STOCK MARKET WATCH, Thursday July 24

[ozymandius]

Source: du

STOCK MARKET WATCH, Thursday July 24, 2008

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 181
DAYS SINCE DEMOCRACY DIED (12/12/00) 2741 DAYS
WHERE'S OSAMA BIN-LADEN? 2466 DAYS
DAYS SINCE ENRON COLLAPSE = 2757
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

---

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

---

AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.
$1 USD = EUR 1.06678
$1 USD = JPY 116.6200

AT THE CLOSING BELL ON July 23, 2008

Dow... 11,632.38 +29.88 (+0.26%)
Nasdaq... 2,325.88 +21.92 (+0.95%)
S&P 500... 1,282.19 +5.19 (+0.41%)
Gold future... 922.80 -25.70 (-2.79%)
30-Year Bond 4.70% +0.04 (+0.79%)
10-Yr Bond... 4.15% +0.05 (+1.24%)






GOLD,EURO, YEN, Loonie and Silver

---

PIEHOLE ALERT

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

For information on protests and other actions Citizens For Legitimate Government

---

Read more: du

[ozymandius]

1. Market WrapUp: Banking on Foolishness

Financial Spinsters At It Again
BY CHRIS PUPLAVA

My past three WrapUps have been devoted to counterbalancing the financial Pollyanna folly that the worst is behind us; this will be the fourth. Foolish commentary abounds in the financial media that continues to fail to see the bigger picture as they are ever catching the proverbial falling knife in their bottom calling, such as the commentary below from a favorite on Larry Kudlow’s show on CNBC (emphasis added).

The Economy Is Fine (Really)

It is hard to imagine any time in history when such rampant pessimism about the economy has existed with so little evidence of serious trouble…

Because all debt rests on a foundation of real economic activity, and the real economy is still resilient, the current red alert about a crashing house of cards looks like another false alarm. Warren Buffett, Wilbur Ross and Bank of America are buying, and there is still $1.1 trillion in corporate cash on the books. The bench of potential buyers on the sidelines is deep and strong. Dow 15,000 looks much more likely than Dow 10,000. Keep the faith and stay invested. It's a wonderful buying opportunity.

Brian Wesbury, Chief Economist for First Trust Portfolios, L.P.
Wall Street Journal, 01/28/2008

However, there are voices that grasped the true magnitude of the situation and were laughed at and scoffed for their dire predictions. One of those voices is Nouriel Roubini, economics professor at NYU. His recent comments are provided below (emphasis added).

The Coming Systemic Bust of the U.S. Banking System: “Dead Stocks Rallying”

But at that time (1990-1991) the housing bust and the ensuing decline in home prices was much smaller than today: during that recession home prices – as measured by the Case-Shiller/S&P index – fell less than 5% from their peak. This time around instead such an index has already fallen 18% from its peak and it will most likely fall by a cumulative 30% before it bottoms sometime in 2010. If a 5% fall in home prices was enough to make Citti effectively insolvent in 1991 what will a 30% fall in home prices – and massive defaults on many other forms of credit (commercial real estate loans, credit cards, auto loans, student loans, home equity loans, leveraged loans, muni bonds, industrial and commercial loans, corporate bonds, CDS) - do to these financial institutions? It challenges the credulity of even spin masters to argue that financial firms are not in worse shape today than they were in 1990-91 when a significant number of major banks were technically insolvent. So, not only hundreds of small banks and a significant fraction of regional banks but also some major money center banks will become effectively insolvent during this crisis…

Also the FDIC has done a mediocre job at identifying which banks are at risk. So far there are only about 90 banks on its watch list; and IndyMac was not put on that list until last month! So if the FDIC did not even identify IndyMac as in trouble until it was too late, how many other IndyMacs are out there that that the FDIC has not identified yet?

Nouriel Roubini

Nouriel Roubini's Global EconoMonitor, Jul 20, 2008

.....

The information presented above should clearly put to rest that the worst is not behind us by any stretch of the imagination. So far this year every market bounce has been a bear trap with prices putting in lower lows as the economic and financial carnage plays out. Every market bounce will prove to be an opportunity to increase defensive positions until the economy begins to show some stabilization.

In terms of monitoring an economic recovery, employment will be crucial as employment levels play a major role in consumer spending which accounts for more than 70% of GDP. In terms of leading indicators for overall employment, housing-related employment levels bottom first followed by temporary service help before overall employment levels bottom. Currently, the rate of decline in housing-related employment appears to have bottomed, which is encouraging though temporary service help employment has not. A bottoming in the employment rate of change often marks the end of a recession and with employment still contracting we are not out of the woods, despite media pundits assertions.

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

[Demeter]

11. One Does Wonder What Kind of Calamity It Would Take to Stop the Bullshit

Not even 9/11 or Katrina could stop it, in other areas....

I'm trying to think of something sufficiently powerful to impress itself upon the beautiful minds that write such fairy tales. Any suggestions?

[ozymandius]

16. Hackers steal and redistribute all their virtual money?

Not that I advocate such a thing. Money is all to these people because it bestows upon them everything they love and desire: self-esteem, power, influence, sex, human comforts and basic needs. The world turns a radically different color when you don't have any money.

[Demeter]

21. Now That Is Doable

But it would be a lot of work, and only a few people are capable. I think that would have to be right after the revolution siezes the government, though, to protect the geeks.

I was thinking more along the lines of an act of nature or economics. But there's merit in the Geek Ex Machina solution!

[ozymandius]

24. Our economic crisis is globally infectious.

A naturally occurring shortage of funds provided by overseas sources is threatened when America appears to be drifting toward default. It's not hard to find murmurings of these suspicions in the news and on the econ blogs. A large shortage of overseas funding will lay bare America's insolvency. Anything the Fed attempts to fill voids with cash will result in an inflationary virus like the ones seen by either Argentina or the Weimar Republic.

[Tansy_Gold]

50. Act of nature v. economic "surprise"

I think there are several catastrophic events Mother Nature could hurl at TPTB to wake them up: a major earthquake in the U.S., especially one in an area not expecting it such as the Midwest re the New Madrid fault; a hurricane season that inflicts severe damage on the U.S. oil refining industry and makes gasoline and diesel both expensive AND scarce; wildfires that reach urban areas or cause damage to the power grid; eruption of the Yellowstone caldera. For starters. :evilgrin:

There are also infrastructure failures that could open some eyes, but a single structure would probably not have sufficient impact unless it affected a whole lot of people or some other part of the economy; most of our system has sufficient redundancy to weather the loss of a single building, a single bridge, etc. Most major cities have back-up air traffic facilities, for example. About the only infrastructure failure that might have an impact would be a nuclear power plant meltdown in the Chernobyl style. If that happens, we're all pretty much screwed.


The collapse of an economic "giant," such as GM or Ford or Merrill Lynch -- one that has enough iconic status to resonate with the general public -- could trigger ... something in the way of an awakening, but I think by the time that happens, it will be too late.


Maybe it's already too late. :shrug:


Tansy Gold

[Hugin]

56. Geeze guys, all you need to do is...

interrupt 'American Idol'.

Not even the whole show, just the end.

:eyes:

[Demeter]

59. Sadly, You Might Be Right, Prag

And as I live in the Midwest, kindly keep your earthqukes off the New Madrid fault, please!

[Dr.Phool]

64. And no more hurricanes down here please.

I finally replaced my solar panels for the pool.

[Tansy_Gold]

82. Ah, yes, NIMBY is strong even on DU!!! ;-)

Seriously, I don't wish disaster on anyone. No hurricanes, no tornadoes, no volcanoes, no earthquakes. Not even in Crawford, TX, where Laura has sacrificed sooooooo much -- NOT!

But it will probably take some kind of disaster to wake up the sleeping sheeple, and without MASS protests, TPTB will jus' keep rollin' -- er shruggin' along.


Tansy Gold, who thinks American Idol IS a (cultural) disaster of catastrophic proportions and who wishes TPTB at MSNBC would stop making Olbermann devote so much time to it.

[Dr.Phool]

86. Yeah, my wife watches all that crap.

She was going to stick my head in the oven last night, when I jokingly told her I was going to shut off the cable, so she'd quit watching all these home improvement shows, thinking up things for me to do.

I'm not the handiest guy in the world, but she's catching on to that "round tuit" thing. I can't do that until I get a "round tuit" and I can't find one.

[DemReadingDU]

97. Here ya go

more items...
http://www.cafepress.com/marshbunny/1607026

[Dr.Phool]

127. Damn You!!!!

Now, I'll have to do some of this shit!

:hi:

[AnneD]

101. Morning Marketeers......

:donut: and lurkers. Dr.Phool, I actually have a "round tuit" that doubles as a cork trivet. If it wasn't so darn handy, I might mail it to you. They are easy to make so I suggest you put that on the top of your list of things to make for your honey.

Well, I had a 'DUH' moment about an hour ago. I have been scratching my head as to why folks aren't upset to the point of lynching some public figures either on Pennsylvania Ave or Wall Street. I remember hearing that before the dot.com bubble bursting 60 something percent of families invested in WS and that after the dot.com bust, it was now 30 something percent owned stocks (I think this was over and above mutual fund retirement accounts-but don't quote me-this was a long time ago so I am not sure).

Now I watch some hard core business programs because I am interested-same reason I hit this place every day. So I am a hard core economics nerd and I realize that. I also have come to the realization that not many other folks share my nerd ly habits. Because I watch so much, I have a refined BS detector. And maybe that explains my horrified reaction. I was eating my late breakfast (love my summers off) and was watching Kelly and Regis. And who should be on but Cramer, giving propaganda, I mean advice to Middle Class. These were his talking points about the rally in a bear market:

1. WS thinks Obama will win the election and it has already figured that in to the stocks (thus military defense stocks going down). But if McCain wins...buy,buy, buy everything.

2. Now is the time to buy a home (yeah I had that chalk on the board grating wince too). In some markets it was already too late.

3. Buy stocks.....all look good, and energy stocks look especially good. (winced again). He did give a few good common sense investments for kids like Disney and McDonald's (McD is off my list for socially conscious reasons).

And then it hit me again why the average American is not up in arms about the FED's etc. Not having a certain depth of knowledge, folks are relying on these 'experts'. This is why the passengers on the Titanic aren't running around frantically. This is why the jews want to show that they are good Germans by wearing those stars.

There was more drivel, but honestly he was like a huckster barker at a side show carnival. At one time 20 years ago I would have believed it. But experiencing the economy as a sentient human since the early 70's until today, and being a long time investor.... I think I have a better handle. I may not get the vast sums...but I don't get my pockets picked either. And if folks really knew the level of corruption out there today, they really would be lynching folks on WS. Anyone can make money in a Bull Market...but this is a bear market and I have called it a bear market for a while (just like we have called it a recession before folks even mentioned the R word). It requires caution and skill when bears are about because one can literally be eaten alive in a bear market. And to tell folks that it is ok to buy,buy,buy, is unconscionable on Cramer's part. Colour me pissed.

Happy hunting and watch out for the bears.

[Demeter]

136. I Found Out Today That Our Co-Op Treasurer Thinks The Economy

(in Michigan, no less) will turn around by 2010.(!!!)

I sat there, mouth open. This woman is 75 and was highly placed at Ford Corporate. She reads the Economist and stuff, and is apparently unaware that economists are probably the LAST people (aside from the GOP) to have any idea what's going on in real time.

Rosy Scenario is back in town. They ought to get her off the streets for soliciting.

[ozymandius]

2. Today's Reports

08:30 Initial Claims 07/19
Briefing.com 372K
Consensus 380K
Prior 366K

10:00 Existing Home Sales Jun
Briefing.com 4.97M
Consensus 4.95M
Prior 4.99M

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

[Dr.Phool]

35. Initial claims 406,000. Up 34,000.

[UpInArms]

72. U.S. jobless claims rose by more than expected

http://www.reuters.com/article/economicNews/idUSN2435904720080724?sp=true

WASHINGTON, July 24 (Reuters) - The number of U.S. workers filing new claims for jobless benefits jumped 34,000 last week, government data on Thursday showed, reflecting seasonal volatility typical at this time of year.

Initial claims for state unemployment insurance benefits rose to a seasonally adjusted 406,000 in the week ended July 19, from a revised 372,000 the prior week, the Labor Department said. It was the highest reading since late March.

A Labor Department official noted that estimates were being impacted by annual auto plant shutdowns, the end of the quarter, and the shorter July 4 holiday reporting week.

U.S. Treasury bond prices, which generally benefit from signs of economic weakness, extended gains on the news. The dollar pared gains against the euro and extended losses against the yen.

"This jump reflects the continuing effects of a deeply abnormal auto re-tooling season," said Ian Shepherdson at High Frequency Economics.

Analysts polled by Reuters had forecast 376,000 new claims versus a previously reported count of 366,000 the week before.

...more...

[Ghost Dog]

45. Existing-home sales fall 2.6% to 10-year low

WASHINGTON (MarketWatch) - Resales of U.S. single-family homes and condos fell 2.6% in June to a seasonally adjusted annual rate of 4.86 million, the lowest level in 10 years, the National Association of Realtors reported Thursday. Resales have sunk 15.5% in the past year and are down about 33% from the peak in 2005.

...

The inventory of unsold homes on the market rose 0.2% to 4.49 million, an 11.1-month supply at the current sales pace, the second-highest inventory level since the mid-1980s. The median sales price fell 6.l% in the past year to $215,100.

/.. http://www.marketwatch.com/news/story/existing-home-sales-fall-26-10-year/story.aspx?guid={17131F60-4B16-421F-BE34-7D9EB21EB751}

[Pale Blue Dot]

46. Existing home sales drop 2.6%

4.86M

[UpInArms]

55. U.S. existing-home sales down 15.5% in past year

17. U.S. existing-home sales down 15.5% in past year
10:00 AM ET, Jul 24, 2008

18. U.S. June existing-home price down 6.1% in past year
10:00 AM ET, Jul 24, 2008

19. U.S. June existing-home inventory 11.1-month supply
10:00 AM ET, Jul 24, 2008

20. U.S. June existing-home sales fall 2.6% to 4.86 million pace
10:00 AM ET, Jul 24, 2008

[ozymandius]

3. Oil steady above $124 after steep drop

SINGAPORE - Oil prices steadied in Asian trading Thursday after shedding nearly $4 a barrel in the previous session on concerns that high fuel prices are dampening demand in the world's biggest energy consumer.

A weekly report by the U.S. Energy Department's Energy Information Administration showed that gasoline demand over the four weeks ended July 18 was 2.4 percent lower than a year earlier — offering further evidence that Americans are cutting back on fuel.

"The worries about demand erosion in the U.S. and an economic slowdown are really pulling prices down," said Victor Shum, an energy analyst with consulting firm Purvin & Gertz Inc. in Singapore.

Light, sweet crude for September delivery rose 15 cents to $124.59 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract on Wednesday dropped $3.98 to settle at $124.44 a barrel, crude's lowest finish in floor trade since June 4.

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

[ozymandius]

4. Arctic 'holds 90bln barrels of oil, mostly offshore'

WASHINGTON (AFP) - Within the Arctic circle there are 90 billion barrels of oil and vast quantities of natural gas waiting to be tapped, most of it offshore, the government-run US Geological Survey said.

The top of the world, shared by half a dozen countries including the US, Russia, Canada, Sweden, Norway and Greenland, holds an estimated 90 billion barrels of crude, 1,670 trillion cubic feet of gas and 44 million barrels of natural gas liquids, the USGS said in a report.

.....

The Arctic estimate, said USGS geologist Donald Gautier, includes some degree of uncertainty.

Broken down, the Arctic energy reserves would account for about 13 percent of the undiscovered oil, 30 percent of the undiscovered natural gas, and 20 percent of the undiscovered natural gas liquids in the world, the report said.

The majority of the undiscovered 90 billion barrels of crude oil, USGS experts estimate, are lying in Alaska, where 30 billion are hiding, Russia's Barents Basins, East and West Greenland and East Canada.

http://news.yahoo.com/s/afp/20080724/ts_afp/uscanadaarcticoilgasenergyenvironment_080724082723

[Roland99]

30. What happened to curing us of our addiction to oil?

:eyes:

[Ghost Dog]

33. This kind of large-scale project, you mean?

Solar power from Saharan sun could provide Europe's electricity, says EU

· Huge £35bn supergrid would pool green sources
· Brown and Sarkozy back north African plan

* Alok Jha, science correspondent
* The Guardian,
* Wednesday July 23, 2008

A tiny rectangle superimposed on the vast expanse of the Sahara captures the seductive appeal of the audacious plan to cut Europe's carbon emissions by harnessing the fierce power of the desert sun.

Dwarfed by any of the north African nations, it represents an area slightly smaller than Wales but scientists claimed yesterday it could one day generate enough solar energy to supply all of Europe with clean electricity.

Speaking at the Euroscience Open Forum in Barcelona, Arnulf Jaeger-Walden of the European commission's Institute for Energy, said it would require the capture of just 0.3% of the light falling on the Sahara and Middle East deserts to meet all of Europe's energy needs.

The scientists are calling for the creation of a series of huge solar farms - producing electricity either through photovoltaic cells, or by concentrating the sun's heat to boil water and drive turbines - as part of a plan to share Europe's renewable energy resources across the continent.

A new supergrid, transmitting electricity along high voltage direct current cables would allow countries such as the UK and Denmark ultimately to export wind energy at times of surplus supply, as well as import from other green sources such as geothermal power in Iceland.

Energy losses on DC lines are far lower than on the traditional AC ones, which make transmission of energy over long distances uneconomic.

The grid proposal, which has won political support from both Nicholas Sarkozy and Gordon Brown, answers the perennial criticism that renewable power will never be economic because the weather is not sufficiently predictable. Its supporters argue that even if the wind is not blowing hard enough in the North Sea, it will be blowing somewhere else in Europe, or the sun will be shining on a solar farm somewhere.

Scientists argue that harnessing the Sahara would be particularly effective because the sunlight in this area is more intense: solar photovoltaic (PV) panels in northern Africa could generate up to three times the electricity compared with similar panels in northern Europe.

Much of the cost would come in developing the public grid networks of connecting countries in the southern Mediterranean, which do not currently have the spare capacity to carry the electricity that the north African solar farms could generate. Even if high voltage cables between North Africa and Italy would be built or the existing cable between Morocco and Spain would be used, the infrastructure of the transfer countries such as Italy and Spain or Greece or Turkey also needs a major re-structuring, according to Jaeger-Walden.

/More... http://www.guardian.co.uk/environment/2008/jul/23/solarpower.windpower

I especially dig the Tesla-ian DC long-distance transport cables concept...

[TalkingDog]

80. Me? I'm not addicted. I can quit any time I want.

I've quit 23 times already.

Addicted...Hah!

[ozymandius]

5. House passes housing bill; Bush lifts veto threat

WASHINGTON (Reuters) - The House of Representatives passed a massive housing rescue bill on Wednesday while the White House dropped a threat to veto it, paving the way for measures aimed at shoring up the worst U.S. housing market since the Great Depression.

Removal of the presidential veto threat spurred investors to snap up shares and bonds of mortgage finance companies Fannie Mae and Freddie Mac, which would receive an emergency government lifeline under the bill.

The measure, approved on a 272-152 vote, now moves to the U.S. Senate, where a vote may take place later this week or early next week.

.....

Congressional budget analysts put a $25 billion potential price tag on the provision to bolster Fannie and Freddie, but pointed to a wide range of possible costs.

Both Paulson and the companies have said the credit line was just a backstop and they had no intention of using it.

In addition to that backstop, the bill would set up a new regulator for the companies and raise the size of mortgage loans that they and the Federal Housing Administration can guarantee. It would permit the FHA to refinance up to $300 billion in mortgages facing foreclosure.

http://news.yahoo.com/s/nm/20080723/ts_nm/fannie_freddie_dc

[ozymandius]

10. Fannie Mae Unsold $5 Billion Homes Bring Peril to Shareholders

July 23 (Bloomberg) -- Fannie Mae, the largest U.S. mortgage finance company, couldn't find a buyer who would pay $6,900 for the three-bedroom house at 1916 Prospect St. in Flint, Michigan. So broker Raymond Megie, who is handling the foreclosure sale, advised cutting the price to $5,000.

Megie still couldn't sell it. ``There's oversupply,'' he said. The home sold in 2005 for $110,000.

Fannie Mae acquired twice as many homes through foreclosure in the first quarter as it sold, regulatory filings show. Unsold properties may weigh on the company's stock, which lost almost half its value since June 5, said Moshe Orenbuch, managing director of equity research at Credit Suisse Group AG in New York. Late payments on the company's home loans, a harbinger of foreclosures, almost doubled in the past year.

Together, Fannie Mae and Freddie Mac, the two biggest U.S. mortgage finance companies, owned a record $6.9 billion of foreclosed homes on March 31, compared with $8.56 billion held by all 8,500 U.S. commercial banks and savings and loans. Foreclosed houses sell at an average discount of about 20 percent, according to economists Ethan Harris and Michelle Meyer at New York-based Lehman Brothers Holdings Inc. At that rate, the two mortgage companies stand to lose $1.39 billion on the foreclosed houses they currently own.

.....

The value of Fannie Mae's foreclosed property doubled in the first quarter to $4.72 billion from $2.4 billion a year earlier, and the number of homes it owned climbed 64 percent to 43,167, according to a regulatory filing. The amount the company sold was $952 million, compared with $706 million a year earlier.

http://www.bloomberg.com/apps/news?pid=20601109&sid=aMz0dl3IdwjU&refer=home

[skoalyman]

62. I'll givem 100.00 for it

:shrug:

[Hugin]

100. If you broke it down and sold it for scrap, it'd bring in more than $5K.

Where's Fred Sanford when needed?

[Hugin]

99. $5 Billion Homes?

Mmmm Doggies, I bet those puppies have granite EVERYTHING!

Prolly flush indoor toilets too! ;)

[skoalyman]

105. I bet there gold plated too

:hurts:

[Demeter]

14. Start the Countdown Clock, Open a Pool

How many hours before Paulson and Co. taps the credit line for Fannie and Freddie?

[ozymandius]

20. Hours? He'll do an Indiana Jones style switcheroo in minutes.

Before you now it - the $25 billion golden idol will be replaced with a bag of sand.

[Demeter]

23. Heigh Ho, Off to Work I Go! Have a Good One, Ozy and All!

[ozymandius]

25. Have a wonderful day Demeter.

:hi:

[AnneD]

102. Demeter, you don't need a countdown clock....

an egg timer will do.

[Demeter]

60. And Yet the Dow Drops 100+ in an Hour!

Could it be that everyone is jealous? Paulson better not bail out any stockholders, or he will not live to regret it. The rest of the financial community will crucify him.

[ozymandius]

6. Credit Suisse Earnings Fall 62% but Top Expectations (here we go again: success-with-less)

ZURICH — Credit Suisse posted a smaller-than-expected fall in second-quarter earnings on Thursday as it managed more cash for the world’s wealthy and its investment banking unit returned to profit.

The Swiss bank’s earnings easily beat analysts’ forecasts, despite falling 62 percent to 1.2 billion Swiss francs ($1.16 billion), because of smaller asset write-downs than expected and as its investment bank, private bank and asset management business all posted profits.

A Reuters poll of analysts had forecast profit of 526 million francs.

.....

Credit Suisse, which has reported billions of dollars in losses stemming from the credit crunch and was forced to admit billions more from a trading scandal, said volatile market conditions would continue.

http://www.nytimes.com/2008/07/25/business/worldbusiness/25credit.html?ref=business

[Ghost Dog]

13. Europe shares edge up, banks gain on Credit Suisse

LONDON, July 24 (Reuters) - European shares rose in early trade on Thursday with banks leading the pack after Credit Suisse (CSGN.VX: Quote, Profile, Research, Stock Buzz) beat expectations with its second-quarter earnings report, but weak oils capped gains. By 0715 GMT, the FTSEurofirst 300 index of top European shares rose 0.15 percent to 1,190.73 points, as Credit Suisse soared 6.9 percent.

"In particular, the investment bank (unit) outperformed our expectation thanks to stronger than expected revenues from equity sales & trading and lower valuation losses related to structured products," said analyst Michael Dunst at Commerzbank in a note.

The DJStoxx European banks was up 1.2 percent, with Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz) rising 2.5 percent and UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) adding 3.5 percent.

Morgan Stanley upgraded the European banking sector to "in-line" from "cautious" and said some 40 percent of the banks it covers are now either below or no more than 10 percent above its bear case valuations.

Other earnings reports also impressed with Syngenta (SYNN.VX: Quote, Profile, Research, Stock Buzz) rising 4.7 percent after it raised its outlook for 2008 and 2009 and Renault (RENA.PA: Quote, Profile, Research, Stock Buzz) adding 5.8 percent after margins in its first half beat analyst expectations.

/.. http://www.reuters.com/article/marketsNews/idCAL2489103420080724?rpc=44

[Ghost Dog]

15. European stocks turn lower on economica data

LONDON, July 24 (Reuters) - European shares extended losses in morning deals on Thursday as worse-than-expected economic data and weak oil stocks weighed on the index.

By 0813 GMT, the FTSEurofirst 300 index of top European shares fell 0.8 percent to 1,179.99 points.

Germany's Ifo corporate sentiment index came in well below forecasts in July and Euro zone services and manufacturing activity shrank at a faster pace in July than anticipated by economists.

/.. http://www.reuters.com/article/marketsNews/idCAL2410532120080724?rpc=44

[Dr.Phool]

34. We've been hearing another version of this story for 7 years.

Did everyone in the Treasury Dept. get a job on Wall Street?

The other version is, "The Presidents new budget has an additional $700 brazillion in new deficit spending".

"This years deficit came in at $500 brazillion, much less than projected. Dear Leader has shaved the deficit by hundreds of brazillions. Is he a genius or what? We're saved!"

They'll keep putting more and more lipstick on this pig until January. Then they'll say "Everything was fine ntil the Dems took over! See lookee!" Or, as St. Ronnie of Hollywood said, as his recession took it's second dip, "This is Jimmy Carters recession".

[AnneD]

104. I would like to suggest a theme song for today....

I can feel it in the air tonight...Phil Collins

I can feel it coming in the air tonight, oh lord
Ive been waiting for this moment, all my life, oh lord
Can you feel it coming in the air tonight, oh lord, oh lord

Well, if you told me you were drowning
I would not lend a hand
Ive seen your face before my friend
But I dont know if you know who I am
Well, I was there and I saw what you did
I saw it with my own two eyes
So you can wipe off the grin, I know where youve been
Its all been a pack of lies

And I can feel it coming in the air tonight, oh lord
Ive been waiting for this moment for all my life, oh lord
I can feel it in the air tonight, oh lord, oh lord
And Ive been waiting for this moment all my life, oh lord, oh lord

Well I remember, I remember dont worry
How could I ever forget, its the first time, the last time we ever met
But I know the reason why you keep your silence up, no you dont fool me
The hurt doesnt show; but the pain still grows
Its no stranger to you or me

And I can feel it coming in the air tonight, oh lord...

Somehow, this is too frighteningly spot on......Anne

[Hugin]

108. Great theme, AnneD.

Since I'm fresh out.

[ozymandius]

7. Billionaires Back Antismoking Effort

Bill Gates and Mayor Michael R. Bloomberg announced on Wednesday that they would spend $500 million to stop people around the world from smoking.

The World Health Organization estimates that tobacco will kill up to a billion people in the 21st century, 10 times as many as it killed in the 20th.

This time, most are expected to be in poor countries like Bangladesh and middle-income countries like Russia. In an effort to cut that number, Mr. Bloomberg’s foundation plans to commit $250 million over four years on top of a $125 million gift he announced two years ago. The Bill and Melinda Gates Foundation is allocating $125 million over five years.

.....

It will urge governments to sharply raise tobacco taxes, prohibit smoking in public places, outlaw advertising to children and cigarette giveaways, start antismoking advertising campaigns and offer people nicotine patches or other help quitting. Health officials, consumer advocates, journalists, tax officers and others from third world countries will be brought to the United States for workshops on topics like lobbying, public service advertising, catching cigarette smugglers and running telephone help lines for smokers wanting to quit. A list of grants is at tobaccocontrolgrants.org.

http://www.nytimes.com/2008/07/24/health/24tobacco.html

[skoalyman]

65. good grief why don't they just throw us in prison already

no freedom for the poor masses got to keep em down:evilgrin: bunch of bs tobaccos already high enough as it is

[Dr.Phool]

71. It would serve us right.

[ozymandius]

8. Fed Says All District Banks Report `Price Pressures' (Update3)

July 23 (Bloomberg) -- The Federal Reserve said all 12 of its regional bank districts reported ``elevated or increasing'' price pressures during June and July amid slower economic growth.

Five of the districts indicated ``a weakening or softening'' in their economies, and consumer spending was ``sluggish or slowing'' in every region, the central bank said today in its economic survey, known as the Beige Book for the color of its cover.

The survey reinforced testimony by Fed Chairman Ben S. Bernanke to lawmakers this month indicating that risks to both growth and inflation are increasing. Central bank policy makers differ over whether to increase the benchmark interest rate or leave it unchanged.

.....

``Everything is working against the consumer,'' said Mark Zandi, chief economist and co-founder of Moody's Economic.com. Federal tax rebate checks ``were the only source of cash and now we have to worry about a weakening job market, falling housing values,'' and high gas and food prices.

...

U.S. consumer prices surged 5 percent in the past year, the biggest jump since 1991, as households struggled with falling home values and the credit crunch. Spiraling expenses for food and fuel spurred the increase in June, the Labor Department said last week.

http://www.bloomberg.com/apps/news?pid=20601068&sid=aGJkAug5gNug&refer=economy

[Demeter]

17. "Everything is working against the consumer''

Most especially, her own government.

[ozymandius]

9. U.S. Stock-Index Futures Drop; McDonald's, General Motors Fall

July 24 (Bloomberg) -- U.S. stock-index futures declined as rebounding oil prices and an analyst downgrade of McDonald's Corp. overshadowed Amazon.com Inc.' better-than-estimated profit.

McDonald's dropped in Germany as Deutsche Bank cut its recommendation. General Motors Corp., the biggest U.S. automaker, fell as crude prices rallied from a seven-week low and Daimler AG trimmed its full-year earnings forecast. Amazon.com spurred gains in Nasdaq-100 Index futures as net income doubled, while Fannie Mae climbed after the House of Representatives approved legislation to bolster the mortgage-finance company.

Futures on the Standard & Poor's 500 Index expiring in September lost 4.5 to 1,277.8 as of 11:50 a.m. in London. Dow Jones Industrial Average futures slipped 46 to 11,567. Nasdaq-100 Index futures added 2.5 to 1,851.5. European shares dropped as German business confidence sank, while Asian shares advanced.

http://www.bloomberg.com/apps/news?pid=stocksonmove&refer=&sid=aDPTVaR7Jphw

[ozymandius]

12. San Diego Sues BofA over Foreclosures

SAN DIEGO (Reuters) - San Diego's city attorney said on Wednesday he filed a lawsuit against Bank of America Corp and its Countrywide unit to prevent the mortgage lenders from foreclosing on homes in the city, which he aims to make a "foreclosure sanctuary."

City Attorney Michael Aguirre plans to file similar lawsuits against Washington Mutual Inc, Wells Fargo & Co and Wachovia Corp in an effort to make the lenders negotiate with mortgage borrowers facing foreclosure.

.....

So far this year, 20,000 homes in San Diego County, with a population of 2.9 million, have been lost to foreclosure as borrowers fail to keep up with mortgage payments and some analysts forecast the number may rise to 40,000 by the end of the year.

http://biz.yahoo.com/rb/080723/bankofamerica_foreclosures_lawsuit.html?.v=1

[Ghost Dog]

18. GLOBAL ECONOMY-Japan exports fall as recession risks rise

HONG KONG, July 24 (Reuters) - Japanese exports shrank in June after crumbling Western markets hit Asian demand as the risk of recession crept up the agenda of global policymakers grappling with surging inflation.

A prominent hawk on the Bank of Japan's board said it was now more worried about growth than decade-high inflation and New Zealand's central bank cut rates in a gamble that first recession in decade would cool the fastest inflation in two years.

Other central bankers are warming up to similar tactics. One Bank of England policymaker voted this month to cut rates. Expectations for rate rises this year from the Bank of Japan and the Federal Reserve have faded as global policymakers, who had turned from the credit crisis to containing commodity-led inflation, fret over growth.

Bank of Japan policymaker Atsushi Mizuno, considered by economists to be one of the toughest on inflation, told a news conference there was a chance the world's second largest economy could slip into a recession though he did not expect a deep one.

The central bank would need to cut its growth forecasts if emerging economies slow more, he said, admitting that he had not anticipated the extent of the rise in commodity prices.

Indeed, data showed Vietnam's inflation was running at a 27 percent annual rate. Food prices were up a staggering 72.7 percent, ensuring the shock was felt by every hungry mouth in what was once considered to be a rising economic power that could compete with China.

Diminished demand not only from developed economies but other countries in Asia as well led to the surprise 1.7 percent drop in Japan's exports in June.

"If the slowdown in the United States and Europe continues, that will affect Asian economies. Demand from emerging economies alone will not be enough to lead export growth," said Maiko Noguchi, senior economist with Daiwa Securities SMBC in Tokyo.

/... http://www.reuters.com/article/marketsNews/idINHKG1360420080724?rpc=44&sp=true

[Ghost Dog]

19. Nikkei up 2.2 pct at 4-wk closing high; exporters up

TOKYO, July 24 (Reuters) - Japan's Nikkei average rose 2.2 percent on Thursday to book a four-week closing high, as Toyota Motor Corp (7203.T: Quote, Profile, Research, Stock Buzz) and other carmakers led gains by exporters on a softer yen versus the dollar and a drop in oil prices.

The benchmark Nikkei average .N225 added 290.38 points to end at 13,603.31, above its 25-day moving average and its highest finish since June 26.

The broader Topix climbed 2.2 percent to 1,332.57.

/. http://www.reuters.com/article/marketsNews/idCATKV00315620080724?rpc=44

[Ghost Dog]

22. Asian Stocks Advance for Fourth Day as Oil Falls; Sony Gains

July 24 (Bloomberg) -- Asian stocks advanced for a fourth day as the dollar's rebound and declining commodity prices bolstered automakers and consumer-electronics manufacturers.

Sony Corp. gained in Tokyo as the U.S. currency traded near a one-month high, boosting the value of dollar-denominated sales. Honda Motor Co. rose after European carmakers' results beat estimates. Cathay Pacific Airways Ltd. surged as oil traded near the lowest in seven weeks. Bridgestone Corp., the world's largest tiremaker by sales, climbed after rubber prices fell.

``We aren't out of the woods yet but things are not as bad as previously feared,'' said Jason Chong, who helps manage $1.5 billion as chief investment officer at UOB-OSK Asset Management in Kuala Lumpur. ``A continued decline in oil prices would mean lower inflation and costs going forward and that's good for companies.''

The MSCI Asia Pacific Index gained 1.5 percent to 136.85 as of 7:04 p.m. in Tokyo, its highest close since June 27. The measure has jumped 6 percent this week, heading for its biggest weekly advance since the five days to Aug. 24, when the U.S. cut its discount lending rate. About three stocks rose for each that declined, with eight of the index's 10 groups advancing.

/... http://www.bloomberg.com/apps/news?pid=20601080&sid=aUX2BQISXCdU&refer=asia

[Ghost Dog]

26. GLOBAL ECONOMY-European economy buckling, Japan falters

Thu Jul 24, 2008 6:31am EDT

LONDON, July 24 (Reuters) - European business confidence is rapidly unravelling and Japanese exports shrank last month, data showed on Thursday, giving evidence that the credit crisis has shifted from battering bank balance sheets to the world economy.

Key measures of business activity and company sentiment across Europe fell more than expected -- in Germany, France and Italy as well as a closely-watched survey of the 15-nation euro zone.

This could not come at a worse time for the European Central Bank, which raised interest rates earlier this month by a quarter percentage point to 4.25 percent to combat inflation that is double its upper limit and set to rise further.

The Ifo institute's gauge of German business sentiment, based on a survey of about 7,000 companies, suffered its biggest fall since soon after the Sept. 11, 2001 attacks on the United States. It dropped to 97.5 in July from 101.2 in June, and was weaker than the 100.0 economists had expected.

Tighter credit conditions and a soaring euro have dragged private sector euro zone services business deeper into contraction, marking the worst performance in five years, according to another survey of 5,000 companies in the euro zone.

...

If there were not enough gloom for Europe, British retail sales had their biggest monthly fall on record, plunging 3.9 percent and wiping out an almost equally large surge in sales the month before.

Recession risks are rising in Britain, where the housing market is plunging. A Reuters poll of economists on Wednesday put the probability of recession at a significant 40 percent, double where it was at the start of the year.

Spanish unemployment rose to 10.4 percent in the second quarter, much more than expected, as a reeling construction industry eliminated jobs.

In Scandinavia, Danish consumer confidence plunged much more than consensus forecasts to a 16-year low while Swedish unemployment staged an unexpectedly large spike to 8.1 percent in June from 5.9 percent.

...

Japanese exports, which are heavily dependent on U.S. demand, shrank in June for the first time in nearly five years and the risk of recession crept up the agenda of global policymakers grappling with surging inflation.

Exports to the United States and the European Union both fell, as did exports to other countries in Asia. That news comes against a backdrop of growing concerns that domestic spending will not be able to carry the torch for the Japanese economy.

...

Oil prices have been in full retreat over the past week and fell below $125 a barrel on Thursday, partly on worries that global demand is waning.

"If the slowdown in the United States and Europe continues, that will affect Asian economies. Demand from emerging economies alone will not be enough to lead export growth," said Maiko Noguchi, senior economist with Daiwa Securities SMBC in Tokyo.

Earlier on Thursday the Reserve Bank of New Zealand cut its benchmark interest rate to 8.0 percent from 8.25 percent even though inflation is running at the fastest in two years, and said more cuts could be coming.

/... http://www.reuters.com/article/bondsNews/idUSL24105398320080724?rpc=401&=undefined&sp=true

[wordpix]

107. if Japan would stop killing whales, maybe more people would buy Japanese goods overseas

I, for one, will not until Japan gives up its whale slaughter.

[ozymandius]

27. Reminder: you can see a very well-researched overview of the credit crisis here.

The Credit Crisis Timeline delves into details about specific institutions across the world. Also among the explorations are predicted events, a global losses tally, capital raised to-date, etc.

It's worth the read.

[ozymandius]

28. Gotta run!

See you folks later. Please have some fun today.

Ozy :hi:

[Roland99]

31. Thanks for the link. Be some good reading this weekend

and having fun?

not enough sleep to consider fun at this point. ;)

[Demeter]

137. I Did! I Had Birthday Cake Courtesy of a Customer!

Of course, to make up for it, I had to walk through freshly spread SealCoat for the next one!

[DemReadingDU]

32. That is the best site for a comprehensive list of financial info

Edward Harrison is the author and he regularly keeps updating it.

[Hugin]

49. Bookmarked!

:hangover:

[Roland99]

29. Love the toon. he he

:)

[Pale Blue Dot]

36. Layoffs 7/24

Autoliv, Inc - Ogden, UT - 3,000 jobs lost (worldwide)

OGDEN, Utah (AP) - Layoffs by a Swedish company that makes auto-safety systems could hit Utah.

Autoliv Inc. says it plans to trim 3,000 jobs from its international workforce of 43,000.

Spokesman Henrik Kaar says the company's largest facilities will likely be affected by the cuts.

One of its biggest plants is in Ogden. The company, though, hasn't made any announcements yet about where the layoffs will take place.
http://www.kutv.com/content/news/topnews/story.aspx?content_id=d2147ec7-4de2-4512-bf8b-07269a58861c

Town of Freetown, MA - 28 jobs lost

About 15 town employees in Freetown, including five teachers and two patrolmen, are looking for new jobs after the resounding defeat of a Proposition 2 1/2 override this week.

Voters rejected all eight ballot questions - set out "menu" style and totaling $740,000 - in the July 21 special election. The effects of the cuts will be felt across the small town.

"There is no denying that this is really a struggling economy and Freetown is caught dead in the middle of it," said Board of Selectmen chairwoman Lisa Pacheco. "Everybody's waiting for the pot of gold at the end of the rainbow. There is no pot of gold and there is no rainbow."

Freetown Elementary School will lose 12 employees and class sizes will rise to about 28 students in a room, according to principal Robert L. Frizelle. A recently built library, computer, and science lab will remain locked when school reopens this fall, he said.
http://www.boston.com/bostonglobe/regional_editions/overridecentral/2008/07/layoffs_hit_fre.html

Navistar - Springfield, OH - ??? jobs lost

SPRINGFIELD, Ohio -- Officials at Navistar in Springfield said the company is planning some layoffs for the next month.

The company said it has not disclosed how many people will be out of work. The Navistar plant currently employs about 850 people.

The layoffs are effective Aug. 11, which is the day after a previously planned week-long assembly line shutdown.

A Navistar employee said fuel prices are the reason for the layoffs.

Stoughton Trailers - Stoughton, WI - 184 jobs lost

Stoughton Trailers, LLC, of Stoughton, notified the Wisconsin Department of Workforce Development that the semi-trailer manufacturer would be closing its Brodhead facility and laying off the approximately 184 employees at the facility, 302 23rd St.

According to a letter dated July 16 written by the company's Vice President of Human Resources, Patrice Gillespie, Stoughton Trailers expects the Sept. 17 closing to be temporary, though its exact duration is unknown at this time. The company laid off 120 employees in 2007.

Higher fuel prices have been hitting Wisconsin's trucking industry hard. WH Transportation Co. of Wausau announced 340 job cuts in June. Stoughton Trucking, affliated with Stoughton Trailers, had said it avoided expected layoffs last month by downsizing operations. Madison's Koschkee Transfer shuttered in April. According to AAA's Fuel Gauge Report Wednesday, current diesel fuel prices average $4.73 per gallon in Wisconsin, compared to $3.04 per gallon a year ago.
http://www.madison.com/tct/business/297595

City of Atlanta, GA - 500 jobs lost

ATLANTA (MyFOX Atlanta) – A new round of layoffs has hit the Atlanta court system and critics said Wednesday the cuts at the City of Atlanta court building will amount to giving get-out-of-jail-free cards to offenders. Court personnel said the decision to layoff half of the prosecutor's office will leave them unable to process all the cases and will lead to violators being released.

Gathered inside the Atlanta Solicitor's Office investigators, analysts and attorneys received the news that they, like 500 other city employees, were out of a job effective immediately.

Solicitor Raines Carter was told that he will have to get the traffic and criminal cases prepared without 40 percent of the staff that he used to have.

Just moments after hearing the news he was laid off, a senior investigator said he predicted offenders will walk free because there wouldn't be enough staffing to handle the load.
http://www.myfoxatlanta.com/myfox/pages/News/Detail?contentId=7049107&version=1&locale=EN-US&layoutCode=TSTY&pageId=3.2.1

Indian River Medical Center - Vero Beach, FL - 50-60 jobs lost

“The deficit requires us to reduce expenses,” Susi said. “Reducing the budget by several million is doable, but not easy. I don’t think we’ll be able to avoid layoffs.”

He has given staff 30 to 60 days to develop a plan to address the number of jobs that could be eliminated at Indian River County’s largest medical facility.

The hospital has about 1,600 employees — 1,250 are full-time staff.

He said it was premature to speculate on how many jobs could be affected by the staff reduction. However, he said, the budget shortfall this year is similar to one that occurred in 2002.

“We had a similar environment then with our operating margins and a poor investment environment,” Susi said. “At that time we reduced about 50 to 60 full-time staff equivalents.”
http://www.tcpalm.com/news/2008/jul/23/indian-river-medical-center-looking-round-layoffs-/

Jet Blue Airlines - Nationwide - ??? jobs lost

United boosted planned job reductions to 7,000. US Airways said it will pare 18 percent more jobs than previously planned, and JetBlue said its unspecified cutbacks would be “commensurate” with plans for reduced flight capacity.

The second-quarter net loss at UAL was $2.73 billion, or $21.47 a share, compared with year-earlier profit of $274 million, or $1.38. Excluding one-time costs, UAL's loss was $151 million, or $1.19 a share, less than Wall Street's projection. US Airways reported a $567 million loss, or $6.16 a share. Excluding certain items, the loss was $1.11 a share, less than the $1.30 analysts expected. JetBlue lost $7 million after earning $21 million from April through June last year. The 3-cents-a-share loss was narrower than the 7-cent loss expected by industry analysts.
http://www.signonsandiego.com/news/business/20080723-9999-1b23bizbrfs.html

[Pale Blue Dot]

37. New layoff filings jump as companies retrench

WASHINGTON (AP) — The number of newly laid off people filing claims for unemployment benefits bolted past 400,000 last week as companies trimmed their work forces to cope with a slowing economy.

The Labor Department reported Thursday that the number of new applications filed for these benefits rose by a seasonally adjusted 34,000 to 406,000 for the week ending July 19.

That matched the level seen in late March. The last time claims were higher was after the devastation of the Gulf Coast hurricanes in mid-September 2005. Then, they spiked to 425,000.

The new snapshot of layoffs was worse than economists were forecasting. They were expecting claims to rise to 375,000 according to the consensus estimate of Wall Street economists surveyed by Thomson/IFR.

http://ap.google.com/article/ALeqM5jsanM66tszKz1zFq0LOG4XvWS7zAD9247HLO0

[Pale Blue Dot]

38. Detroit, Pontiac get more leeway to lay off firefighters

In opinions released Wednesday, the Michigan Supreme Court gave mayors in financially challenged Detroit and Pontiac more freedom to lay off firefighters and, in the case of Detroit, to restructure its fire department.
Advertisement

The immediate impact of the rulings was unclear.

Denise Tolliver, a spokeswoman for Detroit Mayor Kwame Kilpatrick, said the mayor and Fire Commissioner Tyrone Scott "will have to sit down and decide what to do. We might not have to restructure the fire department."

In separate cases brought by unions representing firefighters, the court found that proposed layoffs intended to ease budget deficits in each city should not have been blocked by lower courts, even when firefighter safety might be an issue. The decisions, 6-1 for Detroit and 4-3 for Pontiac, dissolve injunctions issued by judges in Wayne and Oakland counties that prevented the layoffs.

http://www.freep.com/apps/pbcs.dll/article?AID=/20080724/NEWS05/807240364

[Pale Blue Dot]

43. AutoNation - nationwide - 1300 jobs lost

FORT LAUDERDALE, Fla. -

AutoNation Inc., said Thursday its second-quarter profit tumbled 33 percent as sales fell on a drop in demand for new vehicles.

The Fort Lauderdale, Fla.-based company also announced plans to cut 1,300 jobs and sell underperforming stores as part of a plan to reduce its costs by $100 million a year.

The nation's largest automotive retailer earned $51.8 million, or 29 cents per share, compared with $77.3 million, or 37 cents per share, for the same quarter in 2007.

Earnings from continuing operations fell to $52.6 million, or 29 cents per share, from $79.3 million, or 38 cents per share.

http://www.forbes.com/feeds/ap/2008/07/24/ap5249815.html

[TalkingDog]

85. This is about 2 weeks old, but I don't recall seeing it: Charlotte School System 331 cuts

http://www.charlotte.com/115/story/706716.html

[TalkingDog]

90. Govt. Report : mass layoffs May 2008 Helpful tables w/

http://209.85.215.104/search?q=cache:pChKzXpizm4J:www.bls.gov/news.release/pdf/mmls.pdf+north+carolina+school+layoff+2008&hl=en&ct=clnk&cd=2&gl=us&client=firefox-a

On page 5
Table 1. Mass layoff events and initial claimants for unemployment insurance, June 2004 to May 2008,
seasonally adjusted

[Pale Blue Dot]

103. Thank you!

I've bookmarked it. :thumbsup:

[UpInArms]

39. dollar watch

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

Last trade 72.896 Change +0.091 (+0.12%)

Dollar Rally Pushing Limits of Bearish Case

http://www.dailyfx.com/story/dailyfx_reports/daily_technicals/Dollar_Rally_Pushing_Limits_of_1216905332114.html



The preferred count that we have been tracking is in black and is valid as long as price is above 1.5611 (red horizontal line). BUT, given the extended weakness from 1.5944 (well beyond where the decline would equal the 1.6039-1.5783 drop), presentation of an alternate count is warranted. While the preferred still treats wave IV as a triangle (complete at 1.5468), the alternate (in red) treats the correction from 1.6018 as a flat. Wave C of the flat would be underway now and would not end until below 1.5283. Near term resistance is 1.5700/36.

Visit our recently updated Euro Currency Room for specific resources geared towards this currency.

STRATEGY: Bullish, against 1.5611, EXIT AT 1.57 (if given the chance) and FLIP to Bearish against 1.5797

...more...

Euro Tumbles Then Recovers as IFO Hits a 3 Year Low - No More Hikes From ECB?

http://www.dailyfx.com/story/bio2/~Euro_Tumbles_Then_Recovers_as_1216892003752.html

The IFO survey of German consumer confidence fell to a three year low piercing through the psychologically key 100 figure as it printed at 97.5 versus forecasts of 100.1. Sentiment has turned sharply lower as the German economy has finally succumbed to the triple punch combination of higher oil prices, higher interest rates and higher exchange rates.

Germany has been the primary driver of growth in the EZ and tonight’s data bodes badly for the region as a whole. Earlier in the night markets saw a big plunge in French business confidence and a much larger uptick in Spanish unemployment to 10.4% indicating that the environment in the rest of the 15 member union is even worse. Given such rapidly deteriorating economic conditions its is difficult to imagine that the ECB would be willing to tighten further and risk tipping the worlds largest economic zone into a full blown recession.

Interestingly enough the EURUSD had a relatively minor reaction to the data recouping most of its losses within an hour of the release. FX traders speculated that the reading in sentiment may have been skewed by record high oil prices and with crude dropping more than $20/bbl since the start of this month, IFO would rebound in August. Nevertheless, tonight’s news cannot be viewed as anything but negative for the single currency, especially if the assumption of a rebound next month proves false which would suggest that the contraction in the EZ economy is more serious than many euro bulls believe.

In UK the news was not much brighter as Retail Sales dropped by 3.9% versus –2.6% expected as purchases of apparel and food declined markedly. The UK consumer is clearly feeling pinched and although the BoE monetary policy is unlikely to ease before the year end, the situation on the street is becoming more troubling by the day as demand continues to contract. If the recent drop in oil prices provides a boost to spending in the fall then BoE will maintain its neutral stance. However if conditions worsen materially Mr. King and company may have to take Mr. Blanchflower’s advice and lower rates quickly.

In North America today jobless claims will once again be key as the two weeks of seasonal adjustments for auto retooling plants now pass and traders could get a clearer picture of US labor markets. Finally it will be interesting to see if US currency traders take the same sanguine view of overnight news or perhaps drive the euro and cable lower in delayed reaction to the data.

...more...

[Ghost Dog]

44. FOREX-Dollar hits 2-week high versus euro on German data

Thu Jul 24, 2008 9:45am EDT NEW YORK, July 24 (Reuters) - The dollar rose to a two-week high against the euro on Thursday as the single currency came under heavy pressure after a slew of soft euro-zone data cooled expectations of higher interest rates.

Gains in the dollar were limited as oil prices rebounded CLc1, dampening sentiment around stocks.

The greenback softened after a government report showed initial jobless claims rose more than expected in the latest week. For details, see

"The jobless claims were slightly higher-than-expected. Some of the rise could be payback for some of the lower numbers we saw in the previous two weeks," said Vassili Serebriakov, senior currency strategist at Wells Fargo in New York.

"It does ask some questions of the recent dollar recovery, but we would have to wait for existing home sales to see perhaps a bigger reaction," he added.

In early trading in New York, the euro was down 0.2 percent on the day at $1.5664 <EUR=>. It earlier slipped as low as $1.5637 immediately after the Ifo report, which followed data showing falls in manufacturing and service sector activity in France, Germany and the wider euro zone.

Against the yen, the dollar fell 0.2 percent to 107.73 JPY.

...

The Munich-based Ifo economic research institute said its index of German corporate sentiment dropped to 97.5 from a revised 101.2 in June. This was much weaker than expectations for a reading of 100.0 and took the index to its lowest level since September 2005.

But given the apparent bleakness of the Ifo headline data, the euro's losses weren't as heavy as they might have been, analysts say.

"FX traders speculated that the reading in sentiment may have been skewed by record high oil prices and with crude dropping more than $20/bbl since the start of this month, Ifo would rebound in August," said Boris Schlossberg, senior currency strategist at DailyFX.com in New York, said in a research note.

"Nevertheless, the news cannot be viewed as anything but negative for the single currency," he added. "Given such rapidly deteriorating economic conditions it is difficult to imagine that the European Central Bank would be willing to tighten further and risk tipping the world's largest economic zone into a full-blown recession."

The biggest mover among the major currencies on Thursday was sterling, which fell sharply against the euro and dollar on the 3.9 percent fall in June UK retail sales. For more details, see .

The pound was last down 0.7 percent at $1.9846.

/... http://www.reuters.com/article/marketsNews/idINN2433763820080724?rpc=44&sp=true

[Dr.Phool]

40. National City Bank posts $1.8 bln loss. Worse than expected-again.

National City posts towering $1.8 billion loss
Posted by Teresa Dixon Murray July 24, 2008 08:42AM
National City Corp. lost a shocking $1.8 billion in the second quarter as it put aside more money for future loan losses, gave up on collecting $740 million and recorded a $1.1 billion loss on a previous acquisition.

That loss of $2.45 per share was much steeper than the 27-cents-per-share loss that was expected. It's also worse than the first quarter, what was the equivalent of a loss of $1 billion, or 98 cents per share.


For perspective, the amount of the loss this quarter is nearly as much as the bank used to make annually just a few years ago, when it was posting profits of $2 billion.

http://blog.cleveland.com/plaindealer/2008/07/national_city_posts_towering_1.html#preview

[UpInArms]

41. Ford's loss approaches $9 billion

http://www.marketwatch.com/news/story/ford-swings-87-billion-loss/story.aspx?guid=%7B2C5792D6%2DB1B6%2D43D7%2DAC35%2DC8C3BA340EE8%7D&dist=TQP_Mod_mktwN

SAN FRANCISCO (MarketWatch) - Ford Motor Co. early Thursday reported a second-quarter loss of $8.7 billion, as the automaker's SUVs and trucks, so crucial to the bottom line, piled up in dealerships as consumers turn to smaller, more fuel-efficient cars.

Ford's (F 5.75, -0.28, -4.6%) lost $8.67 billion, or $3.88 a share, after earning
$750 million in the year-earlier period and recording a surprise profit in the first quarter.

Ford took charges of $8 billion during the quarter, including impairments of $5.3 billion for Ford North America assets and $2.1 billion for Ford Motor Credit Company's operating lease portfolio.

<snip>

Total June U.S. sales at Ford, including its Volvo brand, fell 28.1% to 174,091 vehicles from 242,029 a year earlier. Truck sales fell 35.6% to 101,981. The F-Series, the onetime industry sales leader, handed in a 40.5% decline amid record-high gas prices and a persistent housing slump. Smaller passenger cars from Toyota and Honda now own the top spots.

It looks as if sales may only get worse, according to a report Wednesday from J.D. Power and Associates. The consumer satisfaction research firm slashed its outlook for 2008 U.S. new light-vehicle sales to 14.2 million cars and trucks from its prior target of 14.95 million, citing the credit crisis, high gas prices and reduced rental car business.

...more...

[DemReadingDU]

48. GM, Ford `On the Verge of Bankruptcy

July 22 (Bloomberg) -- General Motors Corp. and Ford Motor Co., the two biggest U.S. automakers, have about a 46 percent chance of default within five years, according to Edward Altman, a finance professor at New York University's Stern School of Business.

``Both are in very serious shape and the markets reflect that,'' Altman, the creator of the Z-score mathematical formula that measures bankruptcy risk, said in an interview with Bloomberg Television. The model shows that these companies are ``on the verge of bankruptcy,'' he said.

more...
http://www.bloomberg.com/apps/news?pid=20601087&sid=asXjYQuEUW4Q&refer=worldwide

[Hugin]

53. There's about a 100% chance this is a move to...

shed their Pensions.

I mean, why does a Mortgage Company need a pension plan?

What? What's that you say? They build cars? No way... If they were serious about that they would've started
building for the future years ago.

[Dr.Phool]

61. Maybe all their buyout checks are going to bounce.

Just for hourly workers. The management stashes theirs in trust accounts.

[DemReadingDU]

42. Shedlock: You Know The Banking System Is Unsound When....

7/23/08 Posted by Michael "Mish" Shedlock

1. Paulson appears on Face The Nation and says "Our banking system is a safe and a sound one." If the banking system was safe and sound, everyone would know it (or at least think it). There would be no need to say it.

2. Paulson says the list of troubled banks "is a very manageable situation". The reality is there are 90 banks on the list of problem banks. Indymac was not one of them until a month before it collapsed. How many other banks will magically appear on the list a month before they collapse?
.
.
24. There is roughly $6.84 Trillion in bank deposits. $2.60 Trillion of that is uninsured. There is only $53 billion in FDIC insurance to cover $6.84 Trillion in bank deposits. Indymac will eat up roughly $8 billion of that.

25. Of the $6.84 Trillion in bank deposits, the total cash on hand at banks is a mere $273.7 Billion. Where is the rest of the loot? The answer is in off balance sheet SIVs, imploding commercial real estate deals, Alt-A liar loans, Fannie Mae and Freddie Mac bonds, toggle bonds where debt is amazingly paid back with more debt, and all sorts of other silly (and arguably fraudulent) financial wizardry schemes that have bank and brokerage firms leveraged at 30-1 or more. Those loans cannot be paid back.

What cannot be paid back will be defaulted on. If you did not know it before, you do now. The entire US banking system is insolvent.

read for the complete list...
http://globaleconomicanalysis.blogspot.com/2008/07/you-know-banking-system-is-unsound-when.html

[Dr.Phool]

52. Those are very scary numbers.

Leveraged at 30-1. Insurance is an illusion.

[Hugin]

54. Speaking of insurance... Have you ever tried to claim against a Home Warranty?

:hahahahahahahaha:

[Dr.Phool]

58. I haven't, but my in-laws next door tried.

Same result.

:rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl:

You want What?!

[Hugin]

66. The only thing insured about Home Warranties is their seat at the closing...

Gee, while we've got this rube's account open, lets hand it out to all our friends.


What a racket.

Oh... Oh... And the kicker is in some States it's a Legal Requirement!

Nice work if you can get it... *sigh* I'm in the wrong business.

[Demeter]

63. It Was Good Exercise

In fact, I'm getting exercised just thinking about it, and that was nearly 30 years ago....

[wordpix]

109. then there's the question of how much FDIC insurance is worth, considering US $9.7 Trillion deficit

:shrug: IOW, if the FDIC had to pay out on this insurance, is there $ to cover the payout?

[DemReadingDU]

118. If several more banks fail, the FDIC reserves are used up. BUT

From what I have read...

The FDIC can charge higher premiums to the remaining banks to refill the reserves

and since the FDIC is a government corporation, the government would have to bail them out.

So our money is safe in the banks up to the FDIC limits

more info here...
http://www.creditwritedowns.com/2008/07/does-fdic-have-enough-money.html

and here
http://www.creditwritedowns.com/2008/07/some-people-may-get-stiffed-by-fdic.html

[Demeter]

142. My Co-op Is Looking For a New Bank for Checking Accounts

They talked about National City!

So I emailed them about that.

They talk about Chase and Bank of America, on the theory that these banks would get priority from the FDIC!

I'm thinking of leaving these clueless people and moving to a deserted forest further north (which is what I fled from 10 years ago). I can't hack people.

[Dr.Phool]

145. If you have Third Federal up there, use them.

Very conservative bank. They just went public last year, but the family (3-4 generations) kept controlling interest.

They will never need the FDIC.

[Demeter]

150. Never Heard of Them

We have some local, small banks that didn't get involved in sub-prime, can't imagine why they aren't good enough for us--I think the delusions of grandeur are getting out of hand around here. Not to mention the delusions of competence.

[Roland99]

47. 10:17am - Bloodletting or just some profit-taking?

Dow 11,499.75 -132.63
Nasdaq 2,303.11 -22.77
S&P 500 1,271.85 -10.34
10-year 4.06% -0.09
Oil $124.69 $0.25
Gold $925.00 $2.20

[AnneD]

112. Trying to make it to the exit doors....

before the weekend.

[antigop]

51. NY AG Cuomo to make announcement in auction-rate probe Thursday

http://money.cnn.com/news/newsfeeds/articles/djf500/200807240918DOWJONESDJONLINE000647_FORTUNE5.htm

New York Attorney General Andrew Cuomo is expected to make an announcement Thursday regarding his probe into the $330 billion auction- rate securities market, which seized up earlier this year.

In an advisory, his office said Cuomo will hold a press conference at 11:30 a.m. EDT Thursday, but didn't give any details regarding what he plans to announce.

In its Wednesday editions, The Wall Street Journal reported that Cuomo was preparing to file a civil lawsuit against UBS AG (UBS) as early as this week, citing people familiar with the investigation.

Cuomo's probe is focused on whether Wall Street firms adequately disclosed to investors the risk that these investments could become illiquid, the Journal reported, citing people familiar with the matter.

UBS clients hold about $25 billion of those securities, the newspaper reported.

[Hugin]

57. This should prove interesting...

Although, if it's any of those UBS clients who don't pay their taxes. Well, I could care less if they were illiquid.

[Dr.Phool]

67. When do they roll out the hookers?

Film at 11:00.

[Hugin]

68. ...

:popcorn:

[spinbaby]

69. They're saving the hookers...

...for the GOP convention.

[AnneD]

106. HAHAHAHAHAHAHAHAHAHA.....

:rofl: Nah, the GOP are too cheap but it is high volume business. DEM's pay better but less business. Or so I've heard. Thanks for the laugh .spinbaby

:popcorn:

[Dr.Phool]

131. Security has been beefed up at Minneapolis Airport mens rooms.

Freepers and Republicans beware.

[UpInArms]

92. New York sues UBS over auction-rate securities

http://www.marketwatch.com/news/story/new-york-sues-ubs-over/story.aspx?guid=%7BD3A8B251%2DBBD5%2D4C97%2DACD3%2D4A5D243DC870%7D&dist=TQP_Mod_mktwN

NEW YORK (MarketWatch) -- New York Attorney General Andrew Cuomo on Thursday filed a lawsuit against UBS, alleging the company deceived investors in auction-rate securities by telling clients the investments were cash equivalents.

He also claimed that at the same time senior executives at the Swiss banking giant (UBS 21.72, -0.88, -3.9%) divested themselves of $21 million of auction-
rate securities as the market for the securities collapsed, they continued to encourage customers to buy them.

Cuomo released transcripts of subpoenaed emails that he said backed up the charges.

"Not only is UBS guilty of committing a flagrant breach of trust between the bank and its customers, its top executives jumped ship as soon as the securities market started to collapse, leaving thousands of customers holding the bag," Cuomo said in a press release.

...more...

[antigop]

93. Would one of those executives include Phil Gramm? n/t

[Demeter]

138. From Your Lips to God's Ear

or from your keyboard to God's monitor?

[UpInArms]

70. Big swings on commodity markets set to stay

http://www.reuters.com/article/reutersEdge/idUSL2428384420080724?sp=true

LONDON (Reuters) - Multi-dollar moves on the oil market, and deep swings in prices of other commodities, were once big events.

Now they are commonplace and likely to remain so for as long as high prices force traders to adopt cautious strategies that perversely can make markets even more volatile.

Some analysts argue traditional traders have become sidelined as investors who are relatively indifferent to short-term price swings become more dominant.

"The answer to how high we are in volatility in oil markets will be very different if you ask the question to a pension fund/asset manager or to an oil trader," said Olivier Jakob of Petromatrix.

"That conceptual difference might be the explanation of the current high volatility. We have seen recently intraday movements of more than $10 per barrel and that is an extreme movement for a trader loading a cargo."

After climbing to a record of $147.27 a barrel for U.S. crude on July 11, the market had fallen to $128.88 a week later, more than $18, or 12.5 percent, below the peak.

...more...

[skoalyman]

74. wallstreek don't look to happy today Hazmat suits at the ready

11,506.10 -130.28

[Hugin]

77. Thanks for the update, skoalyman. n/t

[skoalyman]

78. np it looks like wall streets coming to it senses

11,485.74 -146.64 unless they go nuts 30 minutes before closing time

[TalkingDog]

84. I am going to dub it : " The 30 Minute Miracle"

Market it as some kind of spray or creme or something....
Each one of these cupcakes can make you a millionaire in just 30 minutes.



Hmm....could be some copyright laws being infringed here:

[Hugin]

96. If you make an Infomercial...

I'm there! :D

[AnneD]

110. OHHHH,

me too. I love those really cheesy ones.:9

[skoalyman]

111. Paulson and Bernanke could always get a job doing infomercials

if they lose there jobs them two could sell anything:spray:

[Demeter]

139. Bubbles, Tiny Bubbles

That ought to be the theme song for commodities.

[AnneD]

146. I just had a brain fart....

wonder if the changes we are seeing in the commodities trade is analogous to the changes I have experienced in the Stock Market. Place is over run with technical traders as opposed to investors.

[Demeter]

151. How Can One "Invest" In Commodities?

You can't exactly buy and hold--not for any length of time, anyway, unless it's precious metals or fine art.

[UpInArms]

73. Citi may take $7 bln more in writeoffs: Morgan Stanley

http://www.reuters.com/article/bondsNews/idUSBNG18831920080724?sp=true

July 24 (Reuters) - Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz), the largest U.S. bank by assets, will likely take a further $7 billion in collateralized-debt obligations writedowns this year and raise $11 billion in capital, said analysts at Morgan Stanley, even as they removed their 20 percent dividend cut forecast for the bank.

Analysts Betsy Graseck and Ken Zerbe upgraded Citigroup to "equal-weight" from "underweight," saying improved liquidity in the market will enable the New York-based bank to further reduce legacy and risky assets at low to no losses.

The analysts also upgraded the U.S. large and mid-cap banks sectors to "in-line" from "cautious," partly due to net interest margin expansion and fiscal stimulus.

Banks are also benefiting from owning the loans, as they give more time to their direct borrowers to work out their problems, said Graseck and Zerbe.

"The optimists say this will drive fewer losses as a portion of the borrowers will cure. The pessimists say this is just putting off problems to the future. We say banks will continue to do this throughout the cycle, keeping losses well below losses seen in securitization trends," the analysts wrote.

They, however, continue to expect further credit deterioration in coming quarters based on declining home values.

...more...

[UpInArms]

75. CFTC charges Optiver Holding with manipulation

03. CFTC charges defendants with 19 manipulation attempts
11:09 AM ET, Jul 24, 2008

04. CFTC charges focus on crude, heating oil, gasoline futures
11:09 AM ET, Jul 24, 2008

05. CFTC charges Optiver Holding with manipulation
11:07 AM ET, Jul 24, 2008

[UpInArms]

79. slightly more info: CFTC charges Optiver with oil market manipulation

http://www.reuters.com/article/ousiv/idUSWBT00946020080724

WASHINGTON (Reuters) - The Commodities Futures Trading Commission charged global trading fund Optiver Holding BV with NYMEX oil market manipulation that allegedly took place in March 2007.

The complaint charged that three employees made about $1 million through manipulation of crude oil, gasoline and heating oil futures on the New York Mercantile Exchange.

[UpInArms]

76. Pimco: $1 trillion housing losses seen

http://www.reuters.com/article/ousiv/idUSNYG00118820080724?sp=true

NEW YORK (Reuters) - Cutting the cost of mortgages via the U.S housing bill and rescue package for mortgage finance giants Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz) is the best way to help the ailing housing market recover, the manager of the world's biggest bond fund said on Thursday.

"Lowering the cost of mortgage credit via the omnibus housing/GSE bill now placed before the Congress and the President is the best way to begin the long journey back to normalcy," wrote Bill Gross, chief investment officer of Pacific Investment Management Co (PIMCO) in his August Investment Outlook letter.

The worst conditions in the housing market since the Great Depression have put many existing mortgages at risk. A total $5 trillion of mortgage loans are in risky asset categories, Gross wrote, adding that "nearly 1 trillion dollars of cumulative losses will finally mark the gravestone of this housing bubble."

"The problem with writing off 1 trillion dollars from the finance industry's cumulative balance sheet is that if not matched by capital raising, it necessitates a sale of assets, a reduction in lending or both that in turn begins to affect economic growth, creating what Mohamed El-Erian fears as a 'negative feedback loop'", Gross wrote.

...more...

[TrogL]

81. Loonie Watch

Highlights

Current:



30-day and 90-day vs.greenback:



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




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

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

Up-to-the-minute graph: http://quotes.ino.com/chart/?s=CME_CD.Y%24%24&v=s&w=5&t=l&a=1

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

2008-04-08 Tuesday, April 8 0.985125 USD
2008-04-09 Wednesday, April 9 0.981162 USD
2008-04-10 Thursday, April 10 0.982511 USD
2008-04-11 Friday, April 11 0.978857 USD
2008-04-14 Monday, April 14 0.97972 USD
2008-04-15 Tuesday, April 15 0.982222 USD
2008-04-16 Wednesday, April 16 0.997904 USD
2008-04-17 Thursday, April 17 0.989413 USD
2008-04-18 Friday, April 18 0.99167 USD
2008-04-21 Monday, April 21 0.993443 USD
2008-04-22 Tuesday, April 22 0.996711 USD
2008-04-23 Wednesday, April 23 0.980969 USD
2008-04-24 Thursday, April 24 0.987069 USD
2008-04-25 Friday, April 25 0.983961 USD
2008-04-28 Monday, April 28 0.984446 USD
2008-04-29 Tuesday, April 29 0.987362 USD
2008-04-30 Wednesday, April 30 0.990884 USD
2008-05-01 Thursday, May 1 0.981643 USD
2008-05-02 Friday, May 2 0.982125 USD
2008-05-05 Monday, May 5 0.987654 USD
2008-05-06 Tuesday, May 6 0.996413 USD
2008-05-07 Wednesday, May 7 0.998004 USD
2008-05-08 Thursday, May 8 0.985319 USD
2008-05-09 Friday, May 9 0.993838 USD
2008-05-12 Monday, May 12 0.996314 USD
2008-05-13 Tuesday, May 13 1.0004 USD
2008-05-14 Wednesday, May 14 0.998203 USD
2008-05-15 Thursday, May 15 1.0004 USD
2008-05-16 Friday, May 16 1.00341 USD
2008-05-19 Monday, May 19 1.00867 USD


Current values

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

Market            Open   High    Low   Last  Change    Pct 
CD.Y$$ Cash     0.9903 0.9910 0.9903 0.9910 +0.0015 +0.15% 
CD.U08 Sep 2008 0.9895 0.9910 0.9880 0.9880 -0.0011 -0.11% 
CD.Z08 Dec 2008 0.9991 0.9991 0.9991 0.9884 -0.0021 -0.21% 
CD.H09 Mar 2009 0.9757 0.9757        0.9882 -0.0019 -0.19% 
CD.M09 Jun 2009 0.9880 0.9880 0.9880 0.9880 -0.0019 -0.19% 
CD.U09 Sep 2009 0.9865 0.9865 0.9865 0.9878 -0.0019 -0.19% 
CD.Z09 Dec 2009 0.9845 0.9845 0.9845 0.9876 -0.0019 -0.19%  

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

Market          Open    High    Low     Last    Change   Pct 
AUSTRALIAN $/CANADIAN $ (CME:ACD)
ACD.U08 Sep 2008 0.965 0.965 0.965 0.965 -0.008 -0.83%  
EURO/BRITISH POUND (NYBOT:GB)
GB.U08.E Sep 2008 (E) 0.78655 0.78655 0.78520 0.78605 -0.00760 -0.97%    
EURO/JAPANESE YEN (NYBOT:EJ)
EJ.U08.E Sep 2008 (E) 168.15 168.15 167.79 167.98 -0.22 -0.13%   
EURO/US$ (SMALL) (NYBOT:EO)
EO.U08.E Sep 2008 (E) 1.56330 1.56600 1.56210 1.56210 -0.00115 -0.07%   

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

The September Canadian Dollar was higher due to short covering overnight as it consolidates above the 20-day moving average crossing at 98.81. However, stochastics and the RSI are bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 98.81 are needed to confirm that a short-term top has been posted. If September renews this summer's rally, the 75% retracement level of the May-June decline crossing at 100.44 is the next upside target. First resistance is the 10-day moving average crossing at 99.32. Second resistance is the 62% retracement level crossing at 99.81. First support is the 20-day moving average crossing at 98.81. Second support is the reaction low crossing at 98.13.

Analysis

Ford announced an 8.7 billion loss for last month. Ford has some manufacturing in Canada that will be adversely affected.

[masmdu]

83. Emini trade - Looking to buy 1264.50 stop @ 1259.50 risk 5 /reward to 1304 (40 pts)

NOT ADVICE!

Probably already missed best entry and I will not chase it.


(my 60 min indicators show chance of an extreme sell-off so I may be very wrong here...that's what stops are for)

[masmdu]

88. Trade cancled - 60 min indicators got me spooked

[specimenfred1984]

87. It's really obvious when the FED stops propping

Straight down. I wouldn't be surprised if the FED told the corporations it's been propping first, so the corporations wouldn't go long and get caught with a loser.

[DemReadingDU]

98. No need for propping

Some commentary by Ilargi over at the http://theautomaticearth.blogspot.com/

7/24/08 Debt Rattle, July 24 2008: Drop the pretense
Ilargi: One of the first things that occurred to me this morning was that now the Fannie/Freddie/Housing Bill has been pushed through, a number of things are in the cards.

First, financials’ share prices can be allowed to free-fall in earnest, since there is no longer much need to keep up appearances. Second, for Washington and Wall Street, it’s time to start working on gutting and liquidating what’s left of the American economy. There is no longer a need, after last night, to keep pretending. Fannie and Freddie presently guarantee $3.7 trillion in third-party securities, and they can now buy a few trillion dollars more of them.

Fannie and Freddie can buy all the mortgages and securities they want, at any price they want. There is an avalanche of supply, and Congress yesterday created a virtually endless artificial demand.

more commentary by Ilargi, and several articles to read
http://theautomaticearth.blogspot.com/2008/07/debt-rattle-july-24-2008-drop-pretense.html

[antigop]

89. so these are the major Fannie Mae players getting bailed out?

http://finance.yahoo.com/q/mh?s=FNM

[antigop]

91. and these are the major Freddie Mac shareholders getting bailed out?

http://finance.yahoo.com/q/mh?s=FRE

[AnneD]

147. WOW....

my mutual funds (hold over) is a major holder. Most of my stuff in in overseas with them but I bet that the way I do my spreads-I might hold some share of that too.

[antigop]

94. No pension investing in swaps, commodities? Congress eyes ban

http://financialweek.com/apps/pbcs.dll/article?AID=/20080724/REG/120513079/1036

Draft legislation by the House Agriculture Committee that was being circulated on Capitol Hill would bar pension funds from investing in agricultural and energy commodities—and prevent the funds from engaging in equity and interest rate swaps.

The legislation, which is being promoted by House Democrats, could be voted on by committee members as soon as today.

Scott Kuschmider, a committee spokesman, had no comment at press time.

If passed, the legislation “will shut the door on the way pension plans currently manage risk,” said A. Richard “Brick” Susko, an ERISA attorney for the law firm of Cleary Gottlieb Steen & Hamilton.

“This kind of blanket exclusion is extremely dangerous,” Mr. Susko said, adding that the legislative prohibition would apply to all kinds of pension funds, including foreign, governmental and ERISA plans. Mr. Susko said the way the legislation is written, it would also bar entities in which the pension plans invest—including standard investment funds—from engaging in swap transactions.

[fedsron2us]

123. Why invest in tangible commodities when you can fritter away your retirement funds

on government IOUs

[antigop]

95. LA sues i-banks for alleged bid-rigging of bonds

http://financialweek.com/apps/pbcs.dll/article?AID=/20080724/REG/508531757/1036

The city of Los Angeles has filed two lawsuits against more than 30 Wall Street finance firms, including some top investment banks, alleging municipal bond collusion that cost taxpayers millions of dollars.

The complaints were filed in Los Angeles Superior Court, according to a press release dated July 23 and issued by the Office of the City Attorney.

One suit claims that financial institutions and brokers colluded among other things to rig the bidding process the city uses to get the most competitive rates for its investments.

The second claims that when LA issued municipal bonds to finance public works, it was compelled to purchase insurance from bond insurers that agreed among themselves to maintain a dual credit-rating system that charged the city and other public entities high premiums.

Some of the financial institutions named in the complaints include Bank of America, Banc of America Securities, Bear Stearns, and UBS.

[skoalyman]

113. Crude Oil Sep 08 126.07 1:26pm ET Up

:scared: :thumbsdown:

[ozymandius]

114. I return with news from Republicanland.

Filing: Cobb Energy has sapped co-op

Cobb Energy, a for-profit affiliate of Marietta-based electric co-op Cobb EMC, has lost millions but paid generous dividends and benefits to management, board members and other insiders, according to experts hired by customers suing the companies.

Cobb Energy paid out $5.1 million in dividends from 1998 through 2006 and lost $7.4 million in that period, according to the experts' analyses, contained in affidavits filed in court Wednesday.

The electric co-op, meanwhile, paid millions of dollars in fees to Cobb Energy, while its investment in Cobb Energy increased only $200,000 over the same time period, one affidavit alleges.

The electric co-op created Cobb Energy in 1997 to operate the utility and to branch out into other businesses. At the time, officials said the move would save money for the co-op and its customers by spreading costs over other ventures.

Wednesday's court filings allege that the opposite occurred.

.....

Customers sued Cobb EMC and Cobb Energy in October, saying the for-profit and its management had siphoned assets belonging to the co-op and its customers, unjustly enriching several insiders.

[ozymandius]

115. Dow down -200+ on tame volume

2:48
Dow 11,424.11 Down 208.27 (1.79%)
Nasdaq 2,296.00 Down 29.88 (1.28%)
S&P 500 1,260.99 Down 21.20 (1.65%)
10-Yr Bond 4.0220% Down 0.1260
NYSE Volume 2,603,840,000
Nasdaq Volume 1,839,636,750

2:30 pm : Stocks have trended to a new session low. The Dow Jones Industrial Average is now trading with a 200 point loss.

Seven of the ten major economic sectors are trading with losses in excess of 1%. Financials remain the worst performer, down 5.1%. Though the loss is sizeable, it is considerably narrower than the 34% gain that financials made heading into the session after hitting a low last week.

Declining stocks in the S&P 500 outnumber advancing issues by approximately 4-to-1.DJ30 -206.97 NASDAQ -27.22 SP500 -20.12 NASDAQ Adv/Vol/Dec 1015/1.76 bln/1718 NYSE Adv/Vol/Dec 748/1.01 bln/2386

2:00 pm : Stocks are relatively unchanged from earlier levels. The session's tone has been generally pessimistic since the early going.

Large-cap tech is a relative outperformer, as indicated by the Nasdaq 100 (-0.3%). Primary support comes from Qualcomm (QCOM 53.29, +8.47) and Amazon.com (AMZN 81.40, +10.86). The share gains of QCOM have taken the stock to a new 52-week high.

Treasuries continue to find support. The benchmark 10-year Note is up 22 ticks and yielding 4.03%.DJ30 -175.71 NASDAQ -22.62 SP500 -17.67 NASDAQ Adv/Vol/Dec 1032/1.61 bln/1668 NYSE Adv/Vol/Dec 747/927 mln/2354

[UpInArms]

116. WaMu credit quality concerns grow, shares drop

http://www.reuters.com/article/bondsNews/idUSN2433366220080724

NEW YORK (Reuters) - The cost to insure the debt of Washington Mutual Inc (WM.N: Quote, Profile, Research, Stock Buzz) jumped on Thursday and began trading at terms that indicate stronger concerns about the bank's credit quality, and its stock fell more than 18 percent.

Credit research firm Gimme Credit said in a report on Thursday that some unsecured creditors are reducing their exposure to the bank. "We would be remiss if we did not observe that many creditors have quietly been pulling funds from the bank," Gimme Credit analyst Kathleen Shanley said in a report.

Washington Mutual did not immediately return several calls seeking comment.

The bank's shares dropped more than 18 percent to $3.78 in mid-afternoon trading.

Credit default swaps on Washington Mutual's debt rose to an upfront cost of 12.5 percent to insure $10 million in debt for five years, in addition to annual premiums of 500 basis points, according to Markit Intraday. The swaps typically start trading on an upfront basis when spreads widen over 1000 basis points.

The swaps closed at 832.5 basis points on Wednesday, according to Markit Intraday.

Credit protection sellers often start asking that contracts be paid on an upfront basis when a default is viewed as a possibility within five years, and so seek to be paid more at the outset of the contract, in addition to quarterly payments.

"The shift to upfront represents more of a shift to 'when' WaMu defaults as opposed to 'if'," said Tim Backshall, chief derivatives strategist at Credit Derivatives Research in Walnut Creek, California.

...more...

when... not if

:(

[DemReadingDU]

120. Uh oh. when... not if

Washington Mutual is lots bigger than IndyMac

[UpInArms]

117. 2:54 EST number, blather and bye!

Dow 11,406.11 226.27 (1.95%)
Nasdaq 2,292.79 33.09 (1.42%)
S&P 500 1,259.42 22.77 (1.78%)
10-Yr Bond 4.026% 0.122

NYSE Volume 2,641,896,500
Nasdaq Volume 1,868,941,125

2:30 pm : Stocks have trended to a new session low. The Dow Jones Industrial Average is now trading with a 200 point loss.

Seven of the ten major economic sectors are trading with losses in excess of 1%. Financials remain the worst performer, down 5.1%. Though the loss is sizeable, it is considerably narrower than the 34% gain that financials made heading into the session after hitting a low last week.

Declining stocks in the S&P 500 outnumber advancing issues by approximately 4-to-1.DJ30 -206.97 NASDAQ -27.22 SP500 -20.12 NASDAQ Adv/Vol/Dec 1015/1.76 bln/1718 NYSE Adv/Vol/Dec 748/1.01 bln/2386

2:00 pm : Stocks are relatively unchanged from earlier levels. The session's tone has been generally pessimistic since the early going.

Large-cap tech is a relative outperformer, as indicated by the Nasdaq 100 (-0.3%). Primary support comes from Qualcomm (QCOM 53.29, +8.47) and Amazon.com (AMZN 81.40, +10.86). The share gains of QCOM have taken the stock to a new 52-week high.

Treasuries continue to find support. The benchmark 10-year Note is up 22 ticks and yielding 4.03%.DJ30 -175.71 NASDAQ -22.62 SP500 -17.67 NASDAQ Adv/Vol/Dec 1032/1.61 bln/1668 NYSE Adv/Vol/Dec 747/927 mln/2354

:hi:

[Roland99]

119. 3:26pm - And still falling....

Dow 11,388.44 -243.94
Nasdaq 2,292.17 -33.71
S&P 500 1,257.03 -25.16
10-year 4.02% -0.13
Oil $125.49$ 1.05
Gold $922.70 -$0.10

[Hugin]

121. ~15:45 EMT: More fall...

Index Last Change % change
• DJIA 11368.17 -264.21 -2.27%
• NASDAQ 2286.99 -38.89 -1.67%
• S&P 500 1254.62 -27.57 -2.15%

[Hugin]

122. ~15:50 EMT: No Afternoon Delight Today....

Index Last Change % change
• DJIA 11349.36 -283.02 -2.43%
• NASDAQ 2282.07 -43.81 -1.88%
• S&P 500 1251.97 -30.22 -2.36%

[Hugin]

124. ~16:00 EMT: On close*

Index Last Change % change

• DJIA 11349.28 -283.10 -2.43%
• NASDAQ 2280.11 -45.77 -1.97%
• S&P 500 1252.54 -29.65 -2.31%



* Some settling may occur.

[Roland99]

125. All settled by now...

Dow 11,349.28 -283.10
Nasdaq 2,280.11 -45.77
S&P 500 1,252.54 -29.65
10-year 4.02% -0.13
Oil $127.95 -$3.09
Gold $922.70 -$0.10

[TalkingDog]

126. Does that EMT stand for Emergency Medical Team?

Dow

last weeks bottom 10868
this weeks high 11664


What will tomorrow bring?

A rout?

A rally?

Only the 30 minute miracle creme can save the day!!!

[Hugin]

129. Why, yes... Yes, it does. MEDIC!

*ow* *ow* :o

Is 30 Minute Miracle Creme compatable with ACME Market Ruction Creme(c)?

[Dr.Phool]

130. I don't know, but I expect tomorrow's song for the day to be.

An old Savoy Brown tune.

Hellbound Train.

[Demeter]

141. How About "Buddy, Can You Spare a Dime?"

[skoalyman]

143. slip sliding away thats a good one too

:headbang:

[AnneD]

148. We've had that one before...

but if you want Paul Simon, how bout Fifty Ways To Leave Your Lover. We try to keep from repeating themes as much as possible.

[Hugin]

152. For skoalyman we should make an exception...

Enjoys this thread more than anyone, I think. ;)

[skoalyman]

153. oops shame on me I feared it had been used before

:spank: :spank: :spank: :hi:

[JNelson6563]

128. Zowie! Serious blood loss.

Will the Fed get busy and print lots of free money in order to stop the bleeding tomorrow? Or maybe we'll get lucky and a large company will announce thousands of job cuts and the Street will rejoice. Stay tuned!

Julie

[RUMMYisFROSTED]

132. Ye olde pre-Friday bloodbath.

[AnneD]

149. Ahhhh....

my fav sick pic.

[Ghost Dog]

133. Wall Street tumbles, led by financials

NEW YORK (Reuters) - Stocks tumbled more than 2 percent on Thursday after a report showing yet another drop in U.S. home sales prompted investors to take profits in financial shares, which had rallied over the past week.

The Dow fell the most in a month, as the rising price of oil compounded worries about the economy. The jump in crude spurred unease that the recent sharp declines may have run their course. Shares of companies particularly vulnerable to higher fuel costs, such as airlines and retailers, sank.

Financial companies, which have been incurring huge losses from the housing slump, slid after the data from the National Association of Realtors showed June sales of existing homes hit a 10-year low. An index of bank stocks fell 6.7 percent -- after rising about 40 percent over the past week.

Trading has been very volatile in recent weeks and the market has been on tenterhooks, given a flood of serious setbacks stretching from a high-profile bank failure to the cobbling together of a last-minute rescue plan of the two pillars of the U.S. housing market-- Fannie Mae and Freddie Mac. The plan was passed by the House on Wednesday night, and is expected to be approved by the Senate on Saturday.

"The bailout plan restored enough confidence in the sector to take some pressure off the stocks, but the pretty nice bounce we saw seems to have run its course," said Eric Kuby, chief investment officer at North Star Investment Management Corp in Chicago.

"When people take another look at the underlying economics, they see that the overhang in housing has gotten a bit worse."

The Dow Jones industrial average fell 283.10 points, or 2.43 percent, to close at 11,349.28. The Standard & Poor's 500 Index slid 29.65 points, or 2.31 percent, to 1,252.54, while the Nasdaq Composite Index shed 45.77 points, or 1.97 percent, to 2,280.11.

Shares of mortgage finance companies Fannie Mae and Freddie Mac fell more than 18 percent, just a day after the House approved the housing rescue package that would include a U.S. government lifeline for the two companies.

Fannie Mae's stock lost nearly 20 percent to $12.02, while

Freddie Mac's stock was down 18.4 percent at $8.81.

Other financial shares also fell. Citigroup shed 9.8 percent to $19.06 and Goldman Sachs Group fell 4.1 percent to $180.26.

...

Adding to the negative tone were brokerage downgrades on three Dow components.

U.S. aircraft company and defense contractor Boeing's shares fell 6.3 percent to $62.53 after Citigroup and Sanford Bernstein cut their price targets on Boeing, while Cowen & Co slashed its rating on the stock. Shares of AT&T, the largest U.S. telecommunications company, dropped 4.1 percent to $31.70 after JPMorgan cut its rating to "neutral" from "overweight." McDonald's stock dropped 2.2 percent to $58.37 after Deutsche Bank downgraded the world's largest fast-food chain's stock, according to theflyonthewall.com, a financial Web site.

Apart from the housing data, another economic report on Thursday showed a larger-than-expected rise in the number of Americans filing for jobless benefits in the latest week, adding to concerns about a slowing labor market.

U.S. oil futures rose $1.05 to settle at $125.49 a barrel after a drop of more than 5 percent over the previous two sessions. Earlier during Thursday's NYMEX session, oil hit an intraday high above $126.

An index of retail stocks fell 2.3 percent, while an index of airline stocks plunged 11.1 percent.

Apple Inc, the maker of the iPod and iPhone, led the Nasdaq's major decliners, falling 4.4 percent to $159.03.

Trading was moderate on the New York Stock Exchange, with about 1.64 billion shares changing hands, below last year's estimated daily average of roughly 1.90 billion, while on Nasdaq, about 2.55 billion shares traded, above last year's daily average of 2.17 billion.

Declining stocks outnumbered advancing ones by 4 to 1 on the NYSE and by 2 to 1 on the Nasdaq.

/...http://www.reuters.com/article/companyNews/idUKL2219159120080724?symbol=AAPL.O&pageNumber=2&virtualBrandChannel=0&sp=true

[Dr.Phool]

134. Quote from an optimist

"The future will be better tomorrow".

Dan Quayle

[Ghost Dog]

135. Cherished myths fall victim to economic reality (FT)

Paul De Grauwe
Published: July 22 2008 19:09 | Last updated: July 22 2008 23:14

The financial crisis continues to create victims. Not only people but also some of our most cherished ideas risk falling by the wayside. Take the hugely influential idea that financial markets are efficient. Its proponents told us that when financial markets were left free, they would work miracles. Savings would be channelled to the most promising investment projects, thereby boosting economic growth and welfare. In addition, these financial markets would spread risk around over a large number of participants, thereby lowering the risk of doing business, again boosting growth and welfare. In order to achieve these wonders, financial markets had to be freed from the shackles of government control.

The country that embodied these principles most was the US. Helped by the missionary zeal of successive American administrations and pushed by international financial institutions, country after country freed their financial markets from pernicious government controls, hoping to share in these economic wonders.

The credit crisis has destroyed the idea that unregulated financial markets always efficiently channel savings to the most promising investment projects. Millions of US citizens took on unsustainable debts, pushed around by bankers and other “debt merchants” who made a quick buck by disregarding risks. While this happened, the US monetary authorities marvelled at the creativity of financial capitalism. When the bust came, a large number of Americans who had been promised a new life in their beautiful homes were told to move out. This boom and bust cycle cannot have been an example of efficient channelling of savings into the most promising investment projects.

The fact that unregulated financial markets fail to deliver the wonders of efficiency does not mean that governments should take over. That would be worse. What it does mean is that a new equilibrium must be found in which tighter regulation is reintroduced, aimed at reducing the propensities of too many in the markets to take on excessive risks. The need to re-regulate financial markets is enhanced by the fact that central banks, backed by governments, provide an insurance against liquidity risks. Such insurance inevitably leads to moral hazard and excessive risk-taking. The insurer cannot avoid monitoring and regulating the be­haviour of those who obtain this ­insurance.

There is a second idea that is likely to become the victim of the financial crisis. This is the idea found in macro­economic models, that individuals are supremely well-informed creatures. In these models that are now being used in central banks and universities, individuals understand the most complex intricacies of the world in which they live and they have no disagreement about this. All these individuals understand the same “truth”.

If we have learnt one thing from the credit crisis it is that individuals did not understand the “truth” and, it must be admitted, neither did economists. Individuals who sold the new financial instruments did not understand the risk embedded in these instruments, nor did the buyers. When the bubble started many interpreted the happy turn of affairs as permanent and took on massive levels of debt that turned out to be unsustainable. When the bubble burst, they did not understand what had happened and nor did most experts. Our world is one of a fundamental lack of understanding of the “truth”.

/Continues... http://www.ft.com/cms/s/0/b89eb5b2-5804-11dd-b02f-000077b07658.html

[Ghost Dog]

140. It's Always Darkest Before the Dawn...of a Economic Depression

By: Kurt_Kasun

... Yes, not only are we are witnessing the asymptotic approach of the marginal effect of debt, but we are now seeing the dwindling market impact US Government market interventions are having. In a commentary just written by Ron Paul, titled "The Crisis is Upon Us," he writes, "There are reasons to believe this coming crisis is different and bigger than any the world has ever experienced." He is largely dismissed as a quack by the mainstream for being "Chicken-Little" and for not being as polished as our current crop of focus-group-driven politicians. He subscribes o an economic philosophy not taught in our American schools called Austrian economics. But after the final crisis plays itself out, the mantra "We are all Keynesians now," will be replaced by "We are all Austrians now." Referring to the chart below, also provided by Barry Bannister, we see the effects of 35 years of ultra-expansionary monetary policies:

Chart: Courtesy Barry Bannister

Congressman Paul makes two points in his commentary. One, each financial crisis over the past 35 years has not been actually been solved in a final, sustainable manner; rather, they have been papered over which have created the conditions for a bigger crisis that will have to be dealt with in the future. And, two, the crisis will be magnified because it is globalized in nature and "Instead of using globalism in a positive fashion, it's been used to globalize all the mistakes of the politicians, bureaucrats, and central bankers."

If your eyes are glazing over all of these numbers then perhaps you might understand a reference to inflation in all of the Austin Powers movies. In the movies, the characters of Austin Powers and Dr. Evil, both played by Michael Myers, travel back and forth between the late 1960s and the late 1990s. In the first movie, not understanding the power of inflation, Dr. Evil, still caught in the 1990s, demands a ransom for threat of destroying the world in the amount of $100 billion for a world in the 1960s. The 1960s world leaders explain to him that $100 billion is more than all of the money in the world. Today, $100 billion would barely qualify as a bailout or stimulus package.

Now the lesson here is that the unthinkable has occurred. We have expanded the money supply (and commensurate debt) more than 1000-fold in less than 40 years, yet no one really thinks that we have expanded economic growth and real wealth to anything near that level.

Rather, the excess money has resulted in a series of rotating inflationary bubbles. Bubbles in commodities, consumer prices, and wages are seen as bad, while inflation in stock and real estate assets are seen as good. But both are symptomatic of an unsustainable system doomed to failure, as Congressman Paul explains:

Ironically, in the past 35 years, we have benefitted from this very flawed system. Because the world accepted dollars as if they were gold, we only had to counterfeit more dollars, spend them overseas...and enjoy our unearned prosperity. Those who took our dollars and gave us goods and services were only two anxious to loan those dollars back to us. This allowed us to export our inflation and delay the consequences we are now starting to see. But it was never destined to last, and we now have to pay the piper....Printing dollars over long periods of time may not immediately push prices up -- yet in time it always does. Now we're seeing catch-up for past inflating of the money supply. As bad as it is today with $4 a gallon gasoline, this is just the beginning.

The days of highly-leveraged, borrowed investment speculation (especially if you want to short a government-protected asset) and" living la vita leveraged" for consumers are over. The credit contraction and deleveraging process is going to at the very least serve as a torturous economic headwind as the effects of 35 years of irresponsible financial behavior are unwound.

While Treasury Secretary Paulson and most in Congress are desperately looking to employ measures that prevent a systemic collapse of world financial markets, such tools will only serve to feed the beast and make the day of reckoning that much more devastating. Another development which distinguishes this crisis from others in years past is the lack of support shown by some free marketer Congressional leaders. I side with them and believe that we should be trying to starve the beast. This is going to get a lot worse. Kill this beast now. In the film The Sixth Day , clones are created to bring people back to life so they never die, but each time they come back with a congenital mutation that causes the contraction of each successive life span before cloning is required again. Toward the end of the movie the wife of the character played by Robert Duvall begs to be left to rest and not be reincarnated as a clone of herself. Likewise, some of these financial monstrosities should just be left to die.

Last week, Richard Fisher, head of the Dallas Federal Reserve Bank, "speaking solely in own capacity," alerts us that "the unfunded liabilities from Medicare and Social Security...comes to $99.2 trillion over the infinite horizon. " Fisher goes on to warn:

This comes to $1.3 million per family of four - over 25 times the average household's income....No combination of tax hikes and spending cuts, though, will change the total borne by current and future generations....We know from centuries of evidence in countless economies, from ancient Rome to today's Zimbabwe, that running the printing press to pay off today's bills leads to much worse problems later on. The inflation that results from the flood of money into the economy turns out to be far worse than the fiscal pain those countries hoped to avoid.

Congressman Paul is a Republican and Richard Fisher was appointed by a Democrat. But both appear to be drinking from the same Texas tap water, however regarding the nefarious and inevitable effects of money printing and inflation. Maybe one day they will be able to bottle it up and persuade others to drink it. It appears that Fisher could be auditioning to team up with former Comptroller, David Walker, another "economic Paul Revere", to serve on Pete Peterson's team in an effort to save the Republic from economic disaster before it is too late.

A couple of weeks ago, William Poole, formerly of the St, Louis Fed warned that Fannie and Freddie were insolvent. These aren't the warnings of bombastic flamethrowers. These are former respected and responsible government officials who courageously dare to speak the truth!

/Continues... http://www.marketoracle.co.uk/Article5605.html

[skoalyman]

144. the markets so Manic depressive you might as well flip a coin

:crazy: :shrug: