Monthly Archives: February 2010

The Eyes of Congress Are Upon You

By Andrew Busch | Published: February 24, 2010

Here’s What the Markets Are Going to Focus on Today:

House Budget
FISCAL 2011 BUDGET: TREASURY DEPARTMENT
10 a.m. Feb. 24, 210 Cannon Bldg.
Full Committee Hearing
House Budget Committee (Chairman Spratt, D-S.C.) will hold a hearing on the president’s proposed fiscal 2011 budget for the Treasury Department.
Witnesses Scheduled: Timothy F. Geithner, secretary of the Treasury

House Financial Services
HUMPHREY-HAWKINS MONETARY POLICY REPORT
10 a.m. Feb. 24, 2128 Rayburn Bldg.
House Financial Services Committee (Chairman Frank, D-Mass.) will hold a hearing on the Humphrey-Hawkins Semiannual Monetary Policy Report, current economic conditions, and the outlook for the financial sector and … …READ MORE

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Geithner Quiz!

By Andrew Busch | Published: February 23, 2010

According to Vogue Magazine, whom does our current US Treasury Secretary most closely resemble?

a. Lyle Lovett

b. The current Bachelor

c. Frodo

d. JFK

e. Aragorn

f. a & d

g. c & e

Answer below…..

Vogueing: The answer today’s quiz is f. In this story, Vogue states that Geithner is, “A lithe and athletic 48 years old, Geithner, who was named one of the 100 most beautiful people of 2009 by People magazine (it may have helped that his brother works for the publication), has the kind of looks that can go either way: Half an inch one … …READ MORE

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EM to the Upside

By Andrew Busch | Published: February 22, 2010

Greece Cools: There are two stories out on Greece today that are influencing the markets. The first to come out on Sunday was a story indicating that Greece wanted help/subsidy from the rest of the EU on their auctions. Greece indicated that the interest rates they will be paying are too high and will cause problems. “What we are saying simply is we need the help so that we can borrow at the same rate as other countries, not at high rates which in fact undermine our possibility for making the changes and cutting down our deficit,” Greek PM George … …READ MORE

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Solving Gridlock and the Deficit

By Andrew Busch | Published: February 17, 2010

The Washington is broken chatter is in hyper-drive out of DC with the announcement by Senator Evan Bayh (D, IN) that he is retiring. Bayh was particularly critical of the partisan wrangling and animosity currently on display on Capitol Hill. Bayh stated that he loved serving the citizens of Indiana, but hated the process of making law in the Senate.

Besides making the 2010 mid-term elections a bit tougher for Democrats to retain their large majorities, the comments Bayh made on CBS’s Early Show were particularly damaging. “If I could create one job in the private sector by helping to … …READ MORE

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EU Vested Interest in Greece

By Andrew Busch | Published: February 11, 2010

The on-going saga for Greece and the European Union continues and the latest headlines are these:

RTRS-PURCHASES OF GREEK BONDS BY EURO ZONE STATE-OWNED BANKS IS ONE OF OPTIONS CONSIDERED IN EU PLAN TO SUPPORT GREECE-EU SOURCE
RTRS-EUROGROUP ON MONDAY TO DISCUSS DIFFERENT OPTIONS OF SUPPORT FOR GREECE -EU SOURCE
RTRS-SUPPORT OPTIONS FOR GREECE COULD VARY FROM COUNTRY TO COUNTRY -EU SOURCE
RTRS-GREEK SUPPORT MECHANISM COULD BE STRUCTURED IN STAGES DEPENDING ON LEVEL OF NEED -EU SOURCE
RTRS-OBSTACLE TO MORE DETAILED AGREEMENT ON GREECE SUPPORT NOW IS LACK OF GERMAN JUNIOR COALITION PARTNER CONSENT-EU SOURCE
RTRS-COUNTRIES COULD PARTICIPATE IN SUPPORT … …READ MORE

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Greece Fire Or Can PIIGS Fly?

By Andrew Busch | Published: February 10, 2010

Today at 11:00 AM ET, I’ll be appearing on CNBC’s the Call discussing the potential bailout of Greece by the European Union.

Before anyone can savor the possible bailout/backing of Greece debt by Germany, we get these series of comments:

GERMAN GOVT OFFICIAL SAYS GREECE MUST PURSUE SUSTAINED PATH TO CONSOLIDATION
GERMAN GOVT OFFICIAL SAYS THERE IS NO DECISION ON AID FOR GREECE, AND IT’S NOT PENDING EITHER
GERMAN GOVT OFFICIAL SAYS IT’S NOT GERMANY’S JOB TO TELL GREECE WHAT IT NEEDS TO DO
GERMAN GOVT OFFICIAL SAYS NO DECISION PENDING ON AID FOR GREECE
GERMAN GOVT OFFICIAL SAYS THE … …READ MORE

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The Global Debt Dilemma

By Andrew Busch | Published: February 9, 2010

Apparently, the Greek government has called in the big hitters to help them with their fiscal dilemma. Joseph Stiglitz has been advising the government and his first analysis is to state that the austerity plan will likely stifle the country’s growth. The 2001 Nobel Peace Prize winner said that without balancing measures to stimulate the economy — such as development funds and other ways to increase liquidity — the deficit reduction could slow growth according to the WSJ.

“Slower growth could in turn lead to lower tax revenues and end up increasing the budget deficit. “I would give a strong … …READ MORE

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US Crisis Lesson For Europe

By Andrew Busch | Published: February 4, 2010

As expected, the Bank of England left rates unchanged at 0.5% and the European Central Bank left rates unchanged at 1.0%. The BOE also signaled that they would not be expanding their QE program, but left open the option to buy more down the road should conditions change. We’re awaiting ECB’s Trichet to comment on Greece and the rest of the PIIGS to see if more will be done to assist them. Two of Greece’s largest unions are setting strike dates for February 10th and February 24th to protest the austerity proposals proposed by the government.

Of course, Greece is … …READ MORE

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Ultimate Economic Mixed Metaphor: The Obama Budget

By Andrew Busch | Published: February 1, 2010

Today, President Obama holds a press conference to discuss the details of his 2011 budget. According to the press release, here are the key facts:
Overall 2011 Spending: $3.834 trillion.
2011 Discretionary Spending: $1.415 trillion.
2011 Projected Deficit: $1.267 trillion or 8.3 percent of GDP (down from $1.556 trillion or 10.6 percent of GDP in 2010).
10-year Deficit Reduction: $1.2 trillion, excluding war savings.
Tax Cuts: More than $300 billion in the next 10 years for individuals, families, and businesses.
The White House fact sheet also contains these highlights: “The Budget includes $100 billion for immediate job-creating investments in small … …READ MORE

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