January 29th, 2008

An evening of playing Rock Band for 3 straight hours. It's all right, it's my rock n' roll fantasy...but meanwhile back on the homefront, completely ignored the State of the Union and for a political junkie perhaps this is another testament to the irrelevancy of Bush right now; that is until he decides to invade Iran to finalize his "legacy".

- Democrats want economic stimulus plan to include rebates for senior citizens and extend unemployment insurance; roadblock with GOP
- Bush's annual meeting with leaders of Canada and Mexico this year to me in New Orleans, to "show off recovery efforts"
- Only one reference in State of the Union to Osama, zero to North Korea
- The Kenya situation: a primer
- Dec. 27th elections started okay but allegations of Mwai Kibaki's party rigging votes after Raila Odinga's Orange Party lost their lead and Kibaki was hurriedly sworn in.
- could have economic impact as many financial centers keep their hub in Nairobi
- power brokers trying to creae a power-sharing agreement, but ODM said wants a new leection or a re-count

- December new home sales fell 4.7% to 604k from 634k in Nov; well below mkt expectations of 640k
- Nigerian oil minister sees no need to alter agreed oil output at Feb 1st meeting, but high prices could suppress demand
*- Fin Services Minister Watanabe said Japan in advanced discussions to created first SWF
- $948bn in reserves, 2nd to China. Motivation would be to generate excess returns to prevent tax hikes on an ageing population
- concern is that this will be used to intervene / prop up equity markets
- President elect Lee in SK announced ex-Foreign Minister Han Sueng-soo as PM
- Malaysia PM Badawi said he was confident growth would beat 6% despite US slowdown
- BoT Chief Tarisa said will adopt a pro-growth monetary policy and will lift capital controls if they can find alternatives
- Thai FM said new government has room to spend more than it earns for next 4yrs to boost the economy
- Chinese appetite for US assets declining: was a net seller of Treasuries in August of $14.2bn, and $12bn for next 3 months
- Durable Goods orders up 5.2% in December; Nondefense ex-aircraft up 4.4% (indicator of business investment)
- Singapore, Hong Kong, and Malaysia most vulnerable to US downturn with exports to America = 20% of GDP vs. 8% China and 2% India