feedoct03






			Friday October 31 Personal Spending Fell 0.3 % in September; Incomes Rose 0.3 % B BEA Where Credit Is Due CFO The reason corporate creditworthiness has improved is not that companies have made great strides in paying down or refinancing their debt. A Big Quarter NY Times (R) (Krugman) Economic rebound or temporary reprieve? USA Today Not Like 1984 Comstock "The IMF Would Rate Us as Dangerous" Business Week If the U.S. weren't the strongest country in the world, it would be rated as in fiscal danger by the International Monetary Fund and World Bank, believes William Wolman U.S.: China not manipulating yuan CBSM Snow Testimony Snow criticized China's policy of pegging its currency to the dollar on Thursday, but angered Congress by stopping short of issuing a formal finding that the Chinese government manipulated the exchange value of the yuan. House approves $87 billion for Iraq, Afghanistan CNN Scariest movie: 'Killer deficits never die' CBSM (Archived - R) This fiscal curse could haunt America for eternity Mortgage Giant Tries to Soften Effect of $1 Billion in Mistakes WP The errors were caused by a company accountant entering the wrong formula into an Excel spreadsheet Study: Bush donors rake in contracts USA Today CFPI Release Spitzer criticism, perceived political strategy irk SEC USA Today Tainted-Research Scandal Reaches Bank of America TheStreet Ex-Enron Executive Enters Guilty Plea WP Massachusetts Pension Fund Fires Putnam Reuters Vermont State pulls teacher fund from Putnam Rutland Herald Duke Energy Lowers View, Sets Job Cuts Reuters One year later, Bonner has Prechter beat MineWeb Basking in Gold's Glow Schaeffers ECB's Issing-US trade deficit not Europe's to solve Reuters ECB blasts Bush economy EUpolitix Legacy of the Dutch banker who launched the euro BBC Duisenberg criticizes Germany and France IHT Bank of England to Lift Rates Next Week Bloomberg Australian Home Lending Boom May Spark Rate Increase Bloomberg U.S. Hawk (Richard Perle) Wants Russia Out of G-8 Moscow Times Ministry Tells Investors to Watch Out Moscow Times Exaggerated Fears? BW Russia freezes Yukos shares BBC Investors vote with their feet as Russian bear turns nasty Independent China Relaxes Investment Curbs Reuters Japan data: Good, bad and the ugly CBSM Time for a new dollar Plaza Accord? UPI Mitsubishi Motors suspends US expansion on slow demand AFP FTSE 100 giants fail Higgs on senior independent directors Times Online Analysis: Rumors of war (Iraq) UPI “While the median market value of the top 100 issuers' assets rose 16 percent during the past six months, and their volatility fell by about 11 percent, the amount of the issuers' short-term liabilities fell only 5 percent during that period, while their long-term liabilities rose by 7 percent...” ~ Where Credit is Due Thursday October 30 The Fed Isn't Fiddling With Money Supply TheStreet (Task) A spotty track record and questions about their composition hasn't stopped some participants from worrying about the recent decline in money supply. Greenspan likes to hide his cards Globe & Mail (Ingram) U.S. 3Q03 GDP Grew at a 7.2% Rate Bloom BEA - Jobless Claims Fall Reuters U.S. walks to cliff edge with China CBSM But markets still expect Treasury to take step back Wink, Wink - Nod, Nod: BOJ And PBOC Should Stop FX Intervention NT Saving the Dollar from Destruction Mises No central bank on earth, not even the Federal Reserve System, can continually inflate its currency and defy market rates of interest without harming both its currency and the economy. Commodities: An Inversely Correlated Asset Or A Symptom Of The Bubble? PB Commodities strike us today, not as an alternative asset play, but simply another symptom of a massive credit bubble Housing Turnover Suggests Bubble Prudent Bear Nasdaq’s Brave New World Cross Currents Don't fall for dot-com excitement again AP The euphoria that took over Wall Street in the late 1990s has bubbled back in 2003 after the three-year bear market. What is "The Crash Confidence Index"? Elliott Wave Yale Charts Senate panel backs pension fund relief Reuters Bill would let companies assume a higher rate of return on their pension contributions, based on high-grade corporate bonds. That will lower the payments companies must make to meet pension obligations. More Americans say they believe cheating on taxes is OK AP “If that trajectory is allowed to continue, you won’t be able to fund the government, and you’ll have serious erosion of the basic rule of law.” Analysis paints harsher picture of Mass. joblessness B-Globe Springfield Fannie Mae Reports $1.2B Accounting Error AP Fannie Mae, Freddie Mac fret about assaults on mission CBSM Reps: U.S. Overpaying Halliburton for Gas Reuters Halliburton’s Iraq contract extended AP Wal-Mart's Hidden Costs WP BofA to send tech work, data to India SF Gate Company to close plant at Greensburg AP Trane cutting 350 - Hershey 35 Wi-Fi bubble's leaking air? Always On Trapeze Networks and Vivato cut workers Venture capitalist foresees problems Oakland Tribune Biotech IPOs could oversaturate market Cramer: VC’s have no sense of passion and of the need to be in for the long haul Fires hammer businesses with closures, shipping woes USA Today Counterfeit new $20s debut CNN/Money Here come the fakes: Bogus bills are starting to appear across the country. Russell On Gold Russell Beyond Some Bumps for Gold BW NEM up 450% Bullion bust-out turns heads CBSM (Calandra) Spitzer May Charge Strong With Improper Trades for His Account B Spitzer Rips SEC For Dropping The Ball NYP “If I had been the head of the bureau overseeing the mutual fund industry for the past year, I would resign” SEC widens mutual fund inquiry FT Fraud indictment alleges hedge-fund overvaluations AP Merrill Lynch is off the hook for burst bubble AP “The burst of the bubble and the attendant market chaos are not chargeable” Monthly NYSE Disciplinary Report NYSE Bank apologizes for Dodge 'misstatement' G&M BofC Release Time to hit the brakes as Britain becomes a nation of debtors Independent The question for members of the committee has become not so much whether to raise rates, but whether a quarter point is any longer enough to choke off a consumer credit boom which is plainly out of control. Rate Rise Fears As Loans go “Ballistic” Mirror Debt Crisis Faces Bank Inde Mortgage customers 'urged to lie' BBC Brokers, and even banking staff, have been telling buyers to lie about their incomes to get bigger and bigger loans. Another Chinese bank bailout? FT Italy Sells 6.6% Stake in Enel to Help Reduce Debt Bloomberg Brazil to Ask IMF for Financing at Lower Rates Bloomberg Brazil cuts interest rate, unemployment still high AP S. Korean Workers Clash With Riot Police AP This Time the Angry Mobs Forced the Bolivian President Out LewRockwell Sharon faces police questioning BBC German teenagers invent a currency CS Monitor Central bankers aren't exactly quaking in their wingtips Wednesday October 29 Fannie Mae Withdraws Earnings Release Reuters How recessions become depressions Corrigan Consumer Confidence -- Federal Reserve Comstock Berry on The Fed WP Canada's Manley:Group Worries About US Deficits, Growth Risks DJ Traders Wonder if U.S. Will Reverse Weak-Dollar Policy NYT (R) Yen Pound Fannie Mae, Freddie Mac Face Criticism on Fees Dow Jones (WSJ) Analysis: Privatizing Fannie and Freddie UPI New home loan applications tumble Reuters MBAA Generous new tax break for Bechtel and Halliburton? IHT (NYT) A Sentence Every Fund Investor Should Read Elliott Wave 30 Firms Face NASD Fund-Trading Probe WP Civil complaint leveled against Putnam, former fund managers USA Today Kozlowski trial jurors shown birthday video clips Reuters SEC accuses former FleetBoston employee of insider trading AP Simon, his wife Victoria, and his brother, Andres Garcia Simon, spent $11,000 on 1,110 call options on FleetBoston stock late Friday Merrill forecasts gold miners to feel C$ squeeze Reuters Chrysler halts automatic incentives on sales AP Microsoft Pays $600 million in 6 suits NYP Russian marts rebound amid appeals for stability (NYT) Storm over Arrest Don't count out deflation just yet, BOJ warns Asahi Japan's Sept. Production Gains 3%, Beating Forecasts Bloomberg Europe Nears Lowest Growth in Decade, Rising Deficits, EU Says Bloomberg FSA warns banks it will crack down on 'biased research' Independent U.S. Predicts Record $130 Bln Trade Gap With China Bloomberg China is no job-stealing bully CNBC China Plans to Purchase U.S. Goods in a Big Way WP Space Flight May Put China Into New Orbit Bloomberg China's trade surplus to dive in 2004: report People’s Daily Why Bush Won't Bash China Business Week An 80-cent Loonie will wreak havoc on the manufacturing sector PDF File Morgan to launch Asian credit card business FT Betting banker's 'breathtaking' $19m sting SMH The White House and Congress Are Playing Games When It Comes to Financing the War in Iraq WP (Sloan) Tuesday October 28 Consumer Confidence Index Improves in October Conference Board Chain Store Sales Growth Slows Reuters Durable Goods Orders up 0.8% Census FOMC Statement FED The Committee believes that policy accommodation can be maintained for a considerable period. Fed's puzzle: how to break The Promise Times Online Market Tenses Up Over a Few Words From the Fed TheStreet "Possibly the most important (meeting) of the year." Bianco Some economists see rates rising sooner than expected USAT Greenspan: US economy strongly affected by war AP Artificially Low Rates Will Cause More Future Grief Korea Times 'These numbers are scary' Financial Post "Never before have U.S. households been this leveraged at the start of an economic recovery" American Profligacy and the Latest Economic Bubble Bloomberg Value Line data turns even more bearish CBSM Prior to the late 1990s, the previous occasion on which the VLMAP dropped below 50 percent was in the months prior to what turned out to be the 1987 Crash. This market is still cruising for a bruising Globe & Mail (Ingram) Recovery fears muffle earnings 'cheers' MSN (Fleck) Trouble percolates beneath a budding prosperity, but you'd never know it by listening to dead-fish analysts. Their chronic cheerleading in this earnings season can't alter the truth. Metals melt-up mania coming CBSM (Calandra) Deficit complicates life in Congress CS Monitor Survey: Wealthy won't spend more for holidays Rocky Mountain News Even biggest firms now cut health insurance CS Monitor CBOE Bets House NY Post Freddie Mac's Dean, Chowdhury Latest to Leave Amid Restatement Bloomberg Intel takes axe to P4, Celeron prices TheRegister Sony Plans to Trim 20,000 Jobs Globally AP Avery to layoff 88 Brief 19 Jobs will be hit in Fleet sale, but it's not clear by how much BBusiness Journal Covering Enron: Did the financial press rise to the occasion? Financial Standard Gold: Pure, unencumbered wealth Russell Final Top Chapman Industry 'doesn't get it,' Vanguard founder says Rocky Mountain News 'Sage of Omaha' predicts dollar plunge Telegraph Buffett: Berkshire Has Major Intl Currency Investment DJ Buffett on His Mistakes Fool The Bear's Lair: The grim Benito Putin UPI Panic selling on Russian stockmarket Guardian Asia at the Crossroads Morgan Stanley (Roach) Japanese Retail Sales Fell 0.7% in Third Quarter as Wages Declined BL The challenge of yen appreciation Asia Times Japan MOF may tap BOJ on intervention fund Reuters Only 30% of firms in the black Japan Times Another Visit to China, Another Warning From a U.S. Official NYT (R) Maybe China Should Hire a Manufacturing Czar Bloomberg (Baum) Nowhere are manufacturing jobs vanishing more rapidly than in China, the presumed villain in this tale. Under-35s face pension misery BBC Children born in the UK could receive own portfolio of shares Times Online Bank scouting parties in U.S. should come home Globe & Mail The M&A market down there (in the U.S.) has gone crazy... Fund fees soar over three years Financial Post Taiwan's skyrocketing banking stocks Asia Times Cadbury to cut 10% of workforce BBC China warns of Taiwan 'disaster' CNN The $87 Billion Money Pit Newsweel Still holding customers over a barrel Economist This week marks the 30th anniversary of the Arab oil embargo. Western countries are no less in thrall to Middle Eastern oil than they were then Monday October 27 Buffett Sees Little to Invest In Reuters Warren Buffett sees very few attractive investments at the moment, and is sitting tight on a $24 billion war chest. Growing Trade Deficit Is Selling the Nation Out From Under Us Fortune$ (Buffett) "Irrational Exuberance" Turns Seven Hussman On the anniversary of the Fed Chairman's "Irrational Exuberance" speech, let us give Alan Greenspan his due. Have The Bush Tax Cuts Failed? CIBC (PDF File) While spending their tax cuts like theres no tomorrow, households have remained quite grim on their future outlook in recent confidence surveys... Pricking the bubble of US optimism Sunday Times Court case raises fears for solvency of US pension schemes FT Mutual Fund Liquidity Trends BofA (McManus) (PDF File) Late-year moves into mutual funds also can unwittingly bring tax burden AP 401(k)'s Are Grand, for Fund Companies Anyhow NYT (R) (Morgenson) Even bond investors get the performance-chasing blues SPI (Bloomberg) Tax-Cut Plan to Aid Ailing Industries WP Over the past three years, corporate tax revenues have plunged 36 percent and now represent just 7.4 percent of the federal government's total tax take, the lowest level since 1983... Job Fears Could Sap Consumer Spending Reuters Market timers 'active in one in four mutual funds' FT 3rd-Quarter Earnings Fail to Meet Hopes AP “The single- worst decision anyone can make at this juncture is to be 100 percent invested in the S&P.” Schaeffer Int'l Paper Profits Fall Amid Weak Prices Reuters Bullish on bullion Toronto Star The 2003 Nobel Prize in Economics BrookesNews Halliburton plans to counter criticism with a media blitz AP ‘Corporate America’ rap album chastises Skilling, Lay Reuters Former CEOs find it difficult to hold tongues WP More 20 and 30-year-olds living with parents thanks to slow economy AP Nearly 30% of workers yet to save to retire Chicago Tribune Charitable Donations Fell in '02 for First Time in 12 Years WP (AP) Credit junkies must be weaned off habit or we face crash landing Inde Welteke Wonders if Recovery Sustainable Reuters Japan Says No to Pressing China on the Yuan Bloomberg Road to stable exchange rates pocked with self-contradictions Japan Times ’Yuan revaluation to hurt Korean economy' Korea Herald Russia's richest man in jail and charged with fraud SMH Putin Keeps Silent On Tycoon's Arrest WP U.S. Fund to Invest $200M in Russia Moscow Times (Bloom) Fund manager warns of threat to euro's survival due to countries' breaches of pact Iraq Resistance Lasting Longer Than Expected, Powell Concedes NYT (R) New explosions hit Baghdad BBC Rocket Barrage at Baghdad Hotel NYT (R) Weekend Edition (Oct 25-26) US Corporate Profits and the Peachy Greenback Northern Trust Earnings Deflation Frontline (Mauldin) SPX Volatility Extinctions Zeal A True Paradigm Shift Prudent Bear (Noland) Getting irrational? CNN/Money "Market Monitor"-Michael O'Higgins NBR (Transcript) More red ink forecast for states in coming year Stateline S.E.C. Finding Fund Abuses, Official Says NYT (R) An investigation by securities regulators has uncovered widespread improper trading of mutual fund shares at the nation's largest fund companies and brokerage firms Nortel stock tumbles on `panic' over restatement Toronto Star Russia Considers Big Projects To Increase Exports to U.S. WP Market-timing scandal worries Canada's Sceptre Toronto Star $13 billion raised at Iraq aid talks IHT (NYT) Inside the Workings of a Money Machine NYT (R) It’s Not Over; Spitzer and NASD are Next NYP Friday October 24 Quattrone's Case Ends in Mistrial Reuters U.S. stock funds take in $4.1 billion in latest week CBSM (TrimTabs) The Cyclical-Structural Tradeoff Morgan Stanley (Roach) Too Low A Bar NYT (R) (Krugman) Mr. Bush's own Treasury secretary has, in effect, admitted that despite the administration's unimpeded efforts, and all that debt, the job market will still be in poor shape a year from now. Commentary: Bush's second Treasury chief also a dud CBSM (Erdman) House Leaders Are Pushing to Cut Corporate Taxes NYT (R) Tricky tax moves can boost profits Smoke from the explosion of accounting scandals hasn't cleared, and firms are already back to using creative ways to deliver good earnings news. Is this it? - general US Stockmarkets on Crash Alert Clive Maund The question now is “Have we finally exhausted the supply of idiots?” The threat of the job-is-worth-less recovery MSN (Jubak) All Dressed Up and Nowhere To Go Comstock Global View: Bending it like Beckham UPI (Campbell) Muni Investors Better Prepare for Bleak Days Ahead Bloomberg Yesterday's "Assumption" ... Examined Elliott Wave The idea that fund managers in general are less emotional or more rational about the stock market is absolute stinking rubbish. Ex-President Will Aid Freddie Probe WP Fired president of Freddie Mac, David W. Glenn, has agreed to pay a $125,000 fine and to cooperate with regulators probing accounting manipulations at the giant mortgage funding company. Smith Barney fires four brokers for market-timing AP Official says mutual-fund trading probe will expand AR (Bloom) Quattrone jury says it's deadlocked Reuters Nortel set to wipe out $900m of liabilities FT Ford Says Credit Watch Unwarranted Forbes ”I was somewhat surprised. We had just beat the [Wall] Street estimate.” Wal-Mart cleaners arrested in sweep USAT Smurfit-Stone to cut 1,400 jobs Reuters AMD to cut Athlon XP prices Monday TheRegister Perelman's Company Borrowed the Money. Will He Decide to Repay It? NYT (R) PCAOB Final Registration: Pool of Public Audit Firms Shrinks by 45% AW Consolidated banking statistics - second quarter 2003 BIS Is gold headed for $400? Reuters The World Economy after Dubai AEI (Makin) The China bubble CNN/Money Investors have bid up Chinese 'Net stocks more than 400 percent this year. We've been here before. China GDP understated, full year growth of 10 pct likely: report CNA Germany cuts growth outlook to zero AP Pension strike to paralyse Italy BBC Toshiba Cuts Profit Forecast as Parts Prices Rise Bloomberg US80c looms as dollar rides six-year high Sydney Morning Herald U.S. companies show interest in investing in war-torn Iraq AP Thursday October 23 Microsoft Quarterly Sales Increased at Slowest Pace in Three Years Bloomberg Jobless Claims Edge Lower Last Week Reuters The Fed, Then and Now Mises The Federal Reserve of today would not be recognizable to its founders in 1913. The change is so dramatic it is worthy to briefly compare them. Iraq's Avoidable Central Bank Blunder Forbes (Forbes) The Always Unpleasant Ending Effect Daily Reckoning Market prophet is battening the hatches CNBC Analyst Michael Belkin called the bubble, the crash and the rally. Now he's telling his clients to bail. Why The Mania Must Continue (Until it Ends) CrossCurrents Analysis: Is tech turning up? UPI Even a blind pig finds a truffle occasionally Finding Nemesis Economist Of technology stocks and short-term memory loss Despite Public Fears, Quick Fed Rate Hike Unlikely WP (Berry) Snow: Higher rates won't hurt rebound CBSM You Get What You Pay for in Treasury Secretaries Bloomberg (Baum) Abby Cohen says third-quarter numbers are the cleanest in a decade, but... CNN ...Pro forma earnings will come in around 20 percent higher than earnings under GAAP. Over the past 15 years the median difference between quarterly GAAP and pro forma earnings has been 8.5 percent... Abby: ‘The bull market is for real.' Wall Street's Latest Idea: Managers Giving Money to Managers Elliott Wave The "great and growing anomaly of American capitalism is the detachment of individual investors from their own investment dollars.” Once at Arm's Length, Wall Street Is Bush's Biggest Donor NYT (R) The financial community has surpassed all other groups, including lawyers and lobbyists, as the top industry among Mr. Bush's elite fund-raisers. The Mixed Bag of Productivity NYT (R) 3.3 million workers have lost pension coverage since '02 Philly Inquirer Minimum wage gap hits record level CBSM EPI Plywood costs go through the roof Florida Today Gold and Stocks No Longer Are at Odds TheStreet (Task) Tech firms resist rules on expensing SF Gate Twenty percent of the companies in the S&P 500 index have adopted or will adopt an option expense plan, and that figure is growing...By contrast, only 2 percent of tech companies in the index have such plans. New Earnings Report Shows a Citi of Mystery NYP (Crudele) Goodyear says it overstated earnings CBSM Sony's 2nd-Qtr Profit Falls; Full-Year Goals Trimmed Bloomberg Investors Clobber LeapFrog Shares Smart Money Amazon & Co.: Still Floating on Froth Business Week AMZN and the other Net high-fliers remain valued for nothing less than perfection WaMu to cut 4,000 jobs in home-loan operations Seattle Times Steel mill closes; 465 employees are out of work Georgetown Times Pop-up ad pusher X10 files for bankruptcy Seattle Times Retail Group SPI Why one short-seller sees trouble for Fairfax Financial Post SEC Charges 3 Former Waste Management Officials WP Mortgage-scam probe widens AP Book Review: Freed, fraud, credulity and the bull market FT Amazon Soros's market-timing secrets CBSM Ballmer on why Windows is more secure than Linux TheRegister Off to the Races Morgan Stanley An early rate hike by the Bank of England could potentially have far-reaching consequences for financial markets A China 'Bubble'? WP Twenty years ago, China barely traded with other countries. In 2002, it was the world's fifth-largest exporter... Asian equities: It's the price, not the quality Asia Times “The rogues are all coming back. [In Asia] we don't know how to do it other than by boom and bust. This time will be no different." Bank within a whisker of rate rise Independent Homebuilders Crumble TO Commentary: The Other Saudi Arabia? Business Week Russia is fast reemerging as the oil power to challenge OPEC Buy a $1 million Canadian house with 5% down Inman Loonie touches 10-year high Toronto Star US70c a danger sign for earnings Sydney Morning Herald Dollar Hits 5-Year Low Against Pound on Yield Views DJ Nikkei Marks Biggest Fall Since Sept. 11 Reuters Sayonara, hot money Wall St. gets walloped CNN/Money Tech stocks tumble on fear of another bubble NYP Wednesday October 22 Bush admin open to ending GSE govt credit line Reuters Fannie Mae sell $4 bln 3-year notes Reuters Another bear digs in -- deep CBSM Gold Up Again Kitco Elliott Wave exponent Prechter has just emitted his most bearish growl in years. Lessons Learned and Unlearned Comstock Inside the real world of Jim Rogers Times Online Playing tax effects CNN/Money A new study looks at what sectors could come under selling pressure as month-end approaches. The Sword of Damocles (and gold) 321 (Harris) Q&A: Investors should do own research Detroit Free Press NASD chief: Beware of margin trading Mortgage Lending Seen Plummeting in 2004 Reuters Rising rates yet to hit market chasing record HChronicle M-Applications Up Tax Shelters Are a Boon To Agencies WP Amazon's Guidance an Issue TheStreet GM: 'Unfair' currency rate hit Japan Times S&P downgrades DaimlerChrysler FT Merck to Cut 4,400 Jobs Bloomberg 131 Misdeeds eclipse AT&T profit USAT S.E.C. Pursues Time Warner Investigation NY Times (R) Report: Putnam to be charged in civil fraud allegation AP Soros Pumps $2M More Into Bluefly InternetNews NYSE Seat Prices Plunge to 5-Yr Low NYP LaBranche Profit Plummet 88% The Derivatives Market and its Impact on Energy Prices NYMEX (Media) Bush Outmaneuvered by China's Hu on Yuan Bloomberg China May Cut Yield on $1.5 Bln of Bonds on Demand Bloomberg Study undermines charge China is stealing U.S. factory jobs Philly Inquirer UK shares to tread water, fund chief warns Times Online ECB's Vanhala Says Companies Must `Cope With' Euro Bloomberg If the EU buys most of Russia's oil, why must we trade in dollars? Times Online Tuesday October 21 Snow Blindne$$ NY Post Gold Jumps (Chart) Prediction: The future of the USA stock market UCLA (Sornette) “Where’s The Beef?” Financial Sense Bat Meat Safe Haven (Bonner) It is obvious whether you look at the SOX, the Internet, or the NASDAQ that the bubble is back. Investors are making the same mistakes that they did in 1999-2000. Learning the wrong lesson Hussman Lessons from the stockmarket crash of '87 World Today Why are top execs dumping stocks? Denver Post Treasury Chief Sees a Jobs Boom, but Most Don't NYT (R) Capacity glut keeps U.S. recovery jobless IHT (NYT) Lower wages may help slow job losses Cox Fed official: Jobs permanently gone Reuters Two Fed Officials Dare to State the Obvious Bloomberg (Baum) Economy strengthens, but skeptics question staying Power AJC Pension plan shortfalls concern execs CBSM Towers Perrin - PDF Three out of every four U.S. company pension plans are underfunded, and corporate executives are increasingly concerned about PP investment returns. Pension Math Proves Elastic in Court Case Over Pilots NYT (R) The dispute shows the way pension funds can be made to look sick, healthy or anything in between, depending on how their value is being calculated and for what purpose. Recent Debate on Workings of NYSE Likely to Prompt Major Changes WP Freddie Mac could miss restatement target, again Reuters Push fading for new rules for Freddie, Fannie USA Today The Bear's Lair: Options-A Modest Proposal UPI The Financial Accounting Standards Board has now announced it won't produce a definitive ruling on expensing stock options until the second half of 2004 -- presumably after, not before November 2, 2004. Wimps! AT&T, SBC - Profits Fall CBSM Sony fights to remain relevant Globe & Mail (Ingram) Big losses at Euro Disney confirmed Guardian Wal-Mart Takes Aim At California Chains IHT (NYT) Conseco Seeks Foreclosure on Ex-CEO's Home AP Bankrupt bicycle maker slices 52 jobs Tribune-D McDonough adds voice to concerns over pay FT As Comey Moves On, Martha Could Beat The Rap NYP Eurex faces vote on US clearing house FT Margin Debt Rose 4% At NYSE-Member Firms In September Reuters Moody's Sets Bear Trap for Western Investors St. Petersburg Times One must remember that Russia has been quite an innovator in the "business" of default and crisis-precipitation... German public deficit set to breach EU limits again next year: institutes AFP European Deflation Has Had Its 15 Minutes of Fame Times Online Government borrowing hits 9-year high of £22bn Independent Jobs market not as bright as it appears Times Online Fukui, local BOJ chiefs voice concern over yen Japan Times China: Don't panic, it's organic CBSM (Calandra) China puts boom into iron and steel AAP Argentine stocks hit all time high BBC Bolivia Debt Rating Lowered After President Resigns Bloomberg Cheap loans, speculation prop up a rural land prices New Zealand Herald AMP execs paid to keep traps shut Sydney Morning Herald Cowpland faces $575,000 penalty for insider trading Canadian Press Monday October 20 Gov. red ink hits record in 2003 Reuters FMS Fiscal deficit reaches $374.22B, as officials warn it may be even higher in 2004 budget year. U.S. Leading Economic Index Declines in September Conference Board Snow boasts spring has sprung for US economy Times Online “I would stake my reputation on employment growth happening before Christmas. I’d bet dollars to doughnuts that we are going to see a pick-up in employment in 2004...” Snow: US interest rates 'to rise soon' TO Dollar Advances; Snow Says G-7 Statement Wasn't Aimed at Weakening Dollar Bloom White House: Snow Rate Comments Weren't About Policy DJ Inflation Phobia Morgan Stanley (Roach) The End of Dollar Supremacy? Mises Think the money supply is rising? CBSM In recent weeks, the money supply has actually been falling. The Market Crash of '87 - Rare but Hardly Unique NYT (R) Crashes are an inherent feature of markets and that investors are fooling themselves if they believe that another crash of 1987's magnitude will never occur. -- A Theory of Large Fluctuations in Stock Market Activity MIT (PDF File) Where Are We Now? Cycle Pro Earnings may suffer from bloat AP ‘2004 won't be as rosy as 2003’ AP A few companies inflate overall picture IMF Senior Adviser:Fed Likely To Tighten Some Time In 04 Dow Jones Study: Factory Employment Falling World-Wide Dow Jones Contrary to conventional U.S. beliefs, the research found that American manufacturing workers weren't the biggest losers...”There's going to be a further shakeout as we move forward”. Davis leaves layoffs of state workers for Arnold LA Timest New governor may need to lay off thousands of state workers -- just in time for Christmas. Intel’s good news is not nearly so good MSN (Fleck) Fawning Analysts Betray Investors NYT (R) (Morgenson) Listening to the question and answer period on the conference call was like being transported back to 1999. More than half of the 16 analysts who got to ask a question took care to plant a wet kiss on management's cheek before they proceeded. The Fall of a Wall Street Ward Boss NYT (R) Mr. Grasso's iron-fisted management style may have helped stave off threats to the trading floor's immensely profitable status quo in the short run. But it carried a high cost. The Art of Spin and Who’s Been Busy Honing It NYP A dot-com magazine gears up for a revival IHT Floor Fazed Out NYP SEC sounds death-knell for open-outcry trading at NYSE Times Online Options volatility sinks -- sell signal? CBSM (Oct 17-Archived-R) Charts: Gold Versus Currencies Decision Point Get ready for higher beef prices Buffalo News Yuan Forwards Weaken; China Says Peg Changes to Take Long Time Bloom China stands firm on keeping yuan at current rate IHT China to study currency shift BBC Q&A: China's central bank governor on exchange rate of RMB People’s Daily China's yuan will sink if it floats Financial Post -- Big-four banks face challenges Eastday Concern over corporate credit quality Scotsman Chancellor must raise taxes, says think tank Scotsman Government faces huge debt deficit Reuters Italy's finance men in tug of war IHT Imagine Alan Greenspan, the chairman of the U.S. Federal Reserve, openly bickering with the Treasury secretary, John Snow, at conferences, on television and in newspapers... Credit Suisse sees delayed economic recovery Swiss Info Sony to cut up to 20,000 jobs worldwide Mainichi Margin Call: Schaeffer has to sell more art SMH Asia has become luxury watch capital of the world AFP U.S. Troops Flock To Iraq’s First Burger King WP Weekend Edition (Oct 18-19) Bush, Japanese leader fail to agree on value of dollar NYT US holds out little hope of currency deal with China Reuters Contradictions: The Fed vs. the Bond Market 321 (Mauldin) BofA Rings Fannie Prudent Bear Silver Technicals Zeal Values outsourced Toronto Star What are the social costs of the Wal-Mart economy? Big profits only barely living up to big expectations Globe & Mail The S&P 500 is trading at nearly 30 times earnings. With the exception of the tech bubble, it has only had a multiple that high on one other occasion: 1929. Can Santa save the fully priced retail-stock rally? CBSM Mended portfolios haven’t healed bruised egos MSN (Burns) U.S. Probing Ahold Employee Stock Plan WP Quattrone jury faces deadlock SF Gate Fund-trading inquiry highlights cracks in 401(k) plans Bloomberg Global View: Racing with Shrub UPI (Satire?) Chinese economy on course to outstrip UK Guardian Chinese demand has nickel going boom SMH Key economic gauge revised down Japan Times 'The Government must be getting desperate if it believes the key may lie with public relations' TO Taipei now boasts world's tallest building T-StarD Lonnie ends atop 76¢ Globe & Mail Oil: Thirty years of turmoil BBC “Analysts at the investment research firm ISI Group point out that the longest economic recoveries in the past have started out the slowest. If things go well, the United States might not face another recession until at least 2010.” Are we in for a 7-year rally? MSN Friday October 17 Imported Productivity Morgan Stanley (Roach) The Sweet Spot NY Times (R) (Krugman) In 2004, the typical family will pay about $700 less in taxes than it would have without the Bush tax cuts -- but meanwhile, the government will run up about $1,500 in debt on that family's behalf. Don't hold your breath waiting for recovery CBS MarketWatch There is too much slack in our plant and labor resources which will result in downward pressure on inflation and once again on interest rates. Economic Statistics Comstock Do you remember how excited they got (in unison) at the beginning of 2000 about the robust economy when real GDP grew at 7.1% in the fourth quarter of 1999? Gold Bears Turn Up the Volume Goldenbar Rates on 30-year mortgages rise again AP Sept. Housing Starts Rise BL Congress seems set to make a mistake on pension funds St.Louis P-Dispatch Congress is about to do for pension funds what it did for the savings-and-loan industry in the 1980s. It seems determined to paper over a serious problem in a way that will make things worse. The Decline of Corporate Income Tax Revenues CBPP States of Emergency Smart Money States have a combined $79 billion in budget shortfalls this year, about the same as last year. Despite layoffs and sharp service reductions, most states project more shortfalls next year as well. Bothered by Payroll Taxes Financial Sense They aren't peanuts anymore. 3/4t^hs of Jobless Workers are running out of benefits before finding work CBPP The economy added 57,000 jobs in September, the first increase in over half a year. At this pace of job growth, however, the total number of jobs will not return to its February 2001 level until August 2007. Recovery of jobs lost in state seen taking years Boston Globe US: the world's deepest debtor Le Monde diplomatique Intel before the fall MSN (TheStreet) Intel is earning less money today on slightly more revenue than it did 6-years ago HealthSouth's Ex-CEO Takes the Fifth WP Scrushy Won't Repeat Denial Made on TV S.E.C. Steps In as Fines Are Planned on 5 Firms NYT (R) Fido fighting mad CNN/Money The changes Fidelity wants at the NYSE could deal some damage to its own stock portfolios. Sun struggles in Q1 TheRegister "Thanks, Neil," he said. "Do they get a Ginsu with that?" eBay earnings top forecasts, but analysts see slower growth ahead AP Yahoo's CEO nets $14.6 mln CBSM Fannie Mae Earnings Balloon With Value of Options WP American Stock Exchange to Trade Options on the Amex Gold BUGS Index PRN Q&A: Can the 'Big Three' automakers survive? CS Monitor GM to make major push in China IHT (NYT) Ford Announces China Expansion Plan Reuters The China Syndrome CFO U.S. companies are beginning to outsource technology research and development to India and China. Will a meltdown in tech jobs follow? Warren Buffett visits; students richer Scripps Howard When Will THIS Bad News Turn "Bad"? Elliott Wave Analysis: China, today's Creditanstalt? UPI China's economy grows 8.5 percent in first 9 months People’s Daily Moody's raises ratings of Hong Kong and China IHT (BL) HSBC to transfer 4,000 British jobs to Asia Times Online Unions To Fight A little fatherly advice from the head of Barclays: don't use credit cards Guardian Mountain of offers tempts spenders into huge debt Times Online Explosion Damages Key Pipeline in Iraq AP Thursday October 16 Philly Fed factory index hits seven-year high of 28.0 P-FED U.S. Initial Jobless Claims Fell to 384,000 Last Week Bloomberg Industrial Output in U.S. Rises 0.4 Percent, Led by Automaking BL FED Here’s Your Choice: A Fat Portfolio or a Steady Job NYP (Crudele) Bulls have no fear of bears in retreat SMH Panic buying of stocks has returned; caution discarded like the clothes of an incurable Casanova. Banking on a bubble Prudent Bear Is real estate overvalued and does the banks' concentration pose a significant risk to the industry? Fitch warns of loopholes in documents FT Templeton feeling bearish Herald Tribune The legendary investor predicts the U.S. dollar will lose 40 percent of its value. Fund manager sounds warning of tech stock bubble Business Times Tidal wave coming on metals front CBSM (Calandra) There are increasing signs the penchant for metals equities, and their underlying commodities, will reach a furor stage soon. Act Now to Curb Deficits CS Monitor CBO President Bush's budget director, Joshua Bolten, admits what budget watchers in Washington have been saying for some time: When baby boomers start retiring less than 10 years from now, there will be "enormous challenges to our budget situation." Pittsburgh credit rating is sent to junk status Philly Inquirer The last major U.S. city to be rated below investment grade, or junk, was Washington in April 1995 Some will be paying mortgages well into retirement AP NYSE to Fine Five Floor-Trading Firms WP NYSE traders: Our system works, is fair USA Today Goldman says Softbank report misleading CBSM Brilliant strategy threatens Cisco's future WorldNetDaily A profits peak? CNN/Money The third-quarter's stunning earnings growth isn't likely to be repeated. Nokia Q3 flat, warns Reuters IBM Sales Fall Short CNN/Money What A Lemon (CarMax) Smart Money Kraft hit as cookie demand crumbles FT Ford's CEO Negotiates Labor Agreement, Loses Money, Cuts Jobs Bloomberg Cost Cuts Lead Way for Tellabs TheStreet Weirton Steel: Job Cuts Come Next Week WTOV Laid-off Amazon.com workers get cash payout two years later AP Poll: Unemployment to Stay Stubbornly High in 2004 Reuters Caterpillar sues Disney over film AP The company’s trademark infringement lawsuit contends the movie ties Caterpillar to an “evil attacking army” of industrialists seeking to destroy the jungle... Smith & Wesson eyes home market WT The Big Picture Russell Why Gold is Better Than Cash Gold-Eagle BOJ holds off buying banks' shares Japan Times It is the first time the central bank has not bought any shares from commercial banks in a 10-day period since it began the stock-buying program last November First Japan, now China is the culprit Guardian In reality, the US has only itself to blame for its swelling trade deficit China's imports rise to record, cutting surplus IHT (BL) Hong Kong's peg turns 20, debate grows over future Reuters Call for yuan revaluation is politically motivated: don Business Times Mishandled revaluation could spark another Asian crisis China to lead PC sales by 2010, says Intel FT Competition heats up in China's luxury car market People’s Daily IT tycoon tops China's 2003 richest list China Daily Highest German debt in post-war history EUObserver In theory, the EU could impose billion euro fines on Germany for its "Horrorzahlen". Taiwan Economy could get even worse, academics predict TT Scotland hit by slump in manufacturing jobs Scotsman Universal Music to cut 1,350 jobs FT Andersen nightmare could still return to haunt auditors Times Online Switzerland’s top firms come under scrutiny Swiss Info More than a third of Switzerland’s top 100 firms have failed to meet corporate governance guidelines set by the Swiss Stock Exchange Canadians withdrew $380 million from mutual funds last month Toronto Star Murdoch caves in on options Sydney Morning Herald Price of Gasoline for Iraq Questioned WP Two senior House Democrats charged yesterday that the Bush administration was paying Halliburton Inc. "extraordinarily high prices" to import gasoline into Iraq. Consumer Purchases Should Moderate In Q4 After A Robust Gain In Q3 NT Wednesday October 15 Fed’s Beige Book FED “The pace of economic expansion has picked up...Labor markets generally remain slack” Retail Sales Fell 0.2 Pct in September Reuters Census Empire State Manufacturing Survey Hits Record High NY Fed (PDF) Barrick turns "Speculator"? Gold-Eagle GM posts profit for third quarter, but automotive earnings down sharply Reuters The Bear's Lair: It's still 1999 out there UPI Many of the malpractices that besmirched the 1990s never died out, or have made a comeback in the market's upward movement since March... Bull! : A History of the Boom, 1982-1999 Amazon (Oct 21) Herd Psychology Comstock Herding Psychology and Financial Markets TSI Simple questions suggest tech froth is back CBSM Pension agency is facing record $8.8 billion deficit Cox Kandarian Testimony Hard money Economist Money used to be backed by gold. Now it is backed by the promises of central bankers... Financial advisers weave scary tales Toronto Star You want to hear horror stories about financial advisers? I'll tell you a few. Dreman steers clear of the pack Reuters The Great 401(k) Hoax, Continued Business Week Eurex sues Chicago exchanges for antitrust FT Eurex is threat because its new US exchange - to be based in Chicago - offers open access to all market participants, for the same fees, using electronic trading. Group of 11 Global Dealers Launches New U.S. Investment Grade Credit Default Swap Index PRNewswire Powerful Interests Said to Resist Change at NYSE WP Lucent sees further telecoms belt tightening FT The chief executives of Lucent Technologies and Cisco Systems, two of the world's leading technology bellwethers, refused to call the bottom of the market on Tuesday, diminishing hopes for an imminent return to revenue growth. Cub checking out Rocky Mountain News No-frills grocery chain to shutter its nine Colo. stores Gordon Faces Charge of Money Laundering NYP Executives in poll see corporate reforms as fleeting Boston Globe Venture capitalist losses continue AP So Who's Stealing China's Manufacturing Jobs? BL You know all those U.S. manufacturing jobs that have been high-tailing it to China? China sure is doing a lousy job of holding on to them. China's two-edged sword pains US Times Online First encounter between President Bush and China’s new President, Hu Jintao. Bush pledges Asia currency action BBC China puts its first man in space BBC Germany to Lower 2003, 2004 Growth Forecasts for Third Time, Official Says BL Hawkish King fears high debt could tip UK into crash Guardian -- 'A decade of interest rate rises’ This is London Singapore exchange sets conflict rules IHT (Bloomberg) Consumer Spending - Temporary Lull Northern Trust Tuesday October 14 MER:+51% - BAC:+31% - FDC:+5% - JNJ:+21% GCI:+5% - E-Scorecard CNN How much longer can earnings rise? Philly Inquirer Many ‘market experts’ say that, for a variety of reasons, the "normal" P/E for the S&P 500 is now around 20 rather than 15, and perhaps a bit higher. "Our Currency, But Your Problem" Pimco (McCulley) Don't Look Down NY Times (R) (Krugman) Lehman Brothers has a mathematical model known as Damocles (PDF)...Developing nations are looking pretty safe these days. But applying the same model to some advanced countries "would set Damocles' alarm bells ringing.”..."Most conspicuous of these threats is the United States." U.S. 2004 Deficit Will Surge to $600 Bln, Firms Say Bloomberg Cramer Predicts Dow Will Surge to 10,000 TheStreet Chain Store Sales Slow (Due to Weather?) Reuters A Taste of the Upcoming Redemption Wave for Bond Funds BofA (PDF) The doctor of doom is in CBSM (Calandra) Do E-Statistics Adequately Reflect the Size of the Asian Economies? SH-Faber How the chip industry and its high-tech jobs are fading away Arizona Republic Tech outsourcing: Here to stay CNN/Money New Balance Sheet Accounting Rule Pushed Back TheStreet Congress Weighs Corporate Tax Breaks WP Nickel rockets to 13-year high Toronto Star Low prices could spoil party for cell phone sector USAT Fidelity wants specialists out at NYSE Reuters No. 1 mutual fund firm wants Big Board to dump human-based trading for electronic system. Weyerhaeuser debt rated 'junk' Seattle Times Martha: Scared but confident CNN/Money SEC Charges Four Individuals with Insider Trading: NYSE Simultaneously Takes Related Action Against Dallas Stock Broker NYSE NASD fines Wells Investment for lavish conferences DJ/AP SEC Investigating Wilshire WP Breif Not-for-Profit Credit Counselors Are Targets of an I.R.S. Inquiry NYT (R) Partners in Crime Fortune Special Amazon: Smartest Guys in the Room: Long before it was a public scandal, the Enron scam was well known among Wall Street institutions. After all, they were making it possible. George Soros Is Mad as Hell Fortune (Preview Only) He made billions anticipating blowups. Now he thinks Bush is creating one. Soros: Bubble of American Supremacy Jan 2004 DOW(n) With The Bull! Financial Sense Japan's Recovery: Is This Really, Really It? Bloomberg Foreigners buy into Japan recovery, yen a risk Reuters Japan: Optimism not Realism Smithers China expects EU to be largest trading partner People’s Daily Repeal of China's trade status sought Boston Globe Bill would repeal the granting in 2000 of so-called permanent normal trade relations with China. ECB: Pricing Oil in Euros Sensible MT Lex: Renminbi FT (R) China's role in the US Treasury market might still be under-appreciated by domestic investors... Did Insiders Know Of Upgrade Early? Moscow Times All the traders polled Monday said they saw unusual activity before the announcement. Roaring Ruble Leaps to 30.06 Moscow Times Thai-style crisis brewing in India Business Times Thriving derivatives trade turn bourses into casinos Asian Age Boom time in housing hides the market slump Scotsman Buba eyes 400-600 tonne gold sale in new pact-paper R Still primed for $400/oz Utilities' buying sprees 'cost investors billions' Times Online Monday October 13 Hussman: Weekly Market Comment Hussman A great second half does not make an economic boom... Payback Time Morgan Stanley (Roach) To the extent that asset prices are now discounting sustained economic vigor well through 2004, the coming payback points to the possibility of a growth scare that could be quite disruptive for world financial markets. The US trade deficit: the good, the bad and the very bad BrookesNews Hasn’t big Al also been the Great Economic Helmsman? Well, I'm beginning to believe that Al thinks an iceberg is a famous Swedish actress. IPO Market Abuzz with Biotech Offerings Reuters Stock Buys From Insiders at 10-Year Low Newsday Some jobs gone for good AP Why the Secrecy About Financial Covenants? NYT (R) (Morgenson) New Glamour for an Old-Fashioned Asset NYT (R) Bears, Bulls, and Bugs Safe Haven (OP) It seems clear that someone does not want gold to go up, at least too fast. Bond Market: Omniscient Observer or Unruly Child? Bloomberg (Baum) Federal Reserve officials are working very hard to convince the bond market that short-term rates aren't going up anytime soon...Those pesky bond traders just won't listen. Why is that? Top Calif. Grocers Hobbled by Strike Reuters Rising stocks give new life to old options USAT Why GE worries me CNN/Money Its warning calls into question the economic recovery -- and valuations that assume one is assured. MSO Still Unstable NYP EU puts German 2004 budget deficit at four percent: report AFP Euro sags, Duisenberg clarifies G7 statement Reuters Yen Rises as Bush May Ask Japan to Limit Sales During His Visit B Recap: US pressure continues over value of Chinese currency WSWS Washington Doesn't Let Chinese Yuan Issue Die Bloomberg IMF says "increased flexibility" in exchange rate in China's interest AFP It's All China, China, China. India Anyone? Bloomberg Culture of deception blamed for bank crisis Yomiuri Why is it taking so long for Japan to solve its banking problem? What on earth happened to start with? European notebook prices fell 25% during Q3 TheRegister Top bosses 'enjoy 288% pay rise' BBC Saudi slashes Euro oil supply, trims Asia Reuters Weekend Edition (Oct 11-12) How Soon We Forget Canadian Business An analysis of the new, new tech bubble The combined market cap of the top 20 Internet stocks was already more than US$122 billion in mid-July. Combined earnings over the previous 12 months, on the other hand, came to about US$25 million, which means the group's aggregate price-earnings multiple is somewhere around 4,880. They're back! Economist “You cannot be a long-term technology investor because in the long term almost all of the stocks are dead.” Hickey Blowing the whistle on Dubyanomics Observer This month the Nobel prize-winning economist returned to Britain as an acidic economic polemicist, with a more direct message about the US economy. There will not be a robust recovery, and the fault can be traced to Federal Reserve chairman Alan Greenspan's actions during the Nineties, and the policy failures of President Bush. Now Gold Bugs Get A Win NY Post Tax Revenue at 44-Year Low In Proportion to U.S. Economy WP The Great Balancing Act Frontline (Mauldin) Valuations and Interest Rates Zeal The Honorable Life of Mr. Wally Ciochetti Prudent Bear (Noland) To Cover Pension Promises, Governments Turn to Bonds Yahoo - NYT Strategy can backfire, leaving taxpayers on the hook for even more debt. Hawking A Hero NY Post Question From a Viewer Who Disputes Our Near-Term Outlook Comstock 'Market astrologer' sees possible repeat of 1987 crash CBSM Five Other NASDAQ Rallies as Big as This One: What Happened? Elliott Wave One Sweet Deal NY Post Two top NYSE execs get $22 million “I cannot comprehend the justification for the sharp increases in pay generated in the midst of the bear market” CalPERS New allegations rock Qwest Bloomberg Quattrone Says He `Might Have' Had Role in IPO Talks Bloomberg Waksal's Dad Charged With Insider Trading AP His Bonus Was Based on Inflated Profits. Will He Give It Back? NYT (R) Many problem brokers remain on job Miami Herald OPEC Chief Says Oil Price May Collapse Without Russia Bloomberg “We don't just cut because we love to cut, we're not psychopaths.” Bush Expected to Press China on Currency Reuters Trade gap with China widens WT Census Gold: new focus of investment EastDay More Chinese investors are interested in tapping into the gold market, with more than 20 percent of stock investors willing to transfer part of their funds to the gold market... Borrowers will end up blue Independent Venezuelan Bonds Discount Economic Problems Bloomberg Iraq 'asset-stripping' warning Observer Air Canada pension talks end abruptly Toronto Star Bush Touts New Iraq Currency as Sign of Progress Reuters Iraq's economy declines by half BBC Senators Predict Close Vote on Iraq Funding Reuters Friday October 10 The Blame Game Morgan Stanley (Roach) Businesses to lenders: Drop dead CNN/Money Despite low rates, companies spurn borrowing. Could it mean the recovery will be weak? NYSE Owes Top 23 Executives $115 Mln in Deferred Pay Bloomberg AIG chief attacks NYSE FT Yarn manufacturer to layoff 120 workers AP Layoffs announced at Albertsons Idaho Statesman Plant closure shocks 115 workers Advocate Reporter Cigarette company, still in infancy, announces closing AP TIA screener cuts planned St. Petersburg Times Mayor seeks fire cuts to save city Pittsburg TR Aurora asking police to reduce raises to prevent city layoffs A-Sentinel Intel Chairman Says U.S. Is Losing Edge WP CEOs defend moving jobs offshore at tech summit IDG Interest rates cuts don't fix currencies Financial Post At what point do we declare a world currency crisis? Chart: Dollar Diverging From Stocks Decision Point Probably a manifestation of the Fed's liquidity pump gone wild, reinflating the stock bubble and undermining the soundness of the dollar. Pension payments eased by House bill AP $26 billion in relief was needed to enable companies to keep plans afloat and protect benefits for future retirees. States increasingly leaning on tobacco money to solve budget problems Â AP Asia the place to invest after a US financial crash Faber (Oct 1) Asia (including China, Japan, India, South Korea, Indonesia, Taiwan, Thailand, the Philippines, Pakistan, Bangladesh, Malaysia, Hong Kong, and Vietnam) has a PPP-adjusted GDP of US$14 trillion, which is 50% larger than the US's PPP-adjusted GDP of US$9.6 trillion. U.S. Economy to Slow After Third-Quarter Boost, Blue Chip Shows Bloomberg GE 3rd-Qtr Profit Falls 11%; Cuts 2003 Forecast Range Bloomberg Agency Seeks Help in Fannie Mae Review WP Detroit's Labor Costs in New Pact Still Too High Bloomberg Fund Scam Grows NYP $4.4B pulled from Janus in Sept. Rocky Mountain News Whiz Kid Hacker Stole Accounts to Cover Losses NYP Don't ignore The Rumbling 321 Russell On Gold - What Is Value? SH Great myths about the great depression Townhall B:Fdr's Folly: How Roosevelt and His New Deal Prolonged the Great Depression BOJ eases policy amid strong yen CBSM Foreign central banks still hungry for U.S. debt Reuters China: Awakening Giant Dallas Fed Japan: The rapid run on dollar assets Asia Times Russia to price oil in euros in snub to US Telegraph Mr. Putin was coy about German media reports on the deal yesterday but acknowledged that Russia was exploring the idea. Putin's idea to price oil in euros may hurt dollar FT China puts limits on foreign investors FT Chinese officials have told bankers they are concerned that QFII has become a conduit for "hot money" rather than a vehicle for improving the standard of its capital markets. Singapore's 3rd-Qtr GDP Grows Annual 15 Percent Bloomberg The central bank said it will cap gains in the currency to sustain the recovery French August Industrial Production Falls For First Time in Three Months BL 30% increase in high-tech zone economy in Xi'an MOFCOM Hoover shifts production to China Guard Devastates Community Evening Times Corel cuts 18% of staff in cost-cutting move CP Canadian automakers face 7-year drought Financial Post Thursday October 9 Jobless claims drop CNN/Money At Merrill, One Economist Who is Telling The Truth NYP (Crudele) Is Rosenberg a sign of the new, improved Wall Street, which is willing to call a spade a spade? We'll see how long before he is muzzled... Doubts About Recovery Mises Poll: US CEOs don't expect to hasten hiring Boston Globe Wall Street warms to ‘market timing’ MSNBC NYSE's Britz, Kinney Have $28 Mln in Deferred Pay, People Say Bloomberg Two More Federal Home Loan Banks Warn of Losses TheStreet The coming currency devaluation Gold-Eagle (Droke) Peach $20s to land Today CNN/Money Oversight chief: Auditors are on their own Reuters Finance officers at Computer Associates fired NYP German Sources Say Russia Might Price Its Oil in Euros Moscow Times Moody’s raises Russia to investment grade Times Online Analysts were surprised by the sudden decision and some predicted that a speculative bubble might follow, similar to the mid-90s inflationary spiral that led to the financial collapse in 1998. Mos Times Asia's capital flows - this time it's different Asia Times China in danger of overheating, say economists FT Japan to help prop up dollar WT Toyota caught cooking the books Japan Times Mexico peso hits historic low on inflation fears Reuters The truth about job growth CNN/Money John Challenger, CEO of Challenger, Gray & Christmas, a job placement company, notes a number of disturbing trends in the Labor Department Tuesday October 7 Dollar Falls to Lowest in Almost 3 Years Against the Yen Loonie Rises to Highest Since 1995 Against U.S. Dollar Euro Rises as Ministers Say Currency Not Hurting Europe Get it together Guardian ...Europeans were set to attack the US on its twin deficits when Alan Greenspan, the chairman of the Federal Reserve, put them in their place by asking them where the European economy would be without the US recovery...So where is all the action going to be in this currency adjustment? Between the dollar and the euro, I fear. The Global Labor Arbitrage Morgan Stanley (Roach) In the end, the choices are stark -- to look inward and protect the “old way” or to look outward and encourage the “new way”... Commentary-Getting Real With The Federal Budget NBR (Transcript) We are in deep fiscal trouble, folks, and we had better rein in the politicians before they make things worse. Lumps of Labor NY Times (R) (Krugman) The 'OK' [unbalanced and at risk] Economy Financial Sense Demise of the Global Price Rule National Review The implication for the rest of the world could be very damaging, especially if the G-7 has their way. Fiscal Doomsday in the Offing Washington Post “There is no question that these [budgetary] conditions pose a very serious threat to our economy” Rubin Asia keeps US wheels turning Sydney Morning Herald Is the world's superpower about to implode under the weight of doing virtually all the world's consuming for a decade? The Economy Pulls an All-Nighter Mises The Bear's Lair: The new Cold War UPI Senate panel sees $2b deficit Boston Globe Firms stay stingy on airfares USA Today BTC The survey of 110 companies, which spent $1.1 billion on air travel last year, found spending is likely to decline 7% this year and stay flat or fall again in 2004. Steel production marks month in the red Pittsburg Business Times Steel.org Holiday sales forecasts turn chilly CNN/Money Chain Store Sales Slow Down Half of middle-income Americans worry about finances despite wealth built up in boom AP The Bare Bears Forbes Let's make Wall Street a safer place for starry-eyed investors--by legalizing naked short sales. Sony to cut electronics components by 90% FT To broaden its voluntary redundancy programme by lowering the minimum age of qualifying applicants from 35 last year to 30. Goodyear to close Dunlop tire plant, put 1,100 employees out of work AP 200 Carrier cuts 1,200 factory jobs AP Chevron selling 40 company-owned stores (308 Layoff Notices) Puget Sound HP announces new layoff round Houston Chronicle Tyson Layoff Reduces Hope Plant Employment by One-Third 2451 El Paso Says SEC Probing Plant Contracts Reuters Funds use aggressive damage control to limit reform CBS MarketWatch The funds are just running from Spitzer and to the protection of their old buddies at the SEC. NYSE Ex-Director Bit His Tongue, Watched Stock NYP (Crudele) One of the NYSE’s directors wanted to resign in the days before Richard Grasso got the heave-ho but was afraid to quit because he feared Grasso might harm the stock of his publicly traded company. FDIC Finds “Hazardous Lending” at Crossett Bank Arkansas Business Chairman: “We don’t have a capital problem. [Regulators] were just complaining about loans that were slow and past due” Former Tricon employee accused of insider trading Business First Global jitters give gold new glitter FT The robust demand in China is one of the factors supporting the gold price. California governor faces a big mess CNBC Dollar falls below 110.07 yen to 3-year lows Reuters Chinese IPOs, the next generation CBSM Chinese companies have been so successful tapping capital markets you might say they have built a Great Fall Street of China. Long side bets see record highs at Rs 7,500 crore India Times 'Severe slowdown' ahead The Age The Australian economy is running entirely on growth in consumer debt... Swiss Jobless Rate Set To Surge Swiss Info The world's smallest stock market has opened in Georgetown, Guyana TOnline Iraq Awards Phone Licenses, Rebuffs U.S. Technology Reuters “I hear names in the market of new mortgage companies. In five or six months, a lot of these places will be gone.” Home Lending Cools To Simmer Monday October 6 Don’t buy the recovery story MSN (Fleck) No matter how much economists bend the statistics, we're still not creating jobs; plus, a falling dollar could disrupt both the market and the economy U.S. 'twin deficits' put dollar's valuation at risk AJC Lopsided 401(k)'s, All Too Common NYT (R) (Morgenson) More workers plan to delay retirement AP AARP.org Underemployed: a euphemism for violent lifestyle change CS Monitor U.S. Treasuries Sentiment at Lowest of the Year, Survey Shows Bloomberg Commentary: Fannie and Freddie: Breaking Up Is Good to Do BW Fickle fiber Rocky Mountain News Wholesale prices for fiber-optic network capacity are dropping again after appearing to bottom out Price war hits Chrysler plans FT Platinum prices seen rising towards $800 -report Reuters How Governments Manipulate the Gold Market - A Primer Freemarket Gold funds post glittering performance CS Monitor A US 'trade axis of cheats' is blowing multilateralism an ill wind Independent Putting odds on Bush CNN/Money Cleaning Up a Dirty Business Newsweek China mulls raising yuan 30 pct vs dlr in 5 yrs-Jiji Reuters Currency wars likely to resume as early as this week Business Times China bashing is all the rage, but is the Job Drain China’s Fault? B-Week Commentary: On the yuan, it's China's choice IHT (Bloomberg) The insiders want out Guardian Directors' share sales are ominous sign The Budget Surplus and Economic Fallacies BrookesNews Surpluses and More Economic Fallacies BN Stock Investors Bet That Russia Is Next Big Thing Bloomberg Toyota -- rubbing some the wrong way Asahi Uzans use computer in $6bn bank fraud claim FT Report offered a bleak outlook on Iraqi oil IHT (NYT) Your Money in Iraq Paul Oil at 1-Mth High on Nigeria Supply Fears Reuters Weekend Edition (Oct 4-5) “...more flexibility in exchange rates is desirable for major countries or economic areas to promote smooth and widespread adjustments in the international financial system” G7, Sept 20, 03 Tanigaki Says Japan May Take `Decisive Action' on Yen Bloomberg Factory Closures Devastate U.S. Towns Reuters How America lost its balance Independent An S&P 500 Cyclical Bull? Zeal Tipping Point? Prudent Bear (Noland) An Early Stage Of A Return To Smoot-Hawley Environment? Comstock Careful what you wish for CNN/Money How weak would the greenback be if Japan and China weren't working to prop it up? Will your job move to India? CNBC The Devil wears pink: A grim financial fairy tale MSN Drawing on the lessons of psychoanalyst Carl Jung that people grasp consciously for symbols that are the reverse of their subconscious, he proposes that the public’s attraction to pink and nostalgia reflects their deep inner fears. “The public has turned to speculation in stocks precisely because they do not have hope”... Fund Bigs Slam NYSE Boss Reed NYP Fred Alger suspends 3 over late trading of funds Reuters SEC probes Hawaiian $25M stock buyback HonoluluAdvertiser Gold blow-out hardly touches stocks MineWeb UNCTAD lashes out at BOJ's repeated market intervention Japan Times Argentina's Default Haunts Pensioners Bloomberg Two raids launched on Russia's Yukos FT With New Currency, Iraq Determines to Foil Counterfeiters And Stabilize Rates Nintendo warns of first ever interim loss FT Data revision confirms weak U.S. jobs picture Reuters Service sector expands briskly in Sept. but jobs cut Reuters Friday October 3 Gold futures drop as much as $17 CBSM COT A Tactical Warhead Fired At Gold Bugs GoldSeek “The explanation given for the yellow metal’s sudden swoon by most of the Establishment financial press was an allegedly bullish report released this morning by the Labor Department....never mind that, along with this statistic, the government’s figures showed declining wages, and a downward revision of some 150,000 jobs believed to have existed earlier this year.” U.S. September Payrolls Rise 57,000; Jobless Rate Holds at 6.1 Percent - BLS 1990s boom 'stunting world growth' BBC UNCTAD The world economy is still trying to shake-off the hangover of the late 1990s boom years - and there is little prospect of a sustained recovery in the near future. The Dollar Meltdown Forbes (Grant) Spending our way to disaster CNN/Money The consumer debt bubble in the United States could make the stock bubble seem like nothing. They Spent the Tax Rebate. Now What Will Consumers Do? NYT (R) Conjuring up the sun UPI In the end Bush and Greenspan's already spent cheap money simply can't conjure up a sunny 2004. Sun anger as Merrill questions strategy FT Millennium Former Trader Pleads Guilty to Fraud in Probe of Mutual Funds BL Reynolds & Reynolds to Cut Jobs, Take Charge TheStreet Eastman Chemical trims 600 jobs, issues profit warning CBSM Tellabs to lay off 370 workers CBSM Osteotech warns - AGCO Warns Credit Suisse mulls major outsourcing deal TheRegister Lawmakers Advance on Fannie, Freddie Bill WP (Reuters) Probe Explodes NYP Investigations into the hedge fund and mutual fund industries are rapidly picking up steam. Big Pension Funds Object to Proposal on Proxy Rules NY Times (R) Grasso Pushed Specialist to Buy AIG Stock Reuters Grasso Affair Pressures Other Markets WP Citi Buys $264 Million of Sandy’s Shares NYP Don't overlook Sandy Weill in the growing outcry over the overpaid set -- total retirement package of at least $1.05 billion. Instinent Blasts NYSE In Newspaper Ad NYP EU threatens U.S. with trade sanctions WT Fed Bernanke's Study Backs Fed Greenspan's View on Markets AP Speech Japan's market meddling via Fed 'not unusual' Japan Times Japan resumes covert yen intervention FT Y110 is believed to be the central bank's "new line in the sand". America bets its bottom dollar Guardian The US has talked down its currency to take on the far east, but British investors are suffering Duisenberg fears for monetary union Guardian Outgoing ECB head criticises countries that breach budget deficits Pensions at risk as ministers break vow Times Online House prices 'set to slow' BBC House prices 'set to fall 20%' BBC Analysts Warn RTS in Overdrive Moscow Times Are stocks too risky for pension funds? Financial Post Zimbabwe launches Z$1,000 bill BBC Thursday October 2 U.S. Initial Jobless Claims Rise to 399,000 as Companies Hold Off Hiring Bloom How 9/11 Makes The Economy Look Worse Than It Is NY Post (Crudele) -- If the statistical glitches actually kick in, the jobs figure could be a shocker. -- Business spending on computers has only risen $15 billion from the bottom of the recession. The government says the increase is a much larger $133 billion. -- Others will come up with all the regular explanations for yesterday's stock market rally. I'll tell you the real reason.... Act II: The Greatest Stock Market Mania Of All Time CC Recent signs of revival are largely illusory CFO Think gold forget the dollar Business Day Unrestrained production of the US currency is the cocaine that drives today's global economy. (It seems fitting that the US treasury secretary goes by the name of Snow!)...are we entering the Teotwawki zone? U.S. bulls playing the numbers game Globe & Mail (Ingram) October's just beginning CBS MarketWatch Specter of 1987 still being felt in investment circles Is there a bubble in home prices? TT (Shiller) Word-of-mouth transmission of excitement about real estate prices is nearly as prevalent now as in 1988. "Millionaires on the rise" -- Convinced? Neither was I... EW Sure sounds like affluent folk are following the conventional wisdom about the "safety" and "stability" and "permanence" of real estate investments...Not that they'd ever chase a "hot" market, of course. Blame India for that jobless recovery Sydney Morning Herald California proves too costly for departing businesses USA Today Corporate America on a Borrowing Binge CFO Spitzer Probes Millennium Hedge Fund Bloom (WSJ) J.P. Morgan to Pay $25 Million to Settle IPO Allegations TheStreet Durus Bails Out of Various Medical Holdings TheStreet Gold stocks: Worth their weight? CNN/Money Fifteen Fundamental Reasons To Own Gold Minesite (Embrey) US official-view gov't backs GSE debt dangerous Reuters US car sales slow as 2004 offers begin Reuters GM ups incentives on '04 models CNN/Money No. 1 automaker offers 0% financing on most '04 models in move that will heat up incentive war. AT&T Likely To Cut 5,000 More NY Post Greyhound cuts 300 nondriving jobs AP Government Just Can't Contain Itself CATO Stuffing Their Pockets CAGW Congress has established a system of pay raises that would even surprise the most jaded cynic. Senate Panel Backs Bill to Give Tax Windfall to U.S. Companies NYT (R) House OK's $400m bill to aid in down payments AP Up to 40,000 low-income families will get financial help in making down payments on their first homes under legislation passed yesterday by the House. Would Asia Un-Pegging `Crucify' the U.S.? Bloomberg “If Asia un-pegs its currencies and moves toward floating ones, U.S. bond yields will surge. Rising bond yields would crucify the U.S. economy.” Japan may raise borrowing limit to finance intervention: MoF official AFP Card defaults take toll on South Korean bank profits FT Mexico Cuts 2003 Growth Forecast in Half to 1.5 Percent, Minister Says BL Futures Trade In Bullion To Start Tomorrow Financial Express Interestingly, three more nationwide multi-commodity exchanges are planning to start bullion futures. Ahold Writes Down Some Assets by $3.8 Billion After Overstating Earnings BL North Korea making atom bombs AP Wednesday October 1 Economy races ahead, leaving jobs in the dust USAT Job losses are becoming worrisome CBSM (Kellner) Unless there's a major turnaround in the labor market, President Bush will be the first president since Herbert Hoover to preside over a net loss of jobs in four years. And you know what happened to Hoover. Slowing Stream of New Jobs Helps to Explain Slump NYT Labor Woes Cast Doubt on Recovery Hopes Reuters -- The percentage of respondents sayings jobs are hard to get rose to 35.3% -- the highest since December 1993 -- from 34.1 % the prior month. The rate was at 25.4 percent a year ago... -- The employment component of the index dropped to 45.3 from 51.2 in August, erasing hopes that a turnaround in the labor market was on the horizon. Consumers need help CNN/Money Tax cuts, refinancings drove summer spending boom but wage growth needed to keep the party going. New data show jobs are churning Reuters BLS - Employment Dynamics New union contracts clear way for US automakers to cut 50,000 jobs WSWS -- The First Domino 321Gold Ford Reportedly Planning to Cut 12,000 Jobs World-Wide Dow Jones Verizon offers 74,000 managers buyout deal Star Ledger Ford to Cut 3,000 Jobs in Cost Push Reuters Ashland to eliminate 500 jobs CBSM 230 - 250-400 - 30-40 --------------------------------------------------------------------------------------------------------------- ISM Index declines to 53.7 ISM SEC Investigating Fraud at Freddie Mac CFO FHLB-New York votes to register stock with SEC Reuters Equal Opportunity Inflation? Contary Investor Noted strategist sees gold bull market CBSM (Calandra) A Golden Opportunity Smart Money Nobel Exuberance Golden Bar Goldman ups gold's trading range forecast CBSM News Turning Negative Comstock Mortgage Refinancings Up as Rates Dip Reuters GMAC files $7.3 bln notes shelf offering Reuters Thomson files US$2 bln debt shelf offering Reuters Lucent files $1.75 bln debt, equity shelf offering Reuters LaBranche Sees Profit Far Below Estimates Reuters Retirees confront former Lucent CEO Seattle PI (AP) Retiree health benefits now equal about 10 percent of annual company revenues, and retirees and their dependents outnumber current employees 10 to 1. Janus admits cases of market timing AP Prudential Securities Fires Six Employees, People Say Bloomberg Senators challenge SEC inactivity AP Sarbanes described the SEC as "this perhaps semi-slumbering lion...having been fed a very good meal" when Congress nearly doubled its budget earlier this year. The Fed as Oracle Mises SKED analysis on Greenspan Halfpasthuman U.S. trade deficit with China heats up as political issue Knight Ridder Dollar surges after Bank of Japan orders huge sale of yen Independent The financial markets responded rapidly after it emerged that the US Federal Reserve had carried out the BoJ's request to buy dollars and sell yen Japan vows to restrain yen BBC Currency interventions prove to be both fruitless and costly Japan Times -- John Snow Lights the Fuse Prudent Bear Canada tops inside trade list Financial Post Profits made by corporate insiders highest of 52 countries, "disturbing" report shows Political will needed to enable trading in gold dinar Utusan Iraq war's human toll could be felt for decades CS Monitor Beyond fatalities, an average of eight American soldiers a day are wounded



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