Congressional leaders agree $789bn economic stimulus$

Congressional leaders announced an agreement on a $789 billion ($£550 billion) economic stimulus package that President Obama says is needed to pull the US out of recession.
Source: Latest Business News from Times Online | 12 Feb 2009 | 11:30 pm

Economic Report: Retail sales unexpectedly jump 1%, first increase in 7 months

U.S. retailers rang up their largest increase in sales in more than a year in January, rebounding strongly after six straight months of sharp declines, the Commerce Department reports.

Source: MarketWatch.com - Top Stories | 12 Feb 2009 | 1:48 pm

US retail sales unexpectedly rise

US retail sales unexpectedly increased by 1% in January, which economists suggest is due to New Year discounting.
Source: BBC News | Business | World Edition | 12 Feb 2009 | 1:47 pm

Stocks point to lower open on mixed economic data (AP)

AP - Stocks are pointing to a lower open as investors digest mixed readings on retail sales and unemployment claims.

Source: Yahoo! News: Stock Markets News | 12 Feb 2009 | 1:47 pm

U.S. retail sales unexpectedly up 1 percent

WASHINGTON (Reuters) - Sales at U.S. retailers unexpectedly rebounded in January, government data showed on Thursday, likely boosted by post-holiday discounts and providing a glimmer of hope for the recession-hit economy.
Source: Reuters: Business News | 12 Feb 2009 | 1:47 pm

A Little Relief From Retail Sales

Retail sales were much better than expected which leaves economists to ponder if it is the beginning of a recovery trend in one of the industries hardest hit by the recession. U.S.retail sales were...

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 247 Wall Street | 12 Feb 2009 | 1:45 pm

Jobless claims dip - remain at high level

The number of Americans filing for first-time unemployment benefits last week edged off a 26-year high, but was higher than expected, according to a government report released Thursday.
Source: Business and financial news - CNNMoney.com | 12 Feb 2009 | 1:44 pm

U.S. jobless claims dip but by less than expected

WASHINGTON (Reuters) - The number of U.S. workers filing new claims for unemployment benefits eased last week but by less than expected, according to government data on Thursday that showed the labor market in the grip of a deep recession.
Source: Reuters: Business News | 12 Feb 2009 | 1:43 pm

Surprise increase in retail sales

Retail sales unexpectedly rose in January, giving hard-hit retailers some respite after six straight months of sales erosion, the government reported Thursday.
Source: Business and financial news - CNNMoney.com | 12 Feb 2009 | 1:42 pm

Jobless Claims Continue Blistering Pace

The weekly jobless claims data is still coming out over the dreaded 600,000 mark.  The last week’s unemployment lines were down 8,000 to 623,000.  We had weekly jobless claims numbers expected...

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 247 Wall Street | 12 Feb 2009 | 1:41 pm

Before the Bell: Coca-Cola, Marriott International, retail sales in focus

U.S. stock market futures trimmed their losses slightly after an unexpected rise in retail sales, with earnings from Coca-Cola among the corporate highlights.

Source: MarketWatch.com - Top Stories | 12 Feb 2009 | 1:41 pm

Viacom's quarterly net tumbles 69%, hurt by lower ad revenue

Viacom's fourth-quarter profit tumbles 69%, hurt by weakness in advertising sales at MTV and the media conglomerate's other cable channels, financial results show.

Source: MarketWatch.com - Top Stories | 12 Feb 2009 | 1:41 pm

U.S. jobless claims dip but by less than expected (Reuters)

Reuters - The number of U.S. workers filing new claims for unemployment benefits eased last week but by less than expected, according to government data on Thursday that showed the labor market in the grip of a deep recession.

Source: Yahoo! News: Business | 12 Feb 2009 | 1:40 pm

Darling confirms 2009 Budget date

The 2009 Budget will be held on 22 April, the Chancellor Alistair Darling has told the House of Commons.
Source: BBC News | Business | World Edition | 12 Feb 2009 | 1:39 pm

Stock futures cut losses after economic data (Reuters)

Reuters - Stock index futures pared losses on Thursday following a government report that showed retail sales unexpectedly rose in January, tempering worries about the economy.

Source: Yahoo! News: Stock Markets News | 12 Feb 2009 | 1:39 pm

Stock futures cut losses after economic data (Reuters)

Reuters - Stock index futures pared losses on Thursday following a government report that showed retail sales unexpectedly rose in January, tempering worries about the economy.

Source: Yahoo! News: Business | 12 Feb 2009 | 1:39 pm

Stock futures cut losses after economic data

NEW YORK (Reuters) - Stock index futures pared losses on Thursday following a government report that showed retail sales unexpectedly rose in January, tempering worries about the economy.
Source: Reuters: Business News | 12 Feb 2009 | 1:39 pm

Indications: Retail sales surprise not enough to spur futures

U.S. stock futures lost ground Thursday as a surprise rise in retail sales wasn’t able to offset perceptions of a sputtering economy that Congress has earmarked $789 billion to fix.

Source: MarketWatch.com - Top Stories | 12 Feb 2009 | 1:37 pm

Chinalco eventually gets what it wants from Rio Tinto

Chinalco is making good on Rio Tinto.
Source: Telegraph Finance | 12 Feb 2009 | 1:35 pm

U.S. retail sales unexpectedly up 1 percent (Reuters)

Reuters - Sales at U.S. retailers unexpectedly rebounded in January, government data showed on Thursday, likely boosted by post-holiday discounts and providing a glimmer of hope for the recession-hit economy.

Source: Yahoo! News: Business | 12 Feb 2009 | 1:34 pm

Coca-Cola earnings per share up 17% in quarter

Coca-Cola Co. earnings per share fell 17% in the fourth quarter, the soft-drink giant reported.

Source: MarketWatch.com - Top Stories | 12 Feb 2009 | 1:32 pm

Earnings Watch: Updates, advisories and surprises

A roundup of the latest corporate earnings reports and what companies are saying about future quarters.

Source: MarketWatch.com - Top Stories | 12 Feb 2009 | 1:31 pm

Rio seeks $19bn China cash injection

The troubled mining group unveiled controversial plans to receive a $19.5bn cash injection from Chinalco and reported a 50% fall in full-year profit after taking a one-off charge relating to its aluminium assets
Source: Financial Times - US homepage | 12 Feb 2009 | 1:31 pm

Coke (KO) Comes Through, With China Out In Front

If only the stock market was made up of companies like Coke (KO), McDonald’s (MCD), P&G (PG), and Wal-Mart (WMT). But, it isn’t. They are among the few firms which can still claim to...

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 247 Wall Street | 12 Feb 2009 | 1:26 pm

Aetna net hit by investments, but results beat Street

NEW YORK (Reuters) - Health insurer Aetna Inc posted a 57 percent drop in fourth-quarter net income on investment losses and charges, but operating results were slightly ahead of analysts' targets.
Source: Reuters: Business News | 12 Feb 2009 | 1:25 pm

Coca-Cola shares rise as profit tops view

NEW YORK (Reuters) - Coca-Cola Co reported a better-than-expected quarterly profit on Thursday despite a recession, helped by double-digit volume gains in China, India and Eastern Europe, sending shares up 2.4 percent.
Source: Reuters: Business News | 12 Feb 2009 | 1:22 pm

Ryanair cuts flights and 200 jobs

An aircraft maintenance firm says it plans to close its operation at Dublin Airport with the loss of up to 1,135 jobs.
Source: BBC News | Business | World Edition | 12 Feb 2009 | 1:21 pm

Why saving is killing the economy

It wasn't that long ago that many economists worried that Americans were saving too little.
Source: Business and financial news - CNNMoney.com | 12 Feb 2009 | 1:20 pm

UPDATE 1-Foundation Coal Q4 profit up on higher production

* Q4 adj EPS $0.89 vs est $0.51 * Sees 2009 capex $190 mln-$240 mln
Source: RSS feed - channel BNewsBusiness | 12 Feb 2009 | 1:20 pm

Tim Geithner Offers Paralysis, Not Solutions

By John Tamny  RealClearMarket Desperate to sell his economic plan in order to be crowned a “winner” in a political culture that equates stature with one’s ability to fleece the...

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 247 Wall Street | 12 Feb 2009 | 1:12 pm

Viacom profit slumps with charges

NEW YORK (Reuters) - Viacom Inc, owner of MTV Networks and Paramount movie studio, reported sharply lower fourth-quarter earnings, battered by an advertising slump, poor ratings at some of its key TV networks and a softening DVD market.
Source: Reuters: Business News | 12 Feb 2009 | 1:11 pm

Viacom profit slumps with charges (Reuters)

Reuters - Viacom Inc (VIAb.N), owner of MTV Networks and Paramount movie studio, reported sharply lower fourth-quarter earnings, battered by an advertising slump, poor ratings at some of its key TV networks and a softening DVD market.

Source: Yahoo! News: Business | 12 Feb 2009 | 1:11 pm

Oil steady below $36

Read full story for latest details.
Source: Business and financial news - CNNMoney.com | 12 Feb 2009 | 1:09 pm

UPDATE 2-Viacom profit slumps with charges, ad troubles

* Took $454 mln charge (Adds cost cutting measures, CEO comment)
Source: RSS feed - channel BNewsBusiness | 12 Feb 2009 | 1:09 pm

Advice for Young Investors (BusinessWeek Online)

BusinessWeek Online - Two 22-year-olds are just starting their careers and beginning to save and invest. One devotes half his salary to quickly paying off student loans, with the goal of saving money to travel the world. The other dabbles in stocks, while planning to buy a home. Which one is starting out on the right foot? Neither? Both?
Source: Yahoo! News: Business | 12 Feb 2009 | 1:08 pm

UPDATE 2-Shell warns on Nigeria Bonny oil exports

LAGOS, Feb 12 (Reuters) - Royal Dutch Shell warned on Thursday that unrest in Nigeria's Niger Delta meant it may be unable to meet some oil export obligations from its Bonny terminal for the rest of this...
Source: RSS feed - channel BNewsBusiness | 12 Feb 2009 | 1:02 pm

Huntsman Appoints President for Advanced Materials Division

THE WOODLANDS, Texas, Feb. 12 /PRNewswire-FirstCall/ -- Huntsman Corporation (NYSE: HUN) today announced the appointment of Andre Genton as President of its Advanced...
Source: RSS feed - channel BNewsBusiness | 12 Feb 2009 | 1:00 pm

Viking River Cruises Introduces New Yangtze Explorer Itinerary

Comprehensive 11-day Yangtze River Cruise - Three Gorges And Beyond - Debuts With 2-For-1 Pricing LOS ANGELES, Feb. 12 /PRNewswire/ -- Due to popular demand,...
Source: RSS feed - channel BNewsBusiness | 12 Feb 2009 | 1:00 pm

New RED Light Energy Elixir Seduces Taste Buds and Inspires Passion

Get Ready to Turn it On This Valentine's Day ... and Beyond LOS ANGELES, Feb. 12 /PRNewswire/ -- Let the seduction and fun begin with the launch of RED Light, a new...
Source: RSS feed - channel BNewsBusiness | 12 Feb 2009 | 1:00 pm

Robert Half Legal Identifies Practice Areas and Jobs in Demand for 2009

MENLO PARK, Calif., Feb. 12 /PRNewswire/ -- In a weak economy, certain specialties remain strong. An increase in bankruptcy filings and foreclosures, litigation, corporate...
Source: RSS feed - channel BNewsBusiness | 12 Feb 2009 | 1:00 pm

American Discovery Selected to Present at 2009 LPO Summit

Legal Processing Outsourcing Conference to Address Outsourcing Resources and Strategies for Corporations and Law Firms LOS ANGELES, Feb. 12 /PRNewswire/ --...
Source: RSS feed - channel BNewsBusiness | 12 Feb 2009 | 1:00 pm

From Behind the Desk to Behind the Counter: Corporate Employees Find Business Ownership Opportunity with Little Caesars(R) Pizza

DETROIT, Feb. 12 /PRNewswire/ -- More than 50 Little Caesars Pizza corporate employees, ranging from field colleagues to executives, have transitioned to careers as Little...
Source: RSS feed - channel BNewsBusiness | 12 Feb 2009 | 1:00 pm

Jack Henry & Associates Increases the Quarterly Dividend on Its Common Stock By 13 Percent to $.085 Per Share

MONETT, Mo., Feb. 12 /PRNewswire-FirstCall/ -- Jack Henry & Associates, Inc. (Nasdaq: JKHY) today announced that its Board of Directors has increased the quarterly...
Source: RSS feed - channel BNewsBusiness | 12 Feb 2009 | 1:00 pm

Virgin Atlantic to cut up to 600 jobs

The airline controlled by Sir Richard Branson will axe jobs from its 8500 workforce as it reacts to the global downturn.
Source: Telegraph Finance | 12 Feb 2009 | 12:58 pm

Pioneer plans 10,000 job cuts, closing TV business

Pioneer Corp. said Thursday it is closing its television-making operations and plans to slash 10,000 jobs from its global workforce, as the economic slowdown batters the consumer electronics industry.

Source: MarketWatch.com - Top Stories | 12 Feb 2009 | 12:58 pm

Tomb Raider creator acquired by Japanese group

Eidos, the British software company that unleashed Tomb Raider and Lara Croft, its heroine, on to the world of video games 13 years ago, is to be purchased by Japan's Square Enix.
Source: Latest Business News from Times Online | 12 Feb 2009 | 12:56 pm

Opening Bell: 02.12.09

Bank of America, JPMorgan May Flee Bailout After Public Lashing (Bloomberg)
It's almost jaw dropping that given the circumstances elected officials would act with such irresponsibility. In truth, at this point, I hope the banks can manage to pay off the debt in the next 60 days and refuse to shore liquidity across the board - to anyone. For anything.

"Eight chief executive officers of the biggest U.S. banks heard lawmakers in Washington criticize their bonuses, underwriting fees and perks. Rep. Emanuel Cleaver, a Missouri Democrat, read questions from angry constituents asking what banks had done with taxpayer money they'd taken from the $700 billion TARP fund, and Rep. Michael Capuano, a Massachusetts Democrat, said he "cannot believe no one has prosecuted you.""

In related news the FT touches on how the banks have agreed to put a hold on foreclosures for the next three or so weeks so as to give Congress the time to come up with a plan, which is much, much more generous than I would have been.

Houston Based Firm Under Investigation (Bloomberg)
10:1 says not a Ponzi: the money is either invested in coca fields or cross breeding humans and fish to fight Somali Pirates. Not sure how the latter makes money (yet).

Futures Down On Likelihood Of Shitty Retail Numbers (MarketWatch)
"We expect today's report to show that retail sales fell 0.4% in January, marking the seventh consecutive monthly decline and pushing the year-on-year growth rate to -10%," said economists from Barclays Capital. "This would easily be the fastest pace of decrease in the 40-year history of the data. Part of this fall reflects the sharp drop in inflation, particularly commodity prices, which have depressed gasoline sales. "

Bank Of China Not Bidding On AIG Unit (DJNewswire via CNN)
It looks like the either the FT story got it wrong, or the Chinese didn't appreciate the information being leaked - either way, the company is still for sale (and I'm willing to bet Bank Of China bids.)

GM In Talks With Red Empire About Private Bailout (Reuters)
It's almost comical that in todays push towards socialism China is stepping in to purchase a stake in our auto sector; I can't imagine what our elected's are going to say about the possibility of turning over a large part of the national defense clog to the Red Army (if anything).

Harvard Largely Bows Out Of The Market (WSJ)
"Harvard University's endowment, the largest in higher education, cut by two-thirds its direct holdings of publicly traded stocks and funds during the market plunge in last year's fourth quarter.

As of Dec. 31, Harvard Management Co., which oversees the endowment, held about 70 stocks and publicly traded funds that were valued at $571 million, according to a filing with the Securities and Exchange Commission. Three months before, the endowment held about 200 stocks and other vehicles valued at just under $2.9 billion."

Fortis Investors Challenge The Fates (Reuters)
The mighty shareholders of Fortis have cast a ballet against the state led/sponsored deal to mate Fortis and BNP:

"Faced with heavy losses and the prospect of a share of toxic assets, they first voted against the Netherlands' purchase of Fortis' Dutch assets by a 57 percent majority.

Then, by a wafer-thin 50.3 percent, they rejected Belgium's move to take control of banking unit Fortis Bank."

Source: Dealbreaker | 12 Feb 2009 | 12:56 pm

Thumbs Up? Down?

If you're eager for financial dramas, you got two options right now.

1) The film "The International" (Clive Owen, Naomi Watts, and a preposterous plot.) Our own Adam Davidson went and got an economist to review it for us, which we'll have for you shortly.

2) Tonight CNBC will run a two hour special called "Collapse" described as "the definitive report on the defining story of our time."

Send us your reviews.

» E-Mail This     » Add to Del.icio.us

Source: NPR Blogs: Planet Money | 12 Feb 2009 | 12:54 pm

London Markets: BT Group, Diageo slide in lower London

British shares fell on Thursday, as oil producers took a lead from crude-oil futures and traded lower, while lower profits provided a reason to sell shares in companies such as BT Group and Diageo.

Source: MarketWatch.com - Top Stories | 12 Feb 2009 | 12:53 pm

GM talking with China's SAIC to raise cash

DETROIT (Reuters) - General Motors Corp has held talks with China's SAIC Motor Corp about selling part of its stake in their joint venture or other assets as the U.S. automaker races to raise cash, two sources familiar with the discussions said.
Source: Reuters: Business News | 12 Feb 2009 | 12:50 pm

Startup snags big solar deal

Source: Business and financial news - CNNMoney.com | 12 Feb 2009 | 12:49 pm

Aetna profit tumbles on investment losses

Aetna Inc. posted a 57% decline in fourth-quarter profit Thursday, hurt by $198 million in capital losses.

Source: MarketWatch.com - Top Stories | 12 Feb 2009 | 12:49 pm

Pioneer to exit flat TV market, cut 10,000 jobs

TOKYO (Reuters) - Japanese electronics maker Pioneer Corp said it would cut 10,000 jobs and pull the plug on its loss-making flat TV business, a move that could signal a further shake-out in the battered sector.
Source: Reuters: Business News | 12 Feb 2009 | 12:48 pm

Swiss Re CEO quits following Buffett capital deal

LONDON (MarketWatch) -- Troubled reinsurance group Swiss Re said Thursday that its CEO Jacques Aigrain has resigned following the group's recent capital injection from Warren Buffett's Berkshire Hathaway.

Source: MarketWatch.com - Top Stories | 12 Feb 2009 | 12:42 pm

Lower start seen for stocks

U.S. stocks were poised to open lower Thursday as investors awaited more indications of the gloom in the economy, this time in retail and employment.
Source: Business and financial news - CNNMoney.com | 12 Feb 2009 | 12:38 pm

Savings: Beat inflation without risking your cash

There are still a few savings accounts that can beat inflation and give people value for money.
Source: Telegraph Finance | 12 Feb 2009 | 12:30 pm

Top Pre-Market Analyst Upgrades (AXYS, CRXL, DFT, LVLT, LGND, NOC, OXGN, PFE)

These are some of this morning’s top pre-market analyst upgrades and positive research calls from Wall Street this Thursday morning with over two hours until the market opens: Axsys...

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 247 Wall Street | 12 Feb 2009 | 12:29 pm

Top Pre-Market Analyst Downgrades (ASML, GSIC, LVLT, NYX, PACR, PBR, PT, QGEN, SAP, TGH)

These are this Thursday’s early bird analyst downgrades and negative research calls with more than two hours until the market opens: ASML (ASML) Cut to Neutral at B of A Merrill Lynch. GSI...

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 247 Wall Street | 12 Feb 2009 | 12:22 pm

Chinalco to invest $19.5 billion in Rio Tinto

MELBOURNE (Reuters) - Chinese state-owned aluminum group Chinalco will invest $19.5 billion in miner Rio Tinto in a deal that will secure resource supplies for China and help cut Rio's debt but also raise regulatory scrutiny.
Source: Reuters: Business News | 12 Feb 2009 | 12:20 pm

Darling to give Budget on April 22, the latest since 1997

Alistair Darling has opted for one of the latest spring Budgets in modern times, on April 22.
Source: Latest Business News from Times Online | 12 Feb 2009 | 12:16 pm

Obama nears win on stimulus plan to boost economy

WASHINGTON (Reuters) - The U.S. Congress is poised to pass as early as Thursday a $789 billion package of tax cuts and spending programs aimed at reviving the staggering economy, a big, yet bittersweet victory for President Barack Obama.
Source: Reuters: Business News | 12 Feb 2009 | 12:11 pm

European stocks slide amid mixed earnings (AFP)

AFP - Europe's main stock markets slid on Thursday after heavy losses across Asia, as investors digested mixed earnings from majors and fretted over Washington's stepped-up rescue plan for ailing banks.

Source: Yahoo! News: Stock Markets News | 12 Feb 2009 | 12:08 pm

Investment with a no-loss guarantee

A.Y. Brown is reaping the rewards of successful entrepreneurship. Over decades of financing and developing apartment complexes around Memphis, Brown, now 70, socked away enough money to retire at 52. Today, he and his wife live comfortably - off investment income - on their horse farm in Columbus, N.C. But the couple worry about the recent volatility in the financial markets.
Source: Business and financial news - CNNMoney.com | 12 Feb 2009 | 12:08 pm

Bernard Madoff's wife accused of withdrawing 15.5m

Accused 50bn £34.8bn fraudster Bernard Madoff appeared to move a step closer to brokering a deal with US prosecutors as wife Ruth was accused of withdrawing 15.5m from his company's accounts just days before he confessed to the alleged fraud.
Source: Telegraph Finance | 12 Feb 2009 | 12:02 pm

'Fixed interest of 6.4pc for the next 10 years. What's the catch?'

This week's Diary of a Private Investor looks at the pros and cons of corporate bonds.
Source: Telegraph Finance | 12 Feb 2009 | 12:00 pm

World stocks sag on concerns about Obama plans (AP)

AP - World stock markets fell Thursday amid pessimism about the Obama administration's plans to fix the U.S. banking system and restore the overall health of the world's largest economy. European stocks were also undermined by a raft of disappointing earnings.

Source: Yahoo! News: Stock Markets News | 12 Feb 2009 | 11:59 am

Foreclosures eased in January

The frantic pace of foreclosures eased in January, according to a monthly report released Thursday.
Source: Business and financial news - CNNMoney.com | 12 Feb 2009 | 11:58 am

News Corporation to cut jobs at national papers

News International is planning to cut 65 editorial jobs across its four national newspapers which include The Sun and The Times.
Source: Telegraph Finance | 12 Feb 2009 | 11:57 am

Fortis rescue plan rejected

Belgium is facing a fresh financial and political crisis after Fortis shareholders rejected a state rescue plan to carve up the banking and insurance group defying government warnings that the company will face total collapse.
Source: Telegraph Finance | 12 Feb 2009 | 11:53 am

Talk your teen through tough economic times

Dealing with the fallout from the financial crisis -- namely, the anxiety about your job and investments -- is hard enough. Talking about it all with teenage kids can be even more daunting. But it's a conversation worth having, especially now that they're old enough to share the stress. Not only can you ease their concerns, says Atlanta psychologist Mary Gresham, "you can turn these into teaching moments."
Source: Business and financial news - CNNMoney.com | 12 Feb 2009 | 11:53 am

Daily Mail owner suffers big fall in advertising revenues

Daily Mail ? General Trust DMGT had a painful January at its newspaper business seeing a 40pc decline in advertising revenues at its regional titles and a 23pc drop at its national arm.
Source: Telegraph Finance | 12 Feb 2009 | 11:47 am

The most consistent savings accounts

Wealth workout: Chasing bestbuy rates is like a hobby for some but many prefer to find an account and stay with it.
Source: Telegraph Finance | 12 Feb 2009 | 11:44 am

EU plans new charges for lorries

Euro MPs back a draft law that would bring in extra road charges to curb congestion and pollution from lorries.
Source: BBC News | Business | World Edition | 12 Feb 2009 | 11:43 am

Drinks giant Diageo cuts profit guidance

Diageo lowers profit guidance and launches restructuring programme that is likely to lead to job cuts.
Source: Telegraph Finance | 12 Feb 2009 | 11:39 am

Bank of Ireland gives warning of second-half loss

Bank of Ireland (BoI) has warned that it will make a loss in the second half of its financial year, a day after receiving a €3.5 billion (£3.2 billion) cash injection from the Irish Government.
Source: Latest Business News from Times Online | 12 Feb 2009 | 11:38 am

Will GM (GM) Get The Cash It Needs From China?

Maybe GM (GM) won’t have to turn to Congress for a big rescue package. Putting in money may be of benefit to a company outside the US government. One of China’s largest car companies is...

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 247 Wall Street | 12 Feb 2009 | 11:36 am

Gordon Brown: 'right decisions taken' over appointment of Sir James Crosby

Gordon Brown insisted today that “the right decisions were taken” in the appointment of Sir James Crosby as deputy chairman of the Financial Services Authority.
Source: Latest Business News from Times Online | 12 Feb 2009 | 11:36 am

Pioneer to stop making flat-screen TVs

A deepening cash crisis at Pioneer has forced the Japanese giant to close down what was once the world’s leading flat-screen television business and cut 10,000 jobs from its workforce.
Source: Latest Business News from Times Online | 12 Feb 2009 | 11:32 am

Lenders drop mortgage brokers

Some big banks have cut back on doing business with mortgage brokers - and if the trend continues, many mortgage brokers could close down.
Source: Business and financial news - CNNMoney.com | 12 Feb 2009 | 11:22 am

Diageo cuts growth target on slding demand

Diageo, the Johnnie Walker whisky and Guinness drinks group, warned today that the weakening global economy meant it would have to cut its profit growth target for the year.
Source: Latest Business News from Times Online | 12 Feb 2009 | 11:14 am

Chinalco to invest $19.5 billion in Rio Tinto (Reuters)

Reuters - Chinese state-owned aluminum group Chinalco will invest $19.5 billion in miner Rio Tinto in a deal that will secure resource supplies for China and help cut Rio's debt but also raise regulatory scrutiny.

Source: Yahoo! News: Business | 12 Feb 2009 | 11:13 am

Bank may start printing money to reverse 'deep' downturn

The Bank of England’s Governor admitted yesterday that Britain is now in “deep recession” and signalled that it is ready to start “printing money” as soon as next month in aggressive, last-ditch moves to limit the slump.
Source: Latest Business News from Times Online | 12 Feb 2009 | 11:13 am

Is The Fed Going Back On A Promise?

One of the cornerstones of the government bailing out the credit markets was that the Fed would buy up Treasuries and other bond instruments in an attempt to help improve the markets in these types...

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 247 Wall Street | 12 Feb 2009 | 11:13 am

Chinese investment in Rio Tinto

Anglo-Australian miner Rio Tinto says China's state-owned Chinalco is to invest a further $19.5bn in the business.
Source: BBC News | Business | World Edition | 12 Feb 2009 | 11:03 am

Does Rio Tinto (RTP) Deal Put Alcoa (AA) In Play?

The Chinese government-controlled mining and metals company Chinalco is putting $19.5 billion into publicly traded peer Rio Tinto (TRP). A billion dollars of the cash will go to buying back a piece...

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 247 Wall Street | 12 Feb 2009 | 10:58 am

Swiss Re chief ousted after Buffett rescue

Swiss Re, the resinsurance giant that posted a record loss last week, ousted Jacques Aigrain, its investment banker chief executive, today and replaced him with its long-serving insurance boss.
Source: Latest Business News from Times Online | 12 Feb 2009 | 10:39 am

The Math For Three-And-A-Half Million Jobs

Congress, well-fed and self-satisfied, can catch its wind now. It has put together a $789 billion stimulus package to get the economy on the road again. The most interesting and obtuse comment about...

[[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Source: 247 Wall Street | 12 Feb 2009 | 10:35 am

Lara Croft firm agrees takeover

A Japanese computer games maker agrees to buy Eidos, the UK company behind the Tomb Raider, for £84.3m.
Source: BBC News | Business | World Edition | 12 Feb 2009 | 10:26 am

Australian stimulus plan blocked

The Australian Senate rejects the Labor government's A$42bn stimulus plan, as the opposition says it is too expensive.
Source: BBC News | Business | World Edition | 12 Feb 2009 | 10:15 am

Mortgage lending hits lowest level since 1974

Mortage lending activity halved last year to the lowest level since 1974, according to the latest data from the Council of Mortgage Lenders (CML).
Source: Latest Business News from Times Online | 12 Feb 2009 | 10:10 am

Nigerian currency control fears

Financial analysts in Nigeria say the central bank's attempt to stabilise the naira may damage foreign investment.
Source: BBC News | Business | World Edition | 12 Feb 2009 | 10:00 am

South Korea rates hit record low

South Korea's central bank cuts interest rates to a record low of 2% and signals further cuts could lie ahead.
Source: BBC News | Business | World Edition | 12 Feb 2009 | 9:26 am

Bargain holiday?

Haggling and bartering enjoy a revival
Source: BBC News | Business | World Edition | 12 Feb 2009 | 8:45 am

Miners in focus after Rio's Chinese cash call

London equities were under pressure from resource stocks on Thursday after Rio Tinto unveiled a controversial $19.5bn cash injection from Chinalco, the state-owned Chinese aluminium company. The deal subject...
Source: RSS feed - channel BNPaperBusiness | 12 Feb 2009 | 8:39 am

US and Russian satellites collide

A privately owned US communications satellite collided with a defunct Russian military satellite in the first such mishap in space, a US military spokesman said
Source: Financial Times - US homepage | 12 Feb 2009 | 8:06 am

Oakland firm signs solar energy deal with Edison

BrightSource Energy will supply 1,300 megawatts, enough to power 845,000 homes. Under the deal, the biggest for solar thermal power, seven plants will be built in southeastern California. ...
Source: RSS feed - channel BNPaperBusiness | 12 Feb 2009 | 8:00 am

Social Security isn't broken; don't 'fix' it

The government program looks so solid and reliable compared with every other source of retirement income that people ought to respond well to the idea of expanding it. ...
Source: RSS feed - channel BNPaperBusiness | 12 Feb 2009 | 8:00 am

Obama signs bill delaying switch to digital TV

Some stations have asked permission to turn off analog signals on the originally planned date -- Tuesday. President...
Source: RSS feed - channel BNPaperBusiness | 12 Feb 2009 | 8:00 am

In China, appetite slows for Western fast food

It's not the cheapest stuff in town, and a growing number of consumers believe it's not good for them. Down an...
Source: RSS feed - channel BNPaperBusiness | 12 Feb 2009 | 8:00 am

Bob and me: Run-ins with GM car czar Robert Lutz

Nothing personal, but the retiring vice chairman has sought my head on a platter. The news that Vice Chairman...
Source: RSS feed - channel BNPaperBusiness | 12 Feb 2009 | 8:00 am

House and Senate negotiators agree to leaner stimulus bill

Democrats win three moderate Republicans' support for a $789-billion economic recovery plan. Supporters say it will create or preserve 3.5 million jobs. ...
Source: RSS feed - channel BNPaperBusiness | 12 Feb 2009 | 8:00 am

China's January exports fall 17.5% from a year ago

The biggest percentage drop since October 1998 signals further troubles ahead for China's industrial sector and the millions of migrant workers who rely on factory jobs. ...
Source: RSS feed - channel BNPaperBusiness | 12 Feb 2009 | 8:00 am

Ford, GM execs see auto sales stabilizing

Auto industry executives are seeing signs that the nation's automobile industry is beginning to stabilize after months of free-falling sales that have threatened the viability of some of the biggest players...
Source: RSS feed - channel BNPaperBusiness | 12 Feb 2009 | 8:00 am

Stocks get boost from stimulus bill agreement

The stock market shuttled between optimism and pessimism Wednesday, finally betting that the government might succeed in lifting the economy out of recession after all.
Source: RSS feed - channel BNPaperBusiness | 12 Feb 2009 | 8:00 am

Australian stocks: Market closes 1pc higher

PERTH - Australian stock market closed just over one per cent higher following strong gains across the bourse, after a modest rise on Wall Street overnight. At 1615 AEDT, the benchmark S&P/ASX200 was up 39.9 points, or 1.15 per...
Source: New Zealand Herald - Business | 12 Feb 2009 | 7:10 am

NZ stocks: Market closes 19 points up

The corporate reporting season got under way in earnest today with Fletcher Building reporting a 27 per cent fall in profit and its shares rose. The iconic building firm, which celebrates the centenary of the Fletcher brand this...
Source: New Zealand Herald - Business | 12 Feb 2009 | 6:26 am

Currency: NZ dollar little changed

The New Zealand dollar ended not far from where it started but during the session some games were played. The NZ dollar was trading at US52.58c at 5pm from US52.32c at 8am and US52.37c yesterday. Imre Speizer, senior market...
Source: New Zealand Herald - Business | 12 Feb 2009 | 5:28 am

Shell NZ puts all downstream NZ business under review

Oil giant Shell is reviewing the ownership of all of its downstream businesses in New Zealand. The company is intending to keep its extensive oil and gas exploration assets in New Zealand, which are mostly in Taranaki, but the...
Source: New Zealand Herald - Business | 12 Feb 2009 | 4:15 am

Ex-M.Stanley China property head under SEC probe: sources (Reuters)

Reuters - The former China head of Morgan Stanley Real Estate has been under an investigation by the U.S. Securities and Exchange Commission for suspected violations of the Foreign Corrupt Practices Act (FCPA), said three sources with knowledge of the matter.
Source: Yahoo! News: Stock Markets News | 12 Feb 2009 | 3:27 am

Fletcher Building half year profits fall 27pc

Fletcher Building has kicked off the latest results season by announcing a nearly 30 per cent profit fall for the six months to the end of 2008. The construction and building materials company is the third biggest company on...
Source: New Zealand Herald - Business | 12 Feb 2009 | 2:30 am

Manufacturing continues to slow down

Manufacturing activity got off to a poor start in 2009 with continued contraction in the sector, according to the BNZ Capital - Business NZ Performance of Manufacturing Index (PMI). The seasonally adjusted PMI for January was 42.0,...
Source: New Zealand Herald - Business | 12 Feb 2009 | 2:00 am

Israeli leaders scramble to forge alliances

The leaders of Israel's main parties began the arduous process of assembling a new government, and resolving the political gridlock created by the inconclusive election
Source: Financial Times - US homepage | 12 Feb 2009 | 1:34 am

Dole could save Samoan remittances

APIA - Even the quiet haven of the Pacific Islands is not immune from the global financial crisis. The island nation of Samoa is concerned that a key part of its economy could be under threat. There are fears that the flow of...
Source: New Zealand Herald - Business | 12 Feb 2009 | 1:30 am

Congress reaches deal on stimulus

Tim Geithner hit back at widespread criticism that his US financial rescue plan lacks specifics as the Treasury secretary hinted that the Obama administration might return to Congress to ask for more bail-out funds at a later date
Source: Financial Times - US homepage | 12 Feb 2009 | 1:05 am

After The Close - Wednesday

AMERICAN ITALIAN PASTA'S (AIPC) Q4 EPS surged to $1.23, crushing views by 80 cents. Sales rose 53% to $171 mil, over views. The pasta producer's...

Source: Investor's Business Daily: BUSINESS | 12 Feb 2009 | 12:40 am

Business Briefs - Wednesday

Genzyme tops, backs '09 target. The biotech's Q4 EPS rose 14% to $1.04 ex items, beating views by 2 cents. Revenue rose 12.5% to $1.17 bil, below...

Source: Investor's Business Daily: BUSINESS | 12 Feb 2009 | 12:40 am

In Brief - Wednesday

Caterpillar (CAT), the heavy equipment maker, offered voluntary early retirement to 2,000 workers, in a move that comes on top of 22,000 layoffs....

Source: Investor's Business Daily: BUSINESS | 12 Feb 2009 | 12:40 am

Trends & Innovations - Wednesday

SmartWater tags, tracks thieves

Source: Investor's Business Daily: BUSINESS | 12 Feb 2009 | 12:40 am

Fuel Middleman For Shippers, Airlines Profits From Big Swings In Oil

Wide swings in oil prices the past year have made it tougher for airlines and shippers to manage the job of buying fuel to power their fleets.

Source: Investor's Business Daily: BUSINESS | 12 Feb 2009 | 12:40 am

Steel & Tube profits soar, but tough times ahead

Steel & Tube Holdings has reported a 143 per cent rise in interim profit but says its second half result would be reduced substantially due to deteriorating trading conditions. The supplier of steel products to the building and...
Source: New Zealand Herald - Business | 12 Feb 2009 | 12:30 am

US bankers yield to foreclosure demands

US banking chiefs yielded to demands by angry members of Congress and agreed to suspend mortgage foreclosures for at least three weeks to give the US government time to finalise its financial rescue plans
Source: Financial Times - US homepage | 12 Feb 2009 | 12:28 am

FSA had HBOS risk fears in 2002

Concerns about the risk management of HBOS were raised as early as 2002, the watchdog revealed as a political storm erupted over the resignation of Sir James Crosby
Source: Financial Times - US homepage | 12 Feb 2009 | 12:08 am

Apec business lobby stresses free trade

Some of the biggest names in world business met in Wellington today to warn governments around the world not to give in to pressures for short-term regulatory and protectionist solutions to financial woes. Members of the Asia-Pacific...
Source: New Zealand Herald - Business | 12 Feb 2009 | 12:00 am

BoC is Beijing's favourite for AIG deal

Lender's surprise interest underscores renewed Chinese willingness to consider investing in selective overseas financial assets despite a string of disastrous investments
Source: Financial Times - US homepage | 11 Feb 2009 | 11:33 pm

China to stick with US bonds

China will continue to buy US Treasury bonds even though it knows the dollar will depreciate because such investments remain its 'only option' in a perilous world, a senior Chinese banking regulator said
Source: Financial Times - US homepage | 11 Feb 2009 | 11:33 pm

Food prices up 0.8pc in January

Rising costsfruit and vegetable costs were the main cause of a 0.8 per cent rise in food prices last month, says Statistics NZ. Publishing the food price index today, Statistics New Zealand said the fruit and vegetables subgroup...
Source: New Zealand Herald - Business | 11 Feb 2009 | 11:18 pm

Molson Coors Raised to `Overweight' at JPMorgan

Source: Bloomberg - All Podcasts | 11 Feb 2009 | 11:10 pm

FBI may shift counterterror agents to anti-fraud (AP)

AP - With thousands of fraud investigations under way, the FBI is considering shifting agents away from counterterrorism work to help sort through the wreckage of the financial meltdown.

Source: Yahoo! News: Business | 11 Feb 2009 | 11:05 pm

How the major market indexes fared Wednesday (AP)

AP - Washington was the biggest player on Wall Street again Wednesday. News late in the session that key Senators agreed on a $789 billion economic stimulus plan sent stocks moderately higher. Supporters hope the stimulus bill's mix of spending and tax cuts will increase spending and help prop up the economy. The day's gain followed a plunge Tuesday that came as investors worried about the government's financial industry bailout plan.

Source: Yahoo! News: Stock Markets News | 11 Feb 2009 | 10:42 pm

Is John Grisham Writing the News?

Lately everything I hear or read resembles the plot of a John Grisham novel…. complete with:

Powerful People Above the Law
Obama can’t seem to find anyone who didn’t cheat on their taxes.

Car Bombing
Someone plants a bomb in the car of an Arkansas doctor who heads the state medical board. Dr. Trent Pierce was thrown six feet.  Authorities have few leads, and they don’t know whether Pierce was a random target.

Suicide
Extended tours of duty in America’s two ongoing wars are the suspected cause for a rise in military suicides. Soldiers killed themselves at the highest rate on record in 2008. In January alone there have been 24 suspected suicides. This surpasses the 16 combat deaths for all branches of the armed forces in Iraq and Afghanistan for the same period of time.

Eccentric Millionaires
Bill Gates freaks out an audience by letting a jar full of mosquitoes free. This to bring home his point about the dangers of malaria.

Hanging
A seemingly happy 10-year-old boy dies by hanging on a bathroom hook at his school. The medical examiner calls it suicide, but the family doesn’t buy it. They think the boy was bullied.

Silenced Whistle Blower
Not only did Bernard Madoff bilk investors out of billions (allegedly), but tipster Harry Markopolos says the SEC ignored his complaints. At one point Markopolos feared for his physical safety. Now he says he has proof Madoff did not act alone.

Corrupt Corporations
The peanut debacle of 2009 gets more and more complicated every day. Peanut Corporation of America somehow got clean audit reports. And yet, still the salmonella…

At least at the end of a Grisham novel, we get some closure.

Source: Business Pundit | 11 Feb 2009 | 10:41 pm

Write-Offs: 02.11.09

$$$ The wardens that run this asylum would like you to please take this survey. If you don't feel comfortable giving us your SSN, that's cool though we will think less of you.

$$$ Dreier's luxury prison. [Cityfile]

$$$ What Congressman Gasparino would ask the CEOs. [Daily Beast]

Source: Dealbreaker | 11 Feb 2009 | 10:22 pm

Beschloss Says Lincoln Was Person of `Self-Doubt'

Source: Bloomberg - All Podcasts | 11 Feb 2009 | 10:17 pm

Clark Says EFTs Offer Wide Diversification

Source: Bloomberg - All Podcasts | 11 Feb 2009 | 10:13 pm

Stanford's Lazear Says Bank Re-Capitalization Has Worked

Source: Bloomberg - All Podcasts | 11 Feb 2009 | 9:39 pm

DeQuadros Says Stimulus Package Leaves Out Small Business

Source: Bloomberg - All Podcasts | 11 Feb 2009 | 9:34 pm

Hear: How To Save A Bank

Today on Planet Money:

-- When the previous Treasury secretary, Henry Paulson, announced his plans for saving the economy, professor Jeremy Siegel of Wharton gave him an F-. We asked Siegel to grade the performance of the new Treasury secretary, Tim Geithner.

-- Adam Davidson and Alex Blumberg pick apart the Geithner plan, starting with the question of what it really takes to rescue a bank.

Bonus: A note from a mom, after the jump.

Mara Kearney writes:

Lately, I have been reading my son a book about the presidents titled "The Look-it-Up Book of Presidents" by Wyatt Blassingame. We bought the book, revised in 1984 and only covering through Reagan, at a flea market last year for 75 cents.

Anyways, each president has about two or three pages of text that summarizes his time in the White House. I found it interesting to hear myself reading the following about Van Buren, who was President from 1837 through 1841.

"At this point one of the worst economic depressions, or slumps, in history hit the country. One business after another failed. Banks had to close their doors. All over the country hungry men and women walked the streets without jobs.

"There were many causes for this depression. It was caused in part by former policies of Andrew Jackson. Chiefly, however, the depression was caused by a wild spirit of gambling that had swept the country. Everywhere people had been buying land with borrowed money, hoping the price of the land would go up. People had borrowed money to start new businesses, then needed more money to keep them going. So it was the people themselves who were largely to blame. Nobody, however, likes to blame himself. So the people turned on Van Buren."

Download the podcast; or subscribe. Intro music: Beck's "The New Pollution." Find us: Twitter/ Facebook/ Flickr.

» E-Mail This     » Add to Del.icio.us

Source: NPR Blogs: Planet Money | 11 Feb 2009 | 9:31 pm

Who Wants To Be A Hero? Billy?

From: Michael Moore

Sent: Wed, 11 Feb 2009 6:00 am

Subject: Will You Help Me With My Next Film? ...a request from Michael Moore

February 11, 2009

Friends,

I am in the middle of shooting my next movie and I am looking for a few brave people who work on Wall Street or in the financial industry to come forward and share with me what they know. Based on those who have already contacted me, I believe there are a number of you who know "the real deal" about the abuses that have been happening. You have information that the American people need to hear. I am humbly asking you for a moment of courage, to be a hero and help me expose the biggest swindle in American history.

All correspondence with me will be kept confidential. Your identity will be protected and you will decide to what extent you wish to participate in telling the greatest crime story ever told.

The important thing here is for you to step up as an American and do your duty of shedding some light on this financial collapse. A few good people have already come forward, which leads me to believe there are many more of you out there who know what's going on. Here's your chance to let your fellow citizens in on the truth.

Source: Dealbreaker | 11 Feb 2009 | 9:13 pm

House and Senate reach stimulus deal

Congressional leaders reached an agreement on a $789 billion stimulus package today. Host Kai Ryssdal talks with Washington bureau chief John Dimsdale about the details of the deal.
Source: Marketplace | 11 Feb 2009 | 9:04 pm

The Mark Cuban Stimulus Plan

Internet billionaire and Dallas Mavericks owner Mark Cuban has his own plan to stimulate the U.S. economy, and he's looking to entrepreneurs for help. Here's the pitch from his blog:

You must post your business plan here on my blog where I expect other people can and will comment on it. I also expect that other people will steal the idea and use it elsewhere. That is the idea. Call this an open source funding environment.

If its a good idea and worth funding, we want it replicated elsewhere. The idea is not just to help you, but to figure out how to help the economy through hard work and ingenuity. If you come up with the idea and get funding, you have a head start. If you execute better than others, you could possibly make money at it. As you will see from the rules below, these are going to be businesses that are mostly driven by sweat equity.

Cuban's got a pretty intense set of rules for businesses to qualify for funding: no revenue can come from advertising, it must be cash flow break even within 60 days, and it must be profitable within 90 days. So far the rules don't seem to have scared off too many budding entrepreneurs -- 421 replies have already been posted.

Cuban was a guest on our podcast back in October, and we blogged about the SEC complaint against him in November.

» E-Mail This     » Add to Del.icio.us

Source: NPR Blogs: Planet Money | 11 Feb 2009 | 8:57 pm

No Rest For The Wicked

That's you, not the CEOs, by the way.

Since CSPAN has gotten back on the ball, and therefore we don't have to watch CNBC to follow it, we continue our snide coverage:

Ok guys, who believes nicotine is not addictiveyou will pay back the TARP money and need no more funds?

[Everyone]: Yes, but we have no clue what the Geithner plan is so...

Rep. Ellison: Hey, Bank of America- The Huffington Post claims that your employee at the Financial Services Roundtable was advocating opposition to the Employee Free Choice Act? Is that true?

Lewis: I don't go the roundtable.

Rep. Ellison: You don't think you should be opposing union organization with TARP funds do you?

KL: Huh?

Rep. Ellison: So, are you guys solvent?

VP: Oh yes.

Rep. Ellison: What about you Bank of America?

KL: Since we made money last year, I am simply amazed you would even ask that.

Rep. Ellison: So, are you going to collapse?

K "De Niro" L: Are you talking to me?

Rep. Ellison: Yeah, you.

KL: Absolutely not. I don't even know what the hell you are talking about or why you'd ask me that question. And why don't you just go out back and pound salt you bank run creating public menace. (Ok, maybe we made that last part up).

Rep. Wilson: Why don't banks want TARP funds, Mr. Lewis?

KL: Simple, we don't want your dirty paws on your business. Duh.

Rep. Perlmutter: You guys are just big bloated bombs waiting to go off and blow up the system, right?

JM: No. G'z. We sold the credit card morass, what more do you want?

JD: No.

Rep. Biggert: If you guys are so healthy, why are were here? How can you help restore consumer and investor confidence?

JD: Doing the best we can, lady.

JS: How about you guys whack Mark-to-Market so we can report our assets at the marks we prefer?

Rep. Biggert: Who wants to nuke Mark-to-Market?

[Only JS raises his hand]

JS: Ok, let me clarify. I only really want to do away with Mark-to-Market when it results in marks that I don't likewhen the market is irrational.

Rep. Donnelly: Will it play in Peoria?

[Deer. Headlights.]

Rep. Foster: Given 11% unemployment a 25% decline in residential real estate and similar problems in commercial real estate who of you is going to survive? Don't point or anything.

[Everyone]

Rep. Foster: Have you ever seen a compensation restriction you couldn't circumvent?

[Deer. Headlights.]

Chairman Franks: I really don't want to see the eight of you singing "I Will Survive."

Rep. Speier: What was your exposure to AIG? And were you present at the Fed meetings during the AIG collapse discussions?

LB: We had very little actual exposure to AIG because (we were hedged/we offset our risk).

Rep. Himes: When are you going to start eating your own cooking? Who here is going to set up strong long-term compensation structures?

[Everyone]

Rep. Himes: Let me start with Mr. Pond-it. Why aren't you taking top-loss tranches on these complex issues?

VP: That's not very traditional.

Source: Dealbreaker | 11 Feb 2009 | 8:50 pm

White House defends finance plan after stocks slump (AFP)

AFP - The White House on Wednesday defended the Treasury's plan to inject up to two trillion dollars into the economy to rescue the crippled US financial system, after a sharply negative reaction on stock markets.

Source: Yahoo! News: Stock Markets News | 11 Feb 2009 | 8:24 pm

The Spigot Is On: $789 Billion In Stimulus Agreement

And now the real fun begins:

Negotiators for Congress and the White House have agreed on a $789 billion economic stimulus bill, lawmakers announced. The compromise measure could get final approval by Friday.

The situation is fluid.

Pact on Economic Stimulus Is Reached In Congress [CNBC]

Source: Dealbreaker | 11 Feb 2009 | 8:05 pm

Fry, Fishies, Fry!

The Congresscrazies have finished voting, and we're back.

Rep. Walter Jones has three points:

1. The image of the banking industry is as low as its ever been.

2. You people need to show some compassion.

3. FOR GOD'S SAKE, WHEN YOU LEAVE HERE TODAY.DO WHAT EVER YOU CAN TO FREE CREDIT.

Rep who's name I missed: How many of you have performed community outreach?

Blankfein: We're not an originator, we're a servicer. Our servicer has reached out and been very forgiving.

Dimon: We work very hard to contact anyone who we think might have a problem; if i have to, I'll go door to door.

Kelly: [smugly] We don't do mortgages.

Lewis: We take 85k calls a day.

Logue: We are not in the mortgage biz.

Mack: We're barely in the mortgage biz, but we do try to help.

Pandit: We're in your homes, modifyin' your mortgages. We're not waiting for fire alarms to go off, we've installed mortgage detectors. Did we start the fire? I'd rather not say.

Stumpf: We talk to people early and often.

Source: Dealbreaker | 11 Feb 2009 | 8:02 pm

White House: Bailout wasn't aimed at market reax (AP)

AP - The White House said Wednesday that the administration's bailout plan that sent Wall Street tumbling a day earlier was not designed for a "one-day market reaction."

Source: Yahoo! News: Business | 11 Feb 2009 | 7:48 pm

White House: Bailout wasn't aimed at market reax (AP)

AP - The White House said Wednesday that the administration's bailout plan that sent Wall Street tumbling a day earlier was not designed for a "one-day market reaction."

Source: Yahoo! News: Stock Markets News | 11 Feb 2009 | 7:48 pm

Play Ball!

If you ever needed a clearer example why we don't want e.g., the House of Representatives making investment decisions, this is it:

NBC has obtained a letter signed by six house Representatives from New York State sent to Timothy Geithner, asking the Treasury Secretary to disregard the call for Citigroup to break its 20-year, $400 million investment for the naming rights to the New York Mets stadium.

The letter comes in response to a note sent to Geithner two weeks ago by Representatives Ted Poe and Dennis Kucinich.

The note asked Geithner to recommend that the contract be dissolved in the best interest of public policy, given that Citigroup had received $45 billion in public funds from the Troubled Assets Relief Program (TARP).

"We believe this would set a terrible precedent of unfairly singling out a specific company and particular form of advertising for a politically popular reason," the letter states. "This attack has broader implications on all sports marketing, and would certainly have a negative impact on all media outlets such as television, radio, cable, and newspapers."

Of course, it is hard not to look hypocritical if you find this bemusingly offensive but have no problem with the likes of Maxine Waters deciding who gets a loan and who doesn't.

NY Reps To Geithner: Don't Kill Citi-Mets Stadium Deal [CNBC]

Source: Dealbreaker | 11 Feb 2009 | 7:29 pm

Will companies stay green in recession?

In the past few years, many companies have made the effort to become more green -- from launching sustainability initiatives to cutting energy use. But in this economic downturn, is corporate green fervor dwindling? Sarah Gardner reports.
Source: Marketplace | 11 Feb 2009 | 7:09 pm

Madoff's wife took $15.5m ahead of arrest

Bernard Madoff's wife Ruth pulled $15.5m out of a Massachusetts brokerage firm that funnelled clients to her husband in the three weeks before his December 11 arrest, according to court documents filed by Massachusetts securities regulators
Source: Financial Times - US homepage | 11 Feb 2009 | 6:59 pm

LCM's Morse Sees Oil Prices Falling Through Second Quarter

Source: Bloomberg - All Podcasts | 11 Feb 2009 | 6:49 pm

Second Verse, Same As The First?

Here's hoping, if you're up to get down with some batshit-manifest! We're a little late for round two; I'm okay with this but if we missed anything besides "When I say 'b' you say 'lah' 'b!' 'lah!' 'b!' 'lah!'" let us know.

Rep. Dennis Moore: How much taxpayer money did your company receive in the last five months, and how much money did you personally steal from us in 2008?

Stumpf: Wells Fargo received $25 billion and I got $850,000 in comp, my bonus will be decided in February.

Pandit: $45 bn in TARP; my salary was a million, no bonus. And, like I said before, $1 in salary next year, no bonus.

Mack: $10 bn in TARP. My salary was $800,00, no bonus (just like last year).

Logue: $2 bn in TARP, one million in salary, no bonus.

Lewis: $15 bn in TARP (*for 2008*), $1.5 million salary, no incentives.

Kelly: $3 bn in TARP, my salary is $1 million, no bonus.

Dimon: $25 bn in TARP, my salary is $1 million, no bonus

Blankfein: $10 bn in TARP, $600,000 salary, no bonus.

Rep. Michael Capuno, Maxine Water's brother from another mother: Are any of you lending money for credit default swaps? How many of you directly or indirectly engaged in CDOs? And how many of your banks had or currently have special investment vehicles, those off the books unregulated subsidiaries of the banks. So basically, all or most of you engaged in the fraud that caused this crisis. I CAN'T BELIEVE NO ONE'S PROSECUTED YOU. Oh, but we'll find out...we'll find out!...You'll be answering these questions in court some day. You come to us on your bicycles, selling girl scout cookies, after helping Mother Theresa, and you're saying we won't do it again? And we're supposed to believe you? Are we? You learned your lesson? Did you? And now you're saying 'sorry, trust us, we don't want the money.' INTERESTING. No one's ever come to me and said you must take billions of dollars. NO ONE'S EVER SAID THAT TO ME!!! I don't really have a question, but I was told I could have the five minutes.

Source: Dealbreaker | 11 Feb 2009 | 6:45 pm

Nadal To Fly Free?

We are torn.

1. The guy is 76.
2. The guy ran like a preschoolers nose in February.

Arthur Nadel, 76, was being held on Tuesday in a Federal Bureau of Prisons center in Oklahoma City, Oklahoma, after being taken from a Florida county jail on Friday, according to county and prison records. Last week a U.S. magistrate judge in Florida ordered Nadel held without bail as a flight risk and sent to New York. Nadel was charged in New York because he traded through a brokerage in the city.

"We are planning to seek a review of the detention order in New York," said Nadel's lawyer, Todd Foster.

Jailed U.S. fund manager Nadel to seek bail [Reuters]

Source: Dealbreaker | 11 Feb 2009 | 6:38 pm

Listener: Firewood For Sale

Awhile back, a listener named Andrew Visser wrote in from the Nashville area to say he'd noticed a lot of new folks selling firewood from pickups by the side of the road. Andrew said he'd stop by and ask if the newcomers were searching for extra cash in the recession.

Andrew talked to two of them. He reports:

I talked to Jack and Mike. Jack told me he has been selling firewood to make ends meet since he lost his job about 3 months ago, the indefinite lay-off. He said he drives from 45 minutes away to the location (just outside downtown Nashville) to sell his goods. Mike drives from 45 miles out to get here, and has been doing this business for 5-6 years. He (Mike) was selling firewood for the same reasons. No job. He told me that there were a lot of people selling firewood here this year as compared to previous seasons.

As he was telling me this a car pulled up.

Two guys were in it asking how the day was going. Mike talked to them for a minute while I snapped a couple pictures of the firewood in his truck. After they drove away Mike told me that the guys in the car had just lost their jobs also and were looking for a good place to sell their firewood.

Let me back up a bit in the story now. When I pulled up to the trucks with my vehicle I drove past Mike then Jack. They were parked on the side of the road as shown in the two photos I attached. I got out of my vehicle and Jack approached me with the typical salesman aura. I took the time to explain the reason for my visit. After we had talked a few minutes (Jack, Mike and myself) Jack revisited the way he first approached me when I arrived. He noted that Mike had not made a move towards us until I approached Mike. Jack then described the ultra competitive mentality of the new guys who were out there selling. Jack told me they will run up to you to get you to buy from their truck. No etiquette. Mike nodded in agreement adding that the sales have been drastically down this season because there are so many more people selling, not more buying. Mike then pointed to the pile of wood on his truck saying "this load has been on my truck for nearly one month."

After talking to these guys, my original suspicion of there being more trucks out here in relation to the hurting economy has been quite strengthened.

» E-Mail This     » Add to Del.icio.us

Source: NPR Blogs: Planet Money | 11 Feb 2009 | 6:33 pm

Army attracts white-collar workers

When the Army held a military job fair in Maryland recently for up to 400 civilian positions, about 4,000 applicants, many of them white-collar workers, lined up for inspection. Tamara Keith reports.
Source: Marketplace | 11 Feb 2009 | 6:24 pm

Where's transparency in stability plan?

Treasury Secretary Timothy Geithner said transparency would be a key part of the government's new financial stability plan. But commentator Robert Reich wonders just how much the public will really know.
Source: Marketplace | 11 Feb 2009 | 6:24 pm

What the banks may be hiding

Treasury Secretary Timothy Geithner promised more transparency when he announced the government's new bailout package. But do investors really want to know what the banks are hiding? Ashley Milne-Tyte reports.
Source: Marketplace | 11 Feb 2009 | 6:24 pm

No quick fix for housing market

The mortgage meltdown triggered the current crisis we're in, so why not aim more of the stimulus at troubled homeowners? Fixing the housing market isn't going to be that easy. Dan Grech reports.
Source: Marketplace | 11 Feb 2009 | 6:24 pm

Lawmakers grill bank CEOs over TARP

Eight CEOs of the largest banks receiving TARP funds were grilled by the House Financial Services Committee. Where were the former CEOs who got us into this mess? Nancy Marshall Genzer reports.
Source: Marketplace | 11 Feb 2009 | 6:24 pm

U.S. trade deficit drops to 6-year low

A Commerce Department report shows that the U.S. trade deficit shrank 4% in December, falling to its lowest level in almost six years. That's good news, or is it? Steve Henn reports.
Source: Marketplace | 11 Feb 2009 | 6:24 pm

Farrell Sees `Steep' Learning Curve for Obama Administration

Source: Bloomberg - All Podcasts | 11 Feb 2009 | 6:14 pm

Levitt Says Bank Aid Takes Time, Leaves Many Questions

Source: Bloomberg - All Podcasts | 11 Feb 2009 | 6:12 pm

FTSE 100 climbs 0.5% (AFP)

AFP - London stocks finished slightly higher on Wednesday despite details about a plan to shore up the US banking system remaining scarce.

Source: Yahoo! News: Stock Markets News | 11 Feb 2009 | 5:46 pm

Crisis shakes steel, auto, oil sectors (AFP)

AFP - Fresh losses and grim forecasts slammed the world's steel, auto and oil sectors on Wednesday after a US bank rescue plan that could cost as much as 2.0 trillion dollars got a sceptical reception.

Source: Yahoo! News: Stock Markets News | 11 Feb 2009 | 5:38 pm

Ross Levine Says Treasury Bank-Bailout Plan Is `Vague'

Source: Bloomberg - All Podcasts | 11 Feb 2009 | 5:38 pm

25 Valentine’s Day Bailout Hearts

We discovered the ACME heartmaker online recently, and couldn’t resist creating a variety of Valentine’s hearts with snarky economy-related quips. See which of these Valentine’s Day bailout hearts would speak most loudly to your sweetheart–or least favorite person on the Street:

Source: Business Pundit | 11 Feb 2009 | 5:31 pm

The Men In Tights Defense

Say what you will about Marc Dreier, yes, ok, so he was into that whole "Yale thing," but he sure know how to pick victims. The list of his stingees has grown to include Amaranth Group Inc., Perella Weinberg Partners and Blackstone Group LP's GSO Capital Partners. Given the current environment, prosecutors are going to have to prepare themselves to defeat the dreaded Robin Hood defense.

Government lawyers identified the firms in a court filing in New York on Feb. 9 as three of the 20 institutions they claim are victims of Dreier's thefts. Prosecutors didn't disclose how much it alleges each of the companies lost.

Is it possible that all these losses never came to light before because these big name hedge funds failed to report the crimes? It seems awfully unusual that Dreier could have defrauded all these funds without tipping a few of them off before now. (Amaranth? That was so 2006).

Amaranth, Perella Were Victims of Dreier's Fraud, U.S. Says [Bloomberg]

Source: Dealbreaker | 11 Feb 2009 | 5:02 pm

Don't Hold Back Now

Whatever you want to say about those Austrian School economists from George Mason University, they're not afraid to bite. Here's the latest from Don Boudreaux, who talked Planet Money through the plus side of layoffs. Today, he's on about President Obama's move to limit executive pay:

[T]he most egregious problem with this salary cap . . . is that it sets a frightening precedent. Government is now increasingly in the business of determining salaries and deciding whether firms can have private jets. These matters -- salaries and jets -- are lightning rods for public attention. So they are, ipso facto, lightning rods for politicians' attention.

You can bet your grandchildren's share of the national debt, however, that other corporate matters will become lightning rods of attention -- and, hence, objects of self-righteously imposed government restrictions.

Is Bank of America spending oodles of money on advertising? Horrors! Make it stop. Is General Motors planning to install machinery that will displace some workers? Never! Make it stop. Is Chrysler appointing yet another middle-aged straight white male as its president? Racist homophobic chauvinists! Make them appoint a handicapped lesbian of color.

» E-Mail This     » Add to Del.icio.us

Source: NPR Blogs: Planet Money | 11 Feb 2009 | 5:00 pm

Google Power

About eight weeks before the presidential election, Google chairman and CEO Eric Schmidt, a Barack Obama supporter, turned to a staffer at Google.org and asked what a Google energy plan for America would look like.

At the time, not long after retail gasoline prices topped $4 a gallon, it seemed as if everyone had a plan—the Al Gore plan, the Obama plan, the John McCain plan. Schmidt wanted a plan, too.

The result, Clean Energy 2030: Google's Proposal for Reducing U.S. Dependence on Fossil Fuels, received little attention, other than in several speeches last fall by Schmidt himself. But now that plan is starting to turn into products, and has caught the eye of some serious energy wonks.

On Monday, Google Inc. unveiled a prototype of its first energy product, Google PowerMeter, an online system that processes and displays information about a person's residential electricity use to aid in energy conservation.

"We really need to look seriously at the Google energy plan; it's quite viable," said Jon Wellinghoff, whom President Obama just appointed interim chairman of the Federal Energy Regulatory Commission, which controls the national electric grid.

Think of Google's blueprint, which was drafted by Jeffery Greenblatt, a pony-tailed Ph.D. who had spent years modeling energy and climate scenarios at Princeton University and Environmental Defense Fund, as a federal bailout of sorts for the climate crisis.

The crux is a government-led blitz into energy conservation, renewable energy sources and plug-in electric vehicles that, by 2030, would reduce U.S. carbon dioxide emissions by more than 40 percent from today's level. The numbers, while daunting, are doable, Google insists.

First, through efficiency measures, Google would stabilize U.S. electricity use at 2008 levels. (Its model here is California, which, since implementing rules to reward utilities for conservation instead of power production, has kept per-capita energy use flat for 35 years.)

Then, by 2030, Google would phase out all U.S. power production from coal and oil, and half from natural gas, replacing the fossil fuels with electricity from wind (pegged at 29 percent of 2030 supply), solar (12 percent) and enhanced geothermal (15 percent).

Google says the overhaul would create nine million jobs. Some of the plan's considerable costs could be covered by the billions in subsidies and tax incentives included in the $825 billion stimulus package passed by the Senate on Tuesday.

In transportation, Google would raise fuel-efficiency standards for conventional cars to 45 miles per gallon by 2030, up from the current requirement of 35 mpg by 2020. Google would also jump start the market for plug-in electric vehicles so that 20 percent of new U.S. cars would run on electricity by 2020—rising to 90 percent of new cars by 2030.

These steps would reduce gasoline consumption—and thus vehicle CO₂ emissions—by 44 percent in the U.S., Google says.

To meet Google's targets, the U.S. production of wind power would have to grow some 24-fold from today's level in the next two decades; the output of solar power would need to rise 250-times. Still, Greenblatt, the plan's author, says such enormous increases "aren't unprecedented," citing previous building binges for nuclear and natural-gas power plants.

"In no case are we assuming absurd levels of growth," Greenblatt insists. "Solar is already growing 50 percent a year."

The PowerMeter is the company's initial stab at the efficiency side of the equation.

Ed Lu, one of the Google engineers leading the energy team—and a two-time Space Shuttle astronaut for NASA who lived at the international space station for six months—wrote on the Google.org site that the PowerMeter is still being tested at Google employees' homes.

When connected to appliances and household wiring, the system is meant to display users' electricity consumption in real time. That information becomes critical if utilities to adopt time-of-day pricing, which would make electricity costlier at peak hours and cheaper at off hours. This would smooth out demand and make better use of generating capacity. The goal is to encourage consumers to monitor and adjust their consumption to cut costs and energy use.

"In a world where everyone had a detailed understanding of their home energy use, we could find all sorts of ways to save energy and lower electricity bills," Lu wrote. Studies have found that access to home energy information results in savings of 5percent to 15 percent on monthly electricity bills, he added.

"It may not sound like much," Lu wrote, "but if half of America's households cut their energy demand by 10 percent, it would be the equivalent of taking eight million cars off the road."

The PowerMeter is part of the growing effort in Silicon Valley and elsewhere to cash in on so-called smart-grid technology—wiring the nation's electricity infrastructure with computers, monitors, and other high-tech gear.

Google is lobbying hard in Washington for federal money for smart grid, along with General Electric Corp. and others. Companies have been particularly interested in promoting the availability of real-time energy information, which can make utilities and customers far more efficient producers and consumers.

Google says there currently about 40 million smart meters in use worldwide—instruments that give users detailed information about their electricity consumption—with plans to add another 100 million in the next few years.

Related Links
Google's Power Play
Environmental Investing
Google And GE In Energy Tie-Up



Source: Portfolio.com: Top 5 | 11 Feb 2009 | 4:30 pm

GM crops continue to spread

Genetically modified crops are continuing to spread across the world's farmland, according to the leading annual survey of GM in agriculture
Source: Financial Times - US homepage | 11 Feb 2009 | 4:25 pm

Blanch Sees Oil Rising to $56 a Barrel by End of Year

Source: Bloomberg - All Podcasts | 11 Feb 2009 | 4:19 pm

American Opportunity Tax Credit: The Details

The American Opportunity Tax Credit, spearheaded by Pennsylvania Congressman Chaka Fattah, is part of the new government stimulus package. It gives individuals making less than $80,000 a year a $2,500 tax credit to use on higher education costs. The bill itself will cost the country an estimated $10.3 billion.

Applicants can use the tax credit in exchange for 100 hours of community service. It is partially refundable. As part of the bill, the Department of the Treasury also has to conduct a feasibility study on the community service requirement vis a vis higher education.

Source: Business Pundit | 11 Feb 2009 | 3:57 pm

Indicator: Full Port

Mike S. writes:

I have an indicator for you. While flying over Singapore's southern port area I noticed hundreds of ships at anchor in the straight. Over dinner, me and some friends hypothesized about why so many vessels, the heavy hitters in commercial transport, are sitting idly near the largest port in the world. We figured they couldn't be just waiting for a spot; such inefficiency would doubtful be visible in a port which moves more volume than any other. The most logical conclusion we could come up with (which isn't saying much) is that they're just on a layover--if you will--enjoying the night life of Singapore before they move on to their next port.

The next day a friend of mine asked an employee at the port and the answer was so simple I couldn't believe we didn't think of it: They aren't needed! Demand is so low that hundreds of ships are sitting empty like taxis lined up with "for hire" illuminated.

I flew over the port again the next day and decided to try to count the boats. I stopped at 200.

» E-Mail This     » Add to Del.icio.us

Source: NPR Blogs: Planet Money | 11 Feb 2009 | 3:41 pm

Managing People on the Quick

The Harvard Business Review has a good article explaining how to be a better manager in 15 minutes per day. Here’s an excerpt:

1. Turn dead time into development time. Walking back to your office after a meeting? Use those two minutes to give your direct report feedback on the presentation, and on how he could do better next time. He didn’t have a speaking role? Ask him how he thought the meeting went and how he might have made certain points differently — and then offer feedback on that. Direct, in-the-moment feedback is your single best tool for developing people.

2. Constantly spot dead time. Look for every two-minute stretch in your day during which you could be talking to someone else — most often, that’s travel time — and convert each into a coaching opportunity. Walking down to Starbucks to get a coffee? Driving to the airport? Headed out to your car at the end of the day? Ask one of your people to come along with — and talk to them about their goals and priorities.

3. Show up in their workspace. Employees expect you to stay in your seat. Don’t. Once per day, get up and walk over to the desk of someone you haven’t spoken to recently. Take two minutes to ask her what she’s working on. Once she’s done answering, respond “What do you need from me to make that project/transaction successful?” Message to employee: I know who you are, I’ve got high expectations — and I’ve got your back.

4. Make two calls per day. On your way home from work, call (or email) two people you met with that day, and offer “feedforward.” “I like what you’ve done with the Smithers account. Next time, let’s try to keep marketing costs down. Thanks for your hard work.” Always make “thank you” a part of the message. Employees who feel appreciated, and know that you’re trying to develop their skills, stay engaged over the long run.

I would add taking a couple minutes to reflect on your daily interactions with people: What went well, what didn’t, what needs improving. That way, you can start the next day with an interaction plan to help you fill those extra time slots. Does anyone have any other tips?

Source: Business Pundit | 11 Feb 2009 | 3:09 pm

How It Could Work

I left the Treasury Department yesterday with lots of questions about how the proposed public-private fund to buy up toxic assets would actually work.

One potential problem: What if the bank has a toxic asset it thinks (hopes) is worth 40 cents on the dollar. But the investors running the fund think there's no way it's worth more than 20 cents. Then no trade, right? The banks are still stuck with it. We haven't fixed the problem.

Economists and auction experts Peter Cramton and Larry Ausubel just posted something laying out how you might set up one of these public-private funds. It's basically a kind of investment bank which is co-owned by private investors and the government. It would purchase the toxic assets through a reverse auction. (Reverse auction stories here and here)

I could also imagine a solution where the government sets up a few of these banks which would compete to buy the assets. I'm not sure either of these gets around the problem outlined above though.

» E-Mail This     » Add to Del.icio.us

Source: NPR Blogs: Planet Money | 11 Feb 2009 | 2:50 pm

Twitter Stops a Senate Coup

The Economist reports on how a tweet let Democrats keep their Senate majority yesterday:

YESTERDAY morning, Virginia politicos caught wind of a rumor that one of the Democrats in the state Senate was about to switch parties. Because the Democrats had a 21-19 majority, that shift would have flipped control over to the Republicans. Then Jeff Frederick, the chairman of the state Republicans picked up his smartphone and sent out a tweet.

Big news out of Senate: Apparently one dem is either switching or leaving the dem caucus. Negotiations for power sharing underway.

And that’s how the Democrats found about about the plot. They adjourned business, cornered the rogue senator, and browbeat him out of his big plan.”Be authentic on Twitter,” texted Patrick Ruffini, a Republican web guru. “But still keep a frickin’ secret when you need to.”

Source: Business Pundit | 11 Feb 2009 | 2:41 pm

'This Is Not A Plan'

U.S. Treasury Secretary Tim Geithner unveiled his plan for saving the economy Tuesday, or maybe left it in shrouds. So say the headlines -- and yesterday's falling stock market.

"The market is responding to vagueness," economist and Planet Money guest Simon Johnson told TPM Muckraker. "This is not a plan. In the annals of plan-announcing, this is very vague."

After the jump, the YouTube video so many of you want to talk about.

As part of his answer to an irate caller, Rep. Paul Kanjorski of Pennsylvania describes an electronic bank run back in September. Kanjorski says the Federal Reserve told lawmakers the economy was approaching meltdown. (See also: Planet Money's own "The Week America's Economy Almost Died.")

» E-Mail This     » Add to Del.icio.us

Source: NPR Blogs: Planet Money | 11 Feb 2009 | 2:18 pm

25 Valentine’s Quotes You Can Say in Public

These are mellower quotes that err on the humorous side of things:

25. “True love comes quietly, without banners or flashing lights. If you hear bells, get your ears checked.” Erich Segal

24. “Love is grand; divorce is a hundred grand.” Anonymous

23. “I was nauseous and tingly all over. I was either in love or I had smallpox!” Woody Allen

22. The great question, which I have not been able to answer is, “What does a woman want?” Sigmund Freud

21. “If love is blind, why is lingerie so popular?” Anonymous

20. “Marriage is the triumph of imagination over intelligence. Second marriage is the triumph of hope over experience.” Samuel Johnson

19. “Love wouldn’t be blind if the Braille weren’t so damned much fun.” Anonymous

18. “Falling in love is so hard on the knees.” Aerosmith

17. “Love is like an hourglass, with the heart filling up as the brain empties.”
Jules Renard

16. “An archeologist is the best husband any woman can have; the older she gets, the more interested he is in her.” Agatha Christie

15. “It’s not the men in my life that count — it’s the life in my men.” Mae West

14. “Love is much nicer to be in than an automobile accident, a tight girdle, a higher tax bracket, or a holding pattern over Philadelphia.” Judith Viorst

13. “Love may not make the world go round, but I must admit that it makes the ride worthwhile.” Sean Connery

12. “Gravitation is not responsible for people falling in love.” Albert Einstein

11. “We don’t believe in rheumatism and true love until after the first attack.” Marie Ebner Von Eschenbach, Aphorism

10. “What the world really needs is more love and less paper work.” Pearl Bailey

9. “Valentine’s Day is when a lot of married men are reminded what a poor shot Cupid really is. Unknown

8. “Today is Valentine’s Day. Or, as men like to call it, Extortion day.” Jay Leno

7. “Behind every successful man is a woman, behind her is his wife.” Groucho Marx

6. “One should always be in love. That is the reason one should never marry.” Oscar Wilde

5. “You can’t buy love, but you can pay heavily for it.” Henny Youngman

4. “Love is an electric blanket with somebody else in control of the switch.” Cathy Carlyle

3. “Nobody will ever win the battle of the sexes. There’s too much fraternizing with the enemy.” Henry Kissinger

2. “Love is a snowmobile racing across the tundra and then suddenly it flips over, pinning you underneath. At night, the ice weasels come.” Matt Groening

1. “You come to love not by finding the perfect person, but by seeing an imperfect person perfectly.” Sam Keen

Source: Business Pundit | 11 Feb 2009 | 2:17 pm

Lovers’ Island Discovered by Google Earth

(Image from Ananova)

Ananova reports:

A tiny heart-shaped island in the Adriatic has become a holiday hit for St Valentine’s Day after being discovered on Google Earth.

Even the uninhabited island’s owner didn’t realise how perfectly heart-shaped the island off the Croatian coast was until he was swamped with requests from lovers to stay there.

“It has been incredible. We think it is the most perfect heart-shaped island in the world,” said Vlado Juresko whose family owns the 130,000 square yard islet of Galesnjak, hastily redubbed Lovers’ Island.

“Nobody lives there so if lovers really do want to spend time alone it’s the perfect desert island.”

Source: Business Pundit | 11 Feb 2009 | 2:07 pm

Trump Wants You...

Donald Trump wants you to jump into the crazy real estate market. Actually he wants you to take his class. Well, it's not his class -- it's taught by "Donald Trump's handpicked instructor." The pitch:

"We'll help you by teaching you how to profit from the $700 billion bailout"

The ad, which ran in the Baltimore Sun, doesn't mention how much the full course costs. The (unnamed) instructor is in town this week.

» E-Mail This     » Add to Del.icio.us

Source: NPR Blogs: Planet Money | 11 Feb 2009 | 1:56 pm

Google PowerMeter Could Boost Business in Other Sectors

PC Magazine has an interesting article on how the Google PowerMeter is more than just a handy way to go green. It could be the catalyst for a home automation movement (remember those lights that turned on and off when you clapped?):

Google’s PowerMeter, which will enable consumers to see how much energy they’re using, is one of the best home automation ideas to come along in a long time. Although still being put through its paces by Google employees, PowerMeter may allow users to cut their power usage by up to 15 percent, a green benefit that transcends the Prius crowd. Indeed, once people find out how much money their ’80s-era Frigidaire is costing them, they’ll see the cost benefits of upgrading to a new, more energy-efficient model. Talk about a stimulus plan.

But the real benefactor here may be the home automation vendors who’ve toiled for decades in the consumer electronics shadows. Home-control gadgetry that turns lights on and off, and operates Web-enabled security cameras and thermostats, has been around for two decades or more. Do-it-yourself nerds are familiar with Insteon, X10, and Z-Wave products. (Aside: X10 shamelessly markets its video wares as spy cams for peepers.) And the ultrawealthy who can drop six figures on remote-controlled home theaters and motorized venetian blinds often hire high-end automation installers such as Crestron.

Google’s PowerMeter…has a very compelling proposition: It’ll save you money — potentially a lot of money. True, the verdict is still out on how well it’ll work, but Google certainly has the resources to make PowerMeter a success. If the software works as advertised, we’ll likely see a sales surge of smart utility meters and thermostats, two energy-saving products that exist today.

Google has a way making room for cottage industries through its breakthrough innovations. If the PowerMeter succeeds in bolstering home automation, like PC Magazine suggests, Google might have a real winner on its hands.

Source: Business Pundit | 11 Feb 2009 | 1:38 pm