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  Wednesday, 5 Jan 2011 | 1:50 PM ET

Former Members of Congress: Six Figure Salary — Or Real Money?

Posted By: Ash Bennington

US Senators make $174,000 per year — but that's chump change compared to what they can make in the private sector.

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  Wednesday, 5 Jan 2011 | 1:35 PM ET

The Capitol Hill Agenda: What Not to Do Now That You Control Congress

Posted By: John Carney
Capitol Hill Agenda
Capitol Hill Agenda

Dear Republicans,

Congratulations on taking control of the House of Representatives. While we’re skeptical about the efficacy of politicians to improve our economic plight, we are willing to believe that you are well-meaning folks who want a better and more prosperous America.

In order to demonstrate that our belief is not misplaced, you will have to resist calls to journey down two paths that are sure to be political dead-ends.

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  Wednesday, 5 Jan 2011 | 1:11 PM ET

Will Swiss Central Bankers Destroy The Euro?

Posted By: John Carney
Euros at an angle
Thomas Northcut | Photodisc | Getty Images
Euros at an angle

When the Swiss central bank confirmed today that it has excluded Irish government debt from a list of assets considered eligible as collateral for its repo transactions, it created broader worries about the exposure of other eurozone nations to decisions from Alpine bankers.

The move against Irish debt was first reported by Irish blogger Lorcan Roche Kelly . It happened way back in December, after major credit rating agencies cut Ireland's rating below 'A,' but went largely unnoticed. My colleague Antonia Oprita confirmed the report today .

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  Wednesday, 5 Jan 2011 | 11:49 AM ET

Help Us Set The Capitol Hill Agenda for 2011

Posted By: John Carney
Capitol Hill Agenda
Capitol Hill Agenda

Nancy Pelosi will surrender the House Speaker’s gavel to John Boehner today. The Republican majority in the House of Representatives has already made its influence felt by forcing President Barack Obama to cut a deal to stave off scheduled tax increases for another two years—and the economy and markets seem to be responding positively.

Republicans, however, cannot afford to rest on this early victory. They rose to power—or at least, to power-sharing—on the confidence of tea party activists, Republican stalwarts and independent voters that they would press for reform on Capitol Hill. Spending restraint, deficit reduction, health care reform, respect for Constitutional limits on federal authority and regulatory reform must all be high on the Republican agenda if the Grand Old Party hopes to keep this confidence intact through 2012.

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  Wednesday, 5 Jan 2011 | 11:35 AM ET

Eurozone Sovereign Debt: A Menu of Bad Options

Posted By: Ash Bennington

Welcome to the world of European sovereign debt restructuring proposals — where politicians dream of making the world other than it is by act of Parliament.

Today's installment begins with a discussion of two policy options for handling European sovereign bonds in the wake of the Eurozone's debt crisis.

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  Wednesday, 5 Jan 2011 | 11:08 AM ET

Sorry ADP, Not Everyone Believes the Economy Created 297,000 Jobs

Posted By: Jeff Cox

That big positive surprise this morning from the ADP jobs report was nice while it lasted — which was all of about 30 seconds by market standards.

Unfortunately, a number of traders and economists aren't willing to take seriously the report that ADP and Macroeconomic Advisors put out suggesting the economy created 297,000 jobs over the past month.

A quick straw poll this morning showed a lot of disbelief in the ADP numbers, and the report did virtually nothing to move the stock market, though futures pared some losses immediately after the release.

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  Wednesday, 5 Jan 2011 | 10:44 AM ET

Kevin Book Says We Are Not Looking at Another Oil Super Spike

Posted By: Lori Ann LaRocco

Black Gold's run has been a wild one for investors, sparking oil analysts to recently raise their forecasts. While the U.S. economy and demand are not the drivers behind this rush, the momentum is there (for example as a currency hedge).

The next level everyone is watching is when crude breaks through $100 and many expect it will. I decided to talk to Kevin Book, Managing Director of Research at ClearView Energy Partners about his crude expectations.

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  Wednesday, 5 Jan 2011 | 10:37 AM ET

10 Must-Reads for The Day

Posted By: James Altucher
Newspapers
James McHuff
Newspapers

Here's what you should be reading this morning.

1. Credit Suisse's 18 best stock picks for 2011 .

2. I'm really happy the camera was invented : beauty contest.

3. So you just bought sex.com for $13 million. Now what ?

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  Wednesday, 5 Jan 2011 | 10:29 AM ET

Waking up With Nicole Lapin

Posted By: Nicole Lapin

Duh, Money never sleeps. So, neither do I. I mean, someone's gotta run this graveyard. Since I've been up \(way\) longer than you, here's what you missed, sleepyhead.

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  Wednesday, 5 Jan 2011 | 8:44 AM ET

Cost Cutting Battles Erupt, As House Changes Hands

Posted By: Ash Bennington

Portuguese Bond Yields Spike (CNBC via Reuters) "Portugal paid almost twice as much to sell 500 million euros ($660 million) of six-month paper on Wednesday as it did in September, keeping the country at the sharp end of persistent market concerns about euro zone debt. The yield rose to 3.686 percent from 2.045 percent in the previous auction. The auction produced a bid to cover ratio of 2.6, compared with 2.4 previously."

Treasury Prices Up As Fed Prepares to Buy \(Bloomberg\) "Treasuries rose as the Federal Reserve prepared to buy long-term debt today after saying improvements in the economy fell short of what's needed to scale back its bond-purchase program. Ten-year yields approached a two-week low after Vincent Reinhart, who was the Fed's chief monetary-policy strategist from 2001 until September 2007, said unemployment may lead the central bank to extend its purchases beyond the current plan to scoop up $600 billion of debt. A report today is forecast to show that private employment rose by the most since November 2007 last month. The notes also rose as the MSCI World Index of stocks fell for the first time in four days."

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About NetNet

  • NetNet is where you'll find the low-down and the high jinks of Wall Street. It's the place for insider stories, trader gossip, and tales of the foibles of the moneyed crowd and the culture of finance.Wall Street news and commentary served fresh all day long.

 

  • Jeff Cox is finance editor for CNBC.com.

  • Lawrence Develingne

    Lawrence Delevingne is the ‘Big Money’ enterprise reporter for CNBC.com and NetNet.

  • Stephanie Landsman is one of the producers of "Fast Money."

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