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Politics Barack Obama

  • The Shanghai Index rose 2.9 percent, and most European bourses are up 1 to 2 percent as China has allowed the yuan to rise against the dollar for the first time since 2008.

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    China's central bank said Sunday it would maintain a stable exchange rate and didn't anticipate major changes in the value of the yuan, a day after saying it would manage the currency more flexibly.

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    For all the focus on the historic federal rescue of the banking industry, it is the government’s decision to seize Fannie Mae and Freddie Mac in September 2008 that is likely to cost taxpayers the most money, reports the New York Times.

  • President Barack Obama

    President Barack Obama accused Republicans on Saturday of blocking legislation that would boost the nation's economic recovery and lift a $75 million cap on what oil companies must pay to families and small businesses affected by an oil spill.

  • The economic news has been terrible this week (housing, jobs), but the S&P 500 is up 2.4 percent. How to account for that? Some point to the reduced headline risk in Europe (Germany has had an amazing week, it's only about 1 percent from a 52-week high!), and perhaps reduced headline risk from BP helped at the margins. But the driving factor is likely this...

  • Tony Hayward

    All eyes in Washington, Wall Street and Main Street were turned on the Congressional show trial featuring beleaguered BP CEO Tony Hayward yesterday. Hayward was a disaster. He played dumb. He stonewalled. And he never got honest about BP's colossal failure of human judgment that caused this catastrophe. But folks, seriously, what did you expect?

  • Exchanging Money

    Slow consumer spending, along with other forces, will drag the economy down next year. Here's why:

  • Several stocks moving on index adds today. Transocean up 8 percent today. Offshore drillers are stronger, but the outperformance is because RIG was added to the Swiss stock index at the close of trading in Europe today. Then there's Citigroup...

  • A flare burns from a drill ship recovering oil from the ruptured British Petroleum oil well over the site in the Gulf of Mexico on June 9, 2010 off the coast of Louisiana. The spill has been called the largest environmental disaster in American history.

    Congressional questioning of BP CEO Tony Hayward was "amazingly idotic, repetitive and ill-mannered," said hedge fund manager Dennis Gartman, who is "embarrassed today for being American."

  • James Mulva

    The public, both the American and those throughout the world, will demand greater regulation of the oil industry in light of the BP  Gulf of Mexico spill, James Mulva, chairman and CEO of industry giant ConocoPhillips,  told CNBC Friday.

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    Deflation is the economy's version of a vicious cycle. As prices fall, so do wages and profits. Demand, consumption and production also fall. Jobs are cut. Consumers put off purchases . The negative forces feed off of each other.

  • President Barack Obama

    President Barack Obama is appealing to the world's major economies not to waver in their efforts to support a sustained rebound from the near collapse of the global economic system in the fall of 2008.

  • Europe mostly flat (Greece up 2.3 percent), euro behaving, U.S. futures were calm ahead of the quadruple witching expiration. Spanish bank Banco Santander is up 1 percent on several pieces of news...

  • Drill ship recovering oil from the ruptured British Petroleum oil well over the site in the Gulf of Mexico off the coast of Louisiana.

    The drill ban could jeopardize 50,000 jobs, according to one estimate, hurting many blue-collar communities on the Gulf Coast. The NYT reports.

  • The BP hearings are riveting, but it is housing and the weak nonfarm payroll report that is front and center for the trading community. Bottom line: euro rally vs. economic worries in US.

  • The SEC is moving toward clear rules on how to break erroneous trades. After hundreds of trades were broken on May 6th, the SEC made it clear they were seeking development of clear rules for breaking trades. Such rules do not currently exist; the exchanges simply make ad hoc decisions.

  • Successful bond sales in Spain and Hungary have helped stabilize Europe (though Spain paid a substantially higher yield of 4.864 percent for the 10-year paper, well above the 4.045 percent previously), but S&P futures lost about 4 points when the weekly jobless claims report came in a bit higher than anticipated.

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    If you listen to Washington and New Yorkers working for bailed out institutions or in offices 100 floors above Wall Street, the recovery is weak because banks, and now small banks in particular, won't lend money to small businesses.

  • Workers shovel oiled sand hit by the BP Deepwater Horizon oil spill from the Gulf of Mexico to be disposed as cleanup crews work to clean the beach at Grand Isle State Park in Grand Isle, Louisiana, June 13, 2010.

    Estimates show that the civil fine for the escaping oil alone could be $280 million a day, but criminal penalties, if imposed, could cause the costs to balloon still further. The NYT reports.

  • The president missed a few key points during his speech Tuesday night. Cramer offers a speech of his own to fill in the holes.