Tenet has a VERY BAD rep among Nurses. There are only a handful that are considered acceptable workplaces. And most of Fla's hospitals are poorly rated. Why you may ask....There are a few HMO corps that control the whole state. They treat the employees (esp Nurses) like shit and give them far to many patients to care for. It shows because the state has one of the greatest shortages (number of actual Nurses to general population).

[Roland99]

35. Reminds me of the Vencor (Kindred) problems in Florida

Was it just an understood thing in the industry to overbill Medicare/Medicaid?



What am I nuts? Why do I even ask such obvious questions. ;)

[AnneD]

38. The only good hospitals in FL...

per my contacts, are the teaching hospitals affiliated with med schools. The others are far too dangerous due to poor Medical and Nursing practices.

[UpInArms]

32. 10:12 EST this morning's numbers brought to you by the color red

Dow 11,100.11 -15.21 (-0.14%)
Nasdaq 2,269.57 -12.79 (-0.56%)
S&P 500 1,286.80 -0.44 (-0.03%)
10-Yr Bond 4.565 +0.24 (+0.53%)

NYSE Volume 389,103,000
Nasdaq Volume 363,026,000

10:00 am : Equities now trade in split fashion as the bulk of industry leadership clings to early gains. Even though a 2.2% surge in Energy is providing substantial support, as everything from drillers to refiners benefits from a 2.4% rebound in oil prices, the commodity's spike back above $60/pbl may also be underpinning a sense of discomfort, capping some of the enthusiasm in Consumer Discretionary following strong earnings from Home Depot and Clear Channel Communications (CCU 28.96 +0.86). Also, consolidation in semiconductor and hardware is weighing heavily on Technology, preventing the indices from more aggressively moving higher.DJ30 +6.90 NASDAQ -3.35 SOX -1.4% SP500 +2.83 XOI +2.2% NASDAQ Dec/Adv/Vol 1130/1426/265 mln NYSE Dec/Adv/Vol 1240/1550/223 mln

[Roland99]

34. Funny how the price of oil affects markets so.

You'd think we were....addicted?

[AnneD]

44. And in a tribute to those Okla GM workers

and others laid off, our theme song today is one of my fav Bruce Springsteen songs...the hauntingly beautiful...My Hometown...

I was eight years old and running with a dime in my hand
Into the bus stop to pick up a paper for my old man
I'd sit on his lap in that big old Buick and steer as we drove through town
He'd tousle my hair and say son take a good look around this is your hometown
This is your hometown
This is your hometown
This is your hometown
<snip>

Now Main Street's whitewashed windows and vacant stores
Seems like there ain't nobody wants to come down here no more
They're closing down the textile mill across the railroad tracks
Foreman says these jobs are going boys and they ain't coming back to your hometown
Your hometown
Your hometown
Your hometown
<snip>

Last night me and Kate we laid in bed
talking about getting out
Packing up our bags maybe heading south
I'm thirty-five we got a boy of our own now
Last night I sat him up behind the wheel and said son take a good look around
This is your hometown

I spent many a summer with relatives in small towns in Okla and this song has always reminded me of that experience. Those people work hard and don't ask for much, just a chance to support themselves and their families.

[UpInArms]

53. great tune for the day, AnneD

but now I have Downbound Train running through my head

I had a job, I had a girl
I had something going mister in this world
I got laid off down at the lumber yard
Our love went bad, times got hard
Now I work down at the carwash
Where all it ever does is rain
Don't you feel like you're a rider on a downbound train

She just said "Joe I gotta go
We had it once we ain't got it any more"
She packed her bags left me behind
She bought a ticket on the Central Line
Nights as I sleep, I hear that whistle whining
I feel her kiss in the misty rain
And I feel like I'm a rider on a downbound train

Last night I heard your voice
You were crying, crying, you were so alone
You said your love had never died
You were waiting for me at home
Put on my jacket, I ran through the woods
I ran till I thought my chest would explode
There in the clearing, beyond the highway
In the moonlight, our wedding house shone
I rushed through the yard, I burst through the front door
My head pounding hard, up the stairs I climbed
The room was dark, our bed was empty
Then I heard that long whistle whine
And I dropped to my knees, hung my head and cried

Now I swing a sledge hammer on a railroad gang
Knocking down them cross ties, working in the rain
Now don't it feel like you're a rider on a downbound train

[AnneD]

56. Not familiar with it...

who sings it. Lyrics fit the bill though. I loved My Home Town because I did all that stuff when I would visit. The streets were safe enough that I could get a Sunday paper for dad. He would take me to the Sonic and I would be in his lap driving through town. In Stillwell, they have a canning and frozen food factory. When the crops come in they would blow the whistle and all the farmer's wives that wanted to work would come and work in the factory processing the crop.

[UpInArms]

58. that was also Springsteen - from the Born in the USA album

(or cd for those that came after the vinyl revolution)

:hi:

[Roland99]

59. Who sings it? Girl!! It's The Boss! Springsteen

:D

[AnneD]

63. Boy am I embarrased!

:blush: It has been so long since I have pulled it out and listened to it. I plead CRS syndrome (can't remember shit):rofl:

[Roland99]

69. CRS....I like that. Going to have to remember that.

If I don't forget it! :P

[OrangeCountyDemocrat]

40. Gold Futures Rise Tuesday

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B28373059%2D4448%2D49CF%2D814F%2D7AFE1C1117CA%7D&siteid=mktw&dist=moreover

Gold gets safe-haven boost

E-mail | Print | | Disable live quotes By Wanfeng Zhou, MarketWatch
Last Update: 10:36 AM ET Feb 21, 2006


NEW YORK (MarketWatch) -- Gold futures rose early Tuesday on safe-haven buying, following fresh attacks on Nigeria's oil-producing operations. In early trade, Gold for April delivery was up $3 at $557.60 an ounce.

"Buoyed by the Nigerian oil sabotage news and a weaker U.S. dollar, gold has reasserted its safe-haven attributes since last Friday," said Jon Nadler, an analyst at Kitco Investment Products.
"However, traders are also keeping a wary eye on any fresh announcements (or silence) from Tehran -as it continues to be embroiled in the uranium-enrichment/ nuclear arms quest story," he said.

A sharp rise in oil prices following attacks on pipelines in Nigeria led to steady gains in gold on Monday. On the currency front, the dollar edged higher Tuesday on prospects that the U.S. Federal Reserve will continue lifting interest rates at its next two policy meetings. Gold and dollar usually move in opposite directions.

Other metals were also on the rise. March silver futures rose 12.5 cents at $9.545 an ounce. Platinum was up $22 at $1,033 an ounce and sister metal palladium rose $6.25 to $295 an ounce. Copper fell 0.05 cent to $2.222 a pound.

On the supply side, copper inventories were down 766 short tons to 32,553 as of late Friday, according to the New York Mercantile Exchange. Gold stocks were down 419 troy ounces at 7.53 million troy ounces. Silver supplies were up 600,000 troy ounces at 126.2 million troy ounces.

On the equities side, the Amex Gold Bugs (HUI : amex gold bugs index equal-$ weight
Last: 318.77+5.48+1.75%

HUI318.77, +5.48, +1.7%) , the CBOE Gold Index (GOX : CBOE Gold Index
Last: 134.25+1.77+1.34%

GOX134.25, +1.77, +1.3%) , and the Philadelphia Gold and Silver Index (XAU : phlx gold silver index capital-weight
Last: 140.78+1.85+1.33%

[UpInArms]

41. Power Broker Abramoff Paid $1.2M To Organize Meeting With Bush

Perhaps *Co can deny knowing "Jack", but they definitely knew the color of his money :eyes:

http://abcnews.go.com/International/wireStory?id=1643757

KUALA LUMPUR, Malaysia Feb 21, 2006 (AP)— Former Prime Minister Mahathir Mohamad said disgraced U.S. lobbyist Jack Abramoff was paid $1.2 million to organize a meeting between him and President Bush in 2002, but denied the money came from the Malaysian government.

Mahathir told reporters late Monday he was aware the payment was made to Abramoff, but he didn't know who made it.

"I understood some people paid a sum of money to lobbyists in America but I do not know who these people were and it was not the Malaysian government," Mahathir said.

Mahathir said that at the time he had been persuaded by the Heritage Foundation in Washington to meet with Bush because the conservative think tank believed he could help "influence (Bush) in some way regarding U.S. policies."

In a report last week, The Los Angeles Times said that Abramoff received $1.2 million from the Malaysian government for his lobbying services in 2001 and 2002.

According to the Times, which cited an unnamed former Abramoff associate who attended meetings with the Malaysian ambassador and the lobbyist, Abramoff allegedly contacted presidential adviser Karl Rove at least four times to help arrange a meeting between Mahathir and Bush, which took place in May 2002 in the Oval Office.

...more...

[wordpix2]

48. Heritage Foundation has a hand in EVERYTHING these days due to its

many reich-wing wealthy supporters:

http://en.wikipedia.org/wiki/Heritage_Foundation
snip:

Financial support
Though it boasts considerable clout on Capitol Hill, the Heritage Foundation does not "lobby." Like all other political advocacy groups, left and right, this allows Heritage to retain tax-exempt status as a "charity" under Section 501(c)(3) of the Internal Revenue Code. This status, in part, helped it collect $29.7 million in 2004 corporate and individual donations. Core funding comes from conservative foundations and individual donors: In 1995, 31 checks accounted for $8.5 million; another 123 donors supplied $2.6 million. The foundation receives comparatively little from corporations, which shy away from Heritage's activist approach to policy advocacy. Through direct mail fundraising, Heritage obtains millions more from small donors. Among Washington think tanks, Heritage is unique in obtaining a large, popular base of funding support.


Richard Mellon Scaife
In 1973, beer baron Joseph Coors contributed a quarter-million dollars to launch The Heritage Foundation. Since then, money has come from the founders of Amway Corp. and right-leaning foundations like the Bradley, Olin and Scaife foundations. Billionaire Richard Mellon Scaife and other wealthy philanthropists have been generous Heritage Foundation donors.


Large corporations
Heritage has received a long and steady flow of support from nearly 100 major corporations, including Chase Manhattan Bank, Dow Chemical Company, Ford Motor Company, General Motors, Mobil, Procter & Gamble, and GlaxoSmithKline.<2>


Asian support and relations
With a long history of receiving large donations from overseas, Heritage also continues to receive a minimum of several hundred thousand dollars from South Korea and Taiwan each year. U.S. News & World Report reported in 1989 that its South Korean ties included partnerships with Rev. Sun Myung Moon's messianic Unification Church.

In autumn of 1988, the South Korean National Assembly uncovered a document revealing that Korean intelligence gave $2.2 million to the Heritage Foundation on-the-sly during the early 1980s. Heritage has denied the allegation.

Heritage's latest annual report acknowledges a $400,000 grant from the Korean conglomerate Samsung. And another donor, the Korea Foundation, which conduits money from the South Korean government, has given Heritage almost $1 million in the past three years.

The Hong Kong consulting firm Belle Haven Consultants, which has paid millions of dollars to Washington lobbying firms such as Alexander Strategy Group on behalf of Malaysian interests, was founded in 1997 by Edwin Feulner and Heritage's Asian specialist Ken Sheffer. Belle Haven employed Feulner's wife Linda and is based in the same office as Heritage's Hong Kong office.<3>

[UpInArms]

42. Ewwww! Fast-Food Ice Dirtier Than Toilet Water

http://abcnews.go.com/GMA/OnCall/story?id=1641825&page=1

Feb. 20, 2006 — Jasmine Roberts never expected her award-winning middle school science project to get so much attention. But the project produced some disturbing results: 70 percent of the time, ice from fast food restaurants was dirtier than toilet water.

The 12-year-old collected ice samples from five restaurants in South Florida — from both self-serve machines inside the restaurant and from drive-thru windows. She then collected toilet water samples from the same restaurants and tested all of them for bacteria at the University of South Florida.

In several cases, the ice tested positive for E. coli bacteria, which comes from human waste and has been linked to several illness outbreaks across the country.

"These don't belong there," said Dr. David Katz, medical contributor to "Good Morning America." "It's not cause for panic, although it is alarming because what she found is nothing new. You're not more likely to get sick now. But she's done us a favor by sounding the alarm."

Both Roberts and Katz said that the ice is likely dirtier because machines aren't cleaned and people use unwashed hands to scoop ice. Toilet water is also surprisingly bacteria-free, because it comes from sanitized city water supplies.

...more...

[wordpix2]

47. re: E coli bacteria: "It's not cause for panic, although it is alarming"

snip:

In several cases, the ice tested positive for E. coli bacteria, which comes from human waste and has been linked to several illness outbreaks across the country.

"These don't belong there," said Dr. David Katz, medical contributor to "Good Morning America." "It's not cause for panic, although it is alarming because what she found is nothing new. You're not more likely to get sick now. But she's done us a favor by sounding the alarm."

[AnneD]

62. Oh really....

one of the ways they quickly clean a grill is to put ice on the grill and scrub with the scrub block. Now the heat may or may not kill it, but to paraphrase Dirty Harry 'Do you feel luck'. I took several courses in micro and let me tell you....if you didn't close your eyes ever now and again, you would never eat. Thank God our digestive system is a tube within tube so the most we might get is some nasty diarrhea or vomiting, but for the elderly and young...that can prove fatal.

They are suppose to soak those drink nozzles over night in bleach, otherwise they get mold on them ('slime in the ice machine' as our local legendary investigative reporter Marvin Zindler says when he gives the rat and roach report-health dept inspection results). Now these fast food places are increasingly hiring people that barely speak english, let alone read the procedure manuals. I am not surprised by the results. If you ever read Fast Food Nation-you would never eat fast food again.

[UpInArms]

64. after reading Fast Food Nation, I quit eating

for almost 2 weeks - and I rarely (if ever) ate at fast food places anyway (even before that).

That books was informative and alarming!

[wordpix2]

91. I haven't bought fast food for two decades and restaurants scare me, too

[54anickel]

45. Title loan interest could top 300% -

No-cap bill mirrors donor's blueprint

http://www.ajc.com/news/content/metro/stories/0221metpawn.html

Georgia's automobile title lending law — already among the least consumer-friendly in the nation — could become even harsher under an industry-backed proposal being considered by the General Assembly, consumer advocates say.

House Rules Chairman Earl Ehrhart (R-Powder Springs), the recipient of thousands of dollars in campaign contributions from the title lender who is pushing the new proposal, is offering changes that would lift the interest cap on loans backed by car titles, according to lawyers, lawmakers and consumer advocates who have reviewed the legislation.

Such a move could push annual interest rates on the transactions — as high as 300 percent under current law — even higher.

snip>

Ehrhart's proposal allows automatic monthly renewals, which consumer advocates say encourage borrowers to drag out repaying the high-cost loans. Lenders would be permitted to sell car club memberships in conjunction with the loans — products that drive up finance charges for borrowers while allowing lenders to collect commissions in addition to interest payments.

snip>

Ehrhart's proposal closely tracks the draft version of a model bill provided by the American Legislative Exchange Council, a Washington-based organization of conservative lawmakers and corporate executives. Ehrhart is the immediate past chairman of ALEC's national board of directors.

An ALEC task force drafted the model title loan bill in August at the urging of Rod Aycox, one of the biggest title lenders in Georgia. Aycox's Alpharetta-based company, Select Management Resources, which operates in nearly two dozen states, became an ALEC member last year, signing up to pay $10,000 a year in dues.

more...

[Roland99]

57. "thousands of dollars in campaign contributions from the title lender"

So, when do we get to kick these thieves from the Temple?

[UpInArms]

60. when the good people of this country get tired of the "Piss on Me" Theory

of the "Golden Shower".

:eyes:

[AnneD]

66. I subscribe to the...

wooden stake though the heart theory...don't want these folk to resurrect themselves.:hurts:

[UpInArms]

What? No silver bullets?

:D

[Roland99]

70. You know how much silver bullets cost these days?

One would have to be the recipient of special interest donations to be able to afford one!

[AnneD]

72. The price of silver is to high...

besides I still have a lot of stakes left over from the political poster of the last election cycle. I am doing good by recycling 'their' stakes. It's a circle of life thing :evilgrin:

[UpInArms]

75. I do understand, but was just looking for a surefire way to rid us of

vampires :evilgrin:

[Roland99]

76. It's only the Type 1 vampires to fear (and the low men)

;)

[AnneD]

82. Garlic works....

Italian food and vino for eveyone.....manga:party:

[54anickel]

49. Bush and Blair have brilliantly done Bin Laden's work for him

http://www.timesonline.co.uk/article/0%2C%2C2088-2047134%2C00.html

Is Osama Bin Laden winning after all? Until recently I would have derided such a thought. How could a tinpot fanatic who is either dead or shut in some mountain hideout hold the world to ransom for five years? It would stretch the imagination of an Ian Fleming.

Now I am beginning to wonder. Not a day passes without some new sign of Bin Laden’s mesmeric grip on the governments of Britain and America. His deeds lie behind half the world’s headlines. British policy seems obsessed with one word: terrorism. The West is equivocating, writhing, slithering in precisely the direction most desired by its enemy. He must be roaring with delight.

On any objective measure, terrorism in the West is a trivial crime. True, New York and London saw outrages in 2001 and 2005 respectively. Both were the outcome of sloppy intelligence. Neither has been repeated, though of course they may be. Policing has improved and probably averted other attacks. But incidents genuinely attributable to Al-Qaeda rather than domestic grievances are comparable to the IRA and pro-Palestinian campaigns. Vigilance is important but only those with money in security have an interest in presenting Bin Laden as a cosmic threat.

Indeed if ever there were a case for collective restraint it is in response to terrorism. The word refers to a technique, usually a bomb, not an ideology. A bombing is an anarchic gesture calling for police and medical services. It becomes a political weapon only if publicised and answered with hysteria. A killing is so staged as to cause over-reaction, violent response, mass arrests and a decay of civilised values. Bin Laden’s intention in 2001 was to portray the West as scared, emotionally vulnerable, over-reactive, decadent and careless of liberal values. The West has done its damnedest to prove him right.

I distrust “basket” analysis but events do sometimes rush in a certain direction. Last week alone brought new revelations of torture by American troops in Iraq. British soldiers were filmed beating demonstrators in Basra. British ministers sought new powers of detention without trial, a national identity database and impediments on free speech. A sectarian leader became prime minister of Iraq and British marines were flown to fight the Taliban in Afghanistan. The United Nations demanded the closure of Guantanamo as a torture camp. The European media indulged in an orgy of finger-pointing at Muslim religious sensitivity. Muslim extremists reacted on cue.

more...

[ozymandius]

52. lunchtime check-in

11:57
Dow 11,077.86 -37.46 (-0.34%)
Nasdaq 2,263.62 -18.74 (-0.82%)
S&P 500 1,283.56 -3.68 (-0.29%)
10-Yr Bond 45.57 +0.16 (+0.35%)
NYSE Volume 915,746,000
Nasdaq Volume 831,257,000

11:30 am : Little changed since the last update as the Nasdaq still outpaces its blue chip counterparts to the downside. Weakness across Technology coupled with further deterioration in biotech continue to weigh most heavily on the proceedings while turnarounds in Utilities and Materials have done little to improve underlying sentiment since both sectors combine for just 6.0% of the weighting on the S&P 500. BTK -1.0% DJ30 -28.97 DJUA +0.5% NASDAQ -13.23 SP500 -1.34 NASDAQ Dec/Adv/Vol 1705/1160/726 mln NYSE Dec/Adv/Vol 1602/1499/590 mln

11:00 am : Market bounces off its lowest levels of the morning but still languishes in negative territory. Perhaps fueling some of the recent consolidation was the release of monthly leading indicators. Even though the data, as a compendium of previously announced economic indicators, are typically ignored, the biggest gain (1.1%) since June may be reminding investors of Bernanke's concession -- that monetary policy actions will be increasingly dependent on incoming data and could warrant further tightening if the economic figures warrant it. DJ30 -32.74 NASDAQ -13.42 SP500 -1.53 NASDAQ Dec/Adv/Vol 1693/1104/590 mln NYSE Dec/Adv/Vol 1612/1459/470 mln

[UpInArms]

55. noon blather

12:00 pm : The major averages remain under modest pressure midday as surging oil prices and stronger than expected economic data spark inflationary concern ahead of today's release of the FOMC minutes for the Jan. 31 meeting at 2:00 ET. Before the bell, optimism that Fed Chairman Bernanke's testimony last week will be validated in the FOMC minutes helped contribute to the market's favorable disposition. However, the biggest gain (1.1%) in monthly leading indicators since June reminded investors that, since monetary policy actions will be increasingly dependent on incoming data, the Fed may not be done raising rates anytime soon.

A stronger than expected Q4 earnings report from Home Depot (HD 41.95 +0.09) also added some early buying support and helped investors deal with a warning from Wal-Mart (WMT 45.63 -0.47) and a mixed report from Federated Dept Stores (FD 70.90 -0.73); however, HD's gains have been kept in check since much of the good news was priced into the stock last week (+6.7%).

With regard to sector leadership, broad-based consolidation in Technology has erased more than one-third of the influential sector's year-to-date gain and weighed most heavily on overall sentiment. Despite Merck (MRK 36.12 +0.07) hitting an intraday 52-week high after winning a favorable Vioxx ruling, profit-taking in biotech has prevented Health Care from providing upside momentum. The Industrials sector has also been an prominent leader to the downside, as rising oil prices (+1.3%) following attacks in Nigeria incite participants to lock in some of the gains that lifted the Dow Transports to a historic high last Thursday.

Energy, though, has benefited from the rebound in crude and extended its year-to-date advance to over 7% but as one of just two sectors trading higher it has been unable to divert the market's attention from the growing probability that two more interest rate hikes are forthcoming. BTK -1.5% DJ30 -35.78 DJTA -0.3% DJUA +0.3% NASDAQ -18.49 NQ100 -1.3% R2K -0.4% SOX -2.2% SP400 -0.6% SP500 -3.14 XOI +1.1% NASDAQ Dec/Adv/Vol 1792/1119/842 mln NYSE Dec/Adv/Vol 1672/1495/688 mln

[54anickel]

68. Piece on Bushco and the media - long title

Jay Rosen: "What if Bush Changed the Game on You?" My 1,107-Word Question to the Political Press

http://news.yahoo.com/s/huffpost/20060221/cm_huffpost/016046;_ylt=A86.I1sdtfpDiCoBPw_9wxIF;_ylu=X3oDMTBjMHVqMTQ4BHNlYwN5bnN1YmNhdA--

Last week, I thought I would be featuring at my weblog, PressThink, a long and (I thought) very interesting Q and A with John Harris, the national politics editor of the Washington Post. It was completed on Feb. 11, but at the last minute Harris pulled the plug and decided against publishing the interview, which we had worked on for several weeks. I would tell you the reason, but in fact I don't know the reason. Harris apologized for not being able to explain more, and for wasting our effort.

I was surprised, to say the least, because I had done an earlier Q and A with Harris, which received quite a lot of attention. This was a kind of follow-up to that post, except that we addressed matters that were missing from earlier and much discussed controversies.

Sadly, I cannot bring you his replies, but I can show you one of the questions I asked Harris. Actually, it's nine-tenths monologue, one tenth question, but that's permitted under the rules of my Q and As for PressThink. (I explain here how the ground rules permitted Harris final approval.)

I've been convinced for a long time that the current White House has changed the game on the Washington press. My last piece for Huffington Post explained how Cheney changed the rules of disclosure, leaving the White House press to charge him with violating a known procedure, when he was actually abandoning a ritual he has no use for.

But that fits within a much larger pattern, which I have been writing about for two and a half years, ever since John Ashcroft used the Secret Service to bar newspaper reporters from press conferencing with him, while he answered questions from local television crews. (This while touring the country and talking up the Patriot Act.) I've written about the Bush thesis that reporters are just a special interest. I've explored the post-press strategems of this Administration. I've described the de-certification of journalists by the current White House, and the desire of the Bush forces to be the press. Trying to capture in one word the Bush agenda, I have called it Rollback: "Back 'em up, starve 'em down, and drive up their negatives."

more...

[UpInArms]

73. reminded me of this piece from 2004 - The White House Press Corpse

http://tvnewslies.org/html/white_house_press_corpse.html

No, that is not a misspelling; the word really is corpse, not corps. The body of so called journalists that comprise the entity known as the White House Press Corps died on the same day that George W. Bush was sworn in as President, as ordered by Supreme Court Justice Antonin Scalia.

Definition: corpse – n. A dead body, especially the dead body of a human.

During the past three years, the only greater threat to the survival of American democracy than John Ashcroft and our secretive, non-accountable Bush administration has been the catastrophic collapse of the American journalist. It is painfully obvious that the closer one gets to the White House the harder it is to find any real journalist doing his or her job: reporting important news and investigating the issues that affect the nation and the world.

The independent journalist has always been the standard bearer of truth and justice in this nation. That protection is no more. Today, one can only imagine the consequences of having no alternative sources of information other than the corporate media. For Americans who rely on mainstream sources, the world is becoming more and more removed for reality. For reliable vital information, greater numbers of Americans must scour the fine print of Internet publications from around the world for the most vital information about our own nation. How ironic that the international press has become a far more reliable source than our own media for information about what is happening right here at home.

Our television news networks deliver such little real news as to be a sad joke. It is amazing that these ersatz reporters actually keep straight faces as they pretend to be serious journalists. There is hardly a smirk as they present the latest wrinkle in the Scott Peterson trial as important news. . They seem like children playing grown-up as they pretend to seriously investigate, with great journalistic flair, one irrelevant story after another. As they pass their tabloid features onto the public as real news, they bring to mind a house cat using its hunting instincts to creep up on a can of cat food. There’s something really wrong with that picture!

<snip>

The White House Press Corps willingly accepted its collective demotion from journalist to dictation specialist by ignoring the removal of Helen Thomas from her traditional seat in the press room. Not a single member of the group voiced outrage when this occurred. They could have demanded that a free press be preserved, and they could have sent a loud message to the White House by walking out en masse. Instead, the anemic press corps meekly accepted a verbal spanking just as Kevin Bacon did in the movie Animal House. With each question evaded by a press secretary, with each choreographed Bush press conference, and with each follow-up question not asked, you could almost hear these journalists wannabe’s uttering the phrase made famous in that classic film: Thank you sir, may I have another? And so it has continued.

...more...

[54anickel]

79. Thanks UIA, that one is even better. Seems we really are "on our own"

these days. How long before our Google results start to look like China's?

[AnneD]

83. I friend of mine (very computer savvy)

once told me that the web was designed to prevent interception and shut down, thus the name web. You can take circuitous routes and get the info you need if a route is blocked. I think the advent of wireless will make this even harder to track. If not for the web, I would be as ill informed as the Americans that voted for Bush (like that poor life long Repub that said he wold vote for Humpty Dumpty than a Repub, ever again).

[UpInArms]

77. Fannie Mae Report - 17 month investigation - due this week

Rudman says Fannie report 'considerably more' than 600 pages

WASHINGTON (MarketWatch) -- A highly anticipated report scheduled for release this week that details the findings of a nearly 17-month internal probe of alleged earnings manipulation at Fannie Mae (FNM) will be "considerably more" than 600 pages, according to the lead investigator.

The executive summary will be thick, former Sen. Warren Rudman said in an interview Tuesday, noting that 50 pages is in the "ballpark." Fannie's board hired Rudman in September 2004 to head up an internal investigation after the company's regulator accused executives of manipulating accounting rules to bolster Fannie's earnings.

"The report itself will be considerably more than 600 pages. The appendices will be voluminous," Rudman said when asked whether the report's total page count will top 1,000 pages as rumored.

Fannie is tentatively set to release on Thursday Rudman's long-awaited report, which is based on more than 2.5 million documents reviewed over the last 17 months by his team of forensic auditors and attorneys at Paul, Weiss, Rifkind, Wharton & Garrison, according to people familiar with the matter. Neither Rudman nor a company spokesman would confirm that date.

Rudman noted Tuesday morning that the report hasn't been released to the company, its board or anyone else as of "this date." Both Rudman and a company spokesman declined to comment when asked whether Fannie's board has been briefed on the report. Rudman said the company will provide the media with 12 to 18 hours of notice before the report's release.

Fannie is overhauling its accounting and corporate governance practices as part of a multi-billion dollar earnings restatement forced upon the company in late 2004, after the Office of Federal Housing Enterprise Oversight and the Securities and Exchange Commission said Fannie violated generally accepted accounting principles.

<snip>

Fannie hasn't reported its financial results since mid-2004, estimating it will have to recognize in its restatement at least $10.8 billion in losses from 2001 through 2004 that weren't previously disclosed.

...more...

[UpInArms]

81. 2:05 EST numbers and blather (confused after FOMC)

Dow 11,079.54 -35.78 (-0.32%)
Nasdaq 2,261.02 -21.34 (-0.93%)
S&P 500 1,284.30 -2.94 (-0.23%)
10-Yr Bond 4.557 +0.16 (+0.35%)

NYSE Volume 1,404,554,000
Nasdaq Volume 1,235,377,000

2:00 pm : Stocks still mired in relatively tight trading ranges, as the FOMC minutes will be out momentarily. Separately, surging crude oil futures (+1.5%) continue to serve as a reason for today's consolidation efforts, but the commodity could take a back seat as a primary driver in the event the FOMC Minutes offer some surprises with respect to the Fed's thinking on the pace of its tightening activity.DJ30 -45.22 NASDAQ -22.61 SP500 -4.25 NASDAQ Dec/Adv/Vol 1944/1058/1.20 bln NYSE Dec/Adv/Vol 1814/1424/994 mln

1:30 pm : More of the same for stocks as market internals still suggest a bearish bias. As reflected in the A/D line, decliners on the NYSE outpace advancers by an 18-to-13 margin while declining issues on the Nasdaq hold a 19-to-10 edge over advancing issues. Adding to the day's struggles have been the indices inability to find initial support near key technical levels of 11075, 1284 and 2277 on the Dow, S&P and Nasdaq, respectively. Above average volume, as more than 1.1 bln shares have trade on the Nasdaq, has also lent some conviction behind the broad-based move to the downside. DJ30 -42.12 NASDAQ -22.95 SP500 -4.13 NASDAQ Dec/Adv/Vol 1962/1013/1.11 bln NYSE Dec/Adv/Vol 1848/1380/920 mln

[ozymandius]

86. witching hour numbers and blather

3:17
Dow 11,071.38 -43.94 (-0.40%)
Nasdaq 2,262.22 -20.14 (-0.88%)
S&P 500 1,283.28 -3.96 (-0.31%)
10-Yr Bond 45.65 +0.24 (+0.53%)
NYSE Volume 1,716,226,000
Nasdaq Volume 1,474,137,000

3:00 pm : Major averages continue to languish near session lows heading into the final hour of trading. Even with the commodities market closed, it appears the damage is done, as a 2.2% climb in crude futures and a 7.8% spike in natural gas futures give what few investors are still hanging around during a holiday-shortened week an excuse to consolidate some of last week's gains. DJ30 -52.58 NASDAQ -21.72 SP500 -4.90 NASDAQ Dec/Adv/Vol 1977/1067/1.40 bln NYSE Dec/Adv/Vol 1880/1381/1.20 bln

2:30 pm : Market shows little reaction to the initial release of the FOMC minutes but oil prices (+2.4%) retracing session highs heading into the close of commodities trading are pushing the indices deeper into negative territory. Even though the Committee said "some further policy firming might be needed to keep inflation pressures contained" the minutes also noted that "headline consumer inflation had been held down by falling consumer energy prices." Nonetheless, surging energy prices have temporarily sidelined that notion. DJ30 -60.51 NASDAQ -24.73 SP500 -5.45 NASDAQ Dec/Adv/Vol 1992/1035/1.31 bln NYSE Dec/Adv/Vol 1800/1451/1.11 bln

[wordpix2]

92. surprise, surprise, oil's going up again despite the Saudi ambassador's

assurances prices are headed down to the $40-50 range.

[UpInArms]

90. Schroders buy adds to funds-of-hedge-funds spree

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B776DF3B5%2DB879%2D4B5D%2DB8E9%2D8E47248277F2%7D&siteid=mktw&symbol=

LONDON (MarketWatch) -- Growing demand from institutional investors for hedge-fund products has triggered a wave of acquisitions of funds of hedge funds by banks and asset managers.

On Tuesday, Schroders PLC (SDR.LN) agreed to pay $101 million for London-based NewFinance Capital, which has $2.5 billion in fund-of-hedge-fund assets under management. A further $41 million will be paid out if the unit meets certain revenue targets over four years.

At least seven similar deals have been struck since 2005 as private banks and asset managers expand their range of alternative investment products to keep up with demand from clients, particularly institutional investors such as pension funds and corporations.

Funds of hedge funds - which research, select and monitor hedge-fund managers to create diversified portfolios of hedge funds - are usually the first stop for these types of clients interested in hedge funds.

"We see the (funds-of-hedge-funds) business moving away from high-net worth individuals to mainstream institutional clients," said Michael Dobson, chief executive officer at Schroders. "It's a growth business that fits well with our own products and creates a $3.2 billion business," he said.

...more...

Ewwww! Pretty soon people will not even recognize what investments their $$ are plunked into. :eyes:

[ozymandius]

93. closing numbers and blather

Dow 11,069.06 -46.26 (-0.42%)
Nasdaq 2,262.96 -19.40 (-0.85%)
S&P 500 1,283.04 -4.20 (-0.33%)
10-Yr Bond 45.63 +0.22 (+0.48%)
NYSE Volume 2,104,320,000
Nasdaq Volume 1,784,703,000

4:20 pm : Just as investors breathed a sigh of relief at the sight of plummeting oil prices last week, lifting the S&P 500 to the tune of 1.6%, a second straight rebound in the commodity (+2.2%) prompted investors to consolidate gains across the board. Broad-based consolidation, also fueled by concerns of further Fed tightening following the release of the FOMC minutes and the largest gain (1.1%) in monthly leading indicators since June, closed seven of 10 economic sectors in negative territory. Today's pullback plays into our view that earlier optimism from Bernanke's testimony is misplaced, as investors should be cautious over the next few months about assuming that two more rate hikes are simply another brick to climb in the wall of worry.

Pacing the way lower was Technology, led by a 2.2% pullback in semiconductor sparked by an analyst downgrade on the group. A 2.0% decline in hardware, led by profit-taking in Hewlett-Packard (HPQ 32.52 -1.55) following last week's 8.1% surge, also resulted in the influential sector relinquishing about one third of its year-to-date gain. Health Care was another influential leader to the downside as market participants consolidated some of the gains that lifted the AMEX Biotech Index to a 52-week high on Friday. Consumer Discretionary was in focus but the possibility of surging oil prices crimping consumption and a mixed report from Federated Dept Stores (FD 70.60 -1.03) overshadowed stronger than expected Q4 earnings from Home Depot (HD 41.87 +0.01).

Also trading lower in sympathy with the rebound in oil prices was transportation, which along with consolidation in conglomerates, weighed on Industrials. Even Consumer Staples, typically a safe haven for defensive-minded investors during times of uncertainty, closed lower, as Altria's (MO 72.20 -0.67) reaffirmed FY06 guidance failed to impress investors while Wal-Mart's (WMT 45.72 -0.38) better than expected earnings report was trumped by accompanied downside FY07 EPS guidance.

Energy, though, took full advantage of the surge in crude, extending its year-to-date advance to over 7.5%. Nonetheless, the sector's 1.6% advance was not enough to divert the market's focus from the growing probability that two more interest rate hikes will take monetary policy to a slightly restrictive stance and slow earnings growth in the second half of the year well below what Wall Street is currently forecasting. BTK -1.2% DJ30 -46.26 DJTA -0.2% DJUA +0.4% DOT -1.1% NASDAQ -19.87 NQ100 -1.2% R2K -0.6% SOX -2.2% SP400 -0.03% SP500 -4.21 XOI +1.1% NASDAQ Dec/Adv/Vol 1920/1153/1.75 bln NYSE Dec/Adv/Vol 1763/1517/1.55 bln