Jan. 23 (Bloomberg) -- There is a “fighting chance” President Barack Obama will propose a freeze in most discretionary spending by the federal government in his State of the Union speech next week, Senator Evan Bayh, an Indiana Democrat, said
“The president can say in this State of the Union address, ‘I’m going to include in my budget a freeze on discretionary spending, I’m drawing a line in the sand, and I’m going to use my veto pen to enforce that,’” Bayh said in an interview on Bloomberg Television’s “Political Capital with Al Hunt,” airing this weekend.
Bayh, 54, said that while he wasn’t certain the president would make such a call, “I think that there’s a fighting chance that he will.”
Link
Sunday, January 24, 2010
SEC May Approve Restrictions on Short Sales When Stocks Plunge
Jan. 23 (Bloomberg) -- Concern that short-sellers accelerate stock declines may prompt the Securities and Exchange Commission to adopt a rule next month aimed at curbing bearish bets when equities are plunging.
The regulation would require the trades be executed above the best existing bid in the market when shares fall 10 percent in a day, said Brian Hyndman, the senior vice president in transaction services at Nasdaq OMX Group Inc. In a short sale, an investor borrows an asset and sells it, hoping to profit from a decrease by repurchasing it later at a lower price.
Link
The regulation would require the trades be executed above the best existing bid in the market when shares fall 10 percent in a day, said Brian Hyndman, the senior vice president in transaction services at Nasdaq OMX Group Inc. In a short sale, an investor borrows an asset and sells it, hoping to profit from a decrease by repurchasing it later at a lower price.
Link
Don't Overreact: Obama's Bank Proposal Doomed, Says James Altucher
U.S. stocks were down modestly midday Friday, on track for a third-consecutive decline. The possible causes for the sell-off are many.
-- It could be a reaction to President Obama's proposed "Volcker Rule" that would prohibit banks from running hedge funds, private equity funds and partaking in the profitable practice of proprietary trading.
-- It could be continued concerns that China is cooling off their red-hot economy.
-- It might also be the increasing opposition to Ben Bernanke's reconfirmation as Federal Reserve chairman. (We all know how well his cheap money policies have benefited Wall Street.)
Or as James Altucher of Formula Capital says, it might just be "people taking profits after such a great run." Let's face it, stocks rarely appreciate so much and for so long without a correction.
Link
-- It could be a reaction to President Obama's proposed "Volcker Rule" that would prohibit banks from running hedge funds, private equity funds and partaking in the profitable practice of proprietary trading.
-- It could be continued concerns that China is cooling off their red-hot economy.
-- It might also be the increasing opposition to Ben Bernanke's reconfirmation as Federal Reserve chairman. (We all know how well his cheap money policies have benefited Wall Street.)
Or as James Altucher of Formula Capital says, it might just be "people taking profits after such a great run." Let's face it, stocks rarely appreciate so much and for so long without a correction.
Link
Thursday, January 21, 2010
Liberal talk-radio station Air America files for bankruptcy, will go off the air
Air America, the liberal talk-radio network that helped boost the careers of Al Franken and Rachel Maddow, said Thursday that it was declaring bankruptcy and going off the air.
Link
Link
Latest tea party target: Its own convention
The convention is being held at a fancy resort, features $550 ticket prices, a steak and lobster dinner and a guest speaker with a $100,000 speaking fee. It’s sponsored by a for-profit company with a mysterious wealthy benefactor, and its organizers, who have been accused of secrecy and corruption, have threatened lawsuits against dissenters and clamped down on news coverage.
Sounds like just the kind of thing that tea party activists, whose populist outrage is directed at the Washington and Wall Street establishments, would be up in arms over.
Except it’s a tea party convention.
Link
Sounds like just the kind of thing that tea party activists, whose populist outrage is directed at the Washington and Wall Street establishments, would be up in arms over.
Except it’s a tea party convention.
Link
US jobless claims up, regional factory activity dips
WASHINGTON, Jan 21 (Reuters) - The number of U.S. workers applying for new unemployment benefits unexpectedly rose last week and regional manufacturing activity slipped in January, hinting at some slowing in the pace of economic recovery.
The Labor Department said on Thursday initial claims for state unemployment benefits rose 36,000 to 482,000 last week as a backlog of applications from the holidays was processed. It was the third straight week that claims rose.
Analysts had expected new claims to slip to 440,000.
Separately, the Philadelphia Federal Reserve Bank said its business activity index, which measures factory activity in the Mid-Atlantic region, fell to a reading of 15.2 this month on a drop in orders. The index hit a 4-1/2-year high of 22.5 in December.
Markets had expected the index for January to come in at 18.0. A reading above zero indicates growth in the region's manufacturing sector.
But a report from the Conference Board, a business research group, gave a robust view of the economy as its index of leading economic indicators rose 1.1 percent to an all-time high of 106.4 last month. Analysts polled by Reuters had forecast the indicator, which is a gauge of the economic prospects, rising by only 0.7 percent.
Link
The Labor Department said on Thursday initial claims for state unemployment benefits rose 36,000 to 482,000 last week as a backlog of applications from the holidays was processed. It was the third straight week that claims rose.
Analysts had expected new claims to slip to 440,000.
Separately, the Philadelphia Federal Reserve Bank said its business activity index, which measures factory activity in the Mid-Atlantic region, fell to a reading of 15.2 this month on a drop in orders. The index hit a 4-1/2-year high of 22.5 in December.
Markets had expected the index for January to come in at 18.0. A reading above zero indicates growth in the region's manufacturing sector.
But a report from the Conference Board, a business research group, gave a robust view of the economy as its index of leading economic indicators rose 1.1 percent to an all-time high of 106.4 last month. Analysts polled by Reuters had forecast the indicator, which is a gauge of the economic prospects, rising by only 0.7 percent.
Link
Paul Krugman leads liberal revolt
Paul Krugman’s announcement that he is near to “giving up” on President Barack Obama is fueling a new round of liberal revolt.
----
In a post on his blog Wednesday night titled “He Wasn’t the One We’ve Been Waiting For,” Krugman eviscerated Obama for, in the columnist’s view, not stepping up during a crucial moment in his presidency.
“Progressives are desperately in need of leadership; more specifically, House Democrats need to be told to pass the Senate bill, which isn’t what they wanted but is vastly better than nothing. And what we get from the great progressive hope, the man who was offering hope and change, is this,” Krugman wrote, directing readers to Obama’s comments in an interview with ABC News on Wednesday seemingly advocating a scaled back health bill.
Link
----
In a post on his blog Wednesday night titled “He Wasn’t the One We’ve Been Waiting For,” Krugman eviscerated Obama for, in the columnist’s view, not stepping up during a crucial moment in his presidency.
“Progressives are desperately in need of leadership; more specifically, House Democrats need to be told to pass the Senate bill, which isn’t what they wanted but is vastly better than nothing. And what we get from the great progressive hope, the man who was offering hope and change, is this,” Krugman wrote, directing readers to Obama’s comments in an interview with ABC News on Wednesday seemingly advocating a scaled back health bill.
Link
Pelosi: House lacks votes to OK Senate health bill
WASHINGTON (AP) -- Speaker Nancy Pelosi said Thursday that she lacks the votes to quickly move the Senate's sweeping health overhaul bill through the House, a potentially devastating blow to President Barack Obama's signature issue.
Pelosi, D-Calif., made the comment to reporters after House Democrats held a closed-door meeting at which participants vented frustration with the Senate's massive version of the legislation.
Link
Pelosi, D-Calif., made the comment to reporters after House Democrats held a closed-door meeting at which participants vented frustration with the Senate's massive version of the legislation.
Link
Story Of The Day:Obama seeks bigger banking restrictions
WASHINGTON (AP) -- President Barack Obama, eager to harness and redirect U.s. voter anger over bank bailouts, is ramping up his war on Wall Street Thursday by pushing tougher regulation of big banks.
Building on his own proposals and the work of the House of Representatives, the president wants new federal government powers to limit the size and complexity of large financial institutions and to limit their ability to engage in high-risk trades, an administration official said late Wednesday.
Link
Building on his own proposals and the work of the House of Representatives, the president wants new federal government powers to limit the size and complexity of large financial institutions and to limit their ability to engage in high-risk trades, an administration official said late Wednesday.
Link
Court decision opens floodgates for corporate political spending
The Supreme Court on Thursday opened wide new avenues for big-moneyed interests to pour money into politics in a decision that could have a major influence on the 2010 midterm elections and President Barack Obama’s 2012 reelection campaign.
The long-awaited decision overruled all or parts of two prior rulings by the court that allowed governments to restrict corporations and unions from spending their general funds on ads expressly urging a candidate’s election or defeat. But the decision upheld disclosure requirements for groups like the one that brought the case.
Link
The long-awaited decision overruled all or parts of two prior rulings by the court that allowed governments to restrict corporations and unions from spending their general funds on ads expressly urging a candidate’s election or defeat. But the decision upheld disclosure requirements for groups like the one that brought the case.
Link
US OIL INVENTORIES: Crude Stocks Fall, Were Forecast To Rise
NEW YORK (Dow Jones)--U.S. crude inventories fell last week, against analysts' expectations for a build, according to data released Wednesday by the the U.S. Department of Energy.
Link
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Stocks, Commodities Tumble, Dollar Gains on China, Bank Reforms
Jan. 21 (Bloomberg) -- Stocks and commodities tumbled for a second day, while Treasuries and the dollar advanced, on concern China will take more steps to cool off its economy and the U.S. will rein in risk-taking at banks.
Link
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Thoughts Of The Day
On the Massachusetts Election:
Blind man meets open manhole.
On the China Tightening:
No brainer for anybody that follows how markets work. Signs have been there for months.
On the Idea of Creating This Site:
What the hell... :)
Still learning about the capabilities of this hosting site. One thing of interest: It can be turned into a "team" blog. Meaning I can grant admin privleges to others, who can then post topic items.
If you're interested, mail me, (need your email address to do it - i.e. your MW username@yahoo.com). Obviously I/we will have to establish some criteria.
Good evening, and best of luck in the markets tomorrow.
Blind man meets open manhole.
On the China Tightening:
No brainer for anybody that follows how markets work. Signs have been there for months.
On the Idea of Creating This Site:
What the hell... :)
Still learning about the capabilities of this hosting site. One thing of interest: It can be turned into a "team" blog. Meaning I can grant admin privleges to others, who can then post topic items.
If you're interested, mail me, (need your email address to do it - i.e. your MW username@yahoo.com). Obviously I/we will have to establish some criteria.
Good evening, and best of luck in the markets tomorrow.
Russia diversifies into Canadian dollars
Russia’s central bank announced on Wednesday that it had started buying Canadian dollars and securities in a bid to diversify its foreign exchange reserves.
Analysts said the move could be a sign of increased diversification of emerging market central bank assets away from the dollar and into investments denominated in other commodity-linked currencies, such as the Australian dollar.
Adam Cole at RBC Capital Markets said if taken in isolation, Russia’s announcement that it was buying Canadian dollars was not significant, but if it was part of a broader trend, then it was an important step.
“If it is a barometer for the activity of other central banks, then its is structurally positive for the currencies of countries like Canada and Australia that have a commodity bias in their economies,” he said.
Although not officially confirmed, traders said that other emerging market central banks, including some in Asia which hold large foreign exchange reserves, have also been active in the foreign exchange market in recent weeks buying both Canadian dollars and Australian dollars.
Link
Analysts said the move could be a sign of increased diversification of emerging market central bank assets away from the dollar and into investments denominated in other commodity-linked currencies, such as the Australian dollar.
Adam Cole at RBC Capital Markets said if taken in isolation, Russia’s announcement that it was buying Canadian dollars was not significant, but if it was part of a broader trend, then it was an important step.
“If it is a barometer for the activity of other central banks, then its is structurally positive for the currencies of countries like Canada and Australia that have a commodity bias in their economies,” he said.
Although not officially confirmed, traders said that other emerging market central banks, including some in Asia which hold large foreign exchange reserves, have also been active in the foreign exchange market in recent weeks buying both Canadian dollars and Australian dollars.
Link
Wednesday, January 20, 2010
Story Of The Day: China’s GDP Growth Accelerates to Fastest Since 2007
(Note to readers: The battle over MW policies seems to have abated somewhat after the MA election.
I'll remain here, and post what seems to me to be the market-moving story of the day. Your comments and suggestions will guide the shape of this site. Keep in mind that I am a working person...
You are invited to comment on the story of the day, or ANYTHING that may be on your mind.
Comments drop down when you click the small Comments link at the bottom of the story.
Welcome all. This place is for you, and you alone. I will not seek to monetize the site or "moderate/screen" comments in any way. You have my word.
justaguy).
Jan. 21 (Bloomberg) -- China’s growth rate accelerated to the fastest pace since 2007 in the fourth quarter, signaling a need to rein in credit growth that threatens to destabilize the world’s fastest growing major economy.
Gross domestic product rose 10.7 percent from the same period a year ago, more than the median forecast of 10.5 percent in a Bloomberg News survey, a statistics bureau report showed in Beijing today. For the full year, GDP gained 8.7 percent, beating Premier Wen Jiabao’s 8 percent target.
The report may stoke speculation the central bank will start raising its benchmark interest rate and tighten restrictions on the nation’s lenders. Minutes after the release, traders said the People’s Bank of China guided three-month bill yields higher at an auction for the second time in two weeks.
Link
I'll remain here, and post what seems to me to be the market-moving story of the day. Your comments and suggestions will guide the shape of this site. Keep in mind that I am a working person...
You are invited to comment on the story of the day, or ANYTHING that may be on your mind.
Comments drop down when you click the small Comments link at the bottom of the story.
Welcome all. This place is for you, and you alone. I will not seek to monetize the site or "moderate/screen" comments in any way. You have my word.
justaguy).
Jan. 21 (Bloomberg) -- China’s growth rate accelerated to the fastest pace since 2007 in the fourth quarter, signaling a need to rein in credit growth that threatens to destabilize the world’s fastest growing major economy.
Gross domestic product rose 10.7 percent from the same period a year ago, more than the median forecast of 10.5 percent in a Bloomberg News survey, a statistics bureau report showed in Beijing today. For the full year, GDP gained 8.7 percent, beating Premier Wen Jiabao’s 8 percent target.
The report may stoke speculation the central bank will start raising its benchmark interest rate and tighten restrictions on the nation’s lenders. Minutes after the release, traders said the People’s Bank of China guided three-month bill yields higher at an auction for the second time in two weeks.
Link
Tuesday, January 19, 2010
Party legal teams at the ready in Massachusetts
As the battle for the Massachusetts Senate race comes down to the wire, both sides are racing to put legal teams in place in case of a too-close-to-call finish — or a Republican victory that doesn’t result in a quick seating of the new senator.
“A group is being put in place, and we are prepared,” one GOP attorney familiar with the party’s legal effort said Tuesday. “We are prepared, and we are ready.”
Link
(POST MORTEM: Margin of victory too great to challenge...)
“A group is being put in place, and we are prepared,” one GOP attorney familiar with the party’s legal effort said Tuesday. “We are prepared, and we are ready.”
Link
(POST MORTEM: Margin of victory too great to challenge...)
White House to State AGs: No 'Legitimate Constitutional Concerns' in Senate Health Care Bill
(CNSNews.com) – The White House on Tuesday dismissed the concerns of 13 state attorneys general about the constitutionality of a clause in the Senate health care bill that singles out Nebraska for special treatment when it comes to covering the cost of expanding Medicaid coverage.
While stating that he had not read a letter from the attorneys general about the issue, White House Press Secretary Robert Gibbs nonetheless told CNSNews.com, “I do not believe that anybody has legitimate constitutional concerns about the legislation.”
Link
While stating that he had not read a letter from the attorneys general about the issue, White House Press Secretary Robert Gibbs nonetheless told CNSNews.com, “I do not believe that anybody has legitimate constitutional concerns about the legislation.”
Link
House Dems opposed to Obama's proposed spending freeze, cut
House Democrats are rejecting an idea floated by the Obama administration to freeze or cut discretionary spending in 2011.
Key members of the House Appropriations and Budget committees told The Hill this month they would not go along with alternative spending plans being requested by White House Budget Director Peter Orszag, which are part of the administration’s plan to reduce the deficit.
Link
Key members of the House Appropriations and Budget committees told The Hill this month they would not go along with alternative spending plans being requested by White House Budget Director Peter Orszag, which are part of the administration’s plan to reduce the deficit.
Link
Obama 'Surprised and Frustrated' and 'Not Pleased' by Massachusetts Senate Race
(CNSNews.com) -- President Barack Obama is “surprised and frustrated” and “not pleased” with the Senate race that will conclude in Massachusetts today, White House Spokesman Robert Gibbs told reporters during Tuesday’s press briefing.
Link
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Obama aide says Brown ran good race for Senate
WASHINGTON (AP) - A top adviser to President Barack Obama says Republican Senate candidate Scott Brown ran a "very clever campaign" in Massachusetts.
Link
Link
Hell Freezes Over: Warren Buffett May Finally Split Berkshire's Stock
One of Warren Buffett's hallmarks over the years has been a refusal to split Berkshire Hathaway's stock. Thus, the company's "A-shares" now trade for a vertiginous $97,000 apiece.
Unless you're a high-roller, this puts owning even a single share of Berkshire out of reach. This is why Buffett created the "B-shares" in the mid-1990s--to give small investors a chance to play Berkshire. But now even the "B-shares" trade for about $3,000 apiece.
But all that may be about to change.
In conjunction with the acquisition of Burlington Northern railroad, Buffett is considering splitting the Berkshire B-Shares 50-to-1.
Link
Unless you're a high-roller, this puts owning even a single share of Berkshire out of reach. This is why Buffett created the "B-shares" in the mid-1990s--to give small investors a chance to play Berkshire. But now even the "B-shares" trade for about $3,000 apiece.
But all that may be about to change.
In conjunction with the acquisition of Burlington Northern railroad, Buffett is considering splitting the Berkshire B-Shares 50-to-1.
Link
US homebuilder sentiment falls again in January
WASHINGTON, Jan 19 (Reuters) - U.S. home builder sentiment unexpectedly fell in January to the lowest level since June on concerns over the weak labor market and high foreclosure volume, according to a survey on Tuesday.
The drop in the National Association of Home Builders/Wells Fargo Housing Market Index pointed to a patchy recovery in the housing sector.
Link
The drop in the National Association of Home Builders/Wells Fargo Housing Market Index pointed to a patchy recovery in the housing sector.
Link
Chevron to cut refinery jobs, exit some markets
NEW YORK, Jan 19 (Reuters) - Giant oil company Chevron Corp (CVX.N) plans to restructure its refinery operations, cutting some jobs and exiting some markets, a company spokesman said on Tuesday.
U.S. refiners have been shutting down operations as the rising costs for crude oil squeeze margins and outpace increases in prices for refined products such as gasoline, heating oil, diesel fuel and jet fuel.
Link
U.S. refiners have been shutting down operations as the rising costs for crude oil squeeze margins and outpace increases in prices for refined products such as gasoline, heating oil, diesel fuel and jet fuel.
Link
Olbermann Loses It (Again)
From our poster boy for the "bring civility back to politics" party.
Desparation speaks louder than words...
Desparation speaks louder than words...
Secret Bill-Writing on the Rise in Washington
Washington (AP) - The civics books say the House and Senate produce a final bill by sitting around a table where the public can watch them work out their differences.
It's a quaint idea, but a different modern reality has been on display this month. Democrats are refusing to open to the public the end-stage negotiations on how the government is going to change the delivery of health care.
And it's not just on the high-profile health care bill; the trend on much legislation is to shut the door and keep the minority party, cable TV and other media on the outside.
Link
It's a quaint idea, but a different modern reality has been on display this month. Democrats are refusing to open to the public the end-stage negotiations on how the government is going to change the delivery of health care.
And it's not just on the high-profile health care bill; the trend on much legislation is to shut the door and keep the minority party, cable TV and other media on the outside.
Link
Rep Barney Frank Calls For Elimination Of Senate Filibuster Rule
Rep. Barney Frank, (D-MA): We have a serious constitutional problem."...
"God didn't create the fillibuster".
Link
"God didn't create the fillibuster".
Link
Want payback? Vote for Scott Brown!
Go Scott go.
This election is payback, for everyone in Massachusetts who has to work for a living, who isn’t on the dole, or a trust fund. It’s for everyone who hates getting dozens of robo-calls from clueless pols pushing “Marsha” Coakley and from union thugs living large off your union dues.
Vote for Brown if you’re tired of the 25 percent increase in the sales tax, and the brand new 6.25 percent sales tax on alcohol, on top of the 37 percent excise tax.
Send the hacks a message.
Vote for Brown if they ignored you when you voted for the death penalty, and to cut income taxes, and they wouldn’t even let you vote on gay marriage. If you’re still waiting for your property tax cut. If you’re still waiting for the attorney general to send a corrupt pol - any corrupt pol - to the can.
Link
This election is payback, for everyone in Massachusetts who has to work for a living, who isn’t on the dole, or a trust fund. It’s for everyone who hates getting dozens of robo-calls from clueless pols pushing “Marsha” Coakley and from union thugs living large off your union dues.
Vote for Brown if you’re tired of the 25 percent increase in the sales tax, and the brand new 6.25 percent sales tax on alcohol, on top of the 37 percent excise tax.
Send the hacks a message.
Vote for Brown if they ignored you when you voted for the death penalty, and to cut income taxes, and they wouldn’t even let you vote on gay marriage. If you’re still waiting for your property tax cut. If you’re still waiting for the attorney general to send a corrupt pol - any corrupt pol - to the can.
Link
China Pushes One-Year Bill Yield to 14-Month High
Jan. 19 (Bloomberg) -- China’s central bank guided its benchmark one-year bill yield to the highest level in 14 months to curb record loan growth and prevent bubbles in the nation’s property and stock markets.
Link
Link
Sixty-Two Percent Say America Has ‘Gotten Pretty Seriously Off on the Wrong Track,’ Up 14 Points from April
(CNSNews.com) - Sixty-two percent of Americans now say the country has veered seriously off on to the wrong track, according to a new poll from the Washington Post and ABC News. That is up 14 points from April 2009, when only 48 percent said they thought the country was on the wrong track.
Link
Link
Stealth Propaganda
"That's right. Obama's Regulation Czar is so concerned about citizens thinking the wrong way that he proposed sending government agents to "infiltrate" these groups and manipulate them. This reads like an Onion article: Powerful government official proposes to combat paranoid conspiracy groups that believe the government is out to get them...by proving that they really are out to get them."
Link
Link
More than 600,000 on Massachusetts Voter Rolls Had Died or Moved, Nonpartisan Analysis Discovered
"(CNSNews.com) - Massachusetts had 116,483 dead people on its voter registration rolls and another 538,567 people who were no longer living at the addresses on their registrations, according to a study released Oct. 28, by Aristotle International Inc., a nonpartisan political technology and data firm."
Link
Link
MW Talking Chocolate as Dems Scramble For Last Minute Votes
Avoiding a pivotal issue that potentially impacts the future of 16% of the economy, the popular web site continues to lead with secondary topics, leaving readers to question possible motivations.
Monday, January 18, 2010
End Of An Era
This blog is dedicated to former contributors of the Dow Jones MarketWatch web site.
I was once a contributor to that site myself.
It was an interesting place in it's time. Allowing people with disparate views on topical issues, (primarily financial), from all walks of life to converse, comment, criticize, and generally blow off steam about issues affecting markets and trading.
Alas, it was too good to be true.
Having achieved high levels of traffic and success, due largely to it's dedicated contributors, the owners of the site could not leave well enough alone.
Instead choosing to institute policies which effectively, surreptitiously served to control the discussion according to their own objectives.
It is my hope that this blog might become an area for others like me who were unnerved by the situation, and would like to maintain connections made during the good times.
I'll also try and comment here about topics that I believe are not being covered adequately in the MSM of Internet financial reporting.
And feel free to suggest your own topics as well. I'll post them as I have time. Credible sources and imaginative headlines will tend to run in your favor.
1/18/2010
Today MW refused to publish anything regarding the special election in Massachusetts for Ted Kennedy's former seat.
Although many members wanted to converse regarding the story, there was no publication of a story touching on the subject.
Any mention of the topic was subsequently deleted by the MW administrators - who coincidentally recently instituted a policy allowing all "off topic" commentary to be removed.
The policy effectively strips the members of any ability to discuss topics not deemed worthy of publication by their editorial staff.
Their "solution" is to point people towards group discussion areas, which receive little visibility by comparison to topical stories posted on the main page of the site.
Very 1984 of them, IMHO.
This place is intended to be different.
CLICK LINK BELOW STORIES TO VIEW COMMENTS.
I was once a contributor to that site myself.
It was an interesting place in it's time. Allowing people with disparate views on topical issues, (primarily financial), from all walks of life to converse, comment, criticize, and generally blow off steam about issues affecting markets and trading.
Alas, it was too good to be true.
Having achieved high levels of traffic and success, due largely to it's dedicated contributors, the owners of the site could not leave well enough alone.
Instead choosing to institute policies which effectively, surreptitiously served to control the discussion according to their own objectives.
It is my hope that this blog might become an area for others like me who were unnerved by the situation, and would like to maintain connections made during the good times.
I'll also try and comment here about topics that I believe are not being covered adequately in the MSM of Internet financial reporting.
And feel free to suggest your own topics as well. I'll post them as I have time. Credible sources and imaginative headlines will tend to run in your favor.
1/18/2010
Today MW refused to publish anything regarding the special election in Massachusetts for Ted Kennedy's former seat.
Although many members wanted to converse regarding the story, there was no publication of a story touching on the subject.
Any mention of the topic was subsequently deleted by the MW administrators - who coincidentally recently instituted a policy allowing all "off topic" commentary to be removed.
The policy effectively strips the members of any ability to discuss topics not deemed worthy of publication by their editorial staff.
Their "solution" is to point people towards group discussion areas, which receive little visibility by comparison to topical stories posted on the main page of the site.
Very 1984 of them, IMHO.
This place is intended to be different.
CLICK LINK BELOW STORIES TO VIEW COMMENTS.
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