San Francisco’s Fed president thinks more bonds have to be bought….
Comments »Monthly Archives: February 2012
The Rise of Social Commerce in Charts
Chart Porn: A Nation of Dependence
With No Greek Deal In Sight Europe and the U.S. Markets Reverse Gains
All eyes on the ECB for tomorrow; investors expected some comments from Drahgi, but with no Greek deal in place it is likely nothing will be committed too….
Comments »PERSONAL FINANCE LESSON: GARY BUSEY Files for Bankruptcy — “I’m Really REALLY Broke”
Gary Busey — who’s starred in more than 70 movies — has less than $50,000 to his name … and more than $500,000 in various debts … this according to official documents obtained by TMZ.
67-year-old Busey filed for Chapter 7 bankruptcy in California yesterday. Busey checked the box showing he has less than $50,000 in assets … and somewhere between $500,000 and $1,000,000 in various debts.
In the docs, Busey indicates he might owe money to everyone from the IRS … to various lawyers … UCLA Medical Center … Wells Fargo … L.A. County Waterworks Districts … and a storage company.
He also notes that he might owe money to a woman named Carla Loeffler, who sued Busey for allegedly attacking her at a Tulsa airport back in May.
We called Gary for comment — so far, no response.
Comments »Minimum Thought Put into Minimum Wage
by David Asman at FoxBusiness.com
Mitt Romney panicked the other day. The press was raking him over the coals for saying that he worried more about the middle class than he did about the poor. So he panicked and threw a bone to liberals, some of whom he hopes will vote for him in November.
The bone he threw was a promise to index minimum wage to inflation — an idea that’s not only an insult to those who believe in free markets, but also an insult to the millions of young folks who are out of work because of minimum wage laws.
As the brilliant economist Thomas Sowell pointed out in a column this week, a minimum wage is one of the worst things you can do to young folks out of work.
“When you set minimum-wage levels higher than many inexperienced young people are worth, they don’t get hired. It is not rocket science.”
The minimum wage is particularly tough on black teens, whose unemployment rate is now over 39%. But it hasn’t always been that way. Sowell reminds us that black teen unemployment in the late 1940s was under 10%. Why? Because there really wasn’t a minimum wage back then; high inflation had made it meaningless.
So young black men were able to get entry level positions. Sowell was one of them. His first job was delivering telegrams in New York — not a great job, but for a black, high school drop out in the late 1940s, it was a great start. And he wouldn’t have gotten that start if there had been a real minimum wage.
Minimum wage laws prevent that first leg up. And if we index minimum wage to inflation, we’ll see teenage unemployment go even higher.
Read more: http://trade.cc/ajegixzz1loAvTB89
AIR MARSHALS GONE WILD! Tales Of Sexism, Suicide and Bigotry
Managers at the Federal Air Marshal Service regularly made fun of blacks, Latinos and gays, took taxpayer-paid trips to visit families and vacation spots, and acted like a “bunch of school kid punks,” current and former air marshals tell ABC News.
One supervisor was even photographed in 2006 asleep on a flight, carrying a loaded pistol, the air marshals said.
In interviews to be broadcast tonight on “World News with Diane Sawyer” and “Nightline,” the air marshals describe a culture of incompetence, bigotry and sexism on the part of senior managers at some offices that has endured for the last decade and raises questions about the professionalism and performance of the force entrusted with preventing acts of in-flight terrorism.
“Sooner or later, if you do not have people operating at their peak efficiency, then you take the risk that a terrorist is going to get away with his dirty deed,” said Sen. Bill Nelson, D.-Florida, who asked for an inspector general’s investigation of the allegations made by current and former air marshals two years ago.
“The culture is, hate African Americans, hate females, go after gays and lesbians cause we don’t like the way they think,” said former air marshal Steve Theodoropoulos.
It was Theodoropoulos, working in the Orlando air marshal office, who provided a photograph to reporters in 2010 of a “distorted air marshal Jeopardy game board” with classifications that were racial slurs aimed at minority and gay air marshals.
“Category pickle smokers was directly aimed at gay males,” he said of the board, which he discovered in a training room at the air marshal office in Orlando. The air marshals say it was removed in 2009.
Other categories included “Our Gang” for African-Americans, “Geraldo Rivera” for Latinos, and “Ellen DeGeneres” for gay female air marshals.
One of the five women listed on the board later tried to commit suicide, according to Theodoropoulos and other air marshals familiar with the case.
Air marshals who were military veterans were listed as “Operators” because they were often called away for training and perceived to be shirking their flight assignments.
“Anybody that’s not like them, they’re against,” said Theodoropoulos. “I mean, how do you operate under those conditions?”
Sen. Nelson says the attitude calls into question the judgments and training of air marshals involved in the incident.
“This behavior went well over the line,” said Sen. Nelson. “This is unprofessional, this is unacceptable and it should have been corrected two years ago when I first reported it to the Inspector General.”
The Inspector General’s report is scheduled to be made public on Thursday, but according to an advance copy obtained by ABC News, the investigation found “a great deal of tension, mistrust and dislike between non-supervisory and supervisory personnel in field offices around the country.”
READ: Excerpts From DHS Inspector General’s Investigation Into Air Marshal Allegations (PDF)
The report, which was triggered by a CNN broadcast about the Jeopardy board in 2010, concludes that the allegations, perceived and real, “posed a difficult challenge for the agency” but, according to a survey of air marshals, “do not appear to have compromised the service’s mission.”
The survey found that 76 per cent of air marshals asked said “people they work with cooperate to get the job done.”
But the Inspector General also warned that”these allegations add unnecessary distraction at all levels at a time when mission tempo is high and many in the agency are becoming increasingly concerned about workforce burnout and fatigue.”
Security ‘Not Compromised’ By Air Marshals
John Pistole, who oversees the air marshals as head of the Transportation Security Administration, said security had not been compromised by the behavior of some air marshals. “Absolutely not,” Pistole told ABC News Tuesday. “The national security mission is always paramount.”
“TSA took a proactive approach to the issues raised and has developed and implemented solutions ahead of the conclusion of the investigation,” said the TSA in a statement to ABC News.
But some members of Congress questioned the report’s conclusion that the mission was not compromised. The Inspector General’s report also failed to fully investigate many of the more damning allegations made against air marshal manager.
“Our review does not support a finding of widespread discrimination and retaliation” within the Federal Air Marshal Service, the report said.
Other air marshals, still working undercover on flights and unable to reveal their names publicly, alleged that managers regularly scheduled themselves on flights so they could visit family or vacation spots.
In one example, the air marshals provided a photograph of a manager who arranged to fly to Brussels at Christmas time, and then jumped a fence to sit next to the Baby Jesus in a nativity crèche in the city’s main square.
Former federal air marshal Theodoropoulos has had his own issues, stemming from an altercation with a bartender that led to his dismissal from the air marshals after a 20-year career in law enforcement.
He and his union say the government used a relatively minor incident as a way to get rid of a whistleblower and send a message to other air marshals to keep quiet.
Click Here for the Blotter Homepage.
Comments »Coffee Break: The Lake Under Antarctica
52 Week Highs and Lows
NYSE
New Highs 107 COMPANY SYMBOL HIGH VOLUME ------- ------ ---- ------ Advance Auto Parts AAP 78.19 271,137 Alliance Data Sys ADS 117.00 56,565 Amer Campus Communities ACC 44.22 46,295 Amer States Water AWR 37.77 19,546 American Water Works Co AWK 34.67 92,297 Ameriprise Finl 7.75% Nts AMPpA 28.78 2,635 Ametek AME 48.62 21,197 Ares Cap Sr. Nts 2040 ARY 25.89 6,177 Asbury Automotive ABG 24.89 5,601 Assurant AIZ 43.26 57,582 BB&T Corp BBT 29.75 1,085,930 Banco Latinamer BLX 19.70 8,798 Belden BDC 41.28 37,431 Black Hills Corp BKH 35.62 24,544 BlRk Muyld NJ Qlty MJI 16.14 2,741 CBS Corp B CBS 29.95 462,072 Canadian Pacific Railway CP 77.05 204,157 Cedar Fair LP FUN 27.30 47,191 Chesapeake Granite Wash CHKR 27.86 77,440 Chipotle Mexican Grill CMG 375.25 70,715 Church & Dwight CHD 48.00 171,493 Coach COH 74.21 483,175 Cobalt Intl Engy CIE 23.13 197,331 ContinentalRes CLR 83.99 257,492 Core Labs CLB 122.00 79,070 DWS Hi Incm Opps Fd DHG 15.28 19,823 Dick's Sporting Goods DKS 44.12 274,139 Duke Realty pfL DREpL 25.26 978 EastGroup Properties EGP 49.52 12,362 Ecolab Inc ECL 62.10 154,182 Ecopetrol EC 53.14 99,987 Embotelladora B AKO/B 30.70 341 Enbridge Inc ENB 39.16 47,080 Extra Space Storage EXR 27.41 52,022 Federal Realty Inv Trust FRT 96.95 13,309 Federated Premier FMN 16.04 1,544 Fomento Economico FMX 74.15 17,301 Genesco Inc GCO 65.50 19,472 Glatfelter GLT 16.20 75,989 Glimcher Realty Trust GRT 10.47 45,430 Group 1 Auto GPI 57.00 41,261 GulfMark Offshore A GLF 50.34 15,259 John Hancock Pfd Income HPI 22.94 8,809 Harley Davidson HOG 47.19 505,975 Helios High Yield Fd HHY 10.46 21,146 Hexcel Corp HXL 26.69 42,483 LeapFrog Cl A LF 6.95 156,143 LEH 6.25% CorTS GS Cap JBO 24.43 200 Lockheed Martin LMT 87.34 331,685 LyondellBasell Inds LYB 45.06 258,622 MI Developments MIM 36.98 19,000 Manning & Napier MN 14.36 4,800 MarkWest MWE 59.04 29,942 MarriottVacations VAC 23.00 60,639 Molina Hlthcr MOH 33.00 97,736 Mueller Indus MLI 49.63 13,304 NCR Corp NCR 21.50 450,126 National Retail Prperties NNN 27.73 162,841 Nike Inc NKE 106.66 543,603 Noble Energy NBL 104.73 137,970 Novo Nordisk NVO 135.68 85,007 Nuveen CA Quality Income NUC 16.53 4,503 Nuveen MA Premium Income NMT 15.45 7,300 Nuveen Muni Advantage Fd NMA 15.30 14,725 Nuveen Quality Pfd JHP 8.93 21,900 Oceaneering Intl OII 53.00 48,247 Oxford Indus OXM 51.87 7,342 PVH Corp. PVH 82.95 202,627 Pall Corp PLL 62.99 50,559 JC Penney JCP 42.66 733,324 Pioneer Natural PXD 111.21 409,052 Plains All Amer Pipeline PAA 78.97 48,474 Plains Exploration PXP 43.09 878,480 Polaris Indus PII 69.21 118,004 Provident Energy PVX 11.97 91,460 PulteGroup PHM 8.55 917,215 Putnam Tr PMM 7.76 18,785 RLJ Lodging Trust RLJ 19.00 3,500 RSC Hldgs RRR 22.18 28,864 Ralph Lauren Cl A RL 177.36 1,688,418 Realty Income O 37.49 39,215 RenaissanceRe Hldgs RNR 79.11 165,095 Rose Rock Midstream RRMS 22.22 200 SandRidge Mississip Tr SDT 36.97 62,451 SeaDrill SDRL 38.70 179,672 AO Smith AOS 46.37 23,626 Sonic Auto SAH 17.47 16,532 Standard Motor SMP 23.20 8,893 SunTrust Bks Inc.Cl A Wt. STI/WS/A 5.07 100 TJX Cos TJX 34.94 506,619 Targa Resources TRGP 44.16 10,831 Terra Nitrogen TNH 208.99 9,620 Time Warner TWX 39.24 2,923,345 TransDigm Group TDG 116.67 119,590 Tri-Continental TY 15.53 5,581 Triple-S Management Cl B GTS 29.90 15,488 Triumph Group TGI 66.12 61,272 U.S. Silica Holdings SLCA 17.74 103,838 Utd Rentals URI 41.58 111,194 Universal Corp UVV 47.72 28,581 Wausau Paper WPP 9.70 68,685 Wells Fargo Dep. pfd. J WFCpJ 29.37 17,179 Wstrn Asset Emerg Mkts ESD 20.18 34,976 Western Asset Mun Tr Fund MTT 23.09 2,573 Western Gas Partners LP WES 42.91 14,186 Wright Express WXS 59.93 48,521 Wyndham Worldwide WYN 42.73 657,919 New Lows 1 COMPANY SYMBOL LOW VOLUME ------- ------ ---- ------ Star Gas Partners SGU 4.35 48,886
NASDAQ
New Highs 65 COMPANY SYMBOL HIGH VOLUME ------- ------ ---- ------ Abiomed ABMD 23.57 390,855 Affymax AFFY 11.13 363,633 Align Technology ALGN 26.57 116,777 Alterra Capital Holdings ALTE 25.63 14,704 Amerco UHAL 103.82 3,531 Apple AAPL 472.94 2,494,843 Approach Resources AREX 37.93 84,119 Arch Capital Grp ACGL 38.06 63,569 Ascena Retail Group ASNA 36.23 15,355 BE Aerospace BEAV 46.42 68,905 Blackbaud BLKB 32.71 21,238 Buffalo Wild Wings BWLD 81.19 1,637,936 Cintas CTAS 38.28 30,187 Comcast CMCSA 27.20 1,127,398 Comcast A Sp CMCSK 26.01 208,595 Conn's CONN 13.28 50,666 Dell DELL 18.02 2,185,346 Descartes Systems Group DSGX 8.15 3,800 Energy XXI (Bermuda) EXXI 38.50 138,327 Epoch Hldg EPHC 26.28 2,223 Equinix EQIX 129.89 428,981 Fidelity Nasdaq Cmp-Trckg ONEQ 115.00 2,320 Guidance Software GUID 9.15 203,553 Healthcare Services Group HCSG 20.89 150,700 Hudson Tech HDSN 3.29 4,985 Innodata Isogen INOD 4.97 43,872 Jazz Pharm Inc JAZZ 51.36 141,539 Jive Software JIVE 18.00 206,698 Key Tronic KTCC 10.40 40,384 Liberty Global Cl A LBTYA 48.41 134,982 Liberty Global Cl B LBTYB 47.36 900 Lincoln Electric Hldgs LECO 45.78 8,424 lululemon athletica LULU 65.45 309,223 Market Leader LEDR 3.34 11,592 Mattson Tech MTSN 3.17 280,290 Mesa Laboratories MLAB 49.96 3,510 Monro Muffler Brake MNRO 45.45 4,693 Monster Beverage MNST 110.26 189,991 Natural Alternatives Intl NAII 10.45 6,400 Parametric Tech PMTC 26.91 323,966 Peet's Coffee & Tea PEET 69.97 33,679 PwrShrs QQQ Tr Series 1 QQQ 62.30 6,217,598 RBC Bearings ROLL 47.52 8,087 Raptor Pharm Cp RPTP 7.70 31,968 Regeneron Pharmaceuticals REGN 102.40 140,028 Retail Opp Investment ROIC 12.02 17,184 Retalix RTLX 18.61 3,235 S&W Seed Cl A Wt SANWW 0.99 12,275 S&W Seed Co SANW 6.20 495,290 SLM 6.00% Sr. Nts 2043 JSM 21.74 254 SLM 6.398% CPI-Lnkd 2018 ISM 22.34 3,780 SLM CPI-Lnkd Md Trm Nts A OSM 23.12 200 Saba Software SABA 10.95 30,450 Shuffle Master SHFL 14.73 41,093 Starbucks SBUX 48.81 662,132 Synchronoss Techs SNCR 38.90 565,928 TF Fincl THRD 24.95 1,700 Tech Data TECD 54.55 10,620 Tessco Techs TESS 18.34 4,271 True Religion Apparel TRLG 37.82 43,992 Ulta Salon Cosmetics ULTA 81.25 130,006 Utd Natural Foods UNFI 47.53 43,878 Urologix ULGX 1.37 12,787 VIST Fnl Cp VIST 12.10 4,394 Vanguard Russ 1000 Growth VONG 64.62 1,214 New Lows 5 COMPANY SYMBOL LOW VOLUME ------- ------ ---- ------ Amyris AMRS 8.77 70,670 Learning Tree Intl LTRE 4.76 71,986 NeuroMetrix NURO 0.94 216,996 ProShr Ul Sh QQQ SQQQ 14.03 214,468 Unity Bancorp UNTY 5.90 930Comments »
Today’s Money Flows
ISSUE GAINERS SYMBOL EXCH LAST PRICE MONEY FLOW RATIO
(in millions)
Apple AAPL NASD 472.87 +68.3 1.21
iShr FTSE China 25 FXI ARCA 40.30 +61.0 6.03
SPDR S&P 500 SPY ARCA 135.10 +55.5 1.38
Disney DIS NYSE 41.33 +19.4 1.49
Cisco Systems CSCO NASD 20.11 +15.8 1.75
Annaly Capital Mgmnt NLY NYSE 16.67 +15.2 1.55
Freeport McMoran FCX NYSE 46.85 +14.9 1.61
IBM IBM NYSE 193.21 +14.1 1.59
EQT Corp EQT NYSE 50.66 +13.3 10.95
PwrShrs QQQ Tr Series 1 QQQ NASD 62.29 +13.0 1.56
Baidu BIDU NASD 130.56 +12.8 1.38
Google GOOG NASD 609.48 +12.6 1.24
Johnson & Johnson JNJ NYSE 65.28 +11.7 2.41
Coca-Cola KO NYSE 68.77 +11.1 2.98
Chevron CVX NYSE 107.24 +11.0 1.65
Amazoncom AMZN NASD 186.25 +10.9 1.26
EPAM Systems EPAM NYSE 14.50 +10.3 4.30
Time Warner TWX NYSE 39.06 +9.4 1.69
Aon Corp AON NYSE 48.65 +9.2 2.93
JC Penney JCP NYSE 42.39 +7.3 2.22
ISSUE DECLINERS SYMBOL EXCH LAST PRICE MONEY FLOW RATIO
(in millions)
Vanguard MSCI Emerg Mkts VWO ARCA 44.29 -57.6 0.12
iSh JPM USD Emg Mkts Bd EMB ARCA 111.37 -22.3 0.06
Microsoft MSFT NASD 30.38 -21.8 0.37
Roundys RNDY NYSE 8.82 -17.7 0.18
Bank Of America BAC NYSE 7.97 -17.6 0.68
McDonald's MCD NYSE 100.65 -14.9 0.50
iShs Brclys Aggregate Bd AGG ARCA 110.46 -13.0 0.18
Netflix NFLX NASD 126.40 -11.4 0.87
JPMorgan Chase JPM NYSE 38.21 -10.6 0.59
Gilead Sciences GILD NASD 54.55 -10.5 0.52
Citigroup C NYSE 33.45 -10.3 0.71
Merck MRK NYSE 38.36 -9.9 0.24
Talisman Energy TLM NYSE 12.87 -8.7 0.07
General Motors Co GM NYSE 26.18 -8.2 0.47
Schlumberger SLB NYSE 79.11 -7.0 0.68
Caterpillar CAT NYSE 114.05 -6.9 0.71
Range Resources RRC NYSE 62.20 -6.8 0.47
IntercontlExchange ICE NYSE 129.53 -6.6 0.58
Intel INTC NASD 26.78 -6.5 0.64
MetLife MET NYSE 38.04 -6.3 0.42
Comments »
Keep Brazil on Your Radar; Dollar Flows Increase
BRASILIA (Dow Jones)–Dollars flowed heavily into Brazil in January and in the first days of February, with incoming investment flows strongly outweighing foreign trade receipts.
According to figures released by the country’s central bank Wednesday, net dollar flows into the country rose to $7.28 billion in January from $1.94 billion in net dollar outflows seen in December. In the Feb. 1-3 period, dollar inflows totaled $3.79 billion. That compared with $322 million in net outflows seen in the same period last year.
Incoming investment to Brazil has surged early this year as several companies have taken advantage of favorable market conditions to launch overseas financing deals.
Net financial inflows to Brazil in January totaled $6.90 billion, while trade-related inflows reached only $381 million. Similarly, financial inflows in the first days of February totaled $3.66 billion, while trade related inflows reached only $134 million.
Brazil’s foreign trade results have suffered recently under the influence of an appreciated local currency, which has gained more than 8% against the dollar so far this year.
Brazil posted net dollar inflows of $65.27 billion in 2011. That result was up from only $24.40 billion in inflows seen in 2010.
Also Wednesday, Brazil’s central bank reported that local banks ended January with a net $5.25 billion long dollar position in futures markets. That was reversed from a net $1.58 billion short dollar position at the end of December.
-By Gerald Jeffris, Dow Jones Newswires; (5561) 9162-7863; [email protected]
(END) Dow Jones Newswires
Comments »
The S&P A/D Line
Today’s Heat Map
Most Active Options Trades
-CALLS- OPTION EXP.DATE STRIKE PRC. VOLUME LAST S/PRC. NET CHANGE BAC 2/10/12 8.0000 571 0.1100 up 0.0200 DIS 4/21/12 39.0000 233 2.9700 up 0.2700 DIS 7/21/12 40.0000 233 3.3800 up 0.0800 S 2/18/12 2.5000 231 0.0400 dn 0.0900 RIMM 3/17/12 17.5000 200 1.0000 dn 0.0900 MT 3/17/12 23.0000 200 1.2500 up 0.4500 AAPL 2/10/12 475.0000 185 2.3500 up 1.3200 SYMC 7/21/12 19.0000 181 0.7600 up 0.0500 AAPL 2/18/12 470.0000 171 7.3500 up 2.1500 AAPL 3/17/12 475.0000 155 12.0300 up 2.1300 -PUTS- OPTION EXP.DATE STRIKE PRC. VOLUME LAST S/PRC. NET CHANGE BAC 2/18/12 8.0000 267 0.2300 dn 0.0900 AAPL 2/18/12 470.0000 152 4.9000 dn 1.7000 UAL 3/17/12 21.0000 137 0.4800 up 0.1800 VALE 3/17/12 26.0000 121 0.8100 dn 0.1500 GM 2/18/12 25.0000 102 0.3400 up 0.0200 BAC 2/10/12 8.0000 80 0.1500 dn 0.0700 AAPL 2/10/12 465.0000 80 0.7800 dn 0.9500 YHOO 2/10/12 16.0000 72 0.2200 dn 0.1000 BAC 2/10/12 9.0000 68 1.0700 dn 0.1100 HIG 2/18/12 19.0000 65 0.1200 dn 0.4700 -VOLUME- CALLS PUTS TOTAL 15649 14803 30452
-CALLS- OPTION EXP.DATE STRIKE PRC. VOLUME LAST S/PRC. NET CHANGE PBR 7/21/12 35.0000 3000 1.3000 up 0.1500 S 2/18/12 2.5000 2799 0.0500 dn 0.0900 AAPL 2/10/12 470.0000 2290 5.0000 up 2.5800 MS 2/18/12 21.0000 2117 0.2300 dn 0.0500 TSO 2/18/12 28.0000 1684 0.5500 up 0.2500 BAC 2/18/12 8.0000 1585 0.2000 up 0.0300 S 2/18/12 2.0000 1486 0.3300 dn 0.1500 GLD 2/18/12 174.0000 1482 0.6400 dn 0.0200 AAPL 2/10/12 475.0000 1359 2.4000 up 1.4600 BIDU 2/18/12 145.0000 1359 1.1900 up 0.0900 -PUTS- OPTION EXP.DATE STRIKE PRC. VOLUME LAST S/PRC. NET CHANGE BAC 2/18/12 8.0000 2561 0.2400 dn 0.0900 BAC 8/18/12 6.0000 1903 0.3200 dn 0.0300 ESRX 2/18/12 50.0000 1734 0.8900 dn 0.0700 S 2/18/12 2.0000 1201 0.0100 dn 0.0100 GM 2/18/12 25.0000 1189 0.3700 up 0.0200 AAPL 2/10/12 470.0000 861 2.0900 dn 1.8100 AA 2/18/12 10.0000 824 0.0400 up 0.0000 MRK 1/19/13 35.0000 809 2.2800 up 0.0300 NFLX 2/18/12 125.0000 798 4.6500 up 0.9000 AAPL 2/10/12 455.0000 771 0.1600 dn 0.1500 -VOLUME- CALLS PUTS TOTAL 347853 270074 617927Comments »
U.S. Constitution Losing Influence in Nation Development
Super Pac: A Bad Idea
Computer Sciences Pops 22% on Earnings
European central banks expected to bring the money
Comments »(AP) – FRANKFURT, Germany — With Europe sliding toward recession, the region’s two main central banks are preparing to redouble their emergency measures aimed at softening the downturn and blunting the effects of the government debt crisis.
Analysts expect the U.K.’s central bank, the Bank of England, to announce Thursday that it will inject another 50 billion pounds ($79 billion) of new money into an economy that shrank at the end of last year.
Meeting the same day at its headquarters in Frankfurt, Germany, the European Central Bank is expected to trumpet the advantages of its second unlimited offering of cheap, three-year loans to be allotted to banks on Feb. 29.
Neither central bank is expected to change interest rates from their current record lows — the Bank of England at 0.5 percent and the ECB at 1.0 percent. Rather, attention will focus on their outlooks and their attempts to push more money into the banking systems and the economy.
A first blast of cheap ECB credit — euro489 billion ($641.23 billion)— was taken up by 523 banks on Dec. 23. The step has been credited with calming some of the market panic from the debt crisis hitting the 17 countries that use the euro, and stocks and government bonds have risen since then. Analysts think the takeup could equal or exceed the first one, since the ECB has loosened collateral requirements.
Despite a remarkable easing in tensions on financial markets this year — particularly evident in the big drop in the borrowing rates of weak countries like Italy and Spain — the 17-country eurozone and the U.K. face worrying signs from the wider economy.
