feedmar03




			Monday March 31 Waiting and Worrying Outside Baghdad Business Week Journalist: U.S. Plan Has Failed AP Is Arnett a "dupe" or "tool”? NBC fired journalist Peter Arnett on Monday Reuters Truth Remains Elusive In War News From Iraq WSJ Between Iraq and a hard place Boston Globe Wall Street taps former military for advice USA Today Richard Perle Is Not Alone BW Plenty of Washington poobahs on advisory boards hold other positions that could call their counsel into question. Republican's bill seeks to impose US mobiles on Iraq Guardian Halliburton out of the running CNN/Money ------------------------------------------------------------------------------------------------------------------ Yesterday Once More? Contrary Investor Earth to regulators: Let capitalism correct itself MSN (Fleck) When regulators try to shore up bad companies or attempt to prop up a stock market that needs to shed fat, all they do is make bad situations worse. Midwest Business Slows Sharply in March Reuters Delphic on the Dow CBS MarketWatch Is superbear Richard Russell deliberately hedging on the Dow? Stocks View: Sweating Bullets on Wall St Reuters Protecting assets or missing opportunities? KC Star Bonnel moved his Bonnel Growth Fund entirely into cash on Jan. 24. U.S. budget approaching the wall UPI The position of the "wall" depends crucially on the level of a country's debt outstanding before it gets into difficulty. Revival in Net stocks raises prospect of new mania USA Today In a development eerily reminiscent of the dying days of the bull market, some internet stocks have snapped out of their three-year funk and are leaving the broader market behind. Safer Funds Not Protecting Investors From Declines AP Bubble hasn't burst yet on CEO salaries despite the times USA Today Housing industry may be losing luster AP Global chip sales disappoint Reuters Reliant default adds pressure for deal on debt FT Moody's cuts Altria, Kraft Food's ratings Reuters Will MO Post the Bond? Altria Unit Might Not Post... DJ S&P's Grim Assessment TheStreet Wachovia Says U.S. SEC Investigating Stock Purchases Bloomberg Newmont, Halliburton to Restate Results CFO HealthSouth execs may plead guilty CNN/Money S&P Cuts HRC Kmart Cuts 15 Pct of Jobs at Headquarters Reuters El Paso Posts Loss After Hefty Charge Reuters Christian financial guru: Save, limit spending, stay out of debt Post-Gazette Nikkei falls below 8,000 mark on Nasdaq futures Reuters Japan's February Industrial Production Falls 1.7% Bloomberg Asia tallies financial toll of virus Reuters Jobs warning over National Insurance BBC Report slams SAP software FT More than half the companies using software from SAP, Europe's largest software group, have not achieved a return on their investment... Vivendi 'astonished' at Liberty action FT Weekend Edition (March 29-30) Anti-US Mood May Hurt Dollar NY Post U.S. Orders 4-6 Day Pause in Iraq Advance-Officers Reuters No Pause CNN Rumsfeld warns Syria about aiding Iraq CNN Syria Denies AP Missile Explodes Near Kuwait City Shopping Mall AP Investors Wary of Betting on the War WP The first quarter ends Monday and early reports on quarterly corporate performance hint that financial fundamentals are going to give investors more reasons to stay away from stocks. War Rally Euphoria Zeal Wall Street has reacted differently to this war JSOnline Boneheads, Iraq and the Artificial Dollar Safe Haven (Mauldin) War News Reducing TV Ad Revenue WP Networks Expected Higher Losses Some Question Bankruptcy Role in Airlines' Cure NY Times (R) Adviser to U.S. Aided Maker of Satellites (Perle) NY Times (R) Treasury: Iraq Asset Seizures Larger Than Expected AP Saudi trucking company refuses $64 million deal with U.S. army AP No cash handout for European airlines BBC House Members Target Sodexho for French Ties WP Letter Calls for Severing of Military Contracts US Contracts Bring Windfall For French Firm WSJ ------------------------------------------------------------------------------------------------------------------ SEC’s Donaldson Puts NYSE’s Grasso on Notice NY Post Grasso on Spot NY Post “If the exchange went public tomorrow and applied to trade on the NYSE, it wouldn't meet its own listing standards.” Facing threat of a long slump in stock market Bloomberg SEC Questions Accounting of Some Deals Reuters US Airways Set to Exit Ch. 11 Reuters American Airlines Set to Enter? AOL: Sees Decrease In Capital Spending WSJ Further Restatements Worth Mag Dumps Entire Staff NY Post Shares of Food Companies Fall on Scandal Fears NYT (R) Friday March 28 Baghdad dilemma faces US FT No Cakewalk Town Hall Richard Perle resigns UPI Prince of Darkness: Deals in the shadows AT War Spurs Fears of Another Recession WP Longer war increases market risks CBS MarketWatch (Calandra) The financial world's obsession with war headlines increases the risks of an auditorium-clearing market decline. Contracts to Rebuild Iraq Go to Chosen Few WP Carlyle Group, Halliburton Getting Rich Off Iraq War TooGood Airlines' Plight Getting Worse TheStreet Every few hours another one cuts earnings estimates or suspends flights. American Airlines Considers Bankruptcy Reuters Qantas chief says war in Iraq will cut earnings AP Hilton Cuts Iraq's Oil: Good News And Bad Business Week Companies must add rising security costs to bottom line USA Today Hackers Put U.S. Flag on Al-Jazeera Site AP ------------------------------------------------------------------------------------------------------------------ A Dysfunctional World Morgan Stanley (Roach) The Fed Revisits Its Experimentation Lab TheStreet (Fleck) U.S. March Michigan Consumer Sentiment Index Falls to 77.6 Bloomberg Profits take a powder CNNfn Earnings -- remember them? -- are looking weak for the first quarter. Look for new lows in second quarter CBS MarketWatch What rally? 3 pros boldly stay short MSN CalPERS targets 6 companies SacBee The huge pension fund says they have major performance problems. Mind the Gap Globe & Mail Just when you thought the market’s bad-news bender was finally over, there’s a killer hangover: pension shortfalls. But don’t expect to find them on the books. A Tax Upon Your House Fortune Skyrocketing property taxes are eating away at your home's value. Soon they might sink the broader housing market. A A New Worry for Investors -- Is the Roof Leaking? Bloomberg “Politicians have been using near-apocalyptic rhetoric” Stateline.org Mutual funds may end quarter with slim gains Rocky Mountain News Are hedge funds driving volatility? IHT (Boston Globe) Gasoline Prices Expected to Rise Sharply WSJ Barton Biggs - wrong again Globe & Mail The Biggs and Roach of it Financial Post Employer health costs up 12.8%, survey finds Boston Globe Bay Area companies planning more layoffs SF Gate HealthSouth to miss $367 million debt payment due Tuesday AP Famous casket-maker Marsellus shutting down AP "We feel like we've been stabbed in the back” Fleming Delays Filing Financials While it Scrambles for Financing Seafood Newmont profit up on higher gold prices Reuters PDF Probe may hit Sara Lee, ConAgra CNN/Money U.S. investigators have received data showing that representatives of big food companies colluded with executives of U.S. Foodservice... Lucent Settles Suits, Sees Charge Reuters Citigroup exec could face lifetime industry ban USA Today Iowa to Host World's Largest Wind Farm ENS A electricity company partly owned by billionaire Warren Buffett plans to build the largest wind farm on land anywhere in the world. France Lowers Growth Forecast, Unemployment Climbs Bloomberg Tankan To Show Japan Recovery Slowing To Crawl Dow Jones Bears give Chancellor a run for his money Times Online “Pre-announcements are running significantly more negative than in any of the last five quarters.” Chuck Hill ImClone's Erbitux Helps Fight Colon Cancer, Review Claims WSJ Thursday March 27 US Calls up 30,000 New Troops - 5,284 Iraqis Leave Jordan Tons of aid reach Iraqi city - '36 killed' - 25 Injured - ‘Children firing at Marines’ '8,000 Iraqis captured' claim was false - Ridder: U.S. Will Lose Iraq War War Could Last Months, Officers Say Washington Post Bush:“Far From Over” Slogging toward recession? CNN/Money Worries that the war could last months, not weeks, lead to double-dip fears. Iraq, Nigeria send oil soaring Reuters Price of Iraq Occupation Could Dwarf War's Cost Reuters Will the Iraq conflict cause the dollar to collapse? Slate Is War a Generator of Expenses or an Economic Stimulus? NY Times (R) Prolonged conflict 'could spark global recession' Gulf News (IMF) Economy's woes may go deeper than Iraq USA Today Don't count on the 3rd Infantry Division to quickly liberate the U.S. economy. “Defense Items Offset Widespread Decline” Northern Trust Military Contractors Face High Stakes AP Tech firm helps train U.S. troops for Urban War USA Today United Airlines warns of further wage cuts FT Army Depots in Iraqi Desert Have Names of Oil Giants NY Times (R) Vice president's old firm gets Iraqi oil well contract AFP Graphic Embedded at the NYSE CBS MarketWatch The NYSE has used its control over its press gallery to overstep its boundaries. Russia says to defend post-war Iraq oil interests Reuters US Aid to Turkey Boosts Istanbul Markets Voa News Prospect of default WP War to hit German business confidence AFP Business groups warn of big Canada-U.S. rift Globe & Mail Businessmen not in position to repay debts News International (Pakistan) War Belies the Fundamentals in Stock Market Comstock Japan' Central Bank Collaborates with Government ------------------------------------------------------------------------------------------------------------------ Ill Winds AEI (Makin) Chicago Fed National Index Turns Negative Reuters Half a tax cut? CNN/Money Senate vote to trim Bush tax plan could mean less stimulus -- if the plan was going to help at all. CBO analysis deflates administration's rosy predictions CBS CBO Even under the most favorable assumptions, President Bush's budget plan would probably add little or no growth to the economy over the long run, the nonpartisan Congressional Budget Office has concluded. Senate Tax Cut Proposal not Enough to Repair US Economy Xtreme Investing Some who own homes shouldn't CBS MarketWatch Study: Pushing ownership can be 'dangerous strategy' What Goes Around CFO Customer financing seemed like a smart move when times were good. Now, it's wreaking havoc on corporate balance sheets. Credit Card Delinquencies at a New High Reuters ABA Derivatives Risk in Commercial Banking FDIC FSF reviews vulnerabilities and efforts to strengthen the international financial system BIS How Many Execs Does It Take To Screw in a 10-K? CFO No guarantee on utility dividends IHT (NYT) FERC: California Due $3.3 Billion Refund Reuters Ratings agencies may cut $18 bln tobacco bonds Reuters Philip Morris’ Bankruptcy Threat Hollow, Experts Say PRNewswire Hungry For Cash, McDonald’s to sell Restaurant Chains NY Post Sony Music Expected to Cut Jobs This Week Reuters Goldman Unit CEO Departs in New Blow to Big Board WSJ A top HealthSouth executive pleads guilty IHT (Bloomberg) Enron Execs Charged in Broadband Fraud Reuters Highmark pulling plug on lower cost health plan Post-Gazette Investors jittery after Chavez remarks FT French Manufacturers' Confidence Declines Bloomberg Equitable fund 'sustained £1bn black hole' Times Online Shell plans to cut 4,300 oil exploration jobs Guardian South Korea retreats on corporate reform pledge IHT (Bloomberg) Commerz to close its brokerage in Japan IHT (Bloomberg) UFJ Reverses Profit Forecast to $5.4 Billion Loss Bloomberg Heard In China: Doubts Hinder Stock-Market Growth Asian WSJ Most Chinese look at the stock market and see a trip to the casino. Swiss Re cuts dividend after posting loss SwissInfo Wednesday March 26 Crude Oil Gains After Rumsfeld Says War in Iraq May Last Months Bloomberg Airlines: Pain Is Global Forbes Traffic Down 10% DJ Frist pledges more aid Bloomberg Bailout Unlikely USA Today Raytheon Eying $1.75B Cut in Jet Orders AP Auto sales slip and war is blamed MSNBC New vehicles fall 8 percent in first days of war. War Obscures Grim Earnings Season TheStreet Who'll profit from rebuilding Iraq? CNBC Boycott of American Goods Over Iraq War Gains Pace Reuters Cheney: “Weeks rather than months” Reuters Nasdaq excludes Al-Jazeera AP Brtitish Airways cuts more flights BBC U.S. Watches Warily as Turkey's Economy Teeters WP Iraq overshadows pro-market events CBS MarketWatch A handful of indicators are making clear this week that Iraq is impacting business confidence in Europe. ------------------------------------------------------------------------------------------------------------------ US steel tariffs 'broke rules' BBC Senate Votes to Gut Bush Tax Proposal TheStreet FERC Expected to Demand Refunds From Energy Suppliers Dow Jones (WSJ) Home Equity Borrowing Rises to Worrisome Levels NY Times (R) Americans are borrowing against their homes at unprecedented levels, leading some bankruptcy lawyers and consumer advocates to warn that many people could wind up losing their houses. Housing market continues to cool MSNBC New Home Sales Plunge Reuters Cornered Rats and The PPT Gold-Eagle The Fed's strategy is to try and keep the Dow above 7000 and gold below $400 until all the dangers are purged. Inside the Fed’s first-aid kit Business Week Big credit rating agencies face scrutiny FT The international credit rating agencies, among the most influential arbiters of investment opinion on Wall Street, are to be investigated by Congress... 2% of Portfolio Manangers are ‘Bearish’ CBS (SSB Survey) Economists: Deflation a risk for the U.S. UPI The Reward For Taking Risk Smithers Durable Goods Orders Sink in February Reuters Census Prices plague world's forestry sector, report says Globe & Mail Smoked out? Charleston Gazette The guilt of tobacco moguls must truly be overwhelming, when their best friends demand a $289 billion punishment. 3M loses antitrust case CNN/Money Sears to Eliminate Some Headquarters Jobs AP To Sell Ailing Credit-Card Unit Ex-Symbol Official Admits Scheme NY Times (R) SEC: Miami misled investors Miami Herald ICI $750m loan in doubt Times Online Goodbody warns of housing bubble Business World (Ireland) “Hedge funds are raking in hundreds of billions while you're losing your shirt. Is this the next bubble?” Fortune Tuesday March 25 Baghdad siege is hours away Herald Sun Defence experts have warned up to 12,000 allied forces may be killed in the battle for Baghdad. Allies Risk 3000 Casualties in Baghdad - Ex-General Reuters Shock and awe of the federal deficit CBS MarketWatch “What should Joe Lunchbox out there in Middle America do while Wall Street's pros play the derivatives games, going short, trading long, like it's just a video game to make a few bucks until the political gaming and the war games end? Stay out. Hunker down. Head for the shelters. Watch from the sidelines...” US and British taxpayers could pay the price for a conflict that may cost trillions of dollars Independent War, terrorism scare off business travelers USA Today Airports Balking at Security Expenses WP AmWest forced to cut costs AR War costs TV nets 200M in ad sales NY Daily News Seattle company wins contract to run Iraqi port of Umm Qasr Seattle PI Investment scams pop up in wartime USA Today NYSE Revokes Credentials for Al-Jazeera AP Wary execs bail on meetings Miami Herald Fund manager says the case for gold transcends Iraq CBS Gold “Refuelling”? Crude Oil Prices Rise Sharply WP Nigeria oil disruption adds to price rise TO Investors in Turkey lose faith IHT (NYT) The war will take its toll on the economy, think tanks say Asahi ------------------------------------------------------------------------------------------------------------------ “At a regular meeting held today, the Policy Board of the Bank of Japan decided to increase the maximum amount of equity holdings it will purchase from commercial banks” Bank of Japan Consumer Confidence Index Dips Two Points in March Conference Board War blamed now for computer slump Bloomberg Bear market may celebrate fourth birthday FreeRT (DMN) Stocks are still too risky NewsObserver Retailers Adjust Reluctantly to Era of Permanent Discounts NY Times (R) Job losses leave Silicon Valley facing a long road back Baltimore Sun Collapse is worst in California since the Great Depression The tech job dilemma CNN/Money The strong earnings outlook for tech is predicated more on lower expenses, not an increase in demand. State's $10 bil. bond issue drawing fire Chicago Sun Times No state has ever proposed such a huge pension bond issue. Tax increases won't cure federal deficit UPI (Cato) Both President Hoover and President Roosevelt tried such a plan in the 1930s. It failed then... Sick days down in down economy WSJ "People are afraid they're going to lose their jobs" Union Pacific Cuts Earnings Outlook Reuters Altria faces S&P rating cut FT SBC sees shares fall further; debt rating cut Bloomberg Leaseholders face losses in AMR's crisis FT HealthSouth: Past results unreliable Reuters UnumProvident to Restate Earnings AP Earnings will be restated by AFC Seattle Times Kmart Reports Fiscal 2002 Loss of $3.22B AP Sluggish U.S. economy creating a taxing time for Intuit AP CSX Gave Snow $68.9 Million When He Left Washington Post U.S. Technologies CEO accused of fraud AP Thornton quits Goldman for China FT Detroit casino lays off 3 execs Detroit News Downtown's Hi-Tops bar files papers for Chapter 11 Arizona Republic SEC Reminds AICPA Who Wears the Standard-Setting Pants SmartPro SEC chief: Earnings 'obsession' needs look AP Equities bull run may only be quick break between bear attacks AFP The long-term trend line, starting from 30 or 40 years ago, gave a value of about 5,000 points on the Dow. Lack of basement bargains dents hopes of a rampant bull market Times Online BOJ Plans Broader Review of Policy Framework Dow Jones Korea buys bonds to contain SK fallout IHT (Bloomberg) Indonesian Police Places Travel Ban on Debtors Antara Selling short-selling short Financial Post Monday March 24 Bush to meet with Greenspan CNN/Money Don't confuse this rally with a new bull market MSN (Fleck) The market’s big gains will surely generate a lot of talk that the bull market’s back. While I don’t know how long this rally will last, I do know it will end -- and end with a thud. The New Depression Mecury News “Perhaps the greatest deflation and depression of all time” Bankers: Home Foreclosures Set a Record Reuters MBAA Sound Money and the Business Cycle Ludwig Von Mises Mutual Funds Disappear in Bear Market Reuters Veteran bears question rally CBS MarketWatch Feelings of relief in markets may be short-lived FT More employers cutting retiree health benefits AP Health system faces collapse in L.A. Washington Times HealthSouth May Need Funds to Stay Afloat Dow Jones Bonuses Are Likely for PG&E Officials Despite Bankruptcy WSJ Citigroup's Weill Pulls NYSE Nomination Reuters France Telecom Starts EU15 Bln Share Sale to Cut Debt Bloomberg Stocks may take decade to recover AFP Land prices in Japan fall for 12th straight year AP Germany's Banks Retreat From Global Finance Bloomberg ChevronTexaco Nigeria Shuts Down Reuters Shell Considers More Nigeria Closures Reuters “Just as some Iraqi colonels are likely to distance themselves (literally) from Saddam, McDonough seems to be distancing himself from Greenspan. It's amazing how retirement can set the truth free.” Northern Trust In Support, But Still Skeptical Washington Post War fears crush stocks CNN/Money Bush set to request war supplemental CBS MarketWatch (WSJ) War rally loses sight of deeper market risks MNews (NYT - Morgenson) The Cost of War in Iraq: A Checklist Globalist More market worries when this war is over FT Global trade imperiled as tensions rise IHT April Fool's Trick May Trip the Bulls Reuters The euphoria is back on Wall Street after the war began in Iraq this week, but don't be fooled by the stock market's dynamic rallies. It's just a case of optimism on steroids. Secret Bids ABC Companies, Including Big GOP Donors, Invited to Vie for Iraq Contracts War Could Be Big Business for Halliburton Reuters Halliburton agrees to review Iran operations FT More Airline Cuts Expected This Week Reuters Airline Crisis Deepens WSJ Government may bail out airlines FT Carrier files for bankruptcy IHT (Bloomberg) Starwood Suspends Earnings Estimates Reuters BOJ to hold extraordinary meeting on Tuesday CBS MarketWatch Weekend Edition (March 22-23) Plunge protection for markets? UPI Blame Bush for the grim outlook IHT (Krugman) New Econ Threat NY Post Chronic inflation was the economic plague of the 1970s, but could its cousin - deflation - cause havoc with the anemic economic recovery underway? Individual Investors Stay on Sideline WP Institutions Are Powering the Stock Market Rally, Analysts Say Contemplating the Dynamically Hedged Economy Prudent Bear (Noland) Golden Bull Buy Signals 2 Zeal Exec Pay: More Pain for CEOs Business Week Philip Morris Loses $10 Bln `Light' Cigarette Verdict Bloomberg Shares show strongest rally since 1940 Times Online Standard Life discloses solvency action Times Online Faber faced with limited options TheStar Birmingham Mint runs into cash flow crisis Telegraph ‘Perfect economic storm’ may be blowing Asia’s way New Straits Times A Daring Race to Baghdad WP “Wall Street trading desks became mini-war rooms” NY Post Stocks Gain; Dow Has Best Week Since 1982 Reuters Gold Drops Below $330 War rally squeezes out the bears on Wall Street Reuters Once all the smoke clears, most of the money will have been made. Senate Votes to Shave New Bush Tax Cuts AP War Costs Airlines Another $10 Billion R Hawaiian Files for Bankruptcy NYT Montana Pension Funds Uncork French Stocks NY Post War Ripples Hit Real Estate NY Times (R) War blows £12bn hole in Budget Observer Brown must admit forecasts are 'out by billions' again Anglo-French rift 'closes door on euro’ Observer 'Boycott' that the US may regret Ob Boycott US brands, urges professor BR Mexico announces plan to sell dollars FT According to the treasury ministry, the reserves do not generate a strong return, so the net benefits of holding them have reduced. He'll risk zillions on the market, but take a flight to Heathrow? No way Observer Enough people are risking their wealth and ours in the City for the stock market to have rallied remarkably in the past week. History Lessons of the Battlefield: “Today, the arsenal at the Greenspan Fed looks as spent as the Iraqi's.” NY Post Friday March 21 The Sick Greenback MACLEAN’s (March 10) As the dollar's troubles worsen, watch China and its currency. Then watch gold. Novel ideas on handling risk from one who foresaw bubble Philly Inquirer Book: The New Financial Order: Risk in the Twenty-First Century Shiller (Apr 03) Banks cut thousands of jobs FT Pension Accounting Turns $31 Billion of Losses Into Earnings Bloomberg Bearing the burden CBS MarketWatch Are rising health costs holding back economic recovery? Consumer Prices up 0.6% in February (Core prices up 0.1%) BLS Oil Drops Pitsburgh region sheds 12,100 jobs Post Gazette 2002 drop first annual decline since '91, biggest since mid-'80s Bill in Congress aimed at preserving employee stock options AP Hanna discusses housing with Fed Chairman Greenspan Post Gazette Credit derivatives to be examined closely FT Solectron to Cut 12,000 Jobs AP Insight Enterprises cuts first-qtr earnings view Reuters Palm: Revenue to Fall Short of Forecasts Reuters Intuit Says Weak Economy Will Hurt 2003 TheStreet Apple chief given new options FT Apple would not disclose the strike price for the new options. Ex-Jasper banker admits fraudulent loans Star Tribune Pentagon Adviser Is Also Advising Global Crossing NY Times (R) Blow to Brown as tax receipts plunge Independent Bank rejects deflation risk BBC Honda plans to raise retirement age Times Online “...in an effort to stave off a financial crisis in its stricken pension fund.” S&P downgrades Allianz rating Gulf-Daily News US Fed minutes show uncertain economic picture FT Minutes World Economy Is Full of Uncertainties: Dialogue People’s Daily (China) World economy will possibly be bogged down in deep depression Wall St.'s Bet on Quick War End is Risky Reuters U.S. Seizing Iraq's US-Based Financial Assets Reuters War sparks hike in mortgage rates AP Central banks stand ready to act AP Test for world economies (Economist quotes) TheStar Costs of war by far outweigh benefits Asia Times Even in the best-case scenario the consequences of going to war unilaterally and without the sanction of the United Nations Security Council are certain to weigh heavily against the United States for years, if not decades. America Should Withdraw From The United Nations and Let It Collapse CM Saddam's missiles give the game away TheScotsman War's certainty:a big price tag CS Monitor Airline Recovery Plans Fly in the Face of Reason WP “What we saw after Sept. 11 is happening now” USA Today AMR - United - Air Canada - Boeing/Airbus - NorthWest Beware the 'hellfighter' stock CNN/Money Usually when a company says it is considering filing for bankruptcy, its stock plunges. Hotel Demand Seen off 5 Pct in Short War Reuters Dinar is worth more than the paper it’s printed on NY Post “The S&P 500 P/E was 15.5 then, and 28 now. The S&P dividend yield was 3.8% then, and 1.9% now. Mutual fund cash was 11.4% then, and 4.4% now. The percentage of bearish advisors in the Investors Intelligence Survey was 54% then, and 35% now. Households had 18% of their financial assets in stocks then, and 30% now. Institutions had 24% of their financial assets in stocks then and 35% now.” Comstock Thursday March 20 Was It All Just a Bad Dream? Morgan Stanley (Roach) Jobless Claims Gloomy -Fed's McDonough Reuters Forecasting Gauge Dips; Labor Market Soft Reuters U.S. March Philadelphia Factory Index Falls to -8.0 Bloomberg Economists Comstock World stocks in grip of bear market rally - "Dr Doom" Reuters Wall Street's Secret Power Elite: Where the Money's Really Made Fortune Hedge funds are raking in hundreds of billions while you're losing your shirt. Is this the next bubble? House Bill to Make Dissolving Debts Harder AP Continental Airlines to Cut 1,200 Jobs AP Boeing will cut 400 jobs at 2 plants Seattle PI Disney May Miss Fiscal 2003 Profit Goal WSJ Goodyear faces credit crunch FT Sears' cash situation concerns analysts Chicago-Sun Times Textron cuts forecast as orders drop Reuters SEC alleges HealthSouth inflated earnings by $1.4b Boston Globe Corporate bond market in confusion FT Lease Rate Spikes Prove (Gold & Silver) Price-Rigging Gold-Eagle 5 Stocks To AVOID Now Registration Required BRCD - IBM - GLW - JPM - AIG UK house prices falling BBC Housing market stumbles over war fears Times Online High Street spending dips again BBC Reuters suffers biggest loss but chief gets £612,000 bonus Times Online Argentine economy: Worst in century Reuters New-issue drought at 8-year low Financial Post Baghdad Hit By Explosions; U.S. Marines in South Iraq Bloomberg N.Y. Crude Oil Futures Rise After Report Iraq Oil Fields Aflame Bloomberg President Bush Announces Military Strikes WP (text) Don't Expect the "Relief Rally" to Last Business Week Who Knows What the Economy Do Prudent Bear Persian Gulf Oil Disruptions Have Begun NY Times (R) A 2003-Model Oil Crisis WP Detroit Fears Sales Will Turn More Sluggish NY Times (R) “in this environment of uncertainty, we are all wondering how effective any incentive program will be." War will plunge airline finances into a downward spiral Miami Herald State budget predicament gets worse AP War Likely to Dampen Box Office Business Reuters Bank of Japan May Inject Extra Liquidity Into System Dow Jones Insurance ends when war begins Reuters US and Japan to protect markets BBC War stock rally may have already come and gone Wednesday March 19 Analysis: Greenspan loses his bias UPI Savers fret IndyStar The key thing was to keep the ship moving fast, and cheap money was the wind in its sails. Does The Fed Need Rummy? Northern Trust Short-sellers reverse course, bet on stock rally Reuters (Mon) Hedge funds' short covering 'boosted Dow' FT Bear Market Still 'Has a Long Way to Run' Newsday (Tice Q&A) Familiar Patterns: Avoiding Drawdowns and Crashes Financial Sense Investors tired of market losses undergo a conversion FT About $340m net has poured into US convertible bond funds this year, more than double the annual rate for last year. IMF admits policy failures BBC IMF Survey Finds 41% of Consumers Plan to Trim Purchases WSJ NPD Release Tech layoffs likely to roll on CBS MarketWatch High-tech sector no longer top US employer FT Mortgage activity at record high Reuters Survey: Health-Insurance Crisis Looming CFO Thousands scramble for health-care coverage (Beth Steel) Philly Inquirer J.P. Morgan May Be Disciplined by SEC for IPO Allocations Bloomberg Fresh Del Monte Faces SEC Inquiry Dow Jones Disney Says Tourism Stalled, Trims Target Reuters Store closing after 114 years Seattle Times United: Shutdown 'distinct possibility' Rocky Mountain News Gloomy economy to mean new cuts for Seattle Times Seattle Times FBI Slaps HealthSouth with Search Warrant Reuters Bristol-Myers Squibb Restates Results Reuters Veritas Restates 2000 and 2001 Results TheStreet Insider Trading Spotlight (week ended Mar 14) WSJ Negative insider action in every industry except basic industries. FTSE declines as stocks go ex-dividend FT How low can the stock markets go? BBC Man flags a distress signal Guardian BAE Systems cuts 1,000 jobs BBC Aegon to take goodwill hit under US rules Reuters Unification Haunts Economy as Debt, Unemployment Rise Bloomberg Dollar Crunch Hits Venezuelan Businesses AP Gloomy outlook for Italian economy FT This Day: “In 1931, in an effort to ease the hard times of the Great Depression, the Nevada state legislature voted to legalist gambling.” UPI“ War is only hours away” Shots Fired Insurance ends when war begins Reuters Global insurance companies have notified airlines, oil tanker and cargo ship operators that their coverage for wartime cargo losses in the Middle East will be canceled within 48 hours of the start of any Iraq hostilities US and Japan to protect markets BBC Market Has Already Discounted Quick Victory Comstock War stock rally may have already come and gone USA Today War may reshape global order CS Monitor Could Iraq war sink American economy? WorldNetDaily Airline Bookings Plunge Because of War Fears WSJ Airlines Announce Cutbacks as They Prepare for War NY Times (R) S&P puts 11 airlines on credit watch FT S&P might cut ratings of JAL, JALS CBS MarketWatch Tuesday March 18 FOMC Statement FED The Bear's Lair: Bye Ford, we'll miss you UPI US groups warn of impact of accounts move FT US companies have begun to warn about the impact of bringing back on to their books billions of dollars of off-balance-sheet assets and liabilities. Globalization at Risk Morgan Stanley (Roach) Arguing Against Equities NY Times (R) Free Markets? Le Metropole The financial market's trading action in the US is sick, almost beyond belief. All the Way to the Wall Safe Haven Gold hedging falls out of fashion Mining Weekly Gasoline Pump Price Soars to Record High USA Today US housing demand seen falling FT The National Association of Home Builders said its housing market index sank ten points to 52 in March to its lowest reading since November 2001. U.S. February Housing Starts Fell 11% in Feb Bloomberg Growth in hedge funds weakens FT Why Fear Hedge Funds? Ludwig Von Mises Wall Street Greed Is Alive and Well TheStreet SEC Accuses 4 Former Executives At Merrill of Aiding Enron Fraud WP Many Companies Were Sued By Shareholders In 2002 WSJ Mexico to arrest two Tyco exec's Reuters Applied Materials to Cut 2,000 Jobs Reuters Gateway Inc. Sheds 1,900 U.S. Jobs Reuters BellSouth trimming another 1,077 jobs America City Business Journal Savannah's Gulfstream may cut 1,000 jobs ACBJ Moody's considers Delta downgrade ACBJ Rough seas for Oracle CNN/Money U.S. Seeks $289 Billion in Cigarette Makers' Profits NY Times (R) Charles Schwab's 401(k) fumble Slate European indices are up some 15 percent in the last three days CBSM South Korea economy feels blast of 'perfect storm' FT The situation of the Korean economy can only be described as total crisis Japan insurers face woes on promised returns Reuters Japan FSA to announce penalty on Nikko Salomon Reuters Accounts frozen in Swissair probe Swiss Info Singapore banks under pressure AFP Daima: Little bank with a big hurt Financial Standard (Kenya) Mutual fund firms record worst retirement savings year in history Financial Post Crude Crumbles Bloomberg “It's been a domino effect. We saw funds go through big sell stops and heavy technical selling.” Worrying about a 1991 replay Atlanta Business Chronicle ˜Every CEO I know is postponing all of their capital decisions’ Resolution in Iraq may not cure what ails U.S. economy Globe & Mail How much will war cost? CNN/Money The Hidden Cost of Peace Fortune War could mean the end of the economic world Times Online Unintended Consequences: Iraq, Pensions and Index Funds SafeHaven (Mauldin) Post-war economic outlook worsens BBC Markets, Brokerages Brace for Volatility WP NYSE and Nasdaq Say Measures Are in Place to Prevent Breakdowns. Many companies to pull ads when war gets underway USA Today Saddam's defaulted debts regain asset status Bloomberg Some money managers are so confident that a future oil-rich Iraq will pay Saddam's bills that they are offering 16c on the dollar. Euro zone may plunge into recession due to Iraq war: EC AFP Monday March 17 CEOs as Central Bankers (Final Part 3) Market Ruminations (Picks) Russell on the Markets Gold-Eagle The truth is that over the past 22 years, a span taking in the greatest bull market in history -- you'd have done just as well in Treasuries as you would have had you been in the S&P 500. *I’m with Buffett: Some derivatives are* scary MSN (Fleck) Fed zeroes in on interest rate plan B Times Online What if plan B fails? The Fed is already lining up a plan C, a plan D and even a plan E if the worst happens. Productivity’s False Facade Newsweek It’s tempting to believe that rising efficiency will rescue the economy. But the surge reflects more bad news, such as mass layoffs, than good. Footnote reporting distorts impact of stock options Boston Globe (Harvard) The controversy over stock-option accounting has gone on far too long. Stock Option Vote Nears Reuters Pensions in Peril Pimco (PDF File) "The Bond Market Is at Risk" Business Week (Gross Q&A) High diesel costs might be shared with consumer Seattle Times “Some truckers are postponing maintenance, such as oil changes and tire rotations, to stay in business” When the jobs have all dried up SF Gate Living on the Edge SF Gate Millions of Americans must do without health insurance Auto Industry Slipping Into Weak 2003 Bloomberg Spiegel Files for Chapter 11 Bankruptcy Reuters Ford to bring $1.7bn SPE exposure onto books FT Is Fannie Mae Risk Growing as Rates Fall? Reuters A big exit, as Gillette shares go nowhere Boston Globe New Goldman Cuts NY Post Goldman Sachs CEO Henry Paulson Jr. is taking his foot out of his mouth long enough to give more of his employees the boot. Street cuts mean less stock research USA Today US regulators face hurdles tying banks to fraud WSJ Auditors should end tax role, says Volcker FT Japan Government Fukuda:Share Prices Will Eventually Recover Dow Jones U.S. expresses fears about Japan economy Japan Times (Kyodo) Dresdner chairman tipped to step down FT Consumer boom could end in bust Hoovers (Independent) Consumer debt burden imperils homeowners Times Online Setbacks shake pillars of Swiss economic stability IHT (NYT) “Call it refi madness. Another wave of mortgage refinancing has struck the American economy, and this wave is the biggest one yet.” Boston Globe 48-Hours CNN Bush To Address Nation CNN Anti-War Protesters Raid London Oil Exchange Reuters U.S. Advises UN Inspectors to Leave Iraq, ElBaradei Says Bloomberg ~~Gold, Oil Surge; Stocks, Dollar Sag~~ ~~Reuters~~ Stocks Surge Oil Sags EU Commission Fears Oil Shock On Iraq War Dow Jones The Unmighty Dollar Newsweek A costly war could drive more foreign investors away from the United States Investors told to 'hold on tight' BBC War Inc. Salon American corporations with close ties to the White House are poised to cash in on Saddam's defeat. French companies need not apply. Iraq Gulf Oil Exports Stop Reuters Bush Has Audacious Plan to Rebuild Iraq Within Year WSJ Reflation Trade? Morgan Stanley (Roach) A lopsided world had plenty on its plate before Iraq Wizards, or windbags? CS Monitor “Tomorrow is a moment of truth for the world” President Bush Weapons of Mass Destruction CrossCurrent Weekend Edition (March 15-16) Wall Street's Big Bet on Gulf War Reuters (Belec) People are kidding themselves if they think it's wise to chase trashed-out stocks because they've been beaten down to a pulp. The Fed’s Plans for Dousing the Fire Business Week Greenspan & Co. are putting in place contingency plans to restore calm to the markets and to shelter the world economy from a financial meltdown. Battle Fatigue NY Post U.S. Brands Abroad Are Feeling Global Tension NY Times (R) From word 'go,' markets ready for war CBS MarketWatch Growth may limp along even after the troops come home Business Week The specter of deflation has economist sounding worried ST (Burns) “You can stuff the banks with money, but you can't make them lend.” Shilling Interest Rate Cut Looks Unlikely, Analysts Say WP (Berry) S&P 500 Waterfall Imminent Zeal Horror stories Economist Even without the uncertainty about Iraq, the global economy would be fragile Economy May Be Near New Recession Reuters (ECRI) No Bedtime for Bears After Nasdaq Peak Reuters Increasing Margin Debt Showing Investor Optimism NY Post This is a rally for all reasons Financial Post Buffett Says Cutting CEO Pay Is Key to Regaining Investor Trust Bloomberg AMD cuts more as struggle continues CBS MarketWatch Wyeth Lays Off 80, Moves 215 to Accenture Reuters From WorldCom, an Amazing View of a Bloated Industry NYT (R) (Morgenson) Accounting for error JSOnline Company corrected misstated earnings and asked workers to repay profit-sharing payments. Think-tank sees a decade of slow growth ahead for the economy Telegraph Currency Missteps Haunt Argentina Bloomberg Corus to axe 4,000 jobs as crisis grows Observer Japanese Police Arrest 7 In Ishikawa Bank Probe DJ (Kyodo) Mass pension closures 'inevitable' BBC “Looking for scapegoats now is as much a part of the human condition as succumbing to bubble-induced euphoria was then.” KC Star Friday March 14 Sentiment Bashed to Decade Low Reuters (Mich) Producer Prices Up by 1% in February BLS Current Account Deficit Widens Bloomberg If bonds hit bear trap, it may be for long stretch USA Today A bond bear can last a long time. Interest rates rose from the 1940s through the 1970s, producing a bond bear so long that bonds became called "certificates of confiscation." Bank of America CEO Lewis Says Economy in `Virtual Paralysis' Bloomberg The Return of Stagflation Ludwig Von Mises Hedge fund bears says equity recovery may take decades Reuters More bad news for PC makers CNN/Money Worldwide growth in 2003 could be lower than expected, according to firm. U.S. jobs jumping ship CNN/Money “Over the next 15 years, 3.3 million U.S. service industry jobs and $136 billion in wages will move offshore...” Retail report raises recession fears AP “You have to be living in a cave not to feel spooked and anxious” Consumers Have to Slow Down Prudent Bear Financier's Fall May Hit New York City Washington Post Tight times lead to fewer special breaks for corporations CS Monitor Number of unemployed in Mass. revised upward Boston Globe 171,500 More Jobs Disappear in State NY Post New revisions to employment data show that New York state lost 171,500 private-sector jobs in 2002. Will Housing Bubble Burst? Hartford Courant Westport Minuteman SFGate Single-family housing sales in the Hartford region plummeted 20 percent in February. WorldCom Writes Off $80 Billion In Assets WP Ford cuts Q2 production by 17% CBS MarketWatch Schwab says forecast 'too aggressive' amid slump in trades Bloomberg Market slump hits Ameritrade Reuters Bankrupt airline targets pensions Washington Times Revlon has 17th consecutive losing quarter DJ/AP Thomas Weisel to lay off 100 of its 600 employees Mecury News Accenture cuts 1% of workforce Detroit Free Press Cowpland to argue own case on accusations of illegal trading Globe & Mail SEC May Charge Symbol Newsday Computer Horizons CEO Cassese Indicted Reuters Formerly high-flying analysts bailing out AP NYSE Makes $900 Million Error NY Post Standard & Poor's gets to core of confused earnings reports RMN Gold Is Still Solid S&P In Germany and Japan, a new gold rush FT Dead cats and market madness BBC Buyers pile in - but bet is rally won't last Guardian S & P set for mass European downgrades Times Online A Brouhaha over German Bond Ratings Business Week Incensed executives ask for a "European" agency Another crisis nears in Japan CBS MarketWatch Portugal falls into recession Online.ie First eurozone country to officially fall into recession Stock markets on tenterhooks BBC Central banks ready to cut rates in event of war IHT (Bloomberg) Saudi, U.S. comments hit crude hard CBS MarketWatch Lex: Oil/US markets FT Soros Predicts Brief War Rally Reuters ”Whatever the outcome in Iraq, I dare to predict that the Bush policies are bound to fail” IEA: oil supplies too tight for war AP Office Depot warns about war effect Reuters “The weakest lodging environment since the Great Depression." Marriott's chief financial officer, Arne M. Sorenson “Wall Street strategists and economists have been calling for a bottom for three years and are still doing so now. At the 1974 bottom 68% of investment advisors surveyed by Investors Intelligence were bearish compared to only 38% at present.” Comstock Thursday March 13 Stocks Rally on Speculation of Short War Reuters Iraqi 'secret surrender' negotiations under way CNN Gold hits near 3-month low on dollar, Iraq Reuters Kitco European Stocks Surge Bloomberg Bush's inflated sense of supremacy FT (Soros) The just-in-case economy Economist Retail Sales of 1.6% in Feb Census Weekly jobless claims dip to 420K DOL Fannie & Freddie are sitting on $3.1T time bomb NY Post Betting the house Economist Housing markets in several countries are looking decidedly bubbly. Experts See Dow in Deepening Hole NY Post Banks seek change in hard-asset rule CBS MarketWatch (Calandra) It may be much ado about nothing, but a proposed change to the way commercial banks handle commodities has some hard-asset investors riled up. Derivatives are the kiss of death CBS MarketWatch Regulator backs banks' use of derivatives FT Options could hurt profits AP Plan Restricting Stock Options Stalls at S.E.C. NY Times (R) (Morgenson) Schering-Plough, CEO May Face SEC Charges USA Today Pension Assets of States Fall WP What if pension optimists wrong? Financial Post 'Either costs have to go up, or benefits have to go down 'Schwab Trading Falls, Plans Cost Cuts Reuters Tyco to Close 300 Plants Reuters Nikkei ends lower, gov't steps fail to lift mood Reuters Japan's FSA to ease rules Reuters Philips to Cut 1,600 Jobs in U.S. and Europe WSJ “It is a sort of self-fulfilling death spiral fall” Times Online Moody's downgrade reduces EMI to junk Times Online Pensions crisis gathers pace IHT Japan: With Fiscal Year-End Approaching, What Does April 1 Hold? NT More BOJ stock-purchases eyed Japan Times South Korea Trusts May Halt Redemptions Amid SK Fears Bloomberg Argentine President Candidate Urges Peso-Gold Link, Herald Says Bloomberg Wednesday March 12 Dow 36,000 or Dow 70,000? Comstock "It's been the winter from hell" USA Today Homeowners are getting a cold slap in the face: February gas bills. US consumer confidence down March 9 week-ABC/Money Reuters Mortgage Re-Fi Applications Hit Record Reuters MBAA The Truth: Tax Cuts and Deficits Don't Mix Washington Post The idea that lowering taxes leads to stronger economic growth is pure economic baloney. The twin deficits loom CNN/Money The United States hasn't been this underwater since the '80s. Could it bring on another recession? Budget Gaps Could Derail Economy Reuters UCLA Debt Loads Hit Schools Nationwide AP The Greatest Depression Is Coming Financial Sense 2003 isn't as dark as 1933 KC Star Just for a moment, try to think how you might react if you awakened tomorrow to learn your bank had closed and all the money you had in the world had vaporized. A Financial 'Time Bomb'? WP Since the 19th century, governments have tried to prevent financial panics, which led to economic slumps and depressions. Fear on junk risk FT The creditworthiness of some US life assurers is at risk due to their large exposure to junk-rated bonds. How insiders can unload stocks in secret MSN A lot of investors get nervous when insiders start dumping stock. But insiders are increasingly using hedging to pocket cash in a way investors won’t detect. Insider Trading Spotlight - Sector Buying/Selling (as of Mar 7) WSJ Analysts take the coward's way out CBS MarketWatch Stock fund fees climb as market falls USA Today New Option Rule Has Key Backers As Panel Meets Today WP Magellan Files For Chapter 11 To Reduce Debt WP Spiegel seeks cash to avoid Chapt. 11 Chicago Sun-Times Attendance Dips at Disney's Parks in Fla. AP Madison Avenue Withholds Numbers After Terrible Year NY Post Verizon warns of job cuts in N.J. as revenues drop Star-Ledger Intel Cut a Little Deeper Than Expected Black Box Hammered TheStreet Intel's options costs would cut profit by 38% Bloomberg Trump to sell bonds to avoid cash crunch Star-Ledger McDonald's Same-Store Sales Off 4.7 Percent Reuters Lexington furniture plant to lose 150 jobs Winston-Salem Journal Goldman's latest tech-spending survey shows less optimism AP Tech magazines short-circuit Globe & Mail Fed eyes relaxed U.S. commodity derivatives rules Reuters European shares crash BBC War fears and gloom hit Scottish economy Scotsman Japan struggles with end of year show BBC Europe's Insurers Take Cover Business Week Baer to cut 10% of staff amid warning FT IMF blames war talk for cut in growth forecast Guardian War and the Economy Ludwig Von Mises U.S. businesses hobbled by uncertainty Globe & Mail Chevron cuts off Iraqi oil spigots SF Gate Oil firms 'discuss Iraqi stake' BBC Oil firms have held discussions with the government over a possible stake in Iraq's oil reserves after any war Airlines will ask Congress to suspend $9 billion in annual taxes... AP AMR Booted From S&P 500 TheStreet North Korea prepares new test of missile WT Report: SEC Investigators to Probe AOL AP Kozlowski watches a preview of Tyco fraud trial NYP WorldCom report suggests Ebbers knew of fraud WSJ Xcel outage records 'corrupt' Bloomberg Audit report says 81% of company's data can't be verified Wells Fargo loses negligence lawsuit Rocky Mountain News Wyoming couple gets judgment of $8.7M for nest-egg losses Tuesday March 11 Twilight Zone Morgan Stanley (Roach) Bush Aide Says U.S. Wants UN Vote on Iraq This Week Bloomberg Airlines: Iraq War Could Cost 70,000 Jobs Reuters Manufacturing activity slowed notably in February Richmond Fed Service Sector The Bear's Lair: How news moves the market UPI Cut in pension target sends signal Boston Globe If Fidelity Investments, the world's biggest mutual fund firm, is ratcheting back expectations for its own employee pension plan, what does that say about the financial future for the rest of us? Close to Divest Many companies are poised to shed failed acquisitions -- but few want to talk about it How the Fund Industry Hides Its Bodies TheStreet A fund company can simple close or merge a disastrous fund out of existence. And -- poof! -- that fund's terrible track record immediately vanishes... Gargantua’s Manipulation of the Markets Gold-Eagle Bear market still showing teeth Reuters “We have seen the highs for 2003... this bear won't end till Dow 3,000-4,000” What rebound? Tech firms still slashing jobs USA Today Brokerage Firm Turns Off CNBC NY Times (R) Responding to employee anger over how CNBC depicted the firm, Merrill Lynch will soon prevent its employees from watching CNBC. The Demographics Of Protectionism Smithers & Co. State Budget Shortfalls May Cancel Out Bush Plan Bloomberg States: Don't Look to Washington for Bailout Capitalism Magazine As budgets shrink, class sizes expand CS Monitor Lack of cold cash chills biotech sector's outlook Seattle Times American on bankruptcy course Rocky Mountain News (Bloom) American Tissue Charged with Fraud Reuters Ford launches investigation of its COO FT SEC Probes King Pharmaceuticals Dow Jones Cisco Stumbling Toward Sales Setback TheStreet Nokia May Cut Sales Outlook as Users Buy Cheap Models B Nokia Cuts Gold reserves face depletion in 10 years - Barrick Mineweb Renminbi can take gold to $500/oz Mineweb Stock options face vote CNN/Money Buffett Keen to Snap Up Cheap Utilities Reuters Nikkei ends below 8,000 for first time in 20 years CBS Japanese call for action to avert financial crisis FT Balance of quasi-money falls again Japan Times Economists skeptical over promise to take action on stock-price tumble Japan T FTSE slumps to eight-year low Times Online The day when the dead cat didn't bounce Guardian Europe 'has £315bn pensions gap' FT Volkswagen Sees `Significantly Lower' 1st-Qtr Profit Bloomberg Russia No Longer Backs up Dollar? Pravda Housing in the Macroeconomy Fed Poole Falcon (PDF) Stocks Fall on War Fears, GE Pension Loss Reuters Biggest Losses Since Jan Bloomberg Buffett: Reinsurer Stops Paying Claims Reuters Monday March 10 Fed's Poole Says Crisis Is Possible for Fannie, Freddie Bloomberg In the long run, the price you pay is what counts MSN (Fleck) Bear Market Still 'Has a Long Way to Run' Newsday (Tice Interview) The Big Bear market 321Gold (Russell) Long-term faith in stocks wavers CS Monitor Economists Chop U.S. 2003 GDP Forecast Reuters (Blue Chip) GE Footnote Discloses $5.25 Billion Pension Loss Bloomberg Long-term jobless near peak of '90 recession USA Today “Not only is long-term unemployment showing no signs of subsiding, it's now clear that the problem is reaching more deeply and broadly into all corners of the labor market.” Bubble blowers run out of puff Guardian Between 1996 and 2001 there was a rise of $1,653bn in corporate tangible assets, dwarfed by a rise in financial assets of $3,603bn...The result has been a systematic undermining of corporate balance sheets. Deflating Europe, Housing Bubbles and Greenspan's Amnesia Investor Insight Bear market bites many state pension programs Al.com More firms gambling on 'weather futures' USA Today Gas prices jump a nickel in 2 weeks MSNBC State By State CNN SEC widens probe into 'death-spiral' schemes FT Strong Dollar Is a Policy in Name Only TheStreet Machine tool sales down 24.9% AP AMR Said Checking on Bankruptcy Financing Reuters Down and out (of a job) in Silicon Valley Reuters Bristol-Myers Restates 1999-2001 Profit Reuters “Questionable sales practices had artificially boosted profits” Chip Equipment: A Lingering Fog Business Week The idiot's guide to hedging and derivatives MineWeb Nikkei Hits (Another) 20-Year Low CBS Warning on credit derivatives FT European regional banks have taken on a lot more risk than their public accounts show because of heavy exposure to credit derivatives, according to new research. Business failures could rise to 20,000 this year Times Online Graphic - The Profits Forecast: Storms Brewing Times Online Deutsche Telekom reports record loss BBC Is This the New World Order? Newsweek Dollar Falls After Powell Speaks Bloomberg Crude Oil Rises as U.S. Says It May Win UN Vote “The Iraq news may be bad, but the economic news was even worse.” Chuck Hill Weekend Edition (Mar 8-9) Three Years of Pain CNN/Money No Party A gloomy forecast from 'perma-bear' Observer (Roach) 'Thank god for China or I might be suicidal Expert View: The first cut is the deepest Independent Over the long term - figures stretch from 1871 to 2002 - by far the biggest return for US investors has come from dividends. The CFA bubble? Gold-Eagle Economy Can No Longer Count on the Consumer NYT (R) Cheesecake Dependency Prudent Bear (Noland) QQQ Ambush Lurking Zeal Market's an inferno, and then you ... CBS MarketWatch (Calandra) We do not see a sustained change in direction that consistently favors equities until around 2015." Investor reliance on financial planners may be costly AP Firms Curbing Employees' Web Access WP Scarce profits seen for U.S. hog industry Reuters Nikko Salomon Faces Trading Allegations WP Top execs at Conseco in line for big bonuses IBJ Some creditors are disgusted by the big payouts... U.S. agency seeks takeover of Wheeling-Pitt pensions Post-Gazette Reliant to Stop Trading Natural Gas to Bet on Market Bloomber Gold's (almost) chastened stock promoters Mineweb Scrooge McBuffett's silver in the attic FT Buffett Attacks Greedy CEOs on Scandals Reuters Berkshire Hathaway - Letter to Shareholders - Annual Report Japanese are left swinging in the rain FT Falling wages, caused by a decade of economic stagnation, coupled with heavy debt, have chipped away at golf course and resort operators' fortunes. As stock markets test fresh lows, a new rationality dawns Independent Employees face £50-a-year bill to insure their company pension Times Online Chou Chin shares plunge after default Taipei Times The company says it's viable despite the failure of four securities houses to settle NT$2 billion in trades amid allegations of insider trading. War’s no quick fix for market NY Post What if the conventional war wisdom is wrong? CBS “Remember that the first Gulf War in 1991 took a full 43 days.” CBO calculates Iraq effect on budget MSNBC N Korea Test Fires AP Pyongyang: We'll put a torch to New York SMH N Korea Jets Tried To Take US Crew Hostage DJ (NYT) Iran's Nuclear Threat Time Friday March 7 Merrill now expects Fed cut CNN/Money Payrolls Dive by 308K BLS Jobs report could be a downer CNN 46% of Americans Making Minimum or No Payments on Credit Cards ~ Cambridge U.S. stocks trade flat on Bin Laden watch CBS MarketWatch Dollar Falls to Four-Year Low vs Euro After Bush Speech on Iraq Bloomberg The Gulf Between Then and Now TS The most glaring financial difference between 1990-91 and today is that the first Gulf War did not follow one of the greatest manias in financial markets' history OPEC to Struggle to Lower Oil Price as Iraq War Looms Bloomberg Japan could be the new paradigm TO Ignoring the Alarm AJR A number of business journalists wrote pieces spotlighting the questionable practices that would lead to the bursting of the nation’s longest economic bubble. The Failure of Central Banking Morgan Stanley (Roach) Fed Will Cut Key Rate to 1 Percent, Rate Futures Show Bloomberg Park your cash on the sidelines, 'fear index' says Reuters Another Greenspan Social-Security Reform? Ludwig Von Mises Let's ask a new question: Is outsourcing trade? Washington Times Deflation seen in some sectors NewsObserver Retailers are going through a period of chaos, turmoil and transformation Cost and Prices: Another Economic Fallacy BrookesNews (Jackson) Auto incentives continue to rise, but sales decline AP Trending Below 16 Million Prudent Bear Mortgage Rates Slide To New Low WP Housing bubble will burst Rocky Mountain News Fund's decline triggers unemployment tax hike SacBee Michigan Tax revenues sink with economy Detroit News Intel narrows first-quarter revenue outlook FT Still in the Dumps Comstock Wall St banks provided 'lifeblood' to Enron FT $5 billion Impoperly Treated WP CSFB Bankers Subpoenaed by Enron Examiner Reuters Tyco Holders Reject Effort to Return Offices to U.S. WSJ Sins of the Father (Grubman) NY Post Quattrone Charged NYP Global worries scare short sellers from gold Globe & Mail ARTRS Fund Owns $650 Million In Derivatives Arkansas News Bureau German market at seven-year low Times Online CNBC In Germany CNBC Nikkei Breaking Crucial Chart Support Dow Jones Nikkei plummets G&M International Power shares hit by debt fears FT S&P eyes ratings cuts for 15 Canadian utilities Globe & Mail ‘10-day deadline’ CNN Iraqi Warns War Will Raise Oil Prices AP Thursday March 6 It was a Mick Jagger moment AP Big Snow Storm NY Post The danger of the falling dollar CNN/Money U.S. stocks a long way from bottom, analyst says T-Star Deflation myth Financial Post Alan Greenspan and the Fed are obsessed with fighting non-existent deflation... Weekly Jobless Claims Jump to 430K DOL Futures Slump CBS The U.S. Economy: What is Going Wrong? BrookesNews (Jackson) "The 20th Century Was Probably Lucky" Business Week (Shiller) Divided on Derivatives WP Warren Buffett, Bill Gross Agree Bloomberg Greenspan, Buffett at Odds on Risks of the Financial Instruments on Danger of Derivatives Use Bloomberg Light dims at end of tunnel Rocky Mountain News Economist increases chances of double-dip recession to 55 percent Big Federal Deficits, Bigger Risks NY Times (R) If the government remains in a state of deficit denial, the accounting rules applied to the budget will probably change to conceal the problem. 4 warning signs of funny numbers MSN Silicon Valley woes push homes into foreclosure USA Today Natural gas bills headed for a steep rise AJC Bills Soaring UPI EIA Update Raytheon Warns - Northrop Cuts - Tyson Slashes - Beverages Fall Reuters Schering Warns - Toys R Us cautious - Fidelity cuts pension forecast FT/BG Playboy to feature junk bonds CNN/Money Report: Fidelity testing short-sell product Boston Business Journal GM hires Morgan Stanley for sale of mortgage unit FT Turmoil May Rain On Disney's Parade WSJ Putnam lays off nearly 60 workers Boston Globe UAL to ground 900 Rocky Mountain News Aerospace employment hits 50-year low New Mexico Business Weekly Milken Gets Educational Resources Co. for $265 Million NY Post CSFB staff pressed to testify on Enron role FT Hercules Fight Being Chained By a Dissident NYP Don't buy this bear; stocks still seen as too high Reuters Comeback Crusader Time Buffett's 'Comeback' 321Gold (Ackerman) Nikkei slumps to 20-year lows Times Online ECB cuts rates 25 bps to 2.50 pct as growth slows Reuters Bankruptcy & bailouts: Business as usual in Japan Reuters IT Investment Down Japan’s malaise was made in United States Daily Times Canada sells gold reserves Toronto Star German February Unemployment Rises More Than Expected Bloomberg Europe's powerhouse in crisis Guardian Banks push Germany to the brink MSN Service sector stalling Scotsman Prudential hit by mis-selling fine BBC Aegon, Royal & Sun Slash Dividends; Swiss Life Has Record Loss Bloomberg Judge seeks executives for questioning FT Argentina's forced 'pesofication' ruled illegal Globe & Mail “Moody's says the total dollar volume of defaulted debt last year soared to over $163 billion. That's a 60 percent jump from the $106 billion in the dollar volume of defaults in 2001.” CFO “Companies in the Standard & Poor's 500 Index lost more than $200 billion in the past two years in pension investments without clearly disclosing those losses in SEC filings...” Bloomberg The Myth of War Prosperity Lew RockWell (Ron Paul) Advertisers to duck when shooting starts Union-Tribune Wednesday March 5 Gas Prices Hit Record Levels USA Today “I would not be surprised to see most people paying $2 to $2.25 for gasoline in April...Everything points to all-time highs in every state.” Energy Shock IV, a scary economic sequel Philly Inquirer Virginia Investigates Gas-Price Increases WP State: Energy fraud huge Sacbee “It's not just a smoking gun. It's an entire arsenal.” Slowing Service Sector Growth a Bad Omen Reuters ISM Provident Financial to Restate Results Reuters Provident Release “due to the ‘discovery’ of off-balance-sheet transactions.” Capital Spending Myths Morgan Stanley (Roach) Safe Havens Disappearing USAT Boo-hoo Economics CFO CFOs are gloomy about the short-term prospects for the United States. Investors, beware the ides of March CBS MarketWatch (Kellner) All three price bubbles -- bonds, homes and oil -- could be history by the end of this month. Do deficits no longer matter? Economist U.S. Budget Deficit Rising Fast NY Times (R) Ben Bernanke and the Risk of Recession Smithers & Co. Promises, Promises, Promises Prudent Bear The Federal Reserve knows that there is a limit to the level of bankruptcies that our financial system can endure before risking a total collapse of the financial system. Greenspan's second bubble UPI Greenspan's speech has a troubling head-in-the-sand quality to it. Housing Bubble: Myth or Reality? Ludwig Von Mises Companies Widening Profit Forecasts Bloomberg Weekly Cumulative Breadth Cross Currents Disaster in the Global Equity Markets Scoop.nz Qrazy about the QQQ CNN/Money A Hard Line On Options As Expenses WP FASB Chief Herz Says He'll Fight for Change SEC Probes Holdings At Van Wagoner NY Post CSFB Banker Quattrone Resigns WP Costco 2nd-Quarter Earnings Fall Reuters Petsmart Warns on Profit, Stock Slammed Reuters General Motors May Sell GMAC Finance Unit, Web Site Reports Bloomberg Newmont's hedge book bites back Financial Post Buffett intrigue: Is he buying gold? CBS MarketWatch (Calandra) Indiana: Tough school cuts for tough times Journal Gazette U.S. slaps 3.94% duty on wheat FP Mutual funds have dreadful February Toronto Star Bombardier to cut 3,000 jobs Globe & Mail The Warning France Telecom Posts Record EU20.7 Bln Net Loss Bloomberg Ban on pension scheme exits BBC LogicaCMG to cut 800 jobs BBC In China, Building Worries WP As Housing Keeps Going Up, Some Fear the Bubble Will Burst Snow: “not particularly concerned'' about dollar weakness Bloomberg Fed's Parry: More Room to Ease Again Reuters Foreign ministers oppose resolution CNN U.S. may consider abandoning second resolution CNN 60,000 more U.S. forces ordered to Gulf USAT U.S. Sends Bombers to Guam to Deter N.Korea Reuters Airlines pushed to the edge SF Gate Carriers sure to face even more losses if hostilities break out. Tuesday March 4 Dollar Falls to Near 4-Year Low Against Euro on War Concerns Bloom Iraq Win Won't Clarify Market Outlook Bloomberg Continental: War Fears Hurting Business Reuters Bigger boom, bigger bust Boston Globe You have to go back to 1958 to find another year when total technology spending actually fell. USD Teeters, New Lows Imminent Safe Haven The Bear's Lair: Three years from the peak UPI We are nowhere near the bottom yet, either in terms of the stock market (even if the administration continues to avoid Hoover's economic errors) or in terms of time. Ditch Stocks, Bonds For Money-Market Safety NY Post Whipsawed by Wall Street Business Week Guideposts Safe Haven (Russell) The world’s banking system is in disarray GoldSeek The 2003 Spending Orgy Texas Straight Talk (Ron Paul) Price Pace On Homes Slows WP Greenspan Says Housing Market to Cool AP Greenspan Speech Customer financing is wreaking havoc on corporate balance sheets CFO Former Tech Giant Von Wagoner Shuts 3 Funds NYP Survey Sees No Big Lift in IT Spending TheStreet Investors want Tyco based in US Boston Globe Newspapers cut CNN/Money Ntelos files for Chapter 11 bankruptcy Reuters Calif. names 70 firms in price scheme CBS MarketWatch Companies manipulated energy to drive up costs Waksal Pleads Guilty Washington Post Big 3 U.S. carmakers suffer another drop in auto sales IHT Some Grim Numbers for the Airlines NY Times (R) W-P weighs options without loan guarantees Post-Gazette Martha Stewart beats forecasts, warns CNN/Money Big Trouble At Disney NYP Ralph Nader forms new SEC oversight panel AP Autos weigh on European bourses FT Mitsubishi Tokyo Offer Hits Existing Shareholders Hard Dow Jones IMF warns of potential housing bubble Reuters French Consumer Confidence Falls Close to 6-Year Low Bloomberg Airbus Plays Down Payment Delay Reuters Monnday March 3 What Worries Warren Buffett Avoiding a 'Mega-Catastrophe' Fortune Derivatives are financial weapons of mass destruction. The dangers are now latent--but they could be lethal. Buffett on Investing in Stocks Today Fortune 'Unfortunately, the hangover from [the market bubble] may prove to be proportional to the binge.' More From Buffett - Fortune Special Why Alan Greenspan is a menace MSN (Fleck) Greenspan’s easy money policies precipitated the market bubble, and his speeches made folks feel and act as if nothing bad could happen. He was wrong, and the public is paying the price. Will US lose the war of nerves over consumer confidence? Independent The Fed cannot deliver the monetary easing that it has done in the past when confidence has collapsed. ISM Index comes in below expectations (50.5) ISM Personal Income up 0.3% in Jan -- Spending down 0.1% BEA Investor Eye Warsaw Business Journal “We are looking at 2016, give or take a year, as the turning point...” Worst credit climate since the depression CFO Never pay 100 times revenue Beacon Journal 4 stocks to avoid, unless you sell short Worried about a crash? Get into T-bills or gold Miami Herald Investors are getting kicks from the dollar while it's down USA Today Bank CDs denominated in foreign currencies and mutual funds that invest in foreign bonds are surging in popularity Strapped American companies cut research budgets, refocus spending USAT States Trying Creative Tax Hikes CTNow Graduates-to-be face greater uncertainty in a bleak job market KC Star Rite of spring: Gas prices expected to rise AP GM, Carmakers Face Declining Sales as Consumers Slow Spending Bloomberg US campaign against offshore HQs steps up FT Investors file record number of complaints for second consecutive year DJ/AP Capital One CFO quits after SEC notice Reuters No-show may get Quattrone barred Reuters Palm: Will Miss Targets Due to Weak Sales Reuters Donster’s High Diving NY Post Should the feds bail out the states? Washington Times Germany Calls for European Rival to S&P, Moody's Bloomberg ECB tipped to cut rates after rise in oil price Times Online Homeowners gamble on a crash by selling Independent Long-term care needed for many pensions FT Talks at BAE over pensions 'crisis' BBC HK grappling with budget gap UPI Black week ends with growth warning SwissInfo A spike in oil prices stalks the global economy IHT (NYT) The Wages of War New Yorker The era of military Keynesianism, in this country, at least, is dead, and we really shouldn’t mourn its passing: an economy that relies heavily on military spending is unhealthy anyway. Tax Cuts Plus War Equals a Record Deficit Washington Post Turkish markets plunge after war vote BBC Weekend Edition (Mar 1-2) U.S. Ready to Attack Iraq Even If UN Vote Fails Telegraph At least $1,000 per family Post-Gazette Global oil prices to break $40 barrier Sunday Herald The level of uncertainty is now so high that the unthinkable of $50 a barrel is no longer unthinkable. Iraq Begins Destroying Missiles CBS When Bombs Fall Will Rates Rise? WSAW Top manager predicts a depression Miami Herald “When you say it can't be like 1929 through 1931 [when stocks lost 89 percent of their value], you're right. It could be worse'' ‘Growth' fund all in cash as manager fears losses Seattle Times (CBSM) Some Warn of Real Estate Bubble Reuters Gold Is on the Rise, So What's Bugging Barrick? NY Times (R) Don't Count on Corporate Bonds for Safety NYT (R) (Morgenson) Investors who hope that their retreat to bondville will reduce risk in their battered portfolios could be dead wrong. Fear in Check? Contrary Investor** Key Inflationary Manifestations Prudent Bear (Noland) Wisdom of Jesse Livermore 2 Zeal The Downward Spiral Jim Rogers The dollar is not just in decline; it’s a mess. Experts Worry on Stagflation AP Economy hits Detroit contractors Detroit News Many in S.C. earned less in '01 than in '99 State U.S. pensions lost $1 trillion in last 3 years Reuters ”The three-year loss -- equal to China's GDP last year -- was "probably the most destructive in the whole history of the U.S. fund business.” Tight U.S. Job Market Adds to Jitters Among Consumers NY Times (R) Americans are now more worried about their job prospects than at any time since 1993. Investors wearying of losses Cincinnati Enquirer Fed Banks Prepare for Aging of the Guard Reuters Natural Gas Price Surveys Under Suspicion Washington Post February Volatility Reflects Uncertainty Gold-Eagle When natural gas can move more than $25,000 per contract within a single session, you are looking at extreme volatility. AMR Downdraft NY Post United Airlines' Employees Sue Stock Plan AP Employees claim investment managers cost them billions by holding onto plummeting company stock. Judge: US Air Can Terminate Pension Plan Reuters Cash-Bleeding Red Herring is Flat-Lined NY Post Bankrupt Peregrine cuts revenues by 40 percent Reuters Buffett withdraws bid for Burlington Industries AP Stagflation traps Bank of Canada CanWest Bear market mauling sales Financial Post Only the lowly GIC is doing well this RRSP season. Joblessness leaps in 7 prefectures Yomiuri In impoverished Argentina, all that glitters invites thieves AP “Real estate is a horror story in the making, thanks to Fed Chairman Greenspan's artificially low interest rates” James Dines “The bubble has burst, and the once-unthinkable is now being discussed openly: the possible forced departure of Federal Reserve Chairman Alan Greenspan.” MSNBC.



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