The whisper number is over 700,000, maybe there will be a relief rally if it falls short of that…
Or maybe it will be bigger and we will find new lows..or a capitulation sell off and a new support level…
Or maybe someone in DC will open their mouths and suggest a tax on oxygen and all the averages will swoon…
like sands through the hourglass, these are the DOWS of our lives….
Economists expect the biggest job losses in 60 years, with a decline in non-farm payrolls of 650,000 and an employment rate of 8 percent.
Traders are holding out hope that the vicious selling in the stock market this week is a sign it is closing in on capitulation, and a bad jobs report could be the trigger for a big sell off.
The S&P 500 fell 4.2 percent to 682.55, the dead middle of the 680 to 685 support range.
Cashin said if the S&P dips below 680, it is in the “land of dragons.” The S&P is now down 7 percent for the week, its worst weekly decline since November and its lowest close since September, 1996.
We’re looking for a 700,000 drop in non-farm payrolls and the unemployment rate to drop to 8.1 percent,” said Citigroup economist Steven Wieting.
Breaking Update: Another one! Nominee for Intl Undersecretary drops out also…Nominee for Deputy Treasury Secretary steps down….
UPDATE: 7:20pm EST: CNBC reporting Caroline Atkinson who was nominated for International Undersecretary of Treasury has also withdrawn..
Apparently no one can pass the new vetting process…
Another one under da bus!
Annette Nazareth steps down from consideration, WSJ reports (top bar, developing) (once more leaving Timmeh all alone at Treasury)
They cite her role in the SEC. Hmmm bad mojo for Geithner..like that 70s marble game…he is, the sole survivor….we are never going to get this financial rescue plan if he can’t even staff up properly…
The roll call:
GOP who votes Aye:
Diaz-Balart, L., Diaz-Balart, M.; McHugh, Ros-Lehtinen, Turner,
Dems who voted Nay:
Arcuri, Berry, Boren
Boucher, Bright, Carney, Childers, Dahlkemper, Davis (TN), Edwards (TX)
Ellsworth, Gordon (TN), Griffith, Hill, Holden, Kind, Kissell, Kratovil, Markey (CO)
Massa, Matheson, Stupak, Taylor, Teague,
UPDATE 2: 6:10pm EST: Cramdown passes House: 234-191
will post roll call as soon as it is up…7 GOP critters voted for it, 24 Dems voted against…
UPDATE: Man they cannot let it go, Barney Frank is on the floor claiming the GOP Amendment to recommit is to make Obama fail like Rush said, that is what he said, he quotes Rush….15 minute vote on this Price Motion to recommit with instructions (tabling the bill) and then they move to final vote on passage…
FDIC insurance permanent expansion to 250k is added onto this bill….
Can you feel THE WEIGHT yet? YA PUT THE LOAD RIGHT ON ME…..
LIVE on the floor CSPAN
Price Amendment up now to allow lenders to recoup judicial cramdowns upon sale of the home…Price Amendment fails 211 to 218
I pulled into Nazareth, I was feelin’ about half past dead;
I just need some place where I can lay my head.
“Hey, mister, can you tell me where a man might find a bed?”
He just grinned and shook my hand, and “No!”, was all he said.
Take a load off Fannie, take a load for free;
Take a load off Fannie, And (and) (and) you can put the load right on me.
DOW down 281 to 6594
S & P down 30 to 683
NASDAQ down 54 to 1299
Stocks tumbled 4 percent Thursday as investors were rattled by doubts about the survival of General Motors and Citigroup broke below $1.
The Dow Jones Industrial Average dropped nearly 300 points, or 4.1 percent, ending below 6,600 for the first time since April 1997. That erased all of the gains from the previous session’s rally — and then some.
Twenty-two of the 30 Dow components hit new multi-year lows today.
Airtime: Wed. Mar. 4 2009 | 2:55 PM ET
UBS testifies in front of the U.S. Senate regarding the issue of obtaining the names of U.S. clients with Swiss bank accounts, with Mark Branson, UBS Global Wealth Management & Swiss Bank, Zurich, Switzerland.
Update 2: Video clip from the AIG hearing, Donald Kohn Vice Chairman of the Federal Reserve doing a fine job of stonewalling on who the counterparties are, Krugman thinks we should know, The other geniuses say it will create fear panic and runs on those financial systems if the names are released…hey I have a thought, what if it is CHINA that is counterparty to a large portion of CDS…?!
March 5, 2009 Dodd (D-CT)Senate Banking on AIG
clip courtesy of VoiceofAmericans2008
Update: Frank appearing on CNBC shortly to review his presser
Sen Dodd just said that they ‘may have to compel fed to give us names of AIG counterparties” in the AIG hearing before his Banking Committee UH OH,
Memo to Dodd, the WORLD Banks called Hank Paulson freaking out over AIG because ALL of them are counterparties to the CDS’ we are frantically funneling money into AIG to cover.
We are effectively keeping the WORLD financial system afloat there…if they want the biggest US company to yell at, everyone knows it is Golden Slacks…MEMO TO DODD YOU ARE AN IDIOT, NEXT TIME PICK UP THE PHONE AND TALK TO BERNANKE ……
DOW has hit lowest levels since 97….Bank of England is monetizing their debt, buying their treasuries..S & P hit lows last seen in Sept 96…
DOW down 200…CNBC and CSPAN will cover it LIVE
Team Obama is kicking off the push for healthcare expansion and cost containment tomorrow today with a ‘summit’ of some sort..they are choosing again to hand a tabula rasa to Congress and have (on the surface) been content to let Congress get their hands dirty with the mucky details (conveniently leaving Congress’ fingerprints all over the thing)..
On Thursday, the White House will host a “summit” to start the process of deciding how to best spend that money. According to a White House official, about 120 people are expected to attend, including members of Congress from both parties and people who were part of the debate over health care reform in 1993.
Filling up a bucket of money and handing it over to a committee could create a different set of perceptions and problems. Will the process have a coherent policy outcome? Or will it just be a feast for industry lobbies and their congressional benefactors?
But this is Budget Director Peter Orszag’s baby and listening to him testify today, I got chills frankly. Listen to him explain to Rep Spratt how it is more cost effective to have less specialist visits, repeat admissions and other pesky expensive treatment in the LAST 6 MONTHS OF LIFE FOR MEDICARE BENEFICIARIES. Very Kevorkianesque….Gawd creepy pencil pushing number crunchers..
Baby Boomers better vote in 2010….I worked in health insurance for over 15 years and if you think HMOs denying treatment is bad that is nothing if Medicare starts trying to apply their statistical estimates of appropriate duration and type of treatment…
I predict black market medical care and the wealthy having their own networks of care, it has already begun I saw a blurb about a membership plan where they pay a huge sum and get treated by the best whenever wherever, and no one gives them shxt about an MRI…for those of us who have great insurance now we work so hard, for but cannot afford the private Dr Kildares, well it bites…
The spending in the stimulus and budget lay the groundwork:
First the president signed a $33 billion bill expanding government coverage to 4 million additional children. The stimulus bill signed two weeks ago included $130 billion in health care spending. Finally, in its first budget, the new administration set aside $634 billion in a fund that will be spent on the three legs of reform: increasing coverage, raising quality and lowering costs.
Here is a very interesting part of that WSJ poll that the media did not cover, how the public views UHC right now…
However, the poll “flashed warning signs for the administration” on health care, the Journal reports.
Forty-nine percent of U.S. residents said they were willing to pay higher taxes so that every U.S. resident could have health coverage, compared with 66% in March 1993 when former President Clinton attempted to overhaul the health care system.
According to the Journal, “That underscores why the administration is focused on cutting costs, not covering the uninsured.”
Max Baucus D-MT wants real UHC, Obama did not support the universal mandate in the primaries. Baucus and Grassley are ready to launch a bill this summer, but Baucus is following Team Obama’s script to the letter, no doubt since Obama is letting him carry the ball:
Sen. Max Baucus, chairman of the Senate Finance Committee and one of the most influential voices in Washington on health care, promised yesterday to introduce comprehensive health-care legislation in June, certainly before the chamber’s August recess.
He said that he planned to introduce a bipartisan bill with Sen. Charles E. Grassley (R., Iowa) that would adopt a mix of public and private solutions and that he hoped 70 senators would approve it.
Baucus has clearly embraced Orszag’s cost effectiveness model to sell it to America, I guess they read the polls too, heh. But healthcare economists note that is not a policy it is a slogan..in practice it sounds like a horror scene, like the ER in Jamaica Hospital…(sorry JH but seriously, I used to tell people if anything happens dont let them take me to Jamaica Hospital)…
“Now it’s time to move from first steps to giant steps,” he said. “There’s never been a better moment. The stars are all aligning. . . . I don’t know if any president has been as committed as President Obama.”
Baucus said it was too early to be specific about exactly how things would work under the legislation. He spent last year holding hearings and writing a white paper, “A Call to Action,” which he said was similar to Obama’s and close to the new Massachusetts plan now providing near-universal coverage to residents there.
Meanwhile back at the ranch, GM is in danger of bankruptcy still and looking for another bridge loan up at the WH, I would say they were lookin for love in all the wrong places, ask Canada, less strings….
We need a heavy manufacturing base in this country, but I doubt Pelosi, Waxman and Team Obama will give us what we need….
I am positive I heard Rick Wagoner humming Zeppelin..Oh will you excuse me I’m just trying to find the bridge… Has anybody seen the bridge?
(The Crunge is not on youtube so how about Over the Hills….)
General Motors on Thursday said its auditors had raised “substantial doubt” about its ability to survive outside bankruptcy if it fails to stem its losses and stop burning cash.
The “going concern” warning from the struggling U.S. automaker had been expected, but underscored the stakes for GM as it seeks up to $30 billion in U.S. government aid to restructure outside a court-supervised bankruptcy process.
The automaker faces an end of March deadline to complete concession talks with the United Auto Workers and bondholders to reduce its debt load as part of a bid to convince the autos task force assembled by President Obama that it can be made viable with a new round of government help.
Are you ready for your Homermobile designed by Waxman and Pelosi?