feedjune03




		Monday June 30 Funds and games CNN/Money When funds engage in marking up, they are trying to boost returns. Fed's truly scary idea: tax you into spending MSN (Fleck) Unusual Steps... It's positively diabolical. Some Dallas Fed economists suggest perking up the economy by taking a piece of every dollar you have the gall to save. The Fed Funds Overcapacity TheStreet The Fed has not avoided danger FT BIS: Deflation Possibility Should be Taken Seriously Dow Jones BIS Release Those Sexy Bonds Losing Their Appeal NY Post Is Prechter's bearishness permanent? CBS MarketWatch The Levitating Economy NewsWeek Signs of growth suggest Bush’s policies may be paying off. But is it all an illusion? If the US property bubble bursts, dive for cover Sunday Times Junk bonds are back in style FT Record Quarter for Converts Some $64bn of US junk debt has been sold this year, surpassing the $59bn sold in all of 2002. Calif. Near Financial Disaster Washington Post Hours Remain to Solve $38 Billion Shortfall Workers' comp hike of 20 percent likely lies ahead for 2004 Business Journal Protests grow as tech jobs move offshore AJC 'Hotspots,' cold feet BG Free Wi-Fi on way to becoming standard of service ST Some analysts wonder whether WiFi craze is a bubble waiting to burst World chip sales up in May TheRegister The SIA hasn't managed to forecast actual growth for the last six years. Banks feel pinch on auto loans Dallas Morning News Freddie Mac Attack Business Week Critics are calling for greater oversight -- or even a breakup SEC May Order Holder Stock-Pay Plan Votes Reuters PickPockets’ Pride NY Post Wall Street is one of the few places on earth where the people who guard the bank are also the ones best positioned to rob it. Insane IPO Jumps Were Secretly Orchestrated E-Commerce Just Who Will Pay The Debt? Etherzone Is the U.S. Dollar a WMD? Investors Seek Bigger Gains in Europe Bloomberg Europe inflation rises South Korea's June Consumer Prices Fall 0.3% From May Bloomberg Will China Revalue the Yuan? Business Week Painful sell-off looms for telecoms Sydney Morning Herald More woe for fund managers Scotsman "Some firms in Scotland could disappear" India Joins IMF's Pool of Lenders WP (AP) Heading South? Time Asia The Lion In Winter In much of Southeast Asia, economic growth has stalled, freedoms are being rolled back and terrorism is a constant threat. Governor faces busy last day before retiring Times Online Weekend Edition (June 28-29) The Bubble That Broke The World Financial Sense The date May 21, 2003, should be remembered as a historic landmark. On this day Aladdin Greenspan let the genie out of the bottle. Economy is set on idle JSOnline Nation's use of capacity is nearing a modern low Stock Rally Knocks Out Short Sellers NY Post Some Numbers Only Add to the Fog (GE) NYT (R) (Morgenson) SEC and NYSE Propose Rethinking Decimalization NewsDay “How can we take them seriously as regulators when their knee-jerk response is to view every issue from the point of view of the industry they're supposed to regulate?” Central bankers see sluggish recovery Reuters U.S. corporate insiders unloading stock as small investors renew buying TF's sell-buy ratio, which compares the value of total insider shares sold and bought, now stands at $34 to $1, the highest level since May 2001. More small investors re-enter the market and reject traditional holding N-Observer Some horrid numbers raise doubts CBS MarketWatch Coming Next Year to Madison Square Garden... Prudent Bear (Noland) The Investment Matrix Revelations Mauldin Market Comments Russell Trading the NYSE BPI Zeal Shorting the Dow G-E Hedge Funds Gaining Acceptance Among Pension Funds Dow Jones Treasury Official Criticizes Debt Ceiling WP Forced Down or Out in Grand Rapids WP Flood of Fees Draining Enron Funds WP Deltagen Files Chapter 11 Bankruptcy Reuters Playmate economics: Boom or bust? CNN/Money Study proposes a connection between centerfolds and the state of the economy. CEOs on the firing line CNet Expensing Options: Better Now Than Later CFO How New Zealand plans to turn sheep into diesel fuel BBC “The biggest problem with the rosy scenario, however, is that businesses have yet to get on board the hope train” Kitchen Sink Economics Breaking the deflationary spell Economist This week's American rate cut will not provide a magic cure that revives the ailing world economy. Friday June 27 Delphi postpones $300m debt issue FT “The recent debt offering from GM, with its sheer size, has reduced the capacity for the market to absorb anything else” Nike Falls After U.S. Orders Drop More Than Expected Bloomberg U.S. June UMich sentiment fades to 89.7 CBS U.S. May Personal Spending Rises 0.1%; Incomes Rise 0.3% BEA Bloom Prime-Rate Dominoes Falling TheStreet For a time, it looked as though the banking industry would successfully send a message to the Federal Reserve expressing unease with the Fed's latest interest rate cut on Wednesday. 550 Basis Points and Counting Morgan Stanley (Roach) Greenspan's dangerous cuts UPI Fed In Danger of Overstimulating The Economy PRNews Conference Board FOMC Minutes For May 6 FED Berry Record cuts, higher taxes as states struggle to survive tough times ~ PDF Why Nothing is Working Comstock The Myth of "Exporting Jobs" Mises Appraisers Pushed to Inflate Home Values NewHouse Real estate appraisers say they are pressured more and more to exaggerate values in order to smooth the way for a refinancing or sale. U.S. Sees Looming Gas-Heat Crisis WP Although record amounts of natural gas have been put into storage in recent weeks, supplies are still 29% below where they were a year ago and 19% below the five-year average. EIA Credit card delinquencies stay at record high Reuters Investors to get $1B in hot IPO settlement AP Dot-com fallout continues Times Online US authorities have not finished with their attack on investment banks. Offices struggling to lure tenants Denver Post Rents near bottom RYMN Top 100 forest-products firms saw profits plummet in 2002 Seattle Times General Motors Ups Bond Sale to $17 Bln Reuters At Least 17 Shareholder Lawsuits Filed Against Freddie Dow Jones Time to Hang Up on SBC Business Week Layoffs at Microsoft amid hiring Seattle Times CEO Puts Nasdaq in Reverse NY Post NYSE Monthly Disciplinary Report NYSE Chinese Yuan Forward Contracts Gain After Snow Backs Wider Band Bloom Japan's Average Overnight Rate Falls to Record Minus 0.004% Bloom U.K. 1st-Quarter Growth Slows to Weakest in a Decade Bloomberg Futures trading shows investors are betting on another U.K. rate cut. Global Bond Sell-Off Moves to Asia Reuters Hitman claims 'ridiculous' Times Online Lee Amaitis, chief executive of Cantor Fitzgerald, yesterday dismissed as ‘totally ridiculous’ allegations that he had discussed using a hitman to take out his arch-rival, Michael Spencer. Elan could collapse at the end of July Independent OSC's power warrants close scrutiny Financial Post Mexicans mourn VW bug AP Help Wanted Index Flat Conference Board Thursday June 26 Rich get richer, but faster CNN/Money Workers 65 and up put retirement plans on hold AJC Jobless Claims drop to 404K DOL GDP Revised Lower BEA - Reuters Why did the Fed do what it did? Globe & Mail Berry - 100 Basis Points Left "The Fed has again tried to be all things to everyone and ended up being nothing to nobody” The Fed wimps out (Erdman) - Bulls feel betrayed - Task When Rate Cuts Run Out, Fed May Rev Up The Printer NYP (Crudele) Rate cut might not have significant impact on borrowing USAT NFIB Just 3% of small businesses say they have trouble borrowing -- and only 2% say credit is their top problem Deflation to Depression? CFO Survey shows finance chiefs will cut spending in the face of deflation; Great Depression thinking? 8 million could lose overtime pay MSNBC EPI (PDF File) “The administrations proposal would create, in effect, a massive subsidy to employers paid for by their employees. As more employers take advantage of the new rules, it will create a rush-to-the-bottom pressure that will eventually force even reluctant employers to participate in order to keep their labor costs competitive.” Savings rates likely to sink even lower USA Today Paradox of Thrift - A Keynesian Fallacy BrookesNews Even bond bubbles can burst - the cause might be quite unexpected Independent Some bears still growling CBS MarketWatch Strategist's book a lively romp down Wall Street Toronto Star Shills for American technology stocks were shocked when naysayers likened the astounding runup in prices to the Dutch mania over tulip bulbs in the 1630s....The comparison was an insult -- to the Dutch Mortgage refinancing index falls Reuters MBAA Baker Says Loose Lips Could Sink Mortgages Financial Wire Looming Mortgage Crisis! Safe Haven (Chapman) Clearly Freddie and Fannie along with Easy Al have gone a long way in generating the biggest housing bubble in history. GASB Issues Guidance on Derivatives for State, Local Govts Smart Pros GASB Errors may mean $4.5B Freddie Fix AP Manipulation kept profit steady USAT Feds suing Enron over pension losses AP Enron Gets “Death Penalty” USAT Ex-Coke manager claims metal-tainted drinks sold AP Whitley said he notified Coke about the problem in February. A week later, he said, Coke gave him the worst performance review of his 11-year career and fired him seven weeks later. When a Coke cost a nickel NY Daily State Street laying off 150 - Kennecott layoffs 220 - Swift slashes 300 - 95? Viacom Lays Off 20 Pct of Staff at Comedy Central Reuters May Fires 1,500 Intel foreshadows "redeployments" Inquirer InternalMemos - GE-140 Riding this bloody bull Russell 2 Nasdaq short interest rises in June Reuters BOE Sees Risk From Push for Higher Yield Bloomberg BOE (PDF) The rate cut could hobble Europe and Japan MSN (Jubak) A key Japan rate falls below zero IHT (Bloom) Growth Rate Forecasts Tumble Again Korea Times The government’s recent stimulus measures failed to inject new vigor into the slowing economy... Auditors find more China bank woes CNN (Reuters) China's largest property lender faked its profit and loss figures, ran secret accounts and made illegal loans French Manufacturers' Confidence Unexpectedly Drops Bloomberg Fiat to Sell Shares Worth EU1.8 Bln, Cut 12,300 Jobs Bloomberg Venezuela's Currency Idea Won't Work Bloomberg Bank of Canada warns on pensions Toronto Star Canada Is Losing Ability to Fill U.S. Natural Gas Needs NY Times (R) Cocaine found on nearly all euro notes Telegraph Asia's Currency Free-Riders Must Pay Their Way AEI The most egregious example of currency manipulation is that of China Go ahead, China, break a peg CBS MarketWatch (Calandra) Argentina to Limit Investment, Discourage Speculators Bloomberg Deflation hits Greenspan Reuters Fed chief's biography, published at $14, on sale 'like new' for 98 cents, 75 cents in large type. The Unintended Consequences of John Meriwether Bloomberg (Lewis) Wednesday June 25 Fed Cuts Interest Rates By 1/4 Point FED Bloomberg Voting against the action was Robert T. Parry. President Parry preferred a 50 basis point reduction in the target for the federal funds rate. Durable Goods Orders in U.S. Drop to Lowest Since June 2002 Census Bloom U.S. home sales surge in May CBS Census (PDF) -- Historically low rates mean it's likely time to refi again CBS Fed vs. Deflation. Who will win? CBS (Weiss) No panacea for equities FT We are now witnessing one of the greatest economic battles of all time. Escaping the trap of deflation Taipei Times What can you do when interest rates are as low as they can get but prices are still falling? Greenspan Is In A Bind--Deflation Will Be Final Result Comstock U.S. rate cut seen inflating bonds Globe & Mail Bond bubble FT Bond market bulls bank on Federal view of deflation threat Independent Bubbleology CNN/Money Wall Street goofed on the last bubble. Now it sees new ones forming everywhere. Still overpaying CNN/Money Tech is the market's most expensive sector. Given the past, it's hard to see why. Blizzard of Debt Forecast For Consumers Reuters “We keep encouraging this addict, this debt addict, to take another fix.” Averting a global calamity Bangkok Post Author of ‘The Dollar Crisis’ has a radical proposal to tackle the swelling US trade deficit Freddie To Predict Gains From Revision Washington Post Mortgage finance giant Freddie Mac will announce today that its restatement of earnings will add as much $4 billion to its reported profits over the past 3-years Global M&A slumps 13 percent in first half CBS MarketWatch Pension Problems Threaten Earnings Quality TheStreet Outlook uncertain for autos Boston Globe Pension Needs Fueling GM's Sales Push WP Beer sales go flat amid wet weather CNBC Tight gas markets to last years FP Natural Gas Crisis From the Wilderness Fighting Wall St.? Don’t Do It Here NY Post China internet stocks fuel a return to dotcom mania FT American investors have shaken off their funk over the dotcom bust to chase a small group of Chinese internet-portal stocks to dizzying levels in recent weeks. Bank steps in to cool Chinese economy FT Moody's cuts Sony rating over profit concerns FT Telefonica to cut 15,000 jobs BBC KLM May Cut as Many as 4,500 Jobs as Air Travel Falls Bloomberg Brazil sets sights on recovery by increasing inflation target FT Recession pulls children out of Argentina's classrooms CS Monitor Falling dollar makes India Inc switch to euro Rediff Tuesday June 24 Anticipated rate cut by Fed only adding to `weird' climate The Fed's historic binge of rate-cutting has produced the strange world of 0% automobile loan financing, 30-year fixed mortgage rates dropping toward 5%, and rates on savings deposits settling down to 1% and less.... Declining Dollar, Declining Fortunes Ron Paul If our economic woes continue the nation someday may regret not taking a closer look at the Federal Reserve and its manipulation of our financial fortunes. Fed Watchers: Rate Cut Hurts Consumers NY Post 2 Alan Greenspan could be wasting his remaining bullets. Thanks Alan, have a boiled potato, a napkin, & a glass of water on me Russell -- Cartoon “Kudlow and Company want the Fed to act as America's Politburo, targeting interest rates, price inflation, commodity prices, and the stock market. Instead of allowing the free market to set prices, interest rates, and stock values, they believe the Fed can inflate us to prosperity--a policy that got us into this mess in the first place...” Destroy The Dollar ~ Create Prosperity ------------------------------------------------------------------------------------------------------------ Advanced Micro Cuts 2nd-Qtr Sales Forecast by 14% Bloomberg Price Wars Send Kroger's Earnings Down Reuters Consumer Confidence Turns Flat in June Conference Board The Bear's Lair: Bearish on bonds WT (UPI) All good things must come to an end, even the 20 year boom in the bond market. An Historic Moment? Morgan Stanley (Roach) Like it or not, we’re in uncharted waters, both in diagnosing the world’s problems as well as in prescribing the remedies. Don't blindly believe the bull Business Times A mania that is no more Philly Inquirer (IPOs) Longtime bear not changing his negative attitude UPS Bulls and bears CNN/Money Stock market optimism doesn't look so high if you look at what some are doing with their money. Freddie, Fannie face closer scrutiny USA Today Tiny Agency Has Big Job WP A key congressman is expected to try Tuesday to significantly boost government regulation of mortgage giants Freddie and Fannie. Recovery? Don't Bet on It Business Week Tech manufacturer margins seen threat to shares Reuters Firming demand is "not fully offsetting the margin degradation resulting from the aggressive pricing environment.” Workers' raises seen rising at slowest pace in a decade Bloomberg California vehicle license fee to triple SF Gate Allegheny Energy Faces Bankruptcy Reuters S&P cuts Mirant’s ratings Tenet Shares Drop On Profit Warning WP Operating costs pinch Walgreen AP Northern Trust Cuts Jobs, Takes Charge Reuters Merck's Medco unit faces fraud claims FT Second Acts CFO After bankruptcy, companies often teeter between encore and final curtain call. “Thanks to our friends for the past 46 years, but we are now closed” Pasadena C CopperCom files Chapter 11 Palm Beach Furniture chain files for bankruptcy protection Star Ledger Copperweld to close, put 276 out of work Dayton Daily News ABB's US unit files for bankruptcy Swiss Info Shakeout hits local printing industry IndyStar NYSE sets new stock option policy Reuters NYSE tells listed companies that shareholders can reject stock option plans. Trying to Sort Through The B.S. on Dick Grasso NY Post Everyone's watching the markets again - and CNBC NYP Paris and Tokyo worst for 'price manipulation' FT Italian Consumer Confidence Drops to 6 1/2-Year Low Bloomberg Germany: A Raft of Problems Beset the Economy Northern Trust Economy in post-SARS China taking off 'like a rocket' USAT How the fund managers sold dreams and delivered nightmares Independent IMF pays call on Argentine leader BBC Swiss wields heavy axe Swiss Info A Risky Gambit for Global Gas Supremacy Moscow Times Monday June 23 Bedeviled By A Bubble NY Post (Byron) Aren't we sick of this financial equivalent of Groundhog Day by now? Applause, please, for Alan the acrobat Guardian Stop Greenspan From Plunging America into a Depression G-E The bubble of speculative long positions in bonds is so huge that it can no longer be safely deflated. What is Behind The Sharp Fall In Long Term Rates? BrookesNews An artificial lowering of interest rates cannot grow the economy if real savings are not there to fund real economic expansion. Its ammo running low, Fed readies cut JSO Rate cuts losing their punch? PI To many, Greenspan remains a comforting figure. Some liken the owlish 77-year-old economist, who has served as Fed chairman under four presidents, to an oracle. But... Economists expect cut; many don't advise it USA Today Greenspan, Duisenberg Won't Find a Solution to Avoiding Deflation in Japan BL ----------------------------------------------------------------------------------------------------------------- Small Investors, Once Burned, Lead New Bull NY Times (R) (Morgenson) Many can't believe latest market run-up is real AJC Possibly the biggest worry cited by market bears is the still rising level of household, business and government debt. It has reached a staggering $32 trillion, or almost 300 percent of U.S. gross domestic product... Top 10 Reasons To Be Bullish Again NY Post Earnings Shortage Forbes Euphoric profit forecasts have driven the market up far too high--especially for Nasdaq 100 stocks. A closer look at them is sobering Wi-fi will be 'next dot.com crash' BBC Wireless, Wireless, Everywhere BG The first victims of all the hype are likely to be investors - yet again. Vacuum sales in the dumps NewHouse Until this year, Americans were buying vacuum cleaners like there was no such thing as recession. And then, boom! Prices fall but consumers wary Det News State of crisis (Colorado) U.S. economy is growing slowly, but to many in Metro Detroit it still feels like a recession Economy not to blame for states' budget woes USA Today Valley's tech bust more severe than other regions' falls Mecury News 30 percent struggle with housing WT No-down-payment necessary AP U.S. firms' pension deficit at record high Reuters Freddie and Fannie could get us all in a pickle Telegraph Analysts question Fannie Mae's balance sheet IHT (NYT) Freddie’s Foible WT U-Haul Parent Amerco Files for Chapter 11 Dow Jones Girl's lemonade stand back in business Naples “I've been a customer of hers more than once. That means I've aided and abetted. You know what, I'm not one bit sorry. It's good lemonade.” Mayor MacKenzie Is China Scrapping Dollar Peg? Not So Fast Bloomberg China To Be World's Largest Aluminum Consumer By 07 Reuters Global View: U.S. recovers--like Japan WT (UPI) Quelling a wave of deflation Times Online More hit by mortgage shortfall Guardian No housing crash, Bank chief says BBC Expat Banks Close Down N.Y. Offices NY Post Foreign banks are closing offices in New York at a rate of two a month, an acceleration over prior years Russian Sees First Net Capital Inflow Reuters Iraq Starts Limited Export of Crude Oil Reuters Sabotage, Looting Slow Iraq Oil Exports AP Fallout from Iraq war loosening dollar's global stranglehold J-Times Weekend Edition (June 21-22) Prince Alwaleed warns of new high-tech meltdown risk T-Online “People are becoming euphoric again, they have short memories” Hot dot-coms must let off steam - Another Tech Bubble? Prediction: The future of the USA stock market UCLA (Sornette) Bull Market or Bear Market Rally? Frontline Peer pressure keeps the pros gambling MSN (Fleck) Worried about missing the rally? Worry instead about the money managers who risk your savings to keep up with the pack. Following in Dr. Fisher's Footsteps Prudent Bear (Noland) Trading The Gold-Stock Bull Zeal Dead Men Talking Gold-Eagle (Bonner) Foreclosures Hit Quarterly Record WP Goldman Sputters in Quest to Improve Stock Research Division NYT (R) Early retirees feel burned by brokers IBJ Merrill says claims by 85 workers lack merit Rite Aid case illustrates high costs of scandals AP Attorney General opinion helps bear market losses AP Specter of China faulted for manufacturing slump JS Online Greenspan's impact mapped AP PDF Link When Federal Reserve Chairman Alan Greenspan speaks, markets listen -- unless he's talking about the stock market. Friday June 20 Is Greenspan reinflating the bubble? Globe & Mail “What Japan has shown us is that the way to fight deflation is to get rid of overcapacity as fast as you can. The Fed is doing the exact opposite now. What the Fed is doing is keeping the oversupply situation intact by lowering the cost of capital.” More than half of the primary dealers now expect 50 point cut Bl Endless Bubbles Morgan Stanley (Roach) Still Blowing Bubbles NY Times (R) (Krugman) It's hard to find any real news to justify the market's leap U.S. Rally May Falter, History Shows Bloomberg Buckle Up: Market Plunge Ahead New American Depreciation of Dollar Likely To Prevail In the Near Term Northern Trust Economists Wearing Rose-Colored Glasses Comstock A Beltway Bubble About To Burst? WP Money market funds feel heat USA Today iMoneyNet Interest Rates Hurt Pension Plans AP First, the stock market slump hit corporate America's pension funds. Next, it could be falling interest rates. Fed Gives Techies a 20% Budget Boost NY Post Government deficit about twice as high as year-ago period AP FMS Budget Cuts Paint Dreary Picture For State Arts Funding Stateline Delaware: Bills that raise cigarette tax, slots share, business fees NJ Kansas wages up; jobs down AP Houston: More jobless, fewer jobs add to grim local outlook - 16 H-Chronicle Indianapolis: Rolls-Royce eliminating 520 jobs IndyStar Signs abound that Freddie, Fannie could lose advantages AP Freddie's Derivatives Get A Closer Look Quicken (WSJ) Fired Freddie Executive's Stock Frozen WP GE's Plastics Orders Plummet, Analysts Worried Fox GE May Warn GE released May short-cycle order trends which suggest that our second half 2003 growth assumptions may be difficult to achieve. GM to Offer $10 Billion in Debt to Fund Pension Plans Bloomberg Xerox Plans to Pay Debt with $3.46 Billion Financing Reuters U-Haul teeters on edge of bankruptcy FT Touch America seeks bankruptcy protection AP Former CMGI unit Engage files for Chap. 11 bankruptcy protection Boston Globe Coke may face more scrutiny in Europe USA Today Countrywide Denies Rumor of Accounting Problems TheStreet NYSE Monthly Short Interest Report NYSE Excel A boost for Buffett Rocky Mountain New Level 3 Communications' sugar daddies became major stockholders Thursday Mid-American urges realistic utility outlook Reuters Martha’s Trial Set AP Stewart’s Flat Attire WP SEC charges former Gemstar executives with fraud AP Frankel accountant gets prison time AP “I'm sorry for my poor judgment and the decisions I made.” District Sues Credit Debt Solutions Inc. WP Firm Accused of False Promises, Leaving Some Customers With Worse Debt Bears prowl amid gold market muddle MW Russell 321 US$ Overvalued? G-E Security a major concern following 10 Casino robberies AP Foreign money won't help Japan's economy Yomiuri Why does the Japanese government spend scarce taxpayer money on trying to attract more foreign investors, when the government is reeling from a record budget deficit and its debt is mounting? Rate cut calls grow. . . Guardian Consumer boom hits wage reality Britain's recession-hit manufacturers are slashing prices in response to weak order books and falling output. China has to allow the yuan to rise Taipei Times Ronald McKinnon of Stanford University warns that if China allows the yuan to appreciate, it could well follow in Japan's footsteps... China has become the largest supplier of high-tech goods to the U.S. Dow Jones HSBC Drawn into Probe on Mexican Bank Bailout MenaFN Some of the loans may not have eligible for the bailout or were possibly fictitious. Bay Street search warrants 'not another Bre-X', insiders say of probe CP Venezuelan move to replace US$ with the Euro upsetting Washington more than Saddam's Euro conversion last November VHeadline Switch to euro may lead to global insecurity Malaysia kini Thursday June 19 Fitch cuts GM debt over auto concerns CBS MarketWatch Martha Philly Fed +4 P-Fed Jobless Claims @ 421KCurrent Account Gap at Record Leading Indicators up 1% in May Conference Board Rate Cut Looking Like a Sure Thing WP (Berry) U.S. Treasuries Rise; Washington Post Predicts Half-Point Cut Bloom Greenspan survives to lead the charge FT Alan Greenspan is the Mary Meeker of the bond market - he is leading the sheep to be shorn...He is going to do more damage than any analyst at Morgan Stanley or Merrill Lynch did at the height of the internet bubble. Is the bond bubble close to bursting? FT Workers putting off or reducing vacations: survey Chicago Sun Times False Hopes, False Fears, and Real Concerns Ludwig von Mises Bears on board CNN/Money Mutual fund managers who don't believe in this rally still have to play. The yuan heard round the world CBS MarketWatch Is a dollar crisis inevitable? Rumors about the yuan roil the waters. Finding currency in gold price CBS MarketWatch (Calandra) Is gold a hedge or a trap? SF Gate Commentary: It'll Come Crashing Down Indiana Gazette Pension Accounting Rules Create False Profits Bloomberg Excellent Year for Executives WP Bush's tax cuts add up to zero Washington Times Ron Paul Estate Tax Big chipmakers are still awaiting recovery SF Chronicle U.S. Automakers Improve Efficiency, But... NYT (R) Harbour Report Generous deals have not stemmed the steady loss of market share. Soured on sugar prices, candy makers leave U.S. Town Record American companies chase lower sugar prices around the globe Falling prices compound woes for US manufacturers Reuters Class of 2000: Dot-com IPOs learn tough lesson in survival USA Today Freddie Mac Restatement May Be Big DJ (WSJ) $3 Billion Still no Answers... A ‘Short’ Story About Why Wall St. Needs Reform NYP (Crudele) Micron, Hurt by Falling Prices, Reports Big Loss TheStreet EDS to cut 2,700 jobs, sell holdings AP Touch America workers laid off by e-mail Great Falls Tribune Boeing may cut more local jobs Seattle PI Airbiquity cutting staff despite cash infusion Seattle PI Verizon Spies Labor Storms on the Horizon TheStreet Gephardt Says He'll Aid High-Tech Executives' Option Fight Smart Pros Cops shut down little girl’s lemonade stand NBC Japanese Bonds Plunge; U.S. Recovery Signs Prompt Search for Higher Return B Capital rules 'will hit more Japanese banks' FT How will new ECB chief avoid perils of competitive devaluation? Independent The new German stereotype: holiday-addicted and out to lunch Hoovers (Guard) Brazil Cuts Overnight Lending Rate 1st Time in Year Bloomberg First the pain, then maybe the gain Globe & Mail Chamber passes immunity bill that suspends corruption trial of Berlusconi AP The Asian Conspiracy Against America Pravda American financiers believe that Asian countries are trying to gain the advantage over the USA Wednesday June 18 China May Float Currency, Snow Says WP China says it has no plans to lift curbs on yuan IHT China, Japan manipulate currencies: US companies The central banks of China, Japan, South Korea and Taiwan have spent more than US$1 trillion to "manipulate" their currencies to keep them artificially low and their exports cheap. Soundollar.org One-year yuan nondeliverable forward premium falls... Dow Jones U.S. steel, aluminum industries increasingly linked to China Post-Gazette Making Trinkets in China, and a Deadly Dust NY Times (R) China has emerged as Asia's leading exporter of manufactured goods to the United States, but the workers who produce those goods are victims of a surge in fatal respiratory, circulatory, neurological and digestive-tract diseases like those American and European workers suffered at the dawn of the industrial age. US-China TV Trade War Begins PD US batters fish & microchip exporter AFP Ironically, the plaintiffs represent workers in US television plants owned by Toshiba, Sanyo, Sharp, Samsung and Philips, most of which are eager to get a bigger market share in the Chinese electronics market. Shanghai Daily News China's Economic Growth Rate will not Fall below 7 Percent People’s Daily China's ad market to be world No.2 by 2010-Nielsen Reuters China auto exports up 230.7% Xinhau Fixed asset investments surging -- Italian Cheese -- Thailand Longan -- Auto financing Central Asia: Fears over China's power Asia Times China, Russia, India aim to counter growing US muscle in SE Asia AFP ---------------------------------------------------------------------------------------------------------------- New York Times cuts 2nd-qtr earnings view Reuters Kodak Warns MS Second-Quarter Profit Falls 25% Bear Stearns 2nd Qtr Net Falls Bloom “We must not risk another disappointment in the stock market or the economy. That would be devastating. Mr. Greenspan and all his little maestros need to pour it on.” Larry Kudlow ~ Lehman: 1/2 point CBS - *Those counting on 50 basis points may be disappointed* BW Conspiracy theories of the Fed buying Treasurys abound CNN/Money Threefold Stimulus Means Strong Growth??? AEI (Makin) We should all be hoping for these developments to occur during 2004 because if they do not, it will mean that one of the most highly coordinated collection of stimulus measures assembled in the postwar period has failed to reignite growth. In that case, we will all be in serious trouble. Equity rally may stall as cash runs dry FT The equity rally could now grind to a halt unless institutional investors can be persuaded to re-allocate some of their holdings from bonds. Time for Tech's Comeback? Not So Fast Street Four Techs To Dump Fortune The late, great Ben Graham could've been talking about the recent Nasdaq rally many years ago when he said, "Wall Street people learn nothing and forget everything." Galbraith advises selling some stocks and bonds Rocky Mountain News Investors should boost cash to 15 percent from 5 percent Why CPI data must be treated with caution FT Pension funds aren't yet out of danger AP U.S. is facing worst shortage of natural gas in 25 years IHT (NYT) The recession’s last gasp? CNBC Mortgage activity inches up R Below 5% More market analysts telling investors to sell USA Today 10.5% of Street ratings are "sells,". That's well above the 2.7% level at the same time last year and 0.9% in 1999, just before the stock market crashed. Pizza company hires homeless people to hold advertisements In a tactic that recalls the hiring of unemployed men during the Great Depression.... Snow: Jobless Rate May Rise Reuters Prospects for jobs low in Michigan Det Free Press State sending layoff letters Tallahassee Democrat Lagging revenues mean city can provide only 'core services' Denver Post 13 - 1 Chrysler to chop 2% of jobs Toronto Star UBS to cut 3% of investment banking staff FT Cigarette manufacturer 'to cut 500 jobs' Ananova Coca-Cola Says SEC Starts Accounting Investigation Bloomberg “The marketing test was rigged and assets were overstated.'' Long Journey Ends Unhappily for El Paso Dissidents TheStreet Demand Worries Hit Harley-Davidson TheStreet Lawmaker Bows Out of Freddie Hearing WP CheckFree Liberates Stock Options Forbes More Americans Seeking Help for Depression NYT (R) Gold. . . It just could be 321Gold (Russell) Daytrading makes a comeback CNBC Trading at Schwab surges FT Will the rally suffer a summer lull? Independent Jobless rate at record high in HK ChinaDaily In Marc Faber's World, Asia Finishes on Top Bloomberg Passion for credit cards grows Toronto Star Manley axes GDP growth forecast Financial Post India winning higher-status jobs from US CS Monitor Fraud hits Sigma - $20 million missing, manager arrested Jamaica Gleaner North Korea admits to nuclear weapons program AP North Korea threatens retaliation if shipping exports blocked ABC US Troops in Baghdad Fire on Stone-Throwing Demonstrators AFP Any excuse will do for the bulls Globe & Mail Tuesday June 17 Rite Aid's Grass Pleads Guilty Rite Aid Corp.'s former chief executive officer, Martin Grass, pleaded guilty to conspiring to inflate income by $1.6 billion at the No. 3 U.S. drugstore chain and agreed to an eight-year prison term. Managers show stock appetite waning CBS Merrill June survey: Cash levels are down Industrial Production up 0.1% in May (CU Unchanged) FED Consumer Prices Unchanged (Excluding Food/Energy Prices +0.3%) BLS Housing Starts Surged 6.1% in May Census (PDF) The Bear's Lair: Happy days NOT here again UPI Growth in the Post-Bubble Economy SF Fed Inflation? Deflation? Even the Journal’s Confused NY Post IMF reforms to deal with global financial crises fall short AP Job seekers face worst market since early '90s AP ManPower Doc Three out of four employers expect to cut jobs or hold off on hiring this summer The job outlook in the Phoenix area has gone from lackluster to gloomy ArizonaR Pampered Life Is Fading for 2 Mortgage Giants NY Times (R) Derivatives Lobbyist in Line to Head Fannie, Freddie Regulator TheStreet Housing taking a bigger bite Boston Globe Harvard Nearly one in seven American households spend more than half their income just to keep a roof over their heads, and lenders are giving mortgages to people with weak credit. US housing mart at risk if recovery falters Reuters Debt seen hitting limit in 2004 - $4 trillion in mortgages? Reuters Fund giant Vanguard still touts bond-market risks CBS MarketWatch CalPERS may raise health-care fees 18% Bloomberg Can Motown Get Out of This Funk? Business Week Incentives have become Detroit's Godzilla, crushing all profit margins in its path. Downturn exacts toll on aerospace jobs Boston Globe SEC orders Tyco to restate results FT SEC investigating Applix restatements BG RJR bonds downgraded to junk FT Former CEO Of Rite Aid To Enter Guilty Plea WP A Warning About eBay's Options 'Giveaway' TheStreet Circuit City Quarterly Loss Widens Reuters Kmart Rallies 21% on Quarterly Loss TheStreet AT&T Falls After Merrill Cut Reuters NYSE Seat Price Rises NYSE Jury: Lehman Bros. Helped Cheat Borrowers AP Merrill asks judge to throw out case Reuters Spitzer Fingers Funds, High Fees Federal Reserve Interventionism Gold-Eagle The Decline & Fall Of The US Economy TooGood China Says No Timetable for Ending Fixed-Rate Currency Policy Bloomberg Japan downgrades economic assessment for the first time in 5 months DJ German Executive Confidence at 10-Year Low Bloomberg Banks in danger if bond bubble bursts Reuters Property market overheated, Treasurer warns The Age Loonie rises, economy falling Globe & Mail Consumer Lending Breaking Ancient Taboos Moscow Times Outside a handful of large cities, usury is still considered an alien activity tantamount to sin. BOK skeptical about further rate cut Korea Herald “Given the prospect of an economic recovery in the second half, an additional (rate) cut could have negative side effects.” All Bull, All the Time Street Bulls stage stampede - The push to 10,000 CNN S&P 500 Back Above 1,000 Chart Nikkei powers through 9,000 FT Monday June 16 NY State factory gauge jumps up to record in June Reuters Euro brushes record high against dollar as US rate cut anticipated AFP Job Growth in U.S., Europe, Japan Seen Anemic in 2004 Recovery BL The real trick is knowing when it's time to go MSN (Fleck) When the 'pros' lap up forecasts from money-losers, ignore the risk of disaster and believe a 13th rate cut will do the trick, the party's on its last legs. Is CEO Dumping Stock? Check SEC Online Reuters The SEC made electronic filing voluntary in 1995, but only 6 percent of insiders were doing it... Insiders' big stock sales may be omen Statesman (WSJ) Gold's resolve may be ominous CBS MarketWatch US must face the choice of hitting creditors where it hurts Independent The last refuge of a desperate policy maker is a currency devaluation Angry Sun & Silly Barron's Cover Sand Spring Aging population makes this deficit scarier USA Today States levy fees to boost revenues AP Survey: Fund Industry Outlook Grim Reuters Growth Productivity and Unemployment: What Paradox? Brookesnews Freddie, Fannie, and the Fed BW Freddie Raises Fears of 'Cookie-Jar' Case R Any signs of coverup, irregularities, or fraud could damage the anemic recovery Rising pension costs threaten growth OCRegister (Bloom) Many companies now must kick in cash to cover their obligations, rather than rely on rising stock prices. Bad timing on expansion, contraction hit companies USA Today Deflation may make cuts easier at Chrysler FT Job Insecurities NY Post In spite of the strongest sign of a turnaround in more than two years, Wall Street still keeps cutting. Goldman, Morgan Stanley Traders Drive Earnings as Bankers Wilt Bloomberg GS and MS are making twice as much money this year from trading than from investment banking. Spoiling The Produce NYP Let me tell you about a NYSE listed company that is headquartered in the Cayman Islands, grows bananas in Guatemala and pineapples in Mexico, and is nearly 50 percent owned by a family of Palestinians in the chicken business in Jordan... How a Distinguished Roster Of Board Members Failed to Detect Company's Problems (Worldcom) WP General Motors Default-Swap Costs Rise After Rating Downgrade Bloom US pension fund ups pressure on executive pay FT Not Your Father's Gold Market GoldenSextant Gold Derivatives: Updating the Scorecard. Gold trust buys into bullion Mineweb The Dollar’s Last Days NewsMax Most importantly, individuals must attain firearms ? Rethinking Europe Morgan Stanley (Roach) The lost key to productivity National Post (Canada) Six super-competitive sectors were responsible for "99% of net productivity acceleration in the U.S. Options trader faces 'suspicious trading' probe Financial Post China's Retail Sales Had Slowest Growth on Record Last Month on SARS BL Stocks won't recover unless regulators get serious about oversight Japan Times SK Corp. Shares Fall After Board Approves Bailout Bloomberg SK Global, embroiled in the nation's worst accounting scandal in four years, has 4.4 trillion won more debt than assets. German Unemployment Could Hit Five Million: Fischer TehranTimes Like lemmings marching to the sea, investors are heading back into the stock market Hoovers (MJS) Ask yourself this question: Would you pay $3.3 million to own a business that earned $100,000 last year and was expected to increase earnings by about 6 percent annually? The Scary Side of Low Rates Business Week “The state of Illinois has taken some proceeds from a $10 billion bond issue to invest in stocks. That, state officials hope, will help close a huge $35 billion pension funding gap. To some, there is a smell of irrational exuberance in the air. "It's reminiscent of the [1990s] bubble”” “Technology companies' ratios based on estimated earnings were 2.1 times those for non-technology companies at the end of last month on average...That's higher than at any time during the 1980s and 1990s, except for the height of the stock market's bubble in 1999 and 2000.” Bloomberg Weekend Edition (June 14-15) The Freddie and Fannie Saga: Follow The Money NY Post We don't know what prosecutors will find as they pour over more than 3 years of Freddie Mac's books, but don't be surprised if it brings back shades of Enron. Refinancing Wave Not Hurt by Freddie Mac Reuters Lingering Losses on Bonds Are Haunting Insurers NY Times (R) Insurers are swimming in billions of dollars of losses on corporate bonds that they bought years ago, but whose value has since plummeted. With the leeway afforded by vague accounting rules, many insurers are still carrying these securities on their books as if nothing had happened. Memories of Surpluses Past Gold-Eagle Companies look to dump unused office space SunSpot 'Real' unemployment higher than official estimates Seattle Times What if Fund Yields Fall Below Zero? WP The Economic Silly Season Frontlinethoughts “Our most likely forecast shows that the NASDAQ could reach 13,000-14,500 by the top of this boom, 6 or 7 years from now.” Dent Contemplating the Evolution From the Way We Were to The Way It Is P-Bear Trading the Put/Call Ratio 2 Zeal Companies, investors find convertible bonds attractive Star Tribune A blast from our economic past CNBC Post-war euphoria fades as consumers wake up to reality Gas price surge hits chemical makers CBS MarketWatch SEC quietly ponders shareholder power move Philly Inquirer (WP) A plan to make it easier for investors to choose their own directors does not sit well with CEOs. SEC To Probe PentHouse Books NY Post Why So Cheery About I.B.M.? NY Times (R) (Morgenson) Intel, Dell may give fewer options, more cash as pay TT (Bloomberg) Euro-Angst Morgan Stanley (Roach) Head of SK Group sentenced to 3 years IHT (NYT) Bear market blows a hole in assurer's funds FT Jobless Argentines turn to juggling AP Bank predicts rates will dive Financial Post Birth of a trillion-dollar industry (Black-Scholes) Times Online Special - Equation that generated huge wealth - and great financial scandals - How Black-Scholes formula works - Graphic - Evolution of a theory - How the market mushroomed - Power to imperil world markets - Who needs derivatives? You do “If the Fed were to cut rates by a half point, 424 funds could fall in the red, while a three-quarters point cut would threaten a vast majority of the total 1,747 money funds offered...” AP Friday 13, 2003 Michigan sentiment index falls CNN/Money U.S. May Producer Prices Fall 0.3%; Core Rate Up 0.1% Bloom BLS U.S. Trade Gap Narrowed to $42 Billion in April Bloom INTC Downgraded Fed Is Creating Golden Opportunity TheStreet Moody's Cuts General Motors Credit Rating Reuters Looking like Japan? CNN/Money Take a look at some of the big rallies the Nikkei has had, and you might really think so. Why Freddie's Mess Matters Business Week Here's a guide to the central issues and concerns What is going on at Freddie? WSWS Freddie Says Little USA Today Snow Wants Disclosure... WP “The real answer here is to move towards greater disclosure and greater transparency and probably more effective oversight.” Why Aren’´t Folks Spending Their Energy ‘Tax Cut’? Northern Trust Optimistic Investors vs. Pessimistic Bosses NY Times (R) The mortgage frenzy CNN/Money Banks are buying up mortgage securities at a frightening pace. Some will get burned pretty badly. Crude Awakening: Add Oil to List of Worries TheStreet When ‘Sell Means ‘Buy’ Canadian Business Financial Analysts Journal The stocks that analysts told people to avoid actually outperformed the ones they were bullish about by an average of 20.5% per year. (2000/01) Very few U.S. citizens likely to escape higher taxes or fees AP Deflation: The Biggest Myths Ludwig von Mises Coping With Falling Prices WP (Berry) U.S. Firms Finding Ways to Survive Cigarette manufacturers spend more, sell less CObserver MO Court Rebuff CBS Tough times spawn 'depressed urban professionals.' Millionaire has-beens CNN 3Com to Cut 10 Percent of Jobs Amid Weak Demand Reuters Bombardier to ax 90 jobs at operation in Tucson AP Weyerhaeuser to Close Paper Machine, Cut 75 Jobs Dow Jones Winnebago reports big drop in profits for third quarter DesMoinesRegister The company's backlog of RV orders at the end of the quarter was 1,419 units, down 47 percent from 2,689 a year ago. Layoffs: Los Angeles County - Syracuse - Thomson county - Pawtucket Mutual Vanguard closes junk bond fund Reuters SEC Might Sue Two Former Lucent Officials Reuters (WSJ) Ex-Dynegy Execs Hit With Fraud Charges CFO Prosecutors say they treated loan as operating cash flow, then hid liability from auditor. Medical Firm Pleads Guilty to Felonies Reuters Federal probe of bank not over yet Charlottle Observer . . . and Gold Russell Long-term uptrend or seductive bear rally? F.A.Z. Japan king of the deflationary economy Yomiuri Resona hints profit vow is unattainable Japan Times How Long Will Greenspan's Cuts Boost Asia? Bloomberg EU Launches Fresh Case at WTO vs. U.S. Reuters U.S. Sanctions Bill Would Ban Burmese Imports WP Iraqi oil flows again BBC Iraq has concluded its first sale of crude oil since supplies were halted by the US -led invasion in mid-March. Questions Raised About Iraq Contract WP The firm awarded a government contract worth up to $157 million may have helped shape the proposal it was then asked to bid on. In Major Assault, U.S. Forces Strike Hussein Loyalists IHT (NYT) Thursday 12, 2003 Retail sales edge up CNN/MoneyÂ CensusJobless Claims @ 430K Paul Krugman gets it wrong -- again BrookesNews Earnings Warnings Will Bring Market To Rocky Spot NY Post Additional rate cuts spell potential money-market fund peril Washington Times The â€˜Enronizationâ€™ of America Business Week Government Statistics: Lessons in Cooking and Spinning 321Gold Consumers Continue To Pull The Economy Prudent Bear Crude awakening CNN The rise in oil prices could pose a significant headwind for the economy. U.S. walks a tightrope Toronto Sun Watch out! Here's yet another sign that the United States is in trouble Snow Says U.S. Dollar's Drop Not a Cause for `Great Alarm' Â Bloomberg Snow makes spirited defence of US deficit FT GE To Sell Insurance Unit For $2 Billion NY Post Heinz Reports Lower Earnings Reuters Boeing to send 270 jobs abroad Seattle Times Federal Prosecutors Investigating Freddie Mac AP Ex-Freddie Mac CEO Gets $24 Million Deal Reuters Freddie Mac scandal could hurt housing market Sun Times Congressman Asks Aid for Mutual Fund Investors ND Fees Not Reasonable GM BOJ poised to purchase ABS worth 1 trillion yen Japan Times "The BOJ apparently fails to take into account the view that the real problem lies in the weak funding demand by companies amid persistent deflation.” ECB slashes eurozone growth forecast FT Nasties in kneejerk pension law Times Online Companies facing steep rise in pension costs from proposals Times Online The World Of Competitive Devaluations Financial Express (India) Echoes of the 1930s naturally resound in this conjuncture of simultaneous recessions or near-stagnant growth in the worldâ€™s most powerful economies. This in turn triggers severe pressures for competitive devaluations. Is India Stealing America’s High-Tech Jobs Brookesnews Fed "can push harder" against deflation-Fed's Poole Reuters Wednesday June 11, 2003 Beige Book FED Downbeat view of economy FT Temp staffing firms see no signs of U.S. recovery Reuters Natural gas prices soar Pittsburg Tribune Review â€œIf crisis means to you that we will run out of fuel (natural gas), that we will freeze in the winter or melt in the summer, you have little to worry about...If crisis means to you economic shocks, then get ready." High nat-gas prices seen into 2004 AP Fed Chief Greenspan predicts tight supplies of heating fuel Canadian production can't keep up with US demand G&M Natural Gas Shortage Alâ€™s Morning Meeting (General Links) EIA Update (Next Release June 12) EIA Natural gas in storage increased to 1,199 Bcf as of Friday, May 30, which is about 29 percent below the 5-year average. Natural Gas Depletion and WellheadÂ Productive Capacity EIA Methane Madness - A Natural Gas PrimerPDF File Mini-Boom Doomed to Fail Comstock Budget office sees record-breaking deficit AP Â CBO Exuberant Again The Atlantic Online Has a New Bull Market Begun? Ludwig von Mises Fed under pressure FT A week ago, the market estimated a two-thirds probability of a quarter-point cut. By yesterday, investors had more than fully priced in such a reduction and prices were reflecting a 30 per cent chance of a half-point cut. Kohn says Fed would rather not use special tools Reuters U.S. States Face Record Deficits, Boost Taxes as Bush Cuts Them Bloom The mother of all financial scandals WorldNetDaily U.S. Opens Criminal Probe of Freddie Mac WP Freddy Macro EconomicÂ / Needed: $36 Billion in Pension Contributionss CFO Pop goes the housing market? CNNÂ Mortgage Applications Slip from High R Danger rife in accounting's black box: derivatives Reuters Derivatives: Corporate Financial Leverage Wrapped in Enigma NYT (R) Procter & Gamble in 1994. Long-Term Capital Management in 1998. Enron in 2001. And now, perhaps, Freddie Mac. Taxpayer, Beware! Fortune Washington will soon be taking back a good chunk of that new tax cut. How? By using the sneakiest trap it's got: the Alternative Minimum Tax. Texas Instruments Lowers 2nd-Qtr Forecasts, Cuts Jobs Bloomberg Bond rates hit pensions at GM FT Â Delta Pension Tab Rises AJC Waksal gets maximum sentence CBS MarketWatch â€œI feel great remorse for what I did. But I don't feel bitter. I feel gratitude for all this country has allowed me to do.Â Waksal $uper Winter Sale NY Post Martha Stewart collected only $228,000 off the ImClone stock sale that led to her indictment... But she made $45 million on the sale of her own stock. MCI officers quit after WorldCom revelations FT Deloitte found negligent on Barings collapse FT Employees sue Mirant over 401(k) losses AJC (Bloom) Xcel Energy has suspended several of its natural gas traders R-Mountain News Safeway cutting 940 administrative jobs Arizona Republic Gold looks for direction after Tuesday drubbing MineWeb Jump In Commercial Short Interest Presaged Weakness in GoldExcel File Japan's Economic Growth Slows in 1Q03, Raising Risk of Recession Bloomberg Japan's Central Bank to Buy Securities AP Accounting board hits at firms hiding losses Japan Times Tough pensions changes to be unveiled BBC Bundesbank Says Germany May Face Deflation `Tendencies' Bloomberg -- Is German Turning Japanese? IEEÂ (PDF File) Global gloom leaves bank with rates dilemma SMH Home borrowing has surged to a monthly record, despite Reserve Bank warnings that the debt binge poses the greatest single domestic threat to the economy. Flat broke Zim defaults on pensions again Dispatch Tuesday June 10, 2003 Fear and derivatives don't mix Globe & Mail (Ingram) US mortgage firm scandal sends jolt through markets TO Graphic:Cracks In Freddie Mac TO Moody's may cut R Experts: Housing Bubble Threatened Â NY Post U.S. agency spreads balloon on Freddie Mac firings Reuters Freddie Mac Faces SEC Inquiry Reuters (WSJ) Freddie Mac Ousters May Force More Disclosure, Lawmakers Say Bloomberg Firing Fuels Doubts on Derivatives WP Getting Real With High-Risk Lending Newsday â€œSome thrift executives have seen the writing on the wall and are attempting to combat shrinking profit margins by doing riskier lending, namely commercial real estate lending.â€ Drowning, First-Class Style TomPaine (Galbraith) Russell On the Markets & Gold Gold-Eagle Credit Suisse's Hempel Says U.S. Financial, Tech Shares Costly Bloomberg The new, new bubble CBS MarketWatch Convertible bonds recall Net's bad habits Report: Manufacturers to Warn of Risk ReutersÂ NAM US manufacturers feel the heat of natural gas shortage FT Electricity costs near 20-year highs USA Today Down and Out in White-Collar America Fortune Teens seek work in tough market USA TodayÂ Unlikely class of unemployed SS The unemployment rate for teens in the workforce was 18.5% in May. That's up from 18% in April and the highest in nine years. Refinanced mortgages keep economy afloat JSOnline (WP) Overall housing activity usually accounts for 20% to 25% of the nation's economy...It now exceeds 30%. Help is urged for heating debts of poor Boston Herald (Bloom) The number of low-income Massachusetts households more than 30 days behind in natural gas payments is close to three times what it was a year ago. Barrick confesses: We and Morgan are agents of the central banks GATA PDF Nokia Warns Mobile-Phone Sales Growth May Miss Forecasts Dow Jones HP Moves Hard on Cisco Byte and Switch Boeing Admits Misconduct In Contract Bid WP Citigroup rated as 'riskiest board' CBSÂ Corporate Library IPO.com Closes as Deals Wane WP IPO.com U.S. retail sales index may end if data dries up Reuters Report warns of stock internalisation impact FT Handbook WorldCom Enabled Huge Fraud, Investigations Find NYT (R) Andersen identified Worldcom as a company that used aggressive accounting and classified it as a "maximum risk client" for fraud or accounting errors in 1999, 2000 and 2001 WorldCom's Ebbers Knew of `Gimmickry,' Report Finds Bloomberg Waksalâ€™s Judgment Day NewsdayÂ Martha â€˜Mugsâ€™ for Cameras in Private NYP China mollified by growth in exports AFP China will only feel pressure if the United States joins Japan and Europe in pushing for a change in its exchange policy Cut benefits to current, future pensioners: report Japan Times UK pensions shortfall 'Â£13bn higher' Times Online EU stability pact at risk of German death blow Â Jang U.K. Senior Money Managers See Pay Drop 32% as Stocks Decline Bloomberg Pyongyang spells out need for nuclear arms SMH U.S. forced to print Saddam banknotes Reuters Widespread Looting Leaves Iraq's Oil Industry in Ruins NYT Greenspan to Testify on Natgas Supply ReutersÂ Testimony -- U.S. faces natural gas shortfall Greenspan using 'corked bat' to drive economy? WorldNetDaily Do we really need a rate cut? CNN/Money Fed, many economists, think cutting rates again would be cost-free insurance; they could be wrong. Fed Deflation Fighting Tools May Not Work Reuters Alan Greenspan's Balancing Act - June 6 - NY Times (R) Monday June 9, 2003 Freddie Mac Says CEO Brendsel to Retire, CFO Resigns Bloomberg Freddie Mac replaced its top three executives and federal regulators said they were investigating employee misconduct. OFHEO Statement OFHEOÂ Â PDF File The removal of members of the management team only goes a part of the way toward correcting serious problems Feb 03:SYSTEMIC RISK: FANNIE, FREDDIE, AND THE OFHEO PDF 1720 scandal has lessons for today USA Today Macro Seduction Morgan Stanley (Roach) Ever growing government prevents effective cut in taxes Brookesnews The magic of the multiplier is just wishful thinking -- a myth. Mired in debt Sunspot Bankruptcy filings rise as more Americans allow the ease of credit to spur reckless spending More in U.S. Late on Credit Card Payments Reuters This rally was predictable, but it won't last MSN (Fleck) Market up, geezers stalled CBS MarketWatch Even Bond Whiz Bill Gross Is Puzzled Business Week â€œWe've rarely, if ever, witnessed a central bank so intent on reflating the economy.â€ Stock market rally may quickly fade Philly Inquirer Stock buyers, proceed carefully Mecury News Hopes of early postwar US recovery recede FT Shareholders want CEOs' stock options in 'expense' column Seattle Times Stock Option Standoff CFO Goldman, Morgan Stanley, UBS Cut Fees as IPO Slump Hits Profit Bloomberg Motorola Cuts 2nd-Qtr Sales Forecast on SARS Outbreak Bloomberg ETrade Group Unit to Offer Portable 30-Year Mortgages Dow Jones Marthaâ€™s Victim Act NY Post Martha Stewart: Political Prisoner Ludwig von Mises ECB considers halting euro rally* Times Online U.K. Signals Time Isn't Right to Swap Pound for Euro Bloomberg Brown to reveal euro verdict BBCÂ Entry 'risks huge mid-cap sell-off in UK' TO UK industry just escapes recession RTE News Bank of China Statement on Zhou Links Falls Short, Analysts Say Bloomberg Toronto market rally seen as `not sustainable' Toronto Star Trouble seen in booming Russian economy Globe and Mail Cemex, Stung by Hedging Losses, to Reduce Bet on Interest Rates Bloomberg OCC Reports Derivatives Volume Over $60 Trillion OCC Total credit exposure increased $68 billion to $662 billion Weekend Edition (June 7-8) My country 'tis of debt, to tune of $43 trillion Seattle Times Momentum comes back CNN/Money The game investors are playing now is a throwback to the 1990s. Re-Fi Boom, Low Rates Create Millionaires Reuters Newshourâ€™s Ask The Expert - Real/MP3 Â Financial Sense (Fleck) Watching for Bubbles That May Yet Burst NY Times (R) (Bernstein Q&A) Crazy Horse Prudent Bear (Noland) Waiting for Traction Morgan Stanley (Roach) Once labeled remote, deflation risks are now the defining force shaping macro stabilization policies around the world. The Bankruptcy of America Frontline S&P 500 Neckline Challenge Zeal Deflation and Devaluation Cato Given the forecasting record of the IMF, Fed and Mr. Krugman, when they start worrying about deflation, investors start betting on inflation... Investors Decide to Run With the Bulls WP People still have a pathological fear of being left behind if the market goes up Cities Shed Million Jobs in 2001-02 ReutersÂ US Mayors Ratings agencies face shake-up Times Online GM stockpiles cars ahead of possible strike FT Shareholders Will Pick Up the Bill This Time, Too NY Times (R) Another hit for Xerox shareholders Swiss deflation fears intensify Swiss Info â€œWhether the Fed gooses money supply--Bernankeâ€™s printing press threat/promise--buys US Treasuries, or actually cuts rates one more time, the financial markets are getting the point: the 10-year bond is at a 45-year low and it will stay there until Greenspan sees the PCE, capacity utilization, business investment, and employment on the rise.â€ Â Rockefeller Treasury Services Fridy June 6 PeopleSoft CEO pans Oracle offer CBS MarketWatch Conway said Oracle is demonstrating "atrociously bad behavior from a company with a history of atrociously bad behavior." Return of the wealth effect? CNN/Money Bullion bulls rate gold's next move CBS NEM chief says gold to rise for years FT Jobs data mask deeper problems CNBC Long-term unemployment now at highest level in 20 years, and prospects are slim The Price of Greenspan's Success TheStreet Never has a financial system been more vulnerable to higher interest rates, emanating from the highly over-borrowed consumer and corporate sectors, as well as the egregiously exposed financial and 'speculator' arenas...And there is absolutely no escape (Noland) There's a lot of cash coming into the economy these days CNN/Money Today's environment is beginning to look similar to what prevailed in 1999... Greenspan is declared 'honorary black man' Washington Times Broaddus, president of the Richmond Federal Reserve Bank, is "a cool cat." The Fed dares us to fight it again FP Stewart Named Payrolls Decline 17,000; Unemployment Rate Increases to 6.1% Â BLS Economic Recovery Just a Hope Comstock Â Signals of weakness ignored AP Market Overvalued, Overbought Chart of the month: Dead Zone Returns CrossCurrents Deflation to hit U.S. next year Financial Post A dispassionate crunch of the numbers by CIBC World Markets shows that U.S. consumer prices are set to slide below zero early next year for the first time in 50 years. Bill Gross joins Buffett in warning of derivatives Reuters â€œGreenspan has been all too complacent in this areaâ€ The M&A wave starts CNN/Money Is the United States flat-out broke? WorldNetDaily 'Disastrous' fuel shortages forecast Rocky Mountain News (WBR)Â EIA Update Unless urgent action is taken on many things, the West and other parts of the country will face not only higher prices but shortages as well. Greenspan adds to supply crisis warnings Â Western Business Roundtable How exuberance got the better of a mathematician Philly Inquirer It turns out that mathematicians are as susceptible as the rest of us to bubble fever, irrational exuberance, or whatever you call the mania that gripped us in the 20th century's closing years. Refinancing wave not ready to crest Dow Jones Mortgage rates fall to record low, again AP Fannie Sees No Housing Bubble B Taxes: The bane of the housing boom CNN/Money Stores ring up lackluster sales AP Consumer spending fails to rebound in May; weather, unemployment blamed Junk-Bond Funds Out of the Freezer, Into the Fire Bloomberg Are investors now fleeing low-paying money funds for junk funds in an impulsive quest for higher yields? Credit Suisse Left With Almost 40% of Yahoo's Convertible Bonds Bloomberg â€œA lot of the investment banks have been getting aggressive as far as bidding for these underwriting jobsâ€ Executives agree to pay millions in Xerox case NYT (IHT) Report: Ebbers Took Part in WorldCom Fraud Reuters (WSJ) Former Rite Aid Executive Pleads Guilty WP Chief Financial Officer to Testify Against Others at Firm Big Board Starts to Clean up its Act NYPÂ Doomed to obsolescence? USNews EFG Bank to launch gold stock hedge fund RÂ G-industry weighs the future FT German financial crisis 'worst since 1945' FT Flagging dollar sign of failing trust Lebanon Daily News A loss of faith in the dollar could lead to a catastrophic financial crisis -- a financial panic Japan's foreign reserves hits record high after forex intervention AFP Currency Reserves 25% Euros Moscow Times â€œWe are at the start of a process of shifting our economy away from the dollar, or, to be exact, shifting it away from hard currencyâ€ A process of de-dollarization has begun in the Russian economy St. P-Times Bankers desperate for fat fees, WMC says Sydney Morning Herald Thursday June 5 Jobless claims surge (442K) CNN/Money ECB Cuts Rate to 2%, Lowest in More Than Half Century Bloomberg UK Holds An Open Letter From Martha Stewart Marthatalks The government's attempt to criminalize these actions makes no sense to me. An Unemployment Story Washington Wonâ€™t Release NY Post (Crudele) U.S. Job Statistics Revamped Washington Post (Berry) Survey: Economy Faces More Weak Growth ReutersÂ Anderson School Small firms' price curbs hobble growth USA TodayÂ NFIB Just 15% plan to raise prices in the next 3 months - fewest in more than a year Insider selling hits 2-year high CNN/Money Evidence Builds That Bond Market Is Bubbling Bloomberg Inflation Is A Constant Goldenbear Bush team builds a web of deceit (NYT) (Krugman)Â The Comp Time Sting TP The bald-faced misrepresentation of an elitist tax cut offering little or nothing to most Americans is only the latest in a long string of blatant misstatements. Democrats demand Treasury analysis FT State awfully creative in balancing the budget Â Chicago Sun Times Pension board eyes hedge funds Boston Globe Natural Gas Prices May Threaten Chemical Stocks Bloomberg Fed's interest rates not as low as they seem Reuters Microsoft chief sends wake-up call to staff FT Roadway cuts second-quarter outlook in half Reuters Newmont Yandal hedges on selective default Reuters Former HBOC chiefs face fraud allegations FT FERC to act by late July on trading case Reuters Tax evader gets 30 months in jail Miami Herald A Debate on the Stability Pact Morgan Stanley (Roach) Was Resona told to doctor capital to adequacy ratio? Japan Times Mexico's Central Bank Sees Reduced Economic Growth Bloomberg U.S. demand isn't picking up fast enough to bolster exports Canadian auto jobs at risk, warns Scotiabank analyst Toronto Star Weak U.S. sales may force layoffs Dangerous times Toronto Sun Are we flirting with disaster when we start enticing people to buy with a 0% down payment or even gifting them money to get in? Indonesia's boon: a falling dollar IHT (NYT) US-Europe tensions grow as Washington talks down the $ WSWS Even further dollar adjustment is needed... Economic Policy Institute Wednesday June 4 Martha Stewart Quits as Chief After Pleading Innocent Bl Stewart indicted on nine counts CBS MarketWatch Dow 9,000 Â Reuters Â ISM Service Index Jumps Â ISM Ding dong, the bear market's dead Â Globe & Mail Like the delirious munchkins in The Wizard of Oz, investors are joining hands and humming a merry tune to celebrate the end of the wicked old bear market... 20 percent isn't the answer CBS MarketWatch Dow's historical patterns leave threshold in doubt Getting stretched CNN/Money Thanks to the recent market rally, stocks are awfully expensive again. A look at the shortest, longest bull markets since 1900 CBS MarketWatch Lessons of history suggest dollar's fall may not be over yet FT A Japanese lesson for the US economy? BrookesNews FASB Chief Says Congress Is Meddling WP Â Congress Split AP Fannie, Gold and Martha 321Gold (Russell) Maybe all we have to do is follow Fannie Mae (FNM). When Fannie tops out, it will all be over. Mortgage Applications Hit Record ReutersÂ MBAA Pension pain Boston Globe Relief bill for companies would cut employee payouts Jobs: Don't get too excited CNN/Money Planned layoffs are at their lowest level in 30 months -- but that tells only part of the story. New cars still clogging dealers' lots K-Ridder Daimler Shares, Bonds Dive R GM unit sells $2.25 billion auto asset-backeds Reuters AT&T chief sees more IT gloom ahead Cnet David Dorman said Tuesday that business spending on information technology will decline again this year, with no end to the tailspin in sight. California Deficit Drives Bond Yields to Highest of U.S. States Bloomberg 'Our defining moment is here' Crimson WhiteÂ Delware May Impose Tax Hike Facing budget cuts, Alabama proposes largest tax increase in state history Massachusetts business confidence falls in May Boston Globe Citi Cutting 50 Top-Level Investment Bankers NY Post Agency takes over trucking firm's pension payments Seattle Times Judge questions Wall St. settlement AP Enron Official Arrested, Linked to Calif. Crisis WP -- Enron Used U.S. to Bully Poor Nations Alertnet Diva Takes Dive NYPÂ MSO Â Key Dates in Martha Stewart-ImClone Case AP Currency case draws federal inquiry Â Oregonian Amazon's Share Price Scrutinized TheStreet IBM Has The Big Blues Business 2.0 Visa USA handles $1 trillion in business Knight Ridder Hedged gold stocks achieve the unthinkable Mineweb Cost of liability cover 'driving thousands of firms bankrupt' Times Online C&W cuts 1,500 UK jobs BBC Italians fear a poor old age BBC Pension reform strikes at traditions of equality in France CS Monitor Mexico Sells First Euro-Denominated Bonds Since 2001 Bloomberg Forecast bleak Toronto Sun Are we in the midst of an economic meltdown that threatens the very existence of our financial system? Sars to hit chip growth in 2003 and 2004 FT Perceptions of US show marked decline FT PEW Release Greenspan Opens The Door For 25 On 25 Northern Trust Greenspan No 'Major Evidence' of Growth WP (Berry) Reiterates Concern Over the Threat of Deflation Rate Cut Hints Depress Bond Yields Reuters Tuesday June 3 GM, F Cut Production, Extend Rebates R Chrysler Q2 loss to top $1 billion CBS Greenspan Says Economic Growth Unclear ReutersÂ Rate cut â€˜insuranceâ€™ Martha Stewart Living Says U.S. to Request Indictment Bloomberg Adjusting Numbers To the Point of Unreality NY Post (Crudele) Regulators Subpoena Wall Street Executives WP Round Two: Congress versus FASB CFO A bill that would temporarily prohibit regulators from recognizing standards requiring companies to expense employee stock options gets an airing this week -- much to the chagrin of members of FASB. Fed Focus: My Best Shot Pimco Central bankers to discuss growth, deflation AP Â Snow Job Gold-Eagle Merrill Economist Warns Dollar May Continue to Weaken Dow Jones â€œThis degree of deflation is very likely to continue for at least the next 12 to 15 monthsâ€ The cup of liquidity runneth over SunSpot Oil Prices Shoot Up Above $30 a Barrel AP U.S. chain store sales flat in May 31 week Reuters Homes Prices Still Rising, but More Slowly NYT (R)Â Price Index (PDF) Tech insiders taking profits CNN/Money Caucus to defend furniture industry Washington Times Furniture Brands Warns Lumber mill cuts 36 jobs Press Enterprice First permanent downsizing in the history of the firm How eBay Cashes In on Employee Options TheStreet FedEx to Offer Buyouts to 14,000 Workers USA Today Blockbuster reducing corporate staff by 140 Star Telegram Levi's Takes Second Look at Fraud Claims AP PNC pays $115m to escape threat of prosecution FT Moody's cuts ratings on $19 bln tobacco bonds Reuters SEC Probe at MedImmune WP Scientist Accused of Insider Trading Gold: The messenger Â 321Gold (Russell) Deep within the unconscious of man is the instinct that tells him that gold is money Euro-wreck Â Morgan Stanley (Roach) The Nikkei 225 Posted Some Big Rallies On Its Way To 20-Yr. Lows N-Trust Fiscal 2002 tax revenue to fall short Japan Times March land prices fall to 1982 level Asahi S&P voices doubt Tokyo's handling of Resona Group AFP Falling pound fails to spur manufacturing Independent German Workers Go on Strike, Snarl Plant AP Ghost of Crisis Past Haunts Investors Moscow Times -- Chinese executive sentenced to life in record-setting tax fraud case AP -- OSC bans ex-trader for 20 years, orders him to pay $90,000 in costs T-Star -- Kenneth Lay pleads the fifth.Â End of story? Forbes Monday June 2 IBM Says SEC Probing Accounting Practices Reuters Editorial: Oceans of debt / The future facing the United States Star Tribune Buffett, Economists Say Current Account Deficit Threatens U.S. Bloomberg Construction Spending Off 0.3% in April Census Dollar Trouble Barges Into G8 Summit ReutersÂ Dollar Jumps on Bushâ€™s words Leaders said that the sensitive issue of exchange rates would be broached today. Face up to the falling dollar MSN (Fleck) Don't let this bounce fool you. A precarious economy, rotten fundamentals and a debt-ridden government that says 'Sell our currency' are a recipe for disaster. America gambles on a weak dollar Straits TimesÂ The new economy may already be history FT (Baker) Interest rates down, stocks up but it's no 90s revival Independent Central bank constitutions are too rigid to deal with the changing economic environment House of cards Economist In many countries the stockmarket bubble has been replaced by a property-price bubble. Sooner or later it will burst The Delusion of Profits & Measuring Business Performance WSJ (1975/76) Jobless struggle to repay debts Beacon Journal Mortgaging your future? UT To cope with their debts, many people have taken out home-equity loans, refinanced their mortgages, or relied more heavily on credit cards...Household debt now stands at a record 110 percent of annual disposable income, up from 86 percent in 1986 Out of work, in a recovery? Sunspot (Wall Street Journal) Techies see jobs go overseas SF Gate Opposition to offshore outsourcing beginning to grow City budget cuts leave teens scrambling for summer jobs Boston Globe Small businesses are squeezed by prices, in both directions AP Employers struggling with health insurance Arizona Rebuplic It's a Feast. Now See if Wall Street Can Resist.Â NY Times (R) (Morgenson) Asked if he was aware of big telecom deals waiting in the wings when he put out his upgrade, Mr. Henderson called the question "outrageous"... Our Heroâ€™s Big Score NY Post (Byron) Money on Wall Street is once again flowing from the slow-witted and naive to the clever and the quick... After buying high, Lucent to sell low Boston Globe Westpoint Stevens Files for Bankruptcy Reuters Intel slashes Centrino prices by up to 30% Register Mutual fund groups hit by rise in lawsuits FT Fund industry shrugs off its responsibilities SF Gate Chicago firm to buy American Stock Exchange Reuters New exchanges eye slice of U.S. futures AP Hedge fund pros squeezed by rally NY Daily News Levitt: You are the Guardians CFO Quarterly Review: International Banking and Financial Market Developments BIS BOJ spends record amount to arrest yen's rise IHT (Bloomberg) The Next Quake Is Close Newsweek A shock is bound to expose Japanâ€™s bond market as a huge bubble Despite government lifeboats, Japanese banks may sink with economy Menafn European May Manufacturing Shrinks for Third Month Bloomberg The ECB will cut interest rates this week Times Online Russian banking system still unstable Â Pravda Economic depression predicted for Italy Â AGI Equitable Life announces that it is â€˜not a forced sellerâ€™ Â FT British Energy set to unveil big write-downs FT Weapons of Mass Disappearance Time Â Where are Iraqâ€™s WMDs? Newsweek â€œThe Administration has decided that the dollar has weakened enough for Washington's purposes, and it wants to ensure that the greenback's decline doesn't get out of hand.â€ CNN/Money Weekend Edition (May 31-June 1) Eastern Meditation Contrary Investor The Catalyst Financial Sense Bush: Dollar's Fall Contrary to Policy Reuters â€œThe market, at this point in time, has devalued the dollar, which is contrary to our policyâ€ Democrats Expect Record Debts WP Federal Deficit Is Forecast to Approach $500 Billion Next Year Valuation Wave Reversion 2 Zeal The New New Game Â Prudent Bear (Noland) The Muddle Through Economy Frontline Unemployed workers endure longest job searches in two decades AP â€œWe all thought if we can just get through 2002, it'll get better, and it hasn'tâ€ Nothing to bank on worsens the bust SMH Wall Street baroque Guardian Did the collapse of Enron epitomise the needless greed of a few individuals, or was it obeying the logic of a market system that itself takes advantage of the general public? Booksellers tell uncertain economic story KC Star Morgan Stanley Legend Barton Biggs Signs Off Reuters Tyco Touters Were a Dime a Dozen NY Post Icahn makes $700m bid for Global Crossing FT Brady Corp. trims 50 jobs JS Online Deepest round of layoffs in its 89-year history Regional Grocer Back in Bankruptcy Court AP SEC seeking to bar Ernst & Young from accepting clients for 6 months AP The Japanese experience Asia Times Fed's Bernanke advises BOJ to reflate, cooperate ReutersÂ No U.S. Deflation... Resona applies for 1.96 trillion yen Japan Times ECB ready for big rate move CNN Does Europe Work? NewsWeek The global downturn is highlighting the self-destructive flaws in the design of the eurozone Nothing Is Better Than Gold Pravda Russian economists discuss an opportunity to put a golden ruble in circulation Reserves Grow $3.2Bln in One Week Moscow Times â€œRight now the dollar is not a very attractive currencyâ€ The awful truth about airlines Financial Post U.S. handing out a million dollars a day in Iraq AP The Defense Department, infamous for its long-standing money management problems, will soon send a dozen auditors to oversee the spending.Â Bush, Blair Face Heat Opportunities abound in Iraq, amid the chaos AP First Quarter Corporate Profits And Cash Flow Weaken Northern Trust



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