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Wall Street Breakfast: Must-Know Newsby SA Editor Rachael Granby- Bank trio becomes duo. Wells Fargo (WFC) will become the largest U.S. bank by branches with its bid for Wachovia (WB), after Citigroup (C) withdrew from compromise negotiations late yesterday on concerns about the quality of some of Wachovia's assets. Wells Fargo, with a bid valued at $11.4B, expects the purchase to be completed by the end of the year, and denies it will have to absorb assets shakier than originally thought.
- Government considers next steps. As the financial crisis continues to worsen, the U.S. government is considering two dramatic steps to turn around, or at least slow, the damage: guaranteeing billions of dollars in bank debt and temporarily insuring all U.S. bank deposits. The moves, which would mark the government's most extensive intervention to date, are in discussion stages only.
- Credit stays frozen. As frozen credit markets refuse to thaw, the cost of default protection on corporate bonds reaches new global records amid investor concerns the credit crisis will trigger corporate failures as companies struggle to finance their businesses. Interbank lending remains limited, and borrowing from the Fed's expanded discount window continued its trend of setting new highs every week, as the total daily average rose to $420.2B vs. $367.8B last week.
- Oil demand withers. The International Energy Agency warned Friday worldwide oil demand...
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- An Outcry from Emerging and Developed Markets Alike by Jonathan O'Shaughnessy
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Oil Price- Oil Below $75: Increased Chance of OPEC Production Cuts by Money Morning
- Oil Down 48% from Highs by Bespoke Investment Group
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- Jim Cramer's Picks -SampleBetter Choices - Cramer's Lightning Round (10/15/08)by SA Editor Rachael GranbyStocks discussed in the lightning round session of Jim Cramers Mad Money TV program,
Wednesday, October 15.Bullish Calls:Continental Resources (CLR) -- "This is a remarkable decline. All of the high quality ones are down so much, I can't go against it. This is where you pull the trigger.
3M (MMM) -- The moment this stock starts yielding 5%, I'm a buyer. Until then, keep your powder dry.Bearish Calls:Computer Sciences (CSC) -- This is a company that was going to be bought, but they passed up the chance. Now I don't want to buy it."Email continues...
Annaly Mortgage (NLY) -- I think this is a business model that needs to borrow money. Definitively do not buy."
Northrop Grumman (NOC) -- You can't own the defense stocks right now. If I had to own one, I'd look at Lockheed Martin (LMT) with its good dividend. - Stocks & Sectors -SampleSeeking Alpha - Stocks & SectorsInternet
- eBay: Q3 Looks Good but Q4 Guidance Disappoints by Greg Feirman
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Media- A Triple Financial Whammy Afflicts Newspapers by Ken Doctor
- Three Years On, Buying MySpace Looks Like One of Murdoch's Smartest Bets by Erick Schonfeld
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Telecom- Ten Ways to Invest in Louisiana by Stockerblog
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Financial- Switzerland Strengthens Its Banks; Short Interest Remains Low by Jessica Johnson
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- An Outcry from Emerging and Developed Markets Alike by Jonathan O'Shaughnessy
- USANA Health Sciences Inc. Q3 2008 Earnings Call Transcript
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India- Indian Economy Has Much to Cheer About by Equitymaster
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Japan- Sanyo Enters Thin-Film Market, Goes Up Against Sharp by Greentech Media
Asia- Four International Dividend Stocks to Watch by David Hunkar
Eastern Europe- Reality Bites As Stocks Continue To Collapse by The Mole
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- Seven Stocks for an Impending Apocalypse by H.J. Huneycutt
- Solar Shares Under Pressure From Credit Crunch and Pricing by Eric Savitz
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- Investing in the Power of the Sea
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- Too Early To Buy Homebuilders ETF by Larry MacDonald
- Utilities Beginning to Generate Interest for Longs by Joe Kunkle
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New ETFs- First Trust Launches Infrastructure ETF with Global Reach by Index Universe
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Emerging Market ETFs- Brazil Is the Best of BRIC by Carl T. Delfeld
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US Market- An Outcry from Emerging and Developed Markets Alike by Jonathan O'Shaughnessy
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Housing & Real Estate- Too Early To Buy Homebuilders ETF by Larry MacDonald
- Another 'Root Cause' That Isn't: Tumbling Home Prices by Tim Iacono
Transcripts- TrueBlue, Inc. Q3 2008 Earnings Call Transcript
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ETF- Too Early To Buy Homebuilders ETF by Larry MacDonald
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Latest Comments4 Comments
On a Disastrous Jobs Number, Recession is Obvious
The biggest hypocrisy is the fact that environmental activists are for limited growth but they're also for open borders. How does that work, exactly?
The second biggest is pretending that how things are done in Europe is both superior and applicable to the US situation. Here's a news flash. Europe is about the size of the American South. If we had our whole population stuffed into that small an area trains and public transport would work just fine. We don't and it doesn't. Something you might have missed as well is that most of the air pollution in the Los Angeles basin is from ... wait for it ... diesel engines. Guess what uses diesel engines ... public transport, my friend. If you look at the load factors for buses on spread out routes like you get in most American cities you'll find that cars are actually more fuel efficient. We could have made more dense cities, but we still educate city planners to worship city maps and play retarded games like "business will be here" and "houses will be way over here". The bastards turned the Monterey Peninsula, which was a very income mixed area into a completely high rent district some thirty years ago via "urban renewal" and city planning to the point that now the people who actually work here, as opposed to clipping cupons off their municipal bonds every month, have to live over in Salinas and to a 60 mile round trip commute daily. That's not something that raising gas taxes and restricting gas supplies like you propose is going to fix. Neither is putting long distance buses in. Problem with long distance buses is that they take you typically from city center to city center which begs the question of how you get to your city center to get on the bus and then when you get off the bus you've got to make several more connections to get to your workplace. What mass transit does in our cities is mean that people who have to commute leave their house before dawn and get back after dusk. Where do suppose that leaves their kids? Hmmm?
You play like as well that Europe is such an energetic success because they tax the hell out of gas. If it wasn't for Russian oil and gas and French nukes, my friend, they'd be up the proverbial creek without the proverbial paddle.
On a Disastrous Jobs Number, Recession is Obvious
I couldn't agree more. The scary part is that I don't think that either party has fielded a candidate who has even the smallest clue of the nature of the mess we've got ourselves into never mind a coherent plan for getting us out of it. :-(
You guys aren't going to like the 70's redux. You seem to have forgotten as well that it took four years of Nixon/Ford stupidity and another four years of Carteresque foolishness before the public had had enough and gave the government to Reagan with an enormous landslide.
Sadly, the parties who fielded this dog's dinner of "presidential&quo... aspirants and most of the voters who held their noses and made a selection regardless either didn't experience the debacle of the 70's or have conveniently forgotten. :-s
On a Disastrous Jobs Number, Recession is Obvious
Like every journalist with an leftist agenda, however, he goes to great lengths to convince people that one isn't happening.
should read
Like every journalist with an leftist agenda, however, he goes to great lengths to convince people that one IS happening.
also
For those of who can remember, our economy went belly up back in the 1970's and we did really have a big-time recession and a nasty thing called "stagflation&... which meant that home loans hit 18%.
should read
For those of who can remember, our economy went belly up back in the 1970's and we did really DID have a big-time recession and a nasty thing called "stagflation"... ... which meant that home loans hit 18%.
On a Disastrous Jobs Number, Recession is Obvious
Actually, given the oil shock that we've experienced in the past six months, half of Mexico moving up here and flooding the job market and, out here in California were an envirocrazy judge just shut off one-third of the state's water supply because some damned "endangered" smelt was getting caught in the water supply pumps it's amazing we're all not cooking over campfires in the back yard.
For those of who can remember, our economy went belly up back in the 1970's and we did really have a big-time recession and a nasty thing called "stagflation"... which meant that home loans hit 18%. The economy was a LOT more fragile in those days.
What's scary is that the economic prescriptions that Obama has in mind are almost identical to the ones Jimmy Carter and Jerry Ford put in place back then. I don't know what the hell McCain has in mind but he's a committed "lets keep all our buying energy from overseas nutjobs instead of drilling and mining any here" and totally opposed to actually having a southern border that means anything just like the looniest of the leftists, so I haven't a lot of hope from the "right". :-(