Day: March 9, 2006

Article: Nipping and Tucking on Both Coasts

From the March 8 edition of the New York Times:

Nipping and Tucking on Both Coasts
By MAUREEN DOWD

There is a crash of ideologies between the country’s two most self-regarding and fantasy-spinning power centers. The Bush crowd cringes away from gay cowboys spooning, gay authors flouncing, transgender babes exploring and George the Dashing Clooneying in movies about the glories of free speech and the dangers of oilmen influencing policy.

But as I looked around Vanity Fair’s slinky Oscar party on Sunday night, it struck me that the bellicose Bushies do share a presentation aesthetic with Tinseltown’s trompe l’oeil beauties: you see no furrowed brows, no regretful winces, no unflattering wrinkles, no admissions of imperfection, no qualms about puffing up what you really have, no visible signs of hard lessons learned, and no desire to confront reality in the mirror.

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Article: Vermont Towns Endorse Move to Impeach Bush

From the March 8 edition of the New York Times:

Vermont Towns Endorse Move to Impeach Bush
By THE ASSOCIATED PRESS

NEWFANE, Vt. (AP) — In five Vermont communities, a centuries-old tradition of residents gathering in town halls to conduct local business became a vehicle to send a message to Washington: Impeach the president.

An impeachment article, approved by a paper ballot 121-29 in Newfane Tuesday, calls on Vermont’s lone member of the U.S. House, independent Rep. Bernie Sanders, to file articles of impeachment against President Bush, alleging he misled the nation into the Iraq war and engaged in illegal domestic spying.

”It absolutely affects us locally,” said Newfane select board member Dan DeWalt, who drafted the impeachment article. ”It’s our sons and daughters, our mothers and fathers, who are dying” in the war in Iraq.

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Inversion Update

Historyoftheinversion200639
The chart above covers the entire period to date of the now much talked about yield curve inversion, particularly the inversion between the 2-year treasury note and the 10-year treasury note. This chart shows the actual yields on the respective notes to show how the spread changed as yields rose about 50 basis points (1/2 of one percent) from the end of December through today. That’s a big move in a short period of time. Ok, back to the chart…

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FXE Update

Fxe22638b
See yesterday’s post for my initial FXE comments. Today also saw heavy volume (second highest on record), only this time to the upside. However, the amount of volume and size of the gain were both significantly smaller than the prior day’s.

One other dollar factor to note is the BOJ (Bank of Japan) finally made it official and said it will soon begin normalizing interest rates in Japan, which have been held artificially low a number of years to stimulate the Japanese economy as it has spent the past 15+ years trying to recover from a — gasp — real estate bubble [Can those things really happen? Yes, Virginia, they can… you will learn more about that soon.] Reminder: All things held constant, higher foreign rates are a dollar negative. Cheers!