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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 04:29 AM
Original message
STOCK MARKET WATCH, Friday December 5
Source: du

STOCK MARKET WATCH, Friday December 5, 2008

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 46

WHERE'S OSAMA BIN-LADEN? 2592 DAYS
DAYS SINCE ENRON COLLAPSE = 2889
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54



U.S. FUTURES &
MARKETS INDICATORS>
NASDAQ FUTURES-----------------------------S&P FUTURES





AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.
$1 USD = EUR 1.06678
$1 USD = JPY 116.6200


In recognition of those prescient of the Dow's precipitous return of Bush values (9/29/08): JuneBourder and AnneD

AT THE CLOSING BELL ON December 4, 2008

Dow... 8,376.24 -215.45 (-2.57%)
Nasdaq... 1,445.56 -46.82 (-3.14%)
S&P 500... 845.22 -25.52 (-2.93%)
Gold future... 765.50 -5.00 (-0.65%)
30-Year Bond 3.08% -0.10 (-3.14%)
10-Yr Bond... 2.57% -0.11 (-3.96%)






GOLD,EURO, YEN, Loonie and Silver



PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact actionpost@legitgov.org

For information on protests and other actions Citizens For Legitimate Government









Read more: du
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 04:40 AM
Response to Original message
1. Market WrapUp
Still Hitting Extremes
BY MICHAEL PANZNER


For months, the evidence has been clear: Americans are no longer willing or able to consume at the same pace as before. Thus, it should not have been a surprise to anyone (except to Wall Street economists, that is) when the latest monthly report from the International Council of Shopping Centers revealed significant weakness in retail spending. According to the ICSC, November same-store sales fell 2.7% from year-earlier levels, a record low reading.

.....

In recent months, policymakers around the globe have opened up the monetary and fiscal spigots in an attempt to counteract the credit crunch. Although safe haven buying has helped buoy prices on government bonds in spite of the budding tsunami of future supply, there are signs that investors are growing nervous. Premiums on credit default swaps (a type of derivative providing insurance on creditworthiness) for a wide range of sovereign reference credits, including the U.S., Germany, and the United Kingdom, have shot up, suggesting markets are beginning to price in an eventual -- and widespread -- loss of faith in government-issued debt.

-chart-

In looking at the way the bear market has unfolded over the past year or so, it's worth noting that many constituent stocks topped out before -- in some instances well before -- benchmark indices did. In the case of the Dow Jones Industrials, for example, the shares of 16 stocks had already seen their peaks (in many cases, their record highs; in others, their two-year highs) by the time the Dow closed at its all-time high of 14,164.53 on October 9th, 2007.

http://www.financialsense.com/Market/wrapup.htm
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 04:43 AM
Response to Original message
2. Today's Reports
08:30 Average Workweek Nov
Briefing.com 33.6
Consensus 33.6
Prior 33.6

08:30 Hourly Earnings Nov
Briefing.com 0.2%
Consensus 0.2%
Prior 0.2%

08:30 Nonfarm Payrolls Nov
Briefing.com -300K
Consensus -325K
Prior -240K

08:30 Unemployment Rate Nov
Briefing.com 6.7%
Consensus 6.8%
Prior 6.5%

15:00 Consumer Credit Oct
Briefing.com $4.0B
Consensus $1.5B
Prior $6.9B

http://www.briefing.com/Investor/Public/Calendars/Econo...
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:32 AM
Response to Reply #2
32. NFP drop 533,000! Unemployment @ 6.7%
01. U.S. Nov. payrolls drop 533,000 vs. -350,000 expected
8:30 AM ET, Dec 05, 2008

02. U.S. Nov. unemployment rate rises to 6.7% vs. 6.8% expected
8:30 AM ET, Dec 05, 2008

03. U.S. nonfarm payroll losses worst since Dec. 1974
8:30 AM ET, Dec 05, 2008

04. U.S. Oct., Sept payrolls revised down 199,000
8:30 AM ET, Dec 05, 2008

05. U.S. Nov. services jobs fall 370,000, most in 25 years
8:30 AM ET, Dec 05, 2008

06. U.S. Nov. hours worked fall 0.9%
8:30 AM ET, Dec 05, 2008

07. U.S. Nov. average hourly earnings up 0.4% vs. 0.2% expected
8:30 AM ET, Dec 05, 2008

08. U.S. Nov. unemployment rate highest since Oct. 1993
8:30 AM ET, Dec 05, 2008

09. U.S. job losses average 419,000 per month past three months
8:30 AM ET, Dec 05, 2008

10. U.S. Nov. retail jobs down 91,000
8:30 AM ET, Dec 05, 2008
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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:33 AM
Response to Reply #32
33. That's less bad than expected.
Wanna bet the markets will rally today?
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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:54 AM
Response to Reply #33
39. Never mind. Futures and overseas markets are plunging.
This is yet another illustration of why I am a teacher and not a financial adviser.
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KayLaw Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:36 AM
Response to Reply #32
34. Holy cats!
:wow:
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:46 AM
Original message
Wow. Over a half million jobs. 2million lost on the year! Futures down just over 2%
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tclambert Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:14 AM
Response to Original message
48. What's Bush's total on jobs now, for the whole eight years?
He was in positive territory last I looked.

O great and mighty Ozymandius, I move that you add a jobs total to your Bush stats. OK, OK, I'll look it up.

From Bureau of Labor Statistics ftp://ftp.bls.gov/pub/suppl/empsit.compaes.txt
and http://www.bls.gov/news.release/empsit.nr0.htm

Total non-farm employees, Jan., 2001: 132,469,000
Current non-farm employees, Nov., 2008: 136,167,000


That's a net gain of almost 3.7 million (3,698,000). Not much for eight years. But more than I expected. I probably need to compare population growth over the same period. Crap. I'm getting into apples and oranges, aren't I?
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RUMMYisFROSTED Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:26 AM
Response to Reply #48
53. Roughly 1.5M a year for population increase.
So, 12M-3.7M= -8.3M!

Chimptastic.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:28 AM
Response to Reply #48
55. It has something to do with birth/death models
Edited on Fri Dec-05-08 08:36 AM by DemReadingDU
The models aren't exactly correct, therefore, the gain in jobs isn't correct either. Families have fewer children than when the original models were created, and in addition, people are living longer while retired. My guess is that there are some 'phantom jobs', those are jobs 'created' via the old models.

Edit - Something like that, here's a link that explains it better.

12/6/07 NFP: Birth/Death Adjustments
http://bigpicture.typepad.com/comments/2007/12/more-on-...
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 10:02 AM
Response to Reply #55
76. Chris Martenson on those birth/death models


12/5/08 Fuzzy Numbers: Jobs report bad at minus 533,000, but made to look better by Chris Martenson

...it would have been worse had it not been for the mysterious positive addition of 30,000 jobs by the so-called birth-death model. From here on out we'll just refer to it as the birth-birth model because no matter how bad the underlying economic data this model somehow always adds jobs in every month except typically January and July when the model backs out a few of its more irrationally exuberant additions.

However, keeping regular track of the amount of fudging in the Birth-Death model is one of my favorite activities because I think it provides insight into just how unreliable government statistical models really are. For a nation that drives economic policy "by the numbers" it's important that the numbers are good. The Birth-Death model provides a valuable caution flag for anyone with a tendency to "believe the numbers" that are being offered up for consumption.

more...
http://www.chrismartenson.com/blog/fuzzy-numbers-jobs-r...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 05:13 PM
Response to Reply #48
128. To Add to the Chagrin--How Can You Trust ANYTHING Printed in the Bushwhacked Years?
And you know, the more I learn about how Clinton kept cleaning up after Poppy, I'm beginning to doubt a lot of the perceived facts about the Clinton years, also. Not everything, mind you, just anything that has Bush-colored fingerprints on it....
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Hugin Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:09 AM
Response to Reply #32
46. From #10... I can only think of one other time retail jobs have declined in Nov.
Say Thanks to Ayn Rand, kids...

THANKS Ayn Rand! :eyes:
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:15 AM
Response to Reply #46
49. whoa! I was just thinking how the shruggers (hattip to Tansy Gold)
have turned this world into that of Atlast Shrugged - the very scenario that they proclaimed to have been avoiding is the one that we now have

the entire world is lining up begging for our taxpayer debt to increase - whilst a figurehead opens his piehole and pisses me off
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Tansy_Gold Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:33 AM
Response to Reply #49
58. "You asked for it, brother!"
:hi:
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Tansy_Gold Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 08:59 AM
Response to Reply #58
141. And....
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:12 AM
Response to Reply #32
47. November: Most jobs lost in 34 years
http://money.cnn.com/2008/12/05/news/economy/jobs_novem...

NEW YORK (CNNMoney.com) -- The economy shed 533,000 jobs in November, according to a government report Friday - bringing the year's total job losses to 1.9 million.

November had the largest monthly job loss total since December 1974.

According to the Labor Department's monthly jobs report, the unemployment rate rose to 6.7% from 6.5% in October. Though lower than economists' forecast of 6.8%, it was the highest unemployment rate since October 1993.

Economists surveyed by Briefing.com had forecast a loss of 325,000 jobs in the month. November's monthly job loss total was greater than October's revised loss of 320,000. Payroll cuts in September were revised up to 403,000, which means two-thirds of this year's job losses have occurred in the last three months.

November's report provided the first glimpse at how employers reacted after the peak of the credit crisis, reached in mid-October. With credit largely unavailable and expensive, consumers scaled back their spending, dragging down manufacturing and construction businesses.

...more...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 05:15 PM
Response to Reply #47
130. I Remember 1974--Seeing Engineers 2 Years Ahead of Me Going to Work for Insurance Companies
as safety inspectors....
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:46 AM
Response to Reply #32
65. U.S. job losses worst since 1974 as recession bites (OMG! check out the Sept and Oct Revisions!)
http://www.reuters.com/article/topNews/idUSTRE4B4375200...

WASHINGTON (Reuters) - U.S. employers axed payrolls by 533,000 jobs in November, the most in 34 years and far more than expected, government data on Friday showed, as the year-old recession hammered every corner of the U.S. economy.

Oil prices and the dollar weakened and U.S. Treasury bond prices rallied on the news that confirms the recession was now hitting activity across the board.

"You can't get much uglier than this. The economy has just collapsed, and has gone into a free fall," said Richard Yamarone, chief economist at Argus Research in New York.

The Labor Department said the unemployment rate rose to 6.7 percent last month to the highest reading since 1993, compared with 6.5 percent in October.

"This is a clear employment blowout. Firms are reacting as dramatically as they can to make sure they have cost structures they can survive the recession we are in," said Joel Naroff, president of Naroff Economic Advisors in Holland, PA.

November's job losses were the steepest since December 1974, when 602,000 jobs were shed, and were much worse than forecast by analysts polled by Reuters who had predicted a reduction of 340,000 jobs.

In addition, job losses in recent months turned out to be worse than previously reported. October's loss was revised to show a cut of 320,000, originally given as a 240,000 loss, while September's drop was revised to 403,000 from 284,000.

That meant 199,000 more jobs were lost in September and October than previously thought and the total reduction in U.S. nonfarm payrolls for the last three months was 1.256 million, with almost 2 million shed in the year so far.


...more...
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Hugin Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:51 AM
Response to Reply #65
68. Yeah, I saw that in the inital reports.
I was waiting for it to take hold. :scared:
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Warpy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 10:25 AM
Response to Reply #32
82. This is one of those days that reminds me of my nursing career
There were a few cardiac drugs we'd give that had to be monitored at all times by screens and readouts. There were a few we gave that were so gnarly the best bet was not to look at the screen for the first fifteen seconds to preserve our own cardiovascular systems.

This is one of those days when I'll avoid looking at the numbers on the screen until it's all over.

Remember the good old days when it was good news to have people thrown out of work? Well, even that right wing economic trick is failing to impress investors. They've finally realized they need customers to buy all that crap megacorporations make in China.
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 04:45 PM
Response to Reply #82
127. The lesson .....
Edited on Fri Dec-05-08 04:47 PM by AnneD
hasn't totally sunk in yet. The market still approves of companies that lay off employees.
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 03:59 PM
Response to Reply #2
119. U.S. Oct consumer credit falls for 2nd time in 3 months
3:01 p.m. U.S. Oct. consumer credit down $3.5 billion

3:01 p.m. U.S. Oct. consumer credit down at 1.6% rate

http://www.marketwatch.com/news/story/US-Occonsumer-cre...

WASHINGTON (MarketWatch) - Tightening credit and recession fears have led U.S. consumers to reduce their debt in October for the second time in the past three months. Total seasonally adjusted consumer debt decreased by $3.54 billion, or a 1.6% annual rate, in October to $2.58 trillion, the Federal Reserve reported Friday. Consumer credit rose at a 3.1 % pace in September after dropping a record 3.0% in August. Non-revolving credit - such as auto loans, personal loans and student loans - had the biggest drop in October, falling by $3.3 billion, or 2.5%, to $1.60 trillion. Credit-card debt fell by a slim $181 million, or 0.2%, in October to $976 million.

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 04:46 AM
Response to Original message
3. Oil at 4-year lows below $44 on dire economic news
SINGAPORE Oil prices were steady near four-year lows below $44 a barrel Friday in Asia as more bad U.S. economic news soured the outlook for global growth and demand for crude.

Light, sweet crude for January delivery was up 26 cents to $43.93 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract fell overnight $3.12 to settle at $43.67, the lowest since January 2005.

....

Dismal economic data continued Thursday in the U.S., pointing toward a sharp contraction of gross domestic product in the fourth quarter and weakening demand for crude products, such as gasoline.

....

Investors will be eyeing the Labor Department's November unemployment report on Friday, which economists expect will show that the jobless rate rose to 6.8 percent and that companies cut another 320,000 jobs.

....

In other Nymex trading, gasoline futures rose 1.05 cent to 98 cents. Heating oil was steady at $1.51 a gallon while natural gas for January delivery slid 8.8 cents to 5.93 per 1,000 cubic feet.

http://news.yahoo.com/s/ap/oil_prices
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 05:00 AM
Response to Reply #3
9. Filled up at $1.49/gal last night (w/a 10cent discount)
Can almost fill up with a single $20 bill.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:39 AM
Response to Reply #9
62. $1.41 SW Ohio, no discount

Unbelievable! But I doubt this cheap price will last forever.
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:01 AM
Response to Reply #3
42. 8:30am - RBOB $0.9370. Oil $42.40
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 04:47 AM
Response to Original message
4. Morning, ozy.
Chilly out there but I don't think the bears are all ready to hibernate.
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 04:54 AM
Response to Reply #4
6. G'morning Roland.
:donut: :donut: :donut:

You bet it's icy. Just took the dog out for her morning ritual. At one point in her process, I thought 'this is what the markets are going to look like today'.
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 04:57 AM
Response to Reply #6
7. I expect somewhat of a rally at the news of drastic job losses, though
Seems the hope of more Fed rate cuts outweighs the lower future sales/profits.

Go figure.
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 05:03 AM
Response to Reply #7
10. That phenomenon, rally on job losses, is like a rash under my skin.
I understand the academic part of it: companies' overhead just shrank, therefore they tend to be more profitable. It's the sociological and long-term economic aspects that bug the shit out of me. By slashing jobs, another area of consumers who probably trend toward meaningful discretionary spending has been flattened. That's hardly something to cheer about.
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dweller Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 05:25 AM
Response to Reply #10
13. morning all
One of the few times i am awake before the SMW is active. And watching the news and thinking the job losses will have the opposite effect on the #'s today.

But then i watched a co-worker walk off the job last evening in an immature snit, and felt he'd really regret that tomorrow/today. So, i'm sure it's influential in my outlook.

of course, that just means more hours for me, so i'll find the bright side in the matter.

It will be an interesting day.
dp
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Hugin Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 06:40 AM
Response to Reply #10
24. It's another bit of so-called 'elevator trading wisdom' which has gotten out of control.
Edited on Fri Dec-05-08 06:51 AM by Prag
Yeah, in a Bull market, if a couple of people trade on the 'leaning' of a business it might be profitable, but,
if EVERYONE does it, it leads to disaster.

I guess our short-sighted would-be investor class isn't savvy enough to tell when job-losses are cutting into
the meat and bone... This is no 'cutting-of-the-fat'... This is the end of these corporations as any sort of
enterprise operating in the public interest or in the interest of creating any value for investors.

*sigh* Very depressing.

Edit: On the up-side, there's plenty of fat to cut from the top of our Mushroom Shaped pay-scales. So, if there
were a mass layoff of overpaid CEO's... Well, I might jump into -that- rally. It'll never happen tho, as
they see themselves as the 'talent' ( :snort: :ahahahahah: :guffaw: ) behind the business.
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tclambert Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:21 AM
Response to Reply #24
29. And I agree with you, too.
A company that cuts its workforce is not a growing concern. And I do not know what we can do about the ridiculous executive compensation situation. Even the editorialists at the Wall Street Journal know CEO compensation is out of whack in America. But who can make them all take a pay cut?
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Hugin Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:56 AM
Response to Reply #29
40. Well, Demeter could...
If not for the moratorium.

To hedge on the FRSP, I've gone long on Wilkinson Blades.

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Tansy_Gold Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 09:06 AM
Response to Reply #40
70. FRSP??? Refresh my memory. . . . . .
(French Revolution Second Phase?) :shrug:
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Hugin Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 09:12 AM
Response to Reply #70
72. Severance Package.
A golden parachute of sorts.
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Tansy_Gold Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 09:26 AM
Response to Reply #72
74. Aaaahhhh, yessssss!
:blush:

How could I forget?


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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 05:20 PM
Response to Reply #40
132. WHAT Moratorium? And Who Died and Left Me President?
Only way I'd get elected to anything---
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Hawkowl Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 03:13 PM
Response to Reply #29
113. Easy solution
Bring back marginal tax rates of 50%, 75% and 90%. This would fix the out of whack pay scale quickly and efficiently. The old reasoning that the reason CEO's make $20 million per year because of "talent" is shattered. We need to sieze this opportunity.
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tclambert Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:16 AM
Response to Reply #10
28. I heartily agree.
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:42 AM
Response to Reply #10
35. Morning Marketeers......
:donut: and lurkers. Rally on job losses is a boil on the butt of Main Street. The longer as that mind set continues-the deeper we will continue to descend down this hole. This destructive thought process started during the late 70's-about the last time the average worker had descent wages (what they use now to show the actual decline in real earnings)-when their wasn't such an outrageous gap between what the CEO makes vs workers.

Any psychologist worth their salt will tell you that the more you make the less satisfied you are and the more you want. It only seems to be magnifies the further up in a company you go. The Boards do not put the breaks on the CEO compensation or CEO's mismanagement of the company. For years-CEO's have hidden this mismanagement by using lay offs and cheesy COLA's to both balance the budget and pacify remaining workers, all the time ignoring the long term disastrous effects this would have to the total economy. Wall Street rewarded this incompetence by driving the company's stock up.

This mind set is nothing more than the end game results of capitalism and unless these wise guys wake up.....they will eventually be taken down too. Most of the wealthy are beginning to get burned-BUT THEY STILL HAVEN'T MADE THE CONNECTION YET. I did however take some heart. On CNN last night at a round table talk-discussion was on the various bail outs 'saving' the economy and one guy actually broke down and said it was all about jobs and until folks had jobs the economy would not recover(he should have mentioned good paying jobs-but he is on the right track).

I will watch the markets today like a teacher looks at her student test scores-to see if they understand the lessons taught and the material covered.

Happy hunting and watch out for the bears.
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TalkingDog Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 12:22 PM
Response to Reply #6
94. **Public Service Announcement** re: dogs & body functions
NEVER, Never tease your dog by patting her distended belly playfully after she has gorged on deer carcass left by lazy hunters, and ask snarkily, "What's in there, thats making all that noise?"

She might just get up, walk into the hallway and demonstrate all over the walls, baseboard and carpet.

And that, my friends, is not just the market today, but probably for months to come.

Hope all are well.
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Hugin Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 12:31 PM
Response to Reply #94
96. Well, hello to you too, TalkingDog.
Sound advice.

:o

eeeew!
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TalkingDog Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 01:36 PM
Response to Reply #96
102. No lie....
Having worked in a bar to put myself through college, I can say with certainty that blood, urine, feces, drunks copulating in toilet stalls, glass embedded in flesh or broken appendages don't phase me in the least. I've pulled 2 inch long shards of glass out of the skin covering the backbone of a 'luded up drunken party girl who collapsed in the parking lot at 2 am.

Any disgorged materials on the other hand.....

Sorry, that's left to the Spousal Unit.

I've been peeking in when I can. Today seemed like a good day to check in given the Bread and Puppet Circus of the Big 3 driving their green clown cars to DC for a little "ain't I humble?" spectacle.

That and the ashen sounding voices on the radio each repeating the same "this is horrific" mantra over the employment numbers....



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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 06:27 AM
Response to Reply #4
23. Morning Everybody
I won't say Good, because I haven't anything good to say....

It should be a real heavy Weekend Economists this evening, as I haven't had the heart or time to read or post all week....

I wonder if the UAW could buy out GM and run it with govt. backing....and deep-six GMAC while they're at it.

And somebody somewhere had better stop the CDS!
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Tace Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 08:29 AM
Response to Reply #23
56. I've Been Thinking About An Employee-Led Buyout, Too
I can tell you, though, that I tried to lead an employee-buyout of United Press International in 1991, but the union, the Wire Service Guild, had no interest whatsoever in such a thing. Effective leadership is a very scarce item.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 05:18 PM
Response to Reply #4
131. Windchilll at 5F in Sunny Ann Arbor
Global warming, anyone? To misquote Gandhi, "It would be a good idea!"
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 04:50 AM
Response to Original message
5. Employers shedding jobs as recession deepens
WASHINGTON With the economy sinking faster, employers are giving more Americans dreaded pink slips right before the holidays.

The Labor Department releases a new report Friday that's expected to show the employment market deteriorated in November at an alarming clip as the deepening recession engulfed the country.

After bolting to a 14-year high of 6.5 percent in October, the unemployment rate likely climbed to 6.8 percent last month, according to economists' forecasts. If they are right, that would mark the worst showing in 15 years.

.....

Worn-out consumers battered by job losses, shrinking nest eggs and tanking home values have retrenched, throwing the economy into a tailspin. As the unemployment rate continues to move higher, consumers will burrow further, dragging the economy down even more, a vicious circle that Washington policymakers are trying to break.

....

At 12 months and counting, the recession is longer than the 10-month average length of recessions since World War II. The record for the longest recession in the postwar period is 16 months, which was reached in the 1973-75 and 1981-82 downturns. The current recession might end up matching that or setting a record in terms of duration, analysts say.

http://news.yahoo.com/s/ap/20081205/ap_on_bi_ge/financi...
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Dr.Phool Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 05:42 AM
Response to Reply #5
15. Speaking of which. ArcelorMittal to lay off 340 Cleveland steelworkers
Updated at 6:04 p.m.

In the latest blow from the global economic downturn, 340 ArcelorMittal steelworkers will lose their jobs by week's end, a result of steel orders that have reached a low ebb worldwide.


An additional 110 hourly workers voluntarily accepted layoffs, bringing to 450 the number of United Steelworkers union members idled.

"Nobody's buying steel, so it doesn't make sense to make it and let is just sit there," said Dan Boone, 55, who has worked at the plant for 36 years under various owners. Republic Steel once operated the facility, then LTV and now the world's largest steelmaker, ArcelorMittal, based in Luxembourg.

Boone, a resident of Strongsville and vice president of USW Local 979, said this is the first time since fall 2001 that both blast furnaces have been out of operation. The previous time was when LTV shut down the plant and then went out of business. The company can't make iron if the furnaces are not operating.

ArcelorMittal employs 1,445 union members, but many of the remaining 995 jobs could be under threat if the global giant confronts a long period of slow demand, said the local's president, Mark Granakis.

(snip) http://blog.cleveland.com/business/2008/12/arecelormitt...
________________________________________________________________________

That's almost 30% of their Cleveland workforce. And just the beginning. Not to mention all of the mill supporting industries, trucking, etc.
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 05:51 AM
Response to Reply #15
18. Great Scot! That's horrible.
You make a good point there with your corollary with a direction: the loss of jobs as a slowing of economic activity will cause peripheral damage just in Cleveland. What regional and national effect do you think this will have Dr. Phool?
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Dr.Phool Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 06:12 AM
Response to Reply #18
21. The Cleveland mill is a fully integrated mill.
Unlike mini-mills that just melt down scrap to make fresh steel, everything there is made "from scratch". You have the ore boats and mines from Minnesota. Since both blast furnaces are shut down, they won't need iron ore. Since they shut down the coke batteries their in the '90s, they brought coke in by truck and rail from Youngstown. They won't need coke, which in turn will affect the coal mines in Appalachia. They also use a lot of crap in the mix. Scrap dealers will be hit.

Not to mention machine shops that do special fabricating work for parts in the process. A friend of mine has a machine shop that makes specialized fans for the annealing line furnaces (a special finishing process). He got screwed twice during 2 LTV bankruptcies, but still managed to hang on. This will probably finish him off.

You have construction. Those blast furnaces are either relined or rebuit every few years. At the tune of hundreds of millions dollars, and maybe 1,000 laborors, masons, electricians, etc.

When they finish the final rolling and finishing process on slab stock that they have on hand, there's nothing left to do.
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Hugin Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:12 AM
Response to Reply #21
27. Thanks for the deep background on Steel Production.
Very interesting. :)
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 05:38 PM
Response to Reply #21
139. AK Steel in Middletown Ohio

12/4/08 AK Steel cutting salaries, offers buyouts

Facing lower demand for what it produces, AK Steel Corp. will cut the pay of its salaried work force by 5 percent, including the salaries of its CEO and executive officers.

The pay cut, which begins Jan. 1, is part of a series of cost-saving measures aimed at salaried workers of the West Chester, Ohio-based steel maker. AK Steel (NYSE:AKS) said it also will freeze the defined benefit plan for salaried workers, replacing it with a defined contribution retirement plan.

AK Steel employs about 1,500 salaried workers and more than 6,000 company-wide.

Also, a voluntary retirement incentive is being offered until Feb. 6, the company said, adding it would considering eliminating more jobs if too few employees take the buyouts.

Unfortunately, this extraordinary global economic downturn requires significant and rapid measures to reduce our costs in light of sharply lower order levels from our customers, CEO James Wainscott said in a release.

One of those measures came last month, when the company idled two mills and laid off hundreds of workers until early next year.

The companys network of mills includes its Middletown Works and three smaller plants in Ohio. AK Steel employs about 1,500 at its Butler Works plant in Butler, Pa.
http://www.bizjournals.com/pittsburgh/stories/2008/12/0...

-----------------------------------
Spouse is a retired union ironworker. Being a steel mill, the AK Steel was a gruesome place to work. But there was always work for the ironworkers to maintain the equipment, paid well too. Construction work generally had been good for the past couple decades, but that won't be the case when building slows down.

:(
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tclambert Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 07:24 AM
Response to Reply #15
30. There's a lot of steel in cars.
I believe the car companies are still the #1 customer for steel. If the US automakers go under, that steel plant will never re-open.
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Dr.Phool Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 05:49 AM
Response to Reply #5
17. Profitable Lincoln Electric cuts staff in anticipation of long recession
Profitable Lincoln Electric cuts staff in anticipation of long recession
Posted by Shaheen Samavati/Plain Dealer Reporter December 04, 2008 18:45PM
Categories: Breaking News, Manufacturing, Real Time News

Despite healthy profits this year, Lincoln Electric Holdings Inc. says it's cutting costs and staff in "anticipation of a long, deep recession."

Since October, the manufacturer of arc welding products has let go more than 50 third-party contractors and several Lincoln employees from its Northeast Ohio factories in Euclid and Mentor.

Gretchen Farrell, vice president of human resources, would not reveal the number of employees affected and said the reduction was not a layoff. The company employs more than 3,000 people in Northeast Ohio and 9,600 worldwide, she said.

Lincoln has long boasted its promise of job security for employees. Among the company's perks are year-end bonuses based on company profits and "guaranteed employment" after three years of service.

But Farrell said employment is guaranteed only if the employee meets certain performance expectations.

"We have a very high bar here," she said. "And we have had terminations throughout the history of the company."

Farrell said the majority of employees let go worked at Lincoln for less than three years, and held all types of positions, including production. The employees will still receive their year end bonuses, but no severance pay.

Some other workers' hours were cut or the employees were moved to different positions with less pay.

(snip) http://blog.cleveland.com/business/2008/12/profitable_l...

_____________________________________________________________________________________________________________

Over the years, this place was considered so stable that people were almost willing to pay to get a job there.

Good paying jobs too.
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 04:58 AM
Response to Original message
8. Retail sales fall 2.7% in November -- and experts say it could have been worse
The frenzy of a much-hyped Black Friday failed to rescue retailers from a months-long slump, as November sales figures released Thursday showed yet another steep drop-off in consumer spending.

What was a disaster for retailers, however, could mean even more bargains for those consumers who have money to spend despite the recession. Many day-after-Thanksgiving-type sales haven't stopped, and experts say these promotions are sure to continue through the holiday season -- at a high cost for retailers.

....

According to a tally of 37 major retail chains conducted by the International Council of Shopping Centers, sales at stores open at least a year -- a measure of retail health known as same-store sales -- fell 2.7% in November over last year. Only a handful of retailers, including discount giant Wal-Mart Stores Inc., showed gains while most apparel and luxury stores tanked.

It was the worst month for retailers since at least 1969, when the index began. Excluding Wal-Mart, sales registered a huge 7.7% drop.

http://www.latimes.com/business/la-fi-retail5-2008dec05...
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 05:22 AM
Response to Reply #8
12. U.S. Retail Sales Fall in Worst Drop in Four Decades (Update2)
Dec. 4 (Bloomberg) -- Sales at U.S. retailers tumbled in November, the worst monthly decline in almost four decades, after the Wall Street meltdown caused consumers to postpone shopping until the holiday-sales kickoff on Black Friday.

J.C. Penney Co., Nordstrom Inc. and Gap Inc. all reported sales drops of 10 percent or more at stores open at least a year. The decreases were less than some analysts estimated after 50 percent-off discounts lured customers grappling with the U.S. recession. Wal-Mart Stores Inc. posted a 3.4 percent gain, beating its forecast.

Declines in consumer spending in October persisted into the first part of November before rebounding after the Thanksgiving Day holiday. Retailers may need to keep promoting half-off markdowns over the next three weeks to attract customers, even though such sales erode margins during a period when they make a third or more of their annual profit.

....

Sales were abysmal the first three weeks of November, according to Craig Johnson, president of Customer Growth Partners LLC, a retail consulting firm.

....

Higher-income consumers are reining in spending because of stock market declines, said Henry. Neiman Marcus Group Inc. sales fell 12 percent, while Saks had a 5.2 percent drop, better than the 20 percent fall estimated by analysts. Nordstrom Inc. sales retreated 16 percent.

http://www.bloomberg.com/apps/news?pid=20601087&sid=al0...
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 05:11 AM
Response to Original message
11. AT&T, DuPont, Credit Suisse, Viacom among firms adding to layoff numbers
The job losses just keep mounting.

AT&T Inc., DuPont Co. and several other companies announced plans to lay off more than 20,000 people Thursday, buckling under the strain of a recession that some economists predict may have pushed the U.S. jobless rate to the highest level in 15 years.

More than 1 million Americans have lost their jobs this year and the Labor Department's report on the November unemployment rate, due Friday, may show it jumped to 6.8 percent, the highest since 1993, according to economists.

....

AT&T: The telecommunications giant, pressured by the economic turmoil and the mounting loss of traditional phone customers, is cutting 12,000 jobs, or about 4 percent of its workforce.

....

DuPont: The chemical manufacturer said it will cut 2,500 jobs, or roughly 4 percent of its workforce, and will not turn a profit in the fourth quarter as a severe slowdown in the automotive and construction markets eats away at chemical sales.

The firm also said it will release 4,000 contractors by the end of this year, with more contractor cuts expected in 2009, and will implement work schedule reductions and redeploy more than 400 employees on projects to reduce working capital and operating costs.

http://www.chicagotribune.com/business/chi-fri-job-cuts...



Credit Suisse sheds 5,300 jobs (11 percent of its global workforce)

Viacom cuts 850 jobs (7 percent of its workforce)

Steelcase Inc loses 600 jobs and closing an Atlanta plant

NBC Universal plans to cut 500 jobs.
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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 05:31 AM
Response to Original message
14. What Did the Repeal of Glass-Steagall Do? (Ritholtz asks)
Here is a question that I have been wrestling with:

What exactly did the repeal of the Glass-Steagall Act accomplish?

Were there positives as well as negatives?

Should the Gramm-Leach-Bliley Act be repealed, and Glass-Steagall reinstated?

>

~~~

What say ye?

http://www.ritholtz.com/blog/2008/12/what-did-the-repea...



The comments are worth the trip.
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