News -01-30-06 New Fed Chair (Christian Science Monitor) "Overall, he [Ben Bernanke] will be concerned about how the markets perceive his actions." 01-06 -01-31-06 Enron Prosecutors State Their Case (CBS News) "The blockbuster criminal trial of former Enron Corp. chiefs Kenneth Lay and Jeffrey Skilling is about lies, not numbers, a federal prosecutor told jurors Tuesday, launching the much-awaited case against the scandal-ridden company's former corporate titans." 01-06 -02-01-06 Enron--The Case For and Against (CNN News) "Lawyers for former Enron Corp. chiefs Kenneth Lay and Jeffrey Skilling insisted Tuesday the men were guilty of no crimes, arguing the company was never infested with fraud and instead fell victim to a sudden crisis of market confidence." "A federal prosecutor laid out a starkly different version of events." 01-06 -02-06-06 President Bush's Budget for 2007 (Whitehouse.gov) "The President's 2007 Budget continues the successful pro-growth policies that have encouraged robust economic growth and job creation. A strong economy, together with spending restraint, is critical to reducing the deficit. The Budget builds on last year's successful spending restraint by again holding the growth of overall discretionary spending below inflation, proposing to reduce non-security discretionary spending below the previous year's level, and calling for the elimination or reduction of programs not getting results or not fulfilling essential priorities. Like last year, the budget proposes savings and reforms to mandatory spending programs, whose unsustainable growth poses the real long-term danger to our fiscal health." 02-06 -02-18-06 Internet Stocks in a Familiar Pattern (Christian Science Monitor) "Google's recent $130-a-share loss fits a familiar technology pattern." 02-06 -02-26-06 Enron's Lay: Riches to Ruin (New York Times) "Mr. Lay's failing fortune underscores a recurrent — but often overlooked — theme in recent corporate collapses. Despite the public image of corporate chieftains at scandal-plagued companies escaping the debacles with their pockets stuffed with cash, several have been pushed far down the road toward insolvency long before a civil or criminal judgment is entered against them." "In a number of cases, that is because the chief executives were as reckless with their personal finances as they were with the management of their companies. Bernard J. Ebbers at WorldCom and John J. Rigas at Adelphia Communications, both convicted of fraud, borrowed hundreds of millions of dollars from their businesses to purchase their own companies' stock." "When the companies collapsed into bankruptcy, those shares were worthless, but the executives still owed the money." 02-06 -05-05-06 Stocks Reach a Six-Year High (ABC News) "Stocks rallied sharply Friday as moderating job growth reinforced Wall Street's hopes that the Federal Reserve may soon end its series of interest rate hikes. The Dow Jones industrial average climbed more than 110 points to a fresh six-year high." 05-06 -Editorial: America Is Getting Deeper and Deeper in Debt (International Herald Tribune) "For most of the past five and a half years, interest rates have been low, allowing the government to borrow more and more - to cut taxes while fighting two expensive wars - without having to shoulder higher interest payments." "That's over now. For the first time during President George W. Bush's tenure, the U.S. government's interest bill is expected to rise in 2006, from $184 billion in 2005 to $220 billion this year, up nearly 20 percent." "And that's not the worst of it. While foreign investors were putting up most of the $1.5 trillion the U.S. government has borrowed since 2001, they were also snapping up hundreds of billions of dollars in private sector securities, transactions that have been a big source of the easy money that allowed Americans to borrow heavily against their homes." "The result, as The Wall Street Journal reported last week, is that for the first time in at least 90 years, America is now paying noticeably more to foreign creditors than it receives from its investments abroad. That is a momentous shift. It means that a growing share of America's future collective income will flow abroad, leading to a lower standard of living in the United States than would otherwise have been achieved. Americans deserve better than this financial mess." 10-06 -Editorial: America's Future Wealth Shifting to Foreign Hands (International Herald Tribune) "By definition, federal borrowing eventually results in a transfer of income from U.S. taxpayers, whose taxes go to pay the interest on the debt, to the investors who hold the Treasury bonds. As long as the bonds are owned by Americans, the transfer is simply from one group of citizens to another.""Today, however, 43 percent of the United States' publicly held debt of $4.8 trillion is held abroad, mainly by central banks in Japan, China and Britain and by offshore hedge funds. That's up from a 30 percent share in 2001, an extraordinary increase. Indeed, during the Bush years, 73 percent of new government borrowing has been from abroad." "America is living beyond its means, and foreigners are increasingly supporting the excess - in exchange for a government guarantee that a chunk of America's future collective income will benefit them, not the Americans who earn it." 05-06 05-30-06 Bush Chooses Paulson for Treasury Secretary (Washington Times) "President Bush yesterday returned after a holiday weekend and picked up where he left off, building a new second-term team by nominating Goldman Sachs Chairman Henry M. Paulson to replace Treasury Secretary John W. Snow, who resigned after more than a year of speculation about his departure." 05-06

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