STOCK MARKET WATCH, Monday 5 December

[ozymandius]

Monday December 5, 2005

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 3 YEARS, 48 DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 1810 DAYS
WHERE'S OSAMA BIN-LADEN? 1509 DAYS
DAYS SINCE ENRON COLLAPSE = 1471
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 2
Other Arrests of Execs = 54


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




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

AT THE CLOSING BELL ON December 2, 2005

Dow... 10,877.51 -35.06 (-0.32%)
Nasdaq... 2,273.37 +6.20 (+0.27%)
S&P 500... 1,265.08 +0.41 (+0.03%)
10-Yr Bond... 4.52% -0.00 (-0.04%)
Gold future... 507.00 +0.70 (+0.14%)






GOLD, EURO, YEN, Dollars and Loonie


PIEHOLE ALERT

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

For information on protests and other actions Citizens For Legitimate Government

[Birthmark]

1. Great cartoon!

Btw, I read this thread every day. It's a great source of information, and not infrequently entertainment. Thanks to all who contribute!

[ozymandius]

3. Thank you!

Your comments are always appreciated.

Ozy :hi:

[ozymandius]

2. WrapUp by Tim W. Wood

THE DOW REPORT
Retailers Lagging

In October I told my subscribers that we should expect the 10-week and possibly even the 22-week cycle lows in late October. As it turned out, the October lows marked both the 10 and 22-week cycle lows. As of this writing, these cycles are still positive. But, there are signs that this advance may not be quite as healthy as some believe.

One such sign is the non-confirmation between the Industrials and the Retail Holders. Understand that such divergences or non-confirmations are not timing tools. For that, we use the Cycle Turn Indicator. However, these non-confirmations are important to monitor as they do provide important clues. The first non-confirmation shown in this chart occurred in February/March 2004. Again, this is not a timing tool, but it was telling us to be careful. It was when the Cycle Turn Indicator turned in conjunction with this non-confirmation that ultimately produced a signal. Next we had the short-term non-confirmation in June 2004, and it too was followed by a sell off. Then, between November 2004 and March 2005 an intermediate term non-confirmation developed between these two indexes. In this case the decline into the April lows followed.

more...

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

[ozymandius]

4. Ford to close more than 8 plants: paper

FRANKFURT (Reuters) - Ford Motor Co (NYSE:F - news) plans to close more than eight North American assembly and parts plants in a drive to revive faltering operations on the continent, industry paper Automotive News reported on Monday.

Citing a "key company insider," the paper said the number-two U.S. carmaker was likely to close at least five vehicle assembly plants: in Atlanta; St. Louis; St. Paul, Minnesota; Wixom, Michigan; and Cuautitlan, Mexico.

Several powertrain and stamping plants will also close, it cited the unidentified source as saying based on his knowledge of a turnaround plan Ford is preparing and the group's overcapacity problems.

A Ford of Europe spokesman said he could not confirm the report and reiterated that the company would unveil its restructuring plan in January.

more

[JNelson6563]

7. Ah the Death Knell

Alas, middle class America, we hardly knew ye.

Ugh.

Julie--who really just stopped in to submit my daily Greatest vote for this thread and tell all you Marketeers I love you all and greatly appreciate your work here each and every day

[ozymandius]

9. Good morning Julie.

:donut: :donut: :donut:

So glad to see you here. Thanks for taking some time to visit while fomenting the revolution. I hope things are going great.

Ozy :hi:

[JNelson6563]

14. Many thanks Ozy!

And yes, it seems the planets are aligning just so here in the north (a.k.a. "tundra"). We're gettin' kinda good at this overthrow business. :toast:

Julie

[AnneD]

22. Morning Marketeers,

:donut: and all you lurkers. Julie, we are starting the Revolution a little bit early this season in Houston. Darth Cheney is coming to a fund raiser for DeLay. I know of at least 15 organizations that plan to have the appropriate 'greeting' committees to give him the welcome he deserves. I hurt my back this AM and hope I can relax it out by this afternoon to join in the festivities. I always like to give the guys a 1 finger Texas salute (what a bad example I have become-good thing they still can't fire you on a moral turpitude charge).
Are you guys getting tired of the make happy economic news that is dribbling from MSM and Wall St. I swear I am going to have to watch hubby's blood sugar and up his insulin......
Happy Hunting and watch for the bears.

[JNelson6563]

32. Be sure to pass on my regards

to that evil creature! I know such visits were great for our morale last year, may you realize the same benefits!

Julie

[AnneD]

47. We use to be a few voices crying out in the wilderness....

but the crowdes are getting bigger and assemble faster than ever. I have a whole group of friends that I meet there now. We have a good time.

[UpInArms]

49. I met a man on Saturday that had been on the streets

protesting - he told me he had never ever done that in his life (approximately 50 years old) and was so terrified of what our government was doing that he knew he could no longer be silent or hope that anything would change without everyone taking to the streets.

Hoping our numbers continue to grow.

[AnneD]

56. I alway like those 'people' that

'mill' around, or lurk near parked vans. So often we start 'posing' for those poorly disguised cameras. I've gotten quick on the draw with my return 'salute'. I am sure I have some funny photos in some file some where.

[ozymandius]

5. Oil Tops $60 a Barrel on Snow Forecast

VIENNA, Austria - Oil prices rose back above $60 a barrel Monday amid reports that a snowstorm would hit the U.S. Northeast, the world's largest heating fuel market, and boost demand for crude oil and natural gas.

Light, sweet crude for January delivery rose 73 cents to $60.05 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract had jumped 85 cents Friday to settle at $59.32.

-cut-

After some snow over the weekend in the Northeast, Accuweather.com said the season's first big snowstorm was headed toward the Mid-Atlantic states and New England in the next day or two. The report said snow would reach Washington, D.C., midday Monday and New York City by the evening.

"The bulls are back in the market with just a little bit of cold weather," said energy analyst Victor Shum of Purvin & Gertz in Singapore. Ken Hasegawa of Tokyo-based brokerage firm Himawari CX said the price of January Nymex crude may break through the $60.50 a barrel level.

more

[ozymandius]

6. Rumsfeld: Offshore Drilling 'Incompatible'

TALLAHASSEE, Fla. - Defense Secretary Donald Rumsfeld called offshore drilling "incompatible" with military training and weapons testing in the Gulf of Mexico off Florida's shores in a letter to Senate Armed Services Committee Chairman John Warner.

The letter was touted Thursday as a major development in the offshore drilling debate by U.S. Sen. Bill Nelson (news, bio, voting record), D-Fla. Nelson had asked Warner, R-Va., to seek the Pentagon's view.

"It is a clear signal to drilling proponents to stop," Nelson said in a teleconference with reporters. "This is what we needed in our constant battle with the oil industry."

-cut-

"In those areas east of the Military Mission Line, drilling structures and associated development would be incompatible with military activities, such as missile flights, low-flying drone aircraft, weapons testing and training," Rumsfeld wrote.

more

[UpInArms]

29. Jan Crude @ $60.05 bbl

10:00am 12/05/05 JANUARY CRUDE OPENS UP 73 CENTS AT $60.05

[UpInArms]

98. Jan Crude closes @ $59.91 - Jan Heating Oil @ $1.7896 gal

3:13pm 12/05/05 GASOLINE SETTLES AT $1.5898 A GALLON, DOWN 2.15 CENTS

3:10pm 12/05/05 JAN. HEATING OIL SETTLES UP 1.76C AT $1.7896/GALLON ON NYMEX

3:07pm 12/05/05 JANUARY CRUDE SETTLES UP 59C AT $59.91 ON NYMEX

[ozymandius]

8. Just When Consumers Feel Confident ... Wham

MURKY, often conflicting signals about the holiday shopping season and gyrating energy prices drained some of the fun out of good news about the economy and consumer confidence this week.

-cut-

BARGAIN HUNTING Images of wild-eyed shoppers racing into stores before dawn on the day after Thanksgiving gave many people hope for a robust holiday shopping season, and many retailers did indeed say that business was good that day. But as time passed, the picture grew cloudier.

-cut-

Over all, the picture was just as mixed. The National Retail Federation estimated that spending rose 22 percent on the first weekend of the season, based on its survey of more than 4,000 consumers. But ShopperTrak RCT said its survey of actual sales at 45,000 retail outlets showed sales for the first Friday and Saturday slipped 0.5 percent from the period last year.

Some salvation may come over the Internet. The number of people visiting the Web sites of Target, Wal-Mart and Circuit City doubled over Thanksgiving week, according to Nielsen/NetRatings, an Internet market research firm. Video games and other consumer electronics were by far the most popular items.

more...

http://www.nytimes.com/2005/12/03/business/03five.ready.html

[UpInArms]

23. There were no "confident consumers"

to be seen this past weekend -

I witnessed a first - a fellow artist in tears at the end of a December show.

None of the other artists that I spoke with believed any of the rah-rah that is spewing from the talking heads - most had too much personal experience and exposure to reality to buy into the bushit.

Foot traffic was down at least 60% - and there were no big spenders present.

Another artist told me that a show last weekend was similar in the pattern.

Most people were paying cash or using debit cards - credit cards were not being pulled out.

The retail reports for December are going to surprise those economists again.

[AnneD]

62. It has been the same...

here in Houston. I struck up a conversation with all the chashiers and they all said the same thing. More surprised economist .... details at 10:00 pm.:boring:

[UpInArms]

27. Target, Kohl's lead retailers lower at open

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38691.4092943287-853337576&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

CHICAGO (MarketWatch) -- Shares of Target Corp. and Kohl's Corp. were leading decliners among retail stocks in early trading Monday as investors worried about deep discounting during this holiday-shopping season. The S&P Retail Index ($RLX) , the sector's key measure, dipped to 462.0 at the open. Shares of Target (TGT) lost 1.6%, or 87 cents, to $52.93 while shares of Kohl's (KSS) were down 1.7%, or 80 cents, to $46.16.

[ozymandius]

10. one report today

Dec 5 10:00 AM ISM Services for Nov
Briefing Forecast 60.8
Market Expects 59.3
Prior 60.0

[UpInArms]

30. US Nov ISM Index at 58.5% (lower than expected)

10:01am 12/05/05 U.S. NOV. ISM PRICES PAID INDEX 74.2 VS. 78.0

10:00am 12/05/05 U.S. NOV. ISM SERVICES INDEX 58.5% VS. 59.2% EXPECTED

[UpInArms]

35. U.S. Nov. ISM services index falls to 58.5%

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38691.4199187847-853338655&siteID=mktw&scid=0&doctype=806&

WASHINGTON (MarketWatch) -- Activity in the U.S. services sector accelerated at a slightly slower pace in November, the Institute for Supply Management said Monday. The ISM nonmanufacturing index fell to 58.5% in November from 60% in October. Economists were expecting decline to about 59.2%. The new orders index rose to 59.5% from 58.2%, while the prices paid index fell to 74.2% from 78%. Readings over 50% indicate a plurality of purchasing managers at firms across the nation reported increased activity. "There is still significant concern about the relatively high level of energy prices and its impact on freight costs and on the prices of other materials and services," ISM said.

[ozymandius]

11. Stock futures slip as crude oil rises

NEW YORK (Reuters) - U.S. stock futures edged down, pointing to a slightly lower market opening, on Monday as crude oil prices rose back above $60 a barrel, raising investors' concerns about spending before the holidays.

Wal-Mart Stores Inc. (NYSE:WMT - news) maintained its December sales forecast on Saturday and said demand for food outpaced general merchandise sales.

In corporate deal news, Verizon Communications (NYSE:VZ - news), the largest U.S. telecoms company, said on Sunday it would look at selling or spinning off its domestic directories publishing unit as it focuses on its wireless, high-speed data and corporate customers.

S&P 500 futures were down 1.10 points, slightly below their fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.

more

[ozymandius]

12. Where is US growth coming from - and where is it going?

by Jerome a Paris (DailyKos diarist)

Sun Dec 04, 2005 at 08:12:41 AM PDT

As you may have heard, GDP for the third quarter was recently put at 4.3%, revised upwards from 3.8%, the tenth consecutive quarter of growth above 3%. And yet many people feel that the economy is not doing so well. How is that possible?

bonddad has explained repeatedly in his diaries that growth in real wages is very weak, and that personal debt has risen to unprecedented levels.

-cut-

The underlying US economy is not growing - and it hasn't for 5 years

The WSJ Op-Ed pages explanation is that the USA has the world's most competitive economy, and that foreigners are keen to lend to the USA to benefit from its dynamic economy, and to get its consumers to buy their products, in a win-win cycle of development and prosperity. Americans get to consume, and the whole virtuous cycle is easily financed because of everybody's trust in the US economy.

The other way to look at it is that the US economy is really not growing, but is borrowing future prosperity. Foreigners are indeed willing to lend to America because it is a good credit, because the dollar is the world reserve currency and, and because of their mercantilist trade policies whereby they have hitched their currencies to the dollar - and have to purchase dollar assets to avoid the appreciation of their currencies that would otherwise take place because of their trade surpluses. So foreigners are providing goods to Americans and accumulating, at a growing pace, claims on the future US economy.

more...

http://dailykos.com/storyonly/2005/12/4/101241/258

[RawMaterials]

13. Gold near 23-year high, seen strong ahead

Gold hovered near 23-year highs on Monday after another round of fund buying spurred by worries over inflation and a strong appetite for commodity investment.

Despite fears of looming fund liquidation, runaway gold prices also boosted other precious metals, with platinum sitting near $1,000 an ounce at a near-26-year high while silver hit an 18-year record.

snip..

IN DEMAND

Healthy demand (both for physical bars and paper products), stagnating supply, a recent dearth of forward selling by gold miners and more orderly sales from central banks have all aided the rally.

But momentum really built up since 2004 when commodities became an attractive depositary for investor cash as this relatively forgotten asset class outperformed more traditional sectors such as stocks and bonds.

"Global demand has been impressive over the past few years, with commodity consumption growth running one to two percentage points above trend in crude, base metals and gold since 2004," investment bank JP Morgan said in a special report.



http://biz.yahoo.com/rb/051205/markets_precious.html?.v=3


morning marketers, look at that spike in natural gas prices, right back to the highs. :hi:

[UpInArms]

19. Feb Gold @ $508.60 - March Silver @ $8.660

8:50am 12/05/05 MARCH COPPER UP 0.6C AT $1.987/POUND IN ELECTRONIC TRADE

8:47am 12/05/05 MARCH SILVER UP 1.3 CENTS AT $8.660 IN ELECTRONIC TRADE

8:45am 12/05/05 FEB. GOLD UP $1.60 TO $508.60

[UpInArms]

28. Gold stocks rally on continued climb in gold prices

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38691.4112619213-853337764&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

NEW YORK (MarketWatch) -- Gold stocks rallied Monday, as the underlying metal reached fresh 18-year highs. The CBOE Gold Index ($GOX) climbed 1% to 107.32, the Amex Gold Bugs Index (HUI) added 1.2% at 251.06 and the Philadelphia Exchange Gold and Silver Index ($XAU) rose 0.7% to 117.08. Among individual stocks seeing activity, Coeur D'Alene Mines (CDE) gained 0.7% to $4.33, Barrick Gold (ABX) advanced 0.6% to $26.79 and Newmont Mining (NEM) tacked on 0.7% to $46.79. December gold futures rallied $3.30 to $532.00, backing slightly off its intraday high of $533.60. The more active February contract was up $2.90 to $509.90.

[54anickel]

76. Soaring gold continues to shine

http://news.bbc.co.uk/1/hi/business/4498732.stm

Gold and other precious metal prices have hit fresh highs as investors try to protect themselves against inflation and currency declines.

A number of other factors, such as demand from jewellery makers, are also contributing to create what some investors are calling a commodity boom.

snip>

At the same time, other investments are looking less attractive as the Japanese yen weakens and inflation fears intensify in the US.

The concern is that the value of bonds and shares will be eroded.

"The overall feel in the market at the moment is of diversification away from the US dollar and other currencies into gold and also from shares into gold," said a trader in Singapore.

more...

[UpInArms]

82. Dec Gold closes at $508.90 oz - Dec Silver @ $8.632 oz

1:46pm 12/05/05 DEC. GOLD SETTLES UP $5.60 AT $508.90 ON NYMEX

1:39pm 12/05/05 JAN. PLATINUM SETTLES DOWN $3.60 AT $1,004.30/OUNCE ON NYMEX

1:40pm 12/05/05 DEC. PALLADIUM SETTLES UP $5.65 AT $274.75/OUNCE ON NYMEX

1:38pm 12/05/05 DEC. COPPER SETTLES UP 1.35 CENTS AT $2.166/POUND ON NYMEX

1:37pm 12/05/05 DEC. SILVER SETTLES UP 8.8C AT $8.632/OUNCE ON NYMEX

[UpInArms]

86. Gold settles at fresh highs on drop in dollar, rise in crude

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38691.5807235301-853352617&siteID=mktw&scid=0&doctype=806&property=symb&value=&categories=&

NEW YORK (MarketWatch) -- December gold futures settled at fresh 18-year highs Monday, boosted by a decline in the U.S. dollar and increased inflation expectations following a surge in crude prices. The December contract closed up $5.60 at $508.90 an ounce, and reached an intraday high of $509.70. The more active February contract, which is set to be the front-month contract, settled $5.60 higher at $512.60. In other metals, December silver settled 8.8 cents higher at $8.632 an ounce, December copper climbed 1.35 cents to $2.1660 a pound, January platinum eased $3.60 to $1,004.30 an ounce and December palladium hiked up $5.65 to $274.75 an ounce. The dollar fell 0.7% vs. the euro to $1.1803 and shed 0.9% vs. the Swiss franc to 1.3054. Meanwhile, 78-cent surge in the front-month crude contract to $60.10 spooked the bond market, and helped push the yield on the benchmark 10-year Treasury note ($TNX) up 0.056 percentage points to a 3-week high of 4.575%.

[UpInArms]

15. daily dollar watch

http://quotes.ino.com/chart/?s=NYBOT_DXY0

Last trade 91.62 Change -0.33 (-0.36%)

Dollar Strength Remains Unchallenged

http://www.dailyfx.com/index.php?option=com_content&task=view&id=5252&Itemid=39

EUR/USD – Euro bulls remained on a the wrong side of the trade as the pair resumed its southbound journey toward the psychologically important 1.1500 handle following the inability of the single currency traders to break above the 1.1800 figure. As greenback longs continue to position themselves for a break below the 1.1700-1.1863 consolidation range, a confirmed close below 1.1639, the most recent 2005 low, will most likely see the pair head lower and test the euro’s bids around 1.1546, an October 17, 2003 daily low. A further move to the downside will most likely see the dollar traders push the pair below the psychologically important 1.1500 figure and aim for the 1.1379, a level established by the November 7, 2003 daily low. Indicators are favoring dollar longs with both momentum indicator and negative MACD treading below the zero line, while neutral oscillators give either side enough room to maneuver.

<snip>

USD/JPY – Japanese Yen remains a trend followers dream come true as the pair broke above the 121.00 handle and is currently showing no signs of weakness. As an upward momentum remains intact, a further move to upside the will most likely see the pair test the offers around the 121.92, a level marked by the March 24, 2003. A sustained momentum to the upside will most likely see the pair aim for the 123.08, a significant level marked by the 1.50 Fib Extension of the May-July 900 pip USD rally. Indicators remain supportive of the dollar longs with both momentum indicator and MACD treading above the zero line, with ADX above 25 at 39.63 signaling an existence of a trend, not a direction of one, while both overbought RSI and Stochastic add to the trending outlook.

<snip>

USD/CAD – Canadian dollar remains a mystery as the pair once again headed toward the 1.1600 handle and is currently trading within a striking distance of the 2005 Low at 1.1588. As the pair remains supportive of the Loonie traders, a move to the downside will be a critical one as a break of the greenback defenses will most likely see the Canadian dollar longs sweep clean the stops place by the US dollar traders below 1.1588. A collapse of the 2005 low will most likely see the downside momentum accelerate with the pair tagging bids below 1.1543, a level established by the January 1990 Monthly low, with further move to the downside breaking below the psychologically important 1.1500 handle and seeing the pair finally exhaust its momentum around 1.1402, a level established by the November 1991 monthly high. Indicators are favoring of the Canadian dollar longs with both momentum indicator and negative MACD below the zero line, while extremely oversold Stochastic gives the US dollar bulls a chance to retaliate.

...more...

[54anickel]

68. Dollar's rise aided by Opec holdings

http://news.yahoo.com/s/ft/20051204/bs_ft/fto120420051619409376;_ylt=AvCdl5tq.zXvuthTb0fk6zv2ULEF;_ylu=X3oDMTBiMW04NW9mBHNlYwMlJVRPUCUl

Middle Eastern oil exporters have rediscovered their love of the US dollar in the past year, helping fuel the currency's rally to two-year highs against the euro, yen and sterling.

The position marks a sharp turnround from the third quarter of 2004, when the proportion of bank deposits held in dollars by members of the Organisation of the Petroleum Exporting Countries slumped to a record low.

By the middle of this year, the proportion of Opec deposits held in dollars had rebounded from 61.5 per cent to 69.5 per cent, with the share held in euros falling from a high of 24 per cent to 16 per cent, according to figures released today by the Bank for International Settlements.

The data will reinforce the view that the dollar's surprise strength this year has been partly caused by Opec's recycling of petrodollars. The currency has risen 13.5 per cent to $1.17 against the euro when most commentators had forecast a fourth straight year of losses.

more...

Didn't we just read a couple of weeks ago that OPEC is not recycling all those petrodollars as much as one would expect. That they were investing quite a bit of it in their own infrastructure?

[UpInArms]

16. Bush hopes for lift from upbeat economic reports

http://today.reuters.com/PrinterFriendlyPopup.aspx?type=bondsNews&storyID=uri:2005-12-03T222720Z_01_N03289834_RTRIDST_0_BUSH-ECONOMY.XML

WASHINGTON, Dec 3 (Reuters) - President George W. Bush, trying to lift his sagging approval ratings, has launched a push to take credit for recent positive economic news the public has largely shrugged off.

In one example of the pessimism, an ABC/Washington Post poll taken in the month ended Nov. 13 showed 64 percent of Americans described the economy as poor or not so good, with only 36 percent judging it to be good or excellent.

That dovetails with Nov. 17-20 Gallup poll that found just 36 percent of Americans thought the economy was getting better while 58 percent saw it as getting worse.

"I think the White House is very frustrated," said Cesar Conda, former aide to Vice President Dick Cheney. "There's been good data on gross domestic product, employment and business spending, and even oil prices are receding. But it's not reflected in the polling data on Americans' views."

In addition to a desire to stem a slide in the president's own popularity, Bush aides hope honing the economic message will help create a more favorable environment for Republicans ahead of next year's congressional elections.

...more...

[54anickel]

58. Good morning UIA, I see you now have that montage you wanted

last week. Very nice!

[UpInArms]

60. yes, my sincerest thanks go to Bush_Eats_Beef for the montage

They say a picture says a thousand words - this "picture" speaks in the millions of words.

[UpInArms]

17. Bush may delay push for major U.S. tax overhaul

http://today.reuters.com/PrinterFriendlyPopup.aspx?type=bondsNews&storyID=uri:2005-12-04T231118Z_01_N04380849_RTRIDST_0_BUSH-TAXES.XML

WASHINGTON, Dec 4 (Reuters) - The White House may delay unveiling a broad proposal to overhaul the tax code until 2007 or later, despite earlier discussions of making it a major theme for next year, people close to the White House said.

<snip>

Time Magazine, in its latest edition, quoted a White House official as expressing doubt that a major proposal to change the tax code could attract Democratic support in a mid-term election year.

"No one wants to put something out there that's not going to go anywhere," the magazine cited a White House official as saying.

The Republican source who spoke to Reuters noted that several elements of the tax panel's recommendations, most notably the proposed cut in the home mortgage deduction, are controversial and making major revisions to the commission's report might take a great deal of time.

The position at Treasury that would normally serve as a clearinghouse for such efforts -- the assistant Treasury secretary for tax policy -- has been vacant for several months. "There is not the manpower to do it," the source said.

...more...

[UpInArms]

18. Alamo Group closing Kansas plant

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-05T134852Z_01_WEN5562_RTRIDST_0_MANUFACTURING-ALAMO-URGENT.XML

NEW YORK, Dec 5 (Reuters) - Alamo Group Inc. (ALG.N: Quote, Profile, Research) said on Monday it plans to close its Holton, Kansas, plant.

The plant's agricultural equipment production will be relocated to the company's Gibson City, Illinois, plant, which will be expanded.

The closure will affect around 130 employees in Kansas, while Gibson City employment will increase by around 100, the company said.

[UpInArms]

20. pre-opening blather

9:14AM: S&P futures vs fair value: -1.6. Nasdaq futures vs fair value: -3.0.

9:00AM: S&P futures vs fair value: -1.1. Nasdaq futures vs fair value: +0.5. Futures trade has come off of its best level, and the cash market is re-positioned for a slightly lower open. The Healthcare sector may be another area of interest today. Boston Scientific (BSX) has offered $72 per share - a $25 billion total bid and 16% premium - for Guidant (GDT). Separately, BSX announced a worldwide recall of its stainless steel Greenfield Vena Cava Filters manufactured before March 2004. Shares have plunged nearly 6%. On the other side of the aisle, Agilent's (A) stock has headed north following an analyst upgrade.

8:31AM: S&P futures vs fair value: -0.5. Nasdaq futures vs fair value: +2.5. Futures trade has ticked moderately upward, and now suggests a flat to slightly higher start for stocks. The Technology sector is in focus this morning, with a pair of players providing early momentum. Verizon (VZ 32.42 +0.55) shares are on the rise upon reports that the company is considering a divesture of its directories publishing business, Verizon Information Services. Analysts value the potential deal at about $17 billion. Secondly, an upgrade on Dell (DELL 31.30 +0.48) shares has catalyzed buying.

7:56AM: S&P futures vs fair value: -1.2. Nasdaq futures vs fair value: -0.5. Versus fair value, futures trade suggests a modestly lower open for the cash market. The price of crude has surpassed $60 per barrel in early trading, currently up 1.2%. Presenting some further challenge is extended weakness in the Treasury market; the benchmark 10-year note is down nine ticks, offering investors 4.55%.

[UpInArms]

21. New York Stock Exchange moves to delist Calpine

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-05T141939Z_01_N05221979_RTRIDST_0_UTILITIES-CALPINE-UPDATE-1.XML

NEW YORK, Dec 5 (Reuters) - The New York Stock Exchange on Monday said it would suspend trading in Calpine Corp. (CPN.N: Quote, Profile, Research) before the market opens on Tuesday and would move to delist the stock due to its low price and the company's concession that it faces the risk of bankruptcy.

Calpine shares stood at 23 cents in very heavy trading Monday morning on the Inet electronic brokerage network, down 5 cents from their close on Friday on the NYSE.

The NYSE said the company had the right to request a review of the proposed suspension.

Over the last two weeks, a Delaware court ruled that Calpine misspent asset sale proceeds to buy fuel for its plants. The shares plunged, the company replaced its chief executive and chief financial officer, the S&P 500 dropped the stock, and, finally, last Thursday, the company conceded that bankruptcy was an option.

[UpInArms]

24. Treasurys fall ahead of services data, auction details

http://www.marketwatch.com/news/story.asp?guid=%7B230C57AA%2DB9C9%2D4DB0%2D974D%2DA2F3D5D0780A%7D&symbol=&siteid=mktw

CHICAGO (MarketWatch) - Global bond declines, planned auctions, and expectations that a reading on the U.S. service economy will show growth sent Treasurys lower Monday for a fourth day out of five.

At last check, the benchmark 10-year government note was down 10/32 at 99 18/32. That shaves more than $2.50 per each $1,000 worth of securities at face value.

The drop in price lifted the note's yield, ($TNX) a reference for mortgage and corporate borrowing, to a two-week high of 4.55% from 4.5% Friday.

The 2-year note fell 2/32 at 99 19/32. It was yielding 4.46% compared with 4.42%.

"Fixed-income markets were roiled by solid data out of Japan and Germany; the 3% year-over-year we saw Friday in terms of wage growth, and the comments from Janet Yellen that the Fed ain't close to being done," said David Rosenberg, economist at Merrill Lynch.

"Bonds are also undermined by market positioning -- net speculative longs on 10-year notes now outnumber shorts by 71,609 contracts versus 58,945 a week ago. This is the largest net long position by the hedge funds since early August and, until this congestion is cleared out, Treasurys could be in for a further spot of trouble."

...more...

[UpInArms]

25. Printing Press Report:Fed adds reserves via overnight system repos

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-05T143638Z_01_N05343410_RTRIDST_0_MARKETS-FED-OPERATIONS.XML

NEW YORK, Dec 5 (Reuters) - The Federal Reserve said on Monday that it added temporary reserves to the U.S. banking system through overnight system repurchase agreements.

The benchmark federal funds rate last traded at 4 percent, the Fed's current target for the overnight lending rate.

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

[UpInArms]

43. Printing Press Report:US Treasury Dept to sell $16 bln bills on Tuesday

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-05T160631Z_01_WBT004329_RTRIDST_0_ECONOMY-BILLS-ANNOUNCEMENT-URGENT.XML

WASHINGTON, Dec 5 (Reuters) - The U.S. Treasury Department on Monday said it will sell $16 billion of four-week bills on Tuesday, Dec. 6.

The four-week bills will be issued on Dec. 8.

Proceeds from the sale will be used to refund about $22 billion of publicly held bills maturing Dec.1 and to pay down about $6 billion in debt.

The bills mature Jan. 5. Treasury said the net long position reporting threshold is $10.8 billion.

Noncompetitive bids must be received before noon EST (1700 GMT) and competitive bids by 1:00 p.m. EST (1800 GMT).

...more...

[UpInArms]

44. Printing Press Report: US to sell $21 bln 5-year, 10-year Treasury notes

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-05T162016Z_01_WBT004328_RTRIDST_0_ECONOMY-NOTES-URGENT.XML

WASHINGTON, Dec 5 (Reuters) - The U.S. Treasury Department said on Monday it will sell $13 billion of five-year notes on Wednesday, Dec. 7 and $8 billion of reopened 10-year notes on Thursday Dec. 8.

The five-year notes will be issued Dec. 15 and will mature on Dec. 15, 2010. The reopened 10-year notes will be issued on Dec. 15, dated Nov. 15, and will mature on Nov. 15, 2015.

Treasury said $4.60 billion of the 10-year notes can be excluded when bidders calculate their net long positions. The net long reporting threshold for the five-year notes is $4.55 billion and for the 10-year notes it is $2.80 billion.

The CUSIP number for the five-year notes will be 912828EQ9 and for the 10-year notes it is 912828EN6.

...more...

[UpInArms]

37. Treasuries fall after ISM services data

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-05T151105Z_01_NYG000107_RTRIDST_0_MARKETS-BONDS-ISM-URGENT.XML

NEW YORK, Dec 5 (Reuters) - U.S. Treasury debt prices remained at lower levels on Monday after a November survey on the huge U.S. services sector came in much as expected, doing little to alter the interest rate outlook.

The Instutute for Supply Management's non-manufacturing survey came in at 58.5, just shy of economists' expectations of 59.0 and a bit below the October result of 60.0.

Benchmark 10-year Treasury notes were 9/32 lower in price for a yield of 4.55 percent versus 4.52 percent on Friday.

Two-year notes clipped 2/32 to yield 4.46 percent compared with 4.43 percent on Friday.

[UpInArms]

81. Fed Gov wants to create a "credit climate"

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-05T183122Z_01_WAT004530_RTRIDST_0_ECONOMY-FED-OLSON-URGENT.XML

WASHINGTON, Dec 5 (Reuters) - U.S. Federal Reserve Board Governor Mark Olson said on Monday the Federal Reserve can best promote a credit climate that fosters rural progress by maintaining an environment of low inflation.

In remarks prepared for delivery to the Rotary Club of Sioux Falls, South Dakota, Olson said the Fed's use of monetary policy was a "blunt instrument that cannot be targeted at individual industries or regions," but was critical to help create a credit climate under which individual communities' inherent advantages could be realized.

"An important reason for keeping inflation low is that entrepreneurs must be able to foresee substantial future benefits if they are to be willing to bear the long-term risks that are associated with creating new enterprises, and expected low inflation affords them a clearer view of projected benefits," Olson said.

He also said a proposal that the Federal Reserve currently has out for public comment would reduce regulatory capital requirements for bank holding companies that have consolidated assets of less than $500 million.

...more spew at link...

WHEE! Always looking for a way to blow that bubble larger :eyes:

[UpInArms]

88. US budget gap bigger problem than trade gap-Olson

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-05T192328Z_01_WAT004531_RTRIDST_0_ECONOMY-FED-OLSON-IMBALANCES-URGENT.XML

WASHINGTON, Dec 5 (Reuters) - The U.S. budget gap is more problematic than the current account deficit, which is likely to self-correct over time, a top Federal Reserve official said on Monday.

"The fiscal deficit is the far more problematic (one) and something we should expect the Congress to deal with," Fed Governor Mark Olson told the Rotary Club of Sioux Falls, South Dakota, in answer to a question.

"The current account deficit is largely a function of our economy being stronger than the economies of our principle trading partners," he said. "That over time is probably self-correcting." An audio feed of his remarks was monitored in Washington.

That last sentence: An audio feed of his remarks was monitored in Washington.

Were they "monitoring" it to make certain that the talking points were in line with the political agenda? :eyes:

[UpInArms]

26. 9:51 EST red numbers and blather

Dow 10,851.02 -26.49 (-0.24%)
Nasdaq 2,264.43 -8.94 (-0.39%)
S&P 500 1,261.82 -3.26 (-0.26%)
10-Yr Bond 4.547 +0.28 (+0.62%)

NYSE Volume 219,956,000
Nasdaq Volume 175,184,000

9:40AM: As futures trade had foreshadowed, the equity market opened moderately lower. There is little news to affect trading this morning, but reports that Verizon may divest its phone directory business -- a move that could yield up to $17 billion -dominate the headlines. Boston Scientific (BSX) is the other news item; shares have plunged following the company's $25 billion bid for Guidant (GDT), which follows Johnson & Johnson (JNJ) lowered offer for the company. Separately, BSX issued a worldwide recall of one of its stainless steel devices. Weighing somewhat upon sentiment is a 1.4% rise in the price of crude ($60.12 per barrel) and extended weakness within the bond market. The sole piece of economic data slated for release today is the November ISM Services Index (consensus 59.0) at 10 ET. The data will reflect growth and is not really all that important, but the prices paid component may garner some attention.

[UpInArms]

31. Intel says it will invest $1B in India

http://www.businessweek.com/ap/financialnews/D8EA2QAOH.htm?campaign_id=apn_tech_down&chan=tc

DEC. 5 7:06 A.M. ET Intel Corp. Chairman Craig Barrett said Monday the company will invest over US$1 billion (euro854 million) in the next five years to expand its operations in India and in local technology companies.

The investment would also include a US$250 million (euro213 million) venture-capital fund that Intel has created for investing in Indian companies that can benefit from the rapid growth in the domestic information technology market in the South Asian nation, Barrett said in a statement.

"This investment demonstrates Intel's long-term commitment and builds on the foundation we have created during our 10 years of operating in India," Barrett said.

<snip>

Intel currently has a design center in Bangalore, India's technology hub, where it employs some 3,000 engineers and professionals to develop products at a fraction of U.S. costs.

Intel will invest US$800 million (euro683 million) to expand its research and development center in Bangalore, he said.

Intel has invested more than US$700 million in India in the last 10 years. Besides, Intel Capital, the company's venture capital fund, has provided funding to about 40 companies in the country since 1998.

...more...

[UpInArms]

33. JPMorgan steps up offshoring in India (4500 jobs)

http://msnbc.msn.com/id/10326026/

JPMorgan Chase is planning to hire 4,500 graduates in India over the next two years with the aim of moving 30 per cent of its back office and support staff at its investment bank offshore by the end of 2007.

The plan is the most ambitious move by an international investment bank to take advantage of the low cost of highly educated staff in India.

It underlines the shift in the use of such offshore facilities from traditional areas such as information technology support and call centres to core operational functions and other high-value tasks.

The bulk of the bank's processing of foreign exchange trades will be carried out at its centres in Mumbai and Bangalore.

It is also moving over much of the processing of credit derivatives contracts, an area where US and UK regulators have expressed concern about backlogs across the industry.

...more...

[UpInArms]

40. J.P. Morgan to double India staff, hire 4,500

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-05T153128Z_01_L05788578_RTRIDST_0_FINANCIAL-JPMORGAN-UPDATE-2.XML

LONDON, Dec 5 (Reuters) - J.P. Morgan Chase & Co. (JPM.N: Quote, Profile, Research) on Monday said it plans to have nearly one-third of its investment banking back office and support staff offshore by the end of 2007 and would achieve this by doubling its headcount in India.

The U.S. banking group said it hopes to hire 4,500 graduates in India over the next two years, mostly in Bangalore. J.P. Morgan already has about the same number of front-office and support staff in its retail, corporate and investment banking operations in Mumbai.

The company said the hirings, which will double its work force in India, would be an add-on to head count rather than a replacement of staff elsewhere. A spokesman declined to detail the size of the investment.

The firm is hiring between 300 and 400 graduates a month and plans to have a total work force of 9,000 in India by the end of 2007.

...more...

[UpInArms]

34. RSA Security Cuts Jobs, Sees Charges

http://news.moneycentral.msn.com/provider/providerarticle.asp?feed=AP&Date=20051205&ID=5327339

BEDFORD, Mass. (AP) - RSA Security Inc., a maker of online identity authentication software and other Internet security technology, said Monday it would cut an undisclosed number of jobs and record restructuring charges of up to $14 million as it overhauls its engineering staff worldwide.

The company also said its chief financial officer resigned to take another job, and it agreed to pay $145 million to acquire Cyota Inc., a privately held online security company. It also backed its financial forecast for the fourth quarter.

[UpInArms]

53. RSA Security tumbles as CFO quits

http://www.marketwatch.com/news/story.asp?guid=%7B954766A8%2D1EC0%2D498C%2D9885%2DA288DE368FE9%7D&symbol=&siteid=mktw

LOS ANGELES (MarketWatch) - RSA Security Inc.'s stock tumbled as much as 13% on Monday after its chief financial officer quit to take another job and the company said it would make a $145 million acquisition and restructure its engineering operations.

RSA also affirmed its prior financial outlook for the fourth quarter.

Shares of the Bedford, Mass.-based maker of Internet and network security software and hardware fell sharply on the news, recently giving up $1.40, or 11%, to $11.79. At its worst level for the session, the stock sank as low as $11.45 and it has ranged from $9.75 to $22.94 over the past 52 weeks.

RSA (RSAS) said Jeff Glidden resigned his position as CFO to pursue an investment and employment opportunity with a private venture outside the security technology industry.

<snip>

RSA expects its total restructuring charges, which are related mostly to facilities and an unspecified number of job cuts, to total $10 million to $14 million, beginning in the fourth quarter. The company expects to book $3 million to $6 million of the charges during the fourth quarter.

...more...

[UpInArms]

36. 10:16 EST and everyone is bolting for the exits

Dow 10,826.04 -51.47 (-0.47%)
Nasdaq 2,255.68 -17.69 (-0.78%)
S&P 500 1,259.72 -5.36 (-0.42%)
10-Yr Bond 4.545 +0.26 (+0.58%)

NYSE Volume 435,486,000
Nasdaq Volume 347,072,000

10:00AM: On account of losses levied by eight of the ten economic sectors, the indices head slightly further south. Financials serve as the weightiest drag, off 0.5%. Selling there is wide-spread, perhaps as traders eye the 10-year's (-07/32) 4.54% yield, but insurers fare worst following MetLife's (MET 50.65 -1.50) in-line FY05 and FY06 guidance that appears to have disappointed Wall Street. Energy, meanwhile, has taken the leadership seat - up 1.2% alongside the 1.4% uptick in crude oil futures. Separately, the ISM Services Index checked in at 58.5 (consensus 59.0); the prices paid component was 74.2, following last month's 78.0 read.NYSE Adv/Dec 981/1519, Nasdaq Adv/Dec 956/1475

[UpInArms]

38. GMAC high risk profile not appealing to buyers

http://www.marketwatch.com/news/story.asp?guid=%7B9E72F14F%2DD6D5%2D4399%2DAFF0%2D455C9FEF64A1%7D&symbol=

NEW YORK (MarketWatch) -- Wells Fargo & Co. (WFC) Chief Executive Richard Kovacevich said the company isn't interested in buying a stake in General Motor Corp.'s (GM) financing arm.

Kovacevich said buying a stake in General Motors Acceptance Corp., or GMAC, wouldn't fit with Wells Fargo's usual strategy of not being a partial owner of business lines.

"It's inconsistent with our business mix," Kovacevich said Monday during the Webcast of an industry conference sponsored by Goldman Sachs. "It might be inconsistent with our risk model too."

General Motors has said it's exploring the possibility of selling an equity stake in GMAC. But Kovacevich is at least the second big-bank executive to recently downplay the possibility of buying a stake in the consumer-finance unit. Last week, Bank of America Corp.'s (BAC) chief financial officer said his company generally wouldn't be interested in acquiring a business that has a risk profile like that at GMAC.

[UpInArms]

104. US CREDIT - GMAC widens on sale uncertainty

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-05T210021Z_01_N05565468_RTRIDST_0_MARKETS-CREDIT.XML

NEW YORK, Dec 5 (Reuters) - Credit investors on Monday grew ever more nervous that General Motors Corp. (GM.N: Quote, Profile, Research) may have trouble selling a majority stake in its finance arm and restoring it to investment-grade status.

The credit spreads of GM's General Motors Acceptance Corp. continued to widen on Monday and have doubled in the last month even as many analysts advise betting on GMAC.

Credit investors have begun to realize that GM selling a majority stake in GMAC is going to be more complicated and take longer to complete than previously thought, said one credit analyst, who asked not to be named.

<snip>

Five-year default protection on GMAC debt was quoted at about 510 basis points at midday on Monday, from 475 basis points on Friday. The spread was 257 basis points a month ago.

...more...

[Tace]

39. JAMES KUNSTLER: Uncharted Territory

by James Kunstler -- Clusterfuck Nation

When people of any political persuasion cry for America to pull out of Iraq, what do they suppose will be the result? That America will go back to being the same nation of easy-motoring, McMansion-buying consumpto-trons we were in 1999? Things have changed.

The world oil markets have changed. Their stability through the 1990s was a transient phenomenon, and a circumstance which, unfortunately, put us to sleep. During that time, OPEC, led by Saudi Arabia, was the world's "swing producer" -- the oil producer with spare capacity that could always open the valves and pump more. And they did, even cheating on their own official quotas, which only had the effect of flooding the market with "product" and driving down the prices -- so by the end of the last century oil had sunk to $10 a barrel.

That was great for America in the short term. It reinforced the widespread illusion that the oil disruptions of the 1970s were a shuck and jive. We ramped up all our car-dependent behavior, built more malls and "lifestyle centers," carved more housing subdivisions in the farthest-out asteroid belts of the metroplexes, bought cars the size of tactical military vehicles, and acted as if this was a way of life with a future.

Many things have changed. One is that a potent segment of the Islamic world declared war on the west (jihad). Another is that OPEC, led by Saudi Arabia, has apparently lost its spare capacity, and therefore its role as the world's swing producer of oil. Another is that the North Sea and Alaskan oil fields have passed their production peaks and are depleting at phenomenal rates -- in the case of Great Britain's fields, up to 50 percent a year -- because they were drilled so efficiently with the latest technology. Yet Another is that rising ocean temperatures have led to several years of massive hurricanes wreaking havoc among the oil and gas platforms of the US Gulf Coast. Still another is the industrial turbo-expansion of China and India, taking advantage of their ultracheap labor to become the world's factories and back-offices, while jacking up their oil consumption.

more

http://worldnewstrust.org/modules/AMS/article.php?storyid=1785

[UpInArms]

41. UK economy slows to a crawl

10:39am 12/05/05 U.K. BROWN: 2006 GDP TO GROW 2% TO 2.5%

10:36am 12/05/05 U.K. BROWN: CUTS GDP FORECAST TO 1.75% IN 2005

10:37am 12/05/05 U.K. BROWN: PREVIOUS 2005 U.K. GDP VIEW WAS 3% TO 3.5%

10:36am 12/05/05 U.K. BROWN: 2005 A 'TOUGH' YEAR FOR U.K. ECONOMY

10:35am 12/05/05 U.K. BROWN: U.K. INFLATION LOWER THAN THE U.S., E.U.

10:34am 12/05/05 U.K. BROWN: ON COURSE TO MEET INFLATION TARGET OF 2%

[ozymandius]

50. sorry, posted incorrectly

[UpInArms]

42. LYING PIEHOLE ALERT: Bush takes on pessimists on U.S. economy

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-05T155323Z_01_N05234383_RTRIDST_0_BUSH-ECONOMY.XML

WASHINGTON, Dec 5 (Reuters) - President George W. Bush will point to faster-than-expected growth and other positive economic news on Monday in a speech he hopes will help convince Americans the economic outlook is rosier than they think.

Bush, whose approval ratings are at all-time lows, faces public pessimism over the economy and questions from some commentators over whether the U.S. economy is fundamentally sound, given a soaring budget deficit and a trade deficit with China that is heading for $200 billion for the year.

He plans to seize on recent good economic news as evidence that the underpinning of the economy is strong when he speaks at 1.15 EST (1815 GMT) at a construction machinery plant in Kernersville, North Carolina, White House officials said.

<snip>

An ABC/Washington Post poll taken in the month ended Nov. 13 showed 64 percent of Americans described the economy as poor or not so good, with only 36 percent judging it to be good or excellent.

"The problem isn't that people don't understand how good things are. It's that they know, from personal experience, that things really aren't that good," wrote economic commentator Paul Krugman in The New York Times on Monday.

...more at link...

The naked emperor will attempt (with the help of a fascist media) to convince people not to believe their lying eyes.

[AnneD]

46. Given Bush's track record when it comes to .....

visiting plants, I hope those factory workers in Kernersville are prepared for layoffs. Say, with all this outsourcing, what are the politicians going to do when there is no factory open for a photo opp. Now THAT is a question I'd like to ask monkey boy.

[UpInArms]

51. they'll make one out of cardboard boxes - covering up the "Made in China"

labels with "constructed out of thin air in the USoA" stickers.

[AnneD]

54. Spew alert needed.

:spray: :rofl: :rofl: :woohoo: :applause: Good one UIA. Kinda like Bullwinkle as a magician-ya never know what 'rabbit' is going to come out of the hat. Well, if I were those guys, I'd start jobhunting.

[UpInArms]

55. homeless people will move into those boxes after the photo-op

and the rightwingnuts will applaud and say that *Co has created housing for the poor - along with the increased number of construction jobs to manufacture the portable housing for the homeless and tax breaks will be given to the corporations for providing the necessary jobcuts that produce those without homes.

[AnneD]

57. Those homeless

will be duking it out with the Katrina survivors for that FEMA quality housing.

[WhiteTara]

73. there by creating more need for photo ops

and more cardboard boxes that can then be turned into more housing for the homeless. Brilliant!

[UpInArms]

77. I wonder if they saved that "housing"?

http://www.cnn.com/2003/ALLPOLITICS/01/22/bush.boxes/

ST. LOUIS, Missouri (CNN) -- Someone wanted the right setting Wednesday as President Bush traveled to the Midwest to deliver another pitch for his economic plan.

When the president delivered his remarks, he did so from the floor of a warehouse with American flags in the background along with the logo "Strengthening America's Economy" on a backdrop of boxes. The boxes were stamped "Made in U.S.A."

One problem: The boxes were made in China.

And that was evident despite an effort to hide labels on boxes surrounding the stage. The boxes placed on the side of the stage had "Made in China" labels covered up with white pieces of paper.

...more...

[WhiteTara]

91. actually that looks like

furniture to me. Great children's beds, you know. Also works as fab dressers. :shrug:

[AnneD]

96. You haven't lived

until you have taken a flattened cardboard box down a grassy slope. One of the best times I ever had in my life was gathering with a bunch of my broke college buds, and going down the hill to the point of happy exhaustion riding cardboard boxs.

[WhiteTara]

107. ah multi purpose furniture!

I myself loved rolling down the hill. Very exhilarating

[54anickel]

66. It ain't gonna work this time around. Remember this summer's pep rally

when they adjusted the numbers and came out claiming they were making real progress at trimming the deficit. Of course, that was pre-Katrina. They were lies then and the hurricanes just exasperated the problems.

Winter Comes Late and Hard

http://www.prudentbear.com/archive_comm_article.asp?category=Guest+Commentary&content_idx=49121

As 2005 prepares to slip into the past, a hard cold winter is blowing in. The upper mid-west and highfliers are being hit hard. The consensus strains to see troubling high pressure systems as isolated local conditions. The goings-on in the airline, auto and auto-parts arenas are not local and fleeting. This is the leading front of a shift in season. Finance and retail areas will be raked by these winds in the near future. The income and benefit patterns of American workers are in transitions. Many years in the making, changes are now unfolding so quickly that many will fail to see them- as they did when the pace was glacial.

The leading auto and parts firms are in, or heading for, restructurings that will shift their employment, compensation and sector focus. The Fordist model and economy that came to define middle class life looks terminally ill. This is emblematic of profound change. Conversation on this subject tends to be dominated by political pontificating and is avoided by many economists. Serious consideration is due and lacking. The American business and employment climate is changing. The business species best suited to the new weather will prosper and those ill-suited will struggle and perish. The facilitators of transition have prospered, they too must now adjust.

Real wages have been under pressure for a very long time- real median income has gone nowhere in four going on five years. Inflation- artfully recalculated toward understatement - drifts up, still lagging soaring debt, and both dangerously outrun wage and benefit growth. We have learned to live by asset inflation, falling tax rates and debt, debt and more debt.

Housing values- now about to stagnate, then fall - have risen over 50% in the past decade. Federal taxation has fallen and is set to average about 17% of GDP over the next decade - lower than its average GDP share over the last five decades. Wage and salary income has fallen into the mid 40% range of GDP, and has stayed there longer than anytime in the Post WWII Era. Consumer credit outstanding has grown more than 5.5% per year since 2001. IRS data suggest that after tax incomes for the bottom three quarters of earners declined since 2002. Robust growth in the top 10% has occurred across the same period. This has kept the aggregate measures looking good.

more...

[UpInArms]

72. SPEWING LIES LIVE ON SOME SCREEN NEAR YOU

1:09pm 12/05/05 BUSH: U.S. ECONOMY IS STRONG

[UpInArms]

97. Lies in StageCraft

http://www.usatoday.com/news/washington/2005-12-04-bush-slogans_x.htm

excerpt:

Their new slogan adorned the banner above the stage, as well as small panels on the backdrop behind the president. All were right in camera range.

"It's about reinforcing the message," White House press secretary Scott McClellan said.

From "compassionate conservatism" to "No Child Left Behind," Bush strategists have since the 2000 campaign consistently designed phrases for voters who don't study the fine print of issues such as deployment in Iraq.

When Bush travels to North Carolina today to discuss the economy, he is expected to speak with workers behind him beneath the banner, "Foundation For Growth."

<snip>

Word placement is crucial, McClellan said, designed for audience members who only have time to glance at television news or scan the front page of a newspaper.

<snip>

Props are also used, such as the border patrol helicopters at a recent speech on immigration.

...more...

[UpInArms]

45. 11:24 EST attempting to dilute the red with a "snapback"

Dow 10,838.69 -38.82 (-0.36%)
Nasdaq 2,255.64 -17.73 (-0.78%)
S&P 500 1,260.89 -4.19 (-0.33%)
10-Yr Bond 4.549 +0.30 (+0.66%)

NYSE Volume 872,354,000
Nasdaq Volume 666,540,000

11:00AM: The major averages have held their place over the last half hour, sitting well below the flat line but supported by Energy's 1.2% gain. The Healthcare sector has nearly risen to positive turf, boosted largely by medical equipment issues. Guidant (GDT 67.81 +5.99) is on the rise following Boston Scientific's (BSX 27.47 +0.14) $25 billion bid that translates to a 16% premium on Friday's closing price and is 14% more than Johnson & Johnson's (JNJ 61.66 +0.45) downwardly revised offer. J&J, for its part, has also risen on the news; BSX, meanwhile, has erased its 6% pre-open loss. NYSE Adv/Dec 930/2094, Nasdaq Adv/Dec 889/1877

[ozymandius]

48. snapback failed

12:11
Dow 10,823.40 -54.11 (-0.50%)
Nasdaq 2,254.49 -18.88 (-0.83%)
S&P 500 1,259.76 -5.32 (-0.42%)
10-Yr Bond 45.65 +0.46 (+1.02%)
NYSE Volume 1,071,464,000
Nasdaq Volume 820,784,000

12:00PM: Moving back to their morning lows, the equity market's major indices remain comfortably beneath the flat line. December's winter weather has sent crude futures to $60 per barrel, and natural gas prices are similarly heading higher. Energy price action has perhaps given investors further reason to incite consolidation efforts, and extended weakness within the Treasury market serves as an additional overhang. Aside from the 1.2% gain in the Energy sector, sparked by crude's rise, leadership is altogether absent. Financials have lost 0.6% as participants eye the benchmark 10-year note's (-11/32) 4.56% yield, and on account of disappointing in-line FY05 and FY06 guidance form MetLife (MET 50.96 -1.19). Technology, meanwhile, is off a heavy 0.8% as semiconductors face some profit-taking after last week's - and last month's - surge. Reports that Verizon (VZ 31.66 -0.21) plans to divest its phone directory business, which could yield as much as $17 billion, had catalyzed an early sector-supporting gain, but VZ has since faded and contributes to Tech's stance. Dell (DELL 31.21 +0.39), though, remains a bright spot following an analyst upgrade. U.S. Steel's (X 50.06 +1.95) advace after a positive mention in Barron's has limited the Materials' sector's slide, but it nonetheless levies a 0.4% loss. Industrials (-0.5%), Utilities (-0.4%), Consumer Staples (-0.3%), Discretionary (-0.8%), and Telecommunications (-0.8%) are similarly submerged. Healthcare hovers just below the unchanged mark - lifted largely by medical equipment issues. Boston Scientific (BSX 27.05 -0.28) has bid $25 billion for rival Guidant (GDT 67.21 +5.39) - a price tag that translates to a 16% premium over GDT's most recent close, and that trumps Johnson & Johnson's (JNJ 61.40 +0.19)

[ozymandius]

52. Stocks slip as oil sparks profit concerns

NEW YORK (Reuters) - U.S. stocks slipped on Monday as oil prices hit their highest level in nearly a month and concerns about profitability hurt both semiconductor and retail shares.

Crude oil prices topped $60 a barrel for the first time in almost a month on expectations cold weather in the U.S. Northeast will boost heating oil demand.

High energy costs, which cut into consumer spending and corporate profits, remain a concern for investors. U.S. crude for January delivery was up 83 cents at $60.15 a barrel, after rising as high as $60.26 a barrel.

-cut-

Higher oil prices on Monday stoked concerns raised in the Federal Reserve's "beige book" summary of economic conditions on Friday that higher energy costs could cause more inflation and a decline in consumer spending.

more

[UpInArms]

61. 12:45 and attempting another "snapback"

Dow 10,848.45 -29.06 (-0.27%)
Nasdaq 2,259.59 -13.78 (-0.61%)
S&P 500 1,262.95 -2.13 (-0.17%)
10-Yr Bond 4.567 +0.48 (+1.06%)

NYSE Volume 1,203,282,000
Nasdaq Volume 916,816,000

12:30PM: Little has changed for stocks as the session's second half gets underway. At the same time, Treasuries continue to deteriorate. Strong data over the past two weeks from nearly every corner of the economy has fanned fears that the Fed will remain on its tightening course. While today's ISM report is more or less overlooked by the stock and bond markets alike, it did not help Treasury traders' sentiment. In November, the non-manufacturing index, which covers about 87% of the economy, was 58.5. The index has registered higher than 50, the expansion-indicating threshold, every month since April of 2003. Presently, the 10-year is off 13 ticks and yielding 4.56%. At the back end of the curve, the 30-year note (-24/32) offers 4.76%; at the front end, the five-year (-07/32) yields 4.49%. NYSE Adv/Dec 1021/2139, Nasdaq Adv/Dec 944/1947

[UpInArms]

59. SCAMMER ALERT:Doctor says he just wanted to get rich with lice 'treatment'

http://www.startribune.com/stories/484/5763243.html

CHICAGO - Parents who paid $285 for an experimental head lice treatment for their children might be scratching their own heads, now that the doctor selling the stuff says it's really a skin cleanser available for less than $10 a bottle at drugstores nationwide.

Dr. Dale Pearlman got widespread media attention and skepticism from some head lice experts last year when the journal Pediatrics published his study detailing results with a product he called Nuvo lotion. He described it as a "dry-on suffocation-based pediculocide" and the first in a new class of nontoxic lotions for head lice.

And as of the weekend, his website still said the costly treatment was only available at his Menlo Park, Calif., office.

But in a letter to the editor for release today in December's issue of Pediatrics, Pearlman says the treatment "was actually Cetaphil cleanser," available over the counter nationwide and abroad, and made by a company he has nothing to do with.

<snip>

Pearlman acknowledged that he didn't disclose the information until now "because I wanted to get rich" and had hoped pharmaceutical companies would offer him money to further develop a Cetaphil-based product for head lice. When that didn't happen, he says, he decided to write the letter.

...more...

[AnneD]

71. I guess as a school Nurse....

I can lay claim to being an expert on head lice.....more so than most Pediatricians. Some mayo or olive oil will suffocate the little buggers. For additional details, or to purchase your on franchise in this rapidly growing public health field, please send check or money order for $49.95 to me.

[54anickel]

63. Spotlight in the darkness

http://www.prudentbear.com/randomwalk.asp

It’s no secret to biologists that certain species thrive in total darkness. Take the angler fish. This creature lives deep down in the ocean under more pressure than a Wal-Mart worker with two car payments. Or how about the bat’s ability to sense a flying insect as easily as a teenager senses an unsupervised party?

But it is the pension accountant who performs the most amazing feats under the cover of darkness. This clever mammal makes long term liabilities appear manageable even when funding them is as likely as Jim Cramer giving stock tips in a whisper.

As any biologist can tell you, one of the Pension Accountant’s most impressive adaptations is creativity, including the ability to gin up extraordinary assumptions regarding pension asset returns. For example, a highly evolved Pension Accountant can make investors think that pension assets earned 8.75% one year when the plan actually lost money. And those assumptions will continue at 8.75% even with interest rates well below 5%, which calls for stocks to deliver something close to 11.25% year after year after year. Pension accountants have the ability to make the value of pension assets appear stable from one year to the next even with markets gyrating like Britney Spears on a mound of fire ants. And that’s if companies play by the rules.

So far, keeping the lights off the pension books has worked just fine. Wall Street can applaud companies for their smooth earnings growth, management can pocket incentive pay related to those earnings, and union bosses can boast of how they won more pension benefits in exchange for just a few fewer jobs and a little slower wage growth. It’s been a win-win-win situation! And if a company goes under, the government’s Pension Benefit Guaranty Corporation will keep paying the pensions, and executives will still get their bonuses, this time for being smart enough to file bankruptcy. Sure, many will be laid off and taxpayers will pick up the tab for the pensions, but accidents happen when you work in the dark.

more...

[UpInArms]

65. "gyrating like Britney Spears on a mound of fire ants"

:spray:

What a great visual!

[AnneD]

83. Good find,

well written, entertaining and good grasp of facts (as I have been able to discern). Great article.....

[UpInArms]

64. Boston Scientific execs not worried by recalls (their payola is secure)

http://today.reuters.com/news/newsArticle.aspx?type=reutersEdge&storyID=2005-12-05T155906Z_01_YUE557521_RTRUKOC_0_US-GUIDANT-BOSTONSCIENTIFIC.xml

CHICAGO (Reuters) - Top executives at Boston Scientific Corp. (BSX.N: Quote, Profile, Research) said on Monday they are confident their deal to buy Guidant Corp. (GDT.N: Quote, Profile, Research) for about $25 billion will go through despite Guidant's recall of some products and an existing takeover offer from Johnson & Johnson (JNJ.N: Quote, Profile, Research).

Guidant, a maker of implantable heart defibrillators and pacemakers, last month accepted a lower offer from J&J, which said the recall of some heart devices at the medical device maker had hurt the value of the company.

But Boston Scientific executives said they were undaunted by the recall issues.

"We are very confident in our proposal. We think the (recall) issues are very manageable," Paul LaViolette, chief operating officer of Boston Scientific, told Reuters.

"We understand this business. We're experienced in these sorts of matters," he said. "Although we will do due diligence, we expect that due diligence will confirm our view."

Boston Scientific is no stranger to product recalls, having successfully emerged from a major recall of drug-coated stents, the tiny devices used to clear clogged arteries that are the company's main product.

...more...

Why worry when the bonuses and bloated compensation packages make you secure even if your product maims and kills.

[UpInArms]

67. LYING SPEW ALERT:

White House: Christmas season off to strong start

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-12-05T174924Z_01_WBT004330_RTRIDST_0_ECONOMY-BUSH-HUBBARD.XML

KERNERSVILLE, N.C., Dec 5 (Reuters) - The Christmas buying season has started off strong and the administration expects consumer sales to continue strong, White House economic Al Hubbard said on Monday.

Speaking to reporters on Air Force One, Hubbard said, "The Christmas season... it has started off strong, and we expect consumer sales to continue to be strong. This economy is on a sustainable pace. We expect '06 to be strong as well."

[UpInArms]

69. LOL! Ryan's Nov. same-store sales up 1.7%; uses new calculation

When you can't get the numbers you want, change the way you "calculate"!

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38691.5410488889-853349290&siteID=mktw&scid=0&doctype=806&

SAN FRANCISCO (MarketWatch) -- Ryan's Restaurant Group Inc. (RYAN) said Monday that same-store sales for November rose 1.7% compared with the year-ago period. Total sales for the 4-week period ended Nov. 30 rose 3% to $62,7000. Greer, S.C.-based Ryan's said that during November it modified its all-store and same-store sales calculation methods. Ryan's said the all-store sales calculation involves a change in the initial inclusion date of new restaurants; for same-store sales, the new method includes relocated or converted restaurants in a week's same-store sales calculation only if the restaurants were open for the entire week during both the current and prior years. The company said it plans to recalculate same-store sales results for the months prior to September to have comparable amounts in its future filings with the Securities and Exchange Commission.

Ah, the wonders of Enronomics! Taking a page from the new and improved accounting skills of Arthur Andersen, Ken Lay and the Bureau of Labor!

[54anickel]

70. It's all nuts to me, Mr Bush

http://www.timesonline.co.uk/article/0,,1052-1904459,00.html

snip>

On January 22, 2001, two days after George W. Bush was inaugurated as President of the United States, the price of gold was $265.90 an ounce. Last week the gold price broke through the $500 dollars an ounce level; that means the dollar has been devalued in terms of gold by almost 50 per cent in the four years and ten months of this presidency.

That does not reflect well on Gordon Brown, who as Chancellor sold a large part of Britain’s gold reserve at a price that was way below the present level. It reflects even worse on President Bush. He is ultimately responsible for the management of the dollar. It has halved its gold value on his watch.

snip>

There are technical reasons, both on the supply and demand side, that make it probable that the gold price will continue to rise. Yet it was not these technical market reasons that led some of us to forecast the higher price, but the underlying weakness of the financial policy of the United States.

Alan Greenspan, the retiring Chairman of the Federal Reserve Board, deserves his own considerable share of responsibility, all the more so because he saw the risks of combining large budget deficits with growing trade deficits and loose monetary conditions. That is a classic recipe for depreciating a currency. From time to time Alan Greenspan has sounded a warning; he has been willing to blow the whistle, but he has never been willing to pull on the brakes.

more...

[UpInArms]

74. 1:13 EST markets begin to fall as they hear the voice of doom

Dow 10,839.97 -37.54 (-0.35%)
Nasdaq 2,258.15 -15.22 (-0.67%)
S&P 500 1,262.36 -2.72 (-0.22%)
10-Yr Bond 4.561 +0.42 (+0.93%)

NYSE Volume 1,299,942,000
Nasdaq Volume 978,559,000

1:00PM: Though still in the red, each of the major indices have advanced. Healthcare just cleared the flat line, and Financials (-0.3%) has more than halved its morning low. Tech, however, still stands as the weightiest laggard and stunts both the Nasdaq's and the broader market's upward efforts. Each of the Dow's tech issues sport losses, and join 80% of the blue chip average's constituents on losing turf. Intel (INTC 26.96 -0.47), reflecting languishing semis, is the weakest link. To that end, the PHLX Semiconductor Index has lost 1.3% today. Of the Dow's six gainers, only Exxon-Mobil (XOM 59.97 +0.90) has managed to book a gain in excess of 1%.NYSE Adv/Dec 1093/2105, Nasdaq Adv/Dec 1025/1882

[UpInArms]

78. PIEHOLE ALERT CONTINUES:

(on edit - adding line items - when will this sanctimonious sack shut its piehole?)

1:47pm 12/05/05 BUSH: FREE TRADE IS GOOD FOR JOBS

1:42pm 12/05/05 BUSH: WON'T SIGN BILL THAT WEAKENS PENSION FUNDING

1:38pm 12/05/05 BUSH: U.S. NEEDS MEDICAL LIABILITY REFORM 'NOW' :wtf:

1:29pm 12/05/05 BUSH REPEATS CALL FOR ENERGY EXPLORATION IN ALASKA REFUGE

1:21pm 12/05/05 BUSH: CONGRESS NEEDS TO MAKE TAX CUTS PERMANENT

1:19pm 12/05/05 BUSH: TAX CUTS HAVE CONTRIBUTED TO ECONOMIC GROWTH

1:09pm 12/05/05 BUSH: U.S. ECONOMY IS STRONG

[punpirate]

94. Well, the idiot son is nothing if not...

... consistent.

Consistently wrong and bull-headed.

[UpInArms]

99. *Co cannot reverse a Custer decision........... eom

[54anickel]

75. What If GM Did Go Bankrupt...

http://www.businessweek.com/magazine/content/05_50/b3963114.htm

After weeks of listening to analysts and pundits beat the drum about the possibility of a General Motors Corp. (GM ) bankruptcy, Chairman and Chief Executive G. Richard Wagoner Jr. decided he had heard enough. On Nov. 16 he declared in an internal memo to his 325,000 employees that bankruptcy is "unnecessary." There is no plan to file for Chapter 11 protection, Wagoner said flatly, calling such an action "contrary to the interests of our employees, stock- and bondholders, dealers, and our suppliers and customers."

In other words, Wagoner was calling bankruptcy unthinkable. And for a long time, that's exactly the way it seemed. GM has $34 billion in cash and could free up roughly $15 billion more selling various businesses. That alone should be enough to keep the company running for a few years. What's more, its cash-burn rate of $2 billion a quarter will slow down as a recent restructuring, which will eliminate nine factories and 30,000 workers over three years, takes hold.

But despite Wagoner's protestations, investors are clearly starting to ponder the unthinkable. The price of GM's credit-default swaps, which are insurance in case the carmaker can't pay back its loans, have soared in the past month. They now cost a premium of 12 percentage points of the value of the debt that they insure, four times what they cost in January. Few people believe that Washington would help bail out GM, as it did with Chrysler. Investors, suppliers, and employees, meanwhile, are starting to imagine how a GM bankruptcy would unfold and taking steps to defend themselves if it should happen. Some suppliers, for example, are trying to get shorter payment terms from GM in exchange for lower prices.

What would a GM bankruptcy look like? It probably would be the most massive Chapter 11 filing of all time -- a watershed moment in the history of American business, with far-reaching consequences for all of GM's stakeholders. While the direct impact on the national economy would be relatively modest, the Midwest would be hit hard by the combination of job losses at GM and its suppliers and benefits cuts for the company's retirees.

Plenty of observers believe that this suffering would be worthwhile, of course, if a stronger company emerged from bankruptcy. As airlines and steelmakers have done, GM could use Chapter 11 to rewrite union contracts, potentially enabling it to slash retiree benefits and close plants without having to pay furloughed workers. The auto maker could even dump tarnished brands and get bankruptcy court protection from dealer lawsuits. "Bankruptcy could do great things for GM," says William J. Rochelle III, a bankruptcy attorney with Fulbright & Jaworski LLP. But, of course, Chapter 11 is no sure bet. History is full of examples of companies that have emerged from bankruptcy simply to return in a few years. Here's a quick overview of how a GM bankruptcy might unfold for some of the key players:

more...

[TrogL]

79. Loonie Watch

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

Highlights.



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

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

Up-to-the-minute graph (http://quotes.ino.com/chart/?s=CME_CDY&v=i)

Current TSE:




2005-11-02 Wednesday, November 2 0.847027 USD
2005-11-03 Thursday, November 3 0.846238 USD
2005-11-04 Friday, November 4 0.846382 USD
2005-11-07 Monday, November 7 0.840477 USD
2005-11-08 Tuesday, November 8 0.841397 USD
2005-11-09 Wednesday, November 9 0.843384 USD
2005-11-10 Thursday, November 10 0.842034 USD
2005-11-11 Friday, November 11 0.842034 USD
2005-11-14 Monday, November 14 0.83612 USD
2005-11-15 Tuesday, November 15 0.837381 USD
2005-11-16 Wednesday, November 16 0.839067 USD
2005-11-17 Thursday, November 17 0.842886 USD
2005-11-18 Friday, November 18 0.839842 USD
2005-11-21 Monday, November 21 0.846024 USD
2005-11-22 Tuesday, November 22 0.849545 USD
2005-11-23 Wednesday, November 23 0.853242 USD
2005-11-24 Thursday, November 24 0.853242 USD
2005-11-25 Friday, November 25 0.855359 USD
2005-11-28 Monday, November 28 0.857927 USD
2005-11-29 Tuesday, November 29 0.856825 USD
2005-11-30 Wednesday, November 30 0.856898 USD
2005-12-01 Thursday, December 1 0.856018 USD
2005-12-02 Friday, December 2 0.860067 USD






Would you people PUHLEEZ do something about the greenback?

We're currently talking a US $0.84 loonie and that's just plain crazy even if the loonie is gaining against all other currencies except the Aussie. We're in the start of an election, which normally depresses the loonie but it doesn't even seem to have noticed.

More numbers later when everything updates.

[TrogL]

80. Update

Lovely. Ten minutes later and it's US $0.86480.

I'd say "man the lifeboats" but you probably oursourced them.

[54anickel]

84. Tee-hee! "But you've probably outsourced them" Thanks for the

chuckle TrogL, good to "see" you again.

[UpInArms]

85. 2:05 EST red numbers and blather

Dow 10,825.96 -51.55 (-0.47%)
Nasdaq 2,255.78 -17.59 (-0.77%)
S&P 500 1,260.92 -4.16 (-0.33%)
10-Yr Bond 4.577 +0.58 (+1.28%)

NYSE Volume 1,510,138,000
Nasdaq Volume 1,120,260,000

2:00PM: Running in place, the market lacks a trading catalyst other than energy price action. Bonds continue to sink - with the 10-year now off 15 ticks and yielding 4.57% - but yet the rate-sensitive Financials sector remains well off of it session low. Perhaps most notably, the diversified banking industry is the sector's best-faring, with BAC and USB demonstrating relative strength. On a year-to-date basis, that subgroup is flat. Over the course of 2005, specialized financial services (CIT, MCO) and life and health insurers (AFL, JP, LNC, MET, PRU, TMK, UNM), each up about 25%, are the sector's brightest pockets. NYSE Adv/Dec 1217/2006, Nasdaq Adv/Dec 1025/1954

[UpInArms]

87. "New and Improved" Inflation for the women of the world

J&J unit to up prices 3%-6% for sanitary protection products

http://www.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38691.5966503819-853353946&siteID=mktw&scid=0&doctype=806&

SAN FRANCISCO (MarketWatch) -- -- Personal Products Company, a division of Johnson & Johnson (JNJ) , said Monday that it plans to raise the prices of its sanitary protection products beginning in the first quarter of 2006. The price increases will range from 3% to 6%. The division, whose brands include Stayfree, Monistat and Reach, cited higher commodity and raw material costs as well as rising costs to bring products to market, for the upcoming price hike.

[UpInArms]

89. 2:36 EST numbers and blather

Dow 10,823.95 -53.56 (-0.49%)
Nasdaq 2,255.16 -18.21 (-0.80%)
S&P 500 1,260.65 -4.43 (-0.35%)
10-Yr Bond 4.571 +0.52 (+1.15%)

NYSE Volume 1,649,351,000
Nasdaq Volume 1,221,762,000

2:30PM: Carving out fresh lows, the major averages fade further as Tech (-1.0%) sinks lower and Energy (+0.80%) erases some of its intra-day gain. Despite the wide-spread selling pressure that challenges the former, one of its components serves as the Dow Jones Industrial Average's best performer. Hewlett-Packard (HPQ 29.64 +0.41) has jumped close to 1.5%, and similar gains in peers DELL and SUNW helps keep the computer hardware industry in positive territory. NYSE Adv/Dec 1184/2062, Nasdaq Adv/Dec 998/1993

[54anickel]

90. Hmmm. What's This Alternative Tax? Hey, Wait! Ouch!

http://www.nytimes.com/2005/12/04/business/yourmoney/04view.html?adxnnl=1&adxnnlx=1133812321-MubGw3mt/AKadz9hE4oKgg

DO House Republicans harbor some sort of deep rage against moderately affluent families with lots of children?

Maybe not, but take a close look at the $56 billion package of tax cuts that House leaders hope to pass before Christmas, and you have to wonder.

Here Comes the A.M.T. If it were to become law, any family with two or more children and an income of $100,000 ought to run for the hills.

Sift out dozens of nickel-and-dime provisions, and the essence of the House bill comes down to one provision that it includes and one that it omits.

What the bill includes is a two-year extension of President Bush's tax cuts for stock dividends and capital gains. Those provisions don't expire until the end of 2008, but the extension would cost $20 billion and is by far the most expensive provision in the House bill.

More striking is what the bill does not include: any provision to prevent a surge in the alternative minimum tax, or A.M.T., next year.

more...

[UpInArms]

95. Congress's $70 Billion Tax Cut Pits Rich Against Super-Rich

http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aS0ZKMnMXe8A

Dec. 5 (Bloomberg) -- The U.S. Congress's next tax-cut battle pits the really wealthy against the merely very affluent.

House and Senate lawmakers are divided over how to structure a tax cut of as much as $70 billion. The House will vote this week to extend for two years the 15 percent tax rate on dividends and most capital gains, which primarily benefits millionaires. The Senate last month adopted a measure that protects 14 million people, most earning between $200,000 and $500,000, from paying higher taxes as a result of the alternative minimum tax.

``It's the moderately rich versus the super-rich,'' says Leonard Burman, co-director of the Tax Policy Center, a nonpartisan research organization in Washington.

The Republicans controlling Congress, who are seeking to craft the sixth tax cut since 2001, say they are left with few good choices because the need to reduce the $319 billion federal budget deficit makes it impossible to enact both measures.

Even among Republicans, some say extending tax benefits for the richest appears callous as Congress trims programs such as Medicaid, food stamps and student aid, which benefit the poorest. ``There is concern, and rightfully so, about the perception,'' Representative Robin Hayes of North Carolina said Nov. 18.

Americans with household incomes more than $1 million accrued 22 percent of dividends and 59 percent of capital gains last year, according to the Internal Revenue Service. The Tax Policy Center, operated by the Urban Institute and the Brookings Institution, two Washington research groups, figure 51 percent of the benefits of the House plan would go to the richest 1 percent of Americans.

...more...

[54anickel]

92. Job Market in U.S., `Hot and Getting Hotter,' Fueling Inflation

http://www.bloomberg.com/apps/news?pid=10000103&sid=aQ5KLhs6Kvq4&refer=us

Dec. 5 (Bloomberg) -- Daniel Kulhavey, 33, completed a 50- hour training course and promptly landed a $22-an-hour job drilling for natural gas near Casper, Wyoming. Now if only Christopher Manegold can find 4,999 more like him.

Manegold, president of the Casper Area Economic Development Alliance, is advertising from Oregon to Texas to find workers for Rocky Mountain energy companies. The labor shortage ``is getting to be of crisis proportions,'' he says.

More and more regional markets are reporting similar situations. In October, 111 U.S. metropolitan areas had unemployment rates below 4 percent, up from 72 a year earlier. Economists say the trend may lead to higher wages and more inflation pressures, helping convince the Federal Reserve to continue on its path of higher interest rates.

``The labor market is hot and getting hotter, and that is one of the reasons the Fed continues to raise rates,'' says Drew Matus, a senior economist at Lehman Brothers Inc. in New York.

more...

[UpInArms]

93. ummm... right... err....

whatever :eyes:

In a related development, White House Counselor Dan Bartlett did the morning show rounds without making news.

http://abcnews.go.com/Politics/TheNote/story?id=156238

[ozymandius]

100. just before the close and I gotta run.

Have a great evening folks!

Ozy :hi:

3:55
Dow 10,831.80 -45.71 (-0.42%)
Nasdaq 2,258.18 -15.19 (-0.67%)
S&P 500 1,261.79 -3.29 (-0.26%)
10-Yr Bond 45.67 +0.48 (+1.06%)
NYSE Volume 2,120,308,000
Nasdaq Volume 1,584,884,000

3:30PM: More of the same for the equity market, which shows no sign of recovering as the closing bell approaches. Along with the day-long submerged statuses of the Dow, S&P 500, and the Nasdaq, the market's breadth serves as further indication of a prevailing bearish air. On the NYSE, declining issues currently have a 20-to-13 lead over advancers; on the Nasdaq, decliners' edge over advancing stocks is 2-to-1. Decliners have maintained the lead on both exchanges since the open. NYSE Adv/Dec 1253/2048, Nasdaq Adv/Dec 1047/1969

3:00PM: The indices climb back from recently established session lows, but still remain within the very narrow trading range created about an hour after the bell. Sector standing has somewhat improved, with Telecom and Materials recently hurdling the unchanged mark. The influential Financials sector - which accounts for over a fifth of the overall S&P 500 - has pared its loss all the way down to 0.1%. Partly to credit, the brokerage industry (XBD 196.76 +0.64 ) displays relative strength as it runs to session highs and edges above Friday's high (196.71). Leaders among the group include GS, AMTD, LEH, BSC, and SCH. Modest gains offered by Dow components C and BAC further help the sector and reflect its resilience to the Treasury market's weakness.NYSE Adv/Dec 1198/2073, Nasdaq Adv/Dec 1036/1973

[UpInArms]

101. Cunningham Stripped $700 Million from U.S. Defense

http://madcowprod.com/

excerpt:

Here’s how it worked:

Money budgeted for U.S. Defense went in at the ADCS end of something called the “Wilkes Corporation” for services which the Pentagon protested it never requested, and out the other end came a magical cornucopia of bribes, kick-backs, campaign contributions, yachts, Lear jets and Rolls Royce’s.

Over the course of almost an entire decade, from 1994 to 2001, Cunningham’s Appropriations Committee repeatedly added funding to the Pentagon budget for a previously non-existent (prior to 1995) software company, ADCS, owned by the “Wilkes Corporation,” a private company (natch) owned by San Diego businessman Brent Wilkes.

The money then made a short trip—courtesy the wonders of modern accounting—from one of Brent Wilkes’ pants pocket to another, called “Group W Advisors,” which proceeded to obligingly send hundreds of thousands of dollars in ‘client fees’ annually to The Alexander Strategy Group, a lobbying and consulting firm currently under scrutiny in the Justice Department's investigation of Casino Jack Abramoff.

...much more...

[UpInArms]

102. Randy "Judas" Cunningham's 40 pieces of silver

So what did this slimy piece get for selling out the country?



http://www.washingtonpost.com/wp-dyn/content/article/2005/11/28/AR2005112801827_2.html

excerpt:

For a gruff war veteran, Cunningham emerges from the court documents as a man with surprisingly delicate tastes. Among the gifts he accepted were a $7,200 Louis-Philippe commode, circa 1850; three antique nightstands; a leaded-glass cabinet; a washstand; a buffet; and four armoires. After paying $13,500 toward a Rolls-Royce in April 2002, one of Cunningham's benefactors tossed in $17,889.96 toward the car's repairs less than a month later.

In 2004, the tax-evasion charge said, Cunningham reported joint taxable income of $121,079, when his actual income was at least $1,215,458.

http://www.washingtonpost.com/wp-dyn/content/article/2005/11/28/AR2005112800512.html

excerpt:

In court documents, prosecutors said Cunningham admitted receiving at least $2.4 million in bribes paid in a variety of forms, including checks totaling over $1 million, cash, antiques, rugs, furniture, yacht club fees and vacations.

Among other things, prosecutors said, Cunningham was given $1.025 million to pay down the mortgage on his Rancho Santa Fe mansion, $13,500 to buy a Rolls-Royce and $2,081 for his daughter's graduation party at a Washington hotel.

<snip>

Cunningham was allowed to remain free while he awaits sentencing. He also agreed to forfeit his mansion, more than $1.8 million in cash, and antiques and rugs.

<snip>

In addition to buying Cunningham's home at an inflated price, Wade let him live rent-free on Wade's yacht, the Duke Stir, at a yacht club. Wade's company, MZM Inc., also donated generously to Cunningham's campaigns.

Around the same time, MZM was winning defense contracts.

MZM does classified intelligence work for the military. It had $65.5 million of contracts for intelligence-related defense work in fiscal 2004, ranking No. 38 on the Pentagon's list. The company has established a presence in Iraq, fielding a small team of interpreters shortly after the invasion.

...more...

[UpInArms]

103. Gifts Rep. Cunningham Admitted Receiving

http://news.yahoo.com/s/ap/20051129/ap_on_go_co/congressman_bribery_list

excerpt:

• $200,000 toward the purchase of his Arlington, Va., condominium.

• $140,000 to a third party for the "Duke-Stir" yacht, which was moved to his boat slip for his use.

• $16,867.13 to a marine services company for repairs to his own yacht, the "Kelly C."

• $12,000 paid to an antique store for three night stands, a leaded glass cabinet, a washstand, a buffet and four armoires.

• $6,632 paid to a furniture store for a leather sofa and a sleigh-style bed.

• $7,200 paid to an antique store for a circa 1850 Louis Phillipe period commode and a circa 1830 Restoration period commode.

• $13,500 toward the purchase of a Rolls-Royce.

• $17,889.96 for repairs to the Rolls-Royce.

...more...

[AnneD]

105. Gifts I have received as a school Nurse....

guess I should fess up....
free pens between 25-40 from assorted group (drug reps, 403B sales guys, credit unions)
a couple of lice combs, 2 were nice and I received batteries to go with them.
hand sanitizer samples
canvas totes about 6-8
free samples of headlice supplies (I always keep some in my house incase I get it-it's an occupational hazard) which I generally give away.
clipboards and paper
lunch totes (yeh like I have time)
umbrellas (they really were of poor quality)
other samples like lotion, soaps, etc
I have to pay my way on these learning junkets, but I get free ceu's (continueing education units) once I get there.....
I am sure this graft and stealing totals up enough to make it a federal crime.
OK, now that I confessed, I want to serve time in club fed and still draw my retirement.

[UpInArms]

106. closing numbers and blather

Dow 10,835.01 -42.50 (-0.39%)
Nasdaq 2,257.64 -15.73 (-0.69%)
S&P 500 1,262.09 -2.99 (-0.24%)
10-Yr Bond 4.567 +0.48 (+1.06%)

NYSE Volume 2,284,431,000
Nasdaq Volume 1,715,525,000

Failing to breach the tight trading range within which they had been contained today, the stock market's major averages closed in the red. December's cold front sent crude futures over $60 per barrel for the first time in about a month, while January natural gas contracts hit a new high. With trading lacking many other catalysts, the energy price action had perhaps presented investors with an incentive to consolidate profits reaped during the market's recent run. Extended weakness within the Treasury market served as an additional overhang. Lackluster leadership stunted the indices' upward efforts. Energy price rises had spurred a session-leading gain in the Energy sector, but even that was pared down to a relatively ineffective 0.6%. Financials (-0.2%) posed the heaviest pressure throughout the day, as investors watched the benchmark 10-year note (-13/32) climb to a 4.56% yield. In-line FY05 and FY06 guidance form MetLife (MET 50.86 -1.29) disappointed Wall Street, and pushed insurers south. Brokers, however, emerged as a late afternoon pocket of strength -- with the brokerage industry index (XBD) hitting levels that edged above Friday's high. The sector managed to well-pare its loss and ceded the laggard seat to Technology. Plunging semiconductors, due to profit-taking in the wake of last week's -- and last month's -- surge, kept the lid on Tech (-0.8%). Reports that Verizon (VZ 31.73 -0.14) plans to divest its phone directory business, which could yield as much as $17 billion, sparked an early sector-supporting gain. VZ soon faded and contributed to Tech's stance; the sale-related rise was short lived, as it's relatively insignificant in terms of the broader company. Dell (DELL 31.27 +0.45), though, remained a bright spot following an analyst upgrade. Peers HPQ and SUNW helped limit Tech's decline. Energy price action weighed upon retailers, which helped keep the Discretionary sector (-0.6%) on losing ground. To that end, a decline in Wal-Mart (WMT 47.19 -0.78) pressured the Staples sector (-0.4%). As a side note, WMT reaffirmed its December same-store sales guidance of +2-4%. Both crude and natural gas closed off of their highs, though, moves that perhaps helped to curb selling across the broader market. Joining the Energy sector above the flat line was Healthcare and Materials. U.S. Steel's (X 50.54 +2.43) gain, after a positive mention in Barron's, paired with strength in Monsanto (MON 78.05 +2.70) in shoving the latter to positive turf. Surging Guidant (GDT 67.88 +6.06) shares, a result of Boston Scientific's (BSX 26.45 -0.88) $25 billion bid, was the sector's standout. The price tag translates to a 16% premium over GDT's most recent closing price, and trumps Johnson & Johnson's (JNJ 61.05 +0.16) downwardly revised offer by 14%. BSX share subsequently tumbled, not helped by another device recall, and JNJ gave up its gain to accompany most other pharmaceutical bellwethers in the red. Separately, November's ISM Index was the session's sole piece of economic data. The headline non-manufacturing read fell 1.5 pts to 58.5 (consensus 59.0), but each component excluding backlogs and prices paid, which continued its modest decline off of energy-related highs, showed gains. Neither the stock nor bond markets paid much attention to the data, but it nonetheless joined the past few weeks' rounds of strong economic data in fanning inflation fears -- and rate hike worries -- amongst Treasury traders. NYSE Adv/Dec 1351/1948, Nasdaq Adv/Dec 1153/1883