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India's securities regulator ups disclosure rulesIndia's securities regulator enhanced disclosure rules Wednesday, the first sign of regulatory reform in the wake of a $1 billion fraud scandal at Satyam Computer Services Inc., one of...Source: RSS feed - channel BNewsBusiness | 21 Jan 2009 | 1:00 pm Humira sales lift Abbott 4Q profit 28 percentDrugmaker Abbott Laboratories says its profit grew 28 percent in the fourth quarter as sales of its arthritis drug Humira climbed and the company gained on the sale of its spine business.Source: RSS feed - channel BNewsBusiness | 21 Jan 2009 | 12:56 pm Wall Street points to moderately higher opening (AP)
Source: Yahoo! News: Stock Markets News | 21 Jan 2009 | 12:55 pm Wall Street points to moderately higher openingInvestors still worried about the troubled banking industry got some solace Wednesday from more upbeat earnings news from technology companies. Stock futures pointed to a moderate rebound...Source: RSS feed - channel BNewsBusiness | 21 Jan 2009 | 12:55 pm BlackRock net falls 84 percent, below expectationsBOSTON (Reuters) - BlackRock Inc posted a bigger-than-expected 84 percent drop in fourth-quarter profit on Wednesday as performance fees earned on its hedge funds slumped and its assets under management eased.Source: Reuters: Business News | 21 Jan 2009 | 12:52 pm United Technologies 4Q profit rises, revenue dropsIndustrial conglomerate United Technologies Corp. says its fourth quarter profit rose 8 percent, helped by one-time gains that exceeded restructuring costs even as revenue slipped. The...Source: RSS feed - channel BNewsBusiness | 21 Jan 2009 | 12:49 pm Feng shui masters see calmer markets in Year of the OxHONG KONG (Reuters) - Stock investors reeling from last year's market mayhem may take some solace from practitioners of the ancient Chinese art of feng shui, who predict a calmer, if subdued, performance in the coming Chinese Year of the Ox.Source: Reuters: Business News | 21 Jan 2009 | 12:47 pm IBM profit and outlook beats Street projectionsBOSTON (Reuters) - IBM issued a 2009 profit outlook that blew past Wall Street expectations, underscoring the ability of the world's top technology services firm to weather the global downturn and boosting its shares 4 percent.Source: Reuters: Business News | 21 Jan 2009 | 12:45 pm Air Products & Chemicals posts 74% drop in quarterly netAir Products & Chemicals posts a 74% drop in first-quarter net income, in the face of one of the poorest economic backdrops encountered by the seller of gases and performance materials.Source: MarketWatch.com - Top Stories | 21 Jan 2009 | 12:45 pm Global stocks slide as bank crisis deepensLONDON (Reuters) - Sterling hit fresh 7-1/2 year lows against the dollar and European shares tumbled again on Wednesday as fears intensified about the banking sector, knocking Barclays shares down more than 20 percent.Source: Reuters: Business News | 21 Jan 2009 | 12:44 pm Buoyant open seen for stocksU.S. stocks were set to advance at Wednesday's open, as a positive earnings surprise from IBM helped offset growing concerns about the banking sector and job cuts.Source: Business and financial news - CNNMoney.com | 21 Jan 2009 | 12:43 pm Top Pre-Market Analyst Upgrades (AXL, ARCC, FSLR, F, GOOG, HOG, JBL, LEA, MYL, RYAAY, UL)
Jon C. Ogg Source: 24/7 Wall St. | 21 Jan 2009 | 12:43 pm 4 questions for Tim GeithnerTaxes aren't the only question facing Tim Geithner.Source: Business and financial news - CNNMoney.com | 21 Jan 2009 | 12:43 pm Wall Street points to moderartely higher openingInvestors still worried about the troubled banking industry got some solace Wednesday from more upbeat earnings news from technology companies. Stock futures pointed to a moderate rebound...Source: RSS feed - channel BNewsBusiness | 21 Jan 2009 | 12:42 pm French banks 'are profitable': NoyerFrench banks remain "profitable overall," French central bank head Christian Noyer said on Wednesday amid mounting fears for the health of the US and British banking sectors. "Our banks...Source: RSS feed - channel BNewsBusiness | 21 Jan 2009 | 12:41 pm 3 oil firms compete for Iraq oil fieldThe Iraqi Oil Ministry is studying offers submitted by three international oil companies to develop a prized oil field in southern Iraq, an official said Wednesday. Ministry spokesman...Source: RSS feed - channel BNewsBusiness | 21 Jan 2009 | 12:41 pm Top Pre-Market Analyst Downgrades (AINV, BHI, BAC, WFR, MBT, OZM, SPWRA, STP, VIP, WMT)
Jon C. Ogg Source: 24/7 Wall St. | 21 Jan 2009 | 12:40 pm Indications: IBM guidance helps nudge U.S. stock futures higherU.S. stock futures pointed to a flat-to-higher start on Wednesday, with International Business Machines’ guidance offering respite after the last session’s banking sector plunge.Source: MarketWatch.com - Top Stories | 21 Jan 2009 | 12:39 pm Talkback: How would you spend $500?Source: Business and financial news - CNNMoney.com | 21 Jan 2009 | 12:38 pm British animal-rights activists jailed in lab caseSeven animal rights activists in Britain have been jailed for conspiring to blackmail companies linked to an animal testing lab. The activists were sentenced Wednesday to between four...Source: RSS feed - channel BNewsBusiness | 21 Jan 2009 | 12:36 pm Europe Markets: European shares slide as bank sector stumble continuesThe financial sector was pummelled once again in Europe on Wednesday, with most lenders falling sharply as investors continued to fret that governments will be forced to step in and nationalize ailing lenders.Source: MarketWatch.com - Top Stories | 21 Jan 2009 | 12:33 pm Strike at Lufthansa partner stops 15 flightsDeutsche Lufthansa AG said 15 flights were canceled Wednesday morning due to a short pilot strike at Contact Air, a regional partner airline. Lufthansa spokesman Peter Schneckenleitner...Source: RSS feed - channel BNewsBusiness | 21 Jan 2009 | 12:32 pm Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.Source: MarketWatch.com - Top Stories | 21 Jan 2009 | 12:31 pm Oil around $41 amid grim economic newsDismal global economic news pointing to deteriorating energy demand kept oil prices in check Wednesday, with crude oscillating around $41 a barrel. The market continued to focus on bad...Source: RSS feed - channel BNewsBusiness | 21 Jan 2009 | 12:30 pm FTSE-100 index down 64.83 at 4,026.57 (AP)AP - Share prices on the London Stock Exchange were lower at midday Wednesday.Source: Yahoo! News: Stock Markets News | 21 Jan 2009 | 12:28 pm Currencies: British pound extends historic slideLONDON (MarketWatch) -- The British pound resumed its slide to set another round of historic lows against some key counterparts Wednesday, plunging on interconnected worries about the banking sector, the economy and government finances, analysts said.Source: MarketWatch.com - Top Stories | 21 Jan 2009 | 12:27 pm Geithner calls for TARP reform: report(Reuters) - Treasury Secretary-nominee Timothy Geithner requested Congress to pass a robust stimulus plan to revive the economy and pledged to "reform" the government's $700 billion bailout program, Bloomberg said, citing prepared testimony for a Senate Finance Committee hearing.Source: Reuters: Business News | 21 Jan 2009 | 12:23 pm Obama faces plunging stock markets as party ends (AFP)
Source: Yahoo! News: Stock Markets News | 21 Jan 2009 | 12:23 pm United Tech profit up 8 percent (Reuters)Reuters - Diversified U.S. manufacturer United Technologies Corp reported an 8 percent rise in profit, as maintenance revenue for its elevators, helicopters and other products kept it on a growth footing despite slowing orders for new equipment.Source: Yahoo! News: Business | 21 Jan 2009 | 12:22 pm United Tech profit up 8 percentBOSTON (Reuters) - Diversified U.S. manufacturer United Technologies Corp reported an 8 percent rise in profit, as maintenance revenue for its elevators, helicopters and other products kept it on a growth footing despite slowing orders for new equipment.Source: Reuters: Business News | 21 Jan 2009 | 12:22 pm Hong Kong feng shui masters issue advice for investorsWhat does the Year of the Ox have in store for financial markets? Hong Kong feng shui masters at investment house CLSA read the omens.Source: BBC News | Business | World Edition | 21 Jan 2009 | 12:20 pm Dollar at 7-1/2 year high vs. poundRead full story for latest details.Source: Business and financial news - CNNMoney.com | 21 Jan 2009 | 12:19 pm Movers & Shakers: Wednesday's biggest gaining and declining stocksAmong the companies whose shares are expected to see active trade in Wednesday's session are Air Products, Analog Devices, Bank of New York Mellon, CC Media, Ericsson, IBM, Time Warner and Whirlpool.Source: MarketWatch.com - Top Stories | 21 Jan 2009 | 12:06 pm UK unemployment hits 1.92 millionUK unemployment rose by 131,000 to 1.92 million between September and November, official figures show.Source: BBC News | Business | World Edition | 21 Jan 2009 | 11:59 am President's message of confidenceFive paragraphs into his inaugural address, the newly sworn-in President of the United States put his finger on the most daunting economic challenge he faces: "A sapping of confidence across our land - a nagging fear that America's decline is inevitable, and that the next generation must lower its sights."Source: Business and financial news - CNNMoney.com | 21 Jan 2009 | 11:58 am Billionaire's Times bet: double or nothingLet's say that you are the world's richest man (give or take) and are looking for smart places to put some of your hard-earned coin in these tricky times. Clearly, there are no shortage of distressed or at least highly motivated businesses out there. And let's say that one of the candidates is the New York Times Company, whose woes along with the rest of the newspaper industry's have already cost you half of the roughly $120 investment you put into it last fall as a common shareholder. You might be inclined to play it safe and take a pass a second time around -- but then you wouldn't be Carlos Slim Helu, would you?Source: Business and financial news - CNNMoney.com | 21 Jan 2009 | 11:57 am Wipro in downbeat 2009 forecastIndian outsourcing firm Wipro announces higher quarterly profits, but gives a gloomy forecast for 2009.Source: BBC News | Business | World Edition | 21 Jan 2009 | 11:55 am Wipro hit by western company collapsesWipro, the Indian IT company, today confirmed that the country's outsourcing sector is feeling the pinch as key Western clients run short of money, restructure or collapse.Source: Latest Business News from Times Online | 21 Jan 2009 | 11:52 am Ericsson plans 5,000 job cuts as fourth-quarter net drops 31%Swedish telecoms equipment giant Ericsson AB on Wednesday posted a 31% drop in fourth-quarter profit as restructuring charges and losses at its mobile phone venture took a toll on the bottom line, but its sales rose at a time when many competitors are struggling for survival.Source: MarketWatch.com - Top Stories | 21 Jan 2009 | 11:43 am World stocks fall as banking fears grow (AP)
Source: Yahoo! News: Stock Markets News | 21 Jan 2009 | 11:39 am RBS bail-out hits public financesUK public borrowing hits a record high of £44.2bn after the government bail-out of Royal Bank of Scotland.Source: BBC News | Business | World Edition | 21 Jan 2009 | 11:35 am Ex-KGB spy buys UK paper for £1Ex-KGB agent Alexander Lebedev gets the go-ahead to buy the London Evening Standard for the sum of £1.Source: BBC News | Business | World Edition | 21 Jan 2009 | 11:29 am Ericsson to lay off 5,000Swedish-based telecommunications company Ericsson announced Wednesday it is cutting 5,000 jobs as part of cost-reducing measures.Source: Business and financial news - CNNMoney.com | 21 Jan 2009 | 11:27 am What If Housing Does Not Recover This Year
The reasons for the optimism are logical and compelling. Homes will get so inexpensive that the bargains will be irresistible. The government will put money into the credit system to move mortgage rates further and further below 5%. According to the AP, "A panel of housing experts on Tuesday projected that builders' woes will deepen this year, pushing the prospect of a recovery into 2010 at the earliest." What if the experts are wrong? For starters, there are only two economic numbers worth watching for signs that the recession is getting better or worse. Experts would say that GDP is the best guide. Others would say that consumer confidence or earnings or capital expenditures are critical factors. But, the only really important figures are jobs and home prices. They are linked like Siamese twins and they are at the foundation of the economy's health. Home prices are the key to the recovery in bank earnings. Mortgage derivative write-offs and mortgage defaults are killing bank earnings. The construction and home supply businesses are being decimated. The value of real estate where homes might be built is falling apart. Housing prices also have a direct relationship to employment and consumer credit and confidence. People who do not have jobs or believe that their jobs are at risk won't buy a home. People without credit can't buy a home. People without confidence won't do anything other that go to work and sleep. If housing starts and prices do not make a tiny move in a positive direction this year, the recession will last well into 2010. If housing prices fall another 10% or 20%, the economy may be in trouble so deep that no one under 80-years-old can even imagine it. Housing and jobs. That's it. Douglas A. McIntyre Source: 24/7 Wall St. | 21 Jan 2009 | 11:21 am Making millions from YouTube adsAntoine's Restaurant in New Orleans had never been the subject of a TV commercial, let alone an Internet ad. The 168-year-old business, where third-generation waiters serve gumbo and other Creole delicacies to third-generation customers, had only ever advertised in print and on radio. So last June, the owners decided to drag the restaurant into the 21st century with an ad on YellowPages.com, complete with a promotional video.Source: Business and financial news - CNNMoney.com | 21 Jan 2009 | 11:18 am Evening Standard sold to Russian oligarchThe Evening Standard newspaper is to be sold to Alexander Lebedev, the Russian oligarch and former KGB officer, for a nominal sum, its owners said today.Source: Latest Business News from Times Online | 21 Jan 2009 | 11:14 am Gambling with your retirement stashQuestion: I'm 57 and I'm planning to retire at 66. Prior to this year's stock market turmoil my 401(k) was balanced at 70% stock mutual funds and 30% bond funds. Now it's 59% stock and 41% bonds. To take advantage of very low stock prices I was thinking about re-balancing to 75% stocks and 25% bonds. Does this sound like a good plan or should I just re-balance to 70% to 30%?Source: Business and financial news - CNNMoney.com | 21 Jan 2009 | 11:09 am Oil rises above $41LONDON (Reuters) - Oil edged above $41 a barrel on Wednesday, as further evidence emerged of a deepening global slowdown that is crushing demand for fuel.Source: Reuters: Business News | 21 Jan 2009 | 11:05 am The Sony (SNE) System For Handling Layoffs: Fight Them
The CEO, Sir Howard Stringer, wants to dump a bunch of people in the company's electronics operation. Much of what is made at the unit, especially TV screens are now becoming commodities. Spending a lot of money on R&D and product management is a waste. According to the FT, "Tensions are rising within Sony over a restructuring aimed at cutting billions of yen from costs, with Sir Howard Stringer, its British-born chairman and chief executive, pitted against what one senior figure called an `old guard' of managers in its electronics division." The move is audacious, but it may be the leading edge of a new way that employees face layoffs. Key workers may simply band together and tell management that cutting staff will result in business disruptions. The practice has been part of the blue collar labor movement for decades, but it has rarely migrated to the level of technical and skilled employees. Airline pilots sometimes walk off the job to avoid seeing their ranks thinned out, but having engineers draw a line may not have a precedent, at least not on any large scale. One exception to the rule is Boeing Co. (BA) whose engineers are unionized. Last month, the aerospace company came to terms with the union, avoiding a second costly strike. Worries about labor unrest have depressed Boeing's stock. Big business may face a new obstacle as it looks for job cuts. Some key groups of workers may tell management that if people are going to be pushed out the door, so is the company's ability to do business. Downsizing is taking an ugly turn Douglas A. McIntyre Source: 24/7 Wall St. | 21 Jan 2009 | 11:02 am The Cellular World Turns Ugly As Ericsson (ERIC) Cuts (AAPL)(NOK)(RIMM)(T)(S)(ALU)
In the developed world, most people upgrade a phone every year to two. New multimedia phones are better than the old handsets that just handle voice calls. A new Blackberry (RIMM) or Apple (AAPL) iPhone is a more useful product than a Nokia (NOK) made in 2006. People now fell poor and are feeling poorer as the recession bites harder. Someone who won't buy gas probably won't buy a new phone. The handset is becoming like the family car. Consumers can get an extra 20,000 or 30,000 miles out of their five-year-old Chevy. Their old handsets still work. Who can afford a $300 cellphone with a new and more expensive calling plan? There are already indications that the cellular phone industry is struggling all over the world. Nokia, which has close to 40% of the global market, said 2009 would be rough. Motorola (MOT) only sold half as many phone in the fourth quarter of 2008 as in the same period a year earlier. Now, the firms that build the infrastructure to carry wireless voice and data are weighing in with bad results. That may have a broader implication than falling handset sales. Building a wireless network can take years. If companies such as Ericsson (ERIC), Alcatel Lucent (ALU), and Nortel are seeing a drop-off in demand, AT&T (T) and Sprint (S) must be preparing for several lean years. The carriers are not willing to invest in the future, which means that they must believe the next two or three years will not be much better than 2009. According to Bloomberg, "Ericsson AB, the world’s largest maker of wireless phone networks, plans to deepen cost reductions and eliminate about 5,000 more jobs in anticipation of spending cuts by telecommunications companies this year." One of the world's great growth industries is not growing any more. Douglas A. McIntyre Source: 24/7 Wall St. | 21 Jan 2009 | 10:46 am France to hand banks $13.6 bln as SocGen sees break-evenThe French government agreed to inject another 10.5 billion euros ($13.6 billion) into the country’s banks on the condition that top executives don’t get a bonus for 2008.Source: MarketWatch.com - Top Stories | 21 Jan 2009 | 10:43 am Anxiety over financials sends Asia stocks lowerHONG KONG (MarketWatch) -- Asian markets ended sharply lower Wednesday, with financial stocks again taking the lead, as investors abandoned regional banking and insurance shares amid growing concerns over their earnings outlooks.Source: MarketWatch.com - Top Stories | 21 Jan 2009 | 10:41 am Hong Kongs stock index falls nearly 3 percent (AP)AP - Hong Kong's main stock index retreated nearly 3 percent Wednesday amid worries that banking woes will prolong the global slump.Source: Yahoo! News: Stock Markets News | 21 Jan 2009 | 10:32 am Gas supplies restored to EuropeGas supplies are restored to much of Eastern and Central Europe two weeks after being halted in a row between Moscow and Kiev.Source: BBC News | Business | World Edition | 21 Jan 2009 | 10:30 am RBS bill of £20bn leaves Treasury with record borrowingThe Treasury was forced to borrow record cash amounts last month, driving the Government's finances still deeper into the red, as the Chancellor had to meet a £20 billion bill for the nationalisation of Royal Bank of Scotland (RBS).Source: Latest Business News from Times Online | 21 Jan 2009 | 10:26 am SEC: Did Apple (AAPL) Board Do The Right Thing On Jobs Health
McDonald's (MCD) faced the issue several years ago. Its new CEO at the time developed cancer and eventually died. MCD named a temporary chief executive and told the world. There has been a troubling suspicion that Apple (NASDAQ:AAPL) has not been forthcoming enough about the health of Steve Jobs. He was OK and then he was not. The board probably knew that all was not well. It decided to keep that to itself. But, maybe the board grew restless and asked Jobs to take some time off. Whatever the discussions were behind the door of the Apple boardroom, the SEC has decided that it wants to know about how the decisions surrounding the Jobs disclosure were made. According to Bloomberg, "U.S. regulators are examining Apple Inc.’s disclosures about Chief Executive Officer Steve Jobs’s health problems to ensure investors weren’t misled." The investigation may be unpleasant and may get into minutes of board meetings and e-mails and phone calls between board members. Did they have a fiduciary duty to public shareholders to disclose the issues with Jobs health? They certainly knew about it long before the outside world did. The examination of the board's activities may take some time and may set a precedent for how executive health issues get disclosed. And, it will certainly cause a wide debate about whether Apple did the right thing. Douglas A. McIntyre Source: 24/7 Wall St. | 21 Jan 2009 | 10:26 am Electronics firm to shed 700 jobsA global electronics firm based in Weybridge is to axe 700 jobs this year including 100 across the UK.Source: BBC News | Business | World Edition | 21 Jan 2009 | 10:22 am BHP takes $1.6 billion charge, to cut 6,000 jobsSYDNEY (Reuters) - BHP Billiton Ltd/Plc will cut 6,000 jobs and close its giant Ravensthorpe nickel mine in Australia, writing off $1.6 billion, as the global resources giant battles a collapse in commodity prices.Source: Reuters: Business News | 21 Jan 2009 | 10:21 am Obama seeks halt to Guantanamo trialsHours after taking office, US President Barack Obama ordered military prosecutors in the Guantanamo war crimes tribunals to ask for a 120-day halt in all pending casesSource: Financial Times - US homepage | 21 Jan 2009 | 10:05 am Record redundancies push unemployment to 1.92 millionJob Centre network: helpful or hopeless? Have your say hereSource: Latest Business News from Times Online | 21 Jan 2009 | 9:58 am London Markets: Lloyds Banking Group, Barclays slide to drag London lowerLloyds Banking Group and Barclays dropped sharply again in London on Wednesday, with the move keeping downside pressure on the broader market.Source: MarketWatch.com - Top Stories | 21 Jan 2009 | 9:47 am Britannia and Co-op are to mergeBritannia Building Society and Co-operative Financial Services are merging to form a new "super-mutual".Source: BBC News | Business | World Edition | 21 Jan 2009 | 9:46 am Bank of England's Blanchflower wanted 1% cutExpectations that interest rates will be cut still further next month from present record lows of 1.5 per cent mounted today after the Bank of England revealed that its rate-setting committee unanimously backed this month's half-point reduction, with one member demanding a full percentage point cut.Source: Latest Business News from Times Online | 21 Jan 2009 | 9:42 am Sweden's Ericsson to slash jobsSwedish telecoms equipment maker Ericsson says it will cut 5,000 jobs to cut costs as it expects a reduction in spending from its customersSource: BBC News | Business | World Edition | 21 Jan 2009 | 9:35 am AIG ends Man Utd sponsorship dealThe troubled US insurer AIG will not renew its shirt sponsorship deal with Manchester United when it runs out in May 2010.Source: BBC News | Business | World Edition | 21 Jan 2009 | 9:28 am Global stocks slide as bank crisis deepens (Reuters)
Source: Yahoo! News: Business | 21 Jan 2009 | 9:21 am Sterling continues fall on public debt fearsSterling continued its slump this morning, dropping a further 1.1 per cent against the dollar, on mounting concern that the Government will be forced to nationalised at least another UK bank, putting further pressure on the public purse.Source: Latest Business News from Times Online | 21 Jan 2009 | 9:11 am GM expects delayed funds to avoid cash crisisDETROIT (Reuters) - General Motors Corp Chief Operating Officer Fritz Henderson said the automaker expected to receive a delayed U.S. government loan payment in the next several days that it needs to avoid running out of cash.Source: Reuters: Business News | 21 Jan 2009 | 9:10 am GM expects delayed funds to avoid cash crisis (Reuters)
Source: Yahoo! News: Business | 21 Jan 2009 | 9:08 am Clock is ticking for GM and ChryslerGeneral Motors and Chrysler LLC have four weeks to win deep concessions from unions and creditors to prove they are viable, or they risk losing the $17.4 billion in government loans that are keeping them from bankruptcy.Source: Business and financial news - CNNMoney.com | 21 Jan 2009 | 9:04 am Ericsson shines in grim telco market (Reuters)Reuters - Swedish telecom equipment giant Ericsson posted a stronger-than-expected fourth-quarter profit on Wednesday, promising deeper savings as it announced 5,000 job cuts.Source: Yahoo! News: Business | 21 Jan 2009 | 9:02 am Media Digest 1/21/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters reports that Fiat has set a deal to own 35% of Chrysler. Reuters reports that an assault on free trade will be a political risk. Reuters reports that IBM's (IBM) profits and forecasts beat Wall St. estimates. Reuters writes that shares of Bank of America (BAC) and Citigroup (C) fell on fear of more losses. Reuters reports that bargains are luring Carlos Slim back to investing. Reuters reports that BHP (BHP) will cut 6,000 jobs. Reuters writes that Eaton said it will cut 5,200 jobs. Reuters reports that Microsoft (MSFT) may cut jobs due to weak earnings. Reuters reports that Societe Generale said it would make money in 2008 but have trading losses. Reuters writes that GM (GM) expects new government funds due to a cash crunch. Reuters reports that global retailers are worried that they will be hurt by falling demand in China. The Wall Street Journal reports that the Fiat deal with Chrysler will need a $3 billion loan from the government. The Wall Street Journal reports that shares in State Street (STT) dropped after a big loss. The Wall Street Journal reports that Warner Bros will cut 800 jobs (TWX). The Wall Street Journal reports that Google (GOOG) will cut print ad sales. The Wall Street Journal reports that used games are selling well at Gamestop. The Wall Street Journal reports that the FCC will look into whether Comcast (CMCSA) is degrading phone service from rivals. The Wall Street Journal reports that Citigroup (C) cut its dividend to a penny. The Wall Street Journal reports that bad mortgages are pushing some Federal Home Loan Banks below their capital requirements. The Wall Street Journal reports that Microsoft (MSFT) sold its stock in Comcast. The Wall Street Journal reports that the government is looking at a new bank rescue. The Wall Street Journal reports that Johnson & Johnson (JNJ) sales results show health care spending is faltering. The Wall Street Journal reports that Saudi Arabia Holding reported a huge loss. The Wall Street Journal writes that airlines may have more profitable years ahead. The Wall Street Journal reports that BOE may cut rates again. The New York Times reports that Obama has no quick fix for banks. The New York Times reports that Singapore sees its growth slowing. The New York Times reports that online video of the Inauguration set records. The New York Times reports that Clear Channel cut 1,850 jobs. The FT reports that the CEO of Sony (SNE) is battling the "old guard" at the company over job cuts. Bloomberg reports that Pimco withdrew from the group handling GM (GM) bondholder talks after saying it would back out of a pledge to swap debt at GMAC. Bloomberg said Ericsson will cut 5,000 jobs. Douglas A. McIntyre Source: 24/7 Wall St. | 21 Jan 2009 | 8:57 am Banking rout raises new fears on Wall StreetThe Obama administration comes under immediate pressure to rescue the battered financial sector as banking stocks plunge across the Atlantic amid deepening fears over banks' capital needsSource: Financial Times - US homepage | 21 Jan 2009 | 8:55 am London stocks fall (AFP)
Source: Yahoo! News: Stock Markets News | 21 Jan 2009 | 8:40 am Britannia to 'minimise' job cuts in Co-op dealBritannia and Co-operative Financial Services pledged to minimise job losses this morning as they announced plans to merge to create a “super” building society with £70 billion of assets.Source: Latest Business News from Times Online | 21 Jan 2009 | 8:37 am Asia Markets And Europe Open 1/21/2009
The Nikkei was off 2% to 7,902. The Hang Seng fell 3.3% to 12,537. The Shanghai Composite was of .5% to 1,955 At the open in Europe, the FTSE was off .6%. The Dax was off .6% to 4,213. The CAC 40 fell 1.2% to 2,891. Data from Reuters and MarketWatch. Douglas A. McIntyre Source: 24/7 Wall St. | 21 Jan 2009 | 8:20 am Channel 4 and Five could merge, says regulatorOfcom, the media regulator, today recommended that Channel 4 should merge with either Five or BBC Worldwide to provide an alternative public sector broadcaster in Britain.Source: Latest Business News from Times Online | 21 Jan 2009 | 8:01 am Japan's Nikkei at 7-week low on bank jitters (AP)
Source: Yahoo! News: Stock Markets News | 21 Jan 2009 | 8:00 am Chrysler-Fiat alliance offers advantages for both firmsThe deal would let Chrysler add small, fuel-efficient cars to its fleet and give the Italian automaker access to Chrysler's U.S. manufacturing facilities and dealer network. ...Source: RSS feed - channel BNPaperBusiness | 21 Jan 2009 | 8:00 am Better Business Bureau grades companies on a peculiar curvePaying the BBB to be listed as an accredited business appears to have instant benefits in the agency's ratings. ...Source: RSS feed - channel BNPaperBusiness | 21 Jan 2009 | 8:00 am Warner Bros. to cut 800 jobsThe 10% reduction in staff will include layoffs and outsourcing of work and is expected to reduce costs by more than $50 million annually. ...Source: RSS feed - channel BNPaperBusiness | 21 Jan 2009 | 8:00 am British banks may need further rescue soon, official saysBank of England chief Mervyn King says solvency issues may mean the central bank will have to buy up assets. The...Source: RSS feed - channel BNPaperBusiness | 21 Jan 2009 | 8:00 am FCC probes Comcast over phone serviceThe firm's preferential treatment of its phone service spurs a probe. Comcast Corp., the nation's biggest cable-TV...Source: RSS feed - channel BNPaperBusiness | 21 Jan 2009 | 8:00 am IBM predicts strong '09 profitThe forecast is a sign that the company's focus on high-margin services and software contracts is paying off even while overall sales are slumping. ...Source: RSS feed - channel BNPaperBusiness | 21 Jan 2009 | 8:00 am No happy new year at Wells Fargo as stock dives 52%The banking giant's shares plummet to an 11-year low after an analyst predicts that the company will cut its dividend to bolster its balance sheet. ...Source: RSS feed - channel BNPaperBusiness | 21 Jan 2009 | 8:00 am Stocks dragged down by banking worriesBank stocks plunge on news of an unexpected loss at State Street and capital concerns at Bank of America. The market suffers its worst sell-off of the new year, with the Dow falling 4%. ...Source: RSS feed - channel BNPaperBusiness | 21 Jan 2009 | 8:00 am Tax hike would put Chuck over its famed Two BucksThe governor is proposing to increase California's wine levy. Is this the end of Two Buck Chuck? A proposal to...Source: RSS feed - channel BNPaperBusiness | 21 Jan 2009 | 8:00 am Retailers cut inventory to address shift in consumer spendingStores are reducing inventory and offering fewer pricey items as strapped customers slash their spending. For...Source: RSS feed - channel BNPaperBusiness | 21 Jan 2009 | 8:00 am Financial fears weigh on Asian stocks (AFP)
Source: Yahoo! News: Business | 21 Jan 2009 | 7:50 am Financial fears weigh on Asian stocks (AFP)
Source: Yahoo! News: Stock Markets News | 21 Jan 2009 | 7:50 am Australian stocks: Banks still causing concernThe Australian share market perked up in afternoon trading but still closed almost one per cent weaker, largely on anxiety over the health of overseas banks. At the close, the benchmark S&P/ASX200 index had fallen 33.8 points,...Source: New Zealand Herald - Business | 21 Jan 2009 | 7:00 am Geithner calls for TARP reform: report (Reuters)
Source: Yahoo! News: Business | 21 Jan 2009 | 6:02 am NZ stocks: Market follows Wall St downThe New Zealand share market fell today but the losses were modest compared to Wall Street, which ushered in the Barack Obama presidency with a record Inauguration Day drop. Telecom rose 5c to 247 and brokers said there had been...Source: New Zealand Herald - Business | 21 Jan 2009 | 6:00 am Currency: NZ dollar falls to six-year lowThe New Zealand dollar fell to a six-year low and then bounced on a day in which the traders around the world watched the swearing in of a new United States president. The sort of volatility the dollar often shows overnight was...Source: New Zealand Herald - Business | 21 Jan 2009 | 5:45 am Cox Quits at SEC, Leaves Schapiro to Restore Clout After Madoff (Bloomberg)Bloomberg - Jan. 21 (Bloomberg) -- Christopher Cox stepped down as U.S. Securities and Exchange Commission chairman, leaving behind a demoralized agency that failed to spot Bernard Madoffâs alleged fraud and had its role diminished by the collapse of Bear Stearns Cos. and Lehman Brothers Holdings Inc.Source: Yahoo! News: Stock Markets News | 21 Jan 2009 | 5:00 am BHP Billiton to cut 6,000 jobs and close mineBHP Billiton, the Anglo Australian mining giant, is to cut 6 per cent of its workforce, around 6,000 jobs, and close its giant Ravensthorpe nickel mine in Western Australia as falling demand for commodities erodes its earnings.Source: Latest Business News from Times Online | 21 Jan 2009 | 4:07 am All's Well With Microsoft (MSFT) Except Its Plans
Redmond forecast that its sales for the last period would be $17.3 billion to $17.8 billion. No one believes that will happen, so the questions are what parts of the company will be accountable for poor results and how may employees will pay for it with their jobs. The easy way to attack the world's largest software firm is to say that its Window's franchise is losing steam and that the company is in too many odd businesses which have nothing to do with its main long time money-makers. Any intelligent look at Microsoft would show that it is still an astonishingly profitable company, and that if it can replace its unpopular Vista OS with an even slightly better Windows 7 product earnings should recover. PC sales may be slipping, but the profit margins in software aren't. Microsoft has continued to make a set of decisions about its ancillary operations which noone on Wall St. can understand or explain. The company is still in the video game business, which has poor profits and creates all sorts of product liability issues when the game consoles overheat. Microsoft also persists in selling its Zune media player although its share of the market will never be more than 5%. Both businesses are a drain on money and management time. The most vexing part of Microsoft's business is the company's internet operations because they hold a key to the company's future but are a confusing menagerie of zoo animals.. But, if the economy gets bad enough, the decisions about what Microsoft should do with its portal and search businesses will sort themselves out quickly. CEO Steve Ballmer is under enough pressure that whatever patience he has will desert him. The MSN portal loses money and has no value to Microsoft, now or in the future. The company's search product could be set up like Google's (GOOG) without any content or interfaces. Pure search. The consumer either uses it for his own benefit or he doesn't. When the search engine is combined with a portal supported by display ads, the combination just confuses the consumer. Microsoft also does not need the MSN portal to support its aspirations to sell its software online or to allow its software to work remotely on its customers PCs supported by Microsoft servers. Google has no special claim to this method of service delivery. It is commonplace in the software market so Microsoft does not need to blaze a new trail. Microsoft has confused having a splashy presence on the internet, producing losses of hundreds of millions of dollars each year, with the opportunity to market its products and distribute its search business. A website with a video of Britney Spears, stock quotes, and classified ads has nothing to do with serving software customer needs. It is like putting a gorilla in a race car. Douglas A. McIntyre Source: 24/7 Wall St. | 21 Jan 2009 | 2:40 am Markets spell out challenge aheadInvestors marked the inauguration of Barack Obama by selling equities and government bonds, while gold and the dollar ralliedSource: Financial Times - US homepage | 21 Jan 2009 | 2:31 am IBM (IBM): Corporate America's Last Man Standing
Wal-Mart (WMT) has done remarkably well, but its latest financial forecast was considered a bit short of expectations. McDonald's (MCD) still does well, and as people have less money for food, things could get even better for the fast food operation. Some of the oil firms are prospering. Exxon Mobil (XOM) will be a tremendous cash machine as long as crude is above $10. It may not make the kind of profit it did last year, but its dividend is safe, which is something which many other public corporations envy. There was a time when IBM (IBM) was big tech's punching bag. It let the software operating system business slip through its hands and into those of Microsoft (MSFT). It gave up market share in the PC industry and was eaten up by more nimble and lower-cost operators. Then the demand for mainframes began to suffer. Processing power became good enough so that fewer and fewer customers needed computers that took up a city block. Clusters of servers began to seize many of the functions that IBM's expensive machines had handled for decades. IBM's entry into services, outsourcing, and new software products more than made up for the losses from operating software and processing power. IBM's revenue rose 5% to $103.6 billion in 2008.. Operating income was up 15% to $16.7 billion. Even though Redmond had taken most of the PC and server operating system business,.IBM was able to develop a software operation that had $22 billion in sales and an 85% gross in the last quarter. The firm's global technology services division had revenue of $39.3 billion and margins of almost 33%. Wall St, may say that IBM slightly missed consensus projections of revenue in the fourth quarter. But, the company's forecast for 2009 was particularly strong. IBM anticipates 2009 earnings of at least $9.20 a share. The analyst consensus number was for $8.75. IBM operates in the same global recession that all of its competition does. It is meticulous about managing costs in relationship to revenue. Some of its employees would even claim expense control borders on brutal. IBM certainly has no trouble moving jobs to geographic regions where labor is talented and inexpensive. The magic behind IBM's success may be no more than intelligent diversification. Each of its four largest divisions could be a standalone company. IBM's financial arm has operating margins of 51%. IBM may not have a perfect track record, but most of its accomplishments have been extraordinarily successful. As Jack Nicklaus once said, the key to golf is managing your worst shots. If IBM hits its numbers this year, it will be one of the few multi-nationals that will be able to say that 2009 went well. It will be nearly as impressive as a man who rides a bike through a hurricane. Douglas A. McIntyre Source: 24/7 Wall St. | 21 Jan 2009 | 2:23 am Eaton says to cut 5,200 jobs to cut costsNEW YORK (Reuters) - Diversified U.S. manufacturer Eaton Corp said on Tuesday it planned to cut 5,200 jobs in an effort to further slash costs in the face of a struggling economy.Source: Reuters: Business News | 21 Jan 2009 | 2:01 am Trends & Innovations - TuesdayMobile phone subscriptions soarSource: Investor's Business Daily: BUSINESS | 21 Jan 2009 | 1:24 am After The Close - TuesdayWOODWARD GOVERNOR (WGOV), a maker of energy control systems, lifted Q1 EPS by 8% to 39 cents, beating estimates by 2 cents. Sales climbed 27% to...Source: Investor's Business Daily: BUSINESS | 21 Jan 2009 | 1:24 am Business Briefs - TuesdayPetMed income, sales top views. The pet pharmacy said Q2 EPS rose 17% to 21 cents, a penny better than analysts had projected. Revenue jumped 16%...Source: Investor's Business Daily: BUSINESS | 21 Jan 2009 | 1:24 am Will Defense Contractor's Growth Slow As Iraq War Winds Down?Visibility hasn't been much of a problem for a leader in technology that makes it easy to see in the dark.Source: Investor's Business Daily: BUSINESS | 21 Jan 2009 | 1:24 am In Brief - TuesdayUltralife (ULBI), a provider of batteries and charging systems, said it expects Q4 sales growth of 33% to $49 mil, below forecasts of $63 mil....Source: Investor's Business Daily: BUSINESS | 21 Jan 2009 | 1:24 am Hyundai warned over 'misleading' hybrid adsThe Commerce Commission has issued a warning to carmaker Hyundai over "misleading" advertisements. Billboard and television advertisements for the Hyundai i30 hybrid claimed the vehicle was more fuel efficient and emitted...Source: New Zealand Herald - Business | 21 Jan 2009 | 1:16 am IBM upbeat on 2009 profits forecastThe technology group registered an unexpectedly strong bounce in fourth-quarter earnings from relative strength in the US and continued higher growth in some emerging marketsSource: Financial Times - US homepage | 21 Jan 2009 | 1:03 am Stats confirm deepening tourism slumpA deepening tourism slump has been confirmed in latest accommodation numbers released this morning. Statistics NZ says there was a four per cent fall in total guest nights in November 2008 - caused mainly by an 8 per cent slide...Source: New Zealand Herald - Business | 21 Jan 2009 | 1:00 am SEC chairman Cox resigns (AP)AP - The chairman of the Securities and Exchange Commission under outgoing President George W. Bush, Christopher Cox, resigned on Tuesday as the new president took office.Source: Yahoo! News: Stock Markets News | 21 Jan 2009 | 12:30 am Economists surprised at flat November retail figuresA lift in car sales and supermarket shopping helped keep seasonally adjusted retail sales for November largely unchanged from October, to the surprise of economists. Amid worldwide financial turmoil, the median forecast in a Reuters...Source: New Zealand Herald - Business | 21 Jan 2009 | 12:30 am Circuit City collapse could hit real estate investors (Reuters)
Source: Yahoo! News: Business | 21 Jan 2009 | 12:10 am BHP Billiton to axe 6,000 jobsThe world's biggest mining group,underlined the pain being felt by the industry when it said its would axe 6,000 employees and close a nickel mine in Western AustraliaSource: Financial Times - US homepage | 21 Jan 2009 | 12:04 am ANZ National cuts floating interest ratesANZ and National Banks are dropping their variable interest rates by 0.7 per cent. It brings the ANZ's standard variable rate and the National Bank's Thoroughbred floating rate to 7.50 per cent. -NEWSTALK ZBSource: New Zealand Herald - Business | 21 Jan 2009 | 12:01 am 'Sell sterling, take cash out of Britain'Outside frontline politics, few people can move financial markets simply by opening their mouths. One such is Jim Rogers, an American investment guru who yesterday pushed Britain deeper into gloom and austerity with apocalyptic words about the pound and the country's economy.Source: Latest Business News from Times Online | 21 Jan 2009 | 12:00 am Home affordability best in four yearsHomes are the most affordable they have been in four years but they are still unaffordable for many and credit rationing by banks isn't helping. This is the conclusion of the December Home Loan Affordability report from financial...Source: New Zealand Herald - Business | 21 Jan 2009 | 12:00 am Stringer battles Sony 'old guard'Sir Howard Stringer, chief executive of Sony electronics group, is facing resistance over plans to restructure the company and cut 16,000 jobsSource: Financial Times - US homepage | 20 Jan 2009 | 11:40 pm Google fails to export ad success to printGoogle's efforts to export its advertising success to the newspaper industry have ended in failure with the closure of its Google Print Ads serviceSource: Financial Times - US homepage | 20 Jan 2009 | 11:33 pm Fonterra names former Carter Holt man as new CFOFonterra's new chief financial officer will be Jonathan Mason, a former Carter Holt executive who is moving to the dairy giant from US chemicals company Cabot Corporation. Mason's appointment is effective from February 16. He...Source: New Zealand Herald - Business | 20 Jan 2009 | 11:30 pm ANZ and ING face inquiry over fundThe ANZ bank and fund manager ING are being investigated over potential breaches of the Fair Trading Act in their marketing of a troubled investment fund. Competition watchdog the Commerce Commission has confirmed it's investigating...Source: New Zealand Herald - Business | 20 Jan 2009 | 11:00 pm VIX Index of U.S. Stock Option Prices Advances 23% to 56.65Source: Bloomberg - All Podcasts | 20 Jan 2009 | 10:41 pm Clark Says Commodity ETFs Are First to Reflect Stock RecoverySource: Bloomberg - All Podcasts | 20 Jan 2009 | 10:39 pm Write-Offs: 01.20.09$$$ Madoff nephew homeless [NYP] $$$ Preventing The Greatest Heist In History [Clusterstock] $$$ Not even sure why at this point but: "How My Blog Earned $83,358 In December 2008" [TS] 
Source: Dealbreaker | 20 Jan 2009 | 10:36 pm Shuaa Capital's Burgess Sees Acquisition Opportunities in 2009Source: Bloomberg - All Podcasts | 20 Jan 2009 | 10:06 pm Mexican Billionaire Bails Out the Gray LadyThe Financial Times reports: The financing comes in the form of senior unsecured notes with detachable warrants. The debt notes, repayable in 2015, have a coupon of 14.053 per cent, of which the company may pay 3 per cent in kind. The publisher said it would use the proceeds to refinance a $400m debt facility due in May. Entities owned by Mr Slim also received warrants totalling 15.9m class A shares at a strike price of $6.357. If he exercises his warrants before they expire in January 2015, he will become one of the top shareholders of the New York Times with close to a 20 per cent stake, but without the votes to challenge the controlling Sulzberger family. Mr Slim, whose wealth is estimated at $60bn by Forbes, is a Mexican telecommunications tycoon who made his fortune from ownership of Telefonos de Mexico and America Movil. Slim gets a 20% stake, high interest rates, but no votes? This sounds like more financial wizardry. I want to read about the New York Times’ plan to maintain high-quality journalism. I’m tired of hearing about empty media monetization schemes that relate more to propping up existing structures than improving the quality of the information. Source: Business Pundit | 20 Jan 2009 | 9:05 pm Indicator: New Title, Old Check
A souvenir from the American Economic Association Conference. Charles Fineberg/Planet Money Facebook GroupZach from Minnesota writes: I've got my own personal Planet Money indicator for today, zero. I work in the market research industry and for months my employer has been talking about promoting me (adding a "senior" in front of my title). Obviously timing has been bad for this sort of promotion. We even lost a few team members last month to layoffs. I haven't gotten the promotion because there simply isn't enough money available to cover the associated bump in pay, unfortunate but totally understandable. Well, my employer has decided to give me the promotion anyway. I have really been doing the job anyway for some time now and they want to at least give me the title change to acknowledge my contribution to the company. They'll run new business cards for me, but my paycheck wont be changing. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 20 Jan 2009 | 9:00 pm Michelle Obama’s Inauguration Dress: Politicians can be Trendmakers, Too
Michelle Obama’s retro dress caught some serious eyeballs during today’s inauguration. The Los Angeles Times reports on Michelle Obama’s inauguration dress: Just as President Barack Obama turned the page on American history Tuesday in Washington, First Lady Michelle Obama is turning the page on American design. The lacy lemon-grass ensemble she chose for the swearing-in ceremony wasn’t by one of the aging custodians of the 7th Avenue Establishment Ralph Lauren, Donna Karan or Calvin Klein. It was by Isabel Toledo, a Cuban American whom nobody knows but everyone should. By wearing clothes by up-and-coming designers such as Thakoon, Maria Pinto and Toledo, Obama is helping to promote a new generation of talent, and write the next chapter in American fashion. Toledo, who sells at Barneys New York, has been designing under her own name for 20 years in New York, and was briefly creative director for Anne Klein. (Bet they wish they’d hung onto her now!) She is married to fashion illustrator Ruben Toledo. “She’s never been about making clothes to make herself famous,” says Rosemary Brantley, founding chairwoman of the Fashion Department at L.A.’s Otis School of Art and Design, where Toledo has been teaching since the 1990s. “She’s about flattering the figure and she’s curvaceous herself.” With its retro “Mad Men” silhouette and trendy yellow hue, the dress and coat proved that Obama can strike a balance between being conservative and taking risks. Fashion is a business and Michelle Obama means business. The new class of politicians certainly has the power to create instant new trends. I’d be willing to wager that the country hasn’t had this kind of political fashion fever since the Kennedy days. Remember Palin’s glasses? Well, Michelle might be next, although only some people can pull off the mottled yellow sparkly thing and pea-green gloves she wore today. Personally, I dug Obama’s coat. Source: Business Pundit | 20 Jan 2009 | 9:00 pm Meltdown At The CloseRBS -69.77% Ouch. Didn't you guys like the speech or what? Wealthy Arabs selling? You tell us.
Source: Dealbreaker | 20 Jan 2009 | 8:57 pm Warner Brothers Entertainment to cut 800 jobsWarner Brothers Entertainment, the Hollywood studio behind The Dark Knight, the biggest grossing movie of 2008, is to shed 10 per cent of all employees as the recession starts to bite in HollywoodSource: Financial Times - US homepage | 20 Jan 2009 | 8:56 pm Did He Jump Out Of The Plane FOR Her Or Because Of Her?
Days before he tried to fake his death in a bizarre plane crash, accused swindler Marcus Schrenker pulled another brazen stunt - whisking his mistress away for a New Year's Eve tryst in Florida as authorities raided his wife's Indiana home. On The Wings Of Lust [New York Post]
Source: Dealbreaker | 20 Jan 2009 | 8:55 pm You Decide
Source: Dealbreaker | 20 Jan 2009 | 8:35 pm Practice In Front Of The Mirror
"What in the world are you doing in there?" "Nothing!" "You know, I can't find the map book anywhere and your wife's attorney was calling earlier and... hey, what happened?" "Nothing. I just cut myself shaving, that's all." ...when rescuers reached his crashed aircraft, they found "evidence including a book of campsites in America missing its pages on Alabama and Florida, and a bullet-point list scribbled on the back of a book that read: 'cracked windshield, window imploded, bleeding profusely'." Fake plane death businessman left SOS bullet-point list [The Register]
Source: Dealbreaker | 20 Jan 2009 | 8:22 pm No Word On The Cost Of All That Red Ink
The investment firm of Saudi billionaire Prince Alwaleed bin Talal, the largest private shareholder in Citigroup, posted a $8.26 billion net loss in the fourth quarter as the value of its assets dove. I suppose we had to find someone to fill the part of "foreign investors fleeced by U.S. assets" since the Japanese engaged in the ruinous purchase (and subsequent firesale back to original owners) of U.S. real estate assets. This time it was China and Petrodollars and the assets were financial. Chant it with me: U-S-A, U-S-A.... Saudi's Kingdom Holding posts $8.3 bln Q4 loss [Reuters]
Source: Dealbreaker | 20 Jan 2009 | 8:04 pm Burns Says Comparison of Obama to FDR Is `Over-Emphasized'Source: Bloomberg - All Podcasts | 20 Jan 2009 | 7:54 pm Schwab's Sonders Says Stimulus Should Focus on Private SectorSource: Bloomberg - All Podcasts | 20 Jan 2009 | 7:34 pm Stock Market Gives Worst Inaugural Performance Since 1963The Financial Times reports on the US stock market’s dismal performance today: US stocks were on course on Tuesday for their worst inauguration day performance since the assassination of John F Kennedy, led by more heavy losses among banks. Financial stocks that endured epic falls last week lost further ground in the wake of bleak earnings from State Street, fresh turmoil among overseas banks and more analyst warnings of widening losses from bad loans, higher writedowns and dividend cuts. “The feeling is, ‘When’s it going to stop?’” said John Brady, head of hedge fund sales at MF Global, who added much of the selling was being driven by continued fears of outright nationalisation of key institutions. Obama has some work ahead of him. Source: Business Pundit | 20 Jan 2009 | 7:33 pm $650 Million For Digital TVTwitter listener @joshzele writes: $650m for Digital-to-Analog converter boxes? That's in the stimulus plan? When did TV become a critical public service? Sure enough, the money he's talking about is right in the discussion draft of the American Recovery and Reinvestment Act: Digital-to-Analog Converter Box Coupons Recovery funding: $650 million Funding provides for additional implementation and administration of the digital-to-analog converter box coupon program, including additional coupons to meet new projected demands and consumer support, outreach and administration. Acting on a Congressional mandate, the nation's broadcasters have been set to make the switch on Feb. 17 from old-fashioned analog to digital. Any non-cable customers with analog sets and no converter box would find themselves with nothing but fuzz. The government set up a program to offer households $40 coupons to buy a converter, but the program says it's out of cash. This month, the incoming Obama administration has asked Congress to delay the move to digital. And behold, money to help more people complete the transition is in the stimulus plan. (At my house, we go months without turning on the television. Right now, we don't even have one. Still, I can see that TV matters a great deal to a great many people. Just not to me and @joshzele, you know?) » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 20 Jan 2009 | 7:28 pm Later, We'll Ask You To Correctly Identify The Filthy Figure Mud Wrestling With Charlie GasparinoBoy-toy CEO Jamie Dimon is arm-wrestling with _______.
Source: Dealbreaker | 20 Jan 2009 | 7:11 pm Steel Partners Gives Ping Jiang A Run For His Money
Steel Partners Complaint [PDF]
Source: Dealbreaker | 20 Jan 2009 | 6:47 pm Founder's grandson to head ToyotaThe Japanese carmaker formally named Akio Toyoda, the 52-year-old grandson of its founder, as its next president and chief executive, replacing Katsuaki Watanabe at a time of severe crisis for the global car industrySource: Financial Times - US homepage | 20 Jan 2009 | 6:44 pm Inaugural balls will be less lavishInaugural balls used to be fancy affairs, but have been scaled back in recent years. This year, some balls will be toned down even further because of the recession. Nancy Marshall Genzer reports.Source: Marketplace | 20 Jan 2009 | 6:26 pm Why The Sinking Dow?An Obama voter, @kittydew tweets: "What's happening with the DOW with all this hope and change?" For the record, the Dow is down just over 2 percent today. Bloomberg has a good roundup on why: Corporations are still reporting huge losses. Investors expect U.S. Treasuries to fall in value, again, as President Obama sells record numbers of them to finance the $825 billion stimulus bill. And then there's this little ditty from Nouriel Roubini, a/k/a Dr. Doom: "I've found that credit losses could peak at a level of $3.6 trillion for U.S. institutions, half of them by banks and broker dealers," Roubini said at a conference in Dubai today. "If that's true, it means the U.S. banking system is effectively insolvent because it starts with a capital of $1.4 trillion. This is a systemic banking crisis." » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 20 Jan 2009 | 6:26 pm Companies in debt struggle to borrowNearly $700 billion in corporate debt will be due in 2009, which is sending firms scrambling to refinance. But with banks struggling and investors afraid of lending, many companies will have a difficult time coming up with the cash they need. Steve Henn reports.Source: Marketplace | 20 Jan 2009 | 6:21 pm Amid hope, black homeowners struggleAs African Americans celebrate President Obama's inauguration, a disproportionate number of them are struggling to avoid foreclosures on their homes. Commentator Amelia Tyagi says we should examine the practices that led many of them into this situation.Source: Marketplace | 20 Jan 2009 | 6:21 pm Letters: Countrywide, economy, recordsOur listeners weigh in this week on a bevy of topics. From interviews with a marketing executive and management consultant, to stories about vinyls and techies, listeners give us their opinions.Source: Marketplace | 20 Jan 2009 | 6:21 pm U.K. banks get bailout to boost lendingTo help the banking sector and restore lending, British Prime Minister Gordon Brown unveiled a second financial rescue package. Stephen Beard reports on one of the bailout's main elements -- an insurance scheme.Source: Marketplace | 20 Jan 2009 | 6:21 pm What to do with the troubled banks?As Bank of America and Citigroup continue their downward slides in the market, calls for a "bad bank" and rumors of nationalization have been growing. Kai Ryssdal speaks with MIT Professor Simon Johnson about what can be done with the banking system.Source: Marketplace | 20 Jan 2009 | 6:21 pm Playing hooky for inaugurationThe inauguration ceremony was appointment television for a lot of people, even though it was a workday. So, lots of Americans played hooky. Jeremy Hobson spent some time with people who were watching Obama on a big-screen TV in Harlem.Source: Marketplace | 20 Jan 2009 | 6:20 pm Obama speech: Optimism and economyPresident Barack Obama's inauguration speech touched on hope for the future and the economic troubles we face. Kai Ryssdal looks at what our new president had to say.Source: Marketplace | 20 Jan 2009 | 6:20 pm Should I Bet On Stagflation?Bryan in Dallas is looking to make some money. He writes: My co-worker is offering a $100 bet that in four years, we'll be suffering from "stagflation". Whether I take the bet or not, do you know where we can look today (and also in four years) to find out if stagflation is occurring? Maybe a Government agency or non-profit whose metrics are sound are reputable? We here at Planet Money had to smile at the question because of what "stagflation" represents. The "stag-" part is "stagnation," or slow economic growth, while "-flation" is "inflation," the decline in the value of currency (and the corresponding rise in the price of goods and services). The result is the simultaneous occurrence of a recession or depression and unchecked inflation, which Keynesian economists once believed mutually exclusive. Thus, if the economy underwent stagflation four years hence, Bryan would still fork over $100, but it would buy a lot less. How can they settle the bet? Finding the numbers for each half of "stagflation" is the easy part. Economic growth is most commonly represented by the real Gross Domestic Product (real GDP), the total value of goods and services produced annually within a country. The Bureau of Economic Analysis measures the U.S. GDP. For inflation, the Bureau of Labor Statistics measures the U.S. consumer price index (CPI), which uses a fixed "market basket" of goods and services that most consumers frequently purchase. Unfortunately, the rest of the definition is unclear. Economists have not agreed upon the length of time an economy has to undergo simultaneous recession and inflation before it is officially in stagnation. For example, between July and September the U.S. real GDP decreased while the CPI increased (signifying higher prices). However, while economists generally agree that the U.S. economy experienced stagflation in 1973-74 and 1979-80, they will likely not begin labeling the current crisis until it has passed. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 20 Jan 2009 | 6:10 pm A Different Kind Of StimulusApparently, U.S. Air is sending $5,000 to each passenger who landed in the Hudson River. Sounds small until you consider: when was the last time you got paid for a 15 minute trip from LaGuardia to the West Side Highway? When it's Ken Lewis heading into the city, the flow of payments goes exactly the other way, after all. U.S. Airways sends $5,000 to passengers in crash-landing [CNN]
Source: Dealbreaker | 20 Jan 2009 | 6:09 pm An Old Lesson: Modernize Health Care Records With CareOne of the areas expected to get as much as $20 billion under the federal government's planned economic stimulus package is electronic medical records. The current stimulus bill says the funds "will update and computerize our health care system to cut red tape, prevent medical mistakes and help reduce health care costs by billions of dollars each year." Digitizing the nation's medical records is a great idea. It will save lives and reduce skyrocketing health care costs. It may even get a few doctors swimming in paperwork to reconsider putting down their stethoscopes for good. But if it's not done well, or done too quickly, it can cause more problems than it cures. In 2005, the journal Pediatrics released a study that continues to raise huge concern among health care experts and policymakers. The study followed a 2002 effort at the Children's Hospital of Pittsburgh. The hospital implemented a computerized ordering system -- in which a network checks prescriptions for factors such as dosages and drug interactions. Pittsburgh hoped the system would reduce the number of medical errors and mortality. Instead, in the five months after the system was installed, mortality rose among seriously ill children who were transferred to the medical center. Researchers couldn't pinpoint the exact reason for the worrisome findings. But, especially because there is so little research like it, the study remains a cautionary tale for why we need to be careful when making such big changes to the country's health care system. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 20 Jan 2009 | 6:00 pm Ban tells Israel to open Gaza bordersUnited Nations secretary-general Ban Ki-moon said he was promoting the idea of a third party – perhaps the European Union or Turkey – to police the border crossingSource: Financial Times - US homepage | 20 Jan 2009 | 5:58 pm "Dear Shareholder, we are truly sorry that we have all been victimized."Of course, we loved "Dear Shareholder" letters before Bernie Made-off was a twinkle in our pseudo-journalistic eyes, but he has certainly raised the bar. Consider the latest offerings from Gabriel Capital Group, overseeing the Merkin-managed Ariel Fund: In light of the fraud's devastating impact on our portfolio and, in particular, on our liquidity, we believe our only realistic option is to wind down Ariel Fund Limited and engage in an orderly disposition of its portfolio positions. The process will likely take several years to complete since many of the remaining assets are illiquid investments. We will distribute proceeds as the assets are realized, and in order to treat all shareholders fairly and equally, the Board of Directors has determined to suspend the determination of the net asset value of the shares and all redemption rights (including pending redemption requests). Ariel Fund liquidation letter 12 19 08.pdf Ariel Revised Financial Statements Dec 31 2007.pdf
Source: Dealbreaker | 20 Jan 2009 | 5:36 pm Obama’s Inaugural Address: Full TextHere’s the full text of Obama’s inaugural address, as posted on the Washington Post: My fellow citizens: I stand here today humbled by the task before us, grateful for the trust you have bestowed, mindful of the sacrifices borne by our ancestors. I thank President Bush for his service to our nation, as well as the generosity and cooperation he has shown throughout this transition. Forty-four Americans have now taken the presidential oath. The words have been spoken during rising tides of prosperity and the still waters of peace. Yet, every so often the oath is taken amidst gathering clouds and raging storms. At these moments, America has carried on not simply because of the skill or vision of those in high office, but because We the People have remained faithful to the ideals of our forbearers, and true to our founding documents. So it has been. So it must be with this generation of Americans. That we are in the midst of crisis is now well understood. Our nation is at war, against a far-reaching network of violence and hatred. Our economy is badly weakened, a consequence of greed and irresponsibility on the part of some, but also our collective failure to make hard choices and prepare the nation for a new age. Homes have been lost; jobs shed; businesses shuttered. Our health care is too costly; our schools fail too many; and each day brings further evidence that the ways we use energy strengthen our adversaries and threaten our planet. These are the indicators of crisis, subject to data and statistics. Less measurable but no less profound is a sapping of confidence across our land - a nagging fear that America’s decline is inevitable, and that the next generation must lower its sights. Today I say to you that the challenges we face are real. They are serious and they are many. They will not be met easily or in a short span of time. But know this, America - they will be met. On this day, we gather because we have chosen hope over fear, unity of purpose over conflict and discord. On this day, we come to proclaim an end to the petty grievances and false promises, the recriminations and worn out dogmas, that for far too long have strangled our politics. We remain a young nation, but in the words of Scripture, the time has come to set aside childish things. The time has come to reaffirm our enduring spirit; to choose our better history; to carry forward that precious gift, that noble idea, passed on from generation to generation: the God-given promise that all are equal, all are free, and all deserve a chance to pursue their full measure of happiness. In reaffirming the greatness of our nation, we understand that greatness is never a given. It must be earned. Our journey has never been one of short-cuts or settling for less. It has not been the path for the faint-hearted - for those who prefer leisure over work, or seek only the pleasures of riches and fame. Rather, it has been the risk-takers, the doers, the makers of things - some celebrated but more often men and women obscure in their labor, who have carried us up the long, rugged path towards prosperity and freedom. For us, they packed up their few worldly possessions and traveled across oceans in search of a new life. For us, they toiled in sweatshops and settled the West; endured the lash of the whip and plowed the hard earth. For us, they fought and died, in places like Concord and Gettysburg; Normandy and Khe Sahn. Time and again these men and women struggled and sacrificed and worked till their hands were raw so that we might live a better life. They saw America as bigger than the sum of our individual ambitions; greater than all the differences of birth or wealth or faction. This is the journey we continue today. We remain the most prosperous, powerful nation on Earth. Our workers are no less productive than when this crisis began. Our minds are no less inventive, our goods and services no less needed than they were last week or last month or last year. Our capacity remains undiminished. But our time of standing pat, of protecting narrow interests and putting off unpleasant decisions - that time has surely passed. Starting today, we must pick ourselves up, dust ourselves off, and begin again the work of remaking America. For everywhere we look, there is work to be done. The state of the economy calls for action, bold and swift, and we will act - not only to create new jobs, but to lay a new foundation for growth. We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together. We will restore science to its rightful place, and wield technology’s wonders to raise health care’s quality and lower its cost. We will harness the sun and the winds and the soil to fuel our cars and run our factories. And we will transform our schools and colleges and universities to meet the demands of a new age. All this we can do. And all this we will do. Now, there are some who question the scale of our ambitions - who suggest that our system cannot tolerate too many big plans. Their memories are short. For they have forgotten what this country has already done; what free men and women can achieve when imagination is joined to common purpose, and necessity to courage. What the cynics fail to understand is that the ground has shifted beneath them - that the stale political arguments that have consumed us for so long no longer apply. The question we ask today is not whether our government is too big or too small, but whether it works - whether it helps families find jobs at a decent wage, care they can afford, a retirement that is dignified. Where the answer is yes, we intend to move forward. Where the answer is no, programs will end. And those of us who manage the public’s dollars will be held to account - to spend wisely, reform bad habits, and do our business in the light of day - because only then can we restore the vital trust between a people and their government. Nor is the question before us whether the market is a force for good or ill. Its power to generate wealth and expand freedom is unmatched, but this crisis has reminded us that without a watchful eye, the market can spin out of control - and that a nation cannot prosper long when it favors only the prosperous. The success of our economy has always depended not just on the size of our Gross Domestic Product, but on the reach of our prosperity; on our ability to extend opportunity to every willing heart - not out of charity, but because it is the surest route to our common good. As for our common defense, we reject as false the choice between our safety and our ideals. Our Founding Fathers, faced with perils we can scarcely imagine, drafted a charter to assure the rule of law and the rights of man, a charter expanded by the blood of generations. Those ideals still light the world, and we will not give them up for expedience’s sake. And so to all other peoples and governments who are watching today, from the grandest capitals to the small village where my father was born: know that America is a friend of each nation and every man, woman, and child who seeks a future of peace and dignity, and that we are ready to lead once more. Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint. We are the keepers of this legacy. Guided by these principles once more, we can meet those new threats that demand even greater effort - even greater cooperation and understanding between nations. We will begin to responsibly leave Iraq to its people, and forge a hard-earned peace in Afghanistan. With old friends and former foes, we will work tirelessly to lessen the nuclear threat, and roll back the specter of a warming planet. We will not apologize for our way of life, nor will we waver in its defense, and for those who seek to advance their aims by inducing terror and slaughtering innocents, we say to you now that our spirit is stronger and cannot be broken; you cannot outlast us, and we will defeat you. For we know that our patchwork heritage is a strength, not a weakness. We are a nation of Christians and Muslims, Jews and Hindus - and non-believers. We are shaped by every language and culture, drawn from every end of this Earth; and because we have tasted the bitter swill of civil war and segregation, and emerged from that dark chapter stronger and more united, we cannot help but believe that the old hatreds shall someday pass; that the lines of tribe shall soon dissolve; that as the world grows smaller, our common humanity shall reveal itself; and that America must play its role in ushering in a new era of peace. To the Muslim world, we seek a new way forward, based on mutual interest and mutual respect. To those leaders around the globe who seek to sow conflict, or blame their society’s ills on the West - know that your people will judge you on what you can build, not what you destroy. To those who cling to power through corruption and deceit and the silencing of dissent, know that you are on the wrong side of history; but that we will extend a hand if you are willing to unclench your fist. To the people of poor nations, we pledge to work alongside you to make your farms flourish and let clean waters flow; to nourish starved bodies and feed hungry minds. And to those nations like ours that enjoy relative plenty, we say we can no longer afford indifference to suffering outside our borders; nor can we consume the world’s resources without regard to effect. For the world has changed, and we must change with it. As we consider the road that unfolds before us, we remember with humble gratitude those brave Americans who, at this very hour, patrol far-off deserts and distant mountains. They have something to tell us today, just as the fallen heroes who lie in Arlington whisper through the ages. We honor them not only because they are guardians of our liberty, but because they embody the spirit of service; a willingness to find meaning in something greater than themselves. And yet, at this moment - a moment that will define a generation - it is precisely this spirit that must inhabit us all. For as much as government can do and must do, it is ultimately the faith and determination of the American people upon which this nation relies. It is the kindness to take in a stranger when the levees break, the selflessness of workers who would rather cut their hours than see a friend lose their job which sees us through our darkest hours. It is the firefighter’s courage to storm a stairway filled with smoke, but also a parent’s willingness to nurture a child, that finally decides our fate. Our challenges may be new. The instruments with which we meet them may be new. But those values upon which our success depends - hard work and honesty, courage and fair play, tolerance and curiosity, loyalty and patriotism - these things are old. These things are true. They have been the quiet force of progress throughout our history. What is demanded then is a return to these truths. What is required of us now is a new era of responsibility - a recognition, on the part of every American, that we have duties to ourselves, our nation, and the world, duties that we do not grudgingly accept but rather seize gladly, firm in the knowledge that there is nothing so satisfying to the spirit, so defining of our character, than giving our all to a difficult task. This is the price and the promise of citizenship. This is the source of our confidence - the knowledge that God calls on us to shape an uncertain destiny. This is the meaning of our liberty and our creed - why men and women and children of every race and every faith can join in celebration across this magnificent mall, and why a man whose father less than sixty years ago might not have been served at a local restaurant can now stand before you to take a most sacred oath. So let us mark this day with remembrance, of who we are and how far we have traveled. In the year of America’s birth, in the coldest of months, a small band of patriots huddled by dying campfires on the shores of an icy river. The capital was abandoned. The enemy was advancing. The snow was stained with blood. At a moment when the outcome of our revolution was most in doubt, the father of our nation ordered these words be read to the people: “Let it be told to the future world…that in the depth of winter, when nothing but hope and virtue could survive…that the city and the country, alarmed at one common danger, came forth to meet [it].” America. In the face of our common dangers, in this winter of our hardship, let us remember these timeless words. With hope and virtue, let us brave once more the icy currents, and endure what storms may come. Let it be said by our children’s children that when we were tested we refused to let this journey end, that we did not turn back nor did we falter; and with eyes fixed on the horizon and God’s grace upon us, we carried forth that great gift of freedom and delivered it safely to future generations. Source: Business Pundit | 20 Jan 2009 | 5:33 pm Please Get This Right
Jan. 20, 2009 AP ImagesPresident Barack Obama just finished delivering his Inaugural Address. Early on, he said: "Starting today, we must pick ourselves up, dust ourselves off and begin again the work of remaking America." Here at Planet Money, we hear so many conflicting opinions, from economists who say government should stay out of the economy and ones who say government hasn't yet waded in far enough. Today I find myself thinking, my goodness, I hope Obama gets this right -- whatever right turns out to be. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 20 Jan 2009 | 5:23 pm 25 Barack Obama QuotesHere are 25 excellent Barack Obama quotes, in celebration of our 44th President taking office today: 1. A good compromise, a good piece of legislation, is like a good sentence; or a good piece of music. Everybody can recognize it. They say, “Huh. It works. It makes sense.” 2. That’s silly talk… Talk to my wife. She’ll tell me I need to learn to just put my socks on the hamper. 3. In a generous America you don’t have to be rich to achieve your potential. 4. There is not a liberal America and a conservative America — there is the United States of America. There is not a Black America and a White America and Latino America and Asian America — there’s the United States of America. 5. Our economic dependence depended on individual initiative. It depended on a belief in the free market; but it has also depended on our sense of mutual regard for each other, the idea that everybody has a stake in the country, that we’re all in it together and everybody’s got a shot at opportunity. That’s what’s produced our unrivaled political stability. 6. Michelle will tell you that when we get together for Christmas or Thanksgiving, it’s like a little mini-United Nations… I’ve got relatives who look like Bernie Mac, and I’ve got relatives who look like Margaret Thatcher… We’ve got it all. 7. For all the progress we have made, there are times when the land of our dreams recedes from us — when we are lost, wandering spirits, content with our suspicions and our angers, our long-held grudges and petty disputes, our frantic diversions and tribal allegiances. And yet, by erecting this (Martin Luther King, Jr.) monument, we are reminded that this different, better place beckons us, and that we will find it not across distant hills or within some hidden valley, but rather we will find it somewhere in our hearts. 8. We cannot afford to be a country of isolationists right now. 9. I am a prisoner of my own biography: I can’t help but view the American experience through the lens of a black man of mixed heritage, forever mindful of how generations of people who looked like me were subjugated and stigmatized, and the subtle and not so subtle ways that race and class continue to shape our lives. 10. Values are faithfully applied to the facts before us, while ideology overrides whatever facts call theory into question. 11. All the money in the world won’t boost student achievement if parents make no effort to instill in their children the values of hard work and delayed gratification. 12. For in the end laws are just words on a page- words that are sometimes malleable, opaque, as dependent on context and trust as they are in a story or poem or promise to someone, words whose meanings are subject to erosion, sometimes collapsing in the blink of an eye. 13. We are on our own, and have only our own reason and our judgment to rely on. 14. Nowhere is it ordained that history moves in a straight line. 15. The very interconnectivity that increasingly binds the world together has empowered those who would tear that world down. 16. We have been told we cannot do this by a chorus of cynics who will only grow louder and more dissonant in the weeks to come. We’ve been asked to pause for a reality check. We’ve been warned against offering the people of this nation false hope. But in the unlikely story that is America, there has never been anything false about hope. For when we have faced down impossible odds; when we’ve been told that we’re not ready, or that we shouldn’t try, or that we can’t, generations of Americans have responded with a simple creed that sums up the spirit of a people: Yes we can. 17. This union may never be perfect, but generation after generation has shown that it can always be perfected. 18. We’ve got a tragic history when it comes to race in this country. We’ve got a lot of pent-up anger and bitterness and misunderstanding. … This country wants to move beyond these kinds of things. 19. Our individual salvation depends on collective salvation. Thinking only about yourself, fulfilling your immediate wants and needs, betrays a poverty of ambition. 20. I am reminded every day of my life, if not by events, then by my wife, that I am not a perfect man. 21. You have shown what history teaches us — that at defining moments like this one, the change we need doesn’t come from Washington. Change comes to Washington. 22. My attitude is that if the economy’s good for folks from the bottom up, it’s gonna be good for everybody … I think when you spread the wealth around, it’s good for everybody. 23. If there is anyone out there who still doubts that America is a place where all things are possible, who still wonders if the dream of our founders is alive in our time, who still questions the power of our democracy, tonight is your answer. … It’s the answer spoken by young and old, rich and poor, Democrat and Republican, black, white, Hispanic, Asian, Native American, gay, straight, disabled and not disabled. Americans who sent a message to the world that we have never been just a collection of individuals or a collection of red states and blue states. We are, and always will be, the United States of America. 24. This is our moment. This is our time, to put our people back to work and open doors of opportunity for our kids; to restore prosperity and promote the cause of peace; to reclaim the American Dream and reaffirm that fundamental truth, that, out of many, we are one; that while we breathe, we hope. And where we are met with cynicism and doubts and those who tell us that we can’t, we will respond with that timeless creed that sums up the spirit of a people: Yes, we can. 25. The question we ask today is not how big or small our government is, but whether it works. Source: Business Pundit | 20 Jan 2009 | 5:17 pm Man Wins $10 Million, Dies. Wife Cashes In.
From Ananova: A US woman who checked her late husband’s lottery tickets after his death discovered he had won a $10 million jackpot. Donald Peters, 79, bought two tickets hours before his death from a heart attack at a grocery shop in Danbury, Connecticut. But after the retired hat factory worker’s death his wife, Charlotte, checked through his things and took the slips to the shop to check. “I’m numb,” the 78-year-old said as she handed in the winning ticket, worth the equivalent of £6.9m, at the Connecticut Lottery headquarters. The Peters children think their father would have appreciated the irony. “He’d be very mad, he just passed away and she won a lot of money,” said Brian Peters, one of the couple’s three children. “He’d say: ‘Figures!’” Source: Business Pundit | 20 Jan 2009 | 4:43 pm Mathias Says Media Unrealistically `In Love' With ObamaSource: Bloomberg - All Podcasts | 20 Jan 2009 | 4:34 pm Strategas's Clifton Sees `Unprecedented' Resources for ObamaSource: Bloomberg - All Podcasts | 20 Jan 2009 | 4:32 pm The Presidential "Beast"General Motors has once again built the First Limo, which isn't so much a car as an armored personnel carrier wrapped in Cadillac bodywork. It is code-named "Stagecoach" but given its weight, wheelbase and bunker-like level of protection, Caddy One has been nicknamed "the Beast."The limo that carries President Obama down Pennsylvania Avenue to the White House today is the latest in a long line of Cadillacs to join the First Fleet over the years. Although G.M. and the Secret Service jealously guard the vehicle's specs and secrets, you can bet Obama's ride is the toughest, most sophisticated car anywhere. Think of it as the road-going equivalent to Air Force One. "Although many of the vehicle's security enhancements cannot be discussed, it is safe to say that this car's security and coded communications systems make it the most technologically advanced protection vehicle in the world," Nicholas Trotta, assistant director for the Secret Service Office of Protective Operations, said in a statement . G.M. had even less to say, noting "one of the specifications is we don't talk about the specifications." But spokesman David Caldwell says the redesigned car "is a fresh, more modern, more expensive" version of the Cadillac DTS that has carried President George W. Bush since his second inauguration in 2005. Obama's car, he says, is "a little bit more vibrant, if you will." Even if no one's got anything to say about what's under all that armor, there are some things widely believed to be known about Caddy One's security measures. The car is one of a small fleet of what is believed to be no more than 25 presidential limos General Motors built for the Obama administration, according to the Detroit News. Although presidential limos have a lifespan of about a decade, the Commander in Chief gets a new one about every four years. Hand-me-downs are used to carry the vice president and visiting heads of state. G.M. says the car occupies the "same footprint" as the current presidential ride, but it is a little taller and the windows a little bigger to improve visibility. Limo One is believed to weigh between seven and eight tons, and spy shots suggest it rides on a G.M. medium-duty truck chassis propelled by a diesel engine. The body is sheathed in military-grade armor as much as 8 inches thick on the doors (each of which weighs as much as the cabin door on a Boeing 747, Motor Authority says). The armor reportedly is a mix of dual-hardness steel, aluminum, titanium and ceramic. The windows are ballistic glass said to be 5 inches thick, and Dan Neil of the Los Angeles Times says there's probably a woven Kevlar mat covering the floorboard to protect the car from blasts. The cabin is believed to feature a sealed air recirculation system to protect its occupants from chemical attacks. "I think he will be surprised about how when he's in the limo, it's a cocoon," Joe Funk, a retired Secret Service agent who served as President Bill Clinton's driver, told CNN. "The everyday noises will be gone, and he will be totally isolated in this protective envelope. Still, despite being at least as secure as a hardened missile silo, G.M. says Caddy One features the same hand-sewn leather interior you'd find in the CTS at your local dealership, and supposedly it's got a 10-disc CD player. And, of course, it's packed with the latest communications technology. "I think he will be surprised at the communication capabilities, how the phones, the satellites, the Internet - everything is at his fingertips," Funk said. "So at one end, you are totally removed from society. The other side of the coin is that he can have any communications worldwide at a moment's touch." Obama's limo is the latest in long line of presidential cars Cadillac has built in the 100 years since Congress approved funding for a presidential motor pool. President Woodrow Wilson rode in a Cadillac during a parade marking the end of World War I. President Calvin Coolidge sported a lavish 1928 Cadillac Town Car, which was among the first Cadillacs parked at 1600 Pennsylvania Ave. It featured a 341 cubic inch engine and a robust (for the time) 90 horsepower. In 1938, the U.S. government received two Cadillac convertibles, each 21.5 feet long and weighing nearly 8,000 pounds. They were dubbed the "Queen Elizabeth" and the "Queen Mary" after the ocean liners. Each featured back-up generators, two-way radios and an arsenal of weapons. They served presidents Franklin Roosevelt, Harry Truman and Dwight Eisenhower and were replaced by the Queen Elizabeth II and Queen Mary II, which remained in service until 1968. Cadillac returned to the White House in 1983, when President Ronald Reagan rode around in a Fleetwood famous for being the last equipped with the Turbo Hydra-Matic 400 3-speed automatic transmission. President Clinton rode in a Fleetwood Brougham powered by a 454 cubic inch (7.4 liter) V8. The largest collection of presidential limos is held by the Henry Ford Museum, but President Bush's limo will not appear in it. The Secret Service has since the terror attacks of Sept. 11, 2001, required that presidential limos be destroyed upon retirement to preserve their secrets.Related Links The Obama Momentum Power Tables The Mystery of President Obama Source: Portfolio.com: Top 5 | 20 Jan 2009 | 4:30 pm Top Ten Tips for Getting a New Gig in 2009
Despite all the bad news of 2008, it’s hard to be pessimistic at the start of a new year. The calendar is white and fresh, the projects not too far behind. And with all the upheaval in the world today, maybe change really means opportunity. There are all kinds of businesses that are in dire need of your particular talents and experience - right now! Here are a few tips to help you land a dream job this year: 1. Commit Yourself 2. Don’t Assume No One is Hiring 3. Be Consistent 4. Stay Optimistic 5. Use College Resources 6. Super-size Your Networking 7. Get Educated 8. Serve Your Community 9. Dive Into Social Networking 10. Update Your Resume Challenging times call for creative measures and positive attitudes! Your dream job awaits, but you’ll have to work for it. Source: Business Pundit | 20 Jan 2009 | 4:29 pm Levitt Sees U.S. Moving Toward Nationalizing BanksSource: Bloomberg - All Podcasts | 20 Jan 2009 | 4:29 pm Gallup's Newport Says Obama's Approval Rating Up Since ElectionSource: Bloomberg - All Podcasts | 20 Jan 2009 | 4:11 pm Stores Say 'Uncle'
Seen in Seattle, Wash. Aaron MclinAaron McLin from Bothell, Wash., writes: I suppose that this is nothing new at this point, but the pace of small-business closures seems to be picking up in the Seattle area. Furniture stores are hard-hit, as they seemed to have developed a reliance on people purchasing new furnishings for new homes that they were moving into, but I've also encountered an ethnic-gifts store and a hobby store that are going (or have gone) belly-up. Aaron's local paper, The Seattle Post Intelligencer, which is itself in danger of closing, recently wrote about the store closings. Here's what Mandrakes Antiques & Great Things owner Craig Keister told the paper about the signs: "I have been trying to deal with this decision for six months and I have been bleeding money," he said Friday. "I made the decision the other day. I quit. OK, I give up. As soon as I said, 'I give up' out loud to my dog, I realized I'm saying 'uncle.' So instead of putting all that crap in my window, I'm saying 'uncle.' " » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 20 Jan 2009 | 4:02 pm Goldman's Garzarelli Sees U.S. Borrowing Over $1.5 TrillionSource: Bloomberg - All Podcasts | 20 Jan 2009 | 4:00 pm Not Enough Stuff?Along with the $825 billion stimulus bill, Congressional sponsors added an "Economic Analysis in Support of Economic Recovery and Reinvestment Act." It includes this note: "[P]rices for steel rebar plunged 36 percent from August to December. Prices of asphalt have dropped even more in most parts of the country. Falling demand and rising capacity is also putting downward pressure on cement. With so much excess capacity from falling private demand, we should expect a major push on infrastructure to help stabilize prices but not to raise them in general. Nevertheless, out of concern that some capacity bottlenecks could develop, the Committee has been somewhat more restrained in infrastructure investments than some have urged." In short, lawmakers say they dialed back on building because they're worried about getting enough raw material. Already, folks on the construction side have complained that the stimulus plan won't do enough -- a connection, perhaps? After the jump, the full section on deflation. From the Congressional analysis: Fear Shifting from Inflation to Deflation Although inflation worries were widespread as recently as last summer, a growing number of economists have become quite concerned about the opposite, falling prices or deflation. For example, the recently released minutes of the monetary policy committee of the Federal Reserve reveal a growing concern about deflation. The U.S. has not experienced deflation since the Great Depression. Deflation reinforces a downward economic spiral for several reasons. It gives people an incentive to postpone purchases to get a lower price later. It also discourages businesses from investing because they fear that they will not be able to make a return on their investment, especially if they must take on debt to finance investment. Since the credit crunch hit with full force in September, prices of crude and intermediate goods have been falling sharply -- not only for energy but for non-energy categories. We also observe rapidly declining prices in major inputs to infrastructure projects. For example, prices for steel rebar plunged 36 percent from August to December. Prices of asphalt have dropped even more in most parts of the country. Falling demand and rising capacity is also putting downward pressure on cement. With so much excess capacity from falling private demand, we should expect a major push on infrastructure to help stabilize prices but not to raise them in general. Nevertheless, out of concern that some capacity bottlenecks could develop, the Committee has been somewhat more restrained in infrastructure investments than some have urged. » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 20 Jan 2009 | 3:11 pm Protectionism And Pill-poppingI read a fascinating essay in the Economist over the weekend about the overuse of antibiotics in some European countries and what that might say about a population's tolerance for uncertainty in these harsh economic times. Here's the leap: the article makes a possible link between the level of antibiotic use in a country and its penchant for trade protections. In short, consumption of antibiotic drugs varies strikingly across Europe, with Greeks, the heaviest users, taking three times as many as the Dutch, who use the fewest. While there are many reasons to explain the phenomenon, the article says many experts suggest key drivers of antibiotic demand may be how anxious a culture it is and how tolerant it is of uncertainty. In theory, that's interesting right now as the global economic crisis is leading to growing protectionist fever in many countries. The article says there is some possible evidence that like trade protection, the popping of an antibiotic offers "false comfort to individuals." Above all, many experts come back to levels of anxiety, and intolerance for uncertainty, as a key driver of antibiotic demand. And this may explain one final correlation. In fact, a Eurobarometer poll last year asked Europeans whether globalisation offered an opportunity for economic growth. The map of the results is remarkably similar to the map of antibiotic consumption. Compare countries that use the most antibiotics with those most sceptical of the benefits of globalisation. Four of the top five match; and, at the other end of the scale, six of the bottom ten match. You buying it? Or not so much? » E-Mail This » Add to Del.icio.us
Source: NPR Blogs: Planet Money | 20 Jan 2009 | 2:53 pm 'When Will We See Real Change?'Welcome to Inauguration Day, kids. Come help us unpack the stimulus bill, will ya? Here's the press release, the full report, and the economic analysis. Let's start with a cris de coeur, courtesy of Brandon M: For energy, there has been talk of using wind power to pump water back into a dam when there is excess power and using the stored water in the dam to provide power when the wind isn't blowing. Much has been said of how much our power grid needs to be upgraded. Our internet standard trails behind foreign countries because we have an oligopoly of data providers (phone, cable, and satellite) where others place the data infrastructure under the government control and allow lots of competitors to offer there services over those lines. We've seen presentations of a shared electric car system, similar to the zip cars, to handle the charging/parking issue. When will we see real change? » E-Mail This » Add to Del.icio.us Source: NPR Blogs: Planet Money | 20 Jan 2009 | 2:38 pm The Obama MomentumGlamour. Arthur Miller called it “that trans-human aura or power to attract imitation…a kind of vessel into which dreams are poured…the power to rearrange people’s emotions, which in effect, is the power to control one’s environment.”At noon today, when Barack Obama takes the oath of office as the 44th President of the United States, he assumes the mantle of Leader of the Free World, a double-sided distinction coined (sort of) by John F. Kennedy during the nascent days of the Cold War. But in this particular presidential ascent, “free” is but an option, as one could easily substitute another adjective to suit his or her particular fascination with this most intriguing man. In the United States, Obama is perceived variously as the leader of the informed world, the worldly world, the articulate world, the Internet-savvy world, the self-starter world, the upwardly mobile world, the two-parent home world, the one-parent home world, the no-excuses world, the yes-we-can world. Around the globe, Bush-weary allies consider him the guy to right the ship of a long-wayward friend. Put it all together, and that, by Miller’s definition, is one major trans-human aura, political glamour personified. (President and Mme. Sarkozy, take a step or two off to the right, if you will.) Perhaps never before in American history have more hope, excitement and expectation been invested in, or more lofty qualities projected onto, an incoming president. Barack Obama is the perfect package of promise: a platform of change and a battle cry of, “Yes, we can” swathed in great looks, an interracial identity and an erudite, debonair demeanor so captivating it would seem too perfect were it portrayed on celluloid. He takes to the podium, all impeccable posture and confident-not-cocky smile, and you feel comforted; when he opens his mouth to speak—well, he has you at “my fellow Americans.” For better or worse, style has always impacted the presidency, never more so than now, an age of instant, 24/7 media coverage. Each gesture, each inflection, each lean Hartmarx suit impart meaning. So, too, do kudos paid a former rival and talk of ideological cross-pollination, especially when realized in the makeup of the early administration. “What style means to the country is a window onto the personality of the president and his wife,” says Doris Kearns Goodwin, whose biography of Abraham Lincoln, Team of Rivals, has famously inspired the President-elect. “The way that [presidents] conduct themselves really does attract fascination, and it often reflects the mood in the country.” Surely, the widespread embrace of Obama—83 percent of Americans approve of his handling of the transition, according to a Gallup poll—is in part reaction to George W. Bush’s stunning unpopularity. But back when, the tongue-tied, regular-guy persona now widely perceived as a national embarrassment played quite differently. After a few too many rude Al Gore eye rolls during their first presidential debate, Bush’s hyper-folksiness had a certain charm. Many Americans didn’t appreciate watching the guy they’d like to have a beer with getting pooh-poohed by the smartest boy in the class. Eight years later, the drinking-buddy presidency having not worked out so well, Obama’s perceived sophistication and professorial demeanor bring communal relief. “There’s definitely a great sense of comfort in knowing that the President-elect is able to speak in a way that lifts your spirits,” says Goodwin, a condition she maintains goes beyond the gulf between Obama’s and Bush’s oratorical skills. “One of the big resources of the presidency, the ability to communicate, will be used well by this President, especially in contrast to the previous time, [and] not just the malapropisms of Bush. There was a real failure during the administration to take the American people into confidence in terms of explaining why we were going into Iraq in a way that made people understand; why we didn’t stay in Afghanistan; what happened in this economic crisis. Franklin Roosevelt always said that the American people will take anything on the chin as long as you explain it to them.” FDR is one part of a most impressive presidential triumvirate with whom countless Obama comparisons have been drawn, some by Goodwin, who also wrote No Ordinary Time: Franklin and Eleanor Roosevelt. In his case, the economic times, as well as the two men’s superior communication skills, advance the parallels. Then there are the comparisons to JFK (who doesn’t cotton to youth, vitality, a young, gorgeous family?) and the biggest kahuna of all, Lincoln himself. Wendy Schiller, a professor of political science and public policy at Brown, likens the Obama aura to that of Kennedy. She cites three presidential types: the Ronald Reagan model, garnering trust and admiration in a grandfatherly way, but difficult to relate to personally; the Bush 43/Bill Clinton type, “with weaknesses that make them very human,” and the third, into which Obama and Kennedy fall. “There’s not this, ‘You eat McDonald’s, so I identify with you,’” she explains. “Rather, it’s ‘You’re the epitome of everything that I want to be. You’re smart. You’re charismatic. You’re capable of leadership, and I want to follow you anywhere you go.’ It’s what we call the charismatic presidency.…It’s star power, essentially, and it has major implications for how successful a president is in leading the country.” Though it cannot be acquired, like any innate gift, mathematical genius, a songbird’s voice, a terrific way with tap shoes, star power can be cultivated and channeled deftly. Indications, whether Saturday’s all-aboard Amtrak Lincoln-esque arrival in D.C. or Michelle Obama’s latter-day penchant for Sixties-ish shifts, indicate that both the President-elect and his wife are plenty skilled at doing so. And if they’re sometimes less than discreet about it—yes, we can round up every entertainment luminary imaginable for an HBO-only concert—their enchanted electorate is too agog to notice. Yet star power is a means to more than getting elected. It has aided Obama in reaching across the aisle while invoking Ronald Reagan with a straight face; it may even make it possible for him to delay his rollback of the Bush tax cuts, a major campaign promise. In reference to less pressing matters, an aura of glamour can force discussion, direct attention and persuade via the star’s example and his admirers’ aspirations. Despite the plethora of domestic and international crises facing Obama, the possibilities for his presidency to impact a broader range of social matters are huge. This reporter has heard people express beliefs that Obama and his family will have a positive influence on everything from parenting to the wardrobe choices of tarty 20-somethings to schlock TV. Outlandish? Maybe not. “It’s about smarts. It’s about being urbane,” says Michael Kors. “What [the Obamas] represent is that you can be smart, you can be sophisticated, you can be well-read, you can be accomplished and you can be attractive at the same time.” In that department, Letitia Baldrige, who was social secretary and chief of staff to Jackie Kennedy, had been there and done that. “When they’re scenic-looking, the public warms up to them faster,” she says. While not even the most dashing president can impose nationwide urbanity by executive order, he can lead by example. Clinton radiated intellect, but not polish; George W. made folksiness cartoonish, and White House life under each reflected those realities. Yet the president is in a unique position to influence American culture not only by the programs he proposes, but by the way he and his family conduct their lives, or at the least the public portion of them, in the White House. “The mission of the presidency is also to inspire the public with good taste and good actions, kind hearts, good living,” says Baldrige. Case in point: Even at a time when funding for the arts is far down the priority list, presidential interest could affect public perception, as during the Kennedy years, when Jackie made it her mission to celebrate openly, in part by opening the White House to a wide range of artists and performers. “Obama is really gung-ho about the arts and arts in education,” notes André Bishop, artistic director of Lincoln Center Theater. “He had a platform about the arts when he started running for President. No one else ever has, to my knowledge. There is a big arts committee going down to Washington for the Inauguration, and I suspect that the Obamas will probably invite many more artists to the White House.” Bishop notes that Obama’s stimulus package allots $50 million for nonprofit arts organizations, with specific guidelines as to usage. “Now, $50 million out of however many billions is very small, but on the other hand, [it says] that somebody, and I don’t know who, values the arts.” In addition to pushing for funding when appropriate and welcoming American and foreign artists into the White House, Bishop notes another way a president can focus on the arts: by consuming them. He can “go to museums and plays and concerts with his family,” an essential point because the population tends to follows the president’s lead, particularly if he’s popular. At the same time, the president and the national mood he helps foster impact the kind of art produced. Recently, Bishop notes, a public yen for feel-good nostalgia has determined much of the kind of theater produced, but he anticipates a change, “because you have an administration who clearly is looking forward. That can’t help but impact all the sorts of music being composed, the sorts of plays being written, the sorts of novels being written and published.” And, according to Harvey Weinstein, the types of upcoming films and television shows. Though escapism in entertainment is always big during bad economic times, Weinstein foresees a push toward more challenging fare. “Obama has the magic wand to bring us all together under one roof and talk about what entertainment can do culturally and productively for the country,” he says. “Wouldn’t it be great if our kids grew up watching ‘A Tale of Two Cities’ instead of a tale of two bridezillas?” Ah, the youth factor. Barack Obama did something that not even the randy, sax-playing, MTV-loving Clinton could achieve: He brought out the youth vote in droves, not to mention unprecedented numbers of volunteers, while capturing the attention as well of the under-18 set, so much so that the proverbial “rock star” status hardly applies. As far as millions of kids are concerned, Obama is a deity, and educators, especially those working with urban, minority populations, are adopting a simple credo: Carpe diem. Father Christopher Devron, SJ, is president of Christ the King Jesuit College Prep School in Chicago, part of the Cristo Rey network of schools built upon a work-study model within which students earn tuition money by working five days a month. The school opened in September with 104 freshmen, 102 of whom are African-American (only eight are Catholic). Not surprisingly, the election process was integrated into the fall curriculum. “Every day, our students are going to see President Obama, an African-American president, in a shirt and tie,” Devron says, noting that the wardrobe is particularly symbolic for Christ the King students, who adhere to a professional dress code appropriate for the offices in which they work. “It’s a subtle teaching method—less explaining, more showing,” which highlights the relevance of the school/work day. As for whether the presidential example would resonate as well if Obama were 20 years older with a pot belly and a frumpy wife, Devron thinks probably not. “Of course our students respond to the charisma and to the style of Barack Obama,” he says. “He speaks to their generation—his desire to keep his BlackBerry. Inner-city kids are very tied to information and information technology. It’s a generational thing, and our kids are going to tap into it.” Though hardly impressionable adolescents, many fashion luminaries act plenty love struck when it comes to the President-elect and Michelle Obama. But then, they hail from a world more prone to hyperbolic indulgence than most multibillion-dollar industries. Had Obama lost the election, “I would be ready to cut my wrists, because everything that’s going on would be so depressing,” says Diane von Furstenberg. “Oh my God,” offers Isaac Mizrahi, “is there anything more glamorous than Michelle and Barack Obama? There’s nobody more glamorous than them. Totally, no.” And from Donna Karan: “When I look at them and I hear them and I see them, and their sense of style and grace and humbleness and clarity and strength, I think they really are iconic. I think people search their whole life to become what they emanate.” Once they’ve gotten a grip, major designers and fashion execs share the concerns and hopes of the general population regarding the economy and the wars, while copping to surface attraction. “There’s a sophistication level there, an education, a background and style, that I think all of us think of as glamorous,” notes major Hillary Clinton-ite Robert Duffy, president of Marc Jacobs. “When you’re inspired by someone’s speech and there seems to be some validity to it, that’s glamorous.” For the most part a worldly lot, fashion folk also understand and delight in the instant upgrade of the United States’ global image afforded by Obama’s election. “It’s like waiting for the savior of the world,” says Carolina Herrera. “[Especially in] Latin America, which has been a little bit abandoned, everyone is waiting for this man. It seems that he’s very determined to do good things, to make this country loved around the world again. You used to go to Europe and you’d say, ‘the United States,’ and they’d say, ‘Oh, my God, what a disaster.’” Expressing the view from afar, Karl Lagerfeld writes in a fax that the Obamas are “better than glamorous,” and have already accomplished some profitable p.r.: “Mr. Bush was never liked in Europe. Mr. Obama was loved in Europe when he did his big tour even before he was president.” Musing as only he would, Lagerfeld adds that had the election been open to Europeans, Obama “would have gotten SO! much more.” Stella McCartney concurs. “Obviously, being half American and having a lot of family there, I’m more interested than most people I guess,” she says. Still, she observes that overall European interest throughout Obama’s rise was and remains acute. Obama has buoyed the U.S. image “absolutely,” McCartney says, “beyond a shadow of a doubt. More so, I think, than anyone living in the States will ever know.” Obama’s international appeal is clearly a combination of ideology and style, inclusive of the fact that the man holds and uses a passport. But having left these shores is hardly the sole testament to his modernity. In one of fashion’s favorite motifs—ye olde “It’s not an age, it’s an attitude”—two of our quite different elder statesman note that, hey, in running his campaign, Obama went where no man has gone before: the 21st century. That he was a candidate virtually “without a résumé,” doesn’t matter, notes Nicole Miller president and chief executive officer Bud Konheim. “The phenomenon is, we have a whole generation of people that are not turned on by anything, it’s woe in the economy, whatever. He gets on the Internet and raises $150 million in September when supposedly nobody has any money,” Konheim explains with typical relish. “Let’s look at the donut. The donut is that there are people that are able to be motivated, because you give them a reason to be motivated, and Obama did that.…His thing was hope, change, optimism and he sold it.” Oscar de la Renta is on the same page. “You’re talking about a man who ran a brilliant campaign,” says de la Renta, like Duffy and Weinstein, a longtime Hillary Clinton supporter. “He didn’t make a single mistake, and he did this with a tremendous amount of grace. “Governments, not only in the United States, but governments all over the world, are run like we are in the 19th century,” de la Renta continues. “This is the first man who has used modern technology to reach people. There has never been the mass of young people believing in a man as for Obama. Why? Because he reached them through the media that they all understand, through new technologies, through the Internet.” Nor can we discount the pretty wallop packed by the young-family imagery, and not only among the multitasking mom-and-dad demographic. “They have such a beautiful family, they have young children,” says Rodarte’s Laura Mulleavy, who is in her mid-20s. “That brings forth a different level when people think about who their president is and the family who is coming into office now. It’s different for my generation, anyways.…I think it’s already a more hopeful image that you have in your mind.” And with the little ones ages 10 and seven, whatever limited press there is likely to be all good. “They have to hit the age of 14 or 15, when they’re dating, to be a possible negative factor,” notes Baldrige. So might all of this walking on water backfire? Not anytime soon, maintains Schiller, since “nobody is willing to burst the Barack Obama balloon,” a few early signs of discord notwithstanding. “If he maintains the same demeanor and the same cool composure”—style meeting substance—“then people believe he has a handle on things. If Congress gets in his way or the Republican party gets in his way or the Supreme Court gets in his way, voters will blame them. They’re not remotely willing to blame Barack Obama for anything in the near future.” And that, she argues, is not necessarily a good thing: “You don’t ever want a circumstance where the president says I want A, B and C, and everyone says OK. It’s not the way our government is supposed to work.” Goodwin, however, sees things differently. “The expectations are both a danger and a great possibility,” she says. “Right now, they give Barack Obama the chance to do something quite extraordinary, with the country behind him.”Related Links The Mystery of President Obama Markets Rise as Voting Begins The Next President, Revealed Source: Portfolio.com: Top 5 | 20 Jan 2009 | 2:00 pm Source: German retailer Metro to cut 15,000 jobs (AP)AP - Retailer Metro AG will cut around 15,000 jobs from its global work force amid the deepening economic downturn, company sources said Tuesday.Source: Yahoo! News: Business | 20 Jan 2009 | 1:22 pm
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