feedmay03




			Weekend Edition (May 31-June 1) Eastern Meditation Contrary Investor The Catalyst Financial Sense Bush: Dollar's Fall Contrary to Policy Reuters “The market, at this point in time, has devalued the dollar, which is contrary to our policy” Democrats Expect Record Debts WP Federal Deficit Is Forecast to Approach $500 Billion Next Year Valuation Wave Reversion 2 Zeal The New New Game Prudent Bear (Noland) The Muddle Through Economy Frontline Unemployed workers endure longest job searches in two decades AP “We all thought if we can just get through 2002, it'll get better, and it hasn't” Nothing to bank on worsens the bust SMH Wall Street baroque Guardian Did the collapse of Enron epitomise the needless greed of a few individuals, or was it obeying the logic of a market system that itself takes advantage of the general public? Booksellers tell uncertain economic story KC Star Morgan Stanley Legend Barton Biggs Signs Off Reuters Tyco Touters Were a Dime a Dozen NY Post Icahn makes $700m bid for Global Crossing FT Brady Corp. trims 50 jobs JS Online Deepest round of layoffs in its 89-year history Regional Grocer Back in Bankruptcy Court AP SEC seeking to bar Ernst & Young from accepting clients for 6 months AP The Japanese experience Asia Times Fed's Bernanke advises BOJ to reflate, cooperate Reuters No U.S. Deflation... Resona applies for 1.96 trillion yen Japan Times ECB ready for big rate move CNN Does Europe Work? NewsWeek The global downturn is highlighting the self-destructive flaws in the design of the eurozone Nothing Is Better Than Gold Pravda Russian economists discuss an opportunity to put a golden ruble in circulation Reserves Grow $3.2Bln in One Week Moscow Times “Right now the dollar is not a very attractive currency” The awful truth about airlines Financial Post U.S. handing out a million dollars a day in Iraq AP The Defense Department, infamous for its long-standing money management problems, will soon send a dozen auditors to oversee the spending. Bush, Blair Face Heat Opportunities abound in Iraq, amid the chaos AP First Quarter Corporate Profits And Cash Flow Weaken Northern Trust Friday May 30 Chicago Purchasing Mgrs Index Up in May Reuters Consumer Sentiment Up NYC Economic Gauge deteriorated further in May Reuters Personal Income Flat, Spending Down Reuters BEA Brass Tax American Prospect Breaking down the tax cut, in all its wrongheaded glory Late Deals Got Tax Cut Done WP Big business had its share of victories in the negotiations... The Lessons of Japan Morgan Stanley (Roach) The Reason Why Dollar Rates are Fluctuating BrookeNews Economy Still A Mess Comstock Dallas Fed eyes long-term debt in deflation fight Reuters -- Monetary Policy in a Zero-Interest-Rate Economy Dallas Fed Recovery Still Feels Like Slump CTNow (WSJ) The United States is experiencing the most protracted job market downturn since the Great Depression. The global economy is badly unbalanced CNN/Money Moody's raises concern on financial guarantors FT Bears Aren't Backing Off TheStreet Short sellers in U.S. stocks waiting to pounce Reuters Bear funds begin to crack CNN/Money Global chip sales growth slows Reuters Automakers prepare to sweeten already tasty deals USA Today Many 20-somethings neglecting 401(k)s Knight Ridder Michigan loses 72,000 jobs Detroit News Number of mass layoffs up slightly in April Reuters Real unemployment rate worse than 6% AP Job-search hell CNN/Money Crisis in manufacturing JS Online Firms complain about unfair competition from China Fed appears to be leaning toward rate cut USAT Fed Futures pricing in about a 68% chance of cut Wall St., Banks Urged to Disclose More WP Advisory Panel Also Suggests Limiting IPO Shares Given to Friends, Family Report: Prudential Faces Probe Reuters Oneida's 67-year dividend streak comes to an end Nando/AP AOL, Microsoft Settle for $750 Million Reuters Schering-Plough Says It is Target of Grand Jury Probe Bloomberg SEC seeks sanctions against Ernst & Young FT La-Z-Boy to close some wood furniture plants Detroit FP Is Resona the tip of the iceberg? Japan Times What else are regulators trying to hide? Public money spent for failed banks tops 10 trillion yen over last four years JT Koizumi tries to talk down strong yen FT China regulator considers bailout of bank sector IHT (Bloomberg) Deflation Talk Is Fast and Furious in Germany Bloomberg Unemployed Computer analyst charged with hijacking Australian plane AP Waggy Dog Stories NY Times (R) (Krugman) WMD just a convenient excuse for war, admits Wolfowitz Independent Pentagon Eyes Massive Covert Attack on Iran ABC Thursday May 29 Help-Wanted Index Declines Again Conference Board 1st-Qtr GDP Grows at Revised 1.9% Rate Bloom BEA J-Claims at 424K B US 'faces future of chronic deficits' FT Laurence Kotlikoff alleged (PDF) in a recent Boston Globe editorial that the Bush administration suppressed the research to ease passage of the tax-cut plan. State Tax Revenue Fell Sharply In Fiscal 2002 Stateline PDF File Is the Tax Cut for Real? Ludwig von Mises As US cuts taxes, states hike them CSM A refund here, a tax hike there TU Budgetary crises push many states to borrow Boston Globe Currency upheaval could have major consequences World Socialist Website The present currency realignment is in its early stages... U.S., U.K. House Prices to Decline `Dramatically' Bloomberg Words of Caution MacLean’s Cassandras say housing is the last bubble, and when it bursts the ensuing recession will be the worst since the Depression. Manana economics CNN/Money Economists keep saying the sun will come out tomorrow ... and tomorrow ... and tomorrow. Greenspan's optimism misplaced Tallahasee Democrat Unemployment: It depends on how you define it KC Star Job seekers discovering lots of closed doors IndyStar Outlook dim for younger job hunters Rocky Mountain News Income shortfalls threaten retirees' futures AJC With the first baby boomers reaching retirement age in 2012, there's little time left to correct problems before the demographic tsunami strikes. New pitfall to credit cards OCRegister (NYT) Companies use data on other debts to raise rates, sometimes without notice. Beware the latest Internet bubble MSN Biotech: The other bubble CNN/Money Report warns on Wi-Fi hype Electric News Hotels trim prices to cut vacancies Boston Globe Derivatives defy gravity FT FASB to Review Pension Idea Under Attack Reuters FASB The ERISA Industry Committee estimated that changing the interest rate to a more conservative rate would, in some cases, increase plan liabilities by 20 to 40 percent. Juniper, Lucent Jump on the Convertible Craze TheStreet Another retail icon, Doc Freeman's, seeks protection from creditors Seattle PI Default on bosses' $10 million loan stirs speculation about Luby's future E-News 3DO Files for Bankruptcy Reuters Arrow Cuts 400 Jobs, Including 30 on LI Newsday Enron Pipeline workers to lose jobs AP PeopleSoft: Options Expense Vote Just Misses SF Gate Shareholders blast Alliant JSOnline United reports $375 million net loss for April AP Qwest says SEC expanding its probe into accounting CBS MarketWatch NYSE is Starting to worry about Grasso’s Future NYP Big Board Bashed by Nasdaq, Instinet NYP "Trade IBM on Nasdaq". "Get nearly instantaneous executions" and "avoid specialists' discretion" and "pre-trade information leakage." Traders Got Early Look At Magazine WP 2 Printing Plant Workers Plead Guilty to Conspiracy Bank of America Paid Firm for Research on Client, People Say Bloomberg Analyst Charged For Tyco Reports WP Five indicted in bank failure Rocky MN Waksal bilked investor of $90,000 AP NYSE Monthly Disciplinary Report NYSE Dollar Dumped By Gold Diggers NY Post The sinking dollar has prompted Asia's central banks to call a session next month on whether to unload their dollar holdings, which account for about 90 percent of the world's dollar reserves. -- May 7: “Asian central banks have the fate of the U.S. dollar in their hands” Icahn Dumps VISX NYP Buffett Dumps GATX Reuters Insider selling/buybacks Treasury's Snow in gaffe over $500 bill AP London's economy has fallen into recession, says forecaster Times Online Philippine Econ Posts Quarterly Contraction In 1Q Dow Jones Last year's demons still haunt Japanese banks Asahi Japan's April Industrial Production Falls 1.2% Bloomberg SK Global faces new liquidation threat FT Legend Continues to lose market share Taipei Times (Bloomberg) Marconi to Cut Another 500 Jobs Reuters Chretien hit by storm of controversy Globe & Mail Another honest broker quits Financial Post “Countless times I've placed market orders on stocks only to see our own traders cross that stock to themselves and immediately trade it back into the market at a nickel or dime better, which they pocket.” “If experience is any guide, events in the currency markets will likely force the G-8 to change its hands-off attitude toward the dollar before the summer is over.” WP (AEI) Wednesday May 28 Durable Goods Sales Dropped 2.4% in April Census Are tech investors delusional? Globe & Mail Paying the price for deflation Guardian M3 growth picks up AFP The BOE monetary policy committee is facing its first real test... Greenback's worst enemy: China's yuan Financial Post China ships about US$100-billion more goods to the United States than the U.S. ships to China, up from US$2.8-billion in 1987. The Bear's Lair: How low can dollars go? UPI IMF says concerted action needed if $ continues to decline rapidly AFP New governor is shaking up the Fed MSNBC Tax-haven firms had $1 billion in U.S. contracts AP Mortgage activity still cooking CNN/Money MBAA Enron Weighs Suing Its Banks for Bad Advice DJ (WSJ) Banks sued over healthcare 'fraud' Guardian Feds Hit Lancer’s Cowen With More Charges NY Post Quattrone Pleads Not Guilty to Charges Reuters Bear Stearns Axes Traders NY Post The crucial data Wall Street's slow to share MSN Market insiders enjoy the fact that they are privy to information about short selling before everyone else. Microsoft to Lower Office Prices AP AMD cuts Athlon XP prices by up to 31.8 per cent Register Michael Dell Sells Off Some of His Stake TheStreet eBay Clings to Its Options Habit TheStreet Shareholders Unite to Expense Options Business Week Gold May Top $400/Oz as Dollar Slumps, Investors Say Bloomberg Inflation, Deflation And Gold TheStreet Newmont offers $220-million to pay off unit's obligations Globe & Mail Nasdaq short interest falls in May Reuters Coalition task force approves bill to bolster stock-purchasing body Japan Times Japan Telecom takes a tumble Reuters Soaring euro poses economic threat Times Online Peru Declares State of Emergency AP Rumsfeld warns Tehran FT Neo-cons move quickly on Iran IPS Iran Denies R 1,500 Markham students in quarantine Toronto Star “Money is not a means of payment but the medium of exchange. It does not have life of its own...” Is Easing The Answer? Bush quietly signs bill to allow federal borrowing to grow by nearly $1 trillion AP Tuesday May 27 ECB Not Opposed to Euro Gains Bloomberg Consumer Confidence Edges Up in May Conference Board The Present Situation Index fell to 67.9 from 75.2. As economic fears creep higher, dreaded 'D' word lurks in wings USAT The four horsemen of the Depression aren't here yet, but you can hear the faint hoofbeats of at least three of them. The Heavy Lifting of Global Rebalancing Morgan Stanley (Roach) The Fed takes action to cure insomnia Mecury News The Perils of a Weak Dollar NewsWeek To anyone with a sense of history, the Bush administration’s decision to bless a cheaper dollar must seem disquieting. Slowly Unravelling! Safe Haven (Chapman) The coming collapse of the US$ will be the biggest currency crisis we have ever seen... Euro breaks its all-time high against the U.S. dollar Reuters Conference Agreement on Tax Cuts: Heavier Use of Gimmicks CPBB Time to bury the investment rulebook Money Management (Berstein) Everything You Need to Know About the 200-Day Moving Average TheStreet Ahold Uncovers Further Mistakes WP Profit Overstatements Now at $909 Million Case may explore spin-off of the unit... IHT Give up foothold in Chinese TV FT Dereliction of Duty NY Post What's the point in requiring public companies to file timely and accurate financial reports with the SEC if they aren't punished for filing nothing at all? Tower Automotive Cuts 250 Jobs Reuters Yao Ming sues Coke for 12 cents CNN/Money German Ifo's Sinn Sees Deflation Chance as Euro Rises, FTD Says Bloomberg Brazil slumps on debt action BBC TeliaSonera to cut 1,500 staff at Swedish unit FT Too Much Cash Could Break the Bank Moscow Times U.S. Hands Out $1 Million a Day in Iraq AP Weekend Edition (May 24-26) Danger of dwindling appetite for US debt FT Dollar's Drop May Spoil Street's Mood Reuters Survey: U.S. $ Will Extend 7-Week Slide Against Euro Bloomberg ADRs Go Up Trading The Bull/Bear Ratio Zeal You Just Gotta Love Congressman Ron Paul Prudent Bear (Noland) The Money Printers Forbes (Grant) Fearing Japan-style deflation Greenspan's Fed is buying Treasurys with dollars it mints for that purpose. Bondholders and other creditors should beware. Fear of a Quagmire? NY Times (R) (Krugman) The Weaker Dollar Is Good News AEI (Makin) The Trend is Your Friend, (Until It Isn't) FrontLine Deflation goes to the top of policymakers' in-tray FT I look at a DVD player for $42.99 and worry Mecury News California grape industry is crushed IHT (NYT) Many farmers are facing a downturn some liken to the Great Depression. Report: Most companies didn't pay income tax AP Funds: a 401 Crisis for Fund Investors Reuters Stocks below $5 rarely recover, study says Bloomberg Dollar nears euro low as dealers sell Times Online Graphic Bad for $, Worse for Blue Chips NY Post GM hints at boon in pensions reform FT The changes will not alter the amount individual pension funds ultimately have to pay to retired workers, nor the size of company pension holes reported in annual accounts. Citigroup to Cease Analysis of 117 Firms WP EBay software switch angers most active users FT The Rules on Bosses' Pay Seem Written With Pencil NY Times (R) Japan Banks Report Losses Reuters US declares war on the euro Observer Germany sits on the verge of deflation IHT Pension deficits hit 20% of GDP Financial Post Feeling the squeeze until squeaky clean Guardian 'Fat cat' row turns to HSBC BBC Allied Irish seeks damages from US banks Times Online SARS cuts Taiwan's factory production B SARS death toll creeps higher G&L Friday May 23 Dollar Falls to Lowest Since Euro's 2nd Day of Trading in 1999 Bloomberg 3.30% The Matrix: Reloaded Cross Currents The mania continues... Prediction: The future of the USA stock market UCLA Blowing smoke, sucking wind Financial Post Hard to fathom what might breathe life into economy Labor Market Continues To Languish Northern Trust Insider know-how, or just inside out? CBS MarketWatch Ballmer Sells Some Just when you were breathing easier, insiders start baling out. U.S. vs. Japan: Which Economy is Stronger? Ludwig von Mises Junk Bonds: First cash outflow in three months Reuters Fed out of its element CNN/Money Daytrading: forgotten but not gone CNN/Money Refinancing is all the rage The Rush To Refinance WP Long-term mortgage rates are now at least at 41-year lows New York's Hamptons Home Prices, Rentals Slump as Summer Begins Bloom City to pink slip more workers Chicago Computer Replacement Delays May Damp Recovery Bloomberg Intel Skips Chip-Making Tool Generation Reuters Walt Disney will close a fifth of its stores, may sell the rest Reuters Accountant files $2.5 million lawsuit against Duke Power AP Brokers' mutual-fund sales being examined by SEC Bloomberg Congress talking with SEC on analysts, hedge funds Reuters Analysts may have skewed their research "to curry favor with hedge funds." Have fat cats had their day? Economist British and American shareholders have begun what looks increasingly like a sustained revolt against excessive executive pay NYSE wants to fingerprint employees, media AP NYSE Short Interest Report NYSE As the Dollar Dims, Gold's Luster Grows TheStreet Investors buy gold before holiday CNN/Money Newmont Tells JPM: "It’s Yours" Le Metropole US imposes new sanctions on China FT SARS impact could hit $100b B Globe Another SARS case surfaces in T.O. The Dollar Will Continue Its Fall Pravada Dollar Creates Political Unrest in EU Countries NY Post Six German States Say Consumer Prices Fell in May Bloomberg Tokyo to open own bank for small borrowers Asahi Top Brazilian central bank official resigns AP World Airline Traffic Down 18.5 Percent Reuters IATA Firms Vie for Iraq Contracts in London Reuters Investors dreaming of windfalls Thursday May 22 Jobless claims jump Reuters DOL The Paper Chase Financial Sense This Deflation Is Not a Monetary Phenomenon Morgan Stanley (Roach) Deflation aids consumers but hurts those in debt Chicago Sun Times Out of the Shadow, a Denial of Deflation Threat Bloomberg Waiting to Inhale Smart Money The folks holding their breath for a surge of new-equipment orders are starting to turn an alarming shade of blue. In Asia, The Chip are Up - But Nobody’s Sure Why NY Post "The bond market has gone crazy" CNN/Money Businesses hesitant to spend USA Today According to the NABE, 37 members surveyed expected business investment to rise only 1.4% in 2003, far off the 3.6% gain they expected three months ago. Hospital cuts mean less care, long waits Detroit Free Press SEC probe 'extends beyond food industry' FT Wall Street's new rules off to a shaky start IHT (NYT) U.S. securities regulators plan to meet Thursday with investment banking officials to discuss whether proposed regulations on the interaction between bankers and research analysts need to be clarified. 1998 Letter Warned About HealthSouth WP Corporate Insiders Cash In on Countrywide Shares TheStreet Options wake-up call for Intel FT High-tech firms cut stock options Boston Globe Fitch Rating Service Is Denied Journalistic Privilege in a Suit NY Times (R) Grasso’s Pay was closer to $15M NYP Spitzer keeping an eye on NYSE Executive Pay: Labor Strikes Back Business Week ICI President Asks Mutual Fund Leaders to Take Additional Concrete Steps to Reinforce Investor Confidence PRNewswire Call’em Dumb & Dumber NYP Greenspan joins Soros & Snow in gold's breech MineWeb The 'Hardly Noticed' Rally in the Gold Market Gold-Eagle The Chancellor Has Now Lost £.1.14 billion Dollars By Dumping Gold Minesite Tokyo must act to avert a crisis, BOJ chief warns IHT (Bloomberg) BOJ Think-tank warns on eurozone deflation FT Time to hit the panic button as deflation inches nearer Independent Pension gap at Bank of England This is London Germany faces period of stagnation FT President-Elect: Argentina's Debt Should be Restructured Over Decades VOA Brazil to probe sell-off of power utility FT Pension watch list jumps 50% FP Wednesday May 21 Bulls failing to learn from lessons past CBS MarketWatch Tobacco Up as $145 Bln Verdict Reversed Reuters Testimony - Alan Greenspan FED Deflation Could Cost More Jobs NY Post Only the weak survive CNN What happens if everyone tries to keep their currency from strengthening? Snow's dollar comments leave analysts wondering... AP Bush's $ Gamble WP Snow's comments may be part of a strategy coordinated with Greenspan. Treasury Takes Time to Redefine Dollar Nonsense Bloomberg There's no fever like gold fever 321Gold (Russell) Federal deficit surpasses $200 billion for first seven months of 2003 AP PDF ’Crash Profits’ Reveals Market Troubles Ahead NewsMax @Amazon Bearish Hulbert and Weiss crash the bullish gala at the L.V. Money Show Inc Tech stock rally has bulls warning of setbacks Globe & Mail The Merrill Lynch Tech 100 is trading at an 80-per-cent premium to the broader U.S. market benchmark, the S&P 500. Stansky sounds a sour note Boston Globe State, local jobless rates climb to 7.3 percent Seattle Times Empty buildings the legacy of Minnesota manufacturing slump Star Tribune Mortgage activity jumps 10% Reuters Census shows more seniors working AP Few players, many courses NewsObserver Coke investigates internal fraud allegations USA Today Fannie Mae Overstepping Mission Reuters HP Beats Expectations, Plans Job Cuts AP Philips CEO says economy, weak dollar hitting sales CBS Ford, GM Offer Fresh Incentives in Bid to Boost Sales Dow Jones Hollinger Inc. suspends redemptions of its shares Reuters IPG Execs Return 1.2M Options NY Post Electronic Data to cut options to lift share profit Bloomberg Steep exec pay eroding investor faith, experts say AP Audit Group, Seeking New Niche, Aims to Refine Goals WP The AICPA says it has, for decades, held a copyright on its rules and thus is discussing whether it should get paid if the rules remain in place. Public Disclosures by Banks: Results of the 2001 Disclosure *Survey* BIS PDF “Only 51% of banks disclosed qualitative information about their use of credit derivatives. Even fewer banks provided the breakdown of their credit derivatives by type of instruments...banks should further enhance the transparency of their use of credit risk mitigation techniques (including credit derivatives), asset securitisation and internal ratings.” The False Optimists of the Emerging Markets AEI Paradoxically, what is fuelling the rally in emerging market debt prices, at least in the near term, is the worsening of the global economic environment. Brazil unemployment rate up to 12.4% Reuters Britons 'in debt spiral' BBC Conservatives predict £100bn pensions black hole Guardian Japan: What Did They Know, and When Did They Know It? Northern Trust Deflation Nation Business Week How ordinary Japanese are living, suffering, and even thriving in an era of ever-falling prices Tesco and HSBC next in line over "fat cat" pay Reuters Douglas 1st-Qtr Loss Doubles; Sees `Difficult' 2003 Bloomberg More layoffs loom at Air Canada Toronto Star Dividend Voodoo Warren Buffett “It's hard to conceive of anything sillier than the schedule the Senate has laid out.” Tuesday May 20 Soros Selling Dollars, Hits U.S. Policy Reuters “I have to disclose that I now have a short position against the dollar because I listen to what the Secretary of the Treasury is telling me.” Soros said he was buying the euro and the currencies of Australia, Canada and New Zealand against the dollar, as well as gold. Buffett Criticizes Dividend Tax Cut, Drawing Fire From Backers Bloomberg Williams Parting Ways With Buffett TheStreet Canadian Mad Cow Case Triggers Economic Shock Wave R --- Shares Slammed Washington's weak dollar policy FT The Snowman Cometh TheStreet (Fleck) The Bear's Lair: The costs of no miracle Washington Times (UPI) Bush’s New Snow Job Bucks The Trend NY Post The Bush administration may not be able to stop al Qaeda, but it certainly could put an end to John Snow's campaign of terrorism against the dollar. Our Government is going broke Boston Globe When all 76 million boomers are retired, we'll have twice the number of elderly beneficiaries, but only 15 percent more workers to pay their benefits. The Dollar and the Balance of Trade LVM The Liquidity-Trap Myth Ludwig von Mises The Fed is as the Fed Does The Cycle Of Deflation Continued Comstock Tech: It lives CNN/Money Leading Nasdaq stocks have been on a huge run -- will you again make the same mistakes? Tech industry woes likely to increase Taipei Times The Glitch in the Tech Turnaround Business Week Pricing pressure is keeping suppliers in the dumps Alabama governor proposes largest tax hike in state's history AP Georgia unemployment fund shrink AJC Gaming takes a hit Rocky Mountain News April numbers show Colorado casinos are in a revenue slump Gold stocks running to standstill Mineweb Spot gold hits 14-wk high as TOCOM goes limit-up Reuters Are credit-rating agencies trying to serve too many masters? Fortune White House Urges Senate To Raise Debt Ceiling Soon WP High court's ruling hits pharma stocks CBS MarketWatch Last Week: Petsmart more than doubles top executive's bonus Reuters This Week: Petco Adjusts Outlook, Sets Offering Reuters HD same-store sales drop 1.6% AJC Lowe’s Misses FT Tough Quarter... BJ's First-Quarter Earnings Fall Sharply (‘fickle weather’) Reuters Ford: Will Miss Pricing Targets for 2003 Reuters Verizon may lay off as many as 350 Boston Globe SEC Taking Aim at NYSE NYP Fastow Pleads Not Guilty - Worldcom Fined - Martha’s $25M Sweet Spot Japan’s Moment of Reckoning Morgan Stanley (Roach) BOJ pumps 1 trillion yen into financial mart Japan Times Fears for Germany as dollar tumbles Telegraph Euro Entry Smithers Sell the greenback, buy the Iraqi dinar and the Zimbabwean dollar Gold-Eagle Venezuelan ADRs Shunned Amid Exchange Controls Bloomberg When Trust is Breached MacLeans Solid gold investment option New Zealand Herald The Fat Cat List #1 #2 #3 #4 Independent UK regulator worried about lack of auditing choice Reuters Rebels humiliate Glaxo Guardian “The dollar is tumbling because the U.S. economic engine is no longer what it was. The whole world economy will suffer. Global recession is possible.” Washington Times (UPI) “The Fed's promise of low interest rates for the foreseeable future has distorted the way the markets price risk, encouraging investors to take chances they shouldn't.” Jubak Tuesday May 20 Soros Selling Dollars, Hits U.S. Policy Reuters “I have to disclose that I now have a short position against the dollar because I listen to what the Secretary of the Treasury is telling me.” Soros said he was buying the euro and the currencies of Australia, Canada and New Zealand against the dollar, as well as gold. Buffett Criticizes Dividend Tax Cut, Drawing Fire From Backers Bloomberg Williams Parting Ways With Buffett TheStreet Canadian Mad Cow Case Triggers Economic Shock Wave R --- Shares Slammed Washington's weak dollar policy FT The Snowman Cometh TheStreet (Fleck) The Bear's Lair: The costs of no miracle Washington Times (UPI) Bush’s New Snow Job Bucks The Trend NY Post The Bush administration may not be able to stop al Qaeda, but it certainly could put an end to John Snow's campaign of terrorism against the dollar. Our Government is going broke Boston Globe When all 76 million boomers are retired, we'll have twice the number of elderly beneficiaries, but only 15 percent more workers to pay their benefits. The Dollar and the Balance of Trade LVM The Liquidity-Trap Myth Ludwig von Mises The Fed is as the Fed Does The Cycle Of Deflation Continued Comstock Tech: It lives CNN/Money Leading Nasdaq stocks have been on a huge run -- will you again make the same mistakes? Tech industry woes likely to increase Taipei Times The Glitch in the Tech Turnaround Business Week Pricing pressure is keeping suppliers in the dumps Alabama governor proposes largest tax hike in state's history AP Georgia unemployment fund shrink AJC Gaming takes a hit Rocky Mountain News April numbers show Colorado casinos are in a revenue slump Gold stocks running to standstill Mineweb Spot gold hits 14-wk high as TOCOM goes limit-up Reuters Are credit-rating agencies trying to serve too many masters? Fortune White House Urges Senate To Raise Debt Ceiling Soon WP High court's ruling hits pharma stocks CBS MarketWatch Last Week: Petsmart more than doubles top executive's bonus Reuters This Week: Petco Adjusts Outlook, Sets Offering Reuters HD same-store sales drop 1.6% AJC Lowe’s Misses FT Tough Quarter... BJ's First-Quarter Earnings Fall Sharply (‘fickle weather’) Reuters Ford: Will Miss Pricing Targets for 2003 Reuters Verizon may lay off as many as 350 Boston Globe SEC Taking Aim at NYSE NYP Fastow Pleads Not Guilty - Worldcom Fined - Martha’s $25M Sweet Spot Japan’s Moment of Reckoning Morgan Stanley (Roach) BOJ pumps 1 trillion yen into financial mart Japan Times Fears for Germany as dollar tumbles Telegraph Euro Entry Smithers Sell the greenback, buy the Iraqi dinar and the Zimbabwean dollar Gold-Eagle Venezuelan ADRs Shunned Amid Exchange Controls Bloomberg When Trust is Breached MacLeans Solid gold investment option New Zealand Herald The Fat Cat List #1 #2 #3 #4 Independent UK regulator worried about lack of auditing choice Reuters Rebels humiliate Glaxo Guardian “The dollar is tumbling because the U.S. economic engine is no longer what it was. The whole world economy will suffer. Global recession is possible.” Washington Times (UPI) “The Fed's promise of low interest rates for the foreseeable future has distorted the way the markets price risk, encouraging investors to take chances they shouldn't.” Jubak Monday May 19 Greenspan Takes to Airwaves with Consumer Advice Reuters U.S. Stocks Record Biggest Losses in Two Months Bloomberg Dollar Falls on Snow Comment, Pushing Euro to 4-Year High Bloomberg America sacrifices dollar in dash for global growth Times Online Good questions lead to good timing MSN (Fleck) Stocks Are Looking Up. Bond Traders Look Askance NTY (R) (Morgenson) Fed unanimity cracks IHT (NYT) IMF Task Force Warns of Deflation Risk in Some Countries Dow Jones Time to Start Worrying About Bonds Washington Post A $1,000 bond will not be worth $1,000 if interest rates go up a lot Stall in housing would damage economy AJC The Street’s Latest Lure Newsweek Rules on hedge fund selling set to loosen FT Hedge funds for the masses? Wall Street takes bath on convertible bonds Reuters Hard-Pressed States Try Sunday Liquor Sales NY Times (R) El Paso to Sell Notes as Corporate Yields Fall to 36-Year Low Bloomberg U.S. states see credit ratings erode FT Amid budget battles, borrowing become more expensive The mystery of quietly rising executive pensions AP Merrill Lynch may offer credit cards FT WorldCom agrees to pay $500M in SEC fine USA Today Former Enron CFO Fastow to Be Arraigned AP Is Kmart headed for bankruptcy all over again? NYP Crackdown needed in companies' pressure on analysts AP Lessons from Japan FT Though every institution from the Ministry of Finance to the Bank of Japan claims to be a "deflation fighter", Japan is losing the battle. Japan braces for threat of systemic crisis FT Glaxo faces investor revolt BBC More Troops Deployed as New Iraqi Government Postponed WP Weekend Edition (May 17-18) Treasury's Snow Says Dollar's 21 Percent Decline Has Been `Fairly Modest' Blo Bye-Bye, Small Fry Washington Post Brokers Increasingly Concentrate on the Rich Resisting the Inevitable Morgan Stanley (Roach) Trading The Relative VIX 2 Zeal The Desperate Experiment Of Maximum Global Liquidity Prudent Bear (Noland) A Weak Dollar Hurts Before It Helps Business Week Drum roll, please, for NYSE gold CBS MarketWatch (Calandra) 401(k) plans are not as enticing as in past Cox Beware stock of bankrupt companies Seattle PI Hundreds of individual investors who recently bought stock in Kmart Corp. are upset that their shares are now worthless. Yahoo! Shareholders Nix Option Expensing AP Former InfoSpace CEO faces $200 million fine Seattle PI Ebbers Misses $25M Due Date NY Post Tech rally may be a false dawn Times Online Japan Ready to Bail Out Resona, Finance Minister Says Bloomberg Loonie soars to six-year high Toronto Star Morocco Arrests 33 After Bombings Kill 41 Reuters Fears grow that US economy faces deflation FT Friday May 16 GM, Auto Suppliers Hit by Ratings Cuts Reuters U.S. May Michigan Consumer Sentiment Index Rises to 93.2 Bloomberg U.S. April Consumer Prices Fall 0.3%; Core Index Unchanged Bloomberg BLS U.S. April Housing Starts Fell 6.8% Bloomberg PDF Is That All There Is - To A Fire? Pimco (Gross) Stocks Overvalued Asia, its reserves and the coming dollar crisis Finance Asia Investors Forget It Always Feels Good at the Top Bloomberg Has Technology Lost Its 'Special' Status? NY Times (R) The stock market is not always rational! Comstock Corporate pensions had worst year in '02 Dow Jones Wilshire As budgets worsens, spending to increase Boston Globe Even as the state confronts its worst fiscal crisis since the Great Depression, state spending is poised to increase next year, just like it has every year since 1993, Treasury Puts Auction of Debt on Hold WP Mortgages' low rates go even lower Seattle Times Senate Votes to Block Tax Refunds on Fraud WP Irate investors expected at AOL Time Warner meeting USA Today Gateway Shareholders Vote Against Expensing Options Reuters G Capital spending reductions likely at Intel, analyst says Bloomberg Disney weighs sale, closure of stores Reuters Grasso: “I'm not Viktor Chernomyrdin. I'm not an imperial CEO” USAT NYSE plans a committee to evaluate its standards IHT Why gold should be in your portfolio MoneySense Recent US Earnings Restatements DJ $2.7 Trillion Scam Etherzone Enron, Worldcom, Others, are Pikers 3 European Economies Contract, Causing Fears of Global Damage NYT (R) Japan's economy records zero growth in first quarter AP Mr Yen sees no limit to Japan's FX intervention Reuters Deflationary spiral feared as Japan's GDP falls FT Japan's Five-Year Note Yields Sink to Record Low Bloomberg Invesco sacks 18 fund managers Guardian Argentina's Kirchner Puts Markets on Notice Bloomberg “Argentina will be run by a president, not a manger for corporations.” $1.6 billion pulled out of mutual funds Toronto Star Chip orders from North America down in April Reuters SEMI More Idle Capacity At Factories Northern Trust Excluding the high tech sector, manufacturing output has posted only one monthly gain in production since July 2002. Senate narrowly passes dividend tax cut FT Thursday May 15 AMR May Still File for Bankruptcy Reuters Blanchard reveals Barrick and JP Morgan gold manipulation MW (PRN) U.S. Bankruptcies Rise to Record High Reuters PDF File - Excel Philadelphia Fed: “activity was weak again this month” Philly Fed The current prices paid index fell nearly 14 points to its lowest reading in 13 months. Empire State Manufacturing Survey: ‘Improved substantially’ in May FED April Producer Price Index Posts Record Drop Bloomg BLS Inventories +0.4% Industrial Production down 0.5% FED J-Claims Drop to 417K Reuters If You Dare to Sell Short, Here are Five Stocks Bloomberg Fat Chance Ludwig von Mises We cannot help but wonder what lunatics have taken over the U.S. legal system. Gold hits 10-week high, breaks currency link Reuters GG to load up on bullion Gold Bull To Reveal Inflation GoldenBar Deficit disorders WorldNetDaily Each of the morally bankrupt parties has used the tax cut as a decoy to avoid addressing the cause of the deficit: government's spending more than it steals. Risk of stock market crash in Europe and US grows: survey AFP The short squeeze continues to wreck havoc on short sellers... Prudent Bear Scientists Uncover Pattern to Stock Market Crashes Reuters Gabaix CDOs suffer from poor credit FT Bond managers come up short FT Almost 90 per cent of bond funds underperformed the main bond index in the year to March 31. A Deflation Review, Sector by Sector Business Week Home prices soar CBS MarketWatch Double-digit rise in 31 markets; slower growth expected Conditions grow worse for small businesses Rocky Mountain News Sweetening the pot Orange CR Budget calls for higher taxes, service cuts SFG Companies crippled by high electricity rates, workers comp premiums and taxes are looking beyond state borders Employment index for area shows decline Boston Globe ‘Sell' recommendations rise 400% FT The Joy of Humiliating Wall Street's CEOs Bloomberg Crowd flocks to hearing on hedge funds LAT H-funds: Raise wealth requirement Do Hedge Fund Managers Have Something To Hide? NBR Transcript Nasdaq, NYSE Cool to U.S. Request Reuters (NYT) Exchanges looking to limit laddering, spinning CFO SEC complaint may lead to Skilling CNN/Money Microsoft sticks with tough tactics IHT Xbox Price Cut FT The Debate Over Dell Is Price, Not Performance TheStreet American to lay off 3,100 flight attendants AP Delta pilots object to cuts Airlines: SARS Did More Damage Than 9/11 AP China says export output up 28.8 percent despite SARS outbreak AP Germany on brink of recession BBC UK 'not ready' for euro BBC Pimco's Gross Says European Bond Returns Will Beat U.S. Debt Bloomberg Layoffs loom at auto plants Toronto Star Fund managers bullish on U.S., tech stocks CBS (Merrill) Not in article: Average cash among US fund managers was 4.5%, up from 4.1% in April. Wednesday May 14 U.S. Treasuries surge Bloomberg INO Gateway Discloses Criminal Probe, Shares Fall Reuters German Economy Contracts in First Quarter Reuters A new gold rush begins CBS MarketWatch First U.S. gold exchange traded fund filed with SEC U.S. April Retail Sales Fall 0.1%; Ex-Autos Drop 0.9% Bloomberg Census Import Prices Post Largest Fall on Record Reuters The Federal Reserve: "Moral Hazard's Best Friend" Gold-Eagle The Root of All Evil? Slate Derivatives have been used extensively by corporate managers and investment bankers to hide risk, evade regulation, and manipulate earnings. Tripping Over Pension Shortfalls Business Week Underfunded plans have led companies like US Airways into bankruptcy and will compromise others' credit ratings and spending plans Tech is back CNN/Money Spending on technology really has gotten better -- but the improvement may not last. The Dollar Finally Loses Its Luster WP Deflation Cure Sickens Dollar Grant Will it fall further? Almost certainly. The only question is how fast and how orderly. Weak-Dollar Snow Job Won't Warm Tepid Growth TheStreet Refinancings surged last week Reuters MBAA Automakers stockpiling excess cars Knight Ridder U.S. automakers are sitting on an overflow of unsold cars and trucks that appears to be the largest backlog in U.S. auto history. Two Top Candidates To Head NY Fed Drop Out DJ (WP) Deflation doesn't scare this Fed president USA Today Bush's pick for chief economist gets a grilling Philly Inquirer Alcoa to Cut 4,250 Jobs in Mexico After Contract Loss Bloomberg Microsoft Call Center Firm to Lay Off 350 AP Federated Warns on 2Q Payless ShoeSource warns CBS Schering withdraws earnings forecast FT S&P removes Tyco from credit watch Boston Globe Microsoft's e-toilet plan goes down the drain Washington Times He Oughta Know: Pitt Tells Firms How To Deal With Crisis NY Post Pitt will also help firms understand the inner workings of the SEC... Financier earns 20-year term Rocky Mountain News Nasdaq petitions SEC on NYSE structure FT Forget formulas and trust gut instinct FT Options lobbying hits wall M-News Hedge Funds Eyed at SEC's Roundtable R Gold looks forward to Washington Accord renewal Mineweb A European doomsday scenario IHT FTSE falls at 4,000 points hurdle BBC Troubled insurers used £11bn of unearned cash to boost finances Times Online Japan: So Many Problems, So Little Time ... Nothern Trust SARS pulls reins on China's rapidly growing economy USA Today Liquidity bubble tops $45-billion: CIBC Globe & Mail Air Canada suspends some flights Toronto Star US consumer confidence down for 3rd week Reuters (ABC) Tuesday May 13 The Depreciating Dollar And Exports: Don't Forget The Income Effect N-Trust Time for a 'Whip Deflation Now' Button? WP What deflation? FP Painting Itself Into a Corner Ludwig Von Mises 'Mr Yen' proclaims new era of deflation FT Bursting Bubbles In These Times Why the economy will go from bad to worse Increased Consumer Confidence: Real or Illusory? Gallup As those on Wall Street and in the business community evaluate the preliminary consumer confidence report on Friday, they should consider the possibility that it is more illusion than real. US's Snow-forex intervention won't help Japan, EU Reuters Dollar Falls vs Yen; Snow Signals U.S. Won't Buy Its Currency B US Treasury's Snow Hopes for Debt Ceiling Deal Soon Reuters Green for a century, US$20 goes pinkish FP Greenspan Trade gap balloons to $43.5 billion AP Census Manufacturing Survey Services Survery Richmond Fed US states borrow more to ease financial crunch FT Pension Woes Worrying CFOs CFO Technical Analysis: S&P Nears Major Resistance I-Net Stock Report Bear Stearns IPO Effort Draws Fire WP Laughing at Insiders Inside a Cell Bloomberg Amazon Humorist avenges investors by poking fun at indicted CEOs Study Finds CEO Turnover at Record High AP Booz/Allen/Hamilton “Business leaders are enduring scrutiny and pressure unseen since the Great Depression” New Study Finds 60 Million Uninsured During a Year NY Times (R) Slide Rules Rule Forbes Growth in the derivatives markets and proprietary trading at investment banks has put a premium on technically skilled people... Ted Turner’s down to his last billion Fortune Grasso Wants To Have His Cake and Eat It NY Post NYSE Seeking to Double Fines on Members Reuters Martha In Talks FT Quattrone indicted IHT (Bloomberg) Dell: One Taiwan Employee Under Observation For SARS Reuters McDonald's April Same-Store Sales Fall Reuters Wal-Mart Earnings Rise, Others Struggle Reuters Airlines Told to Adjust For Heavier Passengers WP Pension time-bomb still ticking Globe & Mail Japan to Ease Pension Fund Rules, Nihon Keizai Says Bloomberg Crisis for pension funds Asahi Bankers pessimistic on growth in eurozone FT Europe hit by strikes over pension cuts Guardian Bets on euro to rise further Times Online Speculators have taken out a near record number of bets that the euro’s rally will continue Swift 'correction' in euro raises fears over volatility FT Blow as UK exports to eurozone remain flat Scotsman Tokyo warns of danger posed by firmer yen FT Oil Jumps on Saudi Bombings Reuters De-regulation Of Chinese Market Heralds Huge New Demand For Gold MS 2003 budget deficit may top $300 billion AP CBO - PDF File Monday May 12 Mobbed Up on Wall Street Business Week Amazon An inside look at the Mafia "brokerages" that thrived in the '90s -- and the career of one con artist -- On May 16, Federal prosecutors will seek Pasciuto's incarceration, claiming the book will jeopardize his safety. Snow: “When the dollar is at a lower level it helps exports.” Dollar Crumbles as Snow Encourages Bears Reuters US dollar's slide is a calculated move Straits Times Commerce Echoes Snow Dollar Comments Reuters Fantasy, the Fed and the falling dollar: Oh my! MSN (Fleck) I believe it's only a matter of time before a complete panic is on in the dollar Worldthink, Disequilibrium, and the Dollar Morgan Stanley (Roach) Fools Fly Into Marts NY Post Since the days of the buttonwood tree, the biggest single problem dogging the stock market has been stupid, greedy investors. Insiders' stock-selling spree ominous USA Today Global View: Curing the economy UPI Prospect of low inflation puts Fed in a delicate predicament Independent Pension Funds Hungrier for Hedge Funds Reuters Greenwich Big Money, One Mortgage At a Time Washington Post The refinancing boom shows no signs of slowing yet. Machine Tool Demand Falls in March Reuters Bear Stearns analyst touted IPO even after pact Reuters (WSJ) Corporate officers shun annual meetings IHT (NYT) "If you can't make yourself available to shareholders at least one day a year, something is wrong with that picture." Mutual-fund managers' compensation still secret Seattle Times FASB Takes Aim at Conduits, Again SmartPros SEC enters next stage in hedge fund probe FT Managers eye Donaldson Goldman, Morgan Stanley Get More From Convertibles Than Stock Bloom Toyota: may up US incentives if price war escalates Reuters Hartford Financial Cuts 1,500 Jobs Reuters Strapped for cash? Pawn it CNN/Money The slow economy has meant big business for pawn shops. It’s The Stupid Economy, Twit Etherzone World Economic Growth Gets Smaller Boost From Gulf War II Than in 1991 B Germany abandons pledge to balance budget by 2006 FT Tesco chief gets 15% raise as shares fall 25% Independent Fat cats get fatter under Labour Hoovers (FT) Euro delay: '10,000 car jobs at risk' Observer Japan's 20-Year Bonds Rise; Yield Falls to Record on Deflation Bloomberg Money supply shows slack growth Japan Times Swiss Private Banks a Dying Breed Reuters Monday May 12 Mobbed Up on Wall Street Business Week Amazon An inside look at the Mafia "brokerages" that thrived in the '90s -- and the career of one con artist -- On May 16, Federal prosecutors will seek Pasciuto's incarceration, claiming the book will jeopardize his safety. Fantasy, the Fed and the falling dollar: Oh my! MSN (Fleck) I believe it's only a matter of time before a complete panic is on in the dollar Worldthink, Disequilibrium, and the Dollar Morgan Stanley (Roach) Fools Fly Into Marts NY Post Since the days of the buttonwood tree, the biggest single problem dogging the stock market has been stupid, greedy investors. Insiders' stock-selling spree ominous USA Today Global View: Curing the economy UPI Prospect of low inflation puts Fed in a delicate predicament Independent Pension Funds Hungrier for Hedge Funds Reuters Greenwich Big Money, One Mortgage At a Time Washington Post The refinancing boom shows no signs of slowing yet. Machine Tool Demand Falls in March Reuters Bear Stearns analyst touted IPO even after pact Reuters (WSJ) Corporate officers shun annual meetings IHT (NYT) "If you can't make yourself available to shareholders at least one day a year, something is wrong with that picture." Mutual-fund managers' compensation still secret Seattle Times FASB Takes Aim at Conduits, Again SmartPros SEC enters next stage in hedge fund probe FT Managers eye Donaldson Goldman, Morgan Stanley Get More From Convertibles Than Stock Bloom Toyota: may up US incentives if price war escalates Reuters Hartford Financial Cuts 1,500 Jobs Reuters Strapped for cash? Pawn it CNN/Money The slow economy has meant big business for pawn shops. It’s The Stupid Economy, Twit Etherzone World Economic Growth Gets Smaller Boost From Gulf War II Than in 1991 B Germany abandons pledge to balance budget by 2006 FT Tesco chief gets 15% raise as shares fall 25% Independent Fat cats get fatter under Labour Hoovers (FT) Euro delay: '10,000 car jobs at risk' Observer Japan's 20-Year Bonds Rise; Yield Falls to Record on Deflation Bloomberg Money supply shows slack growth Japan Times Swiss Private Banks a Dying Breed Reuters Weekend Edition (May 10-11) Central bankers on both sides of the Atlantic are fretting about the dangers of falling prices at a time of weak economic growth FT King Dollar Meets the Guillotine Frontline The US Dollar Financial Sense Economy And Empire Forbes (Faber) Tech Rally May Prove Big Bust NY Post Trading the Gold Bull Zeal The Stark Contrasts Between Competing Central Banks Prudent Bear (Noland) Blue Chip Economists Trim Growth Forecast Reuters Gloomier still, nearly two-thirds of the more than 50 business economists on the panel said risks to their forecasts for growth in the second half of the year were on the downside. Joblessness Signals Rally May Soon Falter Bloomberg Bush Visit Could Cost Some Omaha Workers a Day's Pay WP About 340 workers at will lose pay or have to work next Saturday to make up for time lost during a visit by Bush on Monday to promote his "jobs and growth plan". The slow death of IT? Boston Globe The massive movement of IT work to offshore locations, particularly India, is not restricted to financial services. Dejavu for New York as city fights to stay afloat FT Municipal Issuers Maintain Veil of Secrecy on Swaps Bloomberg Calpers Won't Back Five AOL Directors TheStreet Target Cuts Part-Time Workers' Benefits AP Oops, I lost cash again Independent SARS Might Soothe Global Deflation Fears Reuters Canadians shut out of tax cut plan Financial Post Pensions to start biting into profits Financial Post FTSE must bear further fall before bull run begins Independent Chemicals companies threaten to quit EU Guardian Oil partners move to block Chinese FT Venezuela's finance minister says US companies will suffer... AP A good loan is hard to find in slow economy, survey says Bloomberg FED Friday May 9 House passes $550B tax-cut plan CBS MarketWatch Postponing the Day of Reckoning Only Makes It Worse Street (Fleck) Dollar's Descent Has Currency Watchers on Edge WP Euro on Fire The dollar bear market isn't done yet CBS MarketWatch Trapped like Japan? CNN/Money Deflation Risk Gold-Eagle Deflation isn't the pressing worry for the U.S. economy. It's the possibility of a "liquidity trap." Mounting Job Losses Signal Double-Dip Recession! Safe Money Report SEC Chairman Donaldson Backs Expensing Options for First Time B Stock options bring heated debate in D.C. Mecury News Big tech tries to muscle FASB CBS MarketWatch Hiring Pace In Suburbs Fell in March WP Watchdogs’ next target: Hedge funds Business Week Bankers Are Next Big Target in Wall Street Probe Dow Jones Former Director Chides Big Board Over Pay NY Times (R) Citi Ousts Two Heads of Trading NY Post The firm also is expected to lay off about 100 people in the equities group. Eberhard Spent ‘Hush $$’ NYP Stock trader says he wasn't trying to juice prices Toronto Star Overture to cut 100 jobs Reuters Fleming will close giant Phoenix warehouse Arizona Republic Clash brews over Qwest restatement USA Today GE Plans Move Into Risky Area of Personal Loans Dow Jones Prison would boost employment Oregonian Global OTC Derivatives Market at end-December 2002 BIS PDF File Europe's Wake-Up Call Morgan Stanley (Roach) The European economy is an accident waiting to happen. It's an ill wind as central bankers fail to act on interest rates Independent Takenaka: Need to mull stock supply/demand steps Reuters There is not much institutional investor buying, but a lot of selling, and this is upsetting the supply/demand balance in the market. It is important to consider measures to restore the balance Foreign reserves hit new record Japan Times Sars 'could cost Asia $28bn' BBC Canada Sheds 18,800 Jobs in April Amid SARS Outbreak Bloomberg U.S. trade may feel frost from Iraq fallout USA Today Casting doubt on Wall Street's favorite deity Baltimore Sun Fed chief differs with Buffett over threat from derivatives AP Greenspan Speech “Trust still plays a crucial role in one of the most rapidly growing segments of our financial system--the over-the-counter (OTC) derivatives market.” The Fed's Continuing Dilemma Comstock Thursday May 8 “The bid-to-cover was the lowest since 1980...” Treasury rally fizzles “Trust still plays a crucial role in one of the most rapidly growing segments of our financial system--the over-the-counter (OTC) derivatives market.” Greenspan Speech Bracing for a Worse Bear Market Business Week (Comstock) Many wonder if rally's sustainable USA Today Collapsing Credit Spreads Portending 2nd Half Economic Rebound? NT Will U.S. Catch Japan's Deflation Bug? Bloomberg Inflate or Die! (Russell) The currency markets are deeply suspicious that the U.S. economy is in even deeper trouble than previously thought. Inflation's slowdown has many economists worried USAT First Times Since 30s Deflation Might Hurt Bank Profits Reuters Surpluses Not Gone Etherzone Just buried Enron Style Will the baby boomers cure unemployment? BrookesNews (Jackson) Little improvement in labor market CBS MarketWatch BLS More Settle In for a Slow Job Hunt WP Ranks of 'Long-Term Unemployed' at 20-Year High Retailers report slower April sales Reuters Senators Cast Doubt on Self-Policing By Wall Street WP California targets investment banks Mecury News The new Wall Street UPI Accounting board moves toward rule on options Reuters Intel warns stock option changes would hit profits FT Cutting in Grasso NY Post Nasdaq President Resigns, to Join Citigroup Reuters Gabelli Scored $37M as Fund Sank 30% NY Post New Kmart, old concerns IHT (NYT) Kmart's new shares falter on their first day Lawyers plan new fast food assault Reuters Gold Investment Demand On The Rise Gold-Eagle Gold Increasingly Viewed as a Safe Heaven Investment People’s Daily Europe gives ultimatum to US over trade dispute FT Big rise in personal bankruptcies FT Deflation a possibility for Germany and US FT Germany to Miss Goal of Balancing Budget by 2006 B Facing Recession FT Japan reveals $20bn of currency interventions FT Axa attacked as it raises staff's retirement age FT Ahold Says Earnings Were Overstated by $880 Million Bloomberg Executive slammed as weak GDP figures revealed Scotsman Halliburton Subsidiary Gets New Jobs in Iraq WP Wednesday May 7 The Fed and Inflation Gold-Eagle Deflationary Perils of a Dysfunctional World Morgan Stanley (Roach) Easy money's been made CBS MarketWatch Nasdaq war rally over; move to cash now Stubborn Stagnation WP After the euphoria of the '90s, Americans believe that their economy can't be held down for long. U.S. consumer confidence down 2 points (ABC) Reuters Home costs outpace wages IndyStar NHC (PDF) Pension bill banks on early blue-collar deaths AP Benefits running out again SF Gate Antitax credo hits huge state deficits CS Monitor The Day of Reckoning? Morgan Stanley One month doesn’t make a trend. But three consecutive months of declining foreign demand for US securities raise questions about the sustainability of external financing. Is Dollar Weakness Signalling Problems Ahead? Prudent Bear None Dare Call It Reason Safe Haven (ObsceneProphets) Michael Milken, a Job May Await You in Japan Bloomberg Hoosier leaving job as Bush's budget chief Courier-Journal 212 years of debt Knox News New York City May Get a Free Ride to 2034 NY Times (R) "It's one thing to ask your kids to pay for the groceries, but it's another thing to ask your grandchildren” Rising Costs Give New Yorkers Sticker Shock NYT (R) U.S. auto incentives up nearly 14% in April AP In Leaked E-Mail, SEC Head Warns of Leaks Reuters Summary: SARS' impact on U.S. companies Reuters Interstate Bakeries loan ratings downgraded to junk status KC Star S&P Cuts Starwood Hotels' Debt Rating to Junk Status Dow Jones Some See Potholes on Tyco's Twisting Road TheStreet New From Dell: Jumbo Bonuses CFO Microsoft technology headed for toilet SF Gate Sharp fall in UK job market Sharecast German Unemployment Rose to Five-Year High in April Bloomberg FTSE rise trips up short-sellers Guardian “What we are seeing is that the market is approaching breakout levels and the bears are getting very nervous...” Blue chips turn into gold for spread-bet trio Times Online Loonie up a full cent to 71.82 U.S. Toronto Star Suddenly no one wants to hold greenbacks Canada Sold 85,703 Ounces of Gold in April, 18% of Holdings Bloomberg Postal savings eyed in plan to bail out market Japan Times Ruling coalition leaders on Tuesday compiled a package of proposals designed to inflate share prices, including a call for the massive reserves in the nation's postal savings system be dumped into stocks. Japan to spend ¥10,000bn tackling bad loans FT Australia's Qantas Downgrades Outlook Amid SARS Epidemic Dow Jones Who will win the Iraq oil bonanza? MSNBC The Debtors of Baghdad Fortune How SARS Is Muddying the Tech Outlook Business Week Sars forces closure of Motorola's Beijing office FT “The only function of the administration referring to the strong dollar is to avoid a destabilising collapse on the currency markets” FT Tuesday May 6 FOMC Statement FED “...the balance of risks to achieving its goals is weighted toward weakness over the foreseeable future.” Analysis: Deflated Greenspan UPI ‘Income’ Finagling May Affect Fed’s Rate Call NY Post Even though the government recently proclaimed nice income gains in March and February, the full tables - with imputations - aren't even out yet for 2002. No Evidence Of Recovery Comstock Dollar Falls to 4-Year Low Against Euro Bloomberg Are We Headed for Another Recession? Entrepeneur Running Up The Debt Etherzone Like Father, Like Son Tax Cut Trickery: Part II WP Part I Corporate Cash Flow - Thank Goodness For Depreciation Northern Trust Treasury to End Sale of Paper Bonds WP No job security in securities Reuters Securities firms cut record 80,400 jobs in last 22 months through February, 10% of their work force. US financial services firms plan to send more work abroad Boston Globe U.S. industry in dire straits, manufacturers say JS Online Venture capital fundraising falls to lowest level since 1994 AP IT workforce demand lowest in four years IDG Pink and Blue Newsday 400+ - 90 - 13 Fired city employees worrying about how to make ends meet Airlines Seek to Delay Catch-Up Pension Contributions Dow Jones (WSJ) Disgraced firms ask for tax refunds AP Some of the big companies caught up in accounting scandals are now asking the government to refund some of their federal taxes, saying they overpaid based on the artificially inflated profits they reported. Audit fees swell after scandals, new law USA Today FBI takes up heavy load of corporate fraud probes Boston Globe Thievery, Corruption & Shenanigans 321Gold (Russell) Credit Suisse says worried about credit environment Reuters Turner sells 60 million AOL shares, cuts stake by half AP WorldCom's bankrupt argument IHT (NYT) JD Edwards hit by fall in tech spending FT Tower's financial troubles grow worse as bonds are downgraded Sac Bee Wall St. Global Settlement Doesn't Help Little Guy Bloomberg Stock Options: How Do You Attribute 'Em? CFO Firms warn of big job losses BBC Bank expected to hold rate after fall of sterling Times Online UK factory woes cause 86,000 layoffs in Q1 Irish Times Dollar's surge may hurt profits Financial Post China's Awakening Morgan Stanley (Roach) The Bear's Lair: No sunshine in S. Africa UPI Hussein's Son Took $1 Billion Just Before War, Bank Aide Says NYT (R) “The sharp increase in job cuts last month should serve as a warning that it is premature to conclude that the quick end to the war in Iraq will bring a quick turnaround in the economy and job market.” John Challenger Weekend - Monday May 5 Greenspan caught on horns of dilemma Financial Post We've had three consecutive monthly declines in payrolls and only once since World War II has that not lead to a recession. Greenspan vs. Nostradamus Reuters The dollar is on borrowed time MSN (Fleck) Expect a crisis of confidence when reality finally sinks in. Dollar May Post Fifth Losing Week Against Euro, Survey Shows Bloomberg Inflation is 'exclusively caused by governments' Scotsman Awaiting Inflation Ludwig Von Mises Don't count on US to boost global economy Straits Times On the brink, but of what? CBS MarketWatch Blind optimism CNN/Money State Budgets in Crisis Dollars & Sense States in crisis raise the tax burden on the poor. Market rally won't save your 401(k) WSJ Tech Job Market Remains Bleak AP Venture Capital Outlook Remains Bleak WP Tech fund vanishing act picks up steam USA Today The bear market has sent one in five technology mutual funds into oblivion in the past 12 months. Hopes fade for PC sales FT For economy, road now looks steeper CS Monitor Why the Stock Market Is Rising Frontline Wisdom Of Jesse Livermore 3 Zeal U.S. brokerage stocks now are some of Wall Street's higher-risk investments CP Foreign Hedge Funds Wary Reuters Foreign hedge funds worry that U.S. regulators may soon tell them how they have to run their businesses. The Alarmist of Omaha Newsweek Are ‘financial weapons of mass destruction’ for real? Demands from shareholders for greater transparency FT Buffett renews call against executive greed FT Buffett Agitates Reuters Buffett: Expect 6%-7% Returns From the Market TheStreet Buffett Cools on Junk Debt Bloomberg Prediction for bullish gold AAP (AME Mineral Economics) Home Depot’s Cozy, Crony-Filed Boardroom Crew NY Post Hitting the Cisco Kid NYP Money fund assets fall by $10.5 billion AP Footsie's on a high, but next peak may be 30 years away FT The catastrophic effects of a housing crash in never-never land Independent Morgan Stanley Launches Islamic Investment Fund Arab News Firms face $16B pension deficit crisis National Post Australian insurer crashes 36% BBC Argentina, Brazil to Discuss Mercosur Currency Bloomberg War's Quick End Produces No Economic Boom AP US makes emergency payments to Iraq workers FT A New Epidemic: Financial SARS NewsWeek Severe Asset Restructuring Syndrome is spreading through the airline and steel industries as they struggle for survival. SARS a blow to China's economy SF Gate Cathay halves dividend as Sars hits demand FT North Korea has 100 N-weapons aimed at US, propagandist claims AP Israeli envoy heads for US to lobby against 'road map' AFP Friday May 2 Bush makes historic speech aboard warship CNN (Text) “Major combat operations in Iraq have ended. In the battle of Iraq, the United States and our allies have prevailed.” Non farm payrolls negative 48K -- Unemployment at 6% BLS U.S. jobs jumping ship CNN/Money The X Games Contrary Investor At least for now, spending by corporations does not seem to be influenced by cost of funds, but rather by potential rate of return on capital invested. Unlike many other sporting events, corporations do not appear interested in sponsoring the global championship reflationary X Games. Krugman's bigotry vs the Bush tax cuts BrookesNews (Jackson) Fed Struggles To Steer Clear of Misinterpretation WP (Berry) Dollar Whispers Morgan Stanley (Roach) The dollar nightmare CNN/Money U.S. dollar slide seen continuing Globe & Mail ”This is the earthquake we've been waiting to see happen” Market Topping! Safe Haven (Chapman) Baghdad bounce fails to materialise Reuters Phantom Growth in Tech's Prices TheStreet Happy Days in Muni Land as Issuers Rush to Market Bloomberg Barchart U.S. firms seek tax refunds on inflated profits Reuters (WSJ) Morgan Stanley CEO Rebuked Washington Post Stop Denying Misdeeds by Firm, SEC Warns Merrill's Recommended Stock-Bond Mix Stands Alone Bloomberg Richard Bernstein broke ranks with rival Wall Street strategists when he urged clients to avoid owning more stocks than bonds Wall Street settlement is plunder KC Star States Cut Historical Preservation Funds Stateline Arizona economy 'hanging by the nails' Arizona Republic Jobs scarce for new college grads SF Gate Golf club perks are vanishing Reuters Record Crowd Makes Pilgrimage for Buffett Reuters Wal-Mart Sells McLane to Warren Buffett Reuters Enron's Fastow hit with new indictment WT Cisco's competition ain't cheap CNN/Money Basel rules spark home loan fears FT BIS European April Manufacturing Shrank as Growth Falters Bloomberg A bitter disappointment for those who at the beginning of the year predicted a recovery Stock markets threatened as insurers ditch equities Times Online Bank’s Capital Hikes Fall Flat amid crisis rumours Yomiuri If nothing is done, the banking business will become unviable in Japan. Moody's places Sony debt rating under review Japan Times Painful SARS side-effects Economist “The stock market’s resilience yesterday in the face of a plunging dollar was bullish to the extent it implies there are plenty of bozos out there eager to ignore the mushroom cloud on the horizon.” Ackerman CME index futures hit by Globex technical snag Reuters Most of the Globex platform was brought back online at 3:45 p.m. CDT (2045 GMT), but the E-Mini S&P 500 was still off-line at that point. Thursday May 1 I Have Become An Inflation Targeter Pimco The Fed’s anti-deflation credibility is now in a bull market. A two-faced economy for Greenspan's new term ST US rate cut this year seen as more likely FT Greenspan--Same Old Tune Comstock April Manufacturing ISM Dips to 45.4 ISM Construction Spending Falls J-Claims drop 13K to 448K - Highest 4-Week Average in more than a year DOL Productivity up 1.6% in 1Q03 BLS A Comeback To Be Doubted Washington Post This run-up has sparked debate about whether we're witnessing a replay of the 1990s Internet bubble... eBay's Scary Stock-Option Specter Business Week Precious-Metallic Armor for the Crisis of Confidence Street (Fleck Speech) Insiders Tip The Market’s Hand LongBoat Most of the big-cap stocks in America have seen close to zero buying in the last 12 months, and most of these stocks show moderate to heavy insider selling. Investment bankers cutting back at CBOE Chicago Sun Times Pension shortfall averages $10,000 for each worker, S&P study finds LA Times 2002 Standard & Poor's Core Earnings bore the impact of the bear market. Pension adjustments took $8/share of earnings, leaving 2002 Standard & Poors Core Earnings at an estimated $22.60 (in 2002). S&P - April 24 Half of the nation’s pension plans are underfunded - Bush pushes for fix Garnett Deficit Grows At Agency That Backs Pensions WP PBGC Proposals pending on Capitol Hill could allow employers to fund their pensions at lower levels than are now required. US to issue a record $58bn of debt FT Americans lose confidence in their retirement savings Star-Ledger The Bear's Lair: The productivity puzzle UPI Wall Street deal smacks of hypocrisy Globe & Mail Health plan for unemployed faces 'funding crisis' Boston Globe Tyco finds $1.36 Billion More To Write Down DJ TSA to Cut 6,000 Airport Security Jobs Washington Post American Airlines moving to eliminate 7,000 jobs AP Losses shake Stewart empire Reuters SEC May File Civil Charges Against Former Qwest Employees Dow Jones NYSE Monthly Disciplinary Report NYSE Short Positions in Precious Metals Stocks Financial Sense Japan overall April vehicle sales down 6.0 pct Reuters Home loans are still driving debt level Irish Times ICI to cut 700 jobs Guardian FTSE Graphic: Sell in May and go away? Times Online Boycott grinds on against French food, wine, travel USA Today Nearly one in five Americans who regularly buy French products say they have stopped. Air Canada seeks $2.4B cut Toronto Star “Money is flowing into high-yield bond funds like never before...” CNN (ICI) “For the second quarter in a row, short-biased (hedge) funds had no inflows” DJ



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