Cake or Death: Weekend Update

Al Gore says global warming is YOUR fault!
"He betrayed this country! He played on our fears!"
You don't say...

September 18th, 2007

Fed Cuts Benchmark Rate Half Point, Seeking to Forestall Recession in U.S. - "The Federal Reserve lowered its benchmark interest rate by a half point to 4.75 percent, the first cut in four years, to protect the U.S. from sinking into a recession sparked by fallout from the housing-market collapse. 'Today's action is intended to help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets,' the Federal Open Market Committee said in a statement after meeting today in Washington. The central bank will 'act as needed to foster price stability and sustainable economic growth.' Stocks surged, two-year Treasury notes rose and the dollar fell to a record low against the euro. The larger-than-forecast reduction suggests Chairman Ben S. Bernanke is prepared to leave himself open to criticism that he's rescuing investors from bad decisions for the sake of saving the six-year expansion."
U.S. Producer Prices Drop More Than Forecast; Foreclosures on Homes Double - "The 1.4 percent decrease, the biggest since October, followed a 0.6 percent increase in July, the Labor Department said today in Washington. So-called core prices, which exclude fuel and food costs, rose 0.2 percent after a 0.1 percent gain the month before. Slower inflation gave policy makers room to cut their benchmark rate today in an effort to sustain the expansion in the face of a housing recession. A drop in fuel expenses pushed prices down in August and cooling economic growth will continue to restrain raw-material costs, economists said."

September 14th, 2007

U.S. Retail Sales, Output Rise Less Than Forecast, Adding to Rate-Cut Case - "The 0.3 percent increase in sales during August followed a revised 0.5 percent gain in July, the Commerce Department said today in Washington. Purchases excluding automobiles unexpectedly fell 0.4 percent. Production gained 0.2 percent, with factory output declining for the first time since February. While a report from the University of Michigan and Reuters Group Plc showed consumer confidence increased, their sentiment index remained near the lowest level in a year. Treasury notes rallied after the retail sales and production reports, before losing the gains."

September 13th, 2007

Greenspan Says He Didn't Foresee Credit Rout, Endorses Bernanke, CBS Says - "Current Fed Chairman Ben S. Bernanke 'is doing an excellent job,' Greenspan said in an interview on the 60 Minutes program, according to excerpts e-mailed by CBS today. The show is scheduled to air on Sept. 16, a day before the publication of Greenspan's book, 'The Age of Turbulence.' The remarks come amid criticism among some investors that Bernanke has failed to be as forceful as his predecessor in responding to financial turmoil. Greenspan in 1998 cut interest rates three times after a Russian debt default rippled through global markets. Bernanke's Fed has refrained from lowering its benchmark so far, relying on other tools to provide liquidity."
Commercial-Paper Market Decline in U.S. Slows as Concerns Over Credit Ease - "U.S. stocks rose and Treasuries fell after the Federal Reserve reported short-term debt dropped by $8.2 billion, compared with a decline of $31.3 billion a week earlier. That coincided with Countrywide Financial Corp. obtaining new financing and banks finding buyers for loans to fund Kohlberg Kravis Roberts & Co.'s buyout of Alliance Boots. Issuers with the biggest chance of default had stopped trying to sell commercial paper, rekindling appetite for short- term debt, said Tony Crescenzi, chief bond market strategist at Miller Tabak & Co. in New York. 'Investors have already pushed out the weakest issuers,' Crescenzi said in an e-mail. 'The commercial paper that remains is a relatively more respected crop.'"

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Monday, May 22, 2006

Weekend Update

It was a big weekend in entertainment news. Sorry I didn't post anything over the weekend, but the fetching Mrs. Wookie and I were hosting an out of town guest (I actually helped surprise the fetching Mrs. Wookie by bringing a good friend of hers out from New Jersey for the weekend). So we were too busy having fun for me to post.

First Barry Bonds tied Babe Ruth with his 714th homerun Saturday; one more will put him in 2nd place all time for homeruns with only Hank Aaron to catch. Earlier in the week, fans in Philly gave Barry a hard time with this sign in the outfield. (Stolen image from Chad at the other Cake or Death)

Baseball fans sure do know their history...

Secondly, the Preakness was held on Saturday as well, and it turned tragic as the favorite, Barbaro, pulled up lame nearly right out of the gate. It turned out the colt broke it's leg and has since undergone surgery in an effort to save the horse's life. In college I lived in Del Mar right across the street from the Del Mar racetrack and even though I only went to a handful of races, I quickly saw why horseracing was as popular as it was. This incident reminds me reminds me of another famous horserace that ended with a horse with a broken leg, Ruffian. The famous equine battle of the sexes ended with Ruffian shattering her right foreleg as it broke and she then continued to run on it for another 50 yards. Surgery was ineffective for Ruffian and she was later euthanized. Barbaro's surgery was successful, but the vets give her only a 50-50 chance of survival.

Finally, The DaVinci Code opened this weekend, and we saw it Friday night. I give it 3.5 out of 5 stars. Whatever you thought of the book, I felt it was much better than the movie, and surprisingly, Tom Hanks was fairly monotone throughout the movie. There was no range or depth to his portrayal of Robert Langdon at all. Audrey Tautou stole the scenes. The movie made $77 million in the US on its opening weekend, and $224 worldwide.

Link to me! Posted by jwookie : 11:19 AM

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