August 2002  (some links will be dated)

Friday August 30
“We have not seen any improvement in the current IT spending environment. In fact, some would say it may actually be worsening.”
Sun CFO Steve McGowan CNNfn
Cost-cutting is bad for the economy The Philippine Star
In the short term, there will be a lot of anguish and gnashing of teeth. And government, the natural spending machine for times such as these, can only watch helplessly.
Public Participation 10 Comstock
Pension funds may act over inflated returns Financial Times
A 2002 study of 50 of the largest pension plans shows the average rate of return on assets for 2001 was 9.3 per cent, producing an expected return of $54bn.
The actual returns, however, were a negative $36bn, a loss of more than $90bn.
Cumulative A/D Volume HD Brous Looking At Bear Bottoms Forbes
Back-to-School Season Gets an "F" Business Week
Realizing '90s are really gone - along with the surplus Philly Inquirer
Here Comes The Bribe NY Post
This blockbuster revelation could open up a whole new avenue for criminal investigators to explore with regards to Grubman's undisclosed relationships with WorldCom officers
As Wall Street Slashes Jobs, Credit Derivatives Bankers Thrive Bloomberg
Joblessness low, but lasts longer CS Monitor
'For sale' signs not adding up Rocky Mountain News
Area sellers face longer waits, lower prices D-Camera
Sellers hold the line on home prices   Denver Post
Index Suggests Home Loan Demand Has Peaked Realtor.org
US housing executives offload stock FT
Largest net sale of stock in the industry in quarterly records going back to 1996
Big funds could fail: APRA The Australian
The great bull market is over, so we can no longer rely on excess returns to bail out mediocre investment choices
EU Granted Right for $4 Billion Sanctions on U.S. Bloomberg
China Expected to Sell Stakes to Foreign Companies NY Times (R)}
Legislators asked Argentine banks for bribes Financial Times
Growth Up in Japan in Quarter, but Pace Already Seems to Fade NY Times (R)
Analysts drop Japan to 'Latvia status' BBC
"After more than a decade of economic stagnation and minimal structural change, Japan stands on the brink of outright financial crisis"

Thursday August 29
Dollar Falls... Bloomberg
2Q02 GDP Unrevised BEA  Jobless Claims Up 8K (403K) DOL
Help Wanted Index Double-Dipped In July Conference Board
The Dow deserves to be toast CBS MarketWatch (Calandra)
Bush May Request Congress's Backing on Iraq, Aides Say NYT
Rate cuts said inflating real estate bubble Financial Post
A mortgage debt bubble is being created to take the place of the equity market bubble that preceded it.
US housing executives offload stock Financial Times
Largest net sale of stock in the industry in quarterly records going back to 1996
Economy may sink if strike shuts ports SF Gate  Boeing Baseball
Insult to injury? E-brokers boost fees USA Today
Insurance Plans of Top Executives Are Threatened NY Times (R)
It's a waste of assets.  The shareholders are entrusting to the C.E.O. and the board a body of capital to be invested in an advantageous way. So it ends up as a no-interest loan, when the money could have been used to invest in a plant or new equipment...
News you best not use CBS MarketWatch
Commentary: How business media is failing its audience
Neil Cavuto Takes Lead in TV Business AP
Softbank America dumps 30 million shares of Yahoo CBS MarketWatch
Merrill upgrades Yahoo solely on ‘valuation’ CBS  MarketWatch
GE Cut on Weakening Pension Income, Stock Options Lehman
Dot-com accounting faces growing scrutiny LA Times
Europe's recovery runs out of steam TimesOnline
Marconi admits investors could end up with just 0.5% Independent
Bush grants trade benefits to Argentina, seeks to avoid bailout Reuters
Brazil: When an IMF Bailout Is Not Enough Business Week
Related: “In not even one of the past eight years has Brazil's net public debt ratio declined.” Financial Times

Ex-WorldCom finance boss indicted BBC
Accused Broker Pleads Guilty AP
Beetween 1987 and 2001 Gruttadauria sent out false statements to at least 28 customers about the status of their investment accounts and shifted money among accounts to cover up losses.
Merrill Lynch Appeals $7.7M Award Newsday
Salomon deals prod Congress to consider expanding probes WSJ
NYSE Announces Disciplinary Actions NYSE Historical

Wednesday August 28
Merrill ordered to pay $7.7 million Dow Jones
Setting Up For A Fall Comstock
The Hard Consequences of Easy Loans Business Week
In the '90s, banks lent freely to corporations and syndicated the risk. Now, as debtors default, small investors could be hurt
CBO predicts deficits through 2006 AP   ~   CBO Release
This bear still has some bite MSN Money
Nortel Cutting Jobs, Lowers Rev Target Reuters
How safe is your pension? MSNBC
The Kondratieff Winter Financial Sense
The Volatility Index Continues to Mystify Investors TheStreet
Why Does Everyone Want O'Neill Fired? Bloomberg
Every time he sets out to behave he somehow screws it up.
Pick Up the Proxy, Fill It Out and Exert Some Control NY Times (R)
Even this year, when corporate misdeeds have been in the spotlight, only 65.5 percent of ballots were returned
Cooked books earned CEOs big dough SF Gate
The dividend finds favour again Financial Times
German Business Confidence At 6-month Low Bloomberg

Tuesday August 27
Consumer Confidence Drops In August Conference Board
Lowest level in 2002
Durable Goods Orders up 8.7% in July Census
A rally to fear, not to cheer  MSN Money (Fleck)
Master market timer Desmond sees more woes Reuters
Economic Recovery Continues To Falter Comstock
Don’t Fall For The Summer Rally NY Post
US housing--bubble, bubble UPI
Will Tech Companies Join the Options Parade? CFO
Tech firms must expense options CBS MarketWatch
Federal government's bookkeeping needs fixing, too Star Tribune
The effects of unfunded liabilities such as Social Security and federal pension funds are ever closer to becoming a real financial disaster...
Gloomy CBO Forecast Expected Reuters  CBO
Sachs Blows Away Competitors In Campaign Dollar Donations WallStreetLetter
Legal Tender Small Bank Notes Gold-Eagle
The Case for Gold 321Gold
Graphic: Stike!  Wall St Sleaze Send FTSE Forecasts Tumbling Times Online
Salomon Gave a Big Helping of New Stocks to WorldCom NY Times (R)
Intel CEO Says Holiday Season May Not Lift PC Demand Bloomberg
Personal computer sales plunge 32.2% Japan Times
Banks Vow To Maintain Brazil Credit Washington Post

NYSE chief falls foul of disclosure rules Financial Times
July 21, 02 - Grasso: Bad CEOs need punishment CBS (R)
NYSE's Grasso Files Late Stock Reports; Advice Blamed
“Grasso's membership on the CA board has prompted criticism from some investor advocates who say it's a conflict for him to serve on boards of companies that trade on the exchange.” Bloomberg

Monday August 26
Public pension plans come up short Maimi Herald (WSJ)
Pension funds wrestle with a gilt complex Financial Times
Corporate cost cuts imperil U.S. recovery IHT (NYT)
'Automotive bubble' puts carmakers at risk Financial Post
Americans could buy somewhere between 30% and as much as 50% fewer vehicles per year for four or five years and still very adequately meet their transportation needs.
Wal-Mart Stores sales ‘around the low end’ (Aug 3-23) Wal-Mart
Job seekers in the US can expect little improvement in hiring activity Manpower
Oil prices threaten U.S. recovery WSJ
Fiber Optics: Beware of Buffett's Bet Business Week
Active management advocate has lost more than a mere bet Bloomberg
Record $50bn is pulled out of US equity funds FT
Wall Street's Broken Spirit Business Week
Analysts on list of top scammers CNN Money
Transparency means little if the message is cloudy Boston Globe
5-1 odds? The reeling is mutual Miami.com
Hotel Industry's Recovery Is Pushed Back Dow Jones
Low rates on mortgages turn many into 'refi' addicts Baltimore Sun
Fitch downgrades Disney debt rating CBS MarketWatch
Brazil's Fraga, Malan to Ask Banks to Maintain Credit Bloomberg

Thursday August 22
Can the US Economy avoid a Japanese-style Stagnation? Smithers
Pension Blow-Up Is Next NY Post
Most pension plans in the red (Can) Financial Post
Jobless Claims Higher Than Expected Bloomberg  DOL
IMF Cuts Outlook for Most Major Economies Reuters
Social Decay and the Federal Reserve LewRockwell
Americans are literally living on borrowed money and borrowed time
Is Bush Herbert Hoover? The parallels are growing... UPI
Save us from the bogeymen Times
Don't blame hedge funds for bear market Financial Post
Bear market will change way investors think Star-Ledger
Fed Officials See Bumpy Recovery Reuters
The current
low level of borrowing costs should foster continued economic expansion
Williams paying 30% interest to Buffett Bloomberg
Nasdaq Seeks Return On Political Investment WP
16 of 691 Firms Missed Deadline WP
Enron's Fastow is next TheStar
Witch-hunt turns up the heat on Martha Times
Any day now, I expect to see crowds of angry New Yorkers in Puritan dress marching down Wall Street carrying flaming effigies of Martha Stewart.
Group wants options treated as expenses Boston Globe
Zim inflation running at 124% Business Day

Wednesday August 21
The Dow is up 65 points since July 30 FallStreet
Saudi investors 'pull out of US' BBC
Crude Oil Climbs Above $30 a Barrel Washington Post
A-Standards board to investigate stock options (Japan) Asahi
Former Enron Executive Kopper to Plead Guilty Reuters
Weaker Dollar Has Yet to Spur a Boom in Exports NYT (R) Census
Area Recovery Shows New Signs of Stalling Washington Post
J.P. Morgan Chase ratings may be cut by Moody's Reuters
`Beware the earnings report, my son! TheStar
Porsche Drops NYSE Plan To Avoid ‘Truth’ Law NY Post

Corporate debt saps nation Denver Post
Credit stress hits Depression level

Tuesday August 20
Whatever happened to letting the markets work? Money (Fleck)
The 14-Year Bear Itch Forbes
Banks toughen loan standards FDRB
Corporate bonds still signalling trouble ahead FT Bondtrac
Chip-Equipment Recovery Keeps Retreating TheStreet
Analysts are starting to talk about the second half of next year...
SEMI:  “North American makers of semiconductor equipment posted $1.15 billion in new orders in July, down from $1.16 billion in June...book-to-bill ratio 1.16, down from 1.28 in June.”
Chain Store Sales Off for August Reuters
Retail sales are drying up, and companies are blaming the weather. Is that the only problem? CNNfn
Debt Raters Now Criticized as Too Ready to Downgrade NY Times
US Airways Hikes Liabilities Total AP
Even 15-Year-Old Kid is Mad at Wall St. Fat Cats NY Post
Of Bubble Triumvirate, Only Meeker Remains TheStreet
"She became rich by making average people like me poor," said one investor.
Saudi threat to withdraw billions in US investments Telegraph
Saudi investors have $750 billion in the US
SEC Policy Scrutinizes Telecom 'Swaps' Washington Post
An uprising against stock arguments Financial Times
Brazil Depositors Keep Faith in Banks Exposed to Default Risk Bloomberg

House Panel: Martha Stewart to Turn over Documents Reuters
Enforcement Proceedings SEC

Monday August 19
The Bear's Lair: Tsunami of bankruptcy UPI
US investment banks take more risks Financial Times
Forget The Fed Model--Use P/E Comstock
Bull, bear show up together in ads for trading USA Today
Fool's Gold (revisited) GoldenBar
The Economic Blame Game Newsweek
The American Economy: what went up had to come down NA
Numbers To Chew On NY Post
It's fine to blame crooked CEOs and their accountants when a company's financial reports are stuffed with lies. But folks lose a lot of their griping rights when they don't even bother to read the financials in the first place
Credit-Card Scrutiny Hits Lenders And Threatens to Damp Spending Dow Jones
Yen Falls as S&P Says Japan Reform Delay May Hurt Credit Rating Bloomberg
Should Japan be rated below Botswana? Japan Times
Bankers to Meet in U.S. on Brazilian Loan Deals Washington Post
Yes, we should cry for Argentina Toronto Sun

Weekend (Aug 17-18)
Mind the Gap NY Times (Krugman)
The Run-Up in Home Prices: Real or Another Bubble? CEPR
Investors Not Biting on Bullish Bait Reuters
Junk Bonds Market Grows 'Distressed' Reuters
End of the affair for celebrity CEOs National Post
Accounting guru looks at recent scandals Kalamazoo Gazette
Dithering is an art form for central bankers Guardian
Workers Fret Over Unstable Ground Washington Post
Greenspan's judgement is questioned Irish Examiner
The next few months are likely to prove the stiffest test of Greenspan's so far illustrious career.
Cities Hurt by Economic Downturn, Forecast Bleak Budget Picture NLC
Two-thirds of the surveyed city officials think the problem will only worsen...
SEC red-flags 11 oath filing results Reuters  SEC
Crooked executives around the world getting off scot free MSNBC
U.S. Bans a Scheme to Avoid Estate Tax NY Times (R)
Several lawyers said it was significant that the Treasury notice did not describe the device as a tax shelter. If it were held to be a tax shelter then Mr. Blattmachr and others would be required to turn over lists of clients who used the techniques

Friday August 16
Wall Street bank ratings may be cut Reuters
UK banks' credit grades under threat S&P
Investment banks face derivatives nightmare CBS MarketWatch
The Collapse of the Inverse Pyramids Prudent Bear
Nasdaq pulls out of Japan BBC
Nikkei investors in guessing game before reshuffle Reuters
Suspicious behavior on Wall Street CBS (Erdman)
Tyco, Others Face $60 Bln in Payments on Convertibles Bloomberg
Public pension plans underfunded CNNfn (WSJ)
Pension deficit fear at Rolls Times Online
Credit Suisse execs fined over IPO abuses USA Today
Salomon star quits over WorldCom Times Online
FBI arrests star Canadian trader Globe & Mail
Morgan Stanley Fires 150 in Broker Unit, People Say Bloomberg
After the Bubble: Are Low Rates Enough? NY Times (R)
UK fund managers reduce their stakes in equities Independent
Brazil Fails to Get U.S., IMF Help in Keeping Bankers Lending Bloomberg
Argentina in fresh plea to IMF BBC

CEOs Told To Swear... Again
“Each listed company CEO must certify to the NYSE each year that he or she is not aware of any violation by the company of NYSE corporate governance listing standards.” NYSE

August 16, 2002: Corporate Governance Rule Filing   PDF Link“Shareholders must be given the opportunity to vote on all equity-compensation plans, except…” (See Subsection 8 of Section 303A and ‘312.03 Shareholder Approval’)

I have an 800 number now which I call if I ever get an urge to buy an airline stock. I say, ‘My name is Warren, I’m an air-holic’ and they talk me down’.
Warren Buffett, The Warren Buffett Way

Post 9/11 airline staff cuts 'a dangerous panic move' ITF
Airlines Continue To Struggle Forbes
Airlines in America Economist ($)

Thursday August 15
Philly Fed Survey Fed
FOMC Minutes (June 25-June 26) FDRB
Some members were concerned that markets might not fully appreciate the inevitability of eventual policy tightening.
Corporate America's sums amount to very little Guardian
Market Grasping At Straws Comstock
The new certification requirements are nothing more than a publicity gimmick
Soros calls for regulation of global financial markets AFP
A Deflationary Mosaic MS (Roach)
Dynegy May File For Bankruptcy if Pipeline Sales Fail Bloomberg
Does Alan Greenspan watch CNBC? Globe & Mail
Corporate clean-up chief accused Reuters
Looking at the Books, the Government Way NY Times (R)
Tyco says SEC reviewing statements Reuters
Bristol-Myers May Restate Earnings, Face Formal Probe Bloomberg
Conseco Teeters Near Bankruptcy AP
3 Medical Supply Companies Receive U.S. Agency Subpoenas NY Times (R)
Vivendi to unload assets Globe & Mail
What are stock analysts good for? It's a puzzle National Post
Corporate bankruptcies climbed 15.8% in July Japan Times
Brazil's troubles Financial Times

Wednesday August 14
Is a CEO's oath going to fix things? No Globe & Mail
BT 'faces $5.5bn pensions shortfall' Times
Asset bubbles as harmful as inflation Business Times  BIS Paper
Treasury Yields Spiral to Fresh Lows Reuters
Fund managers lose faith in global recovery FT (Merrill)
Average cash levels slipped to 4.7 per cent in August from 4.8 per cent in July... well blow the 7.8 per cent figure that fuelled the rally in the last quarter of 2001.
Goodbye to the little guy Economist
2002 is likely to be the first year since 1988 of net redemptions
Bankruptcies by Public Firms Set a Record Reuters Bankruptcydata.com
Moody's expects the junk bond default rate to begin climbing again next year.
United Airlines warns of bankruptcy BBC
Dot-com era ends with CMGI name off stadium Mecury News
Possible misconduct in power trades Reuters
Mortgage activity dips Reuters
IMF critic hits out BBC
Bailing out Brazil Or Robert Rubin? WorldNetDaily

Tuesday August 13
FOMC Statement FDRB
IBM Is Cutting More Than 15,600 Jobs Reuters
July Retail Sales Up 0.2% Excluding Autos Census
Aug 8: “The July price declines for passenger cars and light motor trucks reflect an increase in incentives”  PPI
U.S. chain store sales fall 1st week Aug Reuters
Give Greenspan's Fed Its Share of the Blame WP
American Air to cut 7,000 jobs, shrink airline Reuters
More airlines on path to bankruptcy? MSNBC
Schwab Announces More Layoff Plans Newsday
NYSE Suspends Trading in Conseco, Inc. NYSE
You Bought. They Sold. Fortune
Meet the 25 companies with the greediest executives.
Banks on the Hot Seat Fortune
Survey: 17% of CFOs Have Been Pressured CFO
Money down a rat-hole? UPI
The $30 billion bailout of Brazil last week bears strong similarities to the final $8 billion bailout of Argentina at the same time last year.
Brazilian Bonds Fall After Moody's Lowers Credit Rating Further Bloomberg
Bush Team Panics, Bails Out Brazil's Creditors EIR

The Fed is boxed in: damned if it does, damned if it doesn't
NY Post
CEOs are waiting on the advice of teams of securities lawyers...
Business Week

Monday August 12
Stocks Still Aren't Selling for Peanuts TheStreet
Bull run hit 20 years ago USA Today
James Stack of InvesTech Research notes that every bear market between 1960 and 1982 took back 50% of the bull market's gains.
The World Is Tilting MS (Roach)
The endgame is now beginning in this post-bubble world.
US Airways Files for Bankruptcy Protection Washington Post
US pension funds to target offshore business Financial Times
Productivity Number Needs a Little Probing TheStreet
We take these numbers as important. It's ludicrous.
Investors took $55 billion out of stock funds in July Dallas Morning News
US Jan-June machine tool demand down 24.2 pct Reuters
World markets to remain in grip of bears SMH
Businesses’ caution about the future still a concern AP
Alarm bells ringing over US life insurers Financial Times
Are Profits Surging or Flat? It Depends NY Times (R)
WorldCom's Abuse of Reserves Is Largest `Cookie Jar' Accounting Bloomberg
Creditors seek more WorldCom data WSJ
Spectacular slip up of Swiss guru Financial Times
Combination of bad stock picking and an unhealthy amount of leverage
South America's fiscal storm has echoes of Asia crisis AP

Does it really make sense for the stock market to be jumping for joy when the rate cut the Street desires would merely signal that things are much worse than previously thought and the dreaded double dip may be right smack in the middle of the Fed's radar screen?
Financial Post

Weekend (Aug 10,11)
The ministry of funny numbers UPI
Law could decimate tech giants Financial Post
If Fed doesn't trim rate, market may be disappointed Reuters
Big Risk if Bear Market Ends with Bang Reuters
A bone-jarring finale to the current blood-letting would probably be a disaster.
US Faces $157 Billion 2002 Deficit Reuters CBO Release
Pension Woes Bring Business Wealth Effect NT Times (R)
Accounting rules do not force companies to immediately face up to bad news from their pension plans. G.M.'s retiree benefit plans have unfinanced liabilities of a staggering $61 billion. Some of that shows up in liabilities on the balance sheet, but about $11.5 billion does not...
VIX Bounces S&P 500 ZeaL
Merrill Says SEC Voicing Concerns on Brokerage's Role at Enron Bloomberg
$30 Billion Loan to Brazil is "Spin City Smoke & Mirrors" FS (Tan Range)
Brazilian Borrowers Forced to Repay as Overseas Banks Balk Bloomberg

Friday August 9
Analysis:O'Neill's magic bullet for Brazil UPI
Fed Unlikely to Cut Washington Post
A Global Double Dip? Morgan Stanley (Roach)
The Prudent Bear Smells More Honey (Q&A) Business Week
More Soma! Mises
Arise, Sir Alan! LewRockWell  Picture
When Will The Fraud Of The Century End? Gold-Eagle
Initial Public Offerings (IPOs) of high tech companies is a fraud on the public.
Banks face US$6b claims Business Times (Bloomberg)
I.M.F. Loan to Brazil Also Shields U.S. Interests NY Times (R)
Retailers post sluggish sales WSJ
Real estate could be the next bubble Philly Inquirer
Firms expensing options now  aren't feeling much pain. Others will USA Today

Thursday August 8
GOP Rep Asks SEC To Probe Rubin's Role In Enron Reuters
A Rubin spokesman has said he "had prefaced the call (to Fisher) by saying, ` This may not be the best idea'
Producer Prices down 0.2% in July (-0.3% Core) BLS
NBER: Not Yet Ready to Say Recession Over Reuters  NBER
Could Be 2010 Before Glory Days Return TheStreet PDF File
How the Fed burst the bubble Financial Post
“I will give a little coup de whiskey to the stock market.”
The case against Alan Greenspan CNNfn
Consumers not afraid to buy on credit Reuters  Consumer Credit
30-year mortgages at 32-year lows Reuters
CNBC Cuts Biz Boss NY Daily News
Viewership falls 25% in latest quarter
Schwab Launches Hedged Stock Fund (20% Short) AP
2 Big Banks to Insist on Debt Disclosure Washington Post
Tyco CEO spent $6,000 for shower curtain AP
Intel Won't Count Share Options as Expense Reuters
GM To Expense - Cisco won’t budge an inch CFO
Citigroup to expense options Reuters
Does the Government Have a Role in Stabilizing the Economy? NYT (R)
Japan pays record price for protecting the yen Financial Times
Japan Recession Deepening Reuters  IMF Release (PDF File)

Wednesday August 7
Brazil to Get $30 Billion to Stem Market Drop Bloomberg  IMF
Financial Armaggedon Is Unfolding in South America ER
The decision was made on July 23-24 by the U.S. Federal Reserve, reliable European sources report, that any and all measures would be taken to keep the U.S. stock markets from melting down before the November 2002 mid-term elections...
Bout of exuberance propels stocks Mecury News
Rearranging the Deck Chairs Morgan Stanley (Raoch)
there must be a legitimate increase in the preference for national saving. Until that happens, I fear America will find it exceedingly difficult to extricate itself from this post-bubble quagmire.
Goldman exec: M&A rebound on hold CBS MarketWatch
Kaplan also warned that M&A may get worse before it gets better
Nervous Eyes on Greenspan's Big Shoes WP
Corporate credentials weigh down Bush's team USA Today
Dancing to the Street's Limbo Beat Business Week
A Veteran Goes Long on Gloom Business Week
Lou Dobbs Hosts Moneyline From Window Ledge The Onion
Few firms ready for SEC deadline WSJ
U.S. widens investigation of Enron WSJ
German July Unemployment Climbs to Three-Year High Bloomberg
Argentina’s high-risk bank lobbies WSJ
Argentina begs for financial help BBC

Tuesday August 6
Fed Chief Greenspan to Be Knighted WP
Short-squeeze seen in dollar strength CBS MarketWatch  INO
Tough Talk Aside, the Aid Flows Washington Post
When it comes to bailing out countries in financial distress, the Bush administration's rhetoric says "No, no, no." But its actions usually say "Yes, yes, yes."
Dancing to the Street's Limbo Beat Business Week
Even though investors are pessimistic now, the fact remains that they could become even more pessimistic.
Big Boom, Weak Profits Business Week
With each successive revision, corporate profits have dropped.
Don't count on the Fed CNNfn
Why Bullish Advice is a Lot of Bull NY Post
IMF warns US economy could slow BBC  IMF
Me Incorporated: I quit! U.S. News
Energy firms accounting disputed WSJ
Companies use own valuation techniques to book earnings
Merrill Buys Ad Spread to Woo Investors Reuters
Energy firms go offshore to cut taxes WSJ
Aide Was Reportedly Ordered to Warn Stewart on Stock Sales NY Times (R)
Merrill settles pensions row Times Online
Economy in trouble as output plummets TheScotsman
The UK manufacturing recovery has disappeared with a bang.
Donald L. Kohn and Ben S. Bernanke on Monday took the oath FDRB
Brazil at fiscal crossroads Financial Post
Within weeks Brazil has gone from being well-funded by foreigners to a social outcast, pariah and the next problem child on the block.

Monday August 5
The Post-Bubble Business Cycle Morgan Stanley  (Roach)
Stocks and the Economy -- Is There a Relationshop? TNA
Signs suggest stocks could drop more USA Today
Former SEC Chief: The Numbers Game Rolls On NewsMax
Foreign Investors Turning Cautious on Spending in U.S. NYT(R)
The Stock Market, Profits, and Credit Expansion Ludwig Von Mises
Stocks to pay price for 'snap-backs' CBS MarketWatch (Calandra)
U.S. double-dip recession very unlikely-Fed's Poole Reuters
In the case of the GSEs, the massive scale of their liabilities could create a massive problem in the credit markets. If the market value of GSE debt were to fall sharply ... what would happen? I do not know, and neither does anyone else.
Bullish John Buckingham debates bearish David Tice CBS MarketWatch
JP Morgan Fails to Report $45 Billion in Gold Derivatives to the SEC GATA
Lehman advises caution on JPM, Citigroup stocks CBS MarketWatch
SEC conducting inquiry of Mirant accounting AP
Ex-controller says Dynegy cooked books CFO.com
Guess how grisly the bear is Australian
U.S. to loan $1.5B to crisis-stricken Uruguay AP
Brazil Teeters. Will It Be Contagious? NY Times

Weekend (Aug 3-4)
South America's dominoes Economist
Resource: Latin America Nouriel Roubini
Handwriting is on the Street’s Wall MSNBC (Byron)
Rational Saturninity AEI
Recession stalks Wall Street Guardian
Overtime and temporary jobs fell in the labour department's July report - both of which are bad news for future job creation.
Wing Collar: Put not your trust in numbers UPI
The Debate Is Dead. Long Live the Debate! MS (Berner)
Morgan Stanley cuts chip industry forecast Reuters
SEC to fine Wall St. brokerages $10 million for not retaining e-mail Reuters
1929 lessons and parallels - I Part II UPI

Friday August 2
Factory Orders Tumbled 2.4% In June Census
Unemployment rate at 5.9% - 6,000 jobs added in July BLS
Consumer Credit: Is a Crunch Coming? Business Week
Consumer Spending Up on Big Income Gain Reuters  BEA
Warning: Credit Crunch Forbes (R)
Accounting regulators want $1 trillion or more of hidden corporate debt moved into plain view. The reform could pull the rug from under the credit-driven economy.
Junk bonds yielding worst year on record IHT
Wobbling Economist
Bank Derivatives Back on Radar TheStreet
Investors pull $47bn out of equity mutual funds Financial Times
Markets could sink further if heavy-weighted banks falter Globe & Mail
Bear tracks: Financial uncertainty may have investors seeing red LA Times
The Poor Standard of Standard & Poor's Slate
How the S&P 500's bad bubble-stock picks have cost investors billions.
Double dip fears send markets plunging Independent
Businesses "slammed on the brakes" in July,
Lloyds warns of tough outlook BBC
London Bank Firings Hurt Demand for Shoe Shiners, Champagne Bloomberg
Enron loans raise new questions WSJ
S&P analysts give dire energy outlook CBS MarketWatch
Morgan Stanley To Ax Big Bankers NY Post
One in Six CFOs Tells of Pressure to 'Cook' Books LA Times
Partying On A Sinking Ship NY Post
Bankrupt service provider WorldCom is planning an all-expenses-paid booze cruise for its New York employees.
U.S. Says It Backs Bailouts for Brazil and Uruguay Only NY Times (R)
U.S. reforms hit Bay St. Financial Post
New US rules could sink Asian tech stocks Reuters

Thursday August 1
Bush, Greenspan Review Economy over Lunch Reuters
Is The U.S. Economy In A Recession Right Now? FallStreet
ISM index fell to 50.5 percent in July ISM
Earnings overhaul still needed CBS MarketWatch
It's common practice for CFOs to provide cash flow details to the big investment banks upon request... Mom and pop investors, however, often must wait four or more weeks after a company reports results to get a cash flow statement - and this only after digging through regulatory filings.
Double-Dip Alert Morgan Stanley
Dow 36,000 or Dow 3,600? Prudent Bear
Pimco’s Bill Gross sours on C-bonds Reuters Corporate Tilt Pimco
It's just fair warning that with a tilting corporate bond market, the economy itself may not be far behind.
A Market that Rides on Bubbles Newsday
New filings show larger-than-expected increase CNNfn  Jobless Claims DOL
S&P 500 index sweats through 8% loss in July   USA Today
Steepest July drop in more than 50-years
Treasury increases note sale to $40b Bloomberg
The increase to a record sale of 10-year notes suggests the government may run deficits longer than the Bush administration's forecast of 2005
US to take out Debt Consolidation Loan TheOnion
Accounting board may tweak expensing rules Dow Jones
Given that companies have been disclosing the value of stock options in their footnotes for a number of years, FASB may consider applying the standard to all outstanding options...FASB plans to discuss at an Aug. 7 board meeting...
Breaking ranks on stock-option reform Boston Globe
Silicon Valley's unified front against stock-option reform is beginning to show some cracks.
Spitzer looks into executives' stock options Financial Times  Related
Senate Moves Against Tax-Haven Companies NYT (R)
“If a U.S. company wants to bid for a contract for U.S. defense work, it should not renounce its corporate citizenship for a tax break”
Questions on Halliburton Deal Under Cheney NTY (R)
Sixteen down. Now, 929 to go Washington Post
A Keynesian Beauty Contest Bloomberg
Economic Crisis Swells in S. America Washington Post
Citigroup's Weill, Rubin Working to Limit Brazil Risk Bloomberg
EU hit by accounting allegations BBC
Europe bad debt provisioning rises CBS MarketWatch

Former WorldCom executives arrested CBS MarketWatch
Lieberman willing to subpoena Rubin Washington Times
U.S. Initiates Investigation of Accounting at AOL Unit NYT (R)
SEC Sues 2 Executives In Nicklaus-Owned Golf Company DJ
NYSE Montly Disciplinary Report NYSE

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