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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: reaper who wrote (209060)12/11/2002 9:08:52 PM
From: mishedlo  Read Replies (2) of 436258
 
Stocks sailed in and out of the red today to generally close higher.
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This morning CNBC's Market Maiden dug deep to put a bullish spin on the under funded status of big company pension plans. According to CNBC, since companies will have to use their cash flow to fund their pension plans, they will have to buy stocks. As a result, the pension crisis is actually positive for the market.
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Fred Hickey finds similar, but not identical conditions between this December and a year ago. "snip" Hickey goes onto to confirm that the bubble's excesses have yet to be purged, citing continued over capacity in tech, noting that big foundries are operating at 30-60% of capacity.
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Intel's Andrew Grove said the chip downturn this time around is different because it comes on the heels of a spending boom and thinks companies around the world will need to cut back capacity further.
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Bloomberg.com posted the following headline today: Household Debt Load May Pose Threat to Spending: U.S. household borrowing has surpassed $8 trillion and is rising at its fastest rate in more than a decade. Personal bankruptcies are at a record high all-time high, and mortgage foreclosures have hit a 30-year peak. "snip" That's because household debt comes in above 100% of income compared to 75% in the late '80s.
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The MBA said the refi index was down again for the week ending Dec. 6. Read the rest here:
prudentbear.com
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