| The KUIK Morning Market Report for Monday, January 7: | |||||||
| Markets opened down. | |||||||
| Index | Direction | Change | Units | Last | Time | Change | |
| Dow | Down | (60) | points | 13,376 | 7:08 AM | ||
| S&P500 | Down | -0.4% | percent | 1,461 | (5.84) | points | |
| Nasdaq Composite | Down | -0.4% | percent | 3,090 | (11.35) | points | |
| 30 Year Treasury | Down | (0) | Basis Points | 3.11 | Annual Yield | ||
| Bank of America said that it has reached agreements with Fannie Mae to settle all claims surrounding almost all of the mortgage loans originated by Countrywide and Bank of America from 2000 through 2008. BofA said as part of the deal it will pay Fannie Mae $3.6 billion it will also pay Fannie $6.75 billion to repurchase loans that are worth than their original purchase price. | |||||||
| Senate Minority Leader Mitch McConnell declared taxes to be a done deal and said reduced government spending should be the nation’s top priority. “We resolved the tax issue now; it’s over, it’s behind us. The biggest problem facing the country is our extensive spending,” the Kentucky Republican told NBC’s ”Meet the Press.” | |||||||
| Liberal columnist Paul Krugman, who won a Noble prize in economics and who writes a column for The New York Times, joined calls for the U.S. to mint a $1 trillion platinum coin as a way out of the debt ceiling. The idea is that the Treasury Secretary can take advantage of a loophole allowing him to mint a platinum coin of any denomination. Print a $1 trillion coin, and presto, there’s a $1 trillion in spare capacity under the debt ceiling. Plus, since the coin isn’t going to make it into circulation, it should not be inflationary and it leaves Congress in control of the purse. No word if a unicorn would also be imprinted on the magical coin’s face. | |||||||
| Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK. | |||||||
| http://www.marketwatch.com/story/b-of-a-selltes-with-fannie-for-about-10-billion-2013-01-07 | |||||||
| http://www.marketwatch.com/story/mcconnell-tax-issues-over-spending-cuts-next-2013-01-06 | |||||||
| http://www.marketwatch.com/story/newsviewer?link=MW_Nav_NV | |||||||
| For today’s Morning Market Report click to listen-> | https://beaconrwa.com/audio/Morning-Market-Report.mp3 | ||||||