1/8/13…uncivilization…uncivilized nation?

From The Friars Club Encyclopedia of Jokes: “Rothschild, the famous banker, was strolling down a crossed street in Vienna when he was jostled by a pickpocket. “Watch out/” warned his companion. “That fellow’s trying to steal your silk handkerchief.” So what?” said Rothschild with a shrug. “We all started small.” Ka-ching!

 Bloomberg Quote of the Day: “If you don’t stand for something you will fall for anything.” – Malcolm X

Bloomberg Top Stories:

*Economy in U.S. Set Get Biggest State-Local Employment Boost Since 2007 – ?

*European Stocks Gain on Economic Confidence as Yen Strengthens, Gold Rises

*Quantitative Hedge Funds Have Second Year of Losses on Fiscal Cliff Talks

*Euribor Facing Exodus of Contributors After Rabobank’s Departure, EBF Says

*Swap Traders Seen Reducing Collateral Under U.S. Portfolio Margining Rules

*Bank Default Risk Tumbles as Basel Liquidity Rule Loosened – tumbles???

*Lampert to Take Over as Sears’s Fifth CEO Since 2005 as D’Ambrosio Resigns

*Monsanto Raises Annual Forecast as Profit Surges on Latin American Sales – viva!

*Record Car Sales Extend Palladium Shortages as Mines Stagnate – hmmm

*Oil Inventories Seen Rising in survey as Imports Increase – gas prices???

*Leon Black Investing Dartmouth Endowment Stirs Ethics Debate Over Trustees

*Secret Goldman Sachs Team Sidesteps Volcker After Blankfein Trading Pledge

*Jack Lew Is Said Near Nomination as Treasury Secretary to Replace Geithner   

– and away we go…yet again! A down session following Friday’s mixed session purportedly on earnings concerns…guess we invest from quarter to quarter, right? All indices were down this time led by Dow Utilities which posted a 1.1% loss following a 0.7% gain? Most indices fell by 0.4% except the Nasdaq indices, -0.1%/flat. Total NYSE volume slipped yet again to 3.29B shares vs 3.42B vs 3.82B vs 4.2B. Trades executed on the floor of the NYSE also fell again to a weak 626M shares vs 651M vs 707M vs 859M shares. Advance/declines and Breadth were small and mixed: -1.2x/-1.4x on NYSE and -1.3x/+1.1x on Nasdaq. Note that new 52 week highs hit 713 last Wednesday and fell again to 316 vs 428 vs 437 while new lows rose slightly to 21 from 12!!! After closing at 22.70 on 12/28, the S&P VIX volatility measurement was little changed at a near 12-month low (13.32 on 8/17) at 13.79 -.04…but range was wide: 13.71-14.53

European stocks slightly stronger, Asia weaker, except India. U.S.futures slightly weaker: DOW -20; SPX -2.60; NDQ -1.

The bond market continues to climb back by its nails and is up slightly overnight as it continues its comeback from the highest yields since May Day!!!. The 10 yr note is 1.89% vs 1.90%, and the 30 yr 3.08% vs 3.10% – still well above the old 3% high set on 12/18! TIPS also doing a bit better at 0.46% vs 0.50% – but back from the 0.22% record low set on 12/6! Libor is stable at 0.305%, 3 months, and 0.50% six months. Foreign bond rates are mixed with Germany, U..K., Spain,and Italy, slightly higher and France, Portugal, and Greece slightly higher.

Gold closed slightly lower at $1646.30 – $2.60 and still below the 200 day m’a with huger resistance at $1702! The $1636 low on 12/21 – lowest since 8/21 is now key support. It is still weak at $1652.80 +$6.50. Crude was little changed again closing at $93.19 +.10 – still well above the 40/50 day, and the 200 day: $91.71! Overnight it is up slightly at $93.32 +.13. Are we having fun yet?

…what has happened to America? The tube most certainly isn’t helping with the wave of ‘cheap’ – figuratively and literally – reality (sic and sick) shows that lower us to the least common denominator most of which would be violating ethnic issues were it not that the stars are doing it to themselves. Is this the America that is so precious to us?

The latest is an Atlanta rapper with ‘All my babie’s, mama’s.’ Yep, he lives with ten women who he fathered children with and we get to see their petty squabbles while denigrating black women…talk about educational! The producers also did the forgettable ‘Paris Hilton’s New Best BFF.’ Then there is the one on Appalachia which gives equal time to white folks.

Where did this downward spiral begin? Was it San Francisco’s ‘casual Friday’s’ which were instigated by Levi Strauss & Co. to sell more jeans? At any rate it has gone to the Congress where all things are political…more so now than ever.

Look at the bashing that prospective cabinet members receive…first Susan Rice for her ‘alleged’ concealment of the Libyan ‘facts’ (facts according to the GOP that are not only unsubstantiated but refuted by both the FBI and CIA in what has to be the first time they agreed on anything – ever!). They just can’t let it go.

Now they have one of their own to kick around. Sen. Hagel…a Republican who had the gall to speak his mind against the Iraq war and to not buy in to everything that Israel does. He is right you know…no ally deserves our total allegiance when it is against our best interests. That would be un-American. Furthermore, he knows of what he speaks – but then so does the proposed CIA Director – no matter. We want facts…facts that mesh with their own beliefs.

Look at what the GOP has done to itself: cannibalized itself by weeding out anyone who doesn’t vote the party line 100% of the time or agrees with the ‘enemy.’ Who is the enemy? Simple…it is us! Let’s eliminate Congress and save the money and just cast two votes: one by the Dems and one by the GOP. We wouldn’t get anything done but we aren’t now so in the interest of efficiency, abolish both houses. Why not?

TB has about had it and with Sen. Lindsay Graham who screeches at everything…nevermind…he may not get the nod next time as his party thinks he has become too liberal! As one pundit said, Reagan couldn’t get the nomination today! …would he even want it?

Hope you all have a great day…in spite…

TB

. . .  – – –  . . . (SOS!)  . . .   – – –  . . .  (SOS!) . . .   – – –  . . .  (SOS!)

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1 Comment »

  1. Yarnman said

    TB–This is good reporting about how the GOP-controlled state legislatures have locked in their Republican congressional districts through gerrymandering. Dana Milbank is a well-regarded columnist of the Washington Post (along with David Ignatius). After a two-week holiday in SF where I read the “Chronicle” daily, it’s nice to be back on the East Coast and more easily accessible to some columnists who actually report facts to support their opinions. Here’s the Milbank link:

    http://www.washingtonpost.com/opinions/dana-milbank-republican-gerrymandering-makes-the-difference-in-the-house/2013/01/04/f6e9bd1e-56a4-11e2-8b9e-dd8773594efc_story.html

    Cordially, Yarnman

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