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Originally posted by marg6043
Firs of all I will like to remind people that this thread is for the enjoyment of all members and non members that wants to keep track of the markets, find information, learn about the economy, its reason for volatility, the many other reasons that is affecting the nation and not exclusively the markets alone.
Nobody should influence with opinion others into buying selling or investing in anything at all that will go against TOs of the site.
If any member decide to do that it should done by privately means with the other party involved but not while posting in the board.
While I have enjoyed the Threads opinions, facts, fables and historical views on economic issues I hope it doesn't have to close because somebody may feel that it could use it to lure others into investments ventures.
Just a friendly advise.
[edit on 14-3-2009 by marg6043]
Originally posted by Hastobemoretolife
reply to post by marg6043
Yes they are.
We really need to think about the direction this country is heading. The path we are going down we are going to be left out in the cold. We have to do the opposite of Obama's agenda. This is not the time for partisan politics. We have to let these banks fail, nobody knows what will happen if they let them fail, but I have a feeling that the effect is not going to be as bad as what these people are thinking.
We cannot keep pumping trillions of dollars into these zombie banks or the economy. It is time for a major change in Foreign Policy. It is time to look at everybody and tell them straight up, we can no longer afford to prop up the rest of the world. Globalization has failed and it is time to accept that fact and restructure to what is best for our individual countries.
That is the only recourse I see. We just don't have the money or resources to be able to play Keynesian Economics anymore.
[edit on 14-3-2009 by Hastobemoretolife]
City Of Springfield MA -89
National Machinery 2 Week Layoff -340
City Of Aspen -6
Mariposa County Schools -20
Toledo Police -75
Richland County Sheriff's Office -12
Lincoln Paper And Tissue -17
Vallourec And Mannesmann Tubes Corp. -50
Cessna Aircraft Plans Furloughs
Hawker Beechcraft Laying Off
Baker Hughes 2nd Round -1,500
Freightliner Opens a $300 million Plant In Mexico (after laying of 1,200 in the US)
Multnomah County -13
City Of Half Moon Bay -19
BC Ferries -35 Hufcor Inc. -100
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You know total anarchy is going to break loose if banks fail.. and why would you want this to happen in the first place anyways?
Fair-Value Accounting Isn't Working, Wells Fargo Chairman Kovacevich Says
March 14 (Bloomberg) -- Fair-value accounting rules don’t make sense when there’s no market to accurately price securities, Wells Fargo & Co. Chairman Richard Kovacevich said.
“Mark-to-market is fundamentally not about a quote on a screen,” Kovacevich said yesterday in a speech at Stanford University in California. “It should always be about expected cash flows.”
Mark-to-market accounting requires companies to set a value on most securities every quarter, based on market prices. Banks including Citigroup Inc. have said the rule doesn’t work when trading freezes because banks must write down the assets to pennies on the dollar. The rules were designed to enhance transparency in bank balance sheets and indicate true financial health, according to investor groups and the accounting industry.
Robert Herz, chairman of the Financial Accounting Standards Board, may encourage bank executives to be flexible in valuing their assets, he said in an interview yesterday after testifying at a House subcommittee hearing. Banks and securities firms worldwide have racked up more than $1.2 trillion in losses and credit writedowns amid the worst financial crisis since the Great Depression.
Kovacevich, 65, said that 90 percent of the assets that led to those losses are from loans that were originated between 2005 and 2007 when credit was cheap and banks ignored underwriting standards.
BTW: Anyone see Glenn Beck cry on his show today!!?
Mark-to-Market Meeting Set By Accounting Board
The Financial Accounting Standards Board is planning to discuss mark-to- market accounting rules on Monday.
The FASB says it will discuss "additional application guidance that would clarify" how mark-to-market is used in illiquid markets.
On Thursday, U.S. lawmakers told the top U.S. accounting rulemaker to deliver new guidance on mark-to-market accounting within three weeks, or face legislation changing the rule that has forced banks to write down billions of dollars in assets.
Financial Accounting Standards Board Chairman Robert Herz, under a barrage of questions, initially committed to the three-week timetable but later said he would have to consult with other board members.
"I will take back a very clear message from today," Herz told the U.S. House of Representatives capital markets subcommittee. "We'll do everything that we can."
The Securities and Exchange Commission's acting chief accountant, James Kroeker, told lawmakers "we can absolutely work with the FASB within that timeframe."
On the docket
Monday: February industrial production and factory output are on track to continue to decline as the recession wears on.
Production is expected to have fallen by a seasonally adjusted 1.2% in February after falling by 1.8% in January, according to a consensus of economists surveyed by Briefing.com. Capacity utilization, a measure of factory output, is expected to drop to a seasonally adjusted 71.1% from 72% in January.
The NY Empire State index, a key regional manufacturing report, is expected to have improved marginally after hitting a record low last month. The index is expected to have improved to a reading of negative 32 in March from negative 34.7 in February.
Also due: The National Association of Home Builders report on homebuilders' confidence in the current market and the outlook six months from now.
Tuesday: Reports on housing and wholesale inflation are due in the morning.
Housing starts are expected to have fallen to a 453,000 annual unit rate in February from a 466,000 unit annual rate in January. Building permits are expected to have fallen to a 510,000 annual rate from a 531,000 annual unit rate in January.
The Producer Price Index (PPI), a measure of wholesale inflation, likely rose 0.4% in February after rising 0.8% in the previous month. The so-called Core PPI, which strips out volatile food and energy prices, rose 0.1% after rising 0.4% in the previous month.
Wednesday: The Consumer Price index (CPI), a read on consumer inflation, is due in the morning. CPI is expected to have risen 0.3% in February after rising 0.3% in January. The Core CPI is expected to have risen 0.1% after rising 0.2% in January.
The latest interest-rate decision from the Federal Reserve is due Wednesday afternoon at the conclusion of the two-day policy meeting. The Fed is expected to hold rates steady near zero and to say that it is ready to take additional steps to help mend the U.S. economy and credit markets.
Thursday: The Philadelphia Fed index, another regional reading on manufacturing, is expected to have improved modestly to 40.0 in March from 41.3 in February.
The index of leading economic indicators is expected to have fallen 0.6% in February after falling 0.4% in January.
The weekly jobless claims report is also on tap.
Friday: Fed Chairman Ben Bernanke speaks in Phoenix on the financial crisis and community banking.
This is about what I'm expecting...if the rally holds, it'll just kind of spin it's wheels at a certain point.
A few who got it right
Commentary: What do those who called the downturn think?
Technical analyst Sandy Jadeja, chief market strategist for ODL Markets in London, did have a target: 6425 in the Dow Jones Industrial Average. On March 9, the Dow hit 6440 at one point before Tuesday's massive rally.
He thinks Wednesday's higher close for the Dow is a good sign for the short run. The Dow was up nicely Thursday morning on retail sales data that were slightly better than expected. He's looking for a rally that would take the Dow back up to 8300.
But don't count on much more than that, he cautions.
He says 6400 is "a critical level going back to 1987, the 1930s and the 2002 lows." He expects it to be retested, and if the market can't hold that support level, then it could go a lot lower.
He thinks the bear market could hit bottom in 2010 or even 2011 or 2012. "5300 is the most probable low," he says. But Fibonacci and Elliot Wave analysis -- tools used by technical analysts -- may point toward 3700-3800 as the ultimate bottom. Ouch.
1. Wholesale sellout of core strategic assets to foreign acquirers:
2. Decline of vital industries through bankruptcy, foreign predatory practices, and foreign acquisitions.
3. Inability to manufacture competitively:
4. Overdependence on imports:
5. Massive wealth transfer to foreign ownership:
6. Loss of job and career opportunities for people at all education levels:
7. Insourcing of foreign manufacturers destroys our domestic industries, takes profits and taxes overseas, and provides only low-skill jobs for American workers:
8. Dependence on foreign financing of government debt:
9. Outsourcing key manufacturing, research, and design:
10. Transition to services-oriented economy:
11. Lost scientific, engineering, technological prowess:
12. Wealth shift into less productive assets:
13. Record levels of personal and government debt:
15. Proven failed trade policies and other counter productive legislation contributing to our demise:
Originally posted by Hastobemoretolife
reply to post by spinkyboo
It think it is because it is the weekend. Or maybe it was a good week.
It is a good thing though.