Full Obama Press Conference Video on Tax Deal (12/7/2010), Agreement Overview From Fact Sheet

The first video is the full 32 minute press conference by President Obama on the tax cut agreement with a question and answer session (12/7/2010). The second video is the statement made by the President yesterday on tax cuts and unemployment benefits (12/6/2010). I also added the overview of the tax agreement from the fact sheet released today.

David Rosenberg: Equities In Secular Bear Market, Canadian Corporate Bonds Are A Good Investment (Video)

David Rosenberg, former Chief North American Economist at Merrill Lynch who is now Chief Economist and Strategist at Gluskin Sheff, was featured on Consuelo Mack's WealthTrack show on 11/26/2010. Rosenberg believes we are entering a period of price stability (zero inflation) as ongoing debt de-leveraging, excess capacity and high unemployment converge with strong reflationary policies by the Fed. However, there is still a chance we could experience outright deflation, he said. Rosenberg thinks equities are in a structural bear market.
"The story is that in the secular primary uptrend in the stock market, sell-offs are opportunities to get in the better price. Now, we’re in a secular bear market where it’s different, and it means you are going to get rallies, but these are rallies that you rent. You don’t own them." (source)
He didn't completely write off equities though. He said he'd still be 20% allocated toward equities but only in safe sectors like utilities, staples, health care and stable industries that "spin off an income stream". He is taking the other side of the bond bubble trade! He favors high quality corporate bonds backed by strong balance sheets. During the interview he recommended high quality Canadian corporate bonds which would benefit from a lower U.S. Dollar (USD/CAD). He was also bullish on gold for a variety of reasons. Watch the video after the jump.

Governor Schwarzenegger Declares Fiscal Emergency, 12/6/2010 Press Release, Expenditure Reduction Proposal #California

Read the $7.4 billion expenditure reduction proposal in the report below from the Department of Finance. For more information on California's fiscal crisis ($20 billion annual operating shortfall through 2015/2016) read this post from 11/17/2010.

"Governor Schwarzenegger Presents Special Session Budget Plan

Declares Fiscal Emergency, Calls Legislature into Special Session to Address Deficit

Governor Arnold Schwarzenegger today declared a fiscal emergency and called the legislature into a special session to address California’s budget deficit and presented a package of solutions to help solve it.

“Our state is again facing a budget deficit that will force difficult decisions by California’s elected officials. If there is one thing we have learned over these past few years, it is that the longer we wait to tackle the problem, the larger and more difficult it is to solve,” said Governor Schwarzenegger. “That is why I have called a special session today, so the legislature can get a head start on the problem. California taxpayers cannot afford another lengthy delay. I look forward to working with Republicans and Democrats to get this done.”

Market in Process of Forming Top, Deflation Coming (Charles Nenner Video)

Charles Nenner, technical analyst and founder of the Charles Nenner Research Center, is confident the U.S. will experience a deflationary crisis even with strong reflationary policies in place by the Federal Reserve. From Bernanke's speech in Jackson Hole a few months ago: "the FOMC will strongly resist deviations from price stability in the downward direction". Also don't forget the trillions in Fed loan programs, TARP bailouts and securities purchases that helped reflate the economy and asset markets. Watch Bernanke on 60 Minutes last night. He's leaving the option open for additional Treasury purchases.

Nenner believes additional Treasury purchases won't make a difference. So, add Nenner to the deflation camp with Robert Prechter, Gary Shilling, and David Rosenberg. He didn't mention commodities but he sees a stronger Dollar. So I assume commodities would fall with the market. If that's the case, it will be interesting to see how commodities and the Dollar react during a deflationary crisis and forceful policy response.

Nenner mentioned on CNBC last week that the NASA sunspot cycle forecast was predicting another major crisis in 2013. On Tech Ticker, Nenner gave a more detailed outlook on Gold, the U.S. Dollar, Dow, S&P, semiconductors, 10-year Treasury bonds, deflation and geopolitical conflict down the road. Below are important points he made and the embedded videos from 11/30/2010.

Video: Ben Bernanke on 60 Minutes (12/5/2010)

Full video after the jump courtesy of CBS/60 Minutes.

Video: Facebook's Mark Zuckerberg on 60 Minutes (12/5/2010)

Parts 1 and 2 are after the jump featuring Mark Zuckerberg, Kara Swisher of All Things D, the Winklevoss twins on the lawsuit and a tour of the new Facebook redesign.

Hugh Hendry's December 2010 Report (Eclectica Fund)

The Eclectica Fund, Manager Commentary - December 2010 at Zero Hedge

Make Free Calls From iPhone Using Viber App (Free SMS Coming Soon)

Check this out. The free, ad-less, Viber application on your iPhone allows you to make free phone calls to other iPhone users with the Viber app installed. Free calls are made using your 3G data plan or Wi-Fi network. You can also make free calls internationally and they say the sound quality is better than your cell service. Android and Blackberry versions are coming soon, as is free SMS (text messaging). Could Viber put a huge dent in phone bills every month? I guess it all depends on data plans. It fuses with your iPhone and contacts perfectly it looks like. How will the whole world not use this? Watch the intro videos below via Youtube.

Chris Whalen on Dylan Ratigan Show (Fed Bailouts, Banks and Spain)

Chris Whalen of Institutional Risk Analytics was featured on Dylan Ratigan's show on MSNBC on 12/3/2010. Here are key quotes by Chris Whalen on the recently released details of the Fed bailouts. The video is after the jump.
"Goldman would've failed"

"The Fed is now there to support the speculators and they let the real economy go to hell, that's the bottom line"

"The impact, the negative effect of the speculation, especially in residential mortgages, was so awful that the Fed had to come to the aid of big corporations too which were cut off from commercial paper"

"Wait til we get to Spain. Spain is worse than Ireland"

Groupon Rejects Google's $6 Billion Bid, Coupon 2.0 Wave is Here

I just read that Groupon rejected Google's $6 billion bid. Read more at ChicagoBreakingBusiness, All Things Digital, BusinessWeek, WSJ, Dealbook, CNNMoney.

Couldn't Google build their own location based coupon service?Coupons would pop-up on your phone if you pass a store or restaurant based on search history, purchase history or personal settings. You'd pay with your e-coupon on your phone (phone = new credit card). Your phone would analyze purchase history to help make coupons more relevant. Also a search algorithm could provide real-time competitive coupon deals when a product, store or restaurant is searched for on Google. Local and nationwide businesses would be forced to provide the best deals. The coupon flood is just getting started in my opinion. Especially with the unemployment rate at 9.8%.

Analysis of November HSBC China PMI, OECD Leading Indicator Trending Down Since February (Charts)

From the November HSBC China Manufacturing PMI release at www.markiteconomics.com (the service sector and composite output PMI declined, see below):

"The Chinese manufacturing sector strengthened further in November, with overall business conditions improving at the strongest pace in eight months. This was signalled by the headline HSBC Purchasing Managers’ IndexTM (PMITM) posting 55.3, up from 54.8 in October. Considerable price pressures were also indicated by November’s survey, with both output and input prices rising at substantial and accelerated rates."

A read above 50 means the Chinese manufacturing sector is growing. Under 50 means contracting. Price pressures were expected as consumer prices in China rose 4.4% in October, a 25 month high. Also read: China 'set to tighten monetary policy' (BBC News 12/3/2010). In a similar fashion, the official China PMI reported by the "China Federation of Logistics & Purchasing and National Bureau of Statistics" hit 55.2 in November, up from 54.7 in October. See the chart and data at Bloomberg.com - CPMINDX.

Details of Liquidity Facilities Used By the Fed During Financial Crisis

The Federal Reserve released "detailed information about the liquidity and credit programs and other monetary policy tools that the Federal Reserve used to respond to the financial crisis that emerged in the summer of 2007".Find it all at http://www.federalreserve.gov/newsevents/reform_transaction.htm.

"Facilities and Programs
Agency Mortgage-Backed Securities (MBS) Purchase Program
Term Auction Facility (TAF)
Central Bank Liquidity Swap Lines
Primary Dealer Credit Facility (PDCF)
Term Securities Lending Facility (TSLF) and TSLF Options Program (TOP)
Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF)
Commercial Paper Funding Facility (CPFF)
Term Asset-Backed Securities Loan Facility (TALF)
Money Market Investor Funding Facility (MMIFF)
Bear Stearns, JPMorgan Chase, and Maiden Lane LLC
American International Group (AIG), Maiden Lane II and III
Bank of America
Citigroup"

And check this out... "@WSJ: We've created a searchable database of the Fed's emergency lending data. Every loan: http://on.wsj.com/geMgP4"