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		Tuesday September 30 “The much lower-than-anticipated reading of the NAPM-Chicago report and the drop of consumer confidence tell us that the U.S. economy has slowed from its strong pace of this past summer" John Lonski How Rich DO You Have to Be to Get In the Game? Elliott Wave ($) The control the SEC wants over hedge funds will be about the same control it has over companies like ... Enron... or WorldCom ... or brokerages ... or brokerage analysts ... or mutual funds ... or the NYSE ... or the other people and institutions which have not been "deterred" from fraud, scandal, abuse, stupidity and every other shortcoming known to man. Implications of the Growth of Hedge Funds SEC (PDF File) Consumer Confidence Tumbles To Lowest Level Since March CB Chicago Manufacturing Index Fell to 51.2 in September From 58.9 Bloomberg Escaping from depression UPI Conventionally, there are thought to be two routes to escaping from economic depression: pumping up the money supply and boosting public spending. Unfortunately, the Bush administration and the Fed have now carried both about as far as they will go, and last week's economic statistics suggest the U.S. may still not have escaped depression's clutches... Sucker's Rally On Its Last Legs? Gold-Eagle (SS) Tech stocks may be set for a dive Boston Globe U.S. chain store sales fall for third week Reuters 43.6 million don't have health insurance USAT Made in America? Entrepreneur Will your job move to India? MSN Fed's Moskow - part of factory slump is structural Reuters Foreclosures continue to soar in North Texas Star Telegram States Putting Inmates on Diets to Trim Budgets NY Times (R) Fed-up fund investors shut their wallets MSN The amount of money flowing into funds dropped 70% in the weeks after major players were accused of cheating investors. It's no coincidence. Investment flows out of US equities markets FT Sun's Big Charge a Bad Sign for the Quarter TheStreet SAP sales pressured by Oracle pricing CBSM Safeco to Cut Jobs, Exit Life Insurance Reuters 45 Berkshire Hathaway Unit in Rare $1.5 Billion Bond Deal Reuters The company's first unsecured debt offering in more than 15 years. SEC puts pressure on Ken Lay CBS MarketWatch Says Enron ex-CEO 'refusing' to comply with subpoena Alliance suspends 2 in timing probe CNN/Money Death to the specialists? CNN/Money AMEX Cover Up NYP Fired Exec Warned of Deception Fraud, conspiracy trial begins for former Rite Aid executive AP The Silver and Gold Train Wreck Financial Sense Gold Shines As Investors Eye Safe Haven... Investor’s Business Daily Vietnamese Bankers Worried About Fallout From Gold Price Rise Asia Pulse Hey OPEC: American’s Are Getting Fed Up With Oil Price Hikes Crudele China's currency: Renminbi and ruin? Asia Times Rising Sun May Sink US The Bulletin Japan Sold Record 4.46 Tln Yen in the Past Month Bloomberg Dollar jumps vs yen, dealers cite BOJ R Yen Surges to 33-Month High Rubin: Strong dollar benefits U.S. Reuters Former Treasury Secretary says weak currency would lead to higher interest rates, recovery risk. S.Korea c.bank chief: no U.S. pressure on dlr/won Reuters Japan fund managers up stock weighting to 8-yr high Reuters Debt mountain grows Guardian Labour warns of forced pension provision Times Online Biotech fever a symptom of deadly bubble syndrome Sydney Morning Herald Nightmare awaits the novice day traders The Australian Italy 'cannot shirk pension reform' BBC Monday September 29 Gold fund on track, new filing shows CBSM (Calandra) U.S. August Personal Spending Rises 0.8%; Incomes Up Bloomberg BEA Third senior official quits NYSE board FT SEC Staff Urges Registration for Hedge Fund Managers Bloomberg New Fund Rules Won't Solve an Old Problem TheStreet The SEC has spent the last 24 years trying to repair the damage... A COT Death? Gold-Eagle The Global Impact of the Gold Dinar G-E Rebalancing Backlash Morgan Stanley (Roach) Senate digs into Iraq $87 billion CS Monitor “The future belongs to physical assets” Business Standard (Faber) -- Book: Tomorrow’s Gold Marc Faber Making the case to own gold MSN (Fleck) Freddie Mac's strategy: Too much risk SunSpot (WSJ) This is the story of how this pillar of the U.S. housing market transformed itself into what some call a giant hedge fund. Portfolio recovery or Alzheimer's? Gulf News Since 1900 there has never been a period where a bull market rise has been followed by another bull market phase Business’s Killer I.O.U. NewsWeek New factories? More workers? They’ll have to wait. Pension shortfalls are costing corporations billions Taking a Closer Look at Debt NY Times (R) (Morgenson) Stockholders are ever the optimists, while bond investors watch for clouds on the sunniest of days. Prof. Krugman's destructive economics BrookesNews The misery of manufacturing Economist Why there is a new panic over manufacturing in the rich world Jobs are a thing of the past here in America SF Gate (Satire) Econo Eyes SF Gate (Flash - Comedy) Experience the thrill and excitement of the U.S. economy first hand! Opposite analysts' ratings is way to go NY Daily News Investors Holding the Bag on Cisco Buyback TheStreet Wal-Mart's Stock: No Bargain Here Business Week PC companies sell electronics Rocky Mountain News Longtime defect analyst stung by layoff from semiconductor plant's closing MySA DaimlerChrysler CEO Quits NYSE Board - HD caught up in flap at NYSE AJC No one involved noticed how insane Grasso's pay package was SLT SEC Says Amex Had `Serious Failure' in Enforcing Regulations Bloomberg Morgan Stanley fund trades probed by SEC-WSJ Reuters Kozlowski, Quattrone trials set to begin CNN/Money Accountant arrested under Sarbanes-Oxley USA Today SEC to release results of hedge fund probe FT The Great Depression as a credit boom gone wrong BIS PDF G7 persuaded to gamble with weapon of mass devaluation Observer For now it is clear that a genie is out of the bottle on currency exchanges. Traders will test the resolve of interventionists like never before. Japan prepared to 'fight 'excessive' swings in yen IHT (Bloom) “The right of a nation to intervene in currency markets is internationally recognized” Finance Minister Sadakazu Tanigaki Another Big Reason China Won't Revalue Business Week Already awash in bad loans, its Big Four banks could go under if depositors bolt The Asian Car Invasion Picks Up Speed BW Falling currencies and economic growth: more economic fallacies BrookesNews Bank may need to take a different path around debt mountains Independent CPI continues 48-month losing streak Japan Times On His Shoulders, a Graying Japan NY Times (R) Though the United States and other countries face similar demographic problems, Japan's pension situation is one of the worst cases because of the size of the deficits and the graying of the population. Optimism over Japan often turns to tears TIME Asia House prices 'soar 138% in decade' BBC Homes bust 'within three years' Sydney Morning Herald Italy slowly comes back to light BBC In postwar Iraq, U.S. supplying oil products SunSpot Weekend Edition (Sept 27-28) Protectionist Tilt Morgan Stanley (Roach) Take Me Out to the Stockgame Frontline (Mauldin) The Powerful Force Prudent Bear (Noland) Mysterious VIX Divergences Zeal Debt Illusion! Gold-Eagle (Chapman) Does valuation matter any more? Globe & Mail (Ingram) U.S. Incomes Fell, Poverty Rose in 2002 WP Friday September 26 Michigan Consumer confidence revised lower in September CNN/.Money U.S. GDP Grew at 3.3 Percent Rate in the Second Quarter Bloom BLS US Q2 final after tax profits fell 5.0 pct Reuters 134,000 Lost Jobs in August 'Mass Layoffs' WP Clueless Pimco (Gross) I reiterate: the stocks, bonds, and currency of a debtor nation in the process of reflating are not attractive investments. Is Fed's recovery talk all spin? Financial Post M. Stanley's Roach: Dangerous, Wrong To Scapegoat China Dow Jones US: $400 billion deficit in pension plan funding WSWS Bull Market 2003: The Worse the Company, the Better the Stock NYT (R) Freddie Mac Delays Releasing Revised Numbers WP Errors for the past three years could exceed its previous estimate of up to $4.5 billion. The Rally Wagon's Wheels Are Coming Off TheStreet (Task) Expect the dollar to slide further after this week's sharp decline Economist Russell Sees Gold At $556 Gold-Eagle Ad warning an economic red flag CNN/Money Why tech stocks are headed for a fall MSN (Jubak) Municipal Bond Issuance Takes a Run at the Record Bloomberg Politicians Got Parties at NYSE WP Carl McCall resigns from NYSE board FT Paulson Next Fed Probe Into Lancer Ties Asked NY Post Bear Stearns's Cayne to Collect $117 Million in Stock as Deferred Payment BL Levi to Shut N.American Plants, Cut Jobs Reuters Kodak Shares Hit 18-Year Low on Dividend Cut to Fund Digital Imaging Plan BL SEC to tighten short-selling rules FT Global View: Au revoir, dollar! II UPI Focus: China's gold rush China’s Daily About 20 per cent of respondents to a recent national survey said they were willing to spend 10 to 30 per cent of their savings in gold investment Foreign cen banks keep buying U.S. debt - Fed Reuters Banks told to tighten screws on debtors Japan Times Lloyds TSB fined for mis-selling BBC Thursday September 25 2004 models hit dealer lots with up to $3,000 in discounts CBSM U.S. carmakers are so stuck in the quicksand of endless incentives, with their customers conditioned to expect the perk, that some 2004 models are being discounted even as they hit dealers' lots. U.S. August Durables Orders Fall 0.9%; Ex-Transportation Down Bloom Census U.S. Initial Jobless Claims Fell by 19,000 to 381,000 Last Week Bloomberg Gold forges new 7-yr high in Asia on OPEC cut Reuters Kitco The truth behind much vaunted US GDP growth Business Times Surprise, surprise: there simply has NOT been any real GDP growth in the past three years - it has just been one big statistical manipulation. Fed Stats Miss Half The Recent Price Increase NY Post (Crudele) If it is picked up, the government will risk giving Social Security recipients a decent cost-of-living hike next year. A Sustainable U.S. Recovery? AEI (Makin) Beyond some hazy assertions that the chances of recovery are better this time since we have had more time to adjust to post-bubble imbalances, the outlook is not particularly bright. No Reason for Nasdaq Exuberance MorningStar OPEC cuts may crimp economy MSNBC Is The Dollar Toast? Financial Sense The World's Great Manias Dollar crash could wreck U.S. economy Detroit FP Day of reckoning postponed, not canceled MSN (Jubak) Jubak on Metals A stalled stock market faces October CBS MarketWatch Diminishing expectations CBSM As this week progressed, there were increasing signs of diminishing expectations where the future path of the U.S. economy is concerned. States Still Struggling To Control Medicaid Costs Stateline Analysis: How investment banks make money UPI Investment banking is a very different business to 30 years ago, and its returns are both highly volatile and heavily subject to manipulation by a sophisticated and greedy management and workforce. New York bank takes $183m hit FT The securities originally were rated Triple A and were worth more than $1bn. After a series of credit downgrades, the bank sold the bonds and took a $183m loss on its investments. Commentary: The Housing Bubble and Me Prudent Bear Recovering companies reducing debt loads USA Today Biggest U.S. utility wants to reduce its debt burden IHT (BL) U.S. tech firm moving R&D projects to Taipei Taiwan News No quick fix for Silicon Valley SF Gate Flextronics drops after $1 billion ruling CBS MarketWatch Kodak Cuts Dividend for first time to Divert Cash Bloomberg MCD Raises Div Miami travel firm to file for Chapter 11 Miami Herald Enron sues investment banks AP Bankrupt energy company accuses creditors of role in fraudulent transactions Telemarketers win a court battle Seattle PI (NYT) Mesa couple accused in fraud AJC Ebner denies charge over insider trading IHT NYSE Monthly Disciplinary Report NYSE Reform the Big Board -- Gingerly Business Week Federal budget still matters WorldNetDaily Yen Drops; Mizoguchi Says Gains Weren't Warranted Bloomberg Nikkei Ends at Four-Week Low Reuters J-Govt Bonds Drop China may widen yuan trading band next year, says report BT Hong Kong: Bullish on the Hong Kong Dollar? Morgan Stanley (Xie) Economic Impact of a Weak US Dollar Revisited Is `Irrational Exuberance' Coming to Asia? Bloomberg Salary bill for foreign firms rising in big cities People’s Daily 'China's Wall Street' to be completed by 2008 People’s Daily Malaysia seen retaining peg with dollar weakness Reuters Bear Market Turning Off Singaporean Investors AMI Tourists Say Au Revoir to France Business Week World bankers hoe into the caviar SMH Wednesday September 24 Ban on Russian ads depicting euro having sex with dollar Ananova Oil closes above $28 after OPEC cut CBS MarketWatch Freddie Mac Regulator Delays Report Date Reuters Viacom slices financial projections CBS OPEC OK's surprise cut to oil output Mortgage demand cools Reuters Forecast: Recovery Hopes Are Too Rosy Reuters UCLA Beither consumers nor businesses have the buying or investment power to drive the solid growth seen in typical economic recoveries. Back to the bubble CNN/Money Bearish sorts worry that investors didn't learn a thing from the crash. Will debt buildup sabotage the recovery? IHT Americans will pay later for tax cuts now, studies find IHT (NYT) “The government is basically borrowing $1,000 in your name and then handing you $250 of it” We’re Paying Dearly for Bush’s Tax Cut PDF File California economy is weaker than expected Seattle Times Budget Problems If you're a taxpayer, start worrying Bloomberg States and municipalities are going to sell billions of dollars in bonds to help fill holes in their pension plans... Alan Greenspan: Mr. Creep North Risky buying on margin surges again USA Today The margin trap CBS MarketWatch The recent explosion in the amount of U.S. stocks being bought with borrowed funds begs the question: "How stupid can some investors be?" US Corp Bonds - End wider as supply tops $40 bln Reuters U.S. Treasuries Decline on McTeer's Economic Growth Comments Bloomberg A Generation Raised on Equities Craves Them Still Bloomberg Here we have a vessel that has been hit by one storm after another over the past three years -- and people can't wait to book passage for the next trip. IPOs are coming back into fashion again USA Today Two of the companies due to go public this week -- online retailer RedEnvelope and glass vessel maker Anchor -- lose money. The fruits of irrationality Guardian Book: The Roaring Nineties (Oct 2003) Gambling With the Dollar? WP Bush Bid to Weaken Currency Could Backfire Retracement Rallies After Bubbles Sandspring High Vacancy Rates Likely to Contain Expenditures on Business Structures NT Now, Its The AMEX NY Post Dick Grasso isn't the only stock exchange boss sitting on a big fat pay package. Big Pension Fund Seeks Accounting Reform WP CalPERS Release Worry Over a New Conflict for Accounting Firms NY TImes (R) “There's a significant conflict of interest if the same firm designs and documents the controls and then turns around and audits them” Big Three to shed 50,000 jobs in next four years: analysis AFP Ford moves to triple production capacity in China IHT (Bloom) China’s auto output jumps China Daily ”Car Craze” = Crude oil imports surging Indian Motorcycle halts production - 380 Laqid off AP Harland to eliminate 10% of work force AJC Judge to weigh class-action status for Wal-Mart suit SF Gate Two Ex-PurchasePro Execs Plead Guilty Reuters NYSE pay chief leaves as Grasso scandal deepens USAT Buffett tech holding revealed Reuters Get With The Program Russell Expert says ignore gold’s distractions MW IMF’s Koehler Warns Governments Against Currency Demands Bloom 22% of households struggling to save Japan Times Consumer debt weighing on South Korean economy IHT Who Owns $85 Billion? Moscow Times Almost 70 percent of all private ownership in Russian companies is not publicly disclosed. Bountiful kiss-offs abundant in North America Toronto Star North American companies reward hastily departed CEOs for failure. Confusion mars talks on Argentine bonds default FT Skyepharma set to miss profits target and hit cash crunch Independent Wishing won't make the (Ontario) deficit go away Globe & Mail (Ingram) High US Deficits A Cause For Concern, Says RBI Governor Financial Express “Although we don't know anything new that we didn't know yesterday, there is one fact that is still unknown -- where will Japan draw the new line in the sand...” Tuesday September 23 Snow says U.S. economic growth on sustainable path Reuters “Let me assure all of you...that we're committed to cutting that deficit in half over the course of the next five years which will bring that deficit well below 2 percent of the GDP of the United States and certainly that is very manageable” Alternative Chart Snow wary of export based economies Reuters Chain Store Sales Tumble Reuters Hurricane Isabel scared shoppers away and the impact of federal tax rebate checks waned. Deja vu all over again? CBS MarketWatch This last weekend was eerily reminiscent of that fateful weekend in October 1987, the one just prior to Black Monday. Nightmare on Wall Street? CNN/Money The Real Bull Market Financial Sense I Knew Plaza Accord. Dubai Is No Plaza Accord Bloom (Baum) So if a weak dollar isn't in Japan's best interest, and it isn't entirely in the U.S. best interest, just whose best interest is it in? Potential Catalyst - Real Estate Comstock Value & Psychology: The REAL Issues in Real Estate Elliott Wave Commentary: When Productivity Becomes A Bad Thing Nightly Business Report Jobless rate worse than headlines say AP U.S. pay hikes below 4% USAT Grim telemarketers count days to 'do-not-call' Arizona Republic The ATA claims that 2 million jobs could be lost on Oct. 1. Survey: Most plan to work into 70s Reuters Fund scandal may run deeper CNN/Money TIME Rubin, Levitt May Still Be Candidates for NYSE Top Job NY Post NYSE traders welcome Reed but call on board to quit FT NYSE Chaos Takes Bite Out of LaBranche TheStreet Levitt: Funds need scrutiny Philly Inquirer ING Bank Sues JP Morgan, Deloitte AP ING Bank contends it lost hundreds of millions of dollars as a result of a "massive Ponzi scheme"... State sues broker over Va. hedge fund Boston Globe Verizon warns, Cuts Capex Forecast Reuters Gene Logic warns CBS Mercantile lowers 3Q earnings outlook SunSpot Bond Volatility a Feast for Three Brokerages TheStreet Goodyear talks of layoffs in 11 states AP TIAA-CREF lays off 70 in Denver, 500 nationwide Business Journal Claims pile up in Isabel's wake; $1 billion in property losses seen AP Gold set to challenge $418 by year's end -Barclays Reuters Gold rally won't falter if dehedging slows-analyst Reuters The Bear's Lair: Sell tigers, buy weasels UPI Yen Climbs Against Dollar; Japan May Reduce Sales of Currency Bloomberg Japan was the largest international investor in U.S. notes and bonds in July...The G-7 risks a ”free-falling dollar.'' U.S. Notes Fall; Asian Central Banks May Cut Treasury Purchases Bloom French Consumer Spending Drops Most in Seven Years Bloomberg EU tells U.S. to end 1916 trade act Washington Times Swiss fund manager wants more hedge fund oversight Reuters Argentina enrages bondholders Reuters Household Borrowing Establishes a New Record Northern Trust Is Rising Productivity Resulting In Job Losses Or Vice Versa? NT Monday September 22 Dollar takes it on the chin; Treasury bonds plunge CBSM Flexibility sought, volatility emerges CBSM Richard Grasso Leaves a Selfless Gift to Us All Bloomberg (Lewis) Breakthrough Morgan Stanley (Roach) An unbalanced global economy has finally come to its senses. The Dollar Wars Return Daily Times James (Book): The End of Globalization: Lessons from the Great Depression Opening Pandora's box CNN/Money The U.S. dollar-weakening effort carries risks Real Estate Market May Show `Irrational Exuberance' Bloomberg U.S. Recovery May Stall in 2004 Unless Companies Start to Hire Bloomberg The world need not follow the US model Gulf News The Death of Literacy Puplava Alice Lives Here in Make-believe, USA Credit card offers encourage you to carry a balance Chicago Sun Times Just when you thought you'd seen everything from the credit card industry, now come cards that reward customers for not paying their bills. Here’s the Real Grasso Scandal Newsweek Big Board Is Far From Forefront When It Comes to Policing NYT (R) (Morgenson) Market timers set sights on Europe FT Some of Europe's top banks and fund management houses reported a rise in activity by hedge funds looking to exploit differences in market closing times SEC Intensifies Inquiry at NYSE of Trading Firms Dow Jones Bean Counting Bums NY Post (Byron). Central Banks to Forge New Gold Deal Reuters ”We had a brief discussion on gold...We will come back to this issue at the beginning of next year” Wellink G7 bankers in secret gold sale talks Observer Russia wants to boost gold reserves-Central Bank Reuters Swiss bank puts wealthy clients in gold Reuters (Sept 18) New gold-backed securities on menu at Denver forum Reuters Asian Stocks Slide; Nikkei 225 Has Biggest Tumble in Two Years Bloom How Japan's recovery might damage the American economy Independent A mirage in Japan's banking stocks IHT (Bloomberg) Banks' earnings prospects may be hurt, some investors say, because they have been understating the amount of nonperforming loans they hold. China resists G7 call to float currency Independent Chinese banks to sell off $6bn in bad assets FT Investor interest in Asia surges FT EU's Solbes Says EU-12 Won't Meet 2% Forecast in 2004 Bloomberg Iraq adopts sweeping economic reforms BBC All Iraq's major industries - except oil - will be up for grabs The surging Australian dollar has topped the 68 US cent level ABC ABARE tips dollar to push 70 US cents ABC Dollar rise lowers our competitiveness Globe & Mail Unemployment set to rise in Switzerland Swiss Info Static Scotland still lagging rest of UK Scotsman Debt overload in poor countries worries IMF Miami Herald IMF May Consider Easing Terms of Brazil Loan Accord Bloomberg IMF accused of 'going soft' over Argentina debt bail-out Independent Investment banks face worldwide crackdown Observer Robbers cart away gold bars, kill guards, engineer in Philippines TheStar Yen Surges After G-7 Statement, Japan's Economic Growth Outlook Bloom -- Tokyo's Nikkei drops as yen surges vs. dollar CBSM Nikkei -- Dollar could plumb new lows, say traders FT Weekend Edition (Sept 20-21) NYSE names Reed as interim chief executive Bloomberg Reed, who said he has never met Grasso, declined to comment on his pay. NYSE Statement --”In the e-mail, Grubman said he decided to upgrade his recommendation on AT&T stock so Weill could "nuke" his co-chairman, John Reed, with the support of Armstrong. Reed retired in 2000.” Newsday - Why Reed Left Citi Banks relax rules on loans Seattle PI There was a time when banks adhered to strict debt-to-income ratios As Interest Rates Climb, Must Bank Stocks Fall? NY Times (R) If the historical pattern holds, bank stocks should be acutely vulnerable to the climb in yields. Government Data With a Smiley Face? Gold-Eagle Giant Sucking Sound Forbes In post-Grasso era, pressure on NYSE specialist system CBSM Buyers look for cheaper alternatives to NYSE specialists As Scandals Still Flare, Small Victories for Investors NYT (R) (Morgenson) Severance pay could add to Grasso's pile of cash USA Today 'I do get rattled' Guardian Paul Krugman is a mild-mannered university economist. He is also a New York Times columnist and President Bush's most scathing critic. Hence the death threats. Book: The Great Unraveling: Losing Our Way in the New Century A Considerable Predicament Frontline (Mauldin) We can't speculate our way to prosperity MSN (Fleck) Soaring margin debt. $100 million paydays. Dead-fish analysts cheering no-earnings techs. All signs that the mania that made the bubble is alive and well. "Let it Rip" Prudent Bear (Noland) Real Rates and Gold 5 Zeal How to Turn Unemployment's Rising Tide Business Week The Roots of the Federal Debt Mises Flying on one engine Economist America can no longer propel the global economy. Unless other countries take over the economic outlook is grim and globalisation is at risk Prediction: The future of the USA stock market UCLA (Sornette) US may be net agricultural importer by 2007, say ag economists Reuters Purdue Is the Fed lying? CNN/Money The FED's Deflation Smokescreen 321 (Harris) Interstate Bakeries to Close Plants Reuters Ripple effect in Johnson County wide and deep JournalNet Time Warner faces up to reality Globe & Mail (Ingram) Motorola CEO resigns under pressure FT Deutsche Bank chief considers resigning FT Ex-Tyco chief: What party? Reuters Lawyer for Dennis Kozlowski wants to make sure jurors don't see videotapes of a raucous $2M party Commission: Steel tariffs cost $30 mln CBSM China raps US over revaluation of yuan Gulf Daily News Mundell defends China's policy Taipei Times Koehler won't carp at growth engine US on deficits "I would urgently advise against using the (Yuan) issue as an excuse for bullying" Koehler G-7 Ministers Urge `More Flexible' Exchange Rates Bloomberg Snow: Japanese 'Supportive' on Forex Reuters Japan banks revise profit forecast Reuters Top Japanese Banks to Layoff Thousands AP Kyocera trims earnings forecast Japan Times COMEX gold jumps as new cen bank deal anticipated Reuters Friday September 19 A Warning From the Global Consensus Morgan Stanley (Roach) Tech Bubble Lessons as Prologue Financial Sense (Picks) Home price declines could send recent buyers to the poor house InMan The national rate of home price growth surpassed the overall inflation rate by more than 30 percent since 1995 Compromising Positions CFO Will credit derivatives encourage more lending, or will they harm the interests of borrowers? The Creaky Job Machine NewsWeek The statistics hide an ugly, grinding process that may lead to more cuts Sun Microsystems to Cut 1,080 More Jobs AP US IT jobs under fire TheRegister CPST $ Magazines Planning To Trim Ad Staffs in Critical 4Q NY Post Fiscal Experts See Pain Ahead for States Reuters Use more risky investments, N.J. pension board is urged Philly Inquirer Grasso's gone but the turmoil remains Independent Demand / Supply Figures in the Gold Market SH Barrick asks court to reconsider gold trial ruling Reuters Barrick's "motion for reconsideration" will be heard on Oct. 15. NWC files list more than 9,000 creditors AP Enron creditors can expect only 16% back FT UAW Ends Contract Talks with Big 3 R GM to Close Aging Baltimore Plant R Big scandal, not much action CNN/Money Of 3 fund families implicated in fund scandal, only Janus sees weekly net outflows International Banking and Financial Market Developments BIS NYSE Seat Sale NYSE The Richest People In America - Forbes 400 Forbes Too Sunny In Latin America? CEPR PDF File The IMF’s Overly Optimistic Growth Projections and Their Consequences China Insistent on Protecting Currency NY Times (R) US to China: Make Goods More Expensive! Mises Asian currency manipulation comes under fire FT Record yen-selling a boon for stocks Asahi Traders dare the BoJ to redefine the "line in the sand" Scotsman Japan's Mizoguchi says dollar fall a "bit rapid" Reuters Stock speculation worries Thaksin Business Times Is the Reserve repeating its 1980s monetary disaster? BrookesNews Commonwealth Bank of Australia to Cut 3,700 Jobs Bloomberg Economists Detect New Capital Flight Moscow Times Capital has been flying out of the country since July, several economists say, which reverses the much-touted inflows over the second quarter of the year. Pensioner guilty of $2.5 trillion fraud plot Guardian Slamaj, a self-confessed conspiracy theorist, said the prosecution was a US plot to ensure the treasury would never have to redeem the bonds. Thursday September 18 Grasso Quits - How Drama Unfoled - NYSE Statement - Reaction “Richard A. Grasso is gone. But the changes at the New York Stock Exchange are only beginning.” NY Times (R) ~ The Grasso Years (Chart) Grasso: End of a Rags-to-Shocking-Riches Tale WP Hurricane Isabel Hits Shore -- CNN - Drudge Sept MidAtlantic Manufacturing Stumbles Reuters Philadelphia Fed IMF urges China, Asia to let currencies appreciate AFP What Snow in Beijing means for gold Asia Times Japanese officials decline comment on intervention Reuters U.S. Leading Economic Indicators Increase Again Conference Board Jobless claims below 400,000 Reuters Measurement, Valuation, and Reporting of Intangible Assets NY FED (PDF) The forces of the status quo are immense and are fighting against meaningful change, even today... Hedonic Magic Ackerman Here We Go Again!: Investment Advisors Warn of Dangers Of Wrong-Headed Rush to New Tech 'Boom' Zero Alpha Mortgage banking world begins to unravel MSN (Jubak) It's only a matter of time before other players in the mortgage-backed securities market come forward with their own problems. Author: Liquidity flow control vital TheStar Book: The Dollar Crisis The inability of the US to indefinitely expand its indebtedness to the rest of the world means that Asia’s export-led growth will be coming to a close. U.S. Trade Deficit Threatens Global Growth, IMF Says Bloomberg -- IMF World Economic Outlook IMF Bush Pressure on China Went Against Some Advisers Reuters Executives say Natural Gas supply shortage mirrors 1970s oil squeeze CNBC Layoffs crank up again, chip away at economic growth USAT It's an OutsourceWorld CNN/Money Pfizer plans 800 job cuts Det N 200 - 18 Romney eyes benefit cuts for jobless Boston Globe Higher productivity has its consequences Nando Spending, then the debt, and then the squeeze on the workforce Independent -- Has Structural Change Contributed to a Jobless Recovery? NY Fed PDF Why you'll owe more in 2004 CNN/Money From insurance to taxes, from your home to your school, your bills are likely to increase. Healthcare problematic for US automakers FT With chronic overcapacity, relentless competitive pressure from nimbler Japanese rivals and massive pension and healthcare costs, Detroit's ability in the next four years to survive, let alone make vehicles at a profit, hinges largely on the terms of contracts reached with the UAW. "Talks continue" AP N.Ky. bank fights to survive Cincinnati Enquirer Ex-Merrill Bankers Charged in Enron Case Reuters Merrill *promises* not to undertake transactions in the future to help clients manipulate earnings. Former MCI CFO Pleads Innocent to Charges Reuters Pentagon to investigate bidding in Boeing tanker deal AP Commentary: California insurance squeeze UPI More grads struggling to repay loans LA Times Soros mounting anti-Bush effort UPI Chinese Banks Double Consumer Lending AP China plans to issue US$1 billion, 500 million euro bonds People’s Daily China tries to control property price boom Telegraph Chinese banks not ready for currency changes PD US industry to press... CN Outlook rosy (maybe) Telegraph When the last housing slump began in 1989, most property commentators failed dismally to forecast it. So how can we trust what the 'experts' are predicting now? Bank minutes hint at rise in interest rates Independent EU gives France 5 days to cease Alstom bailout AP Housing boom to bust: IMF alert Sydney Morning Herald Price war looms as Eurex takes on Chicago Finextra Eurex will establish a level playing field in the US futures industry for the first time. Wednesday September 17 Grasso: Mow Him Down! NYP Directors Discuss Replacements Isabel could hit pocketbooks hard CNN/Money Firms Restrict Last-Minute Policy Changes WP U.S. August Housing Starts Fall 3.8% to 1.820 Million Rate Bloomberg PDF Refinancing demand falls 15% Reuters MBAA Confidence hits 8-week low CNN/Money Is Monetary Policy Working? Comstock During the two and a half years since the beginning of 2001 total indebtedness grew in total by about $5.6 trillion compared to real GDP growth of $417 billion. This equates to $13.50 of debt for each dollar of real GDP The T-Shirt Kid Safe Haven (Obscene Prophets) ...This recent proposal is but another harbinger of drastic action in the future. The Fed and the Administration are not as ignorant as many believe. Technology Stocks Are Way Ahead of Themselves Bloomberg Investors warned about technology high-fliers Contra Costa (WSJ) Business leaders question economic forecasts Detroit Free Press (Tompor) Companies are cautious despite rosy analyses NASD warns of risks of buying on margin AP Purchases of securities on margin jumped 25 percent in the first seven months of the year, to $174.4 billion in July, up from $143.9 billion in July 2002 Flashback ~ April 2000 Margin Squeeze ~ Baltimore Business Journal Jobs exodus sparks Silicon Valley protest FT Two incomes, more debt? CS Monitor A new study offers a controversial theory of why today's families are having a tough time staying afloat. Dupont Guides Lower CBS NY Times Warns CBS Ford turns to bond markets to raise $3bn FT Citigroup says CEO Weill stepping down early AP Altria Shares Jump After Legal Victory Reuters FedEx delivers generous buyouts AJC GMAC Job Losses KWWL 104 R.J. Reynolds Tobacco to Eliminate 40 Percent of Workforce Bloomberg Briggs warns of 22,000 lost jobs JSOnline Telemarketers' convention focuses on survival AJC Setback for Microsoft Ripples Through the World Wide Web NYT (R) Morgan Stanley fund sale contests draw $2 mln fine Reuters Mass. Regulator Probes Putnam Mutual Fund Reuters SEC moves to block $23m payoff to Messier FT Auditing firms sued for overcharging Reuters On the Market & HUI - "Get your chips into play!" Faber Show Me The Silver FS Setting gold's past record straight FT Gold could break $400/oz before end 2003 Reuters GFMS Large gold producer treadmill unsustainable MineWeb Gold sales not on official IMF agenda Reuters “Subject that will possibly be discussed in Dubai” Currency Crises and the Informational Role of Interest Rates BIS FTSE Hits One-Year High Reuters Nikkei Closes at 15-Month High G-7 shouldn't blame woes on China's currency Toronto Star -- A Feeble Plan To Save U.S. Manufacturing WP China's auto boom to hurt Big Three: KPMG Financial Post China retail sales surge 9.9% in August Reuters Iraqi team to attend OPEC talks WT Iraqis' Bitterness Called Bigger Threat Than Terror DJ (NYT) Toshiba forecasts heavier losses Japan Times Exchange levies record fine on BP Guardian Told to tighten up its oil trading activities following a variety of alleged violations Pay Me Now or Pay Me Later. Fed Opts for Later Bloom (Baum) Berry on Fed Tuesday September 16 FOMC Statement FED The Committee perceives that the upside and downside risks to the attainment of sustainable growth for the next few quarters are roughly equal. All eyes on Greenspan AJC Testing their metal Economist Commodity prices have been shooting up. Time to worry again about inflation? U.S. August Consumer Price Index Rises 0.3%; Core Up 0.1% Bloom BLS Quarterly survey points to modest jobs growth in the fourth quarter CNN The Tax-Cut Con NY Times (R) (Krugman) Those Damn Imbalances ABN-Ambro (PDF - Pg2) from Flow of Funds Households have never acquired debt at the pace now being seen. Bloated U.S. deficit could hurt economy Detroit Free Press The War and the Economy WP War and Debt Ron Paul Will Iraq Put Pressure on the Bush Tax Cut? Lights out - part 2 SH (Chapman) IT spending remains in the doldrums FT The much-anticipated upturn in IT spending is still more predicted than real Goldman Survey Finds Evidence of Tech-Spending Delay TheStreet Tech Sectors Have Few Believers Schaeffers Nasdaq rush forgets Silicon Valley San Jose BJ Popping Amazon's Bubble TheStreet Cisco: At the Top of Its Climb? Business Week Facing Huge Debt, Big Farm Co-op Is Closing NYT (R) Mortgage broker shut down Boston Business Journal Romney Staff Prepared To Lay Off Workers AP More cuts coming for state health Clanton Advertiser Chrysler is likely to close foundry IndyStar Sprint will outsource technology jobs KC Star Jury is in about offshoring Contracting Out IT Jobs Vexes States ST Outsourcing takes jobs out of US Gold: Not So Shiny Anymore Forbes Eliot Spitzer Meets The Silver Managers? Butler Spitzer, SEC Say Broker Will Be Charged WP NYSE Cheif’s Pay May Be Least of His Problems NYP (Crudele) Isabel’s impact could be costly CNBC USAT Senate bill to change pension calculation AP 401(k)s lost less in '02 - for wrong reasons Philly I ICI Release John Snow's China Dreams Meet S&P's Reality Bloomberg It's a rare day when economic officials are happy to see Standard & Poor's voice concerns about their financial system. What If Yuan Rises? MWise Analysis: China protectionism equals votes UPI U.S. creates team to curb Chinese trading practices AP Why inflation targeting is an increasingly inexact science Independent CBI turns the spotlight on to company pensions Independent Russia's Stock Market Is Full of Gas Business Week Investors seem to be turning a blind eye to Russia's political risks Can India be a hardware champ? Times of India German Investor Confidence Rises for Ninth Month, Longest Run Since 1993 BL How the poor countries of the world 'reached for the moon' and got nothing Inde US market watchers see return of bullish tactics FT Monday September 15 August Industrial Production Edges Up 0.1% - CU unchanged at 74.6% FED - When the economy was expanding from 1992 through 2000, an average 82.5 percent of plant capacity was in operation. Bloomberg Current Account Gap Holds Near Record Reuters BEA Inventories at Businesses Dip in July Reuters Census Empire State Manufacturing Survey Rises NY FED The myth of a self-sustaining recovery MSN (Fleck) When it dawns on people that demand isn’t improving, the rebound has no legs and there’s no rescue party on the way, the market is in for trouble. Another New Paradigm Morgan Stanley (Roach) I worry that this flow-based logic smacks of a bubble-induced mindset very reminiscent of the New Paradigm thinking of the late 1990s. The USS Economy is Sinking Financial Sense (Gordon) Where the Bears Are: Standing Fast TheStreet (Task) Good Economy. Bad Job Market. Huh? NYT Flight to Imbecility 321 (Daily Reckoning) Believe it or not, gold is not all that glisters FT Middle class barely treads water USA Today Lots of good news on economy may still leave Bush short NYT (IHT) What Can $87 Billion Buy? Tom Paine Trust Is Trading in Short Supply WP Boeing May Face Up to $1 Billion in Damage Claims Dow Jones Chipmakers Could Be Signaling a Handset Overhang TheStreet -- Sept 10: China Considers Curb on Cellphone Makers Dow Jones High-risk lending may be hit by Basel rules, US banks say FT NYSE divided over Grasso deal FT Clipping Grasso NYP Grasso Pay Coverup Will Bring About a Revelation Bloom Grasso Pay May Prompt SEC to Curb NYSE's Powers Bloom Evans to Deliver Harsh Criticism of China for Trade policies WP EU to address Asian currency `imbalances' TT (Bloom) Top economists denounce RMB appreciation theory CDaily China says will keep yuan stable, control money supply CNA EU finance officials reject early yuan floating Xinhuan IMF director declines to join campaign over China FT China Currency Float Would Be `Dangerous,' S&P Says Bloomberg Chinese banks 'at risk from yuan' BBC Japan's currency games Bloomberg (IHT) In an emotional day of voting, Swedes reject euro AP Analysis: Why Swedes said 'no' to the euro UPI Bubble Troubles Again Building in Indonesia? Bloomberg Australia's falling unemployment -- not such good news after all BrookesNews How Canada could see a US89¢ dollar Financial Post Boston forecaster outlines fallout from U.S. current account Short can be sweet when it comes to selling shares Scotsman Rich-Poor Rift Triggers Collapse of Trade Talks WP Killing Arafat an option says Israel VP Reuters Weekend Edition (Sept 13-14) Ponzi Economy G-E (Richebacher) A Week with Richebacher in Cannes Washington's Biggest Deficit Is the Shortfall of Courage CATO Fed Expected to Stay on Sidelines - Stocks May Pause Reuters Cummins, `Cyclical' Stocks May Falter After Leading U.S. Rally Bloomberg The ‘OK’ [but fictional] Economy Financial Sense (Part II) One for the Time Capsule Prudent Bear (Noland) The Weather Equalization Act Mauldin Trading the Relative HUI Zeal De-Servicing, Hiding in Plain View? Prudent Bear Investors unload international funds CBS MarketWatch Hard-asset bugs keep the faith CBSM (Calandra) Tech-burned companies hesitate on Wi-Fi Net access CBSM Oil Companies Show Fiscal Discipline Reuters Grasso Isn't Only NYSE Millionaire TheStreet Analyst recommends investors avoid Janus mutual funds AP Nautilus to cut jobs, take charge Reuters Black & Decker eliminates 47 jobs at Towson headquarters SunSpot 140 IMF says Asian forex reserve build-up excessive Channel Asia "It is one thing to save for a rainy day, but US$1 trillion in reserves accumulation looks more like building Noah's ark" ~ Ken Rogoff, the IMF's chief economist U.S. Debt to Asia Swelling WP Japan, China Lead Buyers of Treasurys Germany urges 'extreme caution' in Asia FX debate Reuters Why China Should Not Revalue Its Currency YaleGlobal Blunting China's export drive could stall an engine of world economic growth and bring instability Bottom Line: China and The Sleeping Gaint UPI Will bid to revalue yuan result in a huge own goal? Japan Times China should shift peg to forex basket-Zalm Reuters Swedish Euro Support Rises After Anna Lindh Killing Bloomberg Global View: WTO no go? UPI Doubts rise on strength of US recovery FT Friday September 12 U.S. September Michigan Sentiment Falls to 88.2 From 89.3 Bloomberg August Retail Sales +0.6%, +0.7% Ex Autos Bloom Census - August PPI Fortress America Morgan Stanley (Roach) Are we forever doomed to repeat the mistakes of history? Late trading may be more widespread than thought Boston Globe Oct 02: Who Cares About Shareholders? Arbitrage-Proofing Mutual Funds PDF Report that helped spark Spitzer's latest investigation. Zitzewitz ~ Stanford London silver fixed at 3-1/2 year peak Reuters JP Morgan sees higher levels for gold Inde The Commitments SH (Saville) Inflation Rates Fall Worldwide WP (Berry) Fed Isn't Expected to Cut Rates The Real P/E Ratio Decision Point (Sept 6) Even assuming huge growth, tech valuations look stretched CNN/Money This time's different CNN/Money Make no mistake: The weak job market is not business as usual. Analysis: 'Tipping point' of the deficit UPI $10 Trillion in Deficits? Fortune Federal liabilities and accumulated deficits may actually soar by tens of trillions of dollars over the next few decades, leading to fiscal catastrophe, a Congressional expert warns. Foreigners May Not Have Liked the War, but They Financed It NYT (R) (Norris) The finance of the future Telegraph (Bootle) Book: Money For Nothing What sort of return can investors reasonably expect from their wealth in the economy of the future? Not what they received in years gone by. Interest rates squeezing retirees Knight Ridder U.S. junk bond funds see $486 mln outflow in week Reuters U.S. stock funds take in $2.8 bln, int'l funds lose CBS (TT) Oracle revenue below target CNN/Money MSFT Doubles Div Barrick sees 10% production fall in 2004 Globe & Mail Grasso Handpicked Pay Panel WP Board Wobbling NYP SEC Chairman Wouldn't Reveal His NYSE Pay WP Plant's sudden closing idles 200 AP 230 Wilmington jobs at risk Cincinnati Enquirer Seattle Coffee Co. gives workers notice Seattle PI SEC Sues Two HealthSouth Ex-CFOs Reuters AIG pays $10 million to settle fraud case AP Taco Bell Dog Bill Hiked By $11.8M AP Bank of America fires workers innvolved in improper trading AP U.S. class action suit seeks JDS insiders FP Investors are the ones who pay the tab when financial firms are fined BG Japan's rock bottom Economist The only way for Japan to get rid of its debt and to stop the yen rising is inflation, and lots of it. Chinese goods increase deficit WT Senators complain Beijing is 'cheating' China: Punishing Whom? Morgan Stanley (Xie) For each dollar of China’s exports to the US, American businesses add on about four dollars in value before the goods reach the US consumers. China on High Alert over Influx of Speculative Capital People’s Daily China's Money Supply Soars by 21.6% in August PD Rich and poor clash over farm aid BBC Slush funds? In the defence industry? Now there's a thing Independent InterContintental sees no end to hotel gloom FT Israeli Move to Expel Arafat Sparks Worldwide Condemnation ICNI Surplus of Lies -- And Tax Cuts Etherzone Team Bush's Clueless New Math B-Week High Cost of War 87 Billion Apologies Slate Take your money, Mr. President, but at least say you're sorry. Bush Resignation Hailed by World Leaders Palast Thursday September 11 Study: Illegal fund trades widespread CBSM Spitzer charges only scratch the surface, professor says Act II of the mania Cross Currents With Job Losses, More Homeowners Late on Their Mortgage Payments AP U.S. Jobless Claims Rose to Highest in Two Months Bloomberg Import Prices Edge Up in August Reuters Census 2 Years After 9/11, Stocks Still a Cautious Investment NYP (Crudele) The Deflation Paradox:The US Trade Deficit and "Phony" Deflation 321Gold Krugman the Keynesian Mises Mortgage drop surprises investors, but shouldn't Reuters "The mortgage boom is ending, as we all knew it would" Treasury Eyes Fannie and Freddie WP Snow Says His Department Would Offer Better Oversight Info on Fannie Mae, Freddie Mac Directors AP The Neatest Thing about That $87 Billion Business Week Time to follow Alice for another quick trip down Washington's rabbit hole. America's Budget Book-Keeping Scandal AEI Fidelity buys back HealthSouth shares after sell-off Reuters Small Companies Driven Out Of National Exchanges Forbes Small companies are exiting the national securities exchanges in droves. International Paper Plans 3,000 Job Cuts Reuters Levi Strauss to cut jobs as part of restructuring BT Big Layoffs At Pecker’s AMI NYP Bank of America Broker Sihpol Leaves Amid Spitzer Probe Into M-Funds BL Confident investors or helpless sheep? Oregonian Because the feds are still in denial about the pervasive abuses and Ponzi schemes in the financial world, state attorneys general are taking matters into their own hands. A Conversation With Eliot Spitzer Smart Money Snow to Investigate IBM Distribution of Doctored Memo to Congress WP Enron’s Ben F. Glisan Jr. heads to Prison WP FTC's Do Not Call Registry puts telemarketing jobs on the line USAT NYSE debated Grasso pay for months CBSM Grasso got $5m bonus for '9/11 leadership' FT Cutting Gra$$o In NY Post "I agree he's done good work..But this is ridiculous. Who gets 43 percent of profits?" Now You See It, Now You Don’t IMF-Led Lenders Pledge Argentina $21 Bln in Loans Bloomberg Argentina pledged to make a $2.9 billion payment to the IMF missed yesterday before it expects final approval of the loans Sept. 19. The Risks of Getting Tough with China B-Week Don't Blame the Yuan AEI Lawmakers who want to punish Beijing for declining to revalue the yuan dont recognize that the unintended consequences could be dire China's thirst for oil at record high FT IEA Oil Market Report China's torrid economy raises fear of overheating FT Yuan revaluation may hurt U.S., Japan CBSM Chinese Yuan Issue Shows U.S. Senate's Glass Jaw Bloomberg EU slashes estimate for growth in half IHT France in EU firing line as budget deficit overshoots limit EUBusiness Minister's death clouds euro vote CBSM Learn from America: its states are battling The Age How did the states get themselves in such a parlous position when America's recession in 2001 was the mildest on record? Best brokers: Honest analyst angst BRW Assurances about the independence of Australia's analysts dealt a serious blow Gold rise prompts Deutsche to issue Australia warrants Reuters Former Russia media baron gets UK asylum Reuters The bullion billions keep coming CBSM (Calandra) J.P. Morgan, Barrick gold conspiracy to get day in court FP Wednesday September 10 Critiquing the IMF's methods, Argentina defaults on $3B bill MHerald If Argentina doesn't reverse its decision or reach a deal with the IMF within 30 days, it will join such pariah nations as Sudan, Iraq and Somalia in having all financial support cut off from the IMF, World Bank and other major lenders to governments. Iraqi Quagmire Could Push Gold Over $400/Oz In Near-Term DJ How the war tab may shift agenda in Washington CS Monitor Experts Worry Iraq to Be Drag on Economy AP A recovery without new jobs won't be a recovery for long CBSM Even in the so-called "jobless recovery" following the 1990-91 recession, employment was rising at this juncture Jobs, Jobs, Jobs --Sequel Comstock Disregarding Economic Danger Signs Business Week Economist Bill Wolman believes forecasters and investors are mistaken in thinking growth is alive and inflation is dead 1999, again CNN/Money Investors are plowing money into the 1999 favorites. That's incredibly dangerous Business-Cycle Dynamics Come Under Microscope Bloom (Baum) RIAA keeps 12-year-old quiet with $2,000 bill The Register Sen. Dick Durbin: "Are you headed to junior high schools to round up the usual suspects?" Washington Mutual warns on mortgages CBSM Mortgage giant warns that it will book a loss on the sale of mortgages due to rising interest rates and problems with record keeping. Mortgage Lenders Cut Jobs Amid Rising Rates Dow Jones (WSJ) Mortgage Refinancings Rise Reuters - 'Fence sitters' jump to lock in rates ST Tech-bubble anxiety Philly Inquirer Does the 44% run-up in technology stock point toward investor disaster? Health Insurance Premiums Up 13.9% WP 40,000 could lose Medicare SFG Dell says some tech firms doomed SF Gate 3Com to Farm Out Manufacturing, Eliminate 1,000 Jobs Bloomberg Tellabs seeks more layoff volunteers - Firm expects cuts in October D-Herald Gateway to lay off 100 KC workers KC Star Local firm’s layoff notice a formality Post-Crescent “We have been busy until just recently.” UAL to stay in Chapter 11 for months PBNews MCI - Conseco Snow to Offer Treasury Oversight of Fannie Mae, Freddie Mac Bloomberg Grasso to Give Up Extra $48 Million WP Buffett minimizes role in Schwarzenegger campaign Reuters Bernanke to get full term at the Fed CBSM No firm had better returns with its buys than with its sells AP FBI alleges hedge fund fraud Miami Herald SEC Rips State Meddling NY Post SEC chief blasts Spitzer R Ebbers: I didn't 'know facts' Bloomberg Labranche Appeals NYP Enron Probe Focusing On Executives' Motives WP Raytheon under SEC investigation Bloomberg Janus in contact with Spitzer Rocky Mountain News Judge Allows Sept. 11 Suits Against Airlines TheStreet Ex-banker agrees to pay fine in insider trading case SignOnSanDiego Warning over Cancun failure BBC Argentina's Debt: Will the IMF Blink? Business Week More than bondolders, the "whole system" will suffer if Buenos Aires gets the concessions it wants China's Factory Production Growth Fastest in 5 Months Bloomberg India's PC growth hit by high tariffs: Dell Times of India “China is a key growth market..it has grown 71 per cent as against 47 per cent growth rate for the whole of Asia Pacific” Inscape cutting staff, production Toronto Star U.S. Demands China Pick Simpler Name For Currency Whatley (Satire) Tuesday September 9 Argentina Defaults on $3 Billion IMF Debt Reuters Senators seek tariffs against China CBSM A group of senators introduced legislation Tuesday to impose an across the board tariff increase of 27.5 percent on imports from China to prod the Chinese government to drop its nearly decade-old currency peg to the U.S. dollar. International Paper CEO Dillon to retire CBSM Sun as Co-Founder Leaves Adventure capitalist is riding the bull market in commodities NP “The U.S. economy is stronger at the moment than many people give it credit for "because Greenspan has been printing money and [President George W.] Bush has been spending it ..."Give me a trillion dollars and I'll show you a good time, too.” Amazon: Adventure Capitalist How The Government is Using A Shell Game to Fool You NYP (Crudele) Fact Sheet on the New True Size of Government Brookings Institution PDF File Goldman Sachs Raises Forecast for U.S. Deficit on Iraq Costs Bloomberg The Market That Won't Die! Safe Haven (Chapman) Investors' preference for speculative paper is bankrolling M&As CFO A jobless recovery can't go on for long MSN (Jubak) Why New Growth Theories Lead to Wrong Policies Brookesnews Data: EPS Forecasts Soar but Revenue Lags Reuters Market Eye: Joblessly into Fall UPI The Bear's Lair: Giant sucking sound? UPI Thinking the Unthinkable Financial Sense Planning to Survive a Severe Disaster *The 'OK' [unless something happens]* Economy FS (Puplava) The less you know and understand, the better you will feel about this so-called recovery. Study: Rent up about one-third since 1999 AP NILHC The cost of wood is going right through the roof Seattle PI Gold Rises to Highest in Almost 7 Years. . . BL Kitco** Gold: 28 Months and Counting CCurrents GATA Update Golden Guillotine Safe Haven The Gold Price - Its Structure Trump says casino layoffs were 'just seasonal' Philly Inquirer 35 Briggs & Stratton jobs could move overseas JS Online Phone-Bank Sellout NY Post A colorful $20 bill makes its debut AP Deflating the Bubble Economy Before it Bursts Earth Policy Institute CIBC Ordered to Pay Investors $52 Million for Bond Losses NYT (R) Spitzer's Fund Investigation May Sting Samaritan Hedge Fund BL E-mail may implicate Janus Rocky Mountain News Janus knew in June of at least five clients who were timing or planned to time trades in the company's mutual funds Treasury Policy an Issue in Case of an Accused Inside Trader NYT (R) IMF Urges Higher Fannie-Freddie Standard Reuters Target: Grasso NY Post NYSE stands by Grasso FT Seat Sale #1 - #2 Music industry sues swappers CNN/Money Suit against Cheney and Halliburton dismissed AP Argentina Close to Another Default, This Time to the IMF DJ Argentina May Not Make $2.9 Billion Payment to IMF, Radio Says BL World job market still depressed as layoffs outpace hiring Bloomberg Europe's Economy Shrank in Second Quarter Bloomberg Deflation remains a serious threat to Japan, warns IMF Business Times Japan's Bonds Plunge as Stock Rally Reduces Demand for Haven Bloom Asia's rebuff forces US pragmatism Times Online Trade Graphic Overseas lending falls in China FT China Bank to Sell Off Bad Assets on Net Reuters Only shareholders felt the pain when $50bn vanished Sydney Morning Herald Consumer credit grew at an annual rate of 4 percent in July FED Monday September 8 Bank of America to Make Restitution Reuters Asian debt withdrawal threat to US deficit FT U.S. bonds face gloomy future MSNBC (FT) Concern Treasury Will Increase Borrowing Bloom Bush asks $87 bln CBSM $55 bln more May Be Needed Bloomberg Traction, Multipliers, and Leakages Morgan Stanley (Roach) The Real Fiscal Danger OMB In 2002 the combined shortfall in Social Security and Medicare of nearly $18 trillion was about five times as large as today’s publicly held national debt... Wealth effect fallacy is resurrected -- again BrookesNews Spitzer's mutual-fund fight deserves an A MSN (Fleck) Most investors had assumed this industry is squeaky-clean. It's about time the truth was exposed. Housebound NewsWeek Amazon: The Two-Income Trap Young families always stretch to buy their first home. But the growing ranks of the “house poor” suggest many people are stretching budgets too far Let's scrape off makeup from rosy scenario Arizona Republic Pricing Power Ain't What It Used to Be Fortune The Punishment Does Not Fit The Crime NY Post For eight glorious minutes in October of 2001, Goldman traders bought up 30-years with abandon - $84 million in bonds, $233 million in bond futures - secure in the knowledge that they knew something the rest of us didn't. Global gains are bound to end in tears ThisisLondon The perils of chasing performance CSMonitor Vanguard buy'n'hold mantra a sinking ship CBSM Pru's Levkovich sees Dow, S&P 500 declining in 2004 CBSM Older Workers Are Thriving Despite Recent Hard Times NYT (R) Young, Jobless -- and Politically Powerful? Business Week Credit-card companies bank on users who mess up Dallas Morning News Universal's CD price cut comedy gets five stars The Register BIS Quarterly Review BIS Full Text & Stats Lustre returns to gold Courier-Mail Gold funds making a comeback in the U.S. IHT (NYT) Paper: NYSE Faces Pressure to Demutualize Reuters Fannie Mae, Freddie Mac Face Shift to Treasury Oversight Dow Jones SEC to approve listing requirements FT Government debt piling up in emerging markets IHT (NYT) In a report that will be published this week, the International Monetary Fund warns that some Asian and Latin American governments have loaded up with much more debt than a first glance might suggest. China gets ally in currency feud IHT (Bloom) Mexico won't support U.S. on peg; APEC rebuffs Snow Taking the blue pill in a deflationary world Japan Times IMF warns of deflation threat to Japan's recovery FT Alert over slump by Christmas ThisisLondon Britain could be in the grip of deflation - a nationwide slump in wages and prices - by Christmas... Service sector 'far from recovery' BBC Talk is cheap, say foreign carmakers Taipei Times The auto industry is complaining that China has broken promises. Daimler Signs Deal for China Car Market WP (Reuters) DaimlerChrysler AG signed a framework agreement for plans to make Mercedes luxury cars and trucks in China -- the world's fastest-growing car market. Asia's cellphone makers prepare to take on Nokia AFP Japan, China and S. Korea to jointly develop new OS Asahi Germans may have to postpone their retirement parties AP Fears over Russian pension fund reform FT Russian Boom Lures Merrill, Goldman After '98 Default Bloomberg The country's largest PC manufacturer has closed its stores New Zealand European bemoans soaring U.S. deficits T-Star Rising debt erodes trust, Dodge says The coming first world debt crisis Open Democracy Due To Technical Difficulties Articles From September 6-September 7 have been lost. Friday September 5 UBS tells pension funds to avoid equities FT Sumner's Forgotten Classic Mises Gross doesn't like it CNN/Money Pimco head Bill Gross is preaching doom and gloom again Fastow to be tried separately Houston Chronicle Payrolls Down 93K - Unemployment Rate 6.1% BLS Payrolls slashed again Economic reports paint bleak picture of job market KC Star Clueless on Productivity Morgan Stanley (Roach) The China Syndrome NYT (R) (Krugman) A funny thing happened this week: the Bush administration, with its aggressive unilateralism, and its contempt for diplomacy and international institutions, suddenly staked its fortunes on the kindness of foreigners. Casualties Of the Recovery Washington Post PDF File Jobs Cut Since 2001 Are Gone for Good, Study Says Piling Up Future Debts NCPA PDF Pension-Liability Shortfall Said to Rise WP The agency estimates that nearly 80 percent of the 32,000 pension plans offered by single private employers are underfunded. The projected deficit for all of those plans was more than $400 billion as of last year - a record Technical Breakout Could Easily Fail Comstock Parry: Fed still has room to cut rates - Bernanke: Deflation Still a Threat Mortgage rates at highest level of 2003 AP House and Bubble Daily Standard California's housing market has been in high gear for the last few years. What will happen to the state's already rocky economy if it tanks? Freddie Ordered To Fire Ex-Officers WP Goldman Will Pay $9.3 Million to Settle SEC Charge Bloomberg SEC's Cutler: God bless Spitzer CBS MarketWatch Spitzer has subpoenaed Vanguard, hedge funds CBSM Little-known firm may have helped bend rules USA Today PeopleSoft to lay off up to 1,000 workers Rocky Mountain News Del Monte Profit Sags; Job Cuts Announced AP Constar set to close 2 plants in the South Philadelphia Inquirer 90 - 9 Seattle Times may be forced to sell more assets Seattle PI World Bank's incompetent gold dirge MineWeb APEC Sides With China Over Exchange Rates AP U.S. Turns Up Heat on Asia Over FX Rates Reuters Snow Spotlights Japan's Hypocrisy on Yuan Bloomberg Japan steps in to prop up dollar Japan Times China is top destination for foreign capital Times Online Graphic China's Top Legislator Calls for Establishment of New World Order P-Daily German Industry Production Rises Most in Three Years Bloomberg Directors accused of pension 'hypocrisy' Times Online Canadian economy loses jobs Globe & Mail Help save the Earth by writing off foreign debt Taipei Times Nineteen countries have implemented more than 30 debt-for-nature swaps Thursday September 4 Prospective German Sales of Gold GoldSeek Folly and Fraud Etherzone What It’s Really Costing Us U.S. Initial Jobless Claims Rose by 15,000 to 413,000 Last Week Bloom Spitzer's Charges Hit Mutual Funds Where It Hurts Bloom OAG Mutual fund is accused of playing favorites IHT (NYT) Janus falls amid Spitzer allegations CBSM BofA cooperating Upstaged once again, SEC says hedge fund probe ongoing CBSM “What, WE Worry?” Pimco (Gross) Global View: Recovery in 2004? UPI (Campbell) The stimulus is going to run out. Nothing will replace it. In 2004 low growth or outright recession is likely for the U.S. economy... Global Economy Will Grow 2% This Year, World Bank Report Says BL The global economy “is growing well below potential'' and governments are running out of tools to fuel expansion. World Bank ~ Table of Contents Where are the Hawks, Goldilocks, and Deflation? Goldenbar Why gold's glittering CNN/Money The upswing in gold prices may be due to countries' efforts to keep their currencies weak Lehman Develops Way to Warn of Crises Reuters If the ten variables collectively produce a reading of 75 points or more then a country's balance of payments is viewed as vulnerable, while a reading above 100 means that a crisis could erupt at any time. Why Iraq is bad news for financial markets Faber 'Duchess of Doom' no more? Road Kill on the Greenspan Highway North Greenspan's Flutter CS Monitor Alan Says Informed Consumers Threaten American Economy WR (Satire) Goldman set to settle insider-trading charges FT Ebbers faces criminal charges Guardian Federal agents raid three offices of WebMd AP State says fund manager bilked 89 investors SunSpot Energy Dept. investigates gas spike Reuters Exchange members plan Grasso legal action FT How Much Did Donaldson Make at NYSE? For Now, He Isn't Saying TStreet UMG slashes US CD prices 16-24% FT China Hangs On to Currency Controls WP Why China has given a chilly reception... Independent Economic Worries in China as Companies Pile Up Debt NY Times (R) With balance sheets still in need of repair, the race is on for fresh cash Inde Royal & Sun Alliance to axe 1,000 jobs BBC Loonie flies high as Bank of Canada slices key rate Toronto Star Is Canada the next Saudi Arabia? Petroleumworld Wednesday September 3 Macro Hedge Fund Sights On Golden $400 G-E Gold charts point to push above $390 - analysts Reuters NY’s Spitzer to probe mutual funds CBSM Spitzer's eight month investigation uncovered "widespread illegal trading activities" between mutual funds and hedge funds. Beige Book FED Mortgage Applications Index Falls Bloomberg MBAA - Refi demand still sliding Australia under debt crisis threat ABC Transcript There's a prediction that the next seismic debt crisis will not be, as some may imagine, in Argentina, but in America and Australia. -- Imminent First World Debt Crisis Worse Than ‘Third World’ NEF A giant credit bubble, created by globalisation’s decades of ‘easy money’, has now reached a ‘tipping point’ -- a point that has historically triggered financial crises. Market Eye: Stretched elastic UPI (Campbell) Apocalypse This Way Comes Gold-Eagle As Good as It Gets? Smart Money Merrill Lynch's Richard Bernstein argues that corporate profit growth has in fact peaked and is now decelerating... Look closely at dividends CBS MarketWatch Dividend growth may not be about earnings power Commentary: Now's not the time to be buying stocks CBS MarketWatch Insiders are bailing on home-builder stocks MSN Your Retirement Is Part of a Looming Global Crisis Bloomberg The demographic conundrum of trying to fund burgeoning public pension systems on a pay-as-you-go basis by increasingly fewer workers is leading to some painful measures for Western governments. Pension funds pinched, stirring calls for reform CS Monitor Of the companies in the S&P 500, 353 offer traditional pension plans...at least 322 pension plans were underfunded -- by $226 billion -- as of mid-June Refinancers' anger rises along with mortgage rates Boston Globe New York’s Economy Still in Slump Newsday NYC Comptroller Amid talk of national economic recovery, NYC is singing a sadder tune. Dell: Business Slow to Hike Tech Spending Reuters Cisco to grant employees options for 141 mln shrs Reuters Chrysler gets more aggressive with incentives Reuters More trouble for Symbol Technologies Inc. CFO DHL plans to lay off about 2,900 workers SunSpot Gateway takes chainsaw to costs, staff Register (WSJ) Will Microsoft crash the global economy? WorldNetDaily George Soros starts new hedge fund FT Pious Buffett Should Heed Own Counsel TheStreet Arnold's top-dollar economic adviser is also a hypocrite? Reed Slatkin gets 14 years in prison for huge investment scam "The future for myself is only one of isolation and devastation" AT&T hits MCI with racketeering lawsuit FT Ann Arbor biotech files lawsuit over a strange situation Det FP SEC Chairman Assails NYSE On Grasso Pay WP Joint BIS-IMF-OECD-World Bank statistics on external debt BIS PDF File What is the economic outlook for OECD countries? OECD PDF Graphs Trade deficit with China just a small part of U.S. woes SunSpot Snow: China Plans to Loosen Currency AP Eventual Yuan Reform... Yuan Forwards Rise to Record as China May Discuss Changing Peg Bl China Tightens -- The Beginning Of The End Of Global Reflation? Prudent Bear As China Gallops, Mexico Sees Factory Jobs Slip Away NY Times (R) OECD halves euro growth forecast,urges ECB action Reuters Fresh warning on UK debt spiral BBC Gilts hammered as recovery news raises fear of rate rise Times Online Long-term interest rates at 2 1/2-year high Japan Times (Kyodo) Banks and institutional investors plow out of bonds and into stocks Japanese Stocks Close at 14-Month High Reuters Japan to bail out ailing Mitsui Mining MCN BOJ still scooping up banks' shares Japan Times Deteriorating job environment Japan Times Pension plan deficits demand attention Ottawa Business Journal Fitch upgrades Thailand's sovereign debt ratings AFP BOJ quietly fixing data boo-boos Japan Times Latest Iraq threat: cash crunch CS Monitor US administrator Paul Bremer says the coalition budget for Iraq will fall short by $3.5 billion this year. The Bear's Lair: Deadening resources UPI Iraq reconstruction builds plywood demand, prices USA Today A government order for plywood panels destined for Iraq is pushing key wood products prices to all-time highs. Bush Turns to U.N. for Help Stabilizing Iraq Reuters ISM Composite Index Advances, But Employment Index Drops Northern Trust The employment index has held below 50.0 for 35th consecutive month... Due To Technical Difficulties Articles From September 2 have been lost.



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