Daniel Harrison thinks Dow Jones' new Economic Stimulus Index is a bunch of crock: "Instead of tracking share prices, a really useful economic stimulus index would monitor the earnings of the top 50 stocks which are recipients of the bailout funds. Then we’d have a much better idea of how these companies are performing." [View news story]
You will see in the next election if the stimilus bought the votes it was supposed to. And look at the Chrysler dealers fiasco....if you voted Republican you got canned....hmmmm....looks to me like the Democrats will get many more votes....and we all sit by as this happens
Terms of the revised bondholder deal appear in a just-filed 8-K. Bondholders will be given 10% of the "new GM" (and warrants for another 15%). Treasury gets 72.5%. New VEBA gets 17.5%. An "unofficial committee of unsecured GM Noteholders" and other large investors holding 20% of bond debt support the new proposal. New GM would have $17B in debt, including $8B owed to Treasury. [View news story]
This will be a new Amtrak...billions for years to come..but it keeps votes...and it gains power...they will force little cars on the "people"..and will tax or restrict their competitors....the Government and the union running a company...LOL...its Socialism...it truly is scary what is happening right in fron of our eyes and we are just sitting back and watching.....you may think I won't buy one...but the government will force you too...and if you have a foreigncar in their parking lot ...guess whos brownshirts will trash it..and what regulation will not allow you to insure a foreign car...and on and on..we didn't think they could do it...they ARE doing it
Durable Goods Orders:+1.9% in April vs. consensus of 0.5% and last month's -2.1% (revised). Net of transportation, +0.8% vs. last month's -2.7%. [View news story]
The private part of this is down....the government is taking over..that is a lot of power
Down down down....people losing their jobs every week....and at a large amount...now you can see why Federal tax reciepts are down 35%....& years treasury notes on sale today..lets see if there are any "real" buyers and not our government....I am not sure how this is going to fall out...government owned industries...20% interest rates...federal default....90% tax rates...socialism........ war.....its getting hard to predict anything
interest rates go up..housing sales go down...so house prices have to fall even more..and then more defaults..and small companies can't get loans to keep going..and cities pay more for bonds...we are in deep do do
GM (GM) makes it official: its tender offer has failed. GM says the amount of notes tendered was "substantially less" than the amount required by GM to satisfy its debt-reduction requirement with the Treasury (90%). (earlier) GM -12% to $1.28. [View news story]
Now lets watch and see what Obama is and what he is going to do about this...will he throw out all contract law and use the big socialist hand on the Bancrupcy or will he let the investors fight for their rights...I think he will overstep his rights and tell them what HE wants them to do....investors out....workers/comrads in
Retail stocks are among today's leaders after April Consumer Confidence knocked out the windows. S&P Retail Index +3.5%, with luxury stocks like Tiffany (TIF +5.2%) and Macy's (M +4%) leading the way. [View news story]
The average joe on the street has no concept of Economics.....the sun is coming out, schools out, and they are getting a three day weekend....thats enough for them to say great...they have no idea what a deficit is......lol
Sources say a search to replace AIG (AIG) chief Ed Liddy could take 3-6 months, which seems optimistic considering the job description includes coming out of a comfortable retirement to put up with congressional buffoonery on an almost weekly basis for a $1 pre-tax salary. AIG also said it will split CEO and chairman jobs, and proposed a 20:1 reverse stock split. [View news story]
It will be a politicaly correct pick...African American, woman, from Chicago I expect....this is a government bureaucracy now....nothing less than the post office....
With a glut of foreclosed homes on their hands, some banks choose to raze new houses rather than fix code violations. [View news story]
a lot of these homes have been stripped of all the valueables...wiring included...its a shame..yes..its a crime..yes...what is being done..nothing...its the new third world country..remember Iraq after the fall of Saddam...we are no different...
Retail chain store sales fell 0.7% from a week ago, ICSC says, and dropped 1.7% Y/Y. Consumer traffic fell for most segments, including grocery, drug, department stores and discounters. [View news story]
This is a good statistic....people are cutting back...good for them..back for the economy and the governments that run them....sales taxes and income taxes will be way down
Baidu.com (BIDU): Q1 EPS of $0.86 beats by $0.10. Revenue of $119M (+41.5%) vs. $116M. Shares +0.6% AH. (PR) [View news story]
I am still trying to figure out how that is a 41.7% increase.......I need that accountant..maybe he used to work for the investment bankers..that how they got such big bonuses....
Daniel Harrison thinks Dow Jones' new Economic Stimulus Index is a bunch of crock: "Instead of tracking share prices, a really useful economic stimulus index would monitor the earnings of the top 50 stocks which are recipients of the bailout funds. Then we’d have a much better idea of how these companies are performing." [View news story]
When millionaires say they won't stand being fleeced by tailor-made rich taxes, they mean it. [View news story]
Terms of the revised bondholder deal appear in a just-filed 8-K. Bondholders will be given 10% of the "new GM" (and warrants for another 15%). Treasury gets 72.5%. New VEBA gets 17.5%. An "unofficial committee of unsecured GM Noteholders" and other large investors holding 20% of bond debt support the new proposal. New GM would have $17B in debt, including $8B owed to Treasury. [View news story]
Durable Goods Orders: +1.9% in April vs. consensus of 0.5% and last month's -2.1% (revised). Net of transportation, +0.8% vs. last month's -2.7%. [View news story]
Initial Jobless Claims: 623,000 vs. last week's 636,000 (revised) and consensus of 628,000. Continuing claims rises 110K to 6.788M. [View news story]
It's hardly surprising that tax receipts are down, given the economic slump. But 34% is staggering, and prompts the question: What does this imply for the federal budget? [View news story]
GM (GM) makes it official: its tender offer has failed. GM says the amount of notes tendered was "substantially less" than the amount required by GM to satisfy its debt-reduction requirement with the Treasury (90%). (earlier) GM -12% to $1.28. [View news story]
Retail stocks are among today's leaders after April Consumer Confidence knocked out the windows. S&P Retail Index +3.5%, with luxury stocks like Tiffany (TIF +5.2%) and Macy's (M +4%) leading the way. [View news story]
Sources say a search to replace AIG (AIG) chief Ed Liddy could take 3-6 months, which seems optimistic considering the job description includes coming out of a comfortable retirement to put up with congressional buffoonery on an almost weekly basis for a $1 pre-tax salary. AIG also said it will split CEO and chairman jobs, and proposed a 20:1 reverse stock split. [View news story]
With a glut of foreclosed homes on their hands, some banks choose to raze new houses rather than fix code violations. [View news story]
Swine flu has now officially hit New York's financial sector. (Reuters) [View news story]
Retail chain store sales fell 0.7% from a week ago, ICSC says, and dropped 1.7% Y/Y. Consumer traffic fell for most segments, including grocery, drug, department stores and discounters. [View news story]
Baidu.com (BIDU): Q1 EPS of $0.86 beats by $0.10. Revenue of $119M (+41.5%) vs. $116M. Shares +0.6% AH. (PR) [View news story]
With the U.K.'s top tax rate set to rise to 50% from 40% next year, some London bankers are packing up and moving out. [View news story]
Goldman Sachs and Merrill Lynch have evacuated their downtown buildings. [View news story]