feednov03






			Weekend Edition (Nov 29-30) Pound and euro surge as dollar feels the strain Times Online Valuation Wave Reversion 3 Zeal Compounding the Problem Prudent Bear (Noland)e Exposing some popular fallacies about buying a home Economist Mutual Funds Try to Reassure Investors WP 8x8 Surges in Thanksgiving 2003 Bubble BloombergP Pricing and Valuing Financial Assets - It's a great time to sell! 321 Retailers braced for a miserable Christmas as shares tumble Independent Barclays still pitching 0% for credit card despite ban Times Online Ponzi stamp on property pipedreams SMH CPI posts first rise in five years Japan Times Mexican Peso Extends Declines to Record Low Bloomberg Friday November 28 Rubin defends Greenspan’s tactics Times Online In revealing his close working relationship with Larry Summers, deputy US Treasury Secretary, and Mr Greenspan, Mr Rubin discloses that the three of them began to discuss their concerns about the stock market as far back as 1995. Rubin ~ Amazon Alan Greenspan's low-paying job CNN/Money Price Inflation Has Never Disappeared North Public Participation 13 Comstock Soros 'speculating against dollar' Independent The pound surged against the dollar yesterday amid speculation that Warren Buffett and George Soros, the world's most famous speculators, are betting the US currency will plummet. George Soros adds his weight to the case against the dollar Inde The latest rumour to feed the frenzy is that George Soros has taken some sizable short positions in the greenback... The Dollar Drag Time Terror still stalks the dollar CBSM Lehman Says Dollar `Unattractive'; Fed Takes `Partial Credit' Bloomberg Dollar Declines to Record Versus Euro, Heads for Losing Week Bloomberg The Gold Price GoldMoney WGC gold fund hits third iteration Mineweb Platinum - Is There Enough? Mining Weekly Sell Your Bonds Forbes The Good News NY Times (R) (Krugman) Yardeni Prudential PDF Back in the U.S.S.R. Financial Post Jobs Overseas? Another Attempt to Explain Mises Clinton seeks to reassure investors and stem outflow FT Milken Brothers and Ellison Taken to Cleaners Bloomberg Shopping Slump NY Post Get ready for Black Friday CNN/Money Sibleys to close 29 shoe stores Det Free Press The Wal-Mart juggernaut rolls on Independent Kozlowski wins scoundrel vote CNBC Party On, Euro. The Fiscal Time Bomb Is Ticking Bloomberg (Baum) If the dollar's current weakness is about the lack of budget discipline, what should we say about Europe's predicament? Rate rise knocks consumer confidence Times Online HSBC axes 450 jobs in investment bank shake up Times Online BOJ tastes first red ink in 31 1/2 years Japan Times Pension cuts sought to save system JT Ashikaga Bank may need state bail-out FT China's GDP expected to exceed 11 trillion yuan this year People’s Daily Beijing authorities may bail out lenders again IHT BMW China sales more than double IHT 80 percent profit of Volkswagen comes from China People’s Daily Scotiabank U.S. Pullback May Prompt Banks to Rethink Expansion Bloomberg Bush makes top-secret trip to Iraq Toronto Star President’s brother has $2M contract in China Newsday US Gets 9 Days to Abide by Steel Ruling Reuters Payback tariffs to hit U.S. imports by end of the year Japan Times In retaliation, China junks its plan to buy U.S. wheat Seattle Times Wednesday November 26 Book Review: Expose on the end of an era Asia Times The speculative bubble was unique in one regard: as assets inflated, they fueled unprecedented borrowing, both among corporations and consumers. These loans were collateralized on the basis of asset inflation, whereas traditionally such loans would have been based on income. After the New Economy Amazon U.S. Initial Jobless Claims Fell 11,000 to 351,000 Last Week Bloom Durables Orders Surprisingly Strong Reuters Census Medicare Plunder Ron Paul The Global Trade Boom -- a Flash in the Pan? Morgan Stanley Will consumers be in a spending mood? Kellner The Battle plan for 'Black Friday' The Fed's game of chicken CNN/Money Fed lays groundwork to end low rate vow, but when? Reuters Pensions: Still a problem CNN/Money Even as the market's risen, corporate pension plans have become more underfunded. Pension Fund Relief Plan Fails to Clear the Senate Ledger (NYT) Watching dividend yield for signal CBSM Unsexy IPOs Get the Brushoff TheStreet Security Trust Co. to shut down USAT Moody's continues to review Janus credit Rocky Mountain News Back Office Probed at Citi Mutual Fund Unit TheStreet American Airlines' Parent May Issue Up to $3B in Additional Stock and Debt AP Rumsfeld orders probe into Boeing FT Has the True Gold Bull Begun & the Coming World Currency Crisis Gold-Eagle Foreign Lenders Bolting? Ackerman China's electronics makers reject dumping charge FT Whose Brassieres Is China Stealing Anyway? Bloomberg Economist warns against Sino-US trade war Chinaview Industrial profits shoot skyward China Daily Manufacturing investment slumps at the fastest rate for 20 years Independent Japan prepared to bail out smaller banks FT Volkswagen Expects U.S. Sales to Fall `Significantly' Bloomberg Moody's warns it may trim Philippines ratings FT Iraqi oil close to pre-war levels BBC Guerrillas Fire Rockets Into the Heart of Baghdad Reuters Tuesday November 25 UBS Fires Two After Fund Trading Probe Reuters Sales of the American Dream Rise in Oct. Reuters GDP Up 8.2% Bloom BEA - Consumer Confidence jumps to 14-Month High CB U.S. weekly chain stores sales rise in latest week CBSM WMT-TGT Russell on Gold G-E Gold at $400 is Dirt Cheap Russell 3Q-2003 Gold Supply & Demand Balance GFMS PDF Global Gold Hedge Book Analysis GFMS PDF Overview: Gold demand up 5% in third quarter Mining News Central Bank Not Planning To Increase Gold, Foreign Currency Reserves Bulletin Charts & Analysis: Head Fake CIBC PDF The Bear's Lair: Greenspan's Ponzi Scheme UPI The equation of Greenspan to Ponzi does not suggest criminal intent -- just that many features of current U.S. monetary policy strangely resemble Ponzi's empire, and are likely to lead to similar painful results for all of us. Beginning of the End Chapman How many debts will it take 'til they know ... ? G&M Today's tax cuts are political gold; tomorrow's deficits are somebody else's problem. The Roots of Governments' Budget Crises Mises Moody's turns spotlight on US debt levels FT The Uncivil War NY Times (R) (Krugman) Is the US magic touch an illusion? Independent "Glass is half empty" economists may scoff and point to a jobless recovery, but they are missing the whole point: the US has done it again...Or has it? Rx for a budget bomb? CNN/Money Who needs an energy bill? Critics say the Medicare prescription drug bill could cause explosive budget deficits. Editorial: Ticking Time Bomb of Debt LA Times (Free Reg) The budget-busting Medicare bill offers dubious benefits at outrageous costs The Bubble of American Supremacy Atlantic (Soros) Dollar decline raises new concern for US CS Monitor White hot dollars FT Impact of declining US capital inflows Asia Times The unfairness of fair trade WT Trade Barriers NCPA The only proven way to reduce U.S. imports is to push the economy back into recession... Trade: free, fair and forgotten TownHall (Kemp) WTO speeds ruling on steel WT WTO will rule against US steel tariffs Dec. 1, moving up by more than a week the timeline for other countries to retaliate... China's TV makers face US import duties FT TIAA-CREF Needs To Practice What it Preaches NY Post (Crudele) Entire toy industry facing some painful prospects Business Week Why your home might sell for less WSJ So far this month, Putnam assets under management have tumbled $30 billion R Invesco Admits It Allowed Market-Timing TheStreet Criminal, civil charges could hit Security Trust USAT US regulators target Amvescap trades FT SEC may soon target hedge funds CNBC Warnings Were Clear, Says Enron Examiner WP Jury indicts 9 in $33 million stock scheme AP Who's the biggest scoundrel? CNBC Sprint to lay off 2,000 AP Monticello plastics plant to close, costing 250 jobs AP Rubbermaid - 100 New Process Gear lays off 174 workers Post-Standard School layoff ax falls today, and 'depressing' wait ends Sunspot Xerox says profit for '04 to fall short Reuters Boeing chief fired over tanker scandal Independent CNBC Cuts ‘Business Center’ NYP NASD proposes rules to end IPO abuses Bloomberg CME begins CBOT link as Eurex looms FT Study: NYSE Reform Falls Short Newsday Is China's economy the next big bubble? Canadian Business The Party Pauses Morgan Stanley (Xie) The global economy is the middle of another bubble economy after the IT bubble of the late 1990s. Fed monetary policy is the cause China's software sales hit 11.2 bln yuan in Q3, up 20.2% People’s Daily Export orders for Taiwan products reach all-time high in October TT Germany, France Win Extra Time to Cut Budget Deficits Bloomberg Illusion of grandeur Guardian The dollar's weakness is buoying up the euro, but that's not necessarily good news for the eurozone economies. Britain threatens veto on EU Telegraph German Business Confidence Climbs to 33-Month High Bloomberg Munich Re Sees First Annual Loss in Almost a Century Bloomberg Unemployment rate in Australia twice the official figure WSWS ASIC turns up heat on 17 companies The Age Housing bubble imbalance could threaten economic growth: TD FStandard Indian Bond Investors Need Bollywood's Faith Bloomberg FIIs May Burst Indian Stock Bubble Financial Express Brazil's 2014 Bond Rises to High as S&P Eyes Outlook Bloomberg Atlas CEO resigns over fudging of company books FP Monday November 24 Derailing the Global Trade Engine Morgan Stanley (Roach) Beating expectations is the same old con MSN (Fleck) Tech companies and analysts still are distorting numbers to make a rough period look like a recovery. It's just more of the kind of rot that almost no one, including the SEC, seems to mind. Beware the American bull Canadian Business How to Make the Deficit Look Smaller Than It Is NY Times (R) In the past three years, President Bush and Congress have viewed the Social Security surplus more as a cookie jar than a lockbox. In the long run we are all broke Economist Does Greenspan Deserve Another Term? Mises Fund Reformers Could Put Greenspan Out of a Job Bloomberg Bearish Merrill strategist under fire Reuters A Bear-Fund Fairy Tale TheStreet When in doubt, blow a bigger bubble while bombing Scoop Dr Doom sees Asia's star rising Swiss Info Swiss financial guru Marc Faber predicts that a collapse in consumer spending could push the United States into recession within two years. Dollar Poised to Drop for Third Week Versus Euro Bloomberg Did money emerged from government decrees? BrookesNews Freddie Mac Offers Little But More Stalling WP While Freddie Mac officials proclaim that they are being "extremely transparent and candid" about their business, they have been lobbying behind the scenes to keep Congress from passing legislation that would make those words mean something. US market timing abuses seen as systemic FT Pentagon bankers may bail out Black Observer Slowdown casts doubt on biotech offerings Boston Globe Amazon yanks Delight-O-Meter Seattle Times Baby boomers inherit little AP Gold's 'slow rush' at $400 CBSM Even Peter Munk believes gold has a bright future FP Should Middle East investors be going for gold? AME Gold Reserves in Favor Moscow Times Alcoa, Inco, Gold Shares Seen Gaining as U.S. Inflation Rises Bloomberg Is the Bank telling us interest rates have very little effect on inflation? Inde China gears up to take on Western manufacturers Swiss Info Mexicans fear China’s trading clout AP In India, China: the makings of tech juggernauts Toronto Star China spins out its own video disc format AP UK 'faces financial jobs loss' Times Online Euro entry nightmare could drag on until 2014 Times Online Thaksin warns stock speculators to stop Straits Times Creditors agree to $1.7bn bail-out for LG Card FT Protectionism will harm growth: Trichet BizWorld EU takeover directive threatens new trade rift FT China Increases Tax on U.S., Japan Chemical Imports Bloomberg China-US trade spat further frayed People’s Daily China says it will not dump US Treasuries to retaliate PD Analysts: Trade move is "poll ploy" China Daily Weekend Edition (Nov 22-23) Torn Fabric Morgan Stanley (Roach) Prediction: The future of the USA stock market UCLA (Sornette) Eerie Nikkei-SPX Parallels Zeal It's Here Prudent Bear (Noland) Bras, Steel and Bush Mauldin Fed up with protectionism Economist Freddie Postpones Quarterly, 2003 Earnings Reports WP Results Now Due in Middle of Next Year Freddie Mac: How We Hid $5 Billion Reuters Energy Costs Pose Threat to Stock Rally Reuters Barrick to abandon hedging: Munk Globe & Mail NYSE Short Interest Declines NYS Friday November 21 Why a Major Bottom is Still Ahead Comstock The Dollar Isn't a Calamity, Yet Business Week Fed's Greenspan sees no dollar plunge but ... CNN/Money "Nothing Has Changed on Wall Street!" Financial Sense The SEC, who is charged with serving the public’s interest and is funded through tax dollars, could effectively end this useless and deceptive stock jobbing with practically the stroke of a pen. The SEC makes dishonesty pay MSN (Jubak) Spitzer Sees Fund 'Death Penalty' WP "It's fair to presume there will be criminal cases brought against firms. That may mean the death penalty for them. In my view that's the only option we are now left with." House bill may not address abuses JSO (NYT) Freddie To Say It Inflated '01 Profit WP Until Now, Firm Had Reported Only That It Understated Earnings House Passes Bill Easing Airline Pension Rules WP The legislative relief, which critics call a backdoor bailout, could ultimately come back to bite taxpayers. Whale Oil Crisis - How Did We Survive It Without Congressional Intervention? NT Economist says the middle class is on the losing end HC (Krugman) Blodget is Back -- Slate Commentary Blodget 'Slate' hires Blodget to cover Martha Stewart trial USAT “Blodget's background gave him a unique perspective on the Stewart scandal.” Conrad Black says he's innocent of any wrongdoing Reuters SEC Investigating Biovail TheStreet Mutual Fund Firm, Founders Accused of Fraud WP Nortel: A billion here, a billion there... G&M (Ingram) Intel CEO: Corporate Buying Rebounds Reuters IT Budgets and ROI CFO More layoffs possible for AT&T Wireless; some jobs go to India Seattle Times Go for the Gold Forbes Bush's Wobbly Line on Trade BWeek High-Tech Protectionism AEI (Dec) FASB Outline for Nov 26 Meeting -- Pensions & stock options FASB Bullish Sentiment Unchanged in latest week VTO (II) China denies cancellation of purchase delegation to US People’s Daily Trip has been"postponed" due to technical reasons China considers counter measures to US steel tariffs PD A Few Cadillacs to China Won't Resolve Trade Fight Bloomberg China Life files for IPO on Wall St FT BOJ expected to keep flooding economy with cash JTimes Trade Surplus Grows Bank dismisses 'simple-minded' fears about house price crash Independent Treasury warned it must bail out Network Rail Independent "It is not relevant what the Treasury wishes to pay.” Sterling at five-year high against dollar Scotsman Lenders ready first Mexcan mortgage-backed debt FT Thai premier overrules SEC on trading rules FT Thaksin has repeatedly expressed his displeasure with new rules intended to cool what some view as an unhealthy speculative bubble building in the stock market. Free-Trade Bloc Framework OK'd in Miami AP Police, Protestors Clash Iraq tenders to favour US allies BBC Explosions Shake Iraq's Oil Ministry AP 2 explosions hit Baghdad hotel Reuters Australian treasurer warns on trade protectionism Stuff Free trade wallows in political correctness Times Online Thursday November 20 Foreigners shunning US securities FT Smallest net inflow of foreign investment since September 1998, when investment was overshadowed by the LTCM hedge fund crisis. Factory activity cools slightly in Philly CBS Philly Fed U.S. Leading Economic Index Increases in October Conference Board Chaos and panic in Istanbul CNN Dollar Falls Against Euro, Yen, Pound After Blasts in Turkey Bloomberg XU100 Government Bonds Surge, Stocks Decline on Turkish Explosions Bloomberg U.S. Initial Jobless Claims Fell to 355,000 Last Week Bloomberg DOL “In 51 of the past 52 weeks, the labor department has revised the previous week's number upward, making the picture less rosy than it originally appeared.” NYP The capacity to grow -- or not Calandra The Dow has never been in a true bear market. True or False? Gold-Eagle Special: Approaching Dow 10,000 MSN Why bears see a 5,000 Dow SEC Eyes Fund Commissions NY Post (Crudele) Alan Greenspan went out of his way recently to say that the Federal Reserve wasn't close to raising interest rates... Irrelevant. A stagflation forecast CNN/Money Is the Treasury market forecasting a return of the 1970's malaise? Is the dollar a looming crisis? CBSM (Erdman) Commentary: China, Japan are locked in by U.S. debt Euro vs Dollar "Q & A" Safe Haven Dollar gets attention - not all good CBSM Anyone Think Inflation Is (Gasp) Understated? Bloomberg (Baum) FBI sting uncovers '20 years of forex fraud' on Wall St Times Online Sources at the SEC told The Times that a full-scale investigation into all foreign exchange operations -- which handle some $1.2 trillion (£700 billion) worth of trades a day -- could not be ruled out. Dollar shrugs off forex sting -- for now Reuters Freddie Reportedly Overstated 2001 Earnings by $1 Billion TheStreet FTC claims AmeriDebt misled customers about services, fees AP GE predicts little growth in earnings FT Carly's bullish, but... CNN/Money Still not seeing signs of corporate pickup. Johnson & Johnson plans reorganization, job cuts AP Springs Industries' Layoff Announcement - Komo AP Baltimore Schools To Send Out Layoff Notices CBAL SEC Putting Positive Spin NewsDay "You don't need sophistication, you need a sledge hammer” Richard Shelby Robert Rubin On Surviving The 1990s Forbes Paul Krugman and the controversial art of popularising economics Economist Remarks by Chairman Alan Greenspan FED “Some clouds of emerging protectionism have become increasingly visible on today's horizon. Over the years, protected interests have often endeavored to stop in its tracks the process of unsettling economic change. Pitted against the powerful forces of market competition, virtually all such efforts have failed...” Poole criticizes trade restrictions Reuters Bush Gets Double `D' in Handling China Bra Flap Bloomberg China Fumes Over 'Cheap' U.S. Textile Move Reuters US Wants Free Trade Despite China Quotas Reuters China to Raise Tariffs on U.S. Goods Reuters Sagging Textile Town Unappeased by New Quotas WP In August, dozens of textile executives gathered in Spartanburg, S.C., and threatened to withdraw their support for Bush's reelection if he did not act to stem the flood of cheap Chinese apparel. Beijing summons US ambassador to express "shock" at textile quotas AFP The humble bra poses a threat to world economy Independent No country that increases its imports by 40 per cent can be accused of failing to spread demand to its neighbours... In bad times, trade gets political Guardian If the US does not compromise, it may kick off a trade cold war Bad idea gets worse Arizona Republic Steel tariffs raise prices, anger friends Too Much, Too Soon? Time China is making more cars, TVs and washing machines than it can consume. Eventually, this glut could swamp the world Treasury warns on global recovery Financial Standard Japanese October Trade Surplus Unexpectedly Widens Bloomberg Bank of England in no hurry to raise borrowing costs again Guardian First steel, now it's bra wars Times Online Portugal joins deficit bad boys EUpolitix Brazil Cuts Benchmark Rate to Two-Year Low of 17.5% Bloomberg NAFTA little benefit to Mexico Reuters CEIP Venezuela's Central Bank Begins Internal Probe Over Fake Bonds Bloomberg IMF warns US on trade steps against China People’s Daily Wednesday November 19 US to Set Quotas on China Textile Imports R DofC Made in China CNN/Money The United State's pressure on Chinese trade could hurt more than it helps. China Cotton Group Urges Retaliation Vs. U.S. Quotas Reuters "This will reduce our exports. There's no doubt that the government will react" China 'Firmly Opposes' U.S. Quota Move Reuters Dollar bears sharpen claws amid China trade tussle Reuters Bloomberg Dollar falls to new low in trading with euro IHT Citibank Closes All Long Dollar Positions as Unit Plunges Dow Jones Commerce Deptart’s Actions Will Provide Uplift to Rising Apparel Prices NT The Bush administration seems intent on inducing stagflation. Who’s Following A Strong-Dollar Policy? Northern Trust Why Gold's Gleam Isn't Likely to Dim Business Week The USAA Precious Metals & Minerals Fund's Mark Johnson Bank of China starts gold trading Shanghai Daily Individual investors traded some 1,869 grams of gold bullion for the first time yesterday on the Chinese mainland since the establishment of the People's Republic of China in 1949... Lex: China NPLs FT China renews Taiwan threat of war CNN ---------------------------------------------------------------------------------------------------------------- AT&T to axe more than 10 percent of its 30,000 workers Reuters U.S. October Housing Starts Rise to 1.960 Million Annual Rate Bloomberg PDF Jobless Data Skewed NY Post The U.S. Labor Department, at the urging of Federal Reserve Chairman Alan Greenspan, is working to fix a statistical quirk that causes the government to routinely underestimate the number of newly unemployed Americans each week... Capacity Utilization NCPA (Bartlett) Where has all the money gone? CBSM (Kellner) Commentary: Trends suggest possible U.S. liquidity trap Mortgage demand rises as rates drop Reuters ‘Blah-Blah-Blah' Currency Policies Must End Bloomberg Bush's Budget Betrayal Mises Size of Proposed Tax Breaks in Energy Bill Startles Experts NYT (R) Van Eck Subpoenaed Amid Concerns Over Canary Link TheStreet Freddie Mac Hires Spin Doctor Ahead of Restatement TheStreet FBI Sting Nets 48 Arrests on Wall Street Reuters AP Coverage Charges against Martha stand WP KPMG Official Faces Skeptical Senators at Tax Shelter Hearing WP High-Tech Jobs Dwindle by 12 Percent AP AEA 2 rating agencies deal blow to Cigna AP GE Plans Large Insurance IPO for 2004 Reuters Restatement Rerun: Picture Is No Clearer CFO Compromise offered for expensing options Mecury News Reality Black-Out NYP Conrad’s Books Don’t Balance... NYP NYSE Seat Sale NYSE Nikkei Ends at 3-Month Low, Techs Sold Reuters Japan intervention talk lifts dollar CBSM Asian Stocks Take Beating AP IMF: Chinese currency not 'substantially undervalued' P-Daily Auto industry to drive platinum prices FT Bank voted 8-1 for rise in rates BBC Brown tries to calm trade war fears Guardian Crunch looms after EU's colossal mismanagement Times Online Panel to urge taxation on rich elderly Japan Times LG Group shares fall after raid Reuters China hit by cotton shortage Bangkok Post Tuesday November 18 Gold Futures Rise Above $400 for 1st Time in 7 Years B CPI Unchanged Core up 0.2% BLS HD Posts Record Quarter TheStreet Bank of China Opens Gold Trade to Individuals Asia Pulse Markets steel for next metals rally Calandra Insanity is Prevalent Commentary: Pause in 'melt-up' seen as entry point Gold: Resurrection of a Mystical Asset AFP Weak greenback sees gold nudging $US400 SMH Matthey Interim Report on Platinnum PDF Dollar Drops Versus Euro on Speculation About Terror Attacks Report: Freddie Mac probe widens to Wall St. firms Reuters When Pleasure Is About Avoiding Pain Pimco (McCulley) No One Can Save Wall Street's Lower Class Bloomberg (Lewis) Once more Donaldson's biased leadership shines through... CBS Putnam's behavior was clearly unethical and criminal, and yet, Donaldson didn't even extract an admission of guilt. Time to fire Donaldson, hire Spitzer at SEC MSN (Jubak) SEC chief defends Putnam settlement Reuters Funds & Games NY Times (R) (Krugman) CEO of Janus International Steps Down TheStreet Morgan Stanley to pay fine as fund scandal simmers Reuters Without admitting or denying the charges, Morgan Stanley agreed to provide more disclosure about its relationships with mutual fund groups, the SEC said Calpers Pulls Funds from Putnam Reuters More Action Morgenson (R) Investors Keep Pulling Money From Putnam WP US govt posts $69.55 bln shortfall in October Reuters Foreign central banks remain keen on Treasuries FT The Treasury sold $57bn of debt last week, of which about $20bn was bought by central banks. The Commons and the Tragedy of Banking Mises Incomes are Falling Sennholz Roller-Coaster.com NY Post (Byron) Three home loan banks face S&P rating cut FT About 21,600 Accept Buyout From Verizon AP IMF ready to abandon unused panic credit facility FT Congress Grovels for the WTO Ron Paul Larry Tisch, Family Man NYP (Crudele) Conrad Black finally meets his Waterloo G&M (Ingram) If you listen closely, you can hear the sound of Lord Black's empire crumbling. Black braced for US inquiry Guardian British warn U.S. on steel tariffs Reuters Snow hints at US climbdown over steel tariffs Independent How China's consumer revolution is changing the world Independent The world has never seen economic growth on this scale before...But with booms come busts. China Yangtze Power shares soar in debut FT A ripple of fear in Asia wipes off $5.6bn Advertiser Extra pension cover could cost Treasury £2bn a year Guardian Bankrupt Scots total heading to new record Scotsman Swiss Unemployment climbs to five-year high Swiss Info Ascom cuts jobs and issues stock Swiss Info Central Bank Holds Rigid Ruble Policy Moscow Times Banks cautioned on interest rate risks Sify (India) Pipeline explosion closes Iraqi oil refinery ABC Monday November 17 They Called It ‘Rubinomics’ Newsweek Robert Rubin says nothing in life is certain. But in his new book, the ex-treasury chief is sure about one thing: Bush’s economic policies are badly misguided. An excerpt: New!: In an Uncertain World: Tough Choices from Wall Street to Washington Amazon ~ R. Rubin Empire State index jumps CNN/Money PDF File Inventories rise 1st time in 6 months CBSM Regulation Begins at Home NY Times (R) Eliot Spitzer “My office will not be party to settlements that fail to protect the interests of investors and let the industry off with little more than a slap on the wrist...” Morgan Stanley Is Said to Be Ready to Settle With S.E.C. NY Times (R) Actions By Bear Stearns, Schwab Broaden Scandal Dow Jones Recipe for Trouble Hussman Macro Passion Morgan Stanley (Roach) Perhaps the most surprising commentary came from one of the perma-bulls...His optimism is now gone. The Inflation Conundrum at Lyford Cay MS (Berner) All roads now lead to inflation MSN (Fleck) What’s Up - Or Down, As The Case Is - With Money? Northern Trust In the history of M2 data, which goes back to 1959, there has never been a two-month contraction in this monetary aggregate of the magnitude that has just occurred. Thoughts on Marx, Keynes and the US recession BrookesNews Asians Aren't Dumping U.S. Treasuries -- Yet Bloomberg (Pesek) All of a sudden, after months of beating up on Asian governments for their currency policies, John Snow, the U.S. Treasury secretary, has gone eerily silent on the subject. Freddie, Fannie Escape Action on Hill -- for Now WP Investors ditch Fannie and Freddie shares FT Wal-Mart’s Warning Tells Us U.S. Consumer is Tapped Out NYP (Kennan) Toys R Us Misses, Cuts Outlook, and announces Store Closures BW AmEx to Raise $1.8 Billion in Debt Offer Reuters Senate Panel Finds Abuses in Tax Shelter Sales WP Health insurance woes hit U.S. middle class IHT (NYT) More than 43 million people in the United States lack health insurance, and their numbers are rapidly increasing. Investors wary as mobile war looms Reuters Easy Come, Easy Go Gary North Pull The Trigger 321 (Russell) If you want a mental picture image of the end of American empire, imagine a man dressed in uniform, holding an automatic rifle, being pelted mercilessly by an old lady who is beating him over the head with her handbag. Gold solid again as investors bid up prices Mecury News Fewer workers make use of 401(k)s USAT China effect convulses commodity markets FT China retail sales rise at fastest in 2 years FT China number one in illegal money exports BrookesNews Nikkei Drops 3.7 Pct, Back Below 10,000 Bloomberg Rudderless eurozone drifts towards weak recovery despite itself Independent Business chiefs warn on UK investment climate Independent Elan risks options anger Times Online Hutchison sells bonds to pay for 3G investment FT The amazing flying dollar Globe & Mail Yes, it's quite the freak show, watching the Canadian dollar's ascent against the U.S. dollar. Just 2 in 10 investors read financial information: study Financial Post CIBC: The Week Ahead PDF McManus on Mutual Fund Liquidity Trends BofA Weekend Edition (Nov 15-16) Spitzer Rips SEC ‘Bureaucrats’ NY Post Slapping Wrists as Fund Scandal Spreads NYT (R) (Morgenson) Fund companies that have turned up abusive trading practices in their own shops will surely cheer this settlement and line up to receive their own version. 10% of mutual-funds workers knew of illegal trading activities AP That's right, the SEC got tipped off but took no action. Pilgrim Baxter founders who resigned to get $69 million AP Time for Santa To Get Real WP In a holiday spending survey commissioned by Consolidated Credit Counseling Services, 54% said they are still paying off debt from last year's holiday season. Bubble Junior Forbes What is so different about the current crop of Nasdaq 100 highfliers that justifies their prices? In a word, nothing. No inflation? CNN/Money The Fed says it can't find much inflation anywhere. Consumers might argue otherwise. The US Dollar Bear 2 Zeal Your Inner Spock Mauldin Liquidity, Money and Credit Prudent Bear Hard assets are precious assets CBSM (Calandra) Pension Funds and Miscalculations on the side of extraordinary risk... EW Analysis: Is U.S. tech self-destructing? UPI Alliance Capital to take $190 mln charge due to probe CBSM Schwab TS States, SEC Split Again in Attack on Investment Abuses WP Michigan credit rating reduced from top rank Reuters Cisco's Chambers Cashing In at Right Time TheStreet Adobe Systems lays off 3 percent of work force Seattle PI Friday November 14 Bankruptcies at Record High Reuters November Michigan Sentiment Index Rises to 93.5 From 89.6 Bloomberg U.S. October Retail Sales Fall 0.3% Bloomberg DOC Oct Industrial Production +0.2% -- Capacity Utilization 75% FED U.S. October Producer Price Index Rises 0.8%; Core Rises 0.5% Bloom BLS International Research Forum on Monetary Policy FED (Speakers/PDFs) Greenspan: "Uncertainty is defining feature of monetary policy” CBS Gold futures inch toward $400; silver at 3-year high -- Live Spot Chart $ Heads for Biggest Weekly Drop Against Euro in Six Months Bloom USD -- Assessing the Risk of a Repeat of 1995 Morgan Stanley Gold steady above $395/oz but may have blown $400/oz Platts Why Gold, Why Now? GoldenBar Gold’s Dust vs. Dusty Gold Gary North An Object Lesson in Investing Alertnet Adam Smith, the father of modern economics much-quoted by conservatives, once said, "People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices." It's a description that fits today's Wall Street to a tee. The Problem of Corporate Greed Mises U.S. stock fund weekly inflow rises to $4.4 billion CBSM Huffing and Puffing For New Highs Gold-Eagle (Rostenko) If it took thirteen rate cuts, three tax cuts and massive money supply expansion to finally give us one quarter of decent growth and a few hundred points on the S&P 500, what's it going to take to keep this rally going? The Market's Top Is as Slippery as the Bottom TheStreet (Task) The Nasdaq is still following the path of the postbubble Nikkei "Is Recent Stock Behavior Signaling Holiday Season End to Market Rally?" FS Applied Materials the Poster Boy for the Current Market Comstock I'm not saying it is time to run for the hills, but... 321 (Daughty) “For nearly 100 years, the ratio of debt to GDP was between 120% and 160%. Only in the 1929 bubble did it ever become really grotesque... peaking out at 260%. Guess what it is today? Over 300% and growing." Gloomsters, Ship Sinking, Hold on for Dear Life Bloomberg (Baum) Bush Pressured to Decide on Steel Tariffs WP Sparks fly over steel Economist Tax refunds expected to jump 27% USA Today The Treasury Department estimates it will collect $100 billion less in taxes in the first half of 2004 than it would have without the tax cut. The Trojan Horse NYT (R) (Krugman) A Congressional conference is now trying to agree on prescription drug legislation. But beware of politicians bearing gifts... Lawmakers agree to block easing pension plan shifts BG (Bloom) Municipal Bond Outlook for 2004 Is Anxious and Grim Bloomberg Foreclosures up 34 percent in 2003 Star Telegram 'Counseling’ puts some in deeper debt SunSpot Thousands of Americans in debt over their heads are turning to nonprofit credit counseling agencies to help them avoid bankruptcy and return to solvency. But for many, that move is leading to more financial woes Banks block distressed asset sales FT Wal-Mart sounds note of caution on sales FT Dell still cautious CNN/Money The Wal-Mart effect CNN/Money The world's biggest retailer says consumers are still very cautious. Should economists worry? Price war looms for high-speed Net access USA Today Game maker Nintendo has first loss since 1962 AP Level 3 stock price plunges as Berkshire unloads shares Toronto Star Bill Gates Sold 2 Million Microsoft Shares Dow Jones Steelcase warns 77 skilled-trades workers of possible layoffs AP 190 - 44 2 Mutual Funds Move to Assure Wary Investors NYT (R) Manager Prospered as Investors Suffered NYT (R) Spitzer: Puntam Reform Plan ”A Joke” NYP Insider trading should be transparent Globe & Mail (Ingram) SEC charges three former Gateway executives with fraud AP Mistress tells of millions in Tyco transfers FT IBM Claims New Supercomputer As Fastest AP BrokerTec Futures Exchange to cease trading FinExtra Asia Musings Morgan Stanley (Roach) Japan's GDP surges in July-Sept. qtr CBS Nikkei ends at 3-month low US crop prices soar as China fuels demand People’s Daily (WSJ) Chinese prop up the oil price Times Online China expected to consume 5.4 million barrels of oil per day in 2003, up nearly 10 per cent on 2002, compared with Japan’s 5 million barrels per day. Graphic Central Bank Reserves Slip Back on Flight Worries Moscow Times U.S. blue-chips a hit on Mexican stock exchange Reuters Mutual fund managers in Mexico are buying U.S. blue-chips like never before... Ex-CSFB chief given record fine over Japan tax deception Independent Venezuela Probes Effort to Sell Bogus Bonds Bloomberg Corporate investigators raid Rivkin properties SMH Ottawa had role in Air Canada's pension flop G&M Rand at 38-month peak against dollar IAfrica No intervention planned for 'overvalued' rand Cape Times Distressed Thai businessman falls to death raising 'lucky' flag on roof AP Peril Follows Contractors In Iraq WP There are so many echoes of Vietnam in Iraq Independent Thursday November 13 White House aide -U.S. budget deficit is a concern Reuters U.S. home prices up double digits in Q3 CBSM Realtor.org U.S. mortgage rates rise slightly in latest week CBSM U.S. Trade Deficit Up to $41.3B in Sept. AP Census U.S. Initial Jobless Claims Rose 13,000 to 366,000 Last Week Bloomberg Mortgage applications slump Reuters MBAA Index of new home loans lowest since June 2002 Gold closes at 7-year high, shy of $400 CBSM May Top $400 Bloom Investors snap up gold as dollar sags USA Today "To the moon, Alice." Financial Sense Do Asset Prices Belong in Central Banker Toolkit? Bloomberg (Baum) Fed will raise rates ... but when? MSNBC Moskow: Rates to Stay Low Reuters Fed's Poole Says Low-Rate Conditions May `Extend Beyond March' Bloomberg Companies in No Hurry to Increase Workforces LA Times (R) US deficit could bring bear market back, warns UBS chief Telegraph Protecting whose steel? IHT The Cost of Auto Incentives Prudent Bear Comp deficit a half-billion dollars more than thought Charleston Gazette State officials overguessed investment returns Mortgage Servicer Must Pay Borrowers WP Fairbanks Accused of Unscrupulous Practices Ex-Economist At Goldman Pleads Guilty WP Youngdahl, 44, told the judge that he tipped off Goldman's bond traders, who snapped up $84 million in bonds before the official posting of the news sparked one of the largest single-day bond rallies in history. Witness: Loans were on Tyco's books DJ/AP Wal-Mart's Q3 profit misses by a penny CBSM U.S. Treasury's Snow-stock options key US pay tool Reuters 119 to be fired with close of Weyerhaeuser paper machine SPI China exports soar but inflation too CBSM Nation's money supply soars by 21.6% China Daily GM Wants to Offer Auto Financing in China Reuters Small Chinese clothier offers Clinton $2 million to be its spokesmodel AP Euro rallies as German economy grows FT Canadian Dollar Reaches 10-Year High; Rate Is Expected to Hold Bloomberg Governor's debt alert fuels fears of more rate rises Times Online Graphic: Why Households Need To Tighten Their Belts Times Online Britons to trim gift spending BBC "Inovation Island-"Part 3: Manufacturing Production Plants NBR Transcript Venezuela's Central Bank Probes Effort to Sell Bogus Bonds Bloomberg Gigantic sleaze scandal winds up as former Elf oil chiefs are jailed Guardian US Iraq spending could hurt dollar over long term Reuters Violence forces US to consider Iraq rethink FT Wednesday November 12 Dollar Tumbles. . . Reuters Gold futures top $390 an ounce CBSM Kitco China's metals hunger whets fund appetite Reuters Government Outgrows Cap Set by President WP Discretionary Spending Up 12.5% in Fiscal '03 S&P Drops a Bomb on Ford TheStreet Overworked employees are fed up CNN/Money Should the Fed React to the Stock Market? SF Fed PDF Misery loves company CBSM (Kellner) Commentary: By Reagan's standard, Bush is falling behind Economics and Propaganda Mises Bush will pay for this mess that he made Philly Inquirer George Bush is in a pickle over steel, and he has nobody to blame for it but himself. News Analysis: Bush at a trade crossroads IHT (NYT) US considers severe new steel penalties FT Snow: Steel Issue in White House Hands Reuters Analysis: Trade imbalances widen further UPI Persistent trade imbalances, where deficits are financed by inflows of hot money -- which can flow as quickly out as it came in -- from central banks of countries that run surpluses, are bound to lead to trouble in the end. They're Bullish -- and Skittish TheStreet (Task) Stock funds draw strong October inflows despite scandal DJ/AP How mutual funds stole your money MSN NASD probing fund trading Failed Pensions: A Painful Lesson in Assumptions NY Times (R) Alliance May Lose North Carolina's $7 Billion Pension Contract Bloomberg States, Hooked on Smokes, Revive Tobacco Bond Market Bloomberg Arnold mulls $20bn bond BBC Moody's raises rating on Amazon.com's $2.1 billion debt Seattle Times Wal-Mart may rehire laid-off workers for lower pay Denver Post Former Dynegy executive describes bid to hide papers HC Derivatives Market Grows 20% to $170 Tln Bloomberg -- The Global OTC Derivatives Market at end-June 2003 BIS Gold: The Battle is On 321 (Russell) So Few Believe Gold-Eagle The Return Of The Political Risk Premium Prudent Bear Khodorkovsky Denied Bail by Court Moscow Times Christian soldiers march to war on corporate greed Times Online Will trade gap give BoE pause for thought on interest rates? Scotsman Bank of England Raises Inflation, Growth Forecasts Bloomberg Doubts raised over Y4,000bn debt forgiveness FT Bank lending balance down 4.7% Japan Times 70th straight month of decline Economy watchers index tops 50 Japan Times China says FDI rises 5.81 pct yr/yr in Jan-Oct Reuters China High Investment Deepens Deflation Risk Dow Jones China goes on U.S. shopping spree CBSM Chile Peso Has Biggest Decline in 5 Months Bloomberg Commerzbank Plans EU2 Bln Writedown, Seeks Capital, People Say Bloomberg Hedge funds sell Dixons on rumour of imminent downgrade Independent Flat NAB forecast stuns market The Age Ruling due in French sleaze case BBC Bush foreign policy 'creates risks for US companies' FT Tuesday November 11 The U.S. Productivity Miracle (Made in China) Hussman The U.S. ‘productivity miracle’ is almost entirely dependent on growth in U.S. imports and foreign labor outsourcing. Rising inside sales a gloomy cloud Globe & Mail (Ingram) October was the fifth month in a row that insider buying failed to get over the $100-million mark, let alone the five-year average of $173-million. Your home: Worst-case scenario CNN/Money Will rising interest rates unravel all of the gains of the recent housing boom? CIBC: Manufacturing not the only thing being outsourced by the U.S. PDF File Caught in the pull of globalization Mecury News Economists say flow of work overseas is unstoppable Some experts skeptical about US economic rebound despite solid data AFP A shortened boom? CNN/Money Why buy and hold is baloney MSN Cash-poor Pittsburgh asks state to lead recovery Reuters The $44 Trillion Abyss Fortune ($) The baby-boomers are about to retire, and it's going to cost us -- big. Here's what the government doesn't want you to know. Stores are haunted by Christmases past Baltomore Sun Strong: “I didn't sleep for 53 days straight...I've been grieving” JSOnline Alliance forces out 2 AP Bogle tough on funds - Putnam’s Assets Down $14B Holy War Waged Over Cisco Exec’s Pay NYP FOA Credit Crisis NYP Electric Industry Capacity Glut Jolts Investors Dow Jones (WSJ) Reliant Resources plunges into red FT Enron reorganization plan in jeopardy Houston Chronicle CSX Says Will Cut as Many as 1,000 Jobs Reuters Thomasville Furniture To Layoff 200 Workers WXII12 Starz to cut jobs, close offices Rocky Mountain News A Couple’s $80,000 Lesson in Dealing With Wall Street NYP (Crudele) The Bear's Lair: Was JFK a supply-sider? UPI Milken Joins Suitors Loony for Warner Tunes NYP Soros's Deep Pockets vs. Bush WP "America, under Bush, is a danger to the world. And I'm willing to put my money where my mouth is." Soros Dehedging slows, raises gold fears Mweb The Quiet Bull Market - Gold! Harding As the U.S. Goes, So Goes Britain Mises WTO: U.S steel duties are illegal AP WTO EU threatens sanctions over US steel tariffs TOnline In a joint statement with Japan, Korea, China, Switzerland, Norway, New Zealand and Brazil, the EU called on Washington to terminate the safeguard action “without delay” America dare not risk another slight to multinationalism The US has already trampled roughshod all over Kyoto and the United Nations. Is the WTO to be the next multilateral organisation to be sacrificed to US economic and political interest? Next Move in Steel: Revocation or Retaliation? IIE (Oct) PDF File US Steel Executives Warn Bush Not To Repeal Banned Steel Tariffs Tax-News Layoffs Expected After WTO Bars U.S. Steel Tariffs NYP A quarter of the nation's 150,000 or so steelworkers could lose their jobs. US goods set to double in price as Europe plans huge trade war Inde In drawing up its list of sanctions, the EU has deliberately selected products from states which are crucial to President Bush's electoral hopes. Asia-Pacific applauds WTO ruling on US steel tariffs AFP Nikkei tumbled as much as 400 points... CBSM Chart Japan Sept. machinery orders fall unexpected 1.6% CBSM Japan signs currency swap agreement with Singapore Reuters Aimed at preventing a recurrence of the 1997-98 Asian currency crisis, the Ministry of Finance said. Yen Intervention reaches new quarterly high Japan Times MOF Statistics China's fast-paced consumption to cause equity shift HC (Burns) China's Bounding Economy Fuels Both Hope and Concern NYT (R) Bulls Let Loose In the China Shop Business Week CNC Plans IPO All of a sudden, China's IPOs are white hot. Is this a bubble in the making? US opposes 27.5% tariff on China-made goods Xinhua Pensions crisis to cost £27bn a year Times Online Emergency funding requirements introduced by the Government leave final salary pension schemes with a funding time bomb. IMF chief to discuss YUKOS with Putin Russian Journal Unemployment climbs to five-year high Swiss Info Citigroup, After Lauding Lula, Cuts Lending to Brazil for a Sixth Quarter Bloom AirCan Executives: Still Flying High Toronto Sun When oil is vulnerable MSNBC The Recent Labor Market Improvement - Consider With Caution Northern Trust Jobs on the rise, but lack of wage growth threatens long-term outlook EPI Monday November 10 Foreign Holdings of US Debt top $1,000bn FT U.S. Notes Fall; $57 Billion of Debt Sales May Erode Demand Bloomberg Analysts Hike Forecasts of 2004 U.S. Growth Reuters Missing Pieces Morgan Stanley (Roach) The stresses and strains of an unbalanced global economy remain very much intact -- and not to be taken lightly. History hints bull may be near peak USA Today Learn from your mistakes -- without going broke MSN (Fleck) Cash is not trash. People work so hard to earn it. But once they have it in their portfolios, they act as if it's going to give them a communicable disease. Q&A: Not Out of the Woods NewsWeek Rubin: The economy’s growing, but the stimulus may falter next year Lawmakers Push Costs of Tax Cuts Out of Sight NYT (R) Proponents of both bills are using budgetary sleight-of-hand to make the tax cuts and their impact on the burgeoning federal deficit look smaller than they really are. Has IT Run Out of Big Ideas? CIO The Dollar Crisis: An interview with Richard Duncan Prudent Bear The Beginning of the End for the Dollar? Gold-Eagle Miraculous Growth of Money Sennholz The love of money, fiat money that is, is the root of much evil. US job picture brightens, but it's not likely to boom CS Monitor States Pay for Jobs, but It Doesn't Always Pay Off NY Times (R) States make 'unclaimed' asset grab CBSM States have been pressuring companies to turn over unclaimed assets and threatening them with penalties if they don't. Big 3 seek pension relief Detroit News Market Timing: A Longtime Practice Comes Under New Scrutiny NYT (R) Empire Financial says workers entered late trades Reuters Hedge Fund Field Day NYP (Byron) This rule, which has a nearly seven-decade growth of beard on it even as we speak, was intended to help drive the swindlers of the 1920s from the temple of capitalism by stopping in-and-out trading in a company's stock by its officers, directors and outside owners of 10 percent or more of its shares. Polland, 90, takes over as Penthouse Boss Reuters Forget the bottom line, focus on the top line Canadian Press Why This Tech Bubble Is About to Blow Business 2.0 ($) Galahad, De Vere Turn to Gold for Latest ‘Rush' Bloomberg For some investors, all that glitters is gold MJS Saudi Bombing Lifts Oil and Gold Reuters If interest rates rise here, will they rise there? IHT Global changes cause policymakers to wobble on their tightrope ID (King) Lies, damned lies and official pension statistics Times Online Markets' rise prompts listing flurry Guardian Doubts over Japan reforms grow BBC Japanese bailout body may need its own handout FT China: Capitalizing On Christmas WP If the spiritual meaning of Christmas really has been overtaken by commercialism, this city of skyscrapers and gritty industrial suburbs now amounts to a kind of present-day Bethlehem... China's Factory Production Rises 17% to a Record Bloomberg Taiwan pushes China's land prices up Taipei Times Crisis in Russia as Putin sees it SunSpot S&P Says It May Downgrade Russia Moscow Times $8.6Bln Left Russia During Q3 Reuters Trading Probe of Moody's Upgrade Heads West Moscow Times Russia's market regulator will ask the SEC and the FSA to widen the investigation to the United States and Britain...Moody's and Standard & Poor's have a policy of telling bond issuers before a rating action is taken Flirting With the Euro Reuters Worldwide shortage of steel forecast FT Argentina Sued for $172 Mln by NML Over Bond Default Bloomberg Scorecard falls short The Age Bayer To Close Centers in Japan, United States DP-A Air Canada gets $831m bailout deal AP CIBC: The Week Ahead PDF Weekend Edition (Nov 8-9) Debt Doom Lurking NY Post Despite Jobs Spurt, Executives Remain Cautious NYT (R) Job market continues to weaken and to set records for severity Job Watch Instead of losing jobs over the last two and a half years, the economy should have added 4.5 million jobs just to keep up with growth in the working-age population. More jobs may not fix what ails U.S. economy Arizona Rebuplic The economy must produce 130,000 new jobs a month just to keep up with the normal expansion of the population... US stocks defy logic as they spiral upwards Sunday Times “Panic psychology cannot be summarily altered or reversed by easy-money policies” Greenspan. The Steroid Economy Mauldin Will Investors Stampede Out of Mutual Funds? NYT (R) (Morgenson) Financial World's Scandals Keep Spreading WP Any Surprises Left Should Now Come From Investor’s Themselves NYP Cheap Seats at Broad and Wall NYT (R) It was not until 1987, just in time for another crash, that the seat price topped the 1929 record. It lost 78 percent of its value by 1990. "Lessons From The Past" Financial Sense Confidence is soaring, but are we over the 'Wall of Worry' CBSM The Emperor Has No Clothes SH (Richebacher) Practicing Random Acts of Insanity Bonner Rabbit Hole The Evolution to an All-encompassing Credit Bubble Prudent Bear (Noland) SEC, GAO to Testify on Fannie, Freddie WP Fund boards' divided loyalties strain duties USA Today The funds stank anyway CNN/Money Enron's Former Chairman Lay to Give Documents to SEC Bloomberg Buffett's Berkshire Third-Quarter Profit Rises 58% Bloomberg Bankruptcies reach record high as debt overwhelms consumers Times Online Russia Central Bank Deputy Fears Capital Flight Reuters Consumer Credit Up In September FED Friday November 7 Dollar's job-data boost fizzles CBSM M3 Growth and Stocks Zeal A flood of red ink Economist America's fiscal position has deteriorated fast during George Bush's presidency. It will not be easy to reverse Commentary: Frontier is Stupid Investment of the Week CBSM FAO Asks for More Money; May Sell Company Reuters ...after initial holiday sales came in significantly below expectations U.S. October Jobs Growth Surges By 126K BLS Bloomberg “A large portion of the increase came from the service-providing sector, which added 143,000 jobs...a grocery strike and lockout affecting 70,000 workers in Southern California had a net positive impact on employment” Reuters Greenspan Buoyant on Jobs Outlook WP (Berry) Greenspan sees deficits hurting recovery Reuters/AP Greenspan Remarks at SIA FED “no central bank can ever afford to be less than vigilant about the prospects for inflation...” Another New Paradigm Morgan Stanley (Roach) Foreign central banks hold $1 trln of US debt-Fed Reuters h.6 h.3 Go long silver, short Fed arrogance - Grant MineWeb “Do we have a critical mass of dollar holders who have lost confidence in the currency and want to switch to an alternative?” How to Short T Bonds Forbes (Grant) Although most U.S. investors (57%) believe interest rates will rise in the next two years, nearly two-thirds (65%) are unaware that rising rates generally have a negative impact on the value of bond investments. The Post-Bubble Economy Comstock Chart: Bulletin Board Velocity Crosscurrents How many times must we present conclusive evidence that a mania is still in place before professionals can admit the public is again being duped into accepting risk on a scale never seen in stock market history? New White House Fire for Fannie, Freddie WP “Even a small mistake could have ripple effects throughout the financial system.” Abernathy Says Fannie, Freddie Mac Can't `Melt Down' Bloomberg October Retail Sales Climb, but Slowly WP Retailers' nightmare before Christmas CNN/Money Analysts turning sour on the holidays. Snow backs away from jobs prediction CBSM Analysis: It's embezzlement, stupid! UPI Putnam Investors Pull $3.9 Billion From Stock Funds, AMG Says Bloomberg Take your money out of fund firms in scandal Chicago Sun Times NASD warns brokerages over documents FT NASD looks at sales practices of 12 brokerages USA Today Calpers says NYSE reforms 'doomed' FT Mutual fund bill gaining steam Boston Globe Ford shrugs off impact of possible downgrade FT Looking for hope in Cisco's tea leaves G&M (Ingram) Businesses Jump on an SUV Loophole WP Addiction and Auto Sales TheStreet New York Mercantile Exchange is considering an IPO... NYP Australia, U.K. First In (First Out?) on Rates Bloomberg (Baum) Commentary: Addicted to easy money IHT (Bloom) Bad loans at major banking groups decline 13% Japan Times Japanese Bond Futures Head for Longest Losing Run in 14 Years Bloomberg China Is Too Darn Hot! Fortune Nobel laureate: No worry about "overheating" Chinese economy Xinhua German Production Unexpectedly Fell in September Bloomberg Telkom Audit Woes Raise Fears About Indonesia Accounting Dow Jones Despite dark pasts, Latin strongmen still hold appeal CS Monitor Thursday November 6 In Monetary Affairs, Crisis Follows Crisis Mises Silly me, I just had to go to the study and examine the data.... Elliott Wave U.S. jobless claims fall to pre-recession level CBSM DOL Productivity Up 8.1 Pct. in Third Quarter Reuters BLS Rope-a-Dope? Barron’s (Grantham Interview) “This is not just a bear-market rally but the greatest sucker rally in history.” US economy is running out of fuel Business Times (Roach) Loan demand weak, more banks turn to default swaps Reuters October Survey on Bank Lending Practices FED Deficit Won't Require Sale of New Bonds WP (Berry) Treasury Called 'Comfortably Positioned' Editorial: Credit card war SacBee The president's request for Iraq money could have been paid for by eliminating only one year's worth of the Bush tax cut for the 1 percent of taxpayers who make more than $311,000 a year. Mortgage Refi as a Liquidity Vehicle Prudent Bear Rethinking Milton Friedman NYT (R) The Big Three, Gold ...and The Happy Frog 321 (Russell) The Dollar is Doomed New website: Insidegold.com To note: this service has not been reviewed yet. Free Subscription/Chance to win gold Wealthy losing faith in Wall Street MSNBC U.S. Trust 79 percent of the nation’s super-rich “question the reliability” of corporate financial statements and do not trust the recommendations of equity analysts. Silicon Valley’s real estate rival San Jose Business Journal Study: Calif. more vulnerable to India outsourcing Outsourcing to grow to US$1.2 trillion CNETAsia NY Loses 47,000 Jobs NYP CIOs on average expect an increase of 3.4% in their budgets 2004 SPI (Bloom) Charter to sell 10-year notes to pay bank debt SPI (Bloom) Seattle Times to sell property Seattle PI Army negotiating to replace Halliburton as oil importer in Iraq AP Notice:GM may lay off up to 915 Lansing 110 - 80 - 36 - 27 SEC Widens Fund Probe to Include IPO Allocations Bloomberg Fund information flow is the real problem Globe & Mail (Ingram) Billionaire Kellogg Slapped With Fraud Charges NYP Allegations by the NASD said he "washed" shares of Thoratec Corp. among four personal accounts, hiking the sale price each time, without a real change in ownership. Martha: I may have a bad temper, but I am not a corporate crook USAT Grasso's Motive for Payout Put in Doubt NYT (R) Grasso asked to receive the $139.5 million he was owed because he was fearful that a future board would prevent him from receiving such a large sum. Reed Offers Detailed Overhaul Plan NYT (R) NYSE Webcast - Plan ‘Not Enough’ Deutsche Bank reports suspect trades Bloomberg Bond unit in Malaysia did unauthorized deals worth $103 million NYSE Seat Sale NYSE Greenspan backs Eurex Invasion Business Week What’s Developing at Kodak? Probably Not Icahn NYP (Crudele) Soros warns of Russian state Irish Examiner Bank raises UK rates to 3.75% BBC Statement The Bank of England doesn't face the same concerns as the Fed and the ECB about the labor market. Unemployment by International Labor Organization standards is 5 percent in Britain, near the lowest in a generation. Bloomberg - Could the Fed follow suit? CNN Asia's Fear: China's Undercooking Its Books Bloomberg Chinese dam shares 70 times oversubscribed BBC US official says China, US equally important to global economy PDaily China foreign currency reserves hit US$400bil TheStar Japan’s Monetary base up 20.6% in October Japan Times Debt collector RCC is 45 billion short Asahi Just don't mention property bubble Sydney Morning Herald Poking a pin at a major asset bubble, especially property, must be the most dangerous thing a central banker can do. Brazil, IMF to Agree on $14 Billion Loan Accord Bloomberg Reuters journalist disciplined over leak of retail sales figures Independent SET turnover reaches all-time high Bangkok Post Debt burden weighs down MPC Times Online Family Debt Problem Likely to Persist: BOK Chosun Ilbo M'sia Will Not Introduce New Currency Burnama Challenging Challenger Northern Trust Wednesday November 5 ISM Service Economy Index Rises to 64.7 ISM Bloom - Factory Orders +0.5% Two Different Worlds (We live in...) Pimco (Gross) Economists, public wrongfully put faith in Greenspan Exponent Planned Layoffs Surged in October TheStreet The number of planned job cuts surged 125% over September as employers announced plans to eliminate 171,874 payrolls last month, the most since October 2002. Challenger Report Underscores Labor Weakness Comstock Mortgage Applications Rose Last Week Reuters Snow denies weak-dollar policy Japan Times G-7 accord on exchange rates 'badly misinterpreted' Morgan Stanley says US dollar likely to fall as much as 20% ChannelnewsAsia Pennies on a volcano Economist A corporate-bond primer, for investors big and small Europeans line up to raise dollars NYT (R) October's "Hangover" for Detroit Business Week Cisco Holders Wading Into Stock-Pay Deluge TheStreet Priceline Shares Plunge With Weak Outlook AP Dean Foods receives 'Wells Notice' from the SEC CBSM Intel claims chip manufacturing breakthrough FT Big Mutual Fund to Face Some Legal Action NYT (R) Quattrone to Stand Trial a Second Time WP HealthSouth Founder Is Charged With Fraud WP More jolts likely in mutual fund probe AP Chairmen still doing do-si-do USA Today Fed’s Clear Icahn for $500 Million Kodak Stake NYP Economic Conditions and Emerging Risks in Banking FDIC Central bank gold sales on a knife-edge Mineweb Australia's Fed hikes interest rates PB Statement - $A Soars Chronology - History of central bank intervention Reuters 'China slow in handling non-performing loans' AFP Is China's Bubble About To Pop? Safemoneyreport (Weiss) China: Consumer Play? Morgan Stanley (Xie) GM to raise output in China by 50% FT Chinese Airlines to Buy Up to 30 Boeing Aircraft Bloomberg Jobless situation in China to stay grave for years People’s Daily Brown highlights eurozone failings Scotsman King May Be Bank of England's `Nasty' Governor Bloomberg EU slaps $200m tariff on US imports BBC Concessions to French put stability pact under fresh strain Independent Fishing in frothy waters Economist Emerging-market bond and share prices have risen dramatically this year. How big a setback are this week's goings-on in Russia? Russia widens YUKOS action, to lose some oilfields Reuters J.P. Morgan Unnerved By Politics Moscow Times Tuesday November 4 Nation’s GDP Won’t Look So Good if Jobs Numbers Fall Short Crudele Last Bears Standing F-Sense Bears Are Running Out Of Arguments? Task This Can't Go On NYT (R) (Krugman) US anticipates borrowing a record $117 bln in Oct-Dec Treas.gov Treasury also announced that it expects net borrowing of marketable debt to total $160 billion in the January - March 2004 Deep in Debt, Caught in a Net Sennholz Economic Woes Begin at Home Ron Paul On a runaway train, all eyes turn to the man at the switch The Age Richard Russell On Gold Gold-Eagle Calandra in New Orleans CBSM Big growth saves the Fed's bacon MSN (Jubak) GDP has yet to grow on me KC Star (R) No one can dispute that a 7.2 percent economic growth rate is worthy of note. But one can question how it was purchased, and whether it will prove to be remotely sustainable. U.S. Economy Forecast to Grow 4% in Fourth Quarter Bloomberg Net investors should beware of arrogance CBSM Technology Fever is Back Observer That's No Virus, That's Our Restatement CFO Prudential ignored 25,000 warnings Reuters Spitzer Vows to `Impose Pain' on Funds Bloomberg New Management Named for Putnam NYT (R) Senators assail SEC over abusive trading practices AP Ford, GM Experience Drop in U.S. Sales AP Oct U.S. Auto Sales General Motors puts heat on suppliers FT Redback files for bankruptcy, shares drop Reuters Tyco Has 4th-Qtr Loss, Plans to Sell Units, Cut Jobs Bloomberg Tyco Talk Turns to Goodwill TheStreet Warren Buffett v the Wall Street Journal Guardian Yukos Chief Quits, Mulls Presidency Moscow Times Market Jumps 6.3% “The longer he stays in jail, the greater the political figure he will become” Jailed oligarch tells how bribery and threats hold Russia back Independent The China Colossus Chapman Investors queue for Chinese insurance stocks, bonds Reuters Barshefsky: Yuan not to blame for US deficit People’s Daily BOJ Should Stop Enabling Japan's Addictions Bloomberg Japan is the world's biggest monetary junkie and it can't kick the habit. New rules could raise UK pension shortfall 20% FT Property risk for bankers Courier-Mail CSFI The most vulnerable countries are the UK, Australia, Holland -- also the US Is it lying if you like what comes later? Globe & Mail (Ingram) Canada says U.S. budget deficit needs to be curbed Reuters Canada scraps prudence fund, deficit fears rise Reuters 'Dirty money' force raps Burma BBC Monday November 3 October ISM Index Jumps to 57 ISM Construction Surges to Record in Sept R Deficits, Debts and Growth A Reprieve but not a Pardon Levy Sprint start for US recovery doesn't guarantee success in long run Independent The knee-jerk "all our troubles are over" view of the world is a long way from the truth. Grumpiest bears still unimpressed CBSM China Pull Morgan Stanley (Roach) A More Cautious Approach Toward Asia and Commodity Prices Faber Incomes fall as new positions pay less IHT (NYT) Job-Creation Schemes Don't Work Mises Cash-strapped cities eye more taxes, fees on real estate CBSM (R-Archived) Experts say over-consumption is on the rise CNN/Money Americans' average credit card debt has risen 157% in the last 10 years. The tech-spending rebound isn't coming MSN (Fleck) When the biggest tech of all reports the same thing its brethren do -- no uptick in IT -- it's only a matter of time before their investors start to believe them. September world chip sales rise 6.5% TheRegister Cut in R&D spending `a disaster' Boston Globe Hedge Funds Face More Regulation After SEC Probes Bloomberg Spitzer to seek accord with SEC in funds probe FT Strong resigns as chairman of board JSOnline For mutual-fund clients, a question of confidence CS Monitor “I expect there to be more revelations going forward, and probably half of the mutual-fund complex to be implicated in one way or another” Managers should treat investors better Det Free Press Some See Missteps in Microsoft's Proxy TheStreet Ron’s Lipstick Loser NYP Motor Mouth (CarMax) Smart Money Hathaway's Tocqueville fund has been a precious performer Journal News Russia, U.S. at Odds Over Khodorkovsky Moscow Times Arrested oil tycoon passed shares to banker WT Kremlin Tempers Attack on Yukos MT The Thing Is: Russia's credit reputation is on the ropes Independent Homeowners can expect a year of rising mortgage repayments Guardian All eyes on U.K. amid pressure to raise rises IHT China ranks 3rd in R&D spending': OECD report People’s Daily The IPO influx from China Straits Times China's SMIC Targets $750 Million Share Sale in April Bloomberg Fake News Story Hits China Stock NYP Japan: the rising specter of unemployment Asia Times How money changes hands in deflationary Japan Japan Times Scientist jailed for trillion dollar bond swindle Guardian "No matter how you dress it up, the September report makes it clear that without the treats given to us by tax cuts and low interest rates, consumers are on their own." Jobs needed to keep recovery going Weekend Edition (Nov 1-2) U.S. Administrator Imposes Flat Tax System on Iraq WP U.S. Helicopter Shot Down; 15 Killed WP Rumsfeld Mourns 15 Killed, Says 'Tragic Day' for US Reuters Very scary stories Globe & Mail Despite the rebound in stocks this year, there's still a wide audience for doomsayers who prophesy a gory, gruesome downfall for the markets Is the Party Ending for Home Builders? NYT (R) Intel CEO: Optimistic on Longer Outlook Reuters "Demand of businesses in the United States, in our biggest market, shows no signs of recovery" Buffett, Soros, Gross Have Nothing on Tokyo Bloomberg At Putnam, the Buck Stays Put in a Pocket NYT (R) (Morgenson) Diffusion Illusion? Contrary Investor The Week Ahead: What Seven Point Two Means To You CIBC (PDF) By the first quarter, its going to be tougher to make excuses for what will be a lacklustre growth picture. The Pitfalls of Rhetorical Currency Policies Morgan Stanley (Roach) Consumption - Recovery Leader or Potential Profit-Killer? Richebacher Demography is Destiny Mauldin We're the Fed. We Screwed Up. We'll Change Bloomberg (Baum) It didn't take long for our Johnny-on-the-spot central bankers to figure out they'd created a monster Increased Productivity In Consuming Tax Cuts? Northern Trust The first installment of the 2003 Bush tax cut was received in the third quarter of this year to the tune of $100 billion. We managed to spend about $83 billion of that $100 billion in the same quarter. Let’s hear it for spendthrift American households. Save? Why? Isn’t the stock market rising again? Straight Talk from Consumate Central Banker Dr. Otmar Issing PBear (Noland) Wisdom of Jesse Livermore 6 Zeal Reflation in American History Mises Collapses of Phone Company, Enron Offer Sharp Contrasts WP $1.4 Billion Wall Street Settlement Approved WP Fund scandal grows, shatters trust in the top AP Pile of Pennies Is Adding Up to a Scandal in Mutual Funds NYT (R) Central Banker Threatens Stepped-Up Gold Sales, Someday North China currency revalue could backfire - economist Reuters Int'l investors show great confidence in China: Goldman Sachs chief People’s Daily Tokyo CPI falls for 49th straight month Japan Times Concern mounts over Russia crisis BBC



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