CHINA’S PREMIER WEN JIABAO ‘WORRIED’ ABOUT U.S. INVESTMENTS

CHINA ‘WORRIED’ ABOUT U.S. INVESTMENTS

In November, the Chinese government announced that it would be implementing a stimulus package worth $915 billion. Details of the plan were not so readily available and made it difficult for economists to estimate the impact that it would have on the global economy. Just recently, however, the former head of the nation’s statistic bureau stated that they would be removing export taxes on many industries hurt by the crisis.

Moments ago China’s Premier Wen Jiabao spoke at a news conference and offered greater insight into the government’s thinking. He stated that the communist government has prepared other measures in case of greater problems head. He also said that they had a “full arsenal” to stimulate the economy. Wen may have been taking a shot at the U.S. legislature, saying that China can “at any time…introduce new stimulus.” It has “reserved adequate ammunition” to do so.

In a startling note, he also mentioned that they are concerned over the security of its investments in the U.S. He then urged the U.S. government to “ensure the safety” of its American assets. “We have lent a huge amount of money to the United States” and that “of course we are concerned about the safety of our assets. To be honest, I am a little bit worried.”

On foreign exchange intervention, Wen seemed a bit defensive. He argued that that the Yuan appreciated against a wide-range of currencies, but that the currency’s upward swing has hurt its exports. He also reiterated their stance on diversifying the basket against which the Yuan is pegged to. “No country” can “pressure” them to appreciate or depreciate the currency.

– LG

Filed under: Global Economics, World, Asia, Barack Obama, China, Democrats, Economics, Economy, Finance, FOREX, Global Economics, Investments, Jindal, News, Obama, Republicans, Stocks

OBAMA: ECONOMY “NOT AS BAD AS WE THINK”

“Confronting misgivings, even in his own party, President Barack Obama mounted a stout defense of his blueprint to overhaul the economy Thursday, declaring the national crisis is “not as bad as we think” and his plans will speed recovery. Challenged to provide encouragement as the nation’s “confidence builder in chief,” Obama said Americans shouldn’t be whipsawed by bursts of either bad or good news and he was “highly optimistic” about the long term…”

Filed under: Economics, Obama, Barack Obama, Congress, Democrats, Economics, Economy, Finance, Jindal, Law, News, Obama, Pelosi, Politics, Republicans

U.S. Naval Destroyer Sent to Protect Ship Near China

“The USS Chung-Hoon, armed with torpedoes and missiles, is stationed in protection of the USNS Impeccable, an ocean surveillance ship. On Sunday, five Chinese vessels surrounded the Impeccable, which is unarmed. The Chinese ships approached to within 25 feet and blocked the Impeccable’s path with pieces of wood, the official said…”

USS Chung-Hoon

Troops Moved From Japan to Guam…

Filed under: Obama, World, Asia, Barack Obama, China, Iran, Iraq, Military, Navy, News, Obama, Politics, War

Stocks Have Biggest 3-Day Gain Since Nov. On Bank of America Profit Outlook

US Session Key Developments

• Bank of America’s Chief Says Company Profitable First Two Months
• Retail Sales Better Than Expected
• General Electric Rating Cut to AA+

Stocks Have Biggest 3-Day Gain Since Nov. On Bank of America Profit Outlook

Stocks in the S&P 500 posted the largest 3-day gain since November with a 10.96% surge since Tuesday after Bank Of America Chief Executive Officer Ken Lewis followed the footsteps of his counterparts at Citigroup and JPMorgan. Indeed, Lewis announced that his bank was profitable in the first two months of the year to reporters after a speech given in Boston. The recent trend of CEO profit announcements has allowed Financials in the S&P to rise 33% on the week. General Electric added 13% after losing its AAA credit rating by less than expected. The conglomerate slashed its dividend for the first time since the 1930s two weeks ago in an effort to save the company billions of dollars so that it could prevent its own credit deterioration. Wal-Market advanced 3.1% after government Retail Sales estimated that purchases from such stores had done better than economists had anticipated. The figure for February fell -0.1% while forecasts called for a -0.5% decline.

Dow 30                     7170.06                 +239.66                    +3.46%
Financials pummeled through the remaining short-sellers, surging ahead 13.07%. Even the worst performing sector in the index, Technology, moved up 2.0%. JPMorgan saw 31.73 million shares traded to end the day up $2.80 or 13.73% at $22.30.

NASDAQ                  1426.10                  +54.46                        +3.97%
Technology stocks have become a smaller portion of index after being one of the worst performing sectors in composite. Nonetheless, the industry rallied 2.85% with Apple and Intel jumping about 4.0%.

S&P 500                  750.74                    +29.38                        +4.07%
The S&P 500 had its biggest 3-day again since November, rallying 10.96% since the surge began. Every sector in the index shared the sentiment with Financials rushing ahead 9.94%. Implied volatility on the index dropped 5.57% or 2.43 points to 41.18, leaving the fear gauge under 50 for the fifth straight trading session.

Filed under: Economics, Stocks, Bank of America, Banks, Barack Obama, Citigroup, Economics, Economy, Finance, Investments, JPMorgan, Money, News, Obama, Stocks, World

Bill Ayers Accused of Killing S.F. Cop in 1970 Bombing

“Leaders of San Francisco’s police officers union have accused Weather Underground co-founder Bill Ayers and his wife, Bernardine Dohrn, of taking part in the 1970 bombing of a city police station that killed a sergeant…”

Filed under: Obama, 1960s, Ayers, Barack Obama, Bill Ayers, California, Conservatives, Democrats, Liberals, News, Obama, Politics, Republicans, San Francisco, Terrorism

Congresswoman Maxine Waters Caught Doing Shady Business With Bank Her Husband Directed

Source: NYT

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U.N. Calls U.S. ‘Deadbeat,’ White House Objects

“The White House is taking offense at U.N. Secretary-General Ban Ki-moon’s comment that the United States is a “deadbeat” donor to the world body.

Press secretary Robert Gibbs said Thursday that Ban’s word choice was “unfortunate,” given that the U.S. is the largest contributor to the United Nations. The U.S. pays 22 percent of the organization’s ‘s nearly $5 billion operating budget but is perennially late paying its dues…”

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