Early in 1963 The Drifters (produced by Leiber-Stoller since 1959) recorded a Mann/Weil composition called "Only In America." When Atlantic decided not to release it the vocals were erased and replaced by Jay and the Americans. "Only In America" was released in July, 1963 and became their first chart hit (#25) with Jay Black singing lead. Leiber and Stoller's work with the Drifters and the Coasters caused them to turn over production of the group's material over to Artie Ripp of Kama Sutra Productions (Later to be Kama Sutra Records). One year and two singles later they had their biggest hit with "Come a Little Bit Closer" (#3). "Let's Lock the Door (#11) and "Think of the Good Times" both charted in the summer of 1965. At this time they began the second phase of their career with "Cara Mia" (#4). Beginning with Cara Mia" the group began covering successful oldies. Their next release was "Some Enchanted Evening" (#13) followed by Neil Diamond's first songwriting success "Sunday and Me" (#18).
Even the imprisonment of lobbyist Jack Abramoff and former Rep. Duke Cunningham, R-Calif., on corruption charges that included earmark abuses has not dulled lawmakers' appetite for pet projects. One recent study found that earmarks in House legislation went from 3,000 in 1996 to 15,000 in 2005.
And Obey said earlier this year that House members had requested 32,000 earmarks in spending bills for fiscal 2007.
"Error at the bell last night (clarification): This error at the bell last night really did contribute to the rally. Bottom line is that one of our competitors inadvertently sold 5346 too many of the SPX Sep 1450 calls and needed to cover them in a hurry. At the time the mkt was down 1% on the day.
In covering, it is likely the crowd front ran the order, exaggerating the move.
Once the move got going, the variance hedging phenomenon kicked in. Most dealers place MOC (Mark on Close) orders to hedge their daily delta risk.
If this theory holds, then they would have put in large sell orders yesterday MOC at around 3:40PM. Once the mkt started to run, their delta position would've changed from net long to net short and they would have needed to buy that much more SPX exposure into the bell. Our index trading desk predicts that for every 2 pt move up in the SPU, dealers needed to buy approx 500MM notional in delta.
With liquidity being lousy right now, that created the violent move."
this explanation came from one of the Big 5 brokers
Steve Forbes, editor-in-chief of Forbes magazine, predicts that skyrocketing oil prices are just temporary - and a massive price collapse will dwarf the Dot-Com crash that began in 2000. In Sydney, Australia this week for a global conference of CEOs, the respected financial editor said that the price of oil has inflated into an unsustainable and speculative market bubble - and he says that when this bursts, it will make the Dot-Com crash "look like a picnic."
The paper quotes Forbes as saying that the price of oil (which rose above $70 this week) had been inflated by speculators and would soon begin a rapid slide. "While there is a lot of talk in my country, the U.S., about the housing bubble, I think the real bubble, to be blunt, is in the price of oil," he said. "It's a huge bubble. I don't know what's going to pop it, but eventually it will pop. The price has to be brought down to earth, and when it does there's going to be a lot of yelping from the hedge fund managers."
Forbes said that speculation on oil hitting $100 a barrel was misplaced. He also believes that the price of oil will decline significantly in 2006.
"I'll make a bold prediction: I think in 12 months, you're going to see oil down to $35, $40 a barrel," Forbes said. "In the meantime, it's a huge drain, more a psychological drain (on the economy), but it's not forever. This thing is not going to last." Forbes blames the oil price spike on rising inflation and aggressive buying on the part of burgeoning Pacific Rim countries. "China and India are buying more of the stuff. As the global economy expands, more energy will be consumed," he said. "But if you look at the price of oil three years ago, it was $20 or $25 a barrel. Supply and demand might have shot it up to $30, $35 a barrel. The rest of it is inflation."
Forbes spoke to The Australian just as news was drifting in regarding the damage sustained to the oil-rich Gulf of Mexico in the wake of Hurricane Katrina. Industry observers say that energy companies such as BP, Chevron and Shell have been forced to shut down offshore platforms, which account for 25% of U.S. domestic oil and gas output.
here's a link to another Steve Forbes interview click here
"Delivering a speech to the National Bureau of Economic Research, the Fed chief said "changes in energy [and food] prices should have relatively little influence on 'core' inflation, that is, inflation excluding the prices of food and energy."
now that's brilliant isn't it?
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