Monday, 2-13-12
Last Week:
- Lots of Greek news this past week. Greek legislators approved a new level of austerity late in the week. But European leaders rejected it, saying more cuts were needed. The Greek unions held a two day strike on Friday and Saturday that turned violent. The Greek parliament passes further cuts yesterday (Sunday). But one wonders, in light ofGreecemaking many promises that they’ve failed to keep, ifGreeceisn’t just tellingEuropewhat they want to hear to they can get more loans. We’ve been told a Greek bailout deal was immanent for over 3 weeks now. Lots of spin across the pond… with few details.
- Over the last two weeks we’ve gotten an interesting view regarding how the Obama administration was trying to implement Obamacare. Amidst a lot of turmoil, President Obama changed his mind regarding a requirement for religious affiliated service groups and institutions to pay for and distributing birth control to women. Now the President is requiring insurance companies to provide the birth control, and has informed them they must give it out for free. Question: since when does the President of theUnited Stateshave the power or the authority to tell the private sector they must provide a specific service, or tell them at what price they are required to offer that service? Is this a precursor of what we can expect from Obamacare?
- 5U.S.banks settled with the government for $25 billion over foreclosure mistakes.
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This Week:
- President Obama’s budget for fiscal 2013 gets released today (Monday). Expectations are the President is predicting a $1.3 trillion deficit for the fiscal year (which started last October).
- TheGreecewatch continues. Wednesday could be a key day.
- Earnings season winding down. Companies reporting: Campbell Soup, Cliffs Natural Resources, CBS, Deere & Co, Duke Energy, Heinz, Marriott, MetLife, Nordstrom, and Smucker.
- Indicators this week: January import prices, January retail sales, December business inventories (Tue); January industrial production, January capacity utilization (Wed); January housing starts, January PPI, February Fed survey (Thu); January CPI, January leading indicators (Fri).
- After a tough loss to MichiganStatethis past Saturday in Columbus, OhioState (21-4) travels to Minnesotaon Tuesday, and Michiganon Saturday. Go Bucks!
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Best,
Chris
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