STOCK MARKET WATCH, Tuesday May 13

Source: du

STOCK MARKET WATCH, Tuesday May 13, 2008

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 253
DAYS SINCE DEMOCRACY DIED (12/12/00) 2669 DAYS
WHERE'S OSAMA BIN-LADEN? 2394 DAYS
DAYS SINCE ENRON COLLAPSE = 2685
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

---

U.S. FUTURES &
MARKETS INDICATORS>
NASDAQ FUTURES-----------------------------S&P FUTURES

---

AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.

AT THE CLOSING BELL ON May 12, 2008

Dow... 12,876.31 +130.43 (+1.02%)
Nasdaq... 2,488.49 +42.97 (+1.76%)
S&P 500... 1,403.58 +15.30 (+1.10%)
Gold future... 884.90 -0.90 (-0.10%)
30-Year Bond 4.52% -0.00 (-0.04%)
10-Yr Bond... 3.78% +0.01 (+0.21%)






GOLD,EURO, YEN, Loonie and Silver

---

PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact actionpost@legitgov.org

For information on protests and other actions Citizens For Legitimate Government

---

Read more: du

Looking for their turn in the spotlight
BY TONY ALLISON

The precious metals stocks have played a supporting role, at best, in the world-wide commodity boom of the last few years. Oil, base metals, food commodities and gold bullion itself have outperformed the precious metals equities. That situation may be changing. Bullion’s return for 2008 is only slightly ahead of the HUI index, 3.0% to 2.8%. Those with an understanding of the fundamental situation and the patience to let events play out should be looking at this sector as ripe with opportunity.

Fundamental Picture

While oil has raced higher, reaching beyond $125 a barrel last week, it is due for a breather at some point this year. If the recession in the US deepens and spreads to Europe, the anticipation of slowing economies in the West will likely take some steam out of the price of oil, at least in the near term. Falling energy prices will help bolster the bottom lines for mining companies. Even with energy at record levels, the profitability is improving for the majors such as Newmont. It recently reported first quarter 2008 results of 82 cents a share, versus 15 cents in first quarter 2007. Producers are leveraged to the price of bullion, and even with rising costs, mining profitability is on the rise.

This is not intended as an investment recommendation.

http://www.financialsense.com/Market/wrapup.htm

08:30 Export Prices ex-ag. Apr
Briefing.com NA
Consensus NA
Prior 1.2%

08:30 Import Prices ex-oil Apr
Briefing.com NA
Consensus NA
Prior 1.1%

08:30 Retail Sales Apr
Briefing.com 0.2%
Consensus -0.2%
Prior 0.2%

08:30 Retail Sales ex-auto Apr
Briefing.com 0.7%
Consensus 0.2%
Prior 0.1%

10:00 Business Inventories Mar
Briefing.com 0.3%
Consensus 0.4%
Prior 0.6%

http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm

01. U.S. April retail sales ex-autos, ex-gas up 0.6%
8:30 AM ET, May 13, 2008

02. U.S. retail sales up 2% in past year
8:30 AM ET, May 13, 2008

03. U.S. April gasoline sales fall 0.4%
8:30 AM ET, May 13, 2008

04. U.S. April auto sales fall 2.8%
8:30 AM ET, May 13, 2008

05. U.S. April retail sales ex-autos rise 0.5% vs. 0.2% gain
8:30 AM ET, May 13, 2008

06. U.S. April retail sales fall 0.2% vs. 0.3% decline expected
8:30 AM ET, May 13, 2008

07. U.S. April import prices ex-fuels hits a record rise
8:30 AM ET, May 13, 2008

08. U.S. April import prices ex-fuels rise 1.0%
8:30 AM ET, May 13, 2008

09. U.S. April import prices ex-petroleum rise 1.1%
8:30 AM ET, May 13, 2008

10. U.S. April petroleum import prices rise 4.4%
8:30 AM ET, May 13, 2008

11. U.S. 12-month import prices rise 15.4%
8:30 AM ET, May 13, 2008

12. U.S. April import prices rise 1.8% vs. 1.8% expected
8:30 AM ET, May 13, 2008

06. U.S. March retail inventories fall 0.5%
10:00 AM ET, May 13, 2008

07. U.S. March inventory-sales ratio falls to 1.27
10:00 AM ET, May 13, 2008

08. U.S. March business sales up 1.0%
10:00 AM ET, May 13, 2008

09. U.S. March inventories up 0.1%, smallest gain in a year
10:00 AM ET, May 13, 2008

BANGKOK, Thailand - Oil prices dropped below $124 a barrel on profit-taking Tuesday in Asia after hitting another trading record in the previous session.

Monday's mark of $126.40 a barrel was the sixth trading record in six trading sessions, and analysts said the market was due for a correction following the seemingly relentless climb upward.

Some attributed the drop-off in prices partly to expectations that Monday's earthquake in China would result in a temporary drop in demand. The 7.9-magnitude earthquake in central China's Sichuan province killed about 10,000 people and knocked power plants and other factories off-line.

China's two stock exchanges suspended trading Tuesday in 66 companies based in the region to minimize disruptions to financial markets from the disaster.

.....

Monday's price fluctuation underscored the uncertainty over oil's future direction. Many analysts believe the weak dollar has driven oil prices to levels that defy fundamental supply and demand economics. But other investors see continued strong demand for oil and fuel from China and India as a sign that oil prices have further room to rise.

http://news.yahoo.com/s/ap/oil_prices

WASHINGTON - Amid daily bipartisan sniping over high gas prices, Democrats and Republicans appear to agree on at least one thing: With oil over $120 a barrel, President Bush ought to stop buying crude for the government emergency reserve.

Both the House and Senate are expected to approve, with bipartisan support, legislation Tuesday directing Bush to temporarily halt the shipment of about 70,000 barrels of oil a day to the Strategic Petroleum Reserve.

Bush has refused to do so, arguing that this small amount of oil won't impact prices and that for security reasons he wants to increase the stockpile to its full capacity of 726 million barrels. It now has about 701 million barrels, equal to nearly two months of oil imports.

.....

Senate Majority Leader Harry Reid, D-Nev., plans to bring up for a vote Tuesday a provision to halt oil shipments to the federal reserve until the end of the year. Senate Republicans said they want shipments halted for six months, but are expected to support the Democratic measure.

The House is taking up a similar provision later in the day that also is expected to get broad support.

http://news.yahoo.com/s/ap/20080513/ap_on_go_co/congress_energy

REARDAN, Wash. — Mom-and-pop service stations are running into a problem as gasoline marches toward $4 a gallon: Thousands of old-fashioned pumps can't register more than $3.99 on their spinning mechanical dials.

The pumps, throwbacks to a bygone era on the American road, are difficult and expensive to upgrade, and replacing them is often out of the question for station owners who are still just scraping by.

Many of the same pumps can only count up to $99.99 for the total sale, preventing owners of some SUVs, vans, trucks and tractor-trailers to fill their tanks all the way.

As many as 8,500 of the nation's 170,000 service stations have old-style meters that need to be fixed — about 17,000 individual pumps, said Bob Renkes, executive vice president of the Petroleum Equipment Institute of Tulsa, Okla.

more.....

http://www.chron.com/disp/story.mpl/ap/business/5774653.html


Call me sentimental, but I like those small Mom & Pop country stations. Where else can you get Nehi Peach sodas and other rare delicacies.

FRANKFURT (Reuters) - Stock index futures eased on Tuesday, pointing to a weaker start on Wall Street with merger and acquisition activity in focus as Hewlett-Packard engages in talks to buy Electronic Data Systems.

At 4:51 a.m. EDT (0851 GMT), index futures for the S&P 500 had fallen 0.2 percent, Dow Jones industrial average futures eased 0.1 percent and Nasdaq futures fell 0.2 percent.

The indicative Dow Jones index dropped 1.1 percent.

.....

The day's corporate earnings calendar looks fairly thin as the U.S. earnings season peters out. Updates include Applied Materials, Electronic Arts, Fossil, Toll Brothers, Wal-Mart Stores and Whole Foods Market.

On the macro economic front, investors await retail sales for April and import prices, both due at 8:30 a.m. EDT (1230 GMT), as well as business inventories and the Philadelphia Federal Reserve's quarterly survey, both due at 10:00 a.m. EDT (1400 GMT).

http://news.yahoo.com/s/nm/20080513/bs_nm/markets_stocks_dc

Deal for computer services firm allows HP to add to lucrative consulting business, closing gap with rival IBM.


Last Updated: May 13, 2008: 7:59 AM EDT

NEW YORK (CNNMoney.com) -- Hewlett-Packard announced Tuesday it is buying Electronic Data Systems for about $13.9 billion in cash, as it aims to step up competition for the computer services business with rival IBM.

HP (HPQ, Fortune 500) is paying $25 a share for EDS (EDS, Fortune 500), a narrow 4% premium to Monday's close but a nearly one-third premium over Friday's closing price before reports of a possible deal.

Shares of HP fell 1.5% in premarket trading, while EDS shares gained 0.9%.

It is the largest purchase for HP since its controversial purchase of Compaq Computer in 2002. It should also allow HP to close much of the gap in lucrative computer consulting business with IBM (IBM, Fortune 500).

HP also reported preliminary results for its fiscal second quarter, saying that it earned 87 cents a share excluding special items, up from 70 cents on that basis a year earlier. That's better than the 84-cent-a-share forecast of analysts surveyed by earnings tracker Thomson First Call.

Including special items, primarily the accounting for the purchase of some intangible assets, the company earned 80 cents a share in the quarter, up from 65 cents a share. Revenue rose to $28.3 billion compared with $25.5 billion, which also edged past the First Call forecast of about $28 billion.

The company said its purchase of EDS is expected to close in the second half of this year and that it should add to earnings per share, excluding special items, in the fiscal year that ends in October 2009.

http://money.cnn.com/2008/05/13/technology/hp_eds/index.htm?postversion=2008051307



P.S. I worked for EDS for 20 years, before they sent my job to India 5 years ago. After I retired, I sold half my shares in the EDS stock, about $50 per share. Then the stock tanked, bigtime. It's been in the teens ever since. But now HP is buying EDS for $25 a share. Is anyone familiar with HP? Is this a good deal?

in my almost 30 years of stock watching-these mergers are a lot like a Vegas wedding. A quick means toward a dubious goal. The only difference-you have a greater chance of seeing your silver anniversary with a Vegas marriage than a Wall Street merger.

Just my $0.02.

They built almost all of the high precision electronics manufacturing electronics.

But, these days... They are more like as described in this article. Competing with IBM and Dell to sell PCs.

They do have a slight edge in printers... IMHO.

MELBOURNE (Reuters) - The largest banking takeover in Australia's corporate history has spurred investors to pile into shares of smaller banks in the hope of a sector shake-out.

Westpac Banking Corp Ltd's (WBC.AX: Quote, Profile, Research) $17.6 billion all-share bid for smaller rival St George Bank Ltd (SGB.AX: Quote, Profile, Research) would create the country's biggest bank by market value, possibly spurring one of the other major banks to bid for a smaller regional lender.

.....

Australia's banking sector is governed by the "four pillars" policy, which prevents the four biggest banks -- which account for about 70 percent of total banking assets -- from merging with each other.

.....

Australian banks have mostly dodged the subprime credit woes afflicting global banks, although several have exposure to some troubled local firms. But the credit crunch has pushed up funding costs, particularly for the smaller banks.

http://www.reuters.com/article/ousiv/idUSSYD27553120080513

LONDON, May 13 (Reuters) - European shares extended losses on Tuesday as banks were weighed down by a writedown-related rights issue at Credit Agricole, high UK inflation and further signs of weakness in UK housing markets.

By 0949 GMT, the FTSEurofirst 300 index of leading European shares was around session lows, down 0.7 percent at 1,336.80 points . The banking sector was the biggest negative weight, taking a net 2.7 points off the index.

http://www.reuters.com/article/eurMktRpt/idUSL1390815520080513

NEW YORK (AP) -- JPMorgan Chase & Co.'s chief executive said Monday that while the crisis in the credit markets appears to be three-quarters over, he believes a U.S. recession is just beginning.

"Even if the capital markets crisis resolves, it does not mean that this country will not go into a bad recession," said CEO James Dimon, whose bank saw its first-quarter profit fall by half due to the recent collapse of the U.S. mortgage market. "The recession just started."

"We don't know if it's going to be mild or severe," he continued, speaking at a conference in New York hosted by Swiss bank UBS AG (UBS). "We're thinking there's a third of a chance that it's going to be pretty bad... closer to the 1982 recession than the very mild recessions we had in 2001 and 1990."

http://money.cnn.com/2008/05/12/news/companies/jpmorgan_ceo.ap/index.htm?postversion=2008051215

this little canary was chirping a warning a year ago and has given up 6 months ago. James Dimon is a johnny come lately.

I reworked my portfolio 2 years ago. I'm hanging in there and riding this wave out. Thanks SWT canaries. Keep on singing.

You analogy of the canary made me think of the dead parrot skit by the Monty Python crew. I'm sorry, but I couldn't resist. Perhaps the skit is more in line with the propaganda we are getting from the PTB than not. Anyway, here's the link to the dead parrot skit: http://video.google.com/videoplay?docid=5775099474392087542
Have a good day everyone!

Monty Python! :7

I'm a lumberjack and I'm OK
I sleep all night and I work all day.

Chorus:
He's a lumberjack and he's OK
He sleeps all night and he works all day.

I cut down trees, I eat my lunch
I go to the lavatory.
On Wednesdays I go shopping and have buttered scones for tea

Mounties:
He cuts down trees, he eats his lunch
He goes to the lavatory.
On Wednesdays he goes shopping and has buttered scones for tea.

Chorus:
He's a lumberjack and he's OK
He sleeps all night and he works all day.

I cut down trees, I skip and jump
I like to press wild flowers.
I put on women's clothing and hang around in bars.

Mounties:
He cuts down trees, he skips and jumps
He likes to press wild flowers.
He puts on women's clothing and hangs around in bars?!

Chorus:
He's a lumberjack and he's OK
He sleeps all night and he works all day.

I cut down trees, I wear high heels
Suspenders and a bra.
I wish I'd been a girlie, just like my dear Papa!!

Mounties:
I cut down trees, I wear high heels?!
Suspenders...and a bra?!...

Just the Lumberjack:
I wish I'd been a girlie, just like my dear Papa!!

NEW YORK (AP) -- Maurice R. Greenberg, the former chief executive and largest individual shareholder of AIG, is urging the insurer to postpone its annual meeting in the wake of its massive first-quarter loss, according to regulatory filing Monday.

American International Group Inc., the world's largest insurance company, said Friday it lost $7.81 billion, or $3.09 per share, in the first quarter. AIG also announced plans to raise $12.5 billion in the coming months to shore up its capital base.

In a letter to the board dated Sunday, Greenberg said he and other top shareholders are deeply concerned "about the persistent and seemingly endless destruction of value at AIG." He said the company's leadership has also lost credibility with the investment community.

http://money.cnn.com/2008/05/12/news/companies/aig.ap/index.htm?postversion=2008051221

Before readers start throwing brickbats, let me set forth some general views:


.....

Having worked in M&A and as a management consultant with very large financial institutions (Citi was a client in the 1980s), less is to be gained and more stands to be lost by a breakup (defined as hiving off core business units, such as retail banking or perhaps the credit card operations, to create businesses with much narrower product offerings) at this juncture. One of the dirty secrets of M&A is it's all about timing. Deals make sense when valuations are favorable. This isn't one of those moments.

Mind you, Ciit may still have to do that at a time not of its choosing. But as we will see, it's unlikely to be to its advantage. Consider:


Now in the end, Pandit's plan may all come to naught. Oppenheimer analyst Meredith Whitney, who has been spot on in her calls so far on Citi, says that Citi is too broken to fix...

http://www.nakedcapitalism.com/2008/05/case-against-citi-breakup.html

That gives more weight to JP Morgan's Dimon's alarm and AIG's woes.


They all bathe in the same tub.

And drink from it, brush their teeth in it, cook in it and like fish......

In short, they are all hopelessly covered in each other's filth.

TalkingDog, ITA.

Good find Ozy.:thumbsup:

and then turned around and listened on the Radio.

As an aside, why did they think they needed to put her age in there?

back then. I've told the story several times here before so won't bore with the details. Suffice to say all us banking bottom feeders were expected to write a letter to our Congresscritters demanding the passage of interstate banking rules. Our great leader told us that there would end up being 6-12 major financial institutions left standing and we were going to be one of them and how great that was going to be for us. We were to turn our letters into our supervisors and our Christmas bonus was dependent on that letter.

I refused. I told the boss I didn't plan on working for a bank the rest of my life but I would, more than likely, be a customer of some bank somewhere for the rest of my life, and asked "so what's in it for me?" (as a customer). He couldn't give me a straight answer so I told him I couldn't give him a letter. I was told no letter, no bonus, so I wrote a letter saying why I wanted my Congresscritter to vote against a bill that would allow for a concentration of banking power among a handful of players. I'm sure it was culled from the group mailing. I did get my measely bonus, and got labeled a trouble-maker (yeah, whatever). :eyes:

Meanwhile, the bill passed, and the big cheese who had us writing letters sold us out to the highest bidder after assuring himself an extremely sweet golden parachute contract. 20-some years and 6 mergers later the little branch that I worked in is now a part of Chase Bank, and believe it or not I still have my original employee no service charge checking account there. Sheesh, you'd think me and the big cheese had crystal balls or something. :eyes:

from Schildler list. An Einsatz NCO soldier rounds up some Orthodox Jews, a Rabbi, and a older Jewish hoodlum, Max Redlicht, into a temple and commands that they spit on the Torah. They start spitting on the Torah, but when the Rabbi and the hoodlum come up. Finally, the Rabbi spits on the Torah.


(to the rabbi)
You don't approve of the way I
make my living? I'm a bad man,
I do bad things?

Max admits it with a shrug.

MAX REDLICHT
I've done some things ... but I won't
do this.

Silence. The Einsatz NCO glances away to the others,
amused.

EINSATZ NCO
What does this mean? Of all of you, there's
only one who has the guts to say no?
One? And he doesn't even believe?
(no one, of course answer him)
I come in here, I ask you to do something
no one should ever ask. And you do it?
(pause)
What won't you do?

Nobody answers. He turns to Max.

EINSATZ NCO
You, sir, I respect.

He pulls out a revolver and shoots the old gangster in the head.
He's dead before he hits the floor.

EINSATZ NCO
The rest of you ...

... are beneath his contempt. He turns and walks away. The
other Einsatz Boys pull rifles and revolvers from their coats and
open fire.]


I've had moral pop quizes throughout my life. I've nailed some, passed some, failed some-but I always tried to learn from them in order to be a better person. 54aNickel...I think you nailed that one and your supervisor failed. I just hope you coworkers learned from that experience.

on Main Street America -- powerful movie.

http://news.yahoo.com/s/ap/20080513/ap_on_bi_ge/china_markets;_ylt=AnpP9czSkqNwtcwCqrLlkvtu24cA


The benchmark Shanghai Composite Index was down 2.6 percent at 3,533.55 by midday, after dropping as much as 3.3 percent in early trade. The Shenzhen Composite Index, of China's second, smaller bourse, fell 1.3 percent by midday to 1,097.26.

snip:
China's smaller market, the Shenzhen Stock Exchange, said it was suspending trading in another 21 companies because it could not guarantee investors fair access to information about their status.

Many of the companies suspended from trading are power generators, metals and construction companies.

snip:
Several mainland-based companies suspended their shares from trading on the Hong Kong Stock Exchange on Tuesday. They included Maoye International, a department store operator with outlets in Chongqing and the Sichuan capital, Chengdu, and Honghua, a Chengdu-based oil rig manufacturer.

http://www.portfolio.com/news-markets/national-news/ap/2008/05/13/wal-mart-profit-rises-69-pct-beats-street-view

Their logic:

The company cited its low prices as a reason for its improvement, along with improved customer service and internal cost savings.


I usually don't do smilies, but in this one instance I'll have to make an exception. :banghead:

are coming from.

(What'cha got against smilies?) :)

http://quotes.ino.com/chart/?s=NYBOT_DX&v=i

Last trade 73.220 Change +0.347 (+0.48%)

Massive Bank Losses And Write Downs Drag Risk Appetite And Carry Lower

http://www.dailyfx.com/story/special_report/special_reports/Massive_Bank_Losses_And_Write_1210371050974.html

The high end of the yield curve has taken a significant hit over the past week; and carry trades have suffered the consequences. The DailyFX Carry Trade Index sunk $298 dollars since last Friday after failing to over take a descending trendline that has been directing the basket since risk appetite was tripped up by the subprime meltdown last summer. In turn, a breakdown in USDJPY and other yen crosses has weighed on risk reversals, which show a greater demand for puts. However, during this reversal, the outlook for a BoJ hike over the coming year has eased and volatility cooled, suggesting this will be a more orderly (and perhaps short-lived) carry unwind.

There were few market factors working in carry’s favor this past week. The most prominent element to the strategy’s performance came towards the end of the week when major financial firms Citigroup and AIG announced considerable losses and write downs. Perhaps taking the SEC’s new policy for companies to disclose their liquidity and capital positions to revive confidence in the financial markets, Citi took the unprecedented move of announcing plans to sell $100 billion in non-core businesses and $400 billion in low-yielding assets over the next few years to boost its capital position. This ‘write down’ accounts for more than 20 percent of the entire company. Another major weight on the carry basket came from a series of bad data from the high yielders. The most significant hit came from the New Zealand employment number, which dropped the most in 19-years. Amidst this heavy-handed data however, the Fed was once again the silver lining. The policy authority announced it would expand its TAF auctions from $50 to $75 billion and accept asset-backed debt.





...more...

5 Most Important Events for the Forex Market This Week

http://www.dailyfx.com/story/special_report/special_reports/5_Most_Important_Events_for_1210369357953.html

The majority of forex market-moving economic indicators will be contained to a 48 hour period this week, as the US dollar will face the release of Advance Retail Sales and CPI, while the British pound will encounter UK CPI, jobless claims, and the BOE Quarterly Inflation Report. Not to be forgotten, the New Zealand dollar could experience additional downward pressure as first quarter retail sales are likely to disappoint.

<snip>

US Advance Retail Sales – May 13

Advance Retail Sales are expected to fall back 0.2 percent after showing a surprising 0.2 percent gain during the month prior, but given the current economic scenario, this figure could prove to be even more disappointing when announced at 8:30 EDT. Indeed, consumer confidence is rapidly deteriorating and energy prices continue to skyrocket. There is little doubt that retailers are contending with difficult circumstances as they are forced to offer the biggest discounts possible in order to draw customers, which will negatively impact profit margins. However, there is potential for the Advance Retail Sales index to actually show a positive increase as the result of prices, namely, sales at fuel stations. Indeed, this index is not adjusted for inflation and average gas prices rose above $3.50/gallon during the month and have only continued to rise.

<snip>

US Consumer Price Index – May 14

The US headline consumer price index for the month of April is expected to rise 0.3 percent upon release at 8:30 EDT, while the annual rate of growth is forecasted to slow to 3.9 percent. A bulk of the increase will likely be the result of food and energy price gains, especially as oil traded from $100/bbl to $120/bbl over the course of the month. Meanwhile, core CPI is anticipated to show a mild 0.2 percent rise for the month, which would leave the annualized reading at 2.4 percent. However, if any of these figures surprise to the upside or downside, the markets will respond accordingly and the moves could be dramatic. On the other hand, if the CPI reports are released in line with expectations, Treasuries, the US dollar, and US stock markets may simply trade quietly.

...more...

I hope this isn't a re-post, but even if it is - it's worth reading again.

http://news.yahoo.com/s/nm/20080509/us_nm/usa_economy_women_dc?_ylt=Ao8d_lq3NkzthK6uKGeFNTvv5rEF

NEW YORK (Reuters) - The U.S. economic downturn has spread personal financial worries far and wide, but women are more worried about paying bills, losing jobs, providing for children and saving for retirement, according to a study released on Thursday.

The study comes as the U.S. economy has been mired in a half-year-long period of stagnation accompanied by a shrinking job market, rising energy prices and a downward spiral in consumer confidence.

The report said women, particularly among minorities, have more financial worries than men. It was based on a survey commissioned in February 2007 by the Rockefeller Foundation and an analysis by the Institute for Women's Policy Research.

"Since the survey was conducted in 2007, we can only imagine that economic anxiety has heightened since that time," said Barbara Gault, vice president and director of research at the Institute for Women's Policy Research.

"As our economy gets worse, women are going to feel the pain the most," Gault added. She was speaking to a news conference held for the report's release.

...lots more...

:grr:

Women have ALWAYS borne the brunt of economic downturns -- financially, physically, emotionally.

There are more widows than widowers; widows are far less likely to remarry than widowers. (I can survey my own circle of friends: one widower, remarried less than 2 years after his wife's death; five widows, one contemplating remarriage, the others adamantly opposed.)

Older women have a much higher chance of living in poverty than older men.

Women who are widowed or divorced or otherwise deprived of a breadwinner often have far fewer resources than men who are widowed or divorced; the situation is exacerbated for women if there are children to support, while men with children often find more sympathy and more support. (I have more anecdotal reports on this, too.)

And even all things being equal (huh, what???) women STILL only earn 77 cents to every dollar men make.


Tansy Gold, who had a much better interview yesterday but then they SWITCHED the job description and made it into something she is neither qualified to do nor wants to. :grr: :grr: :grr: :grr: :grr: :grr: :grr: :grr:

that bastard!

I gotta leave this thread, just causing too many bad flashbacks today!!!!

. . . . .two months ago.


:-(

I don't know what else to say....I'm sure she loves you very much and it somehow makes sense to her. (Yeah, that probably sounds pretty lame/cheezy - told you I didn't know what to say)

My boss was just a cheap bastard who didn't want to give me a raise or health insurance. :evilgrin:

and I keep running out of money. Rich boyfriends are in short supply these days. Got any brothers?

New Sig. Lines for our regular female posters, who have faced putdowns, career short circuting, passed over promotions, and endure the knowledge that you were 10 times smarter than your boss but had to fake it (and they think orgasms are the only thing we have to fake sometimes) ....I hope these are taken in the humour I intend them.

I still miss my ex-husband but my aim is improving. AnneD

I am here for the coffee, donuts and hot office gossip. Talking Dog

Only my cat understands me. Tansy Gold

No husband has ever been shot while doing the dishes. UIA

I need more money and power and less shit from you people. Demeter

If you must undress me with your eyes, please fold my clothes neatly. 54anickle

Don't talk to my breasts, they're deaf. My daughter (as relayed to me by one of her friends-as they were being annoyed by one drunk patron at a gig they were playing).



In memory of my self adopted Grandmother, Pearl, whose 4th hubby came home drunk and made the mistake of hitting her once (the only time he ever raised a hand to her)...

If you ever do that again, I'll fill you so full of buckshot, your ass will look like a tea strainer.

In case you guys cheated and read this-shame on you, no men allowed into the powder room-unless you're prepared to share your lipstick with us. Be nice to your wives.

:rofl:

I'm posting this from the library terminal, and reading your gift to me nearly got me thrown out. I can hardly see the screen for grinning.

I have a lot to grin about. I spent Mother's Day with my kid! Elinor is again my ward, with strings that we are working on cutting, and it will take months to recover from the chaos (I'm still trying to figure out who and how to sue for damages, given that the state has granted itself immunity), but I was a Mother for Mother's day!


As for the rest, I'm working 18 hour days because the opportunity came up and I need to replace or repair the computer. Also, I'm stupid and think I'm somewhat less than half my chronological age. At least it isn't snowing or freezing any more.

ELINOR IS FREE! NOW LET'S FREE THE REST OF US!

dp

smack 'em upside the head with a 2x4 and they'll think twice before they pull that crap again. Happy Mother's Day:grouphug:

"Life's a bitch, and so am I."


Tansy Gold

I chose cats because I they are the deep thinkers. Most dogs I know live in the moment.

consider it a belated Mother's Day Gift. It's nice to get something new now and again.

Although this thread "Stock Market Watch" is the best thread on DU. I'm referring to GD primaries as the culprit of the constant smear-fest. People are so dumbed-down they've become nothing but propaganda repeaters.

verbal abuse I'll just head on over to the R/T forum instead. :evilgrin:

Good to "see" you specimenfred1984! :hi:

02. Fed willing to increase TAF auction size: Bernanke
8:17 AM ET, May 13, 2008

3. Conditions in markets 'still far from normal:' Bernanke
8:17 AM ET, May 13, 2008

04. Bernanke: Fed moves have helped markets improve
8:17 AM ET, May 13, 2008

:thumbsup:

It's become the ONLY one I read anymore!

:donut: and lurkers. I have told you on occasion of my daily commute. I have mentioned the influx of out of state tags (esp. Michigan) the level of bus ridership (increase). As of late I have actual felt that it was getting lighter. I thought maybe because I was leaving earlier-I was experiencing less. Well, it made the local news this morning. The up side of the high gas prices is that more folks are carpooling, riding the bus, telecommuting, etc that the daily commute is 5 minutes less for most folks now than a year ago. I'm not sure of the stats but I sense there is some truth in that.

And while this may not seem like a big deal in and of itself, I noticed something else. On the way to church this Sunday, I pass by an area of Houston that has historically had a large number of car resale lots. Two things stood out: the number of those that had gone out of business, and the number of trucks for sale. I also noted that, unless the truck looked exceptional, trucks were priced lower than the cars.

Now, less folks driving and less gas guzzlers on the road seems to be a harbinger of a fundamental shift in attitude. Of course, folks will still hit the road for the summer. These days a trip across country seems a lot less hellish than air travel-even with high gas prices. At least when traveling by car-everyone wants you to keep your shoes ON.

Happy hunting and watch out for the bears.

WTO: China must address rich-poor gap

GENEVA — China must address a widening gap between its rich and poor if Beijing wants a "harmonious society," the World Trade Organization will report in a trade review of the Asian nation, according to a copy obtained Tuesday by The Associated Press.

The global commerce body also urges China to increase spending on health, education and pensions so that people rely less on savings and consume more in the report. This would "reduce China's reliance on exports for growth, and hence its vulnerability to economic slowdowns abroad," it says.

"China needs to continue to address a number of important social and economic challenges, including various economic imbalances, which could jeopardize the economy's stability and thus the achievement of a 'harmonious society,'" says the 193-page report, which will be made public later this month.

The WTO praised Beijing's "structural reform strategy" for helping the country become the third-largest economy and trading power in the world, with GDP rising by more than 30 percent from 2004 to 2006 and the number of people living on less than $1 a day declining to less than a 10th of the population.

But it warned that inflation has been rising, reaching an 11-year high of 7.1 percent earlier this year, largely because of higher food prices.

http://www.chron.com/disp/story.mpl/ap/business/5774861.html

We have enjoyed stability for so many years that some of out well heeled brothers have forgotten things like the coal mining riots and other labour riots. If folks get desperate enough-this country could turn on a dime and so can China.

in that direction. Granted it doesn't always appear to be so - sort of one step forward and two back. But it's making an attempt to move forward as opposed to the corporate led industrial west which is trying it's damned best to return to their robber baron ways.

are getting very mixed review. One thing I do like...CEO's convicted of corruption and bribery get the death penalty. I think that slows up some folks. I am in favour of a guillotine in front of the steps of the NYSE. :thumbsup:

our "snews" is so filtered and then there's the decades of preaching the evils of communism/socialism/anything other than pure capitalism that factor in along with China's not so stellar record on human rights so, yeah, reviews tend to be both mixed and tainted depending on the origin. Alas, truth to power/power to truth - what to do with the in betweens?

CHARLOTTE, N.C. (AP) — Wachovia said on Monday that its securities unit and affiliates had received inquiries and subpoenas from federal and state regulators over auction-rate securities.

Skip to next paragraph
Related
Times Topics: Wachovia CorporationIn a regulatory filing with the Securities and Exchange Commission, Wachovia said the S.E.C. and other regulators were seeking information concerning the underwriting, sale and subsequent auctions of municipal auction-rate securities and auction-rate preferred securities.

Interest rates on such securities are reset at regular auctions. Troubles have arisen as demand for some high-rate securities dried up as rates fell.

“Further review and inquiry is anticipated by the regulatory authorities, and Wachovia will cooperate fully,” the company said in the filing.

According to the filing, the bank and Wachovia Securities have also been named in a lawsuit filed in March in New York. The lawsuit seeks class-action status for customers who purchased and continue to hold such securities, and it contends there were misrepresentations concerning the quality, risk and characteristics of the securities. The bank said it intended “to vigorously defend the civil litigation.”

more...

http://www.nytimes.com/2008/05/13/business/13wachovia.html?_r=1&adxnnl=1&oref=slogin&ref=business&adxnnlx=1210688477-QFTthuTPOMAbMBYgSR3CDA

Things that make you go hummmmmm........

NEW YORK - The economic downturn is hitting roughly one in 10 middle-aged and older Americans especially hard, compelling them to borrow money for everyday living expenses and to seek help from family, friends or charities, according to a survey released Tuesday by the AARP.

In the telephone survey of 1,002 adults 45 and older, nearly four in 10 said they had helped a child pay bills or expenses. Among retirees, one-third said they'd helped their children pay bills. Eight percent said they'd helped a parent pay bills or expenses. The survey's margin of sampling error was plus or minus 3 percentage points.

One-third of survey participants said they stopped putting money into their 401(k) or retirement account and 14 percent said they had cut back on their medications.

"We have patients coming in fewer times," said registered nurse Tucky Franz of Salisbury, Md. "They'll cut back because of the copay."

The majority of baby boomers said they were finding it more difficult to pay for essentials and utilities, and six in 10 said they had cut back on eating out and entertainment.

http://news.yahoo.com/s/ap/20080513/ap_on_bi_ge/economy_survey

And all this time our leaders have been denying that we are in a recession? What idiots.:grr:

Kenneth C. Griffin, who runs one of the biggest and most successful hedge fund firms, has a blunt assessment: “We, as an industry, dropped the ball.”

Kenneth C. Griffin, founder of the Citadel Investment Group.
The breakdown happened, Mr. Griffin contends, when big investment banks gambled away money and jobs during the late great credit boom. The bosses let all those young gung-ho traders take far too many risks and now everyone is paying the price.

But the answer is simple, in his view. The entire industry needs to overhaul its thinking and, believe it or not, perhaps even accept greater regulation.

Wall Street might expect that attitude from an outsider, one of the after-the-fact naysayers with a grudge against capitalism. But Mr. Griffin, the baby-faced founder of the Citadel Investment Group, the $20 billion hedge fund, is quite the opposite. And he, too, is frustrated about the mess in financial services.

more...

http://www.nytimes.com/2008/05/13/business/13sorkin.html?ref=business

This is a interesting read, I would be adding more regulations though. Funny how it isn't a depression til you lose your job........

What the heck is -THAT- supposed to mean?

I maintain what these people were practicing is as far from capitalism as anything I've ever seen.

that I now of.I wonder why oil and gas went back down even though there climbing back up again oh and keep up the great work guy and gals I love reading this thread every morning and threw out the day:toast:

Welcome aboard and thanks for the one the ground report. I here things are tough in Ohio now. Hope things are better for you....:hi:

office.Its tough here but not as bad as it is in louisiana were I came from.I know people in N.o. had it rough.allot of them migrated up the state were we lived.:hi:

and Welcome

:hi:

NOLA folks here. Work here during the week and commute home on weekends. We have LSU flags all over the place.

It is piracy disguised as capitalism.

Dow 12,832.18 Down 44.13 (0.34%)
Nasdaq 2,495.12 Up 6.63 (0.27%)
S&P 500 1,403.04 Down 0.54 (0.04%)
10-Yr Bond 3.909% Up 0.134
NYSE Volume 3,985,496,000
Nasdaq Volume 1,900,809,125

4:25 pm : The stock market traded in a tight range on Tuesday, with stocks finally settling with a slight loss near the unchanged mark after being down as much as 0.5% and up as much as 0.2%. Positive developments regarding two stalled acquisitions and better-than-expected retail sales data helped offset concerns regarding financials, Hewlett-Packard's (HPQ 44.27, -2.56) latest purchase, and weakness in shares of the world's largest retailer.

In corporate news, Wal-Mart (WMT 56.65, -1.37) posted solid quarterly earnings, topping expectations by one cent. Shares were under pressure, though, as traders decided to take profits after the company provided guidance that left more room for disappointment than a positive surprise. Wal-Mart is still handily outperforming this year, with a 19% gain.

Hewlett-Packard preannounced second quarter earnings that were above expectations, and raised its full-year estimate. However, shares took a steep 5.5% drop on fears that HP is overpaying for its $13.9 billion, or $25 per share, acquisition of Electronic Data Systems (EDS 24.34, +0.26).

Financials (-1.4%) acted as the major drag on the broader market. Oppenheimer cut its earnings estimates for full year 2008 and 2009 on Goldman Sachs (GS 190.33, -1.75), Merrill Lynch (MER 48.26, -0.89), Lehman Brothers (LEH 42.95, -1.60) and Morgan Stanley (MS 46.61, -1.04). Oppenheimer believes the outlook for financials is far bleaker than reflected in the market.

Rating agency Moody's said that incurred portfolio losses at MBIA (MBI 9.32, -0.53) and Ambac (ABK 4.00, -0.33) are now higher than the agency's prior expected-case loss estimates. Moody's is concerned over the capitalization ratios of bond insurers MBIA and Ambac relative to the Aaa benchmark. The news sent the financial sector to session lows.

The stock market, however, managed to limit its losses, as several items spurred some modest buying interest.

Yahoo! (YHOO 26.56, +1.30) posted a strong 5% gain on a CNBC report activist investor Carl Icahn is mulling a Yahoo proxy fight. CNBC said that if Icahn were to win three to four board seats, he would be able to force a deal with Microsoft (MSFT 29.78, -0.10) assuming Microsoft was still willing.

Clear Channel (CCU 34.30, +1.43) has reached a settlement against the banks it sued, according to CNBC. The financiers will now fund Clear Channel's transition to a private company at $36 per share.

The energy sector provided leadership with a gain of 1.2%. Crude oil spiked to an all-time high of $126.98 per barrel, before settling with a gain of 1.3% at $125.85.

In economic news, April retail sales, excluding autos, rose 0.5%, which topped the median estimate that called for growth of 0.2%. This advance was not due to a spike in gasoline costs either -- gasoline station sales actually fell 0.4%. When including autos, retail sales fell 0.2%, which matched expectations. These data indicate sluggish economic growth, not a recession -- as Briefing.com has been arguing all along.DJ30 -44.13 NASDAQ +6.63 NQ100 +0.2% R2K +0.5% SP400 +0.6% SP500 -0.54 NASDAQ Dec/Adv/Vol 1359/1461/1.89 bln NYSE Dec/Adv/Vol 1438/1657/1.21 bln