12.30.2009 SPX & Summary of the Financial Reform Legislation

With the snow storm, online sale only rose 5% tells us a lot about the Holiday retail sales. Financial markets is painted with very rosy picture while US economy is painted with very rosy depression stain-glass US Online Holiday Spending Rose 5%: ComScore

Summary of the Financial Reform Legislation shows a very little change except more benefit for big banks (aka the Fed) as more squeeze out of small guys grabbed by balls.

Next Melt down: This is setting up for the next melt down looking like a child game of the 2007-2008 melt-down. We will face massive bankruptcies and foreclosures as the worst is not behind us in reality even though media is spinning rosy stories.

• H.R. 4173, the financial-reform legislation
  •Bankers Get $4 Trillion Gift From Barney Frank: David Reilly
  

  Here are some of the nuggets I gleaned from days spent reading Frank’s handiwork:
  
  -- For all its heft, the bill doesn’t once mention the words “too-big-to-fail,” the main issue confronting the financial system. Admitting you have a problem, as any 12- stepper knows, is the crucial first step toward recovery.
  
  -- Instead, it supports the biggest banks. It authorizes Federal Reserve banks to provide as much as $4 trillion in emergency funding the next time Wall Street crashes. So much for “no-more-bailouts” talk. That is more than twice what the Fed pumped into markets this time around. The size of the fund makes the bribes in the Senate’s health-care bill look minuscule.
  
  -- Oh, hold on, the Federal Reserve and Treasury Secretary can’t authorize these funds unless “there is at least a 99 percent likelihood that all funds and interest will be paid back.” Too bad the same models used to foresee the housing meltdown probably will be used to predict this likelihood as well.

• • US Online Holiday Spending Rose 5%: ComScore

  • Panel OKs Duties on China Steel in Landmark Trade Case

    A U.S. trade panel gave final approval Wednesday to duties ranging from about 10 to 16 percent on Chinese-made steel pipe in the biggest U.S. trade case to date against China. China Vows to Cut Red Tape for Foreign Investors

  • Volatility Will Increase, US Will Lead in 2010: Marc Faber
  • US Online Holiday Spending Rose 5%: ComScore
  • Saab Says Bid Deadline Dropped, To Resume Output

    General Motors has dropped a Dec. 31 deadline for bids for its Swedish car brand Saab, which will restart some production lines in January after a shutdown, Saab said on Wednesday. 2010 Automobile All-Stars

  • China Vows To Cut Red Tape for Foreign Investors
  • US Banks May Only Be Deferring Anger on Pay
  • Govt to Give $3.5 Billion in Extra Aid to GMAC: Report
  • Riskiest Lenders Were Also Fiercest Lobbyists: IMF
  • Democrats Want Transport Security Post Filled Now
  • New Information Shows Al Qaeda Links With Attacker
  • Fox TV Chief: $1 Per Subscriber 'Reasonable'
  • Soft Economy Yields Great Deals for Winter Getaways
  • Target Was Victim of Hacker Albert Gonzalez
  • Madoff Released From Medical Unit, Returns to Prison
  • JAL Shares Tumble to Record Low on Bankruptcy Fears
  • • Charts: Sterling is the New Carry-Trade Currency
    • Chance of a Double Dip Is 50%: Analyst
    • Gartman: 3 Stocks Making Impressive Moves
    • Natural Gas Price Crash Is 'Good News': Analyst
    • Stay 'Fully Invested': Stock Picker
    • Citi: The Can't Lose Trade of 2010?
    • Cramer: 10 Stocks to Buy Your Kids in 2010
    • •Stocks Fall Worldwide, Led by Commodity Companies; Canadian Dollar Weakens •Russia Unbeatable for Emerging Market Funds as Kudrin Says Stocks Too High •M&A Rebound May Be Years Away as Morgan Stanley Predicts `Gentle Recovery' •Aiful Credit-Default Swaps to Be Paid Out After Lender Delays Repayments •Options Trading Rises to Record in U.S. Following 66% Advance in S&P 500 •Worst U.S. Funds of Decade Never Recovered From Technology-Stock Debacle •Illinois Leads $9.8 Billion of Municipal Bond Sales Planned for Early 2010 •Obama Says U.S. Missed `Red Flags' Before Northwest Airlines Bomb Attempt •Iran Detains 1,000 in Crackdown on Opposition Protests, Rights Group Says
    • •Fatal Flying on Commuter Airlines No Accident in Aviator Complaints to FAA •Schapiro Whipsawed by Wall Street and Lawmakers Defers SEC Market Overhaul •PG&E Customer Revolt Over Meters May Slow Deployment of Obama's Smart Grid •Scholastic Graduates From Harry Potter to Obama's Stimulus for Sales Help •Fox Network Chief Seeks Progress in Negotiations With Time Warner Cable •China BAK Says Speculation of Google Order That Stoked Shares is Unfounded
    • •Hatoyama Sets Japan Economic Growth Target of More Than 2% in Next Decade • U.S. Businesses Probably Expanded for Third Month, Chicago Index May Show
    • •Bankers Get $4 Trillion Gift From Barney Frank: David Reilly •Kids Toys, Pay Hikes Keep Leftists in Power: Alexandre Marinis