Friday January 31
On the Edge Morgan Stanley (Roach)
I fear it will be exceedingly difficult for the United States to avoid a recessionary relapse.
Fed urged to buy Treasury debt Bloomberg
Wall Street pines for tech recovery as bear rages Reuters
On a 12-month forward-earnings basis as of January, tech stocks were trading at price-to-earnings ratios of 30, whereas prior to 1998 they traded at about 16...
From stocks to bank accounts CNN/Money
When Wall Streeters look at the money getting built up in U.S. money-market accounts they start salivating like Pavlov himself was ringing a bell. But the meal they're expecting may be an awfully long time coming.
A growing number of US companies are focusing on debt-reduction Reuters
A surprising 45 per cent of all investment-grade US corporate bonds are now rated "triple-B," the lowest investment grade, up from 35 per cent a year ago...
Investors fled stock funds in '02 AP
“What is scary is that this is the first time since 1990 when we have had mutual fund redemptions in January, which is typically a strong month.”
ICE has declined to release any volume figures for the past nine months FT
Emotions run high in battle over stock options FT
Moron Investing Cross Currents
Warren Buffett's revenge Salon
Goodwill Writedowns Preview of the Future AP
Deflation is great for consumers, but giving retailers a lasting headache AP
U.S. Pension Agency Goes $11 Billion in Red Washington Post
Airlines want wartime concessions AP Airline In Crisis SF Gate
Coca-Cola cutting 1,000 jobs Reuters
AOL Considers Shedding Core Assets WSJ
Janus profits plummet Rocky Mountain News
Gillette falls short of quarterly forecasts Boston Globe
Applied Materials Cuts Orders Forecast Reuters
Pre-Paid Says Feds Looking at Trading TheStreet
SEC eyes overhaul of hedge fund operations FT
Radical overhaul of hedge fund regulation could limit short-selling and leverage...
Nasdaq proposes loosening $1 trading requirement AP
NASD to file charges against Quattrone FT
NYSE Monthly Disciplinary Report NYSE
Valentine traded futures despite OSC ban Toronto Star
Yesterday's hearing focussed on whether the futures contracts Valentine traded on the Chicago Mercantile Exchange are considered securities.
Is Donaldson the Best We Can Do at the SEC? Fortune
European Stocks Decline; Stoxx 50 Heads for Worst-Ever January Bloomberg
'Junk' threat to R & SA adds to fallout fears Times Online 2003: The Big Chill
Global Anxiety Propels Euro Above Dollar Washington Post
Russians turning from dollars to euros IHT
That Other Problem With 'Old Europe' NY Times (R)
Brazil's Rio State to Miss $25 Mln Debt Debt Payment Bloomberg
Poll - Japanese investors to shun U.S. stocks, bonds in Feb Reuters
“The Help Wanted Index now stands at 39, down from 40 in November. It was 47 one year ago.” Conference Board
“Hundreds of billions in market value are wiped out as AOL writes off the GDP of Ireland.” Ingram Top 25 Annual Corporate Losses
Thursday January 30
Stocks tumble CBS Dow dips below 8K in final hour of trade Chart
GDP Growth slows to +0.7% BEA Jobless Claims Jump Bloomberg
War not the only cloud threatening U.S. investments Toronto Star
The U.S. markets will see new lows, perhaps even a "catastrophic selloff."
-- Donald Coxe -- The New Reality of Wall Street Amazon
Good News on Profits? Not for Those With Good Memories NY Times (R)
Analysts have already lowered the earnings forecast for 171 co’s since Jan 1.
Small-stock disaster ahead CBS MarketWatch
Researcher ticks off warning signals for U.S. market
Accounting Rules Could Hurt Earnings Reuters
New rules designed to prevent Enron-esque shenanigans might force companies to shift billions in assets and debt onto their balance sheets...Accountants and companies are searching for loopholes to the rules.
SEC considers hedge fund changes Dow Jones
Government Policy and False Prosperity LewRockwell (Ron Paul)
We need to rid ourselves of the fantasy that wealth can be created by artificially raising stock prices.
Overgrown government Financial Post
States Used Jobless Funds to Cut Employer Taxes WP NY Fund in the Red
"In most states, employers call the shots"
The Deficit's Warm and Fuzzy Wrapper Business Week
Financial history suggests the dollar's downward journey may be far from over FT
Natural Gas Prices Up as Mercury Falls WP
Washington Gas estimates that its customers will spend an average $800 on gas for the entire heating season, up $180 from last year's unusually mild winter.
Natural gas price abuse still possible USA Today FERC (PDF)
Building slows on new offices USA Today
The expected slowdown in construction -- which accounts for about 8% of the economy -- could have a ripple effect, slowing an already sluggish recovery. Construction employment, which declined last year, could fall further.
Day Trading Isn’t Dead Yet Newsweek
A slow start for single stock futures FT
Snow nomination delayed CBS MarketWatch
AOL Posts Nearly $100 Billion Loss WP
Biggest annual loss ever by a U.S. corporation -- Turner decides to leave.
Boeing warns for '03, '04 CNN/Money
Dow Chemical Posts Loss; Cuts 4,000 Jobs Reuters
Goodyear May Trim North American Plants AP
Goodyear Tire & Rubber Co. has told employees in a company newsletter that it may idle 15 percent of its North American tire-making capacity this year.
Toys R Us Cutting 700 Management Jobs Reuters
Gateway Posts Loss, Gets SEC Notice Reuters
S.E.C. Says KPMG Helped Xerox Inflate Profits NY Times (R)
Mr. Conway, 59, who is named in the lawsuit, is one of the most prominent auditors in America. Since 1990, he has been the top technical expert on accounting rules at the firm, and he has served on advisory bodies for both the FABS and the IASB.
Barrick files libel notice against Blanchard Reuters
Former Enron CEO Numbers Among Investors Suing U.S. in Tax Case HC
Nasdaq chief attacks 'pitiful' Europe FT Text
Ministry downgrades economic assessment Japan Times
FSA audits to begin next month Yomiuri
Bank officials fear that they will not be able to avoid larger losses than previously expected as a result of the upcoming inspections.
Life insurance groups rocked by ratings cuts Times Online
Graphic: Is The Dam Ready To Break? Times Online
Britannic fails to ease solvency fears Independent Gamble To End in Tears...
“If Britannic is insolvent, then so is half the UK life sector.”
French January Manufacturers' Confidence Declines Bloomberg
Chavez Accused of Threatening Bankers AP
Zimbabwe Stock Market At Crossroads AllAfrica
“A record 234 companies defaulted on a total of $178bn of debt globally last year, more than four times the $44bn in debt that defaulted in 2000.” FT
Wednesday January 29
FOMC Statement FED
The Fed official who cried 'bubble' long before it burst
Last summer, Greenspan claimed "it was very difficult to definitively identify" the late-1990s stock bubble until it was too late to do anything about it. Perhaps it was, for Alan. But one of his colleagues in the sanctum sanctorum of U.S. monetary policy saw the bubble early, saw it for what it was and urged Greenspan and the other money shamans to attack it. SunSpot
An economy the Fed can't fix CNNfn
It's Always Something Comstock
Ever since the market peaked in March 2000 the permabulls have stuck to their optimistic story, always finding some extraneous event to blame for the market’s decline rather than admit the real reason...
The Asymmetries of Globalization Morgan Stanley (Roach)
Investors' confidence likely to be hit for years after share losses Financial Times
Are companies stacking the deck in their favor? Reuters
In rare cases, Hill said, he has heard of companies actually pressuring analysts to keep their forecasts low.
Getting in FASB's Face Over Options TheStreet
Dollar dips as Bush words seem to bring war closer Reuters
U.S. Deficit Could Top $300 Billion NY Times (R)
The CBO is expected to report on Wednesday that the deficit for 2003 will be at least $175 billion.
Perilous Currents in the Offshore Shift Business Week
The next few years are likely to be much more contentious, with some companies hiring thousands of staff in India, the Philippines, China, and other countries while simultaneously downsizing ruthlessly at home.
Goldman head warns of more job cuts FT
“I don't want to sound heartless, but ... the fact is that in almost every one of our businesses, there are 15 or 20 per cent of the people that really add 80 per cent of the value.”
Kraft earnings set to fall short FT Kaft Cut CNN
AMR Shares Fall to All-Time Low Reuters
“We believe that the risk of a potential near-term bankruptcy filing has increased appreciably.” SSB
Caterpillar To Eliminate 500 Jobs AP
Bank One to Cut 700 Jobs in Chicago Reuters
Sprint CEO Esrey seen leaving CBS MarketWatch
SEC Sues KPMG Over Xerox Records Reuters
Credit risk transfer BIS PDF File
Germany's Clement to Lower 2003 Economic Growth Forecast to 1% Bloomberg
War jitters hit shares BBC
Footsie could fall to 2,900, says Buxton CityWire “No US upturn till 2005”
Support for the euro hits new low in Britain Scotsman
UK Spenders pile on £68bn debt in 2002 Times Online Debt Smashes Record
Japan's Industrial Production Fell 0.1% in December Bloomberg
Japan Airlines May Ask for More Time to Pay Some Debt Bloomberg
JGBs on Bull Run, Key Yield Matches Record Low Bahrain (PDF)
Bank-debt inspection set for February Asahi Banks to boost capital...
2 U.S. Banks Trim Operations in Brazil NYT (R)
Celestica to cut 2,000 more jobs as loss widens Canadian Press
Long liquidation threatens to lasso gold price MW
There have been only two occasions in the past 10 years that the net long position of Comex stocks has been at the current level (almost 200 tonnes).
The gold rush has started, but will it last? Independent
Gordon Brown must be sick of hearing that the gold price has gone up yet again.
Gold imports grind to a halt as prices soar India B
Vancouver Investment Conference Depression.tv
"I worry a little bit about America being a financial capital counting everything rather than a production capital making things.” John Bogle
“If you think bonds are safe and bond prices can't fall, do yourself a favor -- find someone who owned bonds during the '70s. Listen to their story.” UPS
Tuesday January 28
State of the Union Address White House 9:00 PM
Snow: Strong Dollar Is in U.S. Interest Bloomberg
Treasury Nominee Snow Faces Senate Panel AP
Consumer Confidence Drops Conference Board
Worrying over worried consumers CNN/Money
Two confidence gauges probably fell again in January.
Global Century Investments Saturday Night Live (Comedy)
City cries out for action after 11 days of carnage Times Online
“...Emergency plans have been drawn up to deal with further market falls.”
Graphic: Looking Into The Abyss Times Online
The raping of America WorldNetDaily
It's called asset inflation. Don't get used to it.
Headline & Betting Line: The Market’s Odds NY Post
The fake rally that Wall Street pros typically manufacture at the beginning of the first month of the year (because January is supposedly a predictor of what the full year will do) is now only a memory.
Gloomy bankers fear impact of war in Iraq Toronto Star
“I've been in banking for 25 years and I've never seen anything like this...”
Tension over pensions CBS MarketWatch
Crisis seen as federal agency's surplus gets wiped out.
One more time? CBS MarketWatch Whispers Grow Louder... TheStreet
Don't look now, but the Federal Reserve may not be through cutting interest rates just yet.
U.S. State Deficits Top $100 Bln, Legislators Say Bloomberg
Analyst 'Sell' Ratings Rise on Wall St. Dow Jones
Financial advisers in demand Arizona Republic
Call it the paradox of the modern investment age.
Even bond funds can become lemons Sac Bee
College Loans Rise, Swamping Dreams NY Times (R)
It's colder in Venture Capital pool Seattle Times
Hotel occupancy hit 12-year low in 2002 Rocky Mountain News
Colorado Education Trust Fund Will Be Bankrupt in Three Years Gazette
Home heating oil prices rise as ice slows delivery USA Today
Prudential cuts outlook on Morgan, others Reuters
SBC Expects 2003 Revenues to Fall Reuters
Taiwan Semiconductor Posts Unexpected Profit Drop Bloomberg
Expletive-deleted Euro UPI
Australian insurer tumbles on FTSE fall BBC
Insurers not in crisis yet, says watchdog BBC
The market would rally, they said. It always did... Guardian
Stunned silence as market plummets Scotsman
China outstrips US as top exporter to Japan FT
Japan retail sales fall for 21st month Reuters
BOJ debate focused on inflation target Japan Times
One member expressed the view that adopting inflation-targeting would be reckless and inappropriate.
NZ's household debt at $80 billion and rising New Zealand Herald
Retirement plans delayed, Canadians tell survey Globe & Mail
A brutal two-year mauling of North American equities has taken a toll on older Canadians' portfolios.
Ontario charges sales tax on gold coins, Quebec does not Financial Post
Former Dynegy trader charged in pricing case Houston Chronicle
SEC proposals could reform Moody's, Fitch, S&P operations AFX
CEOs Lead SEC's Book-Cooking Parade Reuters
Supreme Court Rules F.C.C. Took Licenses Away in Error NYT (R)
WorldCom puts Ebbers' ranch on the market FT
SEC settles over Sunbeam FT i2 faces SEC probe as it re-audits accounts
“I had a bad dream that one day I woke up and was chairman of AT&T”
David Dorman, chairman and CEO of AT&T
On this Day in History: President Reagan, in a nationwide address, said the United States was in "the worst economic mess since the Great Depression" and called for sweeping spending and tax cuts. 1981
Monday January 27
“With half of the DJIA and 44% of the S&P500 having reported, the answer that is emerging is that the slashing continues.” First Call
Dow Falls Below 8,000 After Blix Report Reuters
Hedge Fund Squeeze NY Post
Confronted with what the fund itself calls "unprecedented" redemption demands that are "tantamount to a run on the bank"... one immediate concern is how far the ripples will spread.
Gold tops $370 an ounce Reuters Kitco U.S. $
We Ain't Seen Nothin' Yet! Financial Sense
Bears growling more loudly CBS MarketWatch
Is the global economy about to crash? WorldNetDaily
The jobless recovery EPI
Suffering from the recession’s aftershocks, labor market conditions continue to worsen.
Greenback to slide as US abandons 'strong dollar' Observer
Oil Climbs Again Ahead of Key Blix Weapons Report Reuters
Merger market slow yet again Boston Globe
The 295 deals completed through Friday nationally is the lowest number through this time of year since the 1980s.
Soros warns globalisation at risk BBC
“The real threat is that the people in charge - I am talking about the US Treasury, not just the International Monetary Fund - [are not] there...”
State-by-state budget woes AP
After 10 Years, Corporate Oversight Is Still Dismal NY Times (R)
The so-called Year of the Sharp Knives seemed to signal a new era.
Table Of Companies Expensing Stock Options Dow Jones
Siccing Spitzer After the Short Sellers Washington Post
The Wall Street analysts were pumping up stocks with false praise because they stood to make money. The hedge fund analysts were dumping on stocks with false criticism because they stood to make money.
SEC’s Eliot Envy NYP
Stewart ‘puzzled by the public’s delight’ in her troubles. AP
Senate OKs Cutting Accounting Board Pay AP
The board members' decision "to pay themselves such exorbitant salaries is beyond absurd”.
Financially ailing National Century will close its doors USA Today
Probe: Former Kmart CEO 'grossly derelict' USA Today
SEC's Month of Rulemaking Includes Big Win for Accountants SmartPros
Freddie Mac CEO Brendsel Has Investors in the Dark on Profits Bloomberg
Reuters shares hurt by Merrill note, market slide Reuters
Dell's Lost Vision LewRockWell
China Bank Bailout Could Need $290 Bln Reuters
Hidden debts raise new fears on PFI contractors Times Online Graphic
Analysts described the (SPE) sum as ‘surprisingly large’
Europe's insurers hammered by solvency fears Reuters
Life insurers dump shares worth £20bn Observer
‘The cult of the equity may well be dead, at least for now.’
Is the Bank of Japan Barreling toward a Bailout? Business Week
How bad are things in Japan? So bad there's serious apprehension that the Bank of Japan might need a government bailout.
Bears take revenge of their rout by devastating index Dawn (Pakistan)
Police probe corporate raiders The Slovak Spectator
Business gloom deepens amid fears of conflict Financial Times
Markets are not looking at what companies made in the fourth quarter, they are wondering whether companies will even be there in the second quarter.
“The consensus in Davos is that whichever way the Iraqi crisis ends, the rift that has opened up between the U.S. and Europe will remain for quite a while.” BW
Weekend Edition (Jan 25-26)
Market Myths: Wisdon or Just Plain Dumb? NY Post
Consider all of the widely accepted adages that have cost stock investors trillions of dollars in the last two years - starting with "Don't fight the Fed."
Inflation Looming? NYP
If Short Sellers Take Heat, Maybe It's Time to Bail Out NY Times (R)
If you own shares in a company that declares war on short sellers, there is only one thing to do: sell your stake.
Pension Protector in Deficit NY Times (R)
The PBGC is expected to disclose a deficit of $1 billion to $2 billion at the end of this month.
Cliggott: gold could be ``dramatically higher'' in the next 12 months Bloomberg
An Integrity Problem Prudent Bear
The Bust and the VIX Zeal
Automakers' sales off to sluggish start AP
Denver Foreclosures through the roof Rocky Mountain News
SEC pledges overhaul of rating agencies FT
Less guidance might be good for investors Globe & Mail
Guidance lets the stupidest analysts look just as smart as the smartest analyst.
Dividend Cuts Batter American Electric, CMS TheStreet XLU
Silence may not be golden US News
If companies knew that their prospects were improving, they wouldn't clam up -- they'd book their CEOs on CNBC.
HP Chief Sees No Economic Pick-Up Yet Reuters
Bank of America ATMs Disrupted by Virus Reuters
Harsh times put helpful heat on 'closet indexers' Bloomberg
Yields So Low That a Mattress Might Do Instead NYT (R)
Lawmakers probe fund fee charges AP Expenses Haunt Fund Owners NYP
Losses may persist in European stocks as US dollar drops Bloomberg
Into the valley of debt Guardian
City in uncharted waters as shares fall for 10th day Times Online
The Financial Services Authority, has already had to loosen its rules to try to avoid a such a downward spiral.
Dow slump feeds market fears Times Online
Battered stock market investors are braced for ‘make or break’ dealing next week...a fall below 3,500 would trigger forced selling by life insurers as they struggled to meet solvency regulations, and send the FTSE plunging to 3,000.
Naimi: 'There Is No Shortage of Oil' AP
Friday January 24
Dow retreats in worst day since Oct. CBS
Crude Oil Rises on U.S. Statements Bloomberg
Saddam to get `B' AP
U.S. official: weapons inspections may be extended AP
Fed Considered Move to Cool Economy in '97 WP
-- 1997 Transcripts FED
Weekly Leading Index Slips ERCI
Market bear sees new lows in coming months Reuters
Graphic: Household Savings Economist
The Davos Daze Morgan Stanley (Roach)
Slowdown Is a Global Out-of-Work in Progress WP ILO
U.N. Agency Sees 'Disturbing Trend' of Joblessness
But which way is up? Economist
Who needs more? CBS MarketWatch
Don't expect capital spending to pick up anytime soon - no matter what happens here or abroad.
Hubbard To Leave White House WP
Russia Forex Move May Show Wider Central Bank Dollar Doubts DJ
US Cos Lobbying White House On FX DJ
Keynes Rules From the Grave Ludwig Von Mises
Will draining savings and boosting spending cure what ails us?
Pop Goes the Bubble - Part III Sell Dollars, Buy Gold Now! Depression.tv
Dollar Falls a Record Ninth Day Against the Euro on War Concern Bloomberg
Bankruptcies Are on the Rise Newsday
After hitting a record of 1.5 million last year, bankruptcy filings are expected to climb even higher in 2003.
Mortgage refinance activity has slowed to a lower gear Northern Trust
Pimco's bond bear Money Magazine (Gross Interview)
Earnings? Forget ‘Em - Blame Slump on Football NY Post
“AT&T's outlook is a disaster” NYP
Bank of NY to sell stock to raise $1 billion plus Reuters
CMS to Report Big Loss; Suspends Dividend Reuters PGL AEP
U.S. utilities' dividend cuts since Enron collapse Reuters
Feds Push Merrill For Leads in Martha Case NYP
Weill on Grill in $500 million Brokers Suit NYP
GM, Ford Rev Up Incentives Reuters
OPEC: Can Do No More to Ease Oil Prices Reuters
Greetings, Fund Investors, You're in the Army Now Bloomberg
Japanese hedge fund goes bust Reuters
Eifuku Master Fund fund is closing after losing $300M in just seven days
Japan call interest rate under zero for first time Reuters
Japan's Deflation Poses a Threat to Credit Rating, S&P Says Bloomberg
Markets hit by record losing streak Independent
FTSE 100 falls for ninth successive day to lowest level for seven years.
Battered investors shun shares BBC
Investors are sick of losing money hand over fist.
Dodge warns of rising inflation Calgary Herald
World Economic Forum Opens With Dire Global Markets Forecast VOA News
“This is a market that seems utterly incapable of learning from past mistakes.”
Comstock
Thursday January 23
Dow retreats in worst day since Oct. CBS
Crude Oil Rises on U.S. Statements Bloomberg
Saddam to get `B' AP
U.S. official: weapons inspections may be extended AP
Gurus: War Could Send Stocks to Oct. Lows Reuters
“I think we go toward the 7,100 (level) fairly soon” Acampora
“We could easily break the October lows by the middle of March” Crawford
More of the Same for Stocks in 2003 TheStreet
The super bull market from 1974-1999 ended in a valuation bubble never before experienced by investors in this country.
Funding Fun House CFO
Critics say current accounting lets companies distort the picture they present of pension plan performance.
Downsizing Deflated Forbes
Among the S&P 500, the least effective cost cutters are more highly valued than are the potent ones.
Earnings aren't bad, just not good enough MSN
Take on the Street? Ludwig Von Mises
Inflation Outlook: Deflation Fears Are Irrational GoldenBar
As long as investors have confidence in the Fed, deflation is a misnomer.
Consolidated banking statistics for the third quarter of 2002 BIS
Davos economists predict falling dollar FT
Dollar Falls to 3-Year Low vs Euro on Iraq Cooperation Concerns Bloomberg
Gold and platinum prices hit new highs FT
Gap Between Rich and Poor Grows Washington Post FED
Beware dividends' siren song IHT (LAT)
Investors' renewed interest in dividends - fueled by the Bush administration's proposal to stop taxing those cash payments - could have dangerous implications.
US telecoms groups warn of further declines FT
Merrill Shows Profit, but Gloom Prevails NY Times (R)
“The truth lies somewhere between the Armageddon that management painted and a bull market.”
AT&T Corp. Has Fourth-Quarter Loss After Writedowns Bloomberg
Nokia sees weak first quarter Reuters
Lilly misses Q4 revenue, warns on Q1 EPS CBS
McDonald's posts first loss CNNfn
Freddie Mac to restate recent earnings DJ/AP
Im-Clone Sac Song NY Post
Did hedge fund operator Stevie Cohen get a heads up from ImClone's Sam Waksal about problems with ImClone's stock?
SEC to Hit KPMG With Civil Charges WP
Spitzer, SEC Eye Pre-Paid Legal’s Business Dealings NY Post
A CEO Gives Back His Stock Options WP
The new guidance is no guidance CBS
Photo-Op Cover Up: Boxes Read ‘Made in China’ Not ‘Made in U.S.A Drudge
Japan Central Bank Keeps Dismal Outlook AP BOJ
FTSE run of losses extends to record eight days Times Online
City undermines Brown's growth forecasts as stock market slides Independent
Fugitive founder admits some mistakes FT
Towards the end, Daewoo was borrowing money simply to pay debts elsewhere until lenders eventually turned off the tap.
Consumer Confidence Nose-Dives ABC
Ominous Signs For Consumer Spending Comstock
It is becoming clear that the (consumer) debt load is starting to hurt.
Wednesday January 22
Alan Goldspan National Post
Seemingly out of the blue, the U.S. Federal Reserve chairman is hinting at a return to the gold standard. If so, currency markets are in for a shock.
Gold Hits Highest Price in Nearly 6 Years Reuters
Gold prices upped CNNfn
Merrill Lynch increases spot gold estimates, gold miners' profit forecasts.
Gold gain is imminent, forecaster says CBS
More investors succumbing to gold's allure C.Tribune
Insurance that glitters Globe & Mail
With gold prices up as stock marketsfall, the metal's popularity grows.
Greenspan’s home robbed AP
Short Interest Sharply Lower to Begin Year NYSE
Stock funds post rare loss in '02 Bloomberg
First annual outflow in 14 years
The Debt Bomb Baron’s (PDF File)
Dollar under pressure as Iraq fears continue FT
SEC Staff Urges Limit To Reforms Washington Post
“This is a big win for the auditing firms, and investors are taking it on the chin again" Lynn E. Turner
Accounting Oversight Board Faces Key Questions Bloomberg
It's All About Earnings Comstock
The bear market started in March 2000, long before Iraq was a factor.
Restatement frenzy post Enron CNNfn
Number of firms restating financial statements due to accounting errors rose to record 330 in 2002.
Insiders dump less stock when dividends paid USA Today
Some Banks Encourage Overdrafts, Reaping Profit NY TImes (R)
Mortgage Refinancings Dip in Week Reuters MBAA
Bay Area apartment rents fall further SF Gate
Office market worsening Rocky Mountain News
Unused space could be dumped by many companies this year
College endowments' worst year since 1974 AP
Job Market Still Tough for Graduates Newsday NaceWeb
Amtrak: another fiscal crisis could lead to a systemwide shutdown AP
Forecasts for airlines mostly gloomy in '03 USA Today
Some industry analysts say the nation's biggest carriers might lose only $3.5 billion this year, after $16 billion in losses in 2001 and 2002, if they're lucky.
J.P. Morgan Chase Posts Loss of $387 Million, the Second in Five Quarters Bloo
Their business model is positioned for maximum punishment in this type of environment.
AMR Posts Loss, Warns of Tough Times Reuters
Kodak Posts Profit But, Lowers Outlook Reuters
Plans to cut as many as 2,900 jobs, many of them in the United States.
Lucent Posts 11th Consecutive Loss Reuter
Smithfield sees quarterly profit below estimates Reuters
Tyco first-quarter earnings fall nearly 50 pct Reuters
Kmart to cut more jobs Detroit News
Northwest's losses grow; more layoffs are possible Detroit News
Intel COO sells 900,000 shares FT
Murray intends to sell 500,000 Fleet shares Boston Globe
Compuware sues Moody's Free Press
Wall St. Research Fallout’s Up To $4 Billion NY Post
N.Y. Trial Set for WorldCom Officer WP
Platinum hits near 17-yr peak, funds buy Reuters
Brazil Central Bank Unexpectedly Raises Lending Rate to 25.5% Bloom
Venezuela's Central Bank Suspends Exchange Trading Bloomberg
'Shop till you drop' families court disaster Times Online
U.K. Consumer Debt Threatens Banks, Economy, FSA Says Bloomberg
Biggest Japanese bank to report record loss Toronto Star
Mobile phone firms ordered to cut costs BBC
Generali to cut 2,800 jobs in overhaul FT
AMP shares hit record low New Zealand Herald
Big corporate pension plans short billions, study predicts Globe & Mail
Top 1,000 U.S. Pension Fund Assets Down 10%, Magazine Says Bloomberg
“This is very disappointing. We've had Enron, Tyco, WorldCom. We've had the most tumultuous year ever in corporate America. And despite all of that, the commission is softening, rather than toughening, the rules in favor of the attorneys and auditors to the great detriment of investors. To me, it's just amazing...” Turner
Tuesday January 21
Gold breaks through US$360/oz in hectic Asian trade Reuters
Double Dip Redux Morgan Stanley (Roach)
TheyStill Aren't Cheap Financial Sense
Brokers Push Hedge Funds Under Regulators’ Microscope NY Post
Product Glut Clogs Economy Chicago Tribune
Businesses can't productively employ all their capacity.
Delinquency Rates For Consumer Debt Continue to Rise Dow Jones
As homes hit heights, a bubble? Orange County Register
Investors See Few Economic Risks as Government Deficits Rise Bloomberg
Strapped for cash, states set some felons free CS Monitor
Jobless workers pay price of excess capacity Chicago Tribune
World crises send oil prices soaring WT
Gold seen higher in 03/04 on weak dollar,war threat Reuters
Airlines' Pension Problems Growing WP
Phone company spending sinks with economy Journal News
Silicon Valley salaries, rents drop dramatically AP
Caution ahead for high-tech industry Boston Globe
Large firms forecast slow growth despite upbeat earnings results.
Dividend stocks outperform non-payers big since 2000 Sun-Times
Alcan's Q4 earns fall short of expectations CBS MarketWatch
Watch Fund ratings not highly rated WSJ
A new study concludes that mutual funds given high ratings by Morningstar and Value Line - both used by investors to choose among funds - don't necessarily perform better than those with middling ratings.
Tribulation for Two (KMart, MSO) NY Post
Woodward Earnings Fall, Sees Drop in 2003 Reuters
Citigroup profit falls 37 percent Reuters
'Lights' Case Vs Philip Morris Starts Reuters Is Fat the Next Tobacco? Fortune
Enron Probes Now Focus on Tax Deals WP
Global View: Global recession revisited UPI
Very Relevant -- Lessons from the 1990s (Part I) Morgan Stanley
George hits out at economic doom-mongers Scotsman
George warned against those who “still talk of the possibility of a double dip back into recession”.
London Rents Are Falling Down Business Week
Corporate Europe's Borrowing Binge Business Week
Fear that war in Iraq will lead to an economic slump has companies rushing to issue bonds sooner rather than later.
CS announces record loss Swiss Info
BAE Systems to cut 1,000 shipyard jobs FT
Is Mitsubishi Back from the Brink? BW
Weekend Edition (Jan 18-20)
Wall Street fantasies give optimism a bad name MSN (Fleck)
Job-Rich Silicon Valley Has Turned Fallow, Survey Finds NY Times (R)
Job losses in the period (1Q01-2Q02) equaled more than half the total job gains for the valley from 1998 to 2000. Joint Venture
70% odds that the debt balloon began imploding last week Nationalist Weekly
Richard Russell: Market Comments SH
The gold game plays on CBS MarketWatch
Merrill strategist is not optimistic Busines Briefs (Mid-Page)
The Standard & Poor's 500 Index probably will drop for a fourth straight year, the firm's strategists said.
Fidelity Still Unimpressed with Tech Reuters
Wells plans new pricing method for mortgages SF Business Journal
Wells Fargo's mortgage lenders are advising some clients to refinance before the implementation of risk-based pricing...
-- "If anything, this will make credit more available to those with less-than-perfect credit, they'll just have to pay more". WF
Companies take scissors to travel expenses USA Today
Reading the body language of tech companies Mecury News
The headline of the week came from Reuters' story about Sun's earnings: “Sun Posts $2 Billion Loss, Slight Profit.”
More goods are chasing less money NY Times (R)
The costs of cars, clothing, electronics, furniture, jewelry, kitchen equipment and toys -- indeed, of most manufactured goods -- have been dropping for more than a year.
A Rescue Ploy Now Haunts a Hedge Fund That Had It All NY Times (R)
Money Game:Can pump priming really boost consumer spending? Straits Times
There is a growing school of thought that is becoming very pervasive not just within the academic circles but also within the public and private sectors that the Keynesian "pump priming" is no longer an effective means to revive a sluggish economy.
Savings Bonds Under Siege Washington Post
Economy takes toll on pension insurer AP
Experts say Bay Area housing bubble might be ready to burst SF Gate
Housing market a Ponzi scheme Inman News Features
Economist Robert J. Shiller likened today’s housing markets to Holland’s tulip mania, the 1920s and 1990s stock market bubbles, various Ponzi schemes and other situations in which investments became overinflated due to excessive enthusiasm.
Dollar set to prolong its descent for months IHT
Chickens Coming Home To Roost Comstock
We strongly suspect that most economists are busily reducing their GDP estimates over the weekend, and talk of a double dip will fill next week’s media.
Bear-Market Rally Autopsy 2 Gold-Eagle (Zeal)
If Only... Prudent Bear (Noland)
Party-spoiler or clever realist CBS MarketWatch (Calandra)
Major commodities analyst sees minor gold rally.
The impact of the dollar's dive CBS MarketWatch
Rah-rah CNBC had the suckers going for a ride SF Examiner
Senators Renew Attack on Stock Options Accounting Reuters
110 economists back Bush tax plan Washington Times
State's job losses top those of '80s Denver Post
Securitization of Tobacco Settlement Funds Windsor Journal
As of September 2002, Alaska, Alabama, South Dakota, South Carolina, and a number of counties in New York State and California have sold their tobacco settlement revenue stream to a special purpose entity.
Bush's Dividend Plan a Wet Firecracker Reuters
Enron Examiner Plans 1,500-Page Valentine TheStreet
Batson and his team of lawyers and forensic accountants are expected to provide a trail of evidence leading to the door of some of Wall Street's biggest financial institutions.
GM monitoring Ford sales of vehicle loans Financial Times
GM and Ford are estimated to need to borrow up to $60bn this year between them.
Delphi plans to raise $1bn for pensions FT
A Worse-Case Scenario for AOL? WP
I.B.M. Plans Price Cuts on Servers NYT (R)
Is Verizon Flying Too High Above Its Valuation? NYT (R)
Kmart Fires Remaining Execs Over Loan AP
Bankrupt steelmaker lays off 100 more Pittsburgh TR
EDS Says SEC Inquiry Has Become Formal Investigation Dow Jones
S.E.C. Upgrades Its Inquiry Into Interpublic's Finances NY Times (R)
Two Ex-Insurance Workers Get Prison Time AP Rusnak Sentenced WT
General Electric drops longtime slogan AP
GM to slow production at Detroit-Hamtramck plant AP
GM has yet to determine how many jobs could be cut.
J.C. Penney Closing Its Store at Tysons Mall Washington Post
Venezuela Says Breaking Oil Strike Reuters
Drive away without paying Toronto Star
GM, Ford offer no payments for 12 months.
Japan bankruptcies near record BBC
Outlook for Japan's growth dims AFP
Govt downgrades assessment for third month and this follows news that 1.5% growth may be delayed to 2006.
When things turn bad retail investors quit the markets for long periods Irish Times
Chavez: “Those that are hoarding food will have to be raided” AP
Families drowning in debt Australian
Bubble economy in the making? Dawn (Pakistan)
Business is not about making real profit or accumulating assets but about creation of market perception of the value of companies.
Bank of England May Cut Rates Half Point, Forecaster to Predict Bloomberg
Buying on Credit Is the Latest Rage in Russia NY Times (R)
“We estimate that GDP is running at a weak 0.8 percent'' instead of the previously forecast 1.3 percent” David Rosenberg of Merrill, Lynch & Co
“Key measure of fourth-quarter economic growth could dip close to zero thanks to trade report.” CNN
Friday January 17
Techs Sink as No Rebound Seen in 2003 Reuters
Dividend or Not, Microsoft Gets Pounded TheStreet
New York Fed chief to quit in July FT
“It is important for those of us who have lives of great comfort and success that we recognize that the reasons for our good fortune and the reasons for the relative lack of success of neighbors . . . have very little to do with our own virtue” William J. McDonough
Morgan Stanley Strategist Biggs Retiring Reuters
Consumer Sentiment Unexpectedly Slips Reuters
If today's decline in confidence does translate into further slowing of retail activity, the consequences for both retailers and manufacturers could be severe.
Small Business Optimism Slumps in December NFIB
Industrial Production off 0.2% in December (+0.2% expected) FED
U.S. Trade Gap Rose to Record $40.1 Billion in November Reuters
The Dollar Takes Another Pounding Today Reuters
New rule to curb accounting abuse is approved Dow Jones
FASB worked on stricter consolidation guidelines about two decades ago, but abandoned the effort. FASB Intepretation # 46 PDF
FASB Puts Banks In A Bind Forbes
U.S. war on deflation threatens global economy Daily Yomiuri
A Failed Revolution Morgan Stanley (Roach)
Investment-Grade Default Rate Sets Record Reuters
Companies Slam U.S. Trading System, say ‘Certificate Only’ PRNews ICI
What happens when the world finds out that share ownership in American companies is over inflated? What happens when the world finds out your can sell U.S. securities, never deliver them, and collect the funds?
Mutual Funds Under Fire; Discounts Probed Reuters
Crises hit investor faith in emerging markets FT IFF
Exposure draft focuses on transparency Business Day IASB
The Hemline Theory ABC News
Fashion Trends Not the Economic Indicator They Once Were.
Demand For Finance Execs Way Down CFO ExecuNet
Whistle-Blower Accuses Wyeth of Tax Dodges NTY (R)
A worldwide practice of cheating foreign governments out of taxes.
Rusnak faces sentencing in $691M fraud at Allfirst AP
Rusnak agreed to serve 7 1/2 years in prison for his part in the currency-trading scandal.
General Electric's Profit Has Biggest Drop in 9 Years on Reinsurance Costs BL
Home Depot Cuts Earnings, Sales Targets Reuters
Stanley Works cuts Q4 expectations, shares drop Reuters
AMD makes massive Q4 loss ComputerWire
US Airways CEO: pilot pension payments must be cut or restructured PG
How Credit Could Still Clip Sears TheStreet
3Com Restates Results Reuters
Analysts say outlook bleak for chemical companies Pasadena Citizen
NorthWestern Corp.'s debt downgraded to junk status Billings Gazette
Microsoft's dividend a rare beast CBS MarketWatch
FleetBoston announces job cuts; 500 in Massachusetts AP
Federated to Close Stores, Cut 2000 Jobs AP
ATI Shares Drop Sharply on Insider-Trading Charges Reuters
When you can’t sell the goods, sell the shop Economist
Oil surges on Powell comments CNN
A new oil crisis is looming CBS MarketWatch
Gold Rises to Six-Year High After Iraqi Speech Bloomberg
Treasurys benefit from Iraq tensions CBS MarketWatch
Saddam: 'New Mongols' face defeat CNN
CEOs to blame for pension fund crisis Toronto Star
IMF to Help Argentina Avoid Debt Default WP Oil Crisis Boils Down to Power
Agreement's Goal Is to Keep Country Afloat Until a New President Takes Office.
UK has slumped back into recession, claims City bank Independent
Chancellor's growth figures are over optimistic, say MPs Guardian
Germany: Double-dip recession feared Times Online Graphic
European groups caught in US dragnet FT
Deutsche Bank, Swiss Life and Rivals Sell Off Assets Bloomberg
Price of beer goes up to pay pension for fund shortfall The Herald
- He helped organize a private-sector bailout of hedge fund LTCM when its impending collapse seemed to threaten the health of the entire global financial system. Reuters
- The bankers agreed not to immediately call in their loans, easing the (LTCM) crisis, but McDonough denied that he had coerced them or promised any government bailout or guarantees. Washington Post
Thursday January 16
Iraqi Warhead Discovery Dispute CBS
Gold surges to new highs after Iraq find Reuters
Microsoft Declares Dividend Reuters
The consumer's bottomless wallet is an illusion MSN
Consumer spending remains the economy’s salvation, because businesses still aren’t investing. But what happens if consumer incomes stop growing?
Business Outlook Survey Philadelphia Fed
The bear facts about pensions Economist
The Verge of Ruin Ludwig Von Mises
U.S. wholesale price deflation first in 30 years Financial Post
The first time the producer prices have declined over a full year since the U.S. Labor Department began tracking the data in 1973.
Consumer Prices Edge Up by 0.1% in December BEA
SEC Rules Broaden Investor Rights WP
“The five-member commission ‘voted’ unanimously to adopt the measures, which were mandated by the Sarbanes-Oxley Act.”
Regulators ease committee proposals Financial Times
GAO: Social Security will need trillions AP PDF Report
Gates' Father Against Axing Estate Tax USA Today
His son agrees with him, as do billionaires Warren Buffett, David Rockefeller Sr. and others.
More children feel impact of economic woes USA Today
JP Morgan says risk exposure in gold derivatives less than 10 mln usd AFX
JP Morgan Execs Face Grand Jury on Enron Reuters
McDonald's: No guidance for 2003 CNN
FleetBoston profits hurt by provision for loan losses Reuters
AmeriCredit Posts Loss, Sees Bad Loans Reuters
Magellan Considers Chapter 11 WP
Cuts may not save Kmart Knight Ridder
Cotton Ginny given creditor protection Globe & Mail”
Ariba's net income takes big hit SF Gate
U.S. probing collusion by mine firms Globe & Mail
Fraudster Nolan Flouts Fine - So May Get Jail NY Post
Blix Will Tell Iraq to Fill Arms Report Gaps, UN Says Bloom Oil prices surge
-- U.S. Asks U.N. to Speed Up Pace NY Times (R)
US oil stocks evaporate to 27-year low Guardian
Argentina defaults on loan BBC
Venezuelans scurry for dollars as currency continues to drop AP
German economic growth slows to 9-year low FT
Merrill outlines Euro 2003 IT spending outlook The Register
Asian bond market scheme gets nod from regional players Straits Times
“History has proven that we need more than one government to take on George Soros.”
Credit cards swipe E8.5bn during boom Irish Examiner
White House Deficit Outlook Worsening AP
Any tax cut without an equivalent spending cut is a con job Reese
Budget Deficit causing Problems For The President's Dividend Tax Cut Plan NBR
Wednesday January 15
Apple Posts Loss Reuters
Best Buy Cuts Jobs and Stores in Musicland TheStreet
Fed’s Beige Book FED
“Little change in overall conditions relative to last survey period.”
Producer Prices Unchanged, Core Down Reuters PPI Release
Stock Mutual Funds Saw $3.04 Billion Inflow Friday-Monday TrimTabs
The physics of financial catastrophe MSN UCLA
Sornette’s fractal model suggests that the current rally will stall shortly and that prices will subsequently retreat much lower over the next 12 to 18 months.
Researcher's cycles point to havoc CBS MarketWatch
U.S. stocks to decline for at least three more years.
Panel: Still Unclear if Recession Over Reuters NBER
U S Fiscal Policy may lower the dollar Smithers & Co.
Hedging activity could add to dollar pressure FT
Gold, miners get Wall St. attention CBS MarketWatch UBS Warbug Reuters
JP Morgan technician sees $430 an ounce possible
Job-Seekers: It's Cold Out There, Baby CFO
Light at end of tech tunnel not so bright TheStreet
Venture capital downturn worsens Contra Costa
The great insurance crisis CNNfn
In 2002, the average annual cost of homeowners insurance rose 8 percent to $553 and in 2003 that number is expected to rise 9 percent to $603...But in many parts of the country premiums are rising off the charts.
Pensions ousting managers Reuters
After three years of losses, retirement funds have had it.
High Valuations and Weak Economy A Bad Mix Comstock
Soros Critical of Bush Tax Plan Tehran Times
“It's actually going to hinder the recovery”
Study: Calif. Energy Crisis Cost $45B AP
Wall Street Pushes to Drop Paper Stocks Dow Jones
SEC considers first rules for reform Pioneer Press
The first significant block of regulatory changes is up for consideration by the U.S. Securities and Exchange Commission today.
Fannie Mae Net Income Falls Over 50 Pct Reuters Duration Gap Turns Negative
DuPont Sees Earnings Lower Than Expected Reuters
La-Z-Boy expects sales drop Bloomberg
Tippin's seeks Chapter 11 bankruptcy KC Star
Davenport Company Recalls Thousands of Frying Pans HTC
Occupying The Iraqi Oil Fields, Or How America Restores Its International Credit Rating Prudent Bear
Venezuela economy 'faces greatest collapse' FT
Ecuador: The Next Venezuela? AEI
Moody's calls on BoJ to reflate economy FT
Asia's exporters worried by weakening US dollar SMH
Watchdog to curb spread betting by directors Times Online
Mutual funds fleece oblivious investors by raising fees Financial Post
Debt alert for bear market The Age
Financial planners seeking to build a client base quickly are luring investors into a "dangerous" strategy of mortgaging their house to get into margin lending while the sharemarket is weak.
Analyst and Her Husband Under Scrutiny NYT (R)
Online Brokers Fined $70 Million NYT (R)
Regulators said the group of former traders and executives made tens of millions of dollars from stock fraud that went on for nearly a decade and involved taking advantage of a Nasdaq trading system that was intended to help smaller investors.
Qwest has disciplined supervisors who ordered employees to log bogus sales AP
Gross enriched in takeover scam: suit NY Post
AMD-Intel dispute looms large SF Gate
Enron Whistleblower Spreads Around Blame Chicago Tribune
“Retail sales grew just 3.4 percent in 2002, the sorriest performance since the government started keeping track in 1993...sales during the 37 days of the 2002 holiday shopping season grew just 1.6 percent from 2001, making it the weakest holiday season since 1990.” CNNfn
Tuesday January 14
Intel slashes spending despite profits rise FT
Retail Sales Up 1.2% in Dec Census
Sales flat when excluding 5% jump in autos.
Oracles, Soothsayers & Fortune Tellers Financial Sense
Guess What? U.S. Economy Isn’t As Lousy As Pros Think NP
Little to Cheer in the New Year Business Week
Dow's peak, 3 years later CNNfn
Jan 14, 2000 was a lofty day for the blue chips. How times have changed.
Amid tough times, the era of hero CEO ends Boston Globe
S&P says Record $177-bn bond defaults in 2002 Reuters
Gold Prices Fall as Speculators Sell From Biggest Holdings in Seven Years BL
Euro Reaches 3-Year High Against Dollar Reuters
Rate-watchers eye US defence of deficit FT
The White House has given priority to destroying the notion that higher deficits necessarily mean higher interest rates.
O'Neill Breaks Silence -- “I Would Not Have Done It” AP
Volcker Airs Concerns About Volatility Of Exchange Rates Dow Jones
Municipal bonds lose appeal Arizona Republic
There has been an impact already, with munis dropping in price even as taxable bonds gained.
Dollar Battered Before Retail Data Reuters
Health insurance crisis Post-Gazette
The outlook for curbing escalating health insurance costs is bleak.
GE Workers Begin 2-Day Strike AP
North Sea problems contribute to spike in world oil prices Reuters
EBITDA's Foggy Bottom Line Business Week
Critics say the accounting method can obscure grim financial realities -- and some see AOL Time Warner as the classic example.
Kmart Sees Early Bankruptcy Exit Reuters
Kmart Corp. on Tuesday said it would close 326 stores and cut up to 35,000 jobs as it prepares to exit from bankruptcy by April 30, earlier than expected.
New store closings, big layoffs for Kmart Knight Ridder
M&T Bank to Cut 1,100 Jobs at Allfirst AP
Food Lion to Close 41 Stores, Cut 1,500 Jobs AP
Reuters is bracing for further layoffs NY Post
Delphi could close or sell 800-employee operation AP
PolyOne to eliminate 400 positions CBS MarketWatch
Toy Giant Files for Bankruptcy Protection NYT (R)
Travelers to take $1.3 billion asbestos charge Reuters
Broadwing to take $2 billion 4th-qtr charge Reuters
Fannie Mae Tweaks Cost Accounting TheStreet
Intel Cuts Prices Ahead of Centrino launch Register
Oklahoma AG Enters Short-Seller Brawl on Pre-Paid's Behalf TheStreet
NYSE's oldest trader, Michael Metrinko of Greenville, dies Delaware Online
'Uncle Mike's' career began in 1927
Worst drop in decade wipes £875bn off pension funds Independent
Canada Pension Plan buys commercial real estate Canadian Press
IMF Readying 'Transitional' Loan to Head Off Argentine Default WP
Venezuelan Central Bank Raises Discount Rate to 42% Bloomberg
Schroder’s struggle Economist
Skanska to restructure and take SKr1.6bn charge FT
China's Vehicle Output Ranks World Fifth People’s Daily
Swisscom to cut 1,050 jobs SwissInfo
“Enjoy the 4Q02 results, but don’t enjoy them too much. That pattern of gradual improvement each quarter in 2002 will undoubtedly be broken in 1Q03.” CH
Monday January 13
Is the Worst Yet To Come? Ludwig Von Mises
The government has been desperately attempting to keep the needed economic liquidation from occurring.
Pictures of a New Bull Market?! LongBoat (Newman)
Investors chase the wrong shiny object MSN (Fleck)
Policy Traction Morgan Stanley (Roach)
Offshore Maelstrom NY Post (Byron)
This is a business in which nearly half a trillion dollars moves in and out of U.S. capital markets with almost no regulation or oversight, attracting exactly the sorts of people you wouldn't want your daughter to bring home for dinner.
Overcapacity weighs heavily on recession Chicago Tribune
Fired Workers Exhaust Benefits at Record Rate Bloomberg
Machine Tool Purchases Drop 9.7 Percent NTY (R) PDF Report ManLinks
Companies Fight Shortfalls in Pension Funds NYT (R)
Oh, No -- More Pension Blues NewsWeek
Why gold is gaining in a world awash with dollars Scotsman
Oil price unmoved by Opec increase BBC U.S. gas prices keep rising AP
The Future of SPEs CFO
Saint Jack on the Attack Fortune
Bush plan on taxes worries real estate Financial Times Windfall for tech execs
Better perform or bucks will go Boston Business Journal
CPAs: Bloodied and Bowed Business Week
Advertising Has Hurt Accounting's Ethics Chicago-Sun Times
Sabres file for bankruptcy Reuters
AOL's Steve Case resigns CBS MarketWatch
Weekend Edition (Jan 11-12)
Dividend Valuation Waves Zeal
Low dividend yields strongly signal the time to sell general US equities, not to buy!
The Transformation of Benjamin Strong Prudent Bear (Noland)
Deficits and Stimulus Packages Speculative-Investor
California to axe jobs and raise taxes BBC
Experts worry that refinancing could have left homeowners in worse shape DMN
This (cash-out refinancings) helps explain the 'miracle' of consumer spending growth amid declining income levels.
It’s All About The Dollar Financial Sense How far can it fall? Economist
Blanchard & Co.'s astounding flip-flop on gold MineWeb
Is OPEC About to Lose Control of the Spigot? Business Week
Saudi Oil Minister Vows to Fill Shortages, Cut Prices Bloomberg
Top Debt Rating Agencies Take a Look at Accounting NY Times (R)
Salary comes first for US czars Times Online
One board member, Kayla Gillan, tried to save the day by introducing a real piece of business. She suggested that the board should find a new auditor every five years. But the motion was vehemently opposed by the other members.
Bush to Seek 93% Budget Increase to Boost SEC Bloomberg
Bank officer gets 2 years for role in loan scheme JSOnline
Second Adelphia executive pleads guilty to fraud AP
State sues Wells Fargo Bank accused of overcharging SF Gate
The overcharges have totaled more than $871,000 so far.
Bloomberg LP to Scrap Finance Magazine Reuters
Paper: Reuters Set to Cut 1,000 More Jobs Reuters
Retail Consultant Says Kmart Will Seek to Close 312 Stores NYT (R)
Standard & Poor: Southern Connector could default on bond AP
AT&T slashes 450 jobs SF Gate
Restoration Comedy Slate
Venezuela's Chavez Firm, Foes Seek Overseas Backing Reuters
Chavez, already fighting to restart an oil sector crippled by an opposition strike, on Saturday threatened to take over banks...
Bank warns over negative equity BBC
Thousands of homeowners could soon be facing the prospect of negative equity.
Hayek warns of impending crisis in watch industry Swiss-Info
Employment Weak; Unemployment Underestimated Comstock
A declining labor force participation rate indicates that the true unemployment is higher than the 6.0% shown by the official figures.
With Companies Still Gloomy, Payrolls Shrink by Thousands NYT (R)
“We are starting to see more adjustment by the consumer”.
Friday January 10
Unemployment at 6% -- Payrolls decline by 101K BLS
Bush 'Very Concerned' About Job Losses Reuters
Deficit Predictions Soar With Bush Plan Washington Post
The collision course is pretty easy to see
State hikes may offset Bush plan CS Monitor
California Gov. Calls for Tax Increases AP
A shot in the arm or in the foot? Japan Times
America's Fiscal Pitfalls Morgan Stanley (Roach)
A short-term stimulus of this magnitude might actually be too little...
False Dawn Comstock
Predictions From an Earnings Guru Kiplinger
Hill expects the string of gradually improving earnings numbers to snap in the first and second quarters.
Expect a Bad Year, Airlines Tell Senate WP
Carriers Say They Need Help to Survive.
Airlines Expected to Post Record Losses Reuters
Worst fears affirmed for retail holiday sales Arizona Republic
Valley vacancy rate highest in U.S. SF Gate
In First Meeting, Accounting Board Sets Members' Pay at $452,000 NYT (R)
After approving their annual pay of $452,000, or more than double the $171,900 pay of cabinet members like the secretaries of state and defense, and the attorney general, the new board ratified a request to borrow $1.9 million from the government to meet its expenses for this month.
Brokerage Settles Securities Charges WP
Delta to lay off 4,000 employees AP
J.C. Penney Cutting 2,000 Jobs Reuters
Mobile home maker cuts jobs AP
Texas refinery to cut jobs due to Venezuela-sources Reuters
Schering-Plough stock drops 11 pct on profit warning Reuters
Williams-Sonoma Drops Guidance and Loses CEO TheStreet
Great Northern files for Chapter 11 Boston Globe
United Air Machinists Ordered to Cut Pay Reuters
The history of the Fed II: The biggest mistake the Fed ever made Times Online
Rise in Euro Raises Fears of a Brake on Recovery NYT (R)
Pension funds slump by 14% Times Online
Venezuelan banks strike; currency value plunge AP
Venezuela given debt default warning FT
Thursday January 9
It's Not Easy to Make Dividends Tax-Free Washington Post
Turbulence in Asset Markets: the Role of Micro Policies BIS
The use of discretionary polices to directly influence a particular asset price development is fraught with difficulties. PDF File
Critics hoping for an end to Chapter 11 Financial Times
Bill Gross Says Dollar Should Fall. It Does. TheStreet
Where Are We Now? Cycle Pro
Lodging still waiting for recovery Orange County Register
Households set to face hefty heating bills Washington Times
Many households still have not received their heating bills for December.
OPEC still discussing size of output hike-Attiyah Reuters
Confidence Still in a Rut ABC
Deflation warning Washington Times
More buy multiple homes for portfolio Gannett News Service
About 47,000 second-home purchases a year now involve equity drawn from a first home, up more than 60 percent from the pre-2000 average.
State retirement fund loses money for 3rd straight year JSOnline
California's fiscal future is ugly, says governor Oakland Tribune
U.S. Deficit May Reach $300 Bln in '03, Merrill Says Bloomberg Deficit Debate
Gold Hits Six-Year Highs on War Fears Reuters
Do you need to hold more gold? Financial Post
AOL Parent to Take $10 Billion Write-Down WP
Online Unit's Continuing Troubles Cited for Second Charge Against Earnings by Media Giant.
GM Likely to Cut Pension Rate Reuters Pensions to hit GM profit CNNfn
Capital One Rally Flouts Feds' New Focus TheStreet
Home Depot shares: handyman special or money pit? Reuters
Accenture predicts no strong recovery FT
Retail Sales on Target, Profits Worrisome Reuters
Analysts expect more warnings in the next few weeks after a dismal holiday shopping season that is likely to show the smallest sales gain in more than 30 years.
New Accounting Oversight Panel Gets a Chief NYT (R)
At the SEC, Pitt Works In Shadows WP
The History of The Fed: America's debt to the Bank of England Times Online
Venezuela's currency falls to a record low AP
German December Jobless Rises as Companies Cut Costs Bloomberg
Dixons shock shows just how fragile the economy really is Independent
Telcos tightening belts Herald Sun
Bankers at Morgan Stanley Japan quit FT
Canadian Business growth grinds to halt Ottawa Citizen
Swiss Economy to remain in the doldrums SwissInfo
If the dollar gets the flu, Asia may get pneumonia IHT (Bloomberg)
UN trims world growth forecast, worries about war Reuters
Investors want Enron to be liable Houston Chronicle
Ex-Homestore Exec Plead Guilty to Fraud AP
Panel Boosts Penalties for White-Collar Offenses WP
Kozlowski's statement in question USA Today
Spitzer’s Next Target: Gotham Hedge Fund NY Post
Wednesday January 8
Quartermasters of Inflation Gold-Eagle
The Wall Street Water Torture LewRockWell
Although we are in a primary bear market, evidently NONE of these experts understands what this means...
Looking for Mr. Super-cycle CBS MarketWatch (Calandra)
“The latest hook I've read argues that relative to interest rates, the market is cheap and therefore you should buy stocks. Don't bite. Money-market funds were yielding nearly 6 percent in 2000, near the stock market's all-time high. Yields have fallen to just over 1 percent today. If falling or low yields were bullish for stocks, the market should be soaring.”
Tech Companies See Bush Plan On Dividends as Troublesome Washington Post
Several industry lobbyists in Washington have vowed a congressional fight.
Tax Cut May Hit Retirement Savings, Muni Bonds NY Post
Bush's economic package sparks alarm among cash-strapped states CT
Congress Asked to Raise Debt Ceiling WP
Last spring, a similar request was delayed for several months. That delay forced the Treasury to resort to a variety of financial maneuvers...
Consumer Credit Posts $2.2 Billion Drop Reuters FED
Zbigniew Piekarski: 2 lean years before a recovery in 2005 WBJ
Will Profits Finally Bounce Back? Fortune
There are plenty of reasons to doubt how high the numbers can go.
Off-Balance-Sheet Financing On the Way Out? CFO
Few Officials at Companies Expect Surge in Dividends New York Times (R)
Pension games: Accounting illusion hides woes Reuters
New-home sales may decline 10% Houston Chronicle
Running a Bankrupt Company May Be Executives' Path to Gold NYT (R)
The Adelphia contracts underline the increasingly rich payouts being awarded to executives who agree to run bankrupt companies.
Enron Booked $250 Million Profit Weeks After Bankruptcy Filing WP
Alcoa Posts Quarterly Loss on Weak Demand Reuters Job Cuts Planned
-- Alcoa Release Alcoa
UBS Warburg downgrades JP Morgan on price CBS MarketWatch
Intel sees slow start to '03 CNNfn
ConocoPhillips Sees $1.3 Bln Expense to Shed Service Stations Bloomberg
MGM Mirage: To Miss Wall Street Estimates Reuters
IMF Cuts Disputed Clause From Debt Plan WP
Venezuela Bolivar Plunges to Record as Banks to Close Bloomberg
One in five on credit 'blacklist' BBC
Japanese Stocks Come Under Pressure Reuters
Ven president to restructure oil company to tighten government control AP
“The "stimulus package" is psychotherapy for a nation that very recently has become too fixated on the stock market.” George F. Will, Washington Post. January 8, 2002.
Tuesday January 7
Special Report: The Bush Plan CNN
Bush whips weary U.S. horse on
Nobody in the U.S. policy debate, in the government or outside it, wants to acknowledge an uncomfortable truth of the dismal science of economics: that there is a limit to growth; that having galloped for some years, on the false energy of stock market inflation, a slowdown is not just inevitable but necessary. UPI
Gateway warns on 4Q CNNfn
After Circuit City, Brace for Bad Reports TheStreet
2003 Outlook CornerStone
The Lessons of 2002 Morgan Stanley (Roach)
More Lumps of Coal doled to lunkheads, other bozos Sign-On SanDiego
Bush's multibillion-dollar tax cut for the rich Guardian
The Grand Scheme of Things Pimco (Gross)
It's a theater crowded with foreigners and if someone yells "Fire, Feuer, or Kaji" there could be a rather crushing stampede for the exits.
How Wall Street has spread its misery around USA Today
So far, the bear has bitten state governments, consumer spending and business investment. It could get worse.
Factory Orders Drop in November Census
Home Foreclosures at Record High--Bankers Reuters Delinquencies Report
Banks lose more when US companies default: S&P Reuters
New York City Bond Yields Rise, Signaling Credit Downgrade Bloomberg
Gas Crisis Could Hurt '03 Auto Market Bloomberg
Brokerages overcharging on funds CNNfn
The NASD said it will soon announce actions against a number of firms.
Tough calls Boston Globe
The price wars that have delighted consumers are squeezing wireless company profits.
Canada sells gold, keeps shift into euro reserves Reuters
Tiffany cuts profit outlook after sluggish holiday Reuters
Pre-Paid Plunges as Growth Evaporate Street
Tyco to sell $3.25bn in convertible bonds FT
Qualcomm CEO Jacobs nets $61 million exercising options AP
The company said 2002 incentive bonuses were based on account revenue and net income achievement.
Bank of France chief goes on trial IHT (NYT)
ImClone founder Waksal gets warning from judge AP
Last two eChapman funds are liquidated SunSpot
UK profits slump to nine-year lows BBC
European Consumer Confidence Drops to 5 1/2-Year Low Bloomberg
French Consumer Confidence Remains Near Four-Year Low Bloomberg
More finance jobs set for axe Financial Times
No talk of recession as service growth declines ICnewcastle.co.uk
Economic uncertainty mounting in 2003: business leaders Japan Times
Investors scaling back RRSP contributions Toronto Star
Monday January 6
Gold hovers near six-year high CNNFn Kitco
Dollar Falls; Arms Inspections Fan Concern U.S. May Attack Iraq Bloomberg
Oil Hangs Above $33 as Chavez Vows Crackdown Reuters
When the outlook is golden, start worrying Times Online
Both the dollar and gold are telling us that a perilous adjustment in currencies and in real economies lies ahead.
The Sacred Geometry Of Chance Contrary Investor
Prepare for rough waters ahead UPI
$$$ Out of Control 321Gold (Privateer)
Merrill Lynch starts to look more like a bear IHT (NYT)
Weiss sounds off on banks, brokers, insurers TCPalmF
“Forty-seven out of 50 of the major brokerage firms on Wall Street not only recommended bad companies, but they recommended companies that were going bankrupt.”
Analysis Finds Little Gain in Tax-Cut Plan Washington Post
2 Economists Fault Dividend Proposal.
Lean Sweep At SEC NY Post
A $100 million increase won't even buy the SEC a new generation of computers to replace its wheezing stock
Housing Boom Slows NY Post
House price slump 'to hit UK economy' BBC
Apartment Market Is Softest In Years Washington Post
Fundraising hit by global malaise Financial Times
Troubling surge in long-term unemployed CS Monitor
Weekend Edition (Jan 4-5)
NASD to Act Against Blodget for Stock Calls Washington Post
Former Analyst Could Face Fine, Banishment
Bush's Tax Surprise Time
To encourage investors to re-enter the stock market and foster corporate responsibility, he is set to propose that taxes on dividends be eliminated entirely.
Trading the NASDAQ Bust 2 Zeal
Industries Stuck in Failure Mode Washington Post
Shaky Business Plans Neglected During the Boom Have Gone Bust
Analyst Reform: An Issue of Dividends Washington Post
CNBC, WSJ Brawl NY Post
Have Merrill's Bulls Been Led to Pasture? NY Times (R)
JP Morgan asks SEC to check into gold trade rumors Reuters $350 an ounce
United to Lay Off 1,500 More Employees NY Times (R)
Experts query bank chief's optimism BBC
Economic crisis means safer roads Reuters (Argentina) IMF Sends Team
Venezuela's Chavez Considers Martial Law AP
Friday January 3
Rubin Cleared by Senate Investigators Washington Post
Congress Blasts Banks’ Support for Enron NY Post
Fourth-Quarter Earnings Looking Flimsy TheStreet
So far, 603 companies have said that fourth-quarter earnings will come in below expectations, compared with 511 warnings at this point in the third quarter.
Hyperbole vs. economic reality Washington Times (Rockwell Jr.)
Even with the sad example of Japan before us, the government seems incapable of learning how not to handle a recession.
The Boys in the Bubble NY Times (R)
Five days do not a good year make CBS MarketWatch
Goldman Sachs issues gloomy IT spending outlook The Register
Technology spending is likely to decline this year, instead of growing...
A Strange Economic Release Comstock
Reversing Trend, Number of Dividend Increases Grows NYT (R)
The number of American companies announcing dividend increases rose 7.5 percent in 2002. It was the first annual increase for that statistic since 1996...But by any historical standard dividend checks remain quite small.
Bush wants to cut taxes to create jobs; critics eye deficit Bloomberg
“With unemployment now at 6 percent, George Bush has come up with a solution: Instead of supporting the extension of unemployment benefits, Bush has decided to simply stop publishing the government's monthly statistics on mass layoffs now ravaging the country.”
Economic stimulus plan’s 10-year cost put at $300 billion WP
Chart of the Month Cross Currents
December 2002 Top 100 Short Positions NYSE (PDF)
Pension Fund Adds Will Be Wild Card TrimTabs (Dec 9)
Public companies could be adding as much as $25 billion in cash between now and early next year.
CNBC catches 'flu from Wall Street Variety
HP can drop stockholder efforts to limit options, SEC says Bloomberg
Report: New Tyco CFO Got $22 Million CFO
RadioShack Cuts Outlook on Slower Sales Reuters
Selling Beijing the rope Washington Times
The State Department has charged two major U.S. aerospace companies...
Judge: Accounting Firm Must Release Docs AP
Why Not Eliminate Public Accounting Firm Audits? Thomson Media
Fears for consumer boom in high street Times Online
China's property bubble risk BBC
Argentina needs 12 years to recover Reuters
Post-Enron rules on way Canada Press
The fortune tellers Guardian
What's the point of trying to predict share prices when even the experts get it spectacularly wrong?
Venezuela Strikers Seek Military Support AP
“We've used up virtually all our cash, borrowed all the banks will lend us, and we are still spending more than we're earning. We are facing a financial emergency.”
Massachusetts governor Mitt Romney
Thursday January 2
U.S. Drops Report On Mass Layoffs Washington Post
Citing a shortage of money, the Bureau of Labor Statistics will stop publishing information about factory closings across the country...
Weekly jobless claims rise AP
Economists braced for jobless rate to hit 6.5 percent in 2003.
ISM Manufacturing Index Jumps to 54.7% ISM
Accountant rips U.S. financial reporting Courier-Review
There was never a point in time we had an actual surplus. They (the government) do what Enron did. They take the money they’re borrowing from the pension plans and record that as income.
Gold and Deflation AEI
The Bankruptcy Run Isn't Slowing Business Week
High debt and low cash mean more candidates for 2003. Credit analysts have a whole list of possible filers.
Strange Bedfellows Safe Haven
Retiring boomers could wrench markets Rocky Mountain News
Pensions, stocks, bonds all likely to feel strain.
Investors can't beat market, scholar says AP
Markets anticipate difficult year for dollar Financial Times
Dollar expected to fall against yen in first half Japan Times
Budget woes force leaders to revisit levies on online sales Boston Globe
'A Lot of Pain Is Coming' Newsday
This has been described as the perfect storm: The city is broke, the state is broke, the feds are broke.
Refinancing Demand Up on Record Low Rates Reuters MBAA
Washington State Top Economist Sees More Slowness In '03 Dow Jones
Geezers grump into the new year CBS MarketWatch
King of doom seeing stature restored Bloomberg (Prechter)
Pressure Points for Oil Market: Venezuela, Iraq, Nigeria... NY Times (R)
Crude Oil Rises After U.S. Inventories Drop More Than Forecast Bloomberg
Auto Industry Profitability Unclear AP Auto Survey Findings
Home Depot Lowers Earnings Outlook Reuters
Cadence Design Shares Drop on Warning TheStreet
J.P. Morgan Settles $1 Bln Suit Over Enron Contracts Bloomberg
GE Braces For Strike As It Lifts Co-Pays Washington Post
United forecasts 'significant layoffs’ Chicago-Sun Times
ENRON, The Movie ABC
Rebound Continues to Elude Most Local Tech Stocks Washington Post
European Manufacturing Contracted for Fourth Month Bloomberg
Venezuela 2003 inflation 31.2 pct, 5 year high Reuters
The Year 'Buy and Hold' Changed to 'Turn and Run' TheStreet
Year in Preview: More Deficits, Bonds, Weirdness Bloomberg
2003 Outlook: Wall Street NY Post
”If you have lost money in the stock market this year, perhaps you can profit from the experience.” Financial Post
Wednesday January 1, 2003
Decision Expected on Stock Options NYT (Bloomberg)
FASB said yesterday that it planned to decide in the first quarter of 2003 whether to overhaul rules that allow American companies to avoid treating stock options as a compensation expense. FASB
Tax Cuts For Dividends: The Next Stock Market Support Scheme Doomed To Failure? Prudent Bear
Weak world economy erodes corporate lending Financial Times
A recovery no one buys CS Monitor
Rehnquist: More Bankruptcy Judges Needed Reuters
A Thorny Question for Donaldson Business Week
Bush's SEC chief nominee was on EasyLink's board when the Internet outfit paid $25,000 for a report that called it a "speculative buy"
“In 2002, Mr. Hill was prescient, repeatedly warning that estimates were too high and that investors would be disappointed...Looking at forecasts for 2003, he said earnings growth would once again be weaker than investors hoped.” NYT (R)
Major markets still bleeding Reuters
Preannouncements Paint Dreary Picture Reuters
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