The squeaky wheel gets the oil, but in the world of politics and finance it also gets the attention. Unless it's for something that brings in money and votes, attention in those realms is often the last thing wanted. On that note, it's fantastic when attention is elsewhere. In the world of politics, there is no doubt Herman Cain was a winner because of Rick Perry's gaffe, which will be played forever (really) and made everyone forget about those nasty allegations (Cain passed a lie detector test) against the pizza magnate. (On the other hand, Newt Gingrich was set up to be the big winner on Wednesday and he performed well, but again, there was only one thing anyone talked about yesterday.)

On the world economic stage, France has been able to scramble in anonymity as Greece, and then Italy, hogged headlines with their close calls, political ineptness and pending

Preparation began months ago on my end to begin thinking through scenarios for the upcoming holiday season. Talking to management teams, Google-searching anything related to holiday and retail, and scouring the web for retailers that are trying to play Santa in August. Thus far, the mood in the marketplace is one of gloom for the biggest chunk of a retailer's annual sales and earnings, and let me tell you the dark period in executive commentary has not helped to dispel fears. The organizations that release holiday sales forecasts have generally adopted bullish stances, though I always question their figures and instead opt to place more emphasis on what my contacts are saying and dot connecting via countless conference calls.

There are a couple of anecdotal tidbits that I feel are worth mentioning ahead of today's consumer-oriented data frenzy, headlined by September retail sales (August was a disappointment, July was revised

Yesterday we finally got around to passing free trade agreements with Colombia, Panama, and South Korea, which have been lingering around for four years. The pacts will generate $13.0 billion for America and will create jobs. Plus, it sends a message to the rest of the world we are still in the business of making business. The sad thing is that outside of the standard statement, the White House isn't going to brag about this bill because it was heavily opposed by unions. Yet, this is the kind of thing the White House should tout, and tout loudly. Just as last week President Obama had to issue an order to stop rail workers from going on strike.

Again, with the Administration pushing hard for union growth in this country they didn't want to highlight the fact unions were prepared to cripple commerce by trying to extract more from rails during

Boy, if one didn't realize any better it would seem as if the September jobs report came in below consensus or only showed moderate improvement from August. Alas neither was the case; there were nice upward revisions to July and August and the September headline sped past consensus. The way I am thinking about it, at least until the weekend when a slew of thoughts are likely to arise, is that there are strong negative undercurrents to any positive turn in economic data. They include:

* It's simply not enough. For example, in numerous places today the talking heads are saying the economy needs 200,000 jobs a month to move the economic needle. So, anything less than that will be viewed as a failure that fosters subpar growth.

* Any positive bias in the data will slowly remove the Fed from the mix as a booster to risk assets. The

Tension from the never-ending saga in Greece continues to weigh down our market, but it's coming to a head, and I think those holding the purse strings will blink. Germany and the so-called Troika of the EU, ECB, and IMF have been at this too long for it not to be obvious they are committed to preserving the euro even if it means Europe pays a much larger price in the future. I wouldn't be surprised if the drama ramped up, and upon checking Greece's books, massive fraud and damning revelations are uncovered. It doesn't matter. The deal is going to happen. In the meantime, this week has been like this month -- down no matter what.

In the past 24 hours we got four better than expected economic releases, and in the case of today's data, it was much better than expected. At some point, it matters. Better news

So the crisis in Europe won't go away, and it continues to cast a shadow over our stock market. However, the more I think about the European situation the harder it is to comprehend it all. Sure, decades of socialism have left Europe with massive debts and a lackluster, though very educated, workforce. High taxes have led to an epidemic of evasion and to a black market economy that rivals legitimate output. I get that Greece, Spain, Portugal, and maybe Italy have embedded problems that might doom them to second class participation in a eurozone continent. Most of it is the fault of people that more or less became too comfortable and too dependent. However, what's really going on right now isn't an attempt to save people as much as it's an attempt to save banks.

It's sort of ironic considering the slurs leveled at American banks and at our

We have to take the time to remember those that perished during the 9-11 attacks and say a prayer for them and their families. It's a day I will never forget. It's a day that changed my life forever. I think it made me stronger and the nation stronger, too, but the scars never go away.

God Bless America.

"It will provide a jolt to an economy that has stalled, and give companies confidence that if they invest and hire, there will be customers for their products and services. You should pass this jobs plan right away."

It wasn't a great speech, and didn't hit us with anything new, although I kept thinking maybe there would be a Steve Jobs moment ..."and one more thing, I've paid attention to what's happening and I'm going to ask Congress to cut taxes on individuals and corporations." That didn't happen. What didn't happen

"Fraud!" cried the maddened thousands, and echo answered fraud;
But one scornful look from Casey and the audience was awed. They saw his face grow stern and cold, they saw his muscles strain,
And they knew that Casey wouldn't let that ball go by again. The sneer is gone from Casey's lip, his teeth are clenched in hate;
He pounds with cruel violence his bat upon the plate. And now the pitcher holds the ball, and now he lets it go,
And now the air is shattered by the force of Casey's blow. Oh, somewhere in this favored land the sun is shining bright;
The band is playing somewhere, and somewhere hearts are light,
And somewhere men are laughing, and somewhere children shout;
But there is no joy in Mudville - mighty Casey has struck out."

-"Phin"

In "Casey at the Bat," Ernest

Given how truly badly we are doing in meeting our employment mandate, I argue that the Fed should seriously consider actions that would add very significant amounts of policy accommodation.- Fed Chicago Bank Chief Charles Evans

Even considering his well-known dove status, the emphasis on the Fed's poor job handling the recovery by Evans certainly made the masses take notice. The Fed isn't just doing a bad job at fulfilling its employment mandate, it's doing a "truly bad" job. However, I would cut the Fed a little slack here as it could only do so much to bolster employment; fiscal policy has to come together, as do the various branches of government.

Above all else, this week's Fed speeches suggest fairly strong disagreement in the ranks of the FOMC that will have to be consolidated under the leadership of Chairman Bernanke if the market is to receive its pound

It feels like it's all caving in today even with the Dow off its lows. This action (or inaction) is clearly a vote of no-confidence, and not about valuation. But, we must sharpen our pencils on the macro view. There is no doubt with everyone in a foxhole numbers change, but current valuations are pricing in Armageddon. There is massive pain for banks, here and in Europe, but our future could be great with a small amount of pain now. Consumers might actually fool many if gas prices begin to drift a little more. Then there's the issue of expectations, which continue to decrease. But the notion of an official double-dip gained credence with today's Philly Fed report that hit stocks harder than European woes.

The reading on manufacturing in the Philly Fed region was jaw-dropping stuff that took us directly back to March 2009. This is the August reading,

One of the security guys stopped me yesterday to talk about the market. The pained expression on his face said it all. It was a combination of exasperation coupled with befuddlement that our nation can't seem to get it together. He talked about the 2008/2009 selloff and how he didn't sell, but now he's not sure he could handle such a ride again. He was dejected because his gut tells him this shouldn't be happening. He does hear the figures tossed around, the trillions of dollars that went out to so many people and entities but not to him. Why didn't it work? He understands how privileged he is to live in America, and even with the shenanigans of the market acknowledges with pride someone doing his job 20 years ago couldn't afford to invest in the market.

It's people like him that are getting crushed in the effort to

"Liberty means responsibility. That is why most men dread it." -George Bernard Shaw

The focus of the debt ceiling drama continues to be the response to an inability to reach a deal. I think the greater focus should be on responsibility. We must keep in mind we are debating how much money to borrow so we can pay back money that we've already borrowed. That is just a sliver, albeit not too small a slice, of the greater issue. There is also the notion we ultimately must live within our means. This includes not making promises we cannot keep. It is responsible to be honest about those promises. Yes, people put money into the Social Security and Medicare buckets but consume three times more when it's all said and done, and that money has to come from somewhere other than a Ponzi-like scheme.

I still think people should be

It was once the most valuable company in the world. The thing is the company didn't sell whale oil or make typewriters. No, Cisco (CSCO) makes the stuff that makes the Internet work. In other words, the company should be larger now than it ever was, and its share price trajectory should have mirrored hot names like Netflix (NFLX) or Apple (APPL). instead the stock is off 81% from its March 2000 high. What happened? I gave up on trying to understand the innards of the company a long time ago, but in a nutshell, the company put it in park with respect to imagination and urgency.

The story is a cautionary tale for all businesses, individuals and our government. When Cisco announced yesterday it was laying off 10,000 workers it wasn't about the macro economy, it was about failed leadership. John Chambers has run the company for 16 of

By now, we are all aware the U.S. economy is brewing into what could become the ultimate perfect storm. The thing is that we can see it coming; it’s not something that will descend upon us one otherwise sunny afternoon. It’s not like that dust storm that engulfed Phoenix this week.

Right now, our political leaders are riding through a storm, holding onto hopes of getting reelected even if it means we stay the course and eventually face a storm that leads to a desert of despair. The haboob (sandstorm pushed by strong winds) that swept through Phoenix delayed flights and will have everyone there washing cars, clothes, and pets for the rest of the week.

For the economy, it works the opposite. We have to clean up our act now to avoid the financial haboob. This is not just an American story, but one about the decline of

Yesterday, President Obama held a quick press gathering to update the American people on the progress of the debt ceiling negotiations. Obama talked about "common ground," but also said there are serious obstacles. It got me to thinking what's really needed is common sense, and if that happens to be the same spot as common ground, then so be it.

If common sense isn't a place where both parties could cull out enough political points, then someone has to bite the bullet. At least the tone of the rhetoric has cooled, even as many on the Left cheered the belittling press conference over the weekend. (What better way to celebrate the nation's birthday than acknowledging the flaws from the Commander in Chief, suggesting our children will eat tainted lunches unless corporations lose certain tax treatment -- all because the tone was rough and tough?)

There is nothing more common sense

It was a wild ride that exposed all the emotions of the market in a single session. The fear and heightened anxiety, the confusion, the anger, and even the opportunistic side of the market is always part of the fabric but has been prone to being layered under. The thing is right now the first emotion/instinct is to sell and then ask questions later. In so many ways it was surprising the market would tumble so much on lower oil prices. But, that's where the issue of trust stands out; there is always an ulterior motive, what was it this time?

What was the motivation of buyers that emerged midday, first nibbling and then taking bigger chunks? There was a report of an agreement between Greece and the EU on austerity, but that seemed erroneous since the measure has to be passed by the Greek parliament. I think it will

They say if you're playing poker and can't find the mark, then guess what? You are. Yesterday the IMF issued a series of statements including: "We stand ready to continue our support for Greece" and "We see a positive outcome." I guess it is easy for the IMF to come up with cash for Greece since it's one of those global organizations that promotes socialism and doesn't have to stand up to the rigors elected officials face when squandering money.

Of course, it doesn't hurt that 17.7% of the cash promised to Greece will come from American taxpayers; it's so easy to be generous with other people's money. Here's the thing: There should be riots in American streets as billions continue to flow from the hands of hard-working folks to people and situations outside our country. This is yet another indirect bailout of European banks. These same banks got paid

There is a ton of economic data to sift through, but it's like feeling around for a pearl in a barrel of scorpions. In fact, the best news is still not great news. Petroleum inventories didn't decline as much as anticipated so oil is higher but equities are off their lows of the session since the release of that news. If crude demand is such that it's lowering inventories then just how much economic retrenching is really happening? Since I have my rationalization hat on, how about the inflation data out this morning as it was down month to month and the core came in at 0.1%. I'm not one of those pencil-headed guys that can rationalize that people don't eat or buy gas but maybe the pace of inflationary trends is slowing.

I don't think gasoline will drop much more than it has because of demand, manipulation, government taxes,