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Federal Reserve Events
Wednesday, May 13 JEKYLL ISLAND, Ga. - Federal Reserve Bank of Atlanta
President Dennis Lockhart gives luncheon speech and closing
remarks before the Federal Reserve Bank of Atlanta "Financial
Innovation and Crises" conference. Event begins 1200 EDT/1600
GMT. Other details TBA. Jekyll Island Club Hotel. Contact: Lisa
Lee-Fogarty, 404 498 8267 or email@example.com. Agenda:
MINNEAPOLIS - President Gary Stern to retire from the
Federal Reserve Bank of Minneapolis. Date TBA
FED MONTHLY REPORTS
Monday, April 6
CHICAGO - Federal Reserve Bank of Chicago releases the
Midwest Manufacturing Index, 1100 CDT/1200 EDT/1600 GMT
Tuesday, April 7
WASHINGTON - Federal Reserve releases February consumer
credit figures, 1500 EDT/1900 GMT.
WASHINGTON — Lawrence H. Summers, the top economic adviser to President Obama, earned more than $5 million last year from the hedge fund D. E. Shaw and collected $2.7 million in speaking fees from Wall Street companies that received government bailout money, the White House disclosed Friday in releasing financial information about top officials.
Johnson Controls Update -10
Plants Yellow/Roadway Trucking -600
FedEx Salaried Workers -1,000
Rockingham Sheriff's Office -10
Hamilton Sunstrand -300
Shipman and Goodwin Law Firm -26
Bowling Green State Univ. -15
MKS Instruments -370
Law Firm Edwards Angell -9
Domtar Shuts Mill For 10 Weeks -500
B and C Corp. -142
APAC Customer Services -95
Sherwin Williams Closing Plant -120
Acadian Asset Management -16
Cannondale Bikes -200
TV Stations KMPH/KFRE -22
Winnebago County Govt. -48
Bloomsburg Mills Closing 2 Plants -226
John Zink -63
TOTAL - 3,900+
More at Link...
China’s Dollar Trap
Back in the early stages of the financial crisis, wags joked that our trade with China had turned out to be fair and balanced after all: They sold us poison toys and tainted seafood; we sold them fraudulent securities.
But these days, both sides of that deal are breaking down. On one side, the world’s appetite for Chinese goods has fallen off sharply. China’s exports have plunged in recent months and are now down 26 percent from a year ago. On the other side, the Chinese are evidently getting anxious about those securities.
But China still seems to have unrealistic expectations. And that’s a problem for all of us.
The big news last week was a speech by Zhou Xiaochuan, the governor of China’s central bank, calling for a new “super-sovereign reserve currency.”
The paranoid wing of the Republican Party promptly warned of a dastardly plot to make America give up the dollar. But Mr. Zhou’s speech was actually an admission of weakness. In effect, he was saying that China had driven itself into a dollar trap, and that it can neither get itself out nor change the policies that put it in that trap in the first place.
More at Link...
U.S. May Keep Losing Jobs in Coming Months, Extending Worst Postwar Slump
April 4 (Bloomberg) -- The U.S. may suffer further job losses in the coming months after employers cut payrolls by 633,000 in March and the unemployment rate jumped to a 25-year high of 8.5 percent.
A host of companies -- from manufacturers such as Johnson Controls Inc. and Dana Holding Corp. to service providers like International Business Machines Corp. and even the U.S. Postal Service -- have announced plans to eliminate jobs in the face of depressed demand from their customers.
“We expect labor-market conditions to remain appalling for many months to come,” Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez Inc. in New York, wrote in a client note following yesterday’s report from the Labor Department.
The risk is that a continued hemorrhaging of jobs triggers another round of spending cuts by consumers, pushing the economy deeper into a recession just as it is showing signs of steadying after plunging in the fourth quarter.
“We are not out of the woods yet,” Federal Reserve Vice Chairman Donald Kohn said in a speech in Wooster, Ohio, yesterday. He added that the central bank and administration of President Barack Obama must remain “flexible and open” to taking further measures to help the economy.
Originally posted by stander
This gets settled
Top US lawmakers said Thursday that Congress would take action if accounting regulators and rulemakers failed to quickly improve the mark-to-market accounting standard that has forced banks to record billions of dollars in asset writedowns.
and the banks will record only the good news. That will stabilize the banks in the eyes of the traders and in less than one month, the Dow will snake around the 8k beam.
That's got to be the most sarcastic Amen in history.
How did you keep your face straight?
As for stander, he's too busy making money. And between you and me he's been sending demand notes and invoking his notoriously exorbitant commission fees.
Originally posted by pause4thought
...But don't be surprised if you're now classified as a bone fide financial villain.