feedjune04






		Friday July 2 Challenger: Fewer firms hiring in 2nd half 2004 Reuters US Economy Added 112K Jobs in June, Less Than Half Forecasted B BLS Futures Fall ~ Treasuries Surge ~ $ Tumbles ~ Gold Jump Up Enough Rope? Contrary Investor Economist warns of deflation in '05 Daily Record Bernie Schaeffer Says Don't Buy Now Barron’s Series of Rate Hikes? Maybe Not Comstock Can Consumers Cope with Higher Rates? Business Week Can Rising Rates Stimulate Housing? Fed Makes It Happen, for Now Norris Rates May Rise More Than You Expect TheStreet A Graphical Illustration Of Inflation G-E Who's "Fighting the Fed" Now? Elliott Wave Bubble Blower Daily Reckoning How to Manipulate the Stock Market with only $12 million per day FSense They did it again CBSM (Hulbert) Did many mutual fund managers break the law again Wednesday? It sure looks as though they did. Second-quarter IPOs most since 2000 Seattle Times Goldman settles IPO charges CBSM New SEC Squad To Target Bad Guys NYP Moneymakers: Five questions with Tom Ajamie Houston Chronicle Fighting for investors against financial powers United's Pensions on Increasingly Shaky Ground NYT SBC fights rush of spam SF Gate Sallie Mae and Bank One Are at Odds Reuters Martin Wolf Vs. the World Bank Globalist Crisis on the Inter-Bank Credit Market Gateway To Russia Last week, hysteria broke out among bankers, their clients, and banking analysts Maybe Japan's Bond Market Does Make Sense Bloomberg Japanese debt can't grow faster than gross domestic product for ”an unlimited time'' without a default. Yen Has Biggest Drop Against $ in Three Weeks as Japanese Stocks Fall BL Bank of China targets major investors IHT (Bloom) HK raises base rate to 2.75% Business Times Analysts voiced doubts, however, about whether Hong Kong commercial banks would match the rate increase. HBOS denies TMB closure sign of 'bubble' panic Scotsman Firms face crippling energy bills Times Online Colt crashes after warning tough telecoms trading could hit profits Times Online $20Bln Lines Up for Russian Debt Bonds Moscow Times Yukos account freeze threatens its oil output IHT (NYT) Bankruptcy Threat FT Morrison to Miss Profit Forecasts on Safeway Chain Bloomberg Mitsubishi ex-officers charged over defects TStar Europe's power struggle Economist Thursday July 1 Oil Rises for Second Day on Concern Over Supply Disruption Bloomberg GM's U.S. Sales Fall 15 Percent in June Reuters Ford Sales Fall... R FOMC debated wording at May 4 meeting CBSM Minutes Cardinal Health Drops as Outlook Trimmed Reuters Goldman Settles SEC Charges for $2 Mln Reuters ISM Gauge Declines to 61.1, Holding Close to 20-Year High ISM Construction Spending Up 0.3% in May to $988.5 Billion Bloom JClaims Unexpectedly Climbed by 1K to 351K Last Week Bloom 25 Basis Points Down, How Many More? PBear Fed’s Effect on Inflation Sensitive Assets Pimco (McCulley) Banks boost prime following Fed hike CBSM How soon will it hurt, Dr. Greenspan? Bankrate What a Rate Increase Can't Hide NYT As Greenspan Chases Inflation, Critics Shout, 'Faster!' Morgenson Waiting for the first rate-hike blow-up CBSM Berry on Fed Bloom Commentary: With everyone so confident, it's inevitable Between Scylla and Charybdis CBSM (Kellner) Commentary: Rate hike brings a new set of problems Fed's Greenspan Still Doing Backbends at Age 78 Baum The only way is up for interest rates and inflation Times Online Rate hike may jolt home values ~ Boston Globe ~ Is Alan Greenspan a Money Launderer? InsightMag Rapid increase in foreign liabilities threatens U.S. recovery EPI Why Can’t Congress Stop Spending? Paul Watch for hands in the government cookie jar TheStreet If your favorite company does lots of business with the government, it's time to worry. Donaldson defends hedge fund oversight FT Investors warn US over options battle FT JP Morgan chief sued over '$7bn premium' Times Online The Enron You've Never Heard Of Smart Money Microsoft Puts Google In Its Sites Reuters Japan's Tankan Business Confidence Index Rises to 22 Bloom Nikkei Rises Why Debt Could Drag Japan Back Down Business Week As interest rates climb, Tokyo's staggering obligations may bring on a full-scale fiscal crisis ECB Leaves Rates Unchanged Reuters Inside the Bank of England Business Week The venerable central bank has led England to unprecedented prosperity. Now it's trying to contain a housing bubble. Will it succeed? £80m pension deficit at financial watchdog Guardian Second downgrade reveals further £12bn pension shortfall Guardian Canada: Growth Falls Short G&M Balance Sheet Recession: Japan’s Struggle With Unchartered Economics and Its Global Implications Business-In-Asia Greenspan gambles on low inflation BBC ”If Mr Greenspan manages to snuff out incipient inflation without halting growth, his place of honour will be secure” Wednesday June 30 FOMC Statement FED The Committee believes that policy accommodation can be removed at a pace that is likely to be measured Lame-duck Greenspan is still running strong AP "There is not the slightest indication that Alan Greenspan is going to behave like a lame duck although technically he is one" The Limits of Central Banking North Alan is going down. Make sure you don’t join him. A Walk Past 1994 Memory Lane Financial Sense Unwinding the carry trade CBSM * Home equity boom leaves some banks highly exposed G&M (Ingram) Higher Rates Will Slam Banks And Borrowers NYP Can Alan Mitigate China's Rate Headache? Bloom Fed’s Increase May Offer Respite for Other Central Banks NYT Higher Rate Doesn't Mean Much Higher WP nterest rates could burst bubble Seattle PI Risks abound as Fed plans rate hikes CNBC A boost for savers could be a bust for borrowers Miami Herald Public needs housing bubble advice Sun News Rate Hike May Hurt Housing Denver Post Fed May Target Inflation After Greenspan Exits, McCulley Says Bloomberg After Greenspan, Who? Business Week -- CBOT Fed Watch - June 2004 CBOT -- How Well Do Fed Fund Futures Predict the Future FFunds Rate? FED (2001) ---------------------------------------------------------------------------------------------------------------- The Housing Giants in Plain View St. Louis Fed Freddie Mac Earnings Plummet 52 Percent AP US expands Federal Home Loan Bank disclosures Reuters CPM Index Declines More Than Expected to 56.4 Bloomberg U.S. mortgage applications fell last week Reuters MBAA America: the world's biggest hedge fund Economist 2004 Looks a Lot Like 2000 Comstock Why are firms so eager to sell? CBSM (Hulbert) Companies have issued shares so far this year at almost the same blistering pace they did in early 2000, just before the Internet bubble burst. Rising Rates, Debt Bubbles, & Unanswered Questions Elliott Wave Bonds Have Worst Quarter Since 1980; Rate Rise Looms Bloomberg A New Sell Signal (Yawn...) Cross Currents Discounters' summer doldrums CNN/Money FASB May Delay Rule On Options Expensing WP NYT Herz: "We may need more time. We are hearing people say they are stretched to the maximum." Mortgage Selloff Turns Sloppy TheStreet Washington Mutual could see more trouble Reuters Banks face payout of $7bn for WorldCom bond sales TO Bank One Agrees to $90 Million Mutual Fund Settlement Bloomberg NASD orders 8 firms to pay over $610,00 AP City Bond Sting Nets Two From Commerce Bancorp TheStreet Nortel sets target dates G&M Nortel flogs factories to Flextronics Register Kmart stock up more than 350% Det FP But real estate rumors might be reason, not retail Halliburton warns of additional losses FT Amazon.com to Lay Off Workers in France AP GM warns on 'crippling' costs in Europe FT Grasso Greener NYP Chicago Fired NYP AT&T to Pay DJ Sonus Says SEC Is Investigating TS Siebel Charged AP Private Co. Restates Seven Years of Earnings CFO Time to clean up oil accounting Times Online China's Greatest Challenge - Economic Development or AIDS? MS (Roach) China GDP to grow by 8.5pc: Citigroup The Standard Chinese shrimp farmers feel pain of U.S. trade war USAT Caterpillar eyes stakes in Chinese companies FT U.K. Economy Grew Annual 3.4%, Most in 3 1/2 Years Bloomberg Signs of property slowdown as inflation weakens Guardian Mitsubishi CEO's apology leaves investors angered AP Iraq's sovereignty restored, up to a point Economist Tuesday June 29 Mutual Fund Liquidity Trends BofA PDF Gold futures close at a 2-week low C Crude oil continues its downward trend DJ Working Group on Financial Markets/Gold Cartel do not want gold above $400 G SEC to Siebel: You Broke Law Again! Reuters June Consumer Optimism Hits 2-Year Peak Conference Board Could the Fed surprise us? G&M (Ingram) "We have never entered into a Fed tightening campaign with an entire rate-hiking cycle already priced in." How rising interest rates will hit consumers CS Monitor Graphic: US interest rates have a long way to rise Times Online Mystery Behind Late Release of PPI Data NYP (Crudele) That the media didn't seem to care about this delay was as astounding as the government's ineptitude. Bubble Bubble, Is There Trouble? Tech Station Housing Boom? ABC Rate hike may sour many a home dream Straits Times (Shiller) Fast times in real estate PhillyBurbs If This isn't Worth "Panic," Then ... What Is? Elliott Wave The Bear's Lair: The Guild of Greed UPI Options Expensing Ripe for Abuse TheStreet Longleaf Funds Managers Defend Their Pile of Cash Bloomberg NYSE Headed to Slowest Month of Trading This Year Bloomberg Former Chapman worker tells of backdating trades Baltimore Sun Funds Manager Is Said to Face SEC Inquiry Morgenson CSFB subpoenaed SEC targets hedge funds FT The next showdown at the Securities and Exchange Commission is close to being set for the middle of July Conseco lawsuit: Ex-exec may hide money in Florida IndyStar Independent truckers strike at U.S. ports AP Amazon: Playing Rough NYP That Old New Economy Reason Online Book: After the New Economy Amazon Shilling for a New World Order Sanders Research China overtakes US as investment target: report People’s Daily OECD Yen Declines After Japanese Production Rises Less Than Forecast Bloomberg Russian Debt Bonds Spark Trend Moscow Times Interest rate fears lead to stock market volatility Swiss Info Dreaded Price Bubble Hovers Over SA's Housing Market Business Day India Is Overeager to `Prove' Insider Trading Bloomberg MPs lay into Britain's financial watchdog Guardian Jury considers verdict in $3bn Rigas fraud allegations Times Online Shell investors vent fury on 'incompetent' board Guardian Ex-CIBC broker banned for life Toronto Star Monday June 28 Washington Mutual Cuts Profit Outlook on Rising Rates Bloomberg GM: U.S. Auto Sales Weaker in June Reuters United's Bid for Loan Backing Is Rejected Reuters Russell Rebalancing Felt Far and Wide TheStreet May Personal Spending Rises 1%; Incomes Increase 0.6% Bloomberg BEA Wal-Mart Cuts June Sales Forecast Reuters Global: Disequilibrium Economics Morgan Stanley (Roach) Federal Reserve is at a turning point Seattle Times Measured (For Now) Morgan Stanley (Berner) After election, Fed will get bold Newsday History warns us to hold tight for a bumpy ride Times Online Eyeing the Target Hussman Up, Yes. But How Much, How Fast? NYT Enjoy it while it lasts, because there may never be another time when money is this cheap. Inside the Fed USAT Rate hike could be good news or bad news for Bush USAT China and U.S. rates weigh on sentiment IHT (B) Where the rate hike will hurt CNN/Money Interest rise would lift vehicle costs Det FP Families, Deep in Debt, Facing Pain of Growing Interest Rates NYT Sovereignty transferred to Iraq CBSM 'Failure to account' for Iraq cash BBC Iraqi money cannot be accounted for by occupying forces responsible for the funds, according to two new reports. Al-Jazeera: U.S. Marine taken hostage CNN Bank warns of hedge funds threat Independent A flood of speculative cash into hedge funds run by "less-experienced" managers has raised the risk of a sudden correction that could trigger instability in financial markets and push the world back into recession... BOE Release Dollar at risk as inflation deters Asian intervention Daily Times Looking at the dollar from another angle, Goldman Sachs reckoned that a 31 percent fall would be needed to make US assets attractive enough for foreigners to support it. Hard Money Markets: Climbing a Chinese Wall of Worry GoldenSextant Marshlands of debt may sink global recovery King The most spectacular buildings don't amount to much if they have weak foundations. They might look impressive for a while, but if they're built on marshland, they're likely to fade from view rather too quickly. The housing bubble doesn't add up MSN (Fleck) Just like stock prices, real estate prices will not go up forever. We can't all live in million-dollar houses. That’s what scares me and should scare you. Adjustable-rate mortgages growing riskier PBP Fed fears, notwithstanding, ARM activity has hit a 10-year peak. More than a third of borrowers nationwide now take out ARMs rather than fixed-rate mortgages... MBA Weekly Application Survey Born-again IPO fanciers throw caution to the wind SF Gate Enter Wall Street dunderheads. Unproven business model? Sense-challenged CEO? Funky numbers? These are not problems, people. They are opportunities. Coal in Our Stocking? NYP (Byron) To judge from the relentless enthusiasm with which investors have lately been throwing their money away on what are referred to on Wall Street as "concept stocks," no mere 1/4-point rise in the Fed Funds rate is going to derail this market -- This week we introduce you to one such stock Profit-hungry banks take on "tenuous" risks - BIS Reuters Threat of shocks still hangs over world economic recovery: BIS AFP The 74th Annual General Meeting of the BIS - 28 June 2004 BIS Dow Theory doubts? CBSM Last week wasn't that bad but it stirred some Dow Theory doubts. Don't stand there jawin'; the deficit is going to bite us WP Hiring up, but many jobless not looking CS Monitor Only The Savviest Stockpickers Survive Business Week You, Too, Can Trade Like an Insider SundayWSJ Which Stocks Might Win Or Lose Under Kerry, Bush SWSJ PCAOB Hands Big Four ''a Little Fear'' CFO The Public Company Accounting Oversight Board has unearthed "significant audit and accounting issues" in audits conducted by the Big Four accounting firms Gemstar Slapped with $10 Million Fine CFO EU Suspends Microsoft Sanctions Reuters Blacks return to stock market Cox A discouraging factor was the high level of financial illiteracy among the 1,000 survey participants Corporate America to shareholders: Butt out! MSN At annual meeting after annual meeting, corporate boards and CEOs refuse to act on demands from the people they supposedly work for. A Wing, Prayer and $500 Million Might Save United Bloomberg Chinese Cars Coming To The US Reuters Japan's national debt tops $6.5 trillion IHT (B) Firms 'to face huge pension costs' Times Online Costello's part in property boom excesses Sydney Morning Herald The outstanding feature of Peter Costello's reign over the economy is the long and wonderful property boom. Its aftermath may be bloody enough to destroy his reputation as an economic manager UK: Dip in demand cools house prices BBC India is vulnerable this time Business Standard India is vulnerable this time, not because of hot money of the short term debt variety, but more because of the large flows of hedge fund money that have entered the country Shell faces investor revolt over chairman's 1m payoff Times Online M&S chief attacks Goldman FT S Korea boss sentenced to prison BBC Japan National Oil Scraps $1.4 Billion Inpex IPO Bloomberg Russia: IMF Sees 'Emerging Signs' of Economic Peril Moscow Times Police end standoff at Russia bank IHT (B) Michael Moore Is Still a Jerk Rockwell Moore film breaks debut records BBC How The Invisible Hand Manipulates The Stock Market Rumour An Italian online newspaper, "Wall Street Italia", has published an interview with a trader at the CME (Chicago Mercantile Exchange), exposing how the Standard and Poor 500 Futures Index is entirely manipulated by one single operator Safehaven Board on 990N SH Financial Sense on 990N FS Daily Reckoning Weekend Edition (June 26-27) Faber on Financial Sense FS Bears Argue Their Case For Caution IBD ‘Black Hole’ Expected in ‘05 Markets NYP Too Little, Too (Inf) Late NYP Beware a home equity loan bubble Pioneer Press Counting the Hats on Auditors NYT (Morgenson) Basel Bank Regulators Set Capital Standards Overhaul Bloomberg BIS A group of central bankers issued the 239-page document today at a meeting in Basel, Switzerland, capping five years of debate in the banking industry. Inflation Persistence: Facts or Artefacts ECB PDF What Keeps Greenspan Up At Night Business Week Fed chief fouls off Bunning Cincinnati Post Bunning was the only member of the committee to vote against Greenspan's confirmation. SPX Volatility Extinctions 2 Zeal The ARMS Trade Mauldin The Mortgage Finance Bubble PBear (Noland) Warning issued over housing bubble in U.S. Financial Post How long can housing beat the rate-hike blues? IBD (CBSM) Is The Dollar At Risk? PBear (PPT File) The Week Ahead: Do You Want Fries With That? CIBC PDF Leaping health costs sap pay hikes Boston Globe SEC's comments to companies to be published online NYT Mutual Funds Fight Disclosure Reforms Reuters MCI cuts 2,000 jobs at call centers AP Corinthian College fires two loan officers FT Martha Stewart's Sentencing Delayed Reuters Crimes of Others Wrecked Enron, Ex-Chief Says NYT On the eve of what may be the government's final decision on whether to charge him with a crime, Mr. Lay is talking for the first time about the company's collapse in 2001 and the scandal that enveloped it. J. Walter Thompson CEO sees TV spending decline Reuters Web surfers' passwords, bank details vulnerable Reuters China Pays a Price for Cheaper Oil NYT ‘China is splitting into two countries' WP Japan's soaring debt now more than 700 trillion yen Japan Times Growing U.S. deficit could sideswipe Canada G&M (Ingram) Norway orders halt to strike by oil workers AP/Reuters Former Shell chief awarded £1m payoff Times Online Exposed: BP, its pipeline, and an environmental timebomb Independent U.K.'s FSA Investigating Marks & Spencer Trading Bloomberg Japanese Shareholders call on bosses to disclose pay Asahi U.S. Stocks Fall Amid Index Reshuffle; General Electric Drops Bloomberg Don't bring the bond bears out just yet FT Friday June 25 HSBC, unlike Fed, sees U.S. housing bubble Reuters The Perfect Real Estate Storm The Realty Times May housing 'probably' hits 'peak' CBSM Titan shares dip more than 20 percent Reuters Greenspan Should Respond to Housing Bubble CEPR Consumer sentiment up slightly in late June- UMich CBSM Economy Grew at a 3.9% Annual Rate in the First Quarter Bloomberg BEA Current Account Deficit Poses Serious Risks Berry Markets complacent on U.S. deficit risks -- Rubin Reuters "We are facing a horrendously serious problem. I think that the probability is high, though not certain, that at some point the kinds of deficits we see will have very serious effects on our markets and our economy." Gramlich sees deficit threat Reuters Speech “Under numerous scenarios, our current debt path is unsustainable: Without changes to taxes or spending, we may reach a point where ever-larger amounts of debt must be issued to pay ever-larger interest charges.” U.S. House Takes Up Spending Limits, Not Tax Cuts Bloomberg Spratt: “To take that kind of singular view is to ignore the elephant in the room'' Europe Needs a Stronger Euro Morgan Stanley (Roach) When Will the Current Account Peak? MS (Berner) Memo to Richard Russell On the Margin Baby GoldenBar Tech Stocks Not Worth the Risk Fool Offense vs. defense CBSM (Erdman) The Overbought Dow? Schaeffers The Missing 9.4 million Jobs--Update Comstock Who's Got High Hopes for Short-Selling? Elliott Wave Experts' assurances fail to ease inflation pain for consumers Knight Ridder 0% to get more interest CNN/Money Stock Options Debate Comes to Silicon Valley NYT Silicon Valley Gives FASB an Earful on Options Plan Reuters SIA Says Proposed Accounting Rule on Stock Options Is a Step Backwards SIA FASB holds meeting on expensing stock options Mecury News “I guarantee if I put a videotape of this on CSPAN, you would have people wanting to shoot you guys because you are missing the point. Everything you are talking about is completely meaningless to people. Here's the reality: When someone comes in, the reason you grant them options is you want them to own a piece of the company.'' Dear FASB: Heated letters on options pour in Mecury News When it comes to stuffing FASB's inbox, no one does it better than the workers at Cisco, who have sent more than 2,000 letters so far, far outdistancing Intel (179 letters), Sun Microsystems (142) and Electronics for Imaging (59). “We have passionate employees,'' said Cisco spokeswoman Kim Gibbons Tech Execs Rake It In Fool (June 16) John Chambers received 4 million of the 6 million options granted to top Cisco executives in 2003. The other 34,300 employees averaged about 4,000 each -- a 1,000-to-one ratio. Apple's Options: How Much Pain? Business Week Apple’s options exposure is high compared to other tech companies Ex-Tyco lawyer Belnick weeps describing his firing, removal from offices CP Belnick left the witness stand while wiping his eyes with a handkerchief. He walked over to a friend and former law partner, embraced him and wept on his shoulder. SEC Probes Deception in Bond Auctions AP John Mack Out at CSFB TheStreet Campbell Soup to Cut 300 Jobs TheStreet NASD Fines 5 for Lax Late-Trading Supervision ~ SEC Probes Allied Capital T Gold May Average $400 in 2nd Half as Dollar Gains, Survey Shows Bloomberg Russell on Gold Gold-Eagle Plunging Interest Rates Can Have A Golden Lining G-E Another Bank Halts All Payments MosNews The liquidity crisis, which had supposedly been resolved, is spreading to more banks. Promeximbank Website Translation: You will excuse, the work of site is temporarily stopped Site during the reconstruction ~ Russian Bank Links MosNews: For a second day in a row there is no one in the bank except a secretary who says that the management “is holding consultations out of the bank’s premises” Liquidity crunch prompts Russian bank disposals FT Russian banks are selling off long-term assets and hoarding cash to stave off a growing liquidity crisis in the country's financial system CreditTrusts Loses License, Sodbiznesbank to Be Liquidated MosNews Berlin to Sell $2Bln of Russian Debt as Bonds Moscow Times Emerging-Market Bonds Head for First Quarterly Loss Since 2002 Bloomberg China Shouldn't Raise Interest Rates, Official Says Bloomberg China slams U.S. furniture tariffs; Evans vows to be 'tough' in trade deal Bloom Japan's Bonds Gain as Consumer Prices Drop, BOJ Holds Down Rate Bloom It's Raining Yen as Fukui Holds Policy Bloomberg Citigroup suspends top dealmakers in China FT ...for allegedly presenting "false information to the company and its regulators” Chinese companies named in fraud report Bloomberg China chill slows gain in Taiwan exports Bloomberg German Business Confidence Dropped in June Bloomberg Governor cools fears over negative equity Times Online Mervin King, the Bank of England Governor, issued his second warning in two weeks over house prices yesterday, but... HBOS shocks market by missing margin and return-on-equity targets Inde Black claims mystery bidder keen to buy Telegraph owner Times Online Pressure builds for shake-up at Shell FT Mountain to climb Britain: Fears of gas shortage in harsh winter FT U.S. could send more troops to Iraq CNN Thursday June 24 Iraq Attacks Kill Over 100, Wound 320 Reuters Cheney curses senator over Halliburton criticism CNN A spokesman for Cheney confirmed there was a "frank exchange of views." Gold atop $400 for 1st time since April CBSM Analysts see chance for $500, but mining shares lag gains Oil Climbs Near $38; Oil Strike Escalates ~ $ Sags on Geopolitical Tensions R Treasuries Surge on Soft Data Reuters $ Falls R Gold Jumps Durables Orders Post Surprise Drop in May Reuters Census Initial Jobless Claims Rose 13,000 to 349,000 Last Week Bloomberg New U.S. home sales leap to record high MSNBC Census Help-Wanted Index Edges Up One Point Conference Board What's an Investor to Do? Sit Tight - In Cash, Gold and Gold Stocks Russell Prediction: The future of the USA stock market Sornette Wall Street Wary of Second-Half Slump TheStreet Reality will begin at home AFR (Shiller) People are susceptible to "wishful thinking bias", wishing away possible future problems that they would rather not think about... The Ever More Graspable, and Risky, American Dream NY Times (R) Image They recently managed to buy a small house in the shadow of Disneyland for $360,000 - six times their annual income - thanks to a lender who allowed them to borrow the entire value of the home, with no down payment. ~ "We will not be going to any movies or eating out. But in two years, the house will be worth a lot more and we will have something to show for it." Rising U.S. Homeownership Brings Woes - Study Reuters New Rule on Short Selling NYT (R) SEC The original rule, which let investors sell most stocks short only when share prices were rising, was adopted during the Depression at a time when short sellers were blamed by some for the 1929 crash. Apartment Deals on the Rise NYT (R) Debt? What Debt? Oh, THAT Debt... Capital Hill Blue You Were Robbed By Greenspan Rockwell Medicaid still busting state budgets Stateline Movie Ticket Prices Hit All-Time High Reuters Charles Schwab Admits Brokerages Need Behavior Changes, Not Rules IBD SEC Settles with Two Former Qwest Execs CFO SEC Delays $9.4 Billion in New Securities Sales Over Dividends Bloomberg Career Education Corp. Faces SEC Probe CFO AOL man charged with spam offences FT Judge in 'The Plumber' case refuses to be questioned under oath Guardian Coeur turns hostile in bid for Wheaton FT Court approves delay in Nortel annual meeting CP AT&T Cuts Sales Forecast, Business Drop Accelerates Bloomberg Salesforce shares surge 56% on NYSE debut FT More Salesforce.com Customers Switch to NetSuite NetSuite In turn, MSN to expand free e-mail storage to 250 MB CBSM Las Vegas Comdex show postponed Comdex USA, Inc. Would you buy this stock? Money Magazine Beggars Can Be Choosers ~ Whose Mug on the Paper? Mises Is China about to step off the jet ski of economic growth on to the slow boat? Ind The Parlous Condition of Britain's Economy! Axis of Logic Last-ditch plea for change in Pensions Bill Times Online “The clauses as they are currently drafted could have a disastrous impact on the UK’s private equity industry...” SBP may tighten monetary policy, says Ishrat Daily Times Pakistan may have to tighten monetary policy to fight rising inflation, but this will be done in a “measured” way... Dimethaid urges 'patience' as stock plummets over financing concerns CP Eroding Security Takes Toll on Iraq Oil AP Oil Edges Up as Norway Situation Escalates Reuters Wednesday June 23 Global Investor Confidence Tumbles Reuters StateStreet Malpass And Friedman Are Both Off The Mark NTrust (Kasriel) PDF No Magic Market Cure in Sight Comstock Emerging markets uneasy over Fed FT Bond funds see $17.5bn net outflow FT nvestors pulled an estimated $17.5bn out of bond funds during May - the highest level in at least seven years Denver Home sales plunge Rocky MN Mortgage Applications Up Slightly Reuters Wal-Mart Discrimination Suit Is Certified Reuters Wal-Mart Faces huge discrimination payout Times Online Deutsche Bank is sued over U.S. tax shelters IHT (NYT) GM Announces China Expansion Plans Reuters Fannie, Freddie Should Limit Year-End Loan Purchases, HUD Says Bloomberg USA Today ups price CNN General Mills Hikes Some Food Prices Reuters SEC Probes Brokers in $204 Billion Auction-Rate Bond Market Bloomberg SEC rule would unseat most fund chairmen Rocky MN Hedge fund oversight discussed DetFP Whitney said Quayle wasn't trying to persuade Donaldson to weaken his support for hedge fund regulation. Despite Shell Debacle, SEC will not change rules on oil reserves FT The SEC is waiting to see if companies respond to pleas for voluntary disclosure before deciding on whether new rules are required Change comes slowly to Wall St. research CNBC Do Investors Buy a P/E Ratio ... or a Price? Elliott Wave Gold Stocks, the Yield-spread, and the 'Hedge Fund Economy' Saville It Takes a Family -- To Live in a Chinese Village Tocqueville Part II ~ Part III The Buffett Of Bombay Daily Reckoning Deflationary Woes: High Price Asahi This is the 10th in a series of interviews examining Japan-U.S. ties and their implications U.S. to press China on trade case Reuters/AP Japan's May Exports Rise 7.3% to Record, Led by Asia Bloomberg New Korean Crisis? No, But Risks Are Rising Bloomberg The Fed and ECB -- Two Banks, One Oil Reality Bloomberg No Echo of 1998 in Current 'Banking Crisis' Moscow Times Nevertheless, the nerves of depositors and companies, still raw from the trauma of 1998, have been so shaken by hype and rumors that one or two banks have been hit by runs on their deposits. Dark days for A$ as US prepares for rate rise Australian FR Canadian inflation jumps G&M Rogue traders face bank crackdown BBC Loyal borrowers losing out on £1bn Times Online Tuesday June 22 No sign of U.S. housing bubble, NY Fed study finds Reuters NY Fed The Bear's Lair: When bond bubbles burst UPI The Fed’s Hyper-Liquidity Endgame Financial Sense Back to the 1970s? Economist Not quite. But loose monetary policy is nevertheless encouraging rising inflation Commercial Banks Make A Record Bet On Mortgages Northern Trust PDF Prices set to bubble over? LAD Condo's price a likely record ~ Speedy Sales UCLA economists warn that soaring home prices in Southern California have reached the point where the bubble could burst... Zero Down for the American Dream Paul Assessing US Job Quality CIBC PDF The vast majority of the jobs that evaporated during the job-loss recovery were high-quality jobs.three years...it will take roughly 20% more jobs than in the last expansion to generate the same real income and salary gain. Stock options era 'already over' FT The fight will reach a flashpoint on Thursday when the FASB holds a public hearing in Silicon Valley about its plans. Hedge Funds: Antidote to dull markets? CBSM A number of researchers now believe that the typical hedge fund is not doing appreciably better than the stock market itself. GOP Eyes Defense Bill to Raise Debt Limit AP The Paper Caper NYP ABofC Fake circulation reports by Newsday and the Chicago Sun-Times have sparked questions about the entire newspaper industry Tiffany sues eBay for sale of fake jewellery FT Martha Stewart Meets with Shareholders Reuters Shareholder: "She has very high standards in her cooking techniques -- if only she used them in her personal life, we wouldn't be out $3,000," Lawyer for Enron's Lay Wants to Meet U.S. Prosecutors Bloomberg Immunity Ploy Likely if Dick Shifts Court NYP (Crudele) Ousted CEO of Vivendi is arrested in France AP Book Closes at Lehman on Ex-Star Analyst Becker TheStreet Disgraced Messier questioned by fraud squad FT Accused NatWest bankers fight extradition to the US Times Online IPOs: Google drops Merrill ~ Jackson Hewitt, Momenta Price ~ Salesforce KMart’s Bubble Rap NYP Cheap Gold: The Bankers' Unintended Gift Gold-Eagle Gold bar trading begins in Beijing Xinhuanet Six mining companies sign Cyanide Code Mining Web How to avoid market bubbles Rediff China accuses U.S. of protectionism Reuters US feels heat of dragon's breath Asia Times Moody's Says Japanese Debt Can't Grow Faster Than GDP Bloomberg ECB's chief economist expresses concern over inflation AP ECB Reviewing Inflation Forecast Method, People Say Bloomberg “There has been a lot of dissatisfaction with using futures prices. They've been the main source of errors for the ECB in its inflation forecasting” China Development Bank to Sell $1 Billion of Bonds Bloomberg Postbank IPO limps toward the market IHT (NYT) Brazil Sells $750 Million of Floating-Rate Bonds Ahead of Fed Rate Rise BL India: Deflating bubble Business Standard Swiss raises fears about survival warning FT Speak English, earn French wrath Reuters UN slams US over spending Iraq funds FT Book: Al Qaeda will attack US to ensure Bush win CSM Book: Imperial Hubris Monday June 21 Iran: British vessels confiscated CNN Greenspan asks: 'What, me worry?' CBSM (Kellner) In refusing to recognize that inflation is rapidly becoming a problem for the U.S. economy, Federal Reserve Chairman Alan Greenspan may be more worried about other things these days. Bonds' baffling bounce CBSM Everyone knows the bond market has to break. Everyone except the bond market, that is. U.S. Investors Turn to Cash as Stocks, Bonds and Trading Drop Bloomberg Twice as many money managers are closing their mutual funds to new investors as they did last year. Hedge funds have told clients they're short of investment ideas. Investors poured $30.7 billion into money market funds in the first week of June, the fastest pace in almost a year... Talk is cheap; the Fed's inaction won't be MSN (Fleck) The Unraveling Financial Sense Fed's upcoming rate hike is too reactive to stem inflation Bloomberg You Don't Need a Weatherman Hussman Global: The Asset Economy Morgan Stanley (Roach) $ Lacks Support As Mkt Starts Fed Watch DJ $ Hits 6-week low vs Yen R US senator vows to 'go all the way' in options battle FT Shelby has threatened to hold up the entire US federal budget, if necessaryÂ FT We're awash in debt. Does that spell trouble? G&M (Ingram) Americans' growing worry over retirement lifestyle IBD (CBS) It's small consolation, but workers worldwide are at least as worried about their retirement outlook as Americans are. Bush Faces a Harder Sell on Social Security Plan Bloomberg (Berry) In a reversal, job growth fades for women workers CS Monitor Fed Up With Filling Up Newsweek Day 2: I Learn the Books Are Cooked NYT US opens Enron case to extradite British bankers Guardian Harvard's Expensive New Course: Fraud 101 Bloomberg College operator in US accused of systematic fraud FT Oligarch 'will not leave Russia' after trial for fraud FT Spitzer's office not expected to pursue RBC case FT Beware of brokers peddling variable annuities PPG Wachovia Buys SouthTrust for $14 Billion ~Â Simon to Buy Chelsea Reuters Intel builds laptop into surfboard Register BBC Loan curbs take hold in China IHT (Bloomberg) US Banks Fatten on Chinese Take-Out NY Post Luxury's new empire Economist Are the Chinese replacing the Japanese as the world's most fanatical shoppers? It's wrong to think rates will keep on rising Independent (King) Saudi, Kuwait fund flows drive UAE stock market up Gulf News But market experts have cautioned about the possibility of the emergence ofÂ unfair practices as trading picks up on the bourses BOK Alert Over Interest Rate `Shock' Korea Times Bad loans still plague LG Card IHT (Bloomberg) Ignatyev: Crisis Fears Unfounded Moscow Times (Reuters) FSA slaps UFJ with 4 disciplinary orders Asahi Indian Meeting to Tackle Menace of Vanishing Companies PTI Some Bundesbank board members don't want new code of conduct - report AFX E-Bonds hit a bump, but hang on if you dare FT Corporate loan demand plunges FT Faith in Fed eclipses Lula vote flop Reuters Weekend Edition (June 19-20) Rate-Tightening Guesswork Puts Squeeze on Analysts TheStreet At these levels [3%-4%], interest rates would be deemed "neutral," in that they would neither stimulate the economy nor cool it down. Dreamin' about Alan on a summer afternoon Post-Gazette A Fight Against Fear as Well as Inflation NYT (R) Counting the Petro-Dollars CIBC PDF Danger of consumer debt bubble bursting Sunday Times Financial Markets Forecast and Analysis SH The Fed's Monetary Policy Dilemma Faber It's the Bubbles Stupid Richebacher Monetary Instability and Lessons Not Learned PBear (Noland) The Dollar and Rising Rates ZEAL The Train Wreck & China G-E (Willie) What Lurks Inside Your Index Fund NYT (R) (Morgenson) Paper: Indictments of Ken Lay Seen Soon Reuters Ex-HealthSouth CFO Gets 5 Years Probation Reuters Halliburton Cuts Ties with Ex-KBR Chief Reuters Mutual Fund Liquidity Trends BofA PDF Best Weekly Inflows Since Tax Season; Still Not Enough to Finance Intended Equity Supply Looking at New York Stock Exchange Member Net Buy/Sell Numbers Schaeffers US Slaps China With Duties Reuters Duties up to 200% placed on $1.2B of furniture, prices could rise for American consumers. The market is in spin cycle Times Online WTO Rules for Brazil in Cotton Dispute, Saying U.S. Farm Subsidies Illegal BL Regulator resigns amid doubts over impartiality Guardian Friday June 18 U.S. Current Account Deficit Widened to Record Bloomberg Heading for the Exits Morgan Stanley (Roach) Best of Richard Russell Investment Rarities Higher US Rates: Why a Little Means a Lot CIBC PDF Overnight rates may be at an historic low, but household vulnerability to rising rates is at an historic high. The surprise will be how little it would take from the Fed to achieve the desired cooling in the US economy. Stink Baum GoldenBar Gross exaggeration? CNN/Money When somebody as smart as Bill Gross warns of trouble in the economy, it's usually worth a listen Inflation Isn't Dead Yet ECommerce T Foreign investors on pace to become biggest holders of US corp bonds Reuters Labor Picture Still Anemic Comstock Lobbying could kill reforms NYT (Norris) In Europe as in the United States, a decision by politicians to block accounting rules under lobbying from corporations would send a bad signal about how much faith can be placed in financial statements Hedge Lobby Snaps Back at Mutual Fund Group TheStreet Techies protest: No options, no peace NYP Who's Right, The SEC Or Ned Johnson? Business Week Pension underfundings totaled $279 billion in 2003 CBSM PBGC Relese 30-year, 15-year mortgage rates rise again AP ARM ticks down CBSM A 74-Year Old Quote ... About Today? Elliott Wave Investors and advisers find it tough to short smaller ETFs CBSM (A) Semiconductor Sector Under Fire Schaeffers The last time these MAs crossed in this manner it proved to be a bad omen Federal panel rejects United Airlines $1.6B loan guarantees AP CEO says Cisco 'would love' Nortel partnership Reuters Case against Grasso could go federal FT Disgraced Pitt says Grasso Was â€˜Worthâ€™ It NYP SEC Cites New Potential Conflict on Wall Street TheStreet JP Morgan may settle lawsuit over 250m deal Times Online Newsday Admits Fudging Numbers NYP ADM settles corn syrup suit for $400M CBSM Spitzer sues tobacco firm over Kool ads Reuters California sues Enron for fraud LAT Report: Conseco to cut 200 employees CBSM Art as Investment by Artprice: "No Speculative Bubble" PRNewswire â€˜Gimmick Economics' Makes Comeback in Japan Bloomberg Muto Says BOJ Closely Watching Long-Term Rates Bloomb Analysis: China's monetary policies still facing challenges PD Chancellor who gives us boom without bust Times Online Could it be that Mr Brown will take his place in history, just as Britain takes its final steps down the primrose path to national bankruptcy? Government trapped in savings quagmire Independent Paying the price for instant loans Guardian Business is booming for credit firms charging desperate customers up to 400% interest Pension credit 'costs too much' BBC The costs of administering the pension credit scheme are greater than the cash 65,000 pensioners actually receive, the Liberal Democrats have said. Poland gets creative in funding debt Reuters The Finance Ministry has dipped into financial markets, becoming a player in the currency market and injecting liquidity into the banking sector to increase demand for its Treasury bonds. Bank raises key Swiss loan rate IHT (AP/R) Nonresidents buoyed market in '03 Japan Times Brazilian Hedge Fund Assets Dropped in May, Prompting Closures Bloomberg Scandal may cost Bank Â£40m Guardian Putin Tip Powers Yukos Recovery Moscow Times HSBC to cut 3,500 more jobs Guardian Norway Oil Workers Begin Strike, Cutting Output Bloomberg The action may affect fields with combined output of as much as 455,000 barrels a day. Crude Oil Rises to 8-Day High on Iraqi Export Delay, Violence BL Iraqi Militants Target Oil in Battle to Weaken New Government BL Iraq prepares to issue first postwar debt Reuters Contractors pay rising toll in Iraq AP Thursday June 17 May Producer Prices Rise 0.8%; Core Rate Rises 0.3% Bloom BLS Initial Jobless Claims Fell 15,000 to 336,000 Last Week Bloomberg Wanna Buy a T-Bill, Sucker? Slate (Gross) The foreign fools who are buying American bonds Pimco chief says global outlook unstable FT “Too much debt, geopolitical risk and several bubbles have created a very unstable environment which can turn any minute” Broaddus-Neutral fed funds rate around 2.5-3.5 pct Reuters A question of interest Economist The Federal Reserve may have to push up interest rates less than you may suppose, though for the worst of reasons Central Bankers: Beware debt squeeze Business Times The real problem is that a decade of ultra low interest rates has induced a dangerous sense of complacency towards debt. So What's All This Talk about Interest Rates? Schaeffers Advisors Warn: Rising Interest Rates Require Right Moves... Zero Alpha Artists of central banking err on the side of caution Business Report Money "Managers" With One Eye Shut? Elliott Wave Bear Hunting Shaeffers Global capital flows to real estate surging Stuff.co.nz Low I-Rates, High Demand & Pricing Worries Lead Some A-Owners to Sell CPN Why Real Estate Escaped the Recent Wave of Scandals Wharton Fannie and Freddie won't cheat Judgment Day TheStreet Wall Street is being stupidly slow to recognize that the good old days are over. Fannie & Freddie Threaten Economy HoweStreet Tariffs may lift furniture prices Reuters Calpers HMO Premiums Climb 11.4 Percent CFO Larger-Than-Planned Debt Offerings CFO CDS market tilts at rating agencies FT Delta Air Can't Survive as Is - CEO Reuters Sprint to axe 1,100 more jobs FT Callaway Golf Down 21% SM FERC: California, you owe Enron, other traders $270M AP KPMG Tax-Shelter Clients Identified CFO Witness in Martha Stewart case pleads innocent AP 'The Plumber planned illegal spread bets for new share issue' Independent Monaco banker faces re-imprisonment for not being French Guardian Caged billionaires go on trial -- case will signal Kremlin power over economy AP Calpers battles on, but is anyone listening? IHT (Bloomberg) Fleeing CEO has seen scandal before NYP Technology sector hit in battle on options FT Financial statements are still a tangle CBSM Let me tell you what drives me nuts: The lack of standardization in the way companies report things A lie detector for the bottom line MoneySense Post says Placer, others see gold price track Nasdaq Stockwatch U2's Bono joins private equity fund Times Online The lesson of the 1981 "supply-side" tax cuts EPI Deficits Do Matter FEE Government fumes as BOJ stands by monetary policy Asahi Ministers are stepping up calls on the central bank to further loosen its monetary policy, fearing that a spike in interest rates could stifle economic recovery. -- D-Rate since 1970 Economagi Japan Rates & Bonds ~ Other ~ BOJ UFJ, Banks Use Derivatives to Cushion Bond Decline Bloomberg A 10-year government bond yield of 2 percent would trigger 1 trillion yen of unrealized losses at Japan's top seven banks, said Jason Rogers... Japan Sells 600 Billion Yen of 2.4% 20-Year Bonds Bloomberg Japanese Firms sell assets at a loss Asahi Total losses from sales of real estate doubled in fiscal 2003, exceeding total profit from such sales for the first time...Businesses are trying to offload land and facilities that carry latent losses ahead of new accounting rules China's central bank may hike AFP China Shipping tumbles in debut IHT Bank warns Brown over danger of tax shortfall Independent Gluttons for punishment Guardian Bubble & Crash The Telegraph (India) The current obsession with the stock market is rather puzzling Canadian Bank governor hints at rate increase Toronto Star Swiss Banks face tough times ahead Swiss Info Shell boss's 'confession' shocks industry Guardian The head of one of the world's biggest oil companies has admitted that the threat of climate change makes him "really very worried for the planet". Crude oil squeeze continues Globe & Mail (Ingram) Some investors may be under the impression the oil crisis is over Iraq's oil industry in the bull's-eye AP Oil market shrugs off new Iraq sabotage FT Oil producers asked to boost supplies AAP The request will go to non-members because OPEC producers are already pumping near capacity to meet surging demand... Nation Builders and Low Bidders in Iraq Brookings Institution 9/11 Panel: Myths will be dispelled in hearing CNN No Affluent Americans See Terrorism as an Economic Threat Insight H-funds expect rule from SEC in next few weeks R H-Funds Economist Wednesday June 16 Fed: Inflation modest, hiring strong CBSM Beige Book Back to the future CBSM (Kellner) Washington's tax take hasn't been this small since the Eisenhower years. Industrial Production Rises 1.1%, Most in Almost 6 Years BloombergÂ FED Housing Starts Fell 0.7% to 1.967 Million Rate in May BloombergÂ PDF Greenspan Removes Any Doubt About Rate Increase Bloomberg (Berry) Fed symphony unfinished CSMÂ Greenspan's legacy FT Mr Greenspan's balancing act BBC Inflation a top threat to economy CS Monitor The i-word is back on global agenda Guardian Commodities rally still has some spring in its step Business Times US monetary policy still prime concern FT Fund managers say the key US interest rate needs to rise to 3 per cent from its current 46-year low of 1 per cent to allay fears of inflation Concerns raised on unwinding of carry trade FT The Fortune Of Loss Daily Reckoning Congress Votes to Keep Options Off P&L Reuters â€œThis is a sad day for investors and all those who value honest and transparent accounting," FAF Trustees Issue Bash Proposals to Curb FASB Independence WebCPA FAF June 14 Statement FASB Hopes for 2005 U.S. federal budget deal fading Reuters Brokers singing the blues CBSM Hollinger inquiry into US circulation Times Online Schwab warns on second quarter profits FT LaBranche, Van der Moolen Hurt as NYSE Share Trading Declines Bloomberg Lehman feels first sting from bonds FT eBay's Options Express Rolls Along With ISS Blessing TheStreet Advanced Marketing stock takes battering as financial reports delayed SDT SEC probing apartment firm's profits Rocky MN Shell review slammed over secrecy BBC Penny Stock Maven Dirks Fined TheStreet Bank manager stole to keep up with clients This is London Martha sells 2.85% of her company Reuters Corporate Interests Try to Hold Off Change AP World's richest worth $28.8 trillion in 2003 survey Reuters Macroeconomic implications of rising household debt BISÂ PDF File China Says Prices Under Control, No Immediate Plans for Interest Rate Hike AP Chinese stock market witnesses unexpected bear period Peopleâ€™s Daily Hong Kong Hedge Fund Shuts After Discovering 'Irregularities' TheStreet Japan's Bonds Plunge, Yields Rise to Highest Since October 2000 Bloomberg Will banker's bubble-bursting speech bring the house down? Telegraph Housing boom backlash set as borrowers build on sand The Herald Watching the current house price boom is like watching a disaster movie. You can see exactly what is going to happen, but no-one seems to be able to do anything about it As Aussie Housing Goes... Business Week Prices are falling, and that may signal property trends elsewhere Latin America's Stunted Growth Business Week Stocks Plunge on Yukos Tax Proposal Moscow Times Greece facing decade of debt as Olympics bill soars Guardian Death warning over state pension BBC Pipeline Attacks Cut Iraq's Oil Exports Reuters Analysts: Market underestimating Iraqi export disruption impact AP Men lust for big busts when economy goes bust! WebIndia Major Internet sites attacked AP Tuesday June 15 Confidence nears '04 low CNN/Money Testimony of Chairman Alan Greenspan FED Greenspan says Fed preparing for terror strike possibility AP Fannie, Freddie asset growth worrisome - Greenspan Reuters Cycle of Deflation Still Ahead Comstock Consumer Prices Rise 0.6%; Core Rate Increases 0.2% Bloomberg BLS CPI data could be trigger for the Fed CBSM Hiring Plans Near Boom Levels-Survey Reuters Bonds are in for a beating, some groups warn IHT (Reuters) A number of large investors are beginning to warn their clients that the bond market is threatened with a battering for which it is ill-prepared Not the Time for Bond Shopping Kiplinger Just Keep Talking and We'll Keep Buying Rostenko If you can imagine Al Greenspan standing on your porch in the middle of winter, clad in his sexiest Bermuda shorts and a straw hat, holding a match under your thermometer and muttering “Golly it’s gonna’ be a hot one today!”, you’ll understand how this process works. A 5-step plan for surviving the storm MSN (Jubak) The end of cheap money could bring a market disaster When It Comes to Interest Rates, The Fed's Not Always in Charge WP Retail Fever Smart Money If history is any guide, the party is about to come to an end for retail stocks. Why? Because every time the Fed has tightened interest rates since 1970, the consumer discretionary sector has fallen an average of 11%... The Bear's Lair: The monster awakes UPI Schaeffer on Charts: Another Sign for Concern Schaeffer As U.S. pensions fade, workers lose wealth IHT (NYT) Sausage, legislation and M3 CBSM The Secular Stock Market Trend Saville Black Helicopter Theories Whir Through Markets Bloomberg (Baum) A Golden Presidential Cycle Schaeffers It turns out that gold has been down six of the last seven election years (including the last five). Diving a little deeper into the data shows that gold has decreased an average of $24.35 an ounce in the fourth year of the cycle since 1976. Gold firmly linked to bond, stock valuations Mineweb Tales From The Crack-Up Boom Financial Sense (Willie) Remember Gould's Three-Steps-and-a-Stumble Rule Bloomberg Social Security still ailing, but lifespan extended Newsday CBO Both reports pegged 2019 as the year the system will start paying out more in benefits than it takes in in payroll taxes. Hedge funds are a risky business HC (CBSM) Hedge Funds Plan on Regulatory Fight TheStreet The MFA believes that with Fed Chairman Alan Greenspan, House Financial Services Committee Chairman Michael Oxley, Commodity Futures Trading Commission head James Newsome and two of five SEC commissioners on its side over the issue of SEC regulation, the industry could avoid having fund managers register as investment advisers and be left alone to regulate itself. Congress again threatening to derail stock options reform N Between 1995 and 2003, nearly $215 billion of options expense was not subtracted from the combined profits reported by the companies in the Standard & Poor's 500. Biotechs execs fear crackdown on stock options SFBT Prominent senators note plenty of outside income AP Financially ailing companies point to Iraq war USAT Lawyers vs. Liars: Who’ll go to jail first in Martha Case? NYP (Crudele) Secretary at Goldman gets 7 years IHT (Bloom) Currency Scam Artists Fined $100 Million TheStreet Enron market manipulations extensive AP Survey: 2 million bank accounts robbed MSNBC Nokia admits market share dips to 32% ~ 99 Cents tumbles by 31% SM Red Hat Tumbles on CFO Resignation TheStreet Veritas Restates Earnings TheStreet Schering to cut more jobs -- sources Reuters NYSE Reports Seat Sale NYSE Historical “Filing seeks to list and trade Equity Gold Shares” NYSE (pg8) Japanese Bonds Gain, Halting Record Decline; BOJ Holds Rates Bloomberg U.K. Inflation Picks Up; King Signals Higher Rates Bloomberg China: Expectation of interest rate hikes People’s Daily Future no longer safe as houses Times Online A note of caution for housebuyers in the short term Times Online Graphic: How hot is Britain's housing market? Times Online China fuels worldwide mining boom Toronto Star Authorities try to cool mall mania China Daily "Actually, malls in operation are all lingering in worsening conditions," said an official from the centre, who declined to be named. Steel IPOs test investor appetite IHT Tencent 158 times oversubscribed CBSM Suggests investors haven't lost their appetites for select Chinese IPOs. Will power crunch upset global investors? China Daily Putin: No Mass Purges of Banks Moscow Times Scandal over Ukraine steel sale BBC $194m of two villagers stuck in US company account Dawn Biotechnology: Breeding hurdles and hype Asia Times Monday June 14 May Retail Sales Rise 1.2%; Ex-Autos Up 0.7% Bloomberg Census April Trade Gap Widens to a Record $48.3 Billion Bloomberg Census June 30 may be defining day for Street USAT It's not often that what happens on a single day can mark a definitive trend change on Wall Street. But June 30 is shaping up to be one of those rare 24-hour periods. Escape Act Morgan Stanley (Roach) The Fed Bone's Connected to the Tax and Spend Bones Hussman Greenspan and rates: macho ado about nothing MSN (Fleck) The Fed will not raise rates very aggressively because the economy is not as strong as people think. If I’m right, we’re going to see a falling dollar, falling stocks and a weak real estate market sooner than we expect The Fed's monetary policy dilemma AME (Faber) Mr. Greenspan has come to a dead end street with his monetary policy Steel prices on Fed's radar AZCentral (WP) Translating Fed Speak Newsday Everything is too expensive now WSJ Why Japan's recovery could be trouble for the U.S. Globe & Mail (Ingram) The Dead Zone Cross Currents Productivity Pitfalls Morgan Stanley (Berner) Pensions cloud still looms over horizon FT Remember the whole "looming pension crisis" thing that had US investors spooked about 18 months ago? Well, it looks like it's coming around again...the bubble mentality remains alive in US pensions Is U.S. Housing Boom Nearing the End of the Line? Bloomberg Nanotech bubble calls for caution TimesUnion America's recession vindicated the Austrian School of economics Brookesnews Imperial Tribute Corrigan U.S. Self-Serve Gasoline Fell For First Time Since December BL If it's delivered by car or truck, expect a surcharge Boston Globe Corporate criminals live well on lectures AZC (NYT) Penny Stock Spinning NYP Black may speak out on sale at Hollinger meeting Times Online The Plumber fights £750,000 fine Guardian Report: Fugitive ex-Symbol chief found in Europe Newsday Cosmetic makers settle beauty of a lawsuit Seattle PI Rising fuel costs force deeper cuts at United ~ United too optimistic? Maybe FT Gold May Fall for 3rd Week on Rate Expectations, Survey Shows Bloomberg Russell On Gold Gold-Eagle Taylor U.S. Treasury Investor Sentiment Falls Before Inflation Reports Bloomberg Most Treasury bonds in foreign hands FT The hard truth about China's soft landing FT Over the past couple of weeks a consensus opinion has emerged that a combination of administrative measures and market forces is working effectively to achieve that happy ending. Consensus opinion is dead wrong. Investor says China unable to handle collapse Times Online “Dangerously” inexperienced policymakers are steering China to a Japan-style collapse that could derail the world economy Credit Growth Slows Down in Shanghai Asia Pulse Foreign investment into China picks up in May AFP A Japanese bubble loses some air IHT (Bloomberg) Calm Urged As Jitters Run Through Russia's Banking System AFP Housing market hit by jitters even before latest rate increase Independent MPC should put some madness in its method Independent (King) Brazil, Turkey Vulnerable to Rising Interest Rates, BIS Says Bloomberg BIS Quarterly Review June 2004 BIS Dozens of US firms continue to work with the Saudi Binladen Group NY Weekend Edition (June 12-13) The Great Liberator Frontline Lying in Wait? PBear (Noland) Do We Need the English System for Monetary Policy As Well? N-Trust HUI Tests Support Zeal Stock Market Continues to Top Chapman Investment-Savvy Surveys Go From Scary to Scarier Bloomberg Large numbers of individual investors still don't understand that prices of existing bonds fall when interest rate rise, and vice versa. "Equity flows are treading water” TheS (Trimtabs) White House Race Causes Investor Jitters Reuters What on Earth is "The Baltic Dry Index"? Elliott Wave Golden Star pursues hostile Iamgold bid FT Daimler May Cut 10,000 Jobs at Mercedes Reuters Sara Lee to lay off 4,000 apparel workers FT Big Problems at 99 Cents Only TheStreet SEC investigating Halliburton AP Bankers face extradition to US FT Spitzer Probes Insurance Brokers’ Incentive Fees NYP Redstone Sued China devours Asia's scrap metal ~ In China, prices are dropping IHT (NYT) Nobel laureate [Mundell] opposes yuan's appreciation People’s Daily A warning to homeowners that hurts first-time buyers Times Online The hot house suddenly looks chilly Globe & Mail Rising rates and a dwindling number of first-time home buyers appear to be pinching sales nationwide Russian Central Bank Cuts Rates, Reserve Requirements Bloomberg Overtime seen as factor in suicides related to work Japan Times Gunmen assassinate deputy foreign minister in ambush in Iraq's capital CP So much for 'measured' CNN Why interest rates will climb CBSM Grant: “As a result of the market's misreading of the facts, interest rates were pushed down to levels we won't be seeing for a long, long time." Friday June 11 Financial markets to be closed Friday for 40th President's funeral service CNN An Economic Legend NYT (R) (Krugman) Kudlow ~ Baum Ronald Reagan: Remembering the Economic Legacy TheStreet Phantom Jobs? Comstock Dollar Strengthens After Fed's Guynn Suggests Faster Rate Rises Bloomberg Household Wealth Reaches Record $45.153 Trillion Reuters Flow of Funds Calpers Cites Four for Poor Governance CFO Panel bars Accenture from receiving U.S. security contract IHT (NYT) Chief of US technology company 'skips bail hearing' Times Online Trustees face action over deficit Guardian Ex-head of Mitsubishi is arrested IHT (NYT) US firms face Iraq abuse lawsuit BBC Chinese prices hit 7-year high BBC Dealers expect rapid rise in cost of borrowing Times Online Volkswagen to set up 3 new factories in China Bloomberg Southeast Asia worries about oil IHT (NYT) William Hill chief dumps shares Guardian The sale had been forced by "personal" reasons related to his divorce. Thursday June 10 Import Prices Rise 1.6%; Ex-Oil Rises 0.4% Bloom Jobless claims increases New CPI Stats Anticipation is Giving Greenspan Gas NYP (Crudele) The next consumer in flation number could be a killer A New Rule For Winning the Peace Pimco (McCulley) Japanese Recovery Could Be Catalyst For Run On The Dollar NT Kasriel Yen and dollar battle for ascendancy FT The Dollar Is Probably Nearing Its Peak TheStreet Russell On Greenspan Gold-Eagle Stubborn, Mindless Bullishness Russell Global: First to Go? Morgan Stanley (Roach) Building costs nearly double Peninsula Clarion Shortage of concrete unsettles local contractors Virginian-Pilot State braces for cement shortage F&C Electricity costs expected to rise USAT World Oil Use to Rise the Most Since 1980, IEA Says Bloomberg As gas prices soar, refineries stand pat SacBee Teens find landing a summer job tough WT New rules proposed on annuities USAT Shell sued over faulty gasoline AP Financial reporters 'ramp shares' BBC The Value View Gold Report Financial Sense Gold Maven Unbowed by Fed Speak TheStreet US Financials As An Addiction System GoldenJAss Bank of England lifts interest rates to 4.5% BBC G8 countries concerned over U.S. deficits-Chirac Reuters China's Industrial Production Growth Slows to 18% Bloomberg Chinese car slowdown forecast IHT (Bloomberg) Volkswagen and GM Lose China Sales to $5,800 Models Bloomberg China faces up to power shortage People’s Daily Interbank Loan Market in False Crisis MosNews Banks Cut Credit Lines to Each Other Moscow Times “Russian banks are closing credit facilities to each other en masse" Shortage of euros reported EU Observer Reports of the demise of easy money may be a generation or two premature Inde Ex-banker held over money laundering Japan Times Asians consider stockpiling more oil as price hedge AP Nigeria mass strike to continue BBC Wednesday June 9 One Of These Things Is Not Like The Other NT Kasriel Greeenspan’s Shift Comstock US Consumers: “Leveraged To The Hilt” Globe & Mail Global Asset Prices' Common Principle: Required Yield Theory Gold-Eagle Snow: Deficits do matter CNN/Money Got Oil? Now, Try to Find Tankers to Carry It NYT (R) Beware the petrodragon's roar Asia Times Walls of Worry, Slopes of Hope ... and FREE Week Elliott Wave Home Loan Applications Fall in Week Reuters MBAA N.Y.'s Spitzer: Won't Settle Grasso Suit Reuters Merrill 'bullying' hearing starts AP/Reuters Lea Fastow Ordered to Report to Prison Reuters Versailles chiefs jailed for six years Times Online “One of the worst examples of conspiracy to defraud” ever to come before the courts. Yukos pair to face joint tax and fraud trial FT Walt Disney, Banks Agree to Rescue Euro Disney for Second Time Bloomberg HealthSouth Restructures $1.9 Billion in Debt CFO Duke Draws Fire Because of a Books Move TheStreet SEC Cracking Down on 'Shell' Trading TheStreet OSC set to probe brokerage overtrading Globe & Mail Gold at $350/oz or $500/oz by Christmas? Mineweb Robber breaks into bank to return cash Reuters Japan Raises 1st-Qtr GDP Growth Estimate to 6.1% Pace Bloomberg Recovery faces interest-rate hurdle Asahi Bank's housing conundrum looks unsolvable Independent In Australia, at least, the housing bubble has finally burst, with prices in the property hotspots of Sydney and Melbourne falling more than 10 per cent in the first quarter according to some estimates. Berlusconi attacks the ECB for inaction AP/Reuters Floats dry up, bulls run out of steam Sydney Morning Herald More investors believe the Australian sharemarket will be flat rather than rising or falling over the next six months. Indonesia struggles to defend rupiah Bloomberg State Street Aims to Introduce China Tracker Fund This Year Bloomberg If G8 means business, invite China to the table Asia Times UFJ Bank seeks help for troubled debtors Asahi RBank stumbles through computer crisis TStar Banks Assessing vulnerabilities Tuesday June 8 Greenspan: Fed 'prepared to do what is required' CBSM Speech Rate hikes likely to be measured but that could change Dollar Near Two-Month Low; Fed May Keep to `Measured' Increases Bloomberg Producer prices could look ugly CBSM Fed Officials Seek to Ease Inflation Fears NYT (R) Rising Prices May Prompt More Fed Rate Increases: Survey Bl What Effect Will Higher Interest Rates Have on Markets? Schaef Gas prices fall, but more records possible USAT Fed worried about Fannie, Freddie? Gold-Eagle A New Record for NYSE Member Buying Decision Point Out-of-reach housing prices called a growing national problem Union Tribune Buyers chasing too few homes Seattle Times The Bear's Lair: The effects of $80 oil UPI Oil Up on Iraq Disruption, Nigeria Threat Reuters Credit card use cools in April AP FED Despite slowdown, consumer debt rises to a record Superpower or Superdebtor? Paul Your Debt Continues To Rise Ether Reagan: The Great Taxer NYT (Krugman) Reagan on the $10 bill? Reuters Bush Should Avoid Deja Vu NYP (Crudele) Enron Trial, Martha Sentencing Postponed CFO Former WorldCom CFO Pleads to Conspiracy AP AmeriDebt's bankruptcy filing won't affect Md. clients, state says Baltimore Sun Tribune warns of job cuts Reuters Shell to cut 600 to 800 information technology jobs HC Pfizer says it's guilty of marketing drug illegally AP SEC Backs Off Trade War With Big Board NYP EU Confirms Renewed Probe of Intel Reuters Microsoft Appeals Chain Store Sales Up in June 5 Week Reuters Big Investor Outlook Falls to 9/11 Level Reuters The index's measurement of the U.S. economic outlook for the next 12 months fell dramatically Asia Pacific: Forex Reserves May Decline Sharply Morgan Stanley (Xie) Nikkei makes year's biggest one-day gain Japan Times Japan's Bonds Have Longest Decline Since 1990 as Stocks Advance Bloomberg Japan ups U.S. Treasury buying, yield seen a worry Reuters House prices “will stagnate for years” Times Online Halifax asks whether property has peaked Times Online Home Depot eyes China expansion Reuters Ford to triple China output in '04 to chase GM Reuters China is not racing ahead, just catching up FT HK appetite for mainland firms' IPO on rise People’s Daily New Zealand housing prices rising highest UPI Thailand cuts outlook amid slowdown IHT (Bloom) Russia: S&P Explains its Hesitations over Rating Upgrade MosNews Kozlov Tries to Calm Banks Moscow Times The Central Bank moved to calm a banking sector jittery over the recent collapse of two major banks, promising to inject cash into the interbank lending market to maintain its liquidity and stave off a run for deposits. Greenspan hearing delayed Reuters Monday June 7 NYSE to Close on Friday NYSE NYSE to honor Reagan Reuters Reagan Economic Legacy Echoes Today ReutersÂ WP Article Whether Reaganomics was good or bad for America, fair or unfair to different income groups, may never be resolved. The Maestro Slips Out of Tune NYT (R) (Krugman) Will Greenspan's monetary policy lead to a healthier economy? Brookesnews Fed Will Raise Rates By 1/4 Point Bloom (Berry) Memo to the Fed: Hurt My Fund, Please Business Week PIMCO's Bill Gross wants higher rates, and soon. Says the bonds guru: "It's time for Greenspan to call a cab for all the speculators" The Cicada Dance Hussman The Baton Pass Morgan Stanley (Roach) The calm before the market storm MSN (Fleck) Financial Markets Forecast and Analysis McHugh Equity markets are primed and ready, gas tank filled, for a long journey south. The American economy recovers -- as predicted Brookesnews Unfortunately, just as I said the Clinton boom would eventually result in a bust, the same must also be said of the Bush boom Hair-Raising Economist Australia's housing bubble could be the first to burst. It won't be the last Housing: Its Different This Time (As It Was For Stocks In 1999) NTrust (Kasriel) A Dream Foreclosed: Residents losing their homes in record numbers PG Is the world's oil running out fast? BBCÂ Peakoil.net If you think oil prices are high at $40 a barrel then wait till they are four times that much. Too many investors run with the pack Bloomberg Deficit Picture Grimmer Than CBO's March Projections Suggest CBPP Credit rating agencies face tougher controls FT Fund pioneer Bogle says industry's, investors' interests often at odds P-Gazette Nortel gets vote of confidence - at least on bonds Financial Post CEO Pay Unrestrained by 'Good Governance' Movement TheStreet Ameri-Debt Files For Bankruptcy AP Merrill faces $13m sex bias case Guardian Site Sniffs a Rat; YP CEO Charged NYP Fee For Certificate NYP Another Bank Goes Out of Business MTimes Reassigned to new owner RosB â€œIf people are aware of connections between banks, the panic can spread quite quickly.â€ Russian Money Market on Verge of Nervous Breakdown MosNews May 2004 may go down in history of modern Russia as the time of a second banking crisis, first one being in August 1998, when default by the state led to a deep financial crisis. Yukos CFO: â€œWe don't have the cash to pay the billâ€ Moscow Times How big a threat to West is growth of China? Independent (King) China's status in U.S. hinges on peg Bloomberg A China Trade Deal for the Yuan to Float? Bloomberg China still the most attractive destination for global investment Peopleâ€™s Daily Cabinet ministers lay into MMC over coverups Japan Times Tighter rein required on Britain's runaway debt Guardian Bank expected to raise base rate amid signs of a stronger economy Inde General Motors to Invest $3 Bln, Add 20 Models in China by 2007 Bloomberg Why the Saudis Fear Pricey Oil Business Week Fuel worries hit Easyjet shares BBC Canada Post's fuel surcharge expected to double Globe & Mail Lockboxes, Iraqi Loot and a Trail to the Fed NYT (R) Weekend Edition (June 5-6) Stocks to Follow Greenspan's Lead Reuters Goldilocks Economy' Could Be Pure Fantasy Reuters The Unwinding of the Carry Trade Frontline Put/Call Ratio Soaring Zeal Russell on Gold Russell Maytag to cut 20% of its salaried staff Times Online The New Age of Big Government CATO PDF Made worse by the 20012003 tax cuts, the looming federal fiscal crisis means more government intervention in human lives. Fiscal & Generational Embalances Gokhale and Smetters (2003) Is the Bank trying to steer market views on rates? Times Online Housing investors 'heading for a fall' The Age Lenders shun Argentina debt plan BBC Guess who's at super-secret Bilderberg meeting today World Net Daily Friday June 4 Payrolls Rise 248,000; Jobless Rate 5.6% Bloomberg BLS Strong jobs data could trigger Fed move MSNBC Most Americans still believe jobs are hard to come by CNN/Money Summer job seekers face tight market Seattle Times The Mother of All Carry Trades Morgan Stanley (Roach) Bubble Trouble? MS (Berner) A return to the '70s on oil? IHT (NYT) Norris OPEC sets quota to match exiting output IHT (NYT) OPEC's decision essentially legitimizes that overproduction without adding to the market. Oil Under $39 After OPEC Opens the Taps Reuters OPEC Must Secure Oil Fields, Pipes, as Output Rises Bloomberg Secret powers controlling markets, economy and media CBSM (Farrell) Housing: Too Good to be True Mises Greenspan has suggested that his economic panacea has given American homeowners greater economic "flexibility." I would suggest that it is not flexibility he offers, but the shackles to an economic nightmare. Home, Steep Home Smart Money Economic forces seem so obvious that prudent timing seems to be appropriate. High-Rise Market NY Post Sales are through the roof in New York's luxury market. Intel tops previous revenues forecast FT Home Depot accounting challenged AP Nortel Numbers Show Bonuses Were Bogus TheS Enron reorganizing to pay creditors 20 cents on dollar Bloomberg Hoover convicted of bilking investors in pyramid scheme Rocky MN Seagate Technology to slash 2,900 jobs FT Mutual fund mystery: Some have vanished USAT Senators denied documents on Boeing tanker deal Knight Ridder Wen says measures to cool Chinese economy working AFP City economists expect Bank to lift rates again Times Online ECB's Weber Says Oil Price May Prompt Inflation Outlook Review Bloomberg U.K. Bond Buyers Should Demand Takeover Defenses Bloomberg Million 'in credit card debt danger' Times Online Earnings fall 90% at Construction Bank IHT (Bloom) Zimbabwes Money Supply - Enquiring Minds Want To Know Northern Trust Five days of computer chaos leave bank's clients in limbo Globe & Mail In one of the worst messes since banks put their faith in computers, today is the fifth day in which the Royal Bank of Canada cannot tell its 10 million Canadian customers with any certainty how much money is in their accounts. Thursday June 3 Initial Jobless Claims Fell 6,000 to 339,000 Last Week Bloomberg Productivity Growth Strong But Costs Rise Reuters BLS Jobs Number Likely To Send Rates Up, Stocks Down NYP (Crudele) The government will probably pump a very hefty dose of imaginary jobs into tomorrow's Labor report and the result could be unsettling for the financial markets. OPEC: Meeting starts Reuters OPEC Agrees to Output Increase to Ease Oil Price Reuters Another oil shock? Economist Shouldn’t oil prices rise even higher? TimesO Saudi Arabia and oil Economist Are Rising Oil Prices Really Inflationary? CIBC PDF Relatively speaking, gas isn't that expensive ~ Gas Prices in Perspective NCPA The Fed’s Highwire Act CNN/Money Greenspan foresees gradual rate hike pace Reuters Raising Rates, But How Did the "Cutting" Campaign Go? Elliott Wave The price of that frosted cafe mocha is about to jump Newsday Merrill mulls asset management sale Reuters A lesson in milking a cash cow EFFWA Boeing’s success in getting tax breaks sets bad precedent IT software demand exceeds previous peak, employment still lags EPI HP unveils $499 color laser printer Bloomberg How many mobile phones does the world need? Slates As with PC users, cell-phone owners need a reason to trade in machines that continue to function perfectly well Intel May Reduce High End of Sales Forecast as PC Demand Slows Bloomberg Nortel won't finish massive review this month Globe & Mail Airlines to present 'perilous' outlook AP No Restatement for Adecco CFO Spitzer sues Glaxo Globe & Mail Fastow Won't Testify at First Enron Trial CFO Enron traders scheming, joked about theft AP Former Auto-Parts CFO Sentenced CFO Former HealthSouth CFO Avoids Prison CFO Investment-grade Conduct CFO Sarbanes-Oxley requires the SEC to study credit-rating agencies, but one observer maintains that the commission has been ''unresponsive for nearly a year” IRS Accused of Failing to Aggressively Track Tax-Exempt Organizations AW China Has No Plans to Raise Interest Rates, Central Bank Says Bloomberg Fukui says BOJ to stick to current easing stance Reuters Fragile eurozone recovery prompts ECB rate hold FT Argentina Creditors Threaten to Block Restructuring Bloomberg Hong Kong: You Jia Wu Shi Morgan Stanley (Xie) Boom or bust in the Persian Gulf? Asian Times Mortgage borrowing breaks all records Times Online Emerging market debt trade rises 25% FT Financial advisers 'dupe' customers into buying Guardian Banks seek ways to exploit EU tax “loopholes” Swiss Info U.S. firm buys into Shenzhen bank Shenzhen Daily No Mazeikiu Nafta bailout planned yet Baltic Times Threat of new petrol protests in UK Guardian Wednesday June 2 Either Betting With The House, Or Against It Contrary Investor Global Blow-off? Morgan Stanley (Roach) Robert Shiller's Irrational Exuberance and the American economy Brookesnews Do Valuations "Feel" About Right? Hussman Slow-Mo or Fast-Mo? Choose Your Poison Comstock Raise rates, Pimco's Gross tells Greenspan CBSM Berry on Fed Calls 1 percent Fed funds rate 'atrociously speculative' The Fed Cannot Fix Itself Mises Repeat: Jubak ~ Faber The entire idea that policies of intervention can somehow bring the economy onto a path of stability is untenable. Qatar: OPEC Members Should Pump at Will - Crude Slides “Spare capacity is pretty limited. They're just trying to talk down the market” Crude Jumps to Record as Saudi Attack Boosts Supply Concern B Fear Premium' Pushes Oil, Gasoline Prices Ever Higher AP Interest Rate Levels - The “Law” Of Averages FX (Kasriel) FX Outlook Scotia Corruption of the Markets Financial Sense A Grotesque Misnomer 321 RichebacherIn Memoriam: The Mini-Bull Market Rostenko Propping up the bubble CNN Hedge funds are sucking so much money that there just aren't enough brains to manage it all. Why consumer spending is bad for the US economy Brookesnews Most Households Likely To Be Net Loses When 01 & 03 Tax Cuts are Paid For Investor Tom Au Tells Sad Tale of Market Lemmings Bloomberg Refinancing demand falls 6.6% Reuters MBAA - Chain Stores Sales Fall Seller’s market for high-end homes NBC House price inflation slows down sharply in US FT OFHEO High-Rise Alert: There's a Fungus Among Us NYT (R) Got (a lot of cash for) milk? USAT Inexpensive Chinese cars on way soon? USAT Shelburg says his attempt to sell Chinese cars in the USA is questioned because "I'm a threat to the industry. When they see my product and the price, they want to stop me." Break Up the Big Four? CFO Swift CEO's timely stock purchases scrutinized Arizona Repuplic Forstmann Defends Investment Choices NYP Dow Corning Corp. emerges from bankruptcy after 9 years SPI (B) Intel slices up to 34% off server chip prices TheRegister Fairchild Semi Sees Volatility in its Backlog TheStreet China and India Test `Asian Airplane' Theory Bloomberg U.K. Employment Paradise Is a Matter of Semantics Bloomberg Danger in the derivatives boom This is London EBS to expand dollar-bloc trading FT Deficit trebles on debt binge The Age Despite Stagnating Economy, Koreans Make Use of Credit Cards D Chosun Yukos Plunges 10%, Indices Fall to 2004 Lows Moscow Times O'Leary warns of 'bloodbath' as Ryanair suffers first drop in profits Independent Dooh Nibor Economics NYR (R) (Krugman) Layoffs raise a question mark Ingram Hudson Employment Index Down in May R Tuesday June 1 ISM Index ~ Constr Spending (10AM) Markets braced for jolt after Saudi attack Times Online Crude Rises After Saudi Attack Raises Supply Concern Bloom Scary plans to raise and keep oil prices high Financial Post U.S. is feeling the pinch of rising prices at the pump IHT (NYT) Wall Street eyeing a 'Summer of All Fears' USAT US economy needs rehab for debt addiction Independent (King) Why all market bubbles end with a bang MSN (Jubak) Who'll pay the piper for three years of easy money? We're about to find out, because the debt bubble has grown ominously large. Mortgage Borrowers Play a Bettor's Game TheStreet Beware bursting of the money bubble FT The Summer Rally myth CBSM Pension Under-funding Is the Emerging Global Dragon Bloomberg Report: Cheney helped Halliburton deal MSNBC How do we know that central banks rig the gold market? Gold-Eagle You Know Me? Don’t Bank on it NYP Pipe Deals Smoking NYP Nobel laureate warns of risks of RMB appreciation People’s Daily U.S. firm to take control of Chinese bank AP No currency intervention in May Japan Times Troubled Kanebo asks lenders to waive 99.5 billion yen debt Japan Times