The Daily Dish

The Daily Dish – February 22, 2012

Swerb — Wed, 22 Feb 2012 14:50:22 +0000

Some quick hits on a Wednesday. Day off for The Dish tomorrow.

Kyra Sedgwick don’t got nothin’ on Kyrie Irving. The Cavs rookie point guard continues to dazzle, scoring 17 of his 25 points last night in the final quarter to lead the wine and gold back from a big deficit and to a 101-100 win last night before about 800 people at The Q. This kid is all kinds of special, is already playing at close to an All-Star level, and unlike LeChoke – he thrives late in games. Note – he is 19 years old.

If the season ended today (and the lottery held to form), the Cavs would have the #10 pick of the draft. The last five #10 picks have all been pretty darn good though: Jimmer Fredette, Paul George, Brandon Jennings, Brook Lopez, and Spencer Hawes.

Not a good sign for Tiger Woods career when Gonzalo Fernandez-Castano is calling him out and saying he’s “beatable” before their first round match in the Accenture Match Play Championship, which begins today. Tiger’s “intimidation factor” is plummeting at a faster rate than Jimmy Dimora’s tab threshold at Gamekeepers over on the east side.

Ohio’s first casino ever will open in downtown Cleveland on May 14^thin the old Higbee building. The casino will employ 1,600 people, 90% of them from the Cleveland area. The casino will have four restaurants: a Corky & Lenny’s (fantabulous east side deli), a Michael Symon’s B-Spot, a buffet, and a restaurant yet to be determined … likely a little higher end.

You gotta be loving life if you are Hyde Park, Mortons, or any of the other high end restaurants that are right there in Public Square by where the casino is going to be. We’ve been talking about this from day one, in order for a casino to truly thrive, it has to be in the right spot, and it has to be a “date night” option for couples and groups … and not just filled with degenerate gamblers like the casinos in Detroit. Detroit was pretty much the model for how not to do it, and it appears like Dan Gilbert and his crew are doing it right here. The Public Square area is open, safe, and by a lot of other things. And still close enough to the sports arenas. Dan Gilbert is a lot of things. Stupid is not one of them.

Lastly, check this out. A group of economic students at Lehigh University just completed a project that attempted to assess how long it would take and how expensive it would be to actually build a Death Star like the one portrayed in the Star Wars movies. Their findings: It would 800,000 years, necessitate over a quadrillion tons of steel, and would cost over a thousand times the world GDP to build. So for all you Bob LaMonte conspiracy theorists out there that were fearful this may be his next move, rest easy.

Quote of the Day …

Bob: It gets a whole lot more complicated when you have kids.
Charlotte: It’s scary.
Bob: The most terrifying day of your life is the day the first one is born.
Charlotte: Nobody ever tells you that.
Bob: Your life, as you know it… is gone. Never to return. But they learn how to walk, and they learn how to talk… and you want to be with them. And they turn out to be the most delightful people you will ever meet in your life.

Bill Murray and Scarlett Johansson, in one of my favorite sequences from one of my favorite movies, “Lost in Translation” (2003).

Insane Fact of the Day …

There are 293 ways to make change for a dollar.

Market …

The Dow touched 13,000 yesterday, just briefly, but was unable to hold those gains. The closely watched stock index ended yesterday’s session at 12,965 … up 15 points on the day. The last time this index has closed over 13,000 was in May of 2008.

Man does it feel like stocks are overbought right now. It’s quite possible I am the fool here.

The early stock rally yesterday was fueled by the Greek bailout, and also better than expected earnings from Home Depot, who cited the uncharacteristically warm winter weather that lifted demand for building materials and other exterior projects. This mild winter really is having a positive economic impact. People are out more, doing more things, spending more $ than they otherwise would if buried under two feet of snow. It’s a very real factor in the wave of better than expected economic #’s we’ve seen as of late.

Another very real factor in the markets right now is energy prices, which are rising. When gasoline goes from $3.10 to $3.60 a gallon, that is tantamount to a $30-$40 a month tax on the average American. Consumer spending on goods and services is what will suffer as a result.

10 AM, we get data from the National Association of Realtors on existing home sales for Jan.

Lastly, the FHFA came out yesterday and sent a strategic plan to Congress on what should happen with Fannie and Freddie. The three stated goals at the outset of the plan are as follows:

Build a new infrastructure for the secondary mortgage market;
Gradually contract the Enterprises’ dominant presence in the marketplace while simplifying and shrinking their operations;
Maintain foreclosure prevention activities and credit availability for new and refinanced mortgages

This should be the last you’ll hear of changes to Fannie and Freddie until after the Presidential election. You’ll hear about changes, it’s likely to be a debate topic, but I’m talking about anything actually getting done. A Republican President would be more likely to try and quickly facilitate the re-privatization of Fannie/Freddie. Obama would be likely to continue along this steady path of talking about changes with the agencies, but doing nothing until housing is on more steady footing.

Fannie, Freddie, and FHA are keeping the housing market alive right now, especially given the fact that big mortgage lenders like Bank of America and Met Life have pulled out of the market … and others like Citi, Chase, GMAC, and PHH are scaling back their residential lending operations.

News …

~ FHFA Sends Congress New Strategic Plan for Fannie, Freddie

http://www.mortgagenewsdaily.com/02212012_gse_conservatorship.asp

~ Data Suggests Euro Zone Could Slip Back Into Recession

http://www.cnbc.com/id/46477787

~ Fitch Downgrades Greece, Says Default “Highly Likely”

http://www.cleveland.com/business/index.ssf/2012/02/fitch_downgrades_greece.html

~ Former Governor Strickland to be Co-Chair of Obama’s Re-Election Campaign

http://www.cleveland.com/open/index.ssf/2012/02/former_ohio_gov_ted_strickland_2.html

~ MBA: Mortgage Applications Dropped 4.5% Last Week

http://www.cnbc.com/id/46394284

~ EU Struggles to Frame New Financial Rules

http://www.cnbc.com/id/46478066

~ Obama to Float Corporate Tax Overhaul Today

http://www.cnbc.com/id/46476601

~ Greek Crisis Raises New Fears Over Credit Default Swaps

http://www.cnbc.com/id/46475508

The Daily Dish – February 21, 2012

Swerb — Tue, 21 Feb 2012 14:27:39 +0000

Cleveland Indians Spring training is underway in Goodyear, AZ. And locally, the high temperatures for the next three days are 46, 48, and 55 degrees. It’s the middle of February. It’s all good right now.

The Tribe had another headline-quiet off-season, but I like what they did given the limited resources they had to work with. Let’s recap their moves …

Resigned free agent Grady Sizemore to a one year deal
Signed free agent first baseman Casey Kotchmann to a one year deal
Signed veteran starting pitcher Jon Garland to a minor league deal
Traded for Braves veteran starting pitcher Derek Lowe
Traded for Rockies starting pitcher Kevin Slowey
Traded for Rays corner infielder/outfielder Russ Canzler
Found out Fausto Carmona is really Roberto Hernandez Heredia, and that he is three years older than they thought
Signed the following low level veteran free agent bats: Andy LaRoche, Ryan Spilbroghs, Felix Pie, Darren Lewis
Signed the following low level veteran bullpen arms: Dan Wheeler, Jeremy Accardo, Chris Ray, Robinson Tejeda

You can complain all you want about what the team spends on payroll. It’s not going to change anything. The team will go into 2012 with a payroll of about 70 million, after spending 50 mill on payroll last year, and 60 mill in 2010. If you do the math on revenue intake, the Dolan’s aren’t making a lot of $ on this team, and are highly unlikely to be willing to lose $ on the team annually like Mike Ilitich does in Detroit.

The Indians are going to be a very interesting team this year. Their entire starting lineup is left handed batters (Cabrera and Santana are switch hitters), and their entire starting rotation is filled with right handed pitchers.

We’ll get more into the Tribe as April approaches, but here are my thoughts on how the 25-man roster will shake out this spring:

LINEUP

CF Grady Sizemore
RF Shin-Soo Choo
SS Asdrubal Cabrera
C Carlos Santana
DH Travis Hafner
1B Casey Kotchmann
2B Jason Kipnis
LF Michael Brantley
3B Lonnie Chisenhall/Jack Hannahan

BENCH

Chisenhall/Hannahan
Jason Donald
Lou Marson
One open spot for outfield depth – Shelley Duncan, Ryan Spilbroghs are the favorites. Team will also consider M.LaPorta, A.LaRoche, R.Canzler, F.Pie, F.Lewis, A.Cunningham, E.Carrera.

STARTING ROTATION

Justin Masterson
Ubaldo Jimenez
Josh Tomlin
Derek Lowe
Last spot will be a battle between Kevin Slowey (favorite), Roberto Hernandez Heredia (if allowed back in America), Jon Garland, David Huff (only lefty in this group), Jeanmar Gomez, and Zach McAllister

BULLPEN

Chris Perez
Rafael Perez
Tony Sipp
Vinnie Pestano
Joe Smith
Two open spots – Frank Herrmann and Jeremy Accardo are the favorites. Team will also consider Chen Lee, C.Ray, D.Wheeler, R.Tejeda.

Quote of the Day …

“Hire character. Train skill.” ~ Peter Schutz

Insane Fact of the Day …

The president sends you a letter of congratulations on your 100th birthday.

Market …

The Greek bailout deal is done.

Following a marathon meeting that went into the wee hours of the morning yesterday, European finance ministers and other top European officials said they stand ready to provide up to 130 billion euros ($172 billion in US dollars) of extra financial aid to Greece until 2014. The agreement prevents Greece from defaulting on their debt obligations, which could have had disastrous spill-over effects on other European and world economies. The deal, which had been months in the making, seeks to reduce Greece’s massive debts on all fronts, with both private and official creditors going beyond what they had said was possible in the past. On top of the new rescue loans, Athens will also ask banks and other investment funds to forgive 107 billion euros ($142 billion) in debt, while the European Central Bank and national central banks in the euro zone will forgo profits on their holdings.

US stock futures are up early. Treasury and mortgage bonds are expected to come under pressure, as investors move from the safety of those instruments into more risky assets with the Greek settlement now in the rear view.

It’s a light week for US economic data. Existing Home Sales will be released on Wednesday. First time jobless claims come out Thursday morning. New Home Sales and Consumer Sentiment will come out on Friday. In addition, there will be Treasury auctions on Tuesday, Wednesday, and Thursday.

News …

~ Europe Seals New Greek Bailout to Avoid Default

http://www.cnbc.com/id/46459122

~ Gas Prices Increasing Locally, But Still Below National Averages

http://www.cleveland.com/business/index.ssf/2012/02/gasoline_prices_are_increasing.html

~ Home Affordability at Record Levels

http://www.mortgagenewsdaily.com/02162012_home_prices.asp

~ Apple’s Legal Woes in China Offer Hope to Rivals

http://www.cnbc.com/id/46457507

~ Home Depot’s Earnings, Sales Rise Amid Mild Weather

http://www.cnbc.com/id/46433299

~ World Stocks Down Despite Deal to End Greek Debt Crisis

http://finance.yahoo.com/news/world-stocks-down-despite-deal-085521863.html

~ Dimora’s Defense Team Asks for Trial Delay

http://www.cleveland.com/countyincrisis/index.ssf/2012/02/jimmy_dimora_asks_judge_for_2-.html

~ FedEx Seen as Possible Suitor for Large European Shipping Company

http://www.bloomberg.com/news/2012-02-21/fedex-seen-as-possible-tnt-suitor-after-ups-s-6-4-billion-bid-falls-short.html

The Daily Dish – February 17, 2012

Swerb — Fri, 17 Feb 2012 13:43:56 +0000

Pat Shurmur is leading brainstorming sessions, the Artist Formerly Known as Fausto Carmona is preaching to Dominican youths about telling the truth, and LeBron James says he would be open to coming back to play for the Cavaliers. As if the Cleveland sports scene couldn’t get any more bizarre.

Here’s LeQuit’s comments:

“I don’t know. I think it would be great. It would be fun to play in front of these fans again. I had a lot fun times in my seven years here. You can’t predict the future and hopefully I continue to stay healthy. I’m here as a Miami Heat player, and I’m happy where I am now, but I don’t rule that out in no sense. And if I decide to come back, hopefully the fans will accept me.”

Here’s the translation:

“Please don’t be as mean to me as you were last year Cleveland fans. Despite the fact that I act like criticism doesn’t bother me, I am really the most secretly self-conscious athlete in the world. I hate the fact I am now viewed as a villain. I’ve been trying for the last year and a half to repair that image by launching a phony PR campaign through the media and on Twitter, but it isn’t working. Please don’t hate me. I want so desperately to be loved.”

First things first. Miami just signed this clown to a 6 year, $110 million contract. The lack of respect comments like that make to his current employer really illustrate what an entitled, self-centered, in denial psychologist case study he is. The Heat should trade him to Toronto or Sacramento this morning. His comments are even more outrageous when you consider that he single-handedly cost them a NBA title last year by treating the basketball like a live hand grenade in the fourth quarter of every game in that series.

Secondly, thanks but no thanks LeQuit. You can take your self-centered attitude, fake elbow injuries, strategically positioned headband, and your inability to perform in the clutch and keep it all down there in “South Beach”. It’s the perfect spot for you. We’re glad you’re gone. Yes, I would love to see a Cleveland team win a championship. But even if you could correct the genetic and mental flaw that causes you to disappear when your team needs you most, sports are not important enough in the grand scheme of things to cause Cleveland fans to cheer for such a sad, pathetic, entitled, egomaniacal idiot.

Good riddance.

Quote of the Day …

“Things turn out best for the people who make the best of the way things turn out.” ~ John Wooden

Insane Fact of the Day …

Orange juice tastes bad after brushing your teeth because a chemical in toothpaste suppresses our ability to taste sweetness.

Market …

Off the heels of a wave of better than expected economic releases, US stocks surged yesterday, and treasury and mortgage bonds sold off. The Dow rose 123 points to close at 12,904 … and is now less than 100 points away from the 13,000 mark – last touched back in the spring of 2008.

Weekly first time jobless claims came in lower than anticipated, housing starts beat expectations, the Philly Fed Index came in higher than expected and the outlook for a Greek bailout improved.

I’m telling ya, this stock market is overbought right now. The economy cannot return to healthy levels of growth without some kind of fix for the housing market, and Congress cannot provide one. The inventory/values problem is going to get a little worse before it gets better too, as the big five servicers are going to start to process a lot of foreclosures that have been hung up due to the robo-signer mess and the settlement that they just agreed on with Big Brother.

It’s really confusing to me how others can’t see this. I do think we will continue to see some gradual improvement in the economy. But that improvement is going to be stone-walled soon, and at a level still not prosperous enough to return this country to a healthy economic state. Like 8.0% unemployment and 2.5% annual GDP growth.

I could be wrong. I hope I’m wrong. I’ve been wrong a lot of times before. Not too many times in the last 2-3 years though.

This morning we learned that CPI (Consumer Price Index) increased 0.2%, driven by the first increase in gasoline prices since September. Food prices rose 0.2 % for the second straight month. Core CPI index (excluding food and energy costs) was up 0.2% in Jan. Economists were expecting CPI to rise 0.3% in January after remaining flat in the prior month. The core rate was expected to rise 0.2% after rising 0.1% in the previous month.

News …

~ Bernanke Says Community Banks Have Strengthened

http://www.cleveland.com/business/index.ssf/2012/02/bernanke_says_community_banks.html

~ Both Parties Hoping to End Fight over Payroll Tax Cut as Congress Gets Ready to Vote

http://www.washingtonpost.com/politics/congress/both-parties-leaders-hoping-to-end-battle-over-payroll-tax-cut-as-congress-gets-ready-to-vote/2012/02/17/gIQA8UsHJR_story.html

~ What’s Next for Greece After Another Week of Gridlock?

http://www.cnbc.com/id/46425542

~ Prosecution Wraps Up Their Case in the Dimora Trial

http://www.cleveland.com/countyincrisis/index.ssf/2012/02/jimmy_dimora_trial_what_we_now.html

~ Maximum Jobless Benefits Trimmed to 73 Weeks in New Deal

http://www.cleveland.com/business/index.ssf/2012/02/maximum_jobless_benefits_trimm.html

The Daily Dish – February 16, 2012

Swerb — Thu, 16 Feb 2012 14:55:43 +0000

You just can’t make stuff this funny up. Randy Lerner, owner of the Cleveland Browns and the Aston Villa soccer team in the English Premier League, has mandated that Aston Villa coach Alex McLeish come to America to “brainstorm” with Browns head coach Pat SHUR-MUR, believing it will be beneficial to both men.

Sending a coach to brainstorm with Pat Shurmur is like sending someone to meet with the Italian cruise chip captain to learn how to be more courageous. The same Pat Shurmur who doesn’t know how to use timeouts, lost 9 of his last 10 games in comedic fashion, and had zero control of his sideline and his team as he struggled to figure out which four yard down and out pass pattern to call.

Leave it to Randy Lerner to take the leaders of two of the most disappointing, underachieving, cellar dwelling professional sports teams in the world and have them brainstorm together. Early reports seem to indicate that Shurmur and McLeish spent their first morning together watching Sponge Bob Square Pants and working on coloring books.

Google “Randy Lerner Aston Villa” and what you see is column after column and website after website filled with angry fans calling Lerner an absentee, out of touch owner, that has consistently hired the wrong people to run the team for him, holding no one accountable for their incompetence.

Sound familiar?

The RG3 Hype Machine continues to churn. And expect to hear a lot more about the talented Baylor quarterback as the NFL Draft (AKA the Super Bowl for Browns fans) approaches. I’m firmly on record as saying the Browns need to do whatever it takes to move up to the #2 pick in the Draft to make RG3 a Cleveland Brown.

And NFL Network Draft expert Mike Mayock agrees with me:

“If you’re talking purely draft, I’m looking to move up to No. 2 as opposed to No. 3, because if I move to three what if the Redskins come up to two? Obviously I’d like to give less — I’d rather not give up No. 22 also — but I think that’s shortsighted when you’re talking about trying to secure your future at the most important position in all of sports.”

Mayock stressed that if the Browns draft Griffin, they’ll need to adapt their offense to suit his strong arm and world-class speed instead of molding him to their West Coast offense.

“I thought the coaches around the NFL last year did a better job than with rookie quarterbacks than they’ve ever done,” said Mayock. “They adapted some of their offense to suit what the rookie quarterback does best. Look at Cam Newton. Look at (Andy) Dalton. Look at (Christian) Ponder. They gave those kids chances to make plays in comfortable situations.

“If Cleveland moves up to get this kid, they have to make this kid comfortable. He’s too explosive and too much of a playmaker to have him just sit there and read the triangle the West Coast offense is. In other words, (new offensive coordinator) Brad Childress and that group of coaches in Cleveland is going to have to change some things to make this kid the playmaker he is.”

Mayock described Griffin as “one of the most gifted kids in the last several years in this draft.”

I keep hearing from people who have been disappointed by the new Aquarium downtown. It seems like it’s failing to meet people’s expectations, and is priced WAY too high at $22 per adult admission, and $16 for kids. Had two different people now, whose opinions I respect, that said they rolled through the place in half an hour, and that it wasn’t kept up very nice.

I want to go check it out, but with admission, parking, lunch, etc … it’s a $125 day. I need to save my money to give it all to George Lucas.

On a brighter note, check out what’s coming to Rocky River. Very, very cool.

Quote of the Day …

“Don’t be afraid to give your best to what seemingly are small jobs. Every time you conquer one it makes you that much stronger. If you do the little jobs well, the big ones will tend to take care of themselves.” ~ Dale Carnegie

Insane Fact of the Day …

Lady Gaga’s real name is Stefani Joanne Angelina Germanotta.

Market …

Catching up on the last couple days …

Tuesday was another relatively ho-hum day for the financial markets. Early morning, we got retail sales figures for January, which rose 0.4% from Dec, but amid expectations for a 1.0% increase. Even though most of the weakness in that # was due to much milder than expected automobile sales, it was enough to cause an overbought stock market to sell off. The Dow was down close to 100 points yesterday afternoon before a furious late rally (on rumors of a Greek bailout) pushed the Index just into the positive, closing up 4 points to end the session at 12,878.

Yesterday, amid continued uncertainty in Greece, and the release of the minutes from the last Fed meeting showing that only a few members of the policy-setting panel favored another round of quantitative easing … stocks sold off. All US stock indices ended down, including the Dow, which dropped 97 points for its biggest single session sell off of the year.

This morning, markets are still jittery, as the deadline for a Greek debt default continues to get closer, with no firm solution in sight. We also got a bevy of economic indicators at 8:30 AM EST, almost all of which were better that expected, which should stoke market optimism today, helping to offset worries about Greece. Let’s run ‘em down real quick …

Jobless claims – Fell 10k last week from 358k to 348k, the lowest level since March 2008, when the US was in the early stages of the recession. Expectations were for a RISE to 365k. The four-week average of claims fell by a smaller 1,750 to 365,250. The monthly average smoothes out seasonal quirks and provides a more accurate view of labor-market trends.

Housing starts – Rose 1.5% to a seasonally adjusted annual rate of 699,000, according to the Census Bureau and the HUD. Expectations were for 670k starts, so this # beat market expectations as well. Most people are attributing the rise to much milder than normal winter weather.

Producer Price Index (PPI) – Rose just 0.1% amid expectations of a 0.3% rise. However, minus the volatile food and energy categories, so-called “core” PPI/wholesale prices rose a surprisingly sharp 0.4%. That was double the forecast for a 0.2% increase. The core index is viewed by the Federal Reserve as a more accurate gauge of inflationary pressure because it excludes the volatile food and energy categories.

News …

~ Jobless Claims Drop to Near Four-Year Low

http://finance.yahoo.com/news/jobless-claims-drop-near-4-133321128.html

~ Housing Starts Rise Modestly to Start New Year

http://finance.yahoo.com/news/us-housing-starts-rise-modestly-134515034.html

~ Minutes Show Federal Reserve Members Divided on Additional Bond Buys

http://www.cleveland.com/business/index.ssf/2012/02/federal_reserve_members_divide.html

~ Foreclosures on the Rise Again After Last Year’s Freeze

http://www.cnbc.com/id/46401756

~ States Use Mortgage Settlement Money to Plug Budget Holes

http://finance.yahoo.com/news/states-mortgage-settlement-money-plug-100500302.html

~ Moody’s Warns it May Downgrade 17 Global Banks, Securities Firms

http://finance.yahoo.com/news/moodys-may-downgrade-17-banks-003723628.html

~ US Lawmakers Announce Payroll Tax Cut Deal

http://www.cnbc.com/id/46409729

~ Mortgage Applications Down as Purchase Demand Slows

http://www.cnbc.com/id/46394286

~ White House Steps Up Pressure for Fannie, Freddie Principal Writedowns

http://thehill.com/blogs/on-the-money/1091-housing/210173-white-house-steps-up-pressure-on-fannie-freddie-on-mortgage-write-downs

The Daily Dish – February 14, 2012

Swerb — Tue, 14 Feb 2012 15:19:17 +0000

It’s Valentine’s Day. Time for The Dish to dole out a little love on a snowy Tuesday on the north coast …

Daily Dish love for Urban Meyer, for stealing everyone else’s recruits, restoring a commitment to excellence to Buckeye football, and for making me forget about Joe Bauserman.

For Mother Nature, for this mild winter she’s delivered us, making all the people who’ve left Cleveland for weather reasons only regret it. If only for a couple months.

For the Rainbow Babies Neonatal Intensive Care Unit (NICU), which is consistently rated as one of the top NICU units in THE WORLD for their work caring for babies that are born prematurely, as my son Nicholas was. After going through that experience, I found myself so thankful that there are so many good people here in Cleveland willing to dedicate their lives to such important, tough, and emotionally gut-wrenching work. I will never again in my life take for granted how lucky Clevelanders are to have such world-class medical care and facilities right here in our backyards.

For “Mad Men” executive producer Matt Weiner, for creating and delivering such an intelligent and compelling drama series to television in an age that is filled with really bad ones. Season five starts five weeks from Sunday.

For Kyrie Irving, for giving Cavs fans hope once again when we thought it could never return this quickly.

For Cleveland State men’s basketball coach Gary Waters, for all the hard work he’s endured to rebuild the Viking basketball program, delivering high quality Division I basketball back to Cleveland. Hands down, Cleveland State hoops is BY FAR the best bang for your sports entertainment dollars here in Cleveland. And it’s a shame the team doesn’t draw better.

For Deagan’s here in Lakewood, and their excellent executive chef Demetrious Atheneos, for being 97 steps from my office, and for having such outstanding food and unique daily specials. The beverage options are also as good as anywhere.

For the people that run Lola, Momocho, Giovanni’s, Red, and La Dolce Vita … my five favorite Cleveland restaurants.

For the people that run the Cleveland Metroparks system, which spans over 21,000 acres and includes hundreds of miles of walking, bicycle, and horse trails as well as numerous picnic areas, five nature education centers, eight golf courses, and an excellent zoo and rainforest. The entire Metroparks system is incredibly well run in my view, and offers a slew of free entertainment options for the people of Northeast Ohio.

For Cedar Point, which has been named the “Best Amusement Park in the WORLD” by Amusement Today for 14 years straight. It really is an amazing place.

For Cuyahoga County Executive Ed FitzGerald, for putting partisanship, political parties, and crony-ism aside to make the tough, common sense decisions he’s made that are in the best interest of the county and the region. And for restoring integrity to Cuyahoga County politics, replacing the former three-commissioner system that is now being exposed for what it was in the court system.

Quote of the Day …

I don’t understand why Cupid was chosen to represent Valentine’s Day. When I think about romance, the last thing on my mind is a short, chubby toddler coming at me with a weapon. ~Author Unknown

Insane Fact of the Day …

The pound key (#) on the keyboard is called an octothorpe.

Market …

Predictably, with a total absence of economic news and releases yesterday, almost all US financial markets traded generally sideways without a lot of volume or volatility. The Dow ended up about 70 points to close at 12,874. The tone was generally positive amid expectations that Greece would finally work out some kind of bailout package.

In the nation’s capital, President Barack Obama sent Congress a $3.8 trillion budget proposal that includes tax hikes for wealthy Americans, setting the stage for his re-election campaign. Also, House Republican leaders said they may set a vote for later in the week on a “backup” plan to extend a 10-month payroll tax cut for the rest of the year without figuring first how to pay for it. The tax cut is now set to expire on Leap Day, February 29^th.

This morning, the news for the week started to stream in. Retail sales for January rose 0.4%, less than the 0.8% rise that was expected. However, if you take out the automobile sector (which didn’t do well due to deeply discounted car prices), retail sales less auto rose 0.7%, which was a bigger increase than the 0.5% that economists were expecting. Also, retail sales totals for Nov and Dec were revised down slightly. Kind of a mixed bag number.

We also got news from the Labor Dept that import prices rose 0.3% in January, less than the 0.4% increase economists were expecting. Import prices fell 0.1% in December after a 0.7% increase in November. Over the past year, import prices are up 7.1%. Imported fuel prices rose 1.0% in Jan after a 0.6% decline in the previous month.

Stocks appear set to open down slightly off this news. The next three days are loaded with additional economic releases.

News …

~ President Obama Unveils $3.8 Trillion Budget

http://www.cleveland.com/business/index.ssf/2012/02/obama_unveils_38_trillion_spen.html

~ FHA Could Run Out of Money in 2012

http://www.cleveland.com/business/index.ssf/2012/02/housing_agency_could_run_out_o.html

~ Greece Faces Further Obstacles in Bailout Deal

http://www.cleveland.com/business/index.ssf/2012/02/greece_faces_further_obstacles.html

~ HUD Ready with Fiscal Year 2013 Budget

http://www.mortgagenewsdaily.com/02132012_hud_programs_budget.asp

~ Greece Rushes to Meet Lender Demands

http://www.cnbc.com/id/46379316

~ Apple Stock Surges to $500 a Share; Market Value Near $500 Billion

http://www.cnbc.com/id/46366694

~ Small Cap Stocks Surge Ahead of the Big Names

http://www.cnbc.com/id/46379296

~ US Volcker Rule Faces Harsh Critics as Deadline Nears

http://www.bloomberg.com/news/2012-02-14/u-s-volcker-rule-faces-harsh-global-critics-months-before-it-takes-effect.html

The Daily Dish – February 13, 2012

Swerb — Mon, 13 Feb 2012 14:40:50 +0000

And Iiiiiiiiiii ….. can’t possibly lead The Dish with Whitney Houston, can I? I’ll keep it brief and say this – she was amazingly talented. I still remember to this day where I was standing as a 14 year old kid when she delivered the most memorable rendition of the National Anthem I can ever remember before the 1991 Super Bowl … just 10 days after the start of the Gulf War, a very tense and emotional time for this country.

But it’s always seemed a little goofy to me how so many people act so traumatized by the passing of someone they never met or knew, yet don’t feel as affected by the passing of the police officers, fire fighters, and soldiers that risk their lives every day to keep this country safe.

What has happened to Tiger Woods? My God! Ever since his ex-wife went upside his head with a 3-wood, the guy has totally turned into LeBron James – he is terrified of the moment and just totally falls apart when the pressure is on him. This picture of him and Phil yesterday near the end of the Pebble Beach Pro-Am says it all:

Caption that pic! Too funny!

Tiger just totally melted down yesterday. Phil shoots 64, Tiger shoots 75, missing three straight short par putts on 7, 8, and 9 to just totally self-implode. Then, after Tiger chipped in out of the bunker on #12 to give him a glimmer of hope, Phil drains a 30-foot putt a minute later to slam the door.

Maybe it had something to do with his celeb pro-am playing partner Tony Romo. Add LeQuit and Jean VanDeVelde to that group and you would have the ultimate choke-artist foursome.

Can’t wait for Augusta.

Had the ultimate father/son day on Saturday. Me and the little guy went to the Cleveland State/Butler game at 11 AM, went and saw the Phantom Menace in 3-D at 3 PM, and then picked up some unhealthy food and went home and watched Ohio State/Michigan State.

Outside of the snowstorm that caused me to not exceed 30 MPH all day, the Vikings missing a three at the buzzer to lose 52-49, the Phantom Menace being by far the worst of the six Star Wars movies, the 3-D effects being disappointing (the previews were the best part), the Buckeyes not showing up and getting crushed, and my wife being all over me like a cheap suit all day via texts and phone calls for leaving her alone with my high-maintenance daughter after being home with sick kids all week … it was a great day.

Let the tally begin. I am going to chart how deep George Lucas gets in my pocket with all expenditures I make related to the re-release of these six films. One down, five to go.

Three tickets for me, my son, my aunt – $29.50
Video arcade in the theater before the movie – $7.00
Jumbo popcorn, pop, candy – $18.50
Credit card purchases the following day to get my wife off my back for being gone all day Sat – $58.10.

If I’m lucky I can avoid the purchase of the Darth Maul costume, which would add $30 to these totals … and emerge from the first film down just $113.10. My goal is to stay at under $1,000 in expenses for the six films.

George Lucas is so rich; he’s even suspicious of his dog’s affection.

Quote of the Day …

“The current tax code is harder to understand than Bob Dylan reading Finnegan’s Wake in a wind tunnel.” ~ Dennis Miller

Insane Fact of the Day …

In a recent survey, Americans revealed that banana was their favorite smell.

Market …

After a total absence of economic data last week, we have all kinds of news set to hit the wire this week. Nothing today, but starting with January retail sales data tomorrow at 8:30 AM EST … we’ll get a steady stream for the rest of the week.

Here’s the rundown …

Tuesday – January retail sales data
Wednesday – MBA weekly mortgage applications, February Empire State manufacturing index, January industrial production, the release of the minutes from the last Fed meeting
Thursday – Weekly jobless claims, January housing starts & building permits, Producer Price Index, Consumer Price Index, Philly Fed Index
Friday – January leading indicators

The biggies are retail sales, PPI, CPI, jobless claims, and the release of the Fed minutes. Investors are eagerly awaiting the Fed minutes to see if there are any clues about another round of quantitative easing from the Fed. I don’t see that as imminent. I do feel the Fed will continue to keep buying up mortgage backed securities in an effort to keep mortgage rates at these record low levels. Unlike seemingly every politician in Washington, Big Ben Bernanke knows that the key to getting the economy over the hump is a return to health for the housing market. The Fed has kept up their end. They’ve helped manipulate rates to these insanely low levels, only to see it fail to inspire enough purchase and refinance activity to have a meaningful impact on home prices and consumer spending.

Bernanke gets it. He’s a very smart guy. He has to be very careful what he says, but if I could convince him to come to Deagan’s in Lakewood to discuss the matter with me over a couple of beverages, I guarantee what he’d be saying by the end of the night would be:

It’s just amazing to me that these politicians can’t see the problem here and aren’t trying to do something about it. Both sides are so mired in political gridlock, nothing is getting done, and Americans are suffering.

The right wants to do nothing and wants to see the housing market “bottom out”, which would mean we wouldn’t see unemployment under 7.00% until 2020. The left thinks all lenders are evil, has placed regulatory restrictions on lenders that don’t allow them to make anything but cherry loans, and wants to refinance everyone, even the people who made horrific decisions and aren’t paying on purpose even though they have the capacity to. Neither is the answer! We need smart people from both sides of the aisle to start to work together to craft a sensible plan somewhere in the middle.

I’ve said all I can publicly; I’m the Fed Chairman for cryin’ outs, when I sneeze it moves markets! I’ve lowered mortgage rates to record levels, which is the hardest part! I even wrote a white paper for them, telling them what to do! Don’t these idiots realize that consumer spending is 70% of the US economy and that last year was the worse year for home sales since 1963 despite 30-year fixed rates in the 3’s? Why aren’t there more smart people like me in Congress that actually want to get things done to help America instead of all these hack career politicians?

I’m serious – it wouldn’t be too much different from that.

I’ve laid it out in The Dish several times before – my radical plan to pay politicians like athletes and actors. 10-15 mill a year for the good ones. Performance based. To draw all the really smart people out of the private sector. Reduce the size of government in general, but also to create one major non-partisan agency that would STRICTLY enforce corruption, waste of tax payer dollars, buying votes, pork-barrel spending, and campaign finance. One strike and you’re out for all politicians that get caught doing anything not in the best interest of the country.

News …

~ Bernanke: Weak Housing Has Hurt Consumer Spending

http://www.cleveland.com/business/index.ssf/2012/02/weak_housing_has_hurt_consumer.html

~ US Investors to Focus on Economic Data, Fed Talk this Week

http://www.marketwatch.com/story/us-investors-look-to-data-fed-talk-next-week-2012-02-11?dist=beforebell

~ Bernanke Speaks to Home Builders on Housing’s Role in Economic Recovery

http://www.mortgagenewsdaily.com/02102012_bernanke_housing_recovery.asp

~ Obama’s Election Year Budget to Target the Wealthy

http://www.cnbc.com/id/46364643

~ The Hidden Mortgage Tax and its Effect on Loan Pricing

http://www.mortgagenewsdaily.com/channels/secondary_markets/02092012-g-fee-add-on.aspx

~ Our Love/Hate Relationship with China

http://money.cnn.com/2012/02/13/news/economy/china_us_relations/?source=cnn_bin

~ Greek Debt Drama is Downside Risk to $100 Oil

http://www.cnbc.com/id/46362052

~ US Stocks Seen Higher on Greek Vote

http://www.cnbc.com/id/46364822

The Daily Dish – February 9, 2012

Swerb — Thu, 09 Feb 2012 14:50:57 +0000

No Kyrie, no Tristan, no problem for the Cavaliers last night. The good guys defeated the new-look Los Angeles Clippers 99-92 last night at The Q, who came into Cleveland sporting an impressive 15-7 record. The Cavs are playing very well despite being crippled by injuries, being forced to play Neanderthals like Luke Harangody and Semih Erden, and going through one of the toughest stretches of their schedule.

In their last six games, the Cavs have wins at Boston and at home against the Mavericks and the Clippers … and played very competitively in losses to the Celtics, Heat, and Magic. The Cavs now stand at 10-14, and are half a game behind the Milwaukee Bucks for the 8^th playoff slot in the East … which is almost guaranteed to go to a team with a losing record.

The wine and gold were spearheaded last night by Ramon Sessions (24 points, 13 assists) and Antawn Jamison (27 points, 8 rebounds) … which is great news for the Cavs because these are two players it would seriously behoove the team to deal at the trade deadline. Jamison is on the last year of an expensive contract and is clearly not part of the future here. Sessions is blocked by Kyrie, and has more value to other teams than one with a superstar rookie point guard that will be playing 38 minutes a night sooner rather than later.

With the Cavs likely headed to a 1^st round pick in the 8-12 range as opposed to the top three pick we all suspected they’d play their way into, getting value back in the way of draft picks or young players with upside for Jamo and Sess is even more important than before.

I went to an outstanding new little hole in the wall restaurant on Madison Ave in Lakewood yesterday called Barroco Grill. It’s a very authentic eatery with a Latin American flavor. Place has like four tables in there … just down Madison from Angelo’s Pizza. Their specialty is this concoction called an Arepa, which is a grilled white-corn pocket tortilla, filled with all kinds of assorted goodness. Your Arepa also comes with seasoned french fries and jalapeno cole slaw, two of my favorites. And they have five different homemade sauces that they have out on all the tables, including a spicy peanut sauce that was incredible slathered all over my french fries and my Arepa. It was very good. Highly recommended. Great place to get takeout from. To quote the Governor of California, “I’ll be back.”

One of the reasons I love working in Lakewood so much is all the mom and pop businesses like Barroco. Living in Twinsburg, everything is chains. When I’m in T-Burg, I get takeout food from Applebee’s, bakery at Giant Eagle, and get my hair cut at John Roberts. I really prefer frequenting places like Barroco, the Elmwood Bakery, and the Reagle Beagle instead.

I’m not sure what the city of Lakewood is doing to encourage small businesses to come here, and then encouraging them to stay once they’re here … but whatever they’re doing is working, BIG TIME. In the three and half years that I’ve been working at the corner of Detroit and Warren, tens and tens of new small businesses have opened here, all right through the throes of the worst economic downturn since the Great Depression.

Quote of the Day …

“Some folks are born into a good life. Other folks get it anyway anyhow.” ~ Bruce Springsteen

Insane Fact of the Day …

In the movie “The Matrix” (1999), Neo’s passport expires on September 11th, 2001.

Market …

Weekly first-time jobless claims data came out this morning. Last week the # came in at 367,000, and expectations this week were that the figure would rise slightly to 370,000. The # came in better than expectations at 358,000. And last week’s total was revised up 6k from 367k to 373k. The four-week average of claims fell by 11,000, to 366,250, marking the lowest level since April 2008. The monthly average smoothes out seasonal quirks and provides a more accurate glimpse into labor market trends. Hiring is generally viewed as improving when weekly claims drop below the 400,000 mark.

Not wasting any time, advisers to President Obama have updated their forecasts and now project that the economy will create two million jobs this year, a sharp upgrade to the more gloomy projections initially slated to be incorporated into President’s annual budget, which will be released on Monday.

We talk all the time in The Dish about “under-employment” and “real unemployment”, and how these are more accurate gauges of the employment picture here in America, and how it is likely to affect consumer spending and economic growth. This chart, forwarded to us by an astute reader of The Dish, really puts into perspective how far we still have to go on the jobs front. It shows the U-6 Unemployment Rate, which is currently at 15.1%, and also notes that the more familiar U-3 National Unemployment Rate of 8.3% does not factor in frustrated workers who have stopped looking for work, and also counts part-time employees working as little as one hour a week as “employed”. The U-6 data is by far the most accurate and complete picture of the labor market here in the US, and is evidently not familiar to all the people buying up stocks like crazy right now. You’ll start to hear a lot more about it from the Republican presidential candidates if the headline job #’s continue to gradually improve as the election nears. J

Yesterday all financial markets traded sideways amid a dearth of economic news and the continued uncertainty around a Greek bailout. The Dow ended up 5 points, closing at 12,883. Tomorrow we get data on the US trade balance as well as consumer sentiment. Next week is loaded with economic releases, with retail sales, CPI, PPI, and the release of the minutes from the last Fed meeting being the highlights.

News …

~ Jobless Claims in US Drop 15k to 358k

http://www.marketwatch.com/story/jobless-claims-in-us-drop-15000-to-358000-2012-02-09

~ Foreclosure Settlement with Major Banks Close to Completion

http://www.cleveland.com/business/index.ssf/2012/02/foreclosure_settlement_with_ma.html

~ Ally Said to be Shopping Mortgage Unit (GMAC)

http://www.mortgagenewsdaily.com/02082012_ally_fincl_tarp_recipients.asp

~ Greek Minister Heads to Brussels with Incomplete Bailout Deal

http://www.cnbc.com/id/46322082

~ ECB to Leave Rates Unchanged Ahead of More Loans

http://www.cnbc.com/id/46308830

~ Chinese Inflation Continues to Slow

http://finance.yahoo.com/news/chinese-inflation-continues-slow-015600159.html

~ Horseshoe Casino Cleveland to Include Corky & Lenny’s in Dining Lineup

http://www.cleveland.com/dining/index.ssf/2012/02/horseshoe_casino_cleveland_inc.html

The Daily Dish – February 8, 2012

Swerb — Wed, 08 Feb 2012 14:36:57 +0000

Just make it to March Madness. That’s my annual philosophy on making it through Cleveland winters. Once you get to mid-March, Saint Patty’s Day, and the start of the men’s NCAA basketball tournament … we’re pretty much in the clear. Outside of Indians opening day in early April (when snow is a given), once you get past the start of March Madness, we’re pretty safe.

This of course has been the mildest Cleveland winter in my 35 years on the planet. A quick look at the 10-day extended forecast shows that we likely have temps in the 20’s and some snow coming this weekend, but that high’s go right back up to the high 30’s and low 40’s next week.

Ever wonder where you fall on the political compass? If so, here’s a good test that helps identify your political leanings.

The city of Boston is in full meltdown mode after the Patriots loss at the hands of the Giants in the Super Bowl. I recently visited Boston for the first time, really liked the city, and found the people there to be much nicer than advertised. But I’m no fan of Boston as a sports town. And I’m seriously enjoying the aftermath of the Super Bowl loss up there.

In case you missed it, Patriot fans are now referring to Tom Brady’s super-model wife Gisele Bundchen as “Yoko Ono” after her profanity laced tirade about the Patriots receivers was caught on camera. Other fans are irate after star tight end Rob Gronkowski was caught on camera partying away and dancing like crazy on his allegedly injured ankle at a party just hours after their Super Bowl loss. And a company dumped 8,000 Butterfinger candy bars in Boston’s Copley Square as a reference to Pats wideout Wes Welker.

This of course all comes off the heels of last fall’s epic late season collapse by the Red Sox, and the starting revelation that members of their starting rotation were drinking beer, eating fried chicken, and playing video games in the clubhouse … DURING GAMES.

Love the city of Boston. A very cool downtown that is very walkable. A neat mixture of water, bridges, neat little neighborhoods, and old and new architecture. Fenway Park, Boston Commons, an outstanding Little Italy. And outstanding restaurants.

I still love seeing bad things happen to their sports teams though.

Quote of the Day …

“My main job was developing talent. I was a gardener providing water and other nourishment to our top 750 people. Of course, I had to pull out some weeds, too.” ~ Jack Welch

Insane Fact of the Day …

Panera Bread is the largest provider of free WiFi in the United States.

Market …

As predicted, it’s been a quiet start to the week, which has been devoid of economic data. Earnings releases have been mixed, the situation in Europe continues to be uncertain and lacking clear direction, and Big Ben Bernanke’s testimony to the Senate Budget Committee was essentially a regurgitation of what he told the House last week, though he did offer some new (and much needed) commentary/dose of reality, which I will outline below.

We finally get some news tomorrow. First time weekly jobless claims will be even more closely watched than normal in the wake of last Friday’s much better than expected employment report for January. Was that an aberration? Or are we going to continue to see the US economy add 200,000-300,000 jobs a month going forward?

Big Ben didn’t go as far as to say the recent job #’s were an aberration yesterday, but he did say this:

“It’s very important to look not just at the unemployment rate, which reflects only people who are actively seeking work. There are also a lot of people who are either out of the labor force because they don’t think they can find work. There are also a lot of people who are working part-time, and they’d like to be working full-time but they can’t find full-time work.”

We’ve been talking about “real unemployment” and “under-employment” in the Dish for years. They are very real factors, and are not accurately reflected in the national unemployment rate that steals headlines and moves markets when it comes out each month.

Today, with no economic news set to be released, the markets will continue to trade off of earnings releases and the ongoing negotiations of a Greek bailout. Greek Prime Minister Lucas Papademos is expected to finally hold a meeting with the three party leaders backing his interim government today, potentially clearing the way for an agreement with the country’s euro-zone partners and the International Monetary Fund on a $170 billion bailout plan. Without the aid, Greece is seen as virtually certain to default in March when it faces a $14.5 billion bond repayment.

News …

~ Bernanke: Job Market Remains Weak Despite Gains

http://www.cleveland.com/business/index.ssf/2012/02/bernanke_sticks_with_low-rate.html

~ Mitt Romney Struggles to Seal the Deal

http://www.cnbc.com/id/46307722

~ MBA: Mortgage Applications Jump on Refinance Demand

http://www.cnbc.com/id/46308245

~ Greeks Seek Elusive Bailout Deal; EU Tempers Fray

http://www.cnbc.com/id/46306869

~ House Committee Acts on Bill to Protect FHA Fund

http://www.mortgagenewsdaily.com/02072012_fha_insurance_fund.asp

~ Newt Gingrich to Tour Jergens Inc. During Cleveland Visit

http://www.cleveland.com/open/index.ssf/2012/02/republican_presidential_hopefu_2.html

~ Five Banks Bid for AIG Mortgage Backed Securities

http://www.cnbc.com/id/46052503

~ US Stock Futures Up on Greek Hopes

http://www.marketwatch.com/story/us-stock-futures-edge-up-on-greek-hopes-2012-02-08?dist=beforebell

The Daily Dish – February 6, 2012

Swerb — Mon, 06 Feb 2012 15:47:16 +0000

Another outstanding Super Bowl. Wow! What a game.

I thought the better team won the football game, though clearly, the Patriots could have emerged victorious. But when you’re playing at this elite level in late January and early February against such strong opponents, you can’t make the mistakes the Pats did if you want to persevere. The safety to start the game. The underthrown INT by Tom Brady. The 12 men on the field penalty on a play the Giants ended up fumbling on. And the dropped passes late in the game that gave Eli Manning one last shot to win it.

I’m no fan of the Giants or the Patriots. I do have a lot of respect for Eli Manning though. For any players for that matter that can elevate their game when all the chips are in the middle of the table. Eli is so calm, cool, and collected … unfazed by pressure. He didn’t force things at any point. He took what the Pats gave him, leading the G-Men to three scoring drives in the last quarter and a half, delivering the dagger with under a minute left. In four playoff games, Eli was 106-163 (65%) for 1,219 yards, with 9 TD, 1 INT, and a 103.3 quarterback rating.

Yesterday’s festivities just reminded me how badly I want to see the Browns play in a Super Bowl and how insane this town would be if that ever happened. We’re not far off – by my count, just a new coach, a franchise quarterback, a running back, three wide receivers, a tight end, a couple linebackers and one more shut down quarterback away.

After watching the NFL Playoffs, if there are still people out there that think that Colt McCoy can lead this team to a Super Bowl, I feel sorry for those people. And for all those people out there that think the Browns “have too many holes” to entertain trading up from #4 overall to select either Andrew Luck or Robert Griffin III, I note that the Giants had the #4 overall pick in the 2004 Draft. And traded that pick, their third round pick, and their first and fifth round picks the following year to move up to get Eli. That Giants team had lots of holes too. I don’t think they’re regretting it.

Other Super Bowl takeaways ….

Big ups to Kelly Clarkson for milking out the final few words of the anthem to go OVER the posted total of 1:34 by one second! Almost made up for those bangs.
Speaking of winning wagers, was also nice to hit on the “Madonna: over 9.5 pelvic thrusts” bet. That one was easy. I thought Madonna looked great. The lip syncing is just so bad on these Super Bowl halftime shows the last few years though. Upon seeing her, my son said “Wow, Lady Gaga looks older.”
The commercials, overall, stunk. Huge disappointment.
Odds of a safety being the first score of the game were 50-1. There was a guy that bet $1,000 on that happening at the MGM Grand, hitting for 50 large.
Bill Belichick, classless as usual in defeat. He had no problem making a spectacle of himself by unnecessarily waiving a player the day before the Super Bowl, but can’t even grant a post-game interview after losing. Four years ago when he lost, he ran off the field without even shaking Tom Coughlin’s hand. At least he combed his hair yesterday. Miser.
Mario Manningham’s catch was amazing. I attribute it to the good karma he established by saying “Warren Harding High School” instead of “The University of Michigan” in the lineup intros.
Now that the real Super Bowl is over, Browns fans can all focus on our Super Bowl – The NFL Draft. The Browns have the #4, #22, and #37’th overall picks. Round one is Thursday, April 26^th.
19 days until Indians pitchers and catchers report to Spring Training.

Quote of the Day …

“It’s one of those plays I made 1,000 times. The ball is right there. I’ve just got to make the play. It’s a play I’ve made 1,000 times in practice and everything else. It comes to be the biggest moment of my life and I don’t come up with it. It’s discouraging.” ~ Patriots wide receiver Wes Welker, on dropping a pass that likely would have won them the Super Bowl

Insane Fact of the Day …

The farthest away you can be from a McDonalds in the U.S. is 107 miles.

Market …

Should be a quiet start to the week. There are next to no economic releases this week. Jobless claims on Thursday morning are the highlight. We also get the Trade Balance and Consumer Sentiment on Friday.

Last week was dominated by jobs data, all of it more optimistic than expected. Friday’s employment report crushed expectations, and stocks rallied into the weekend as a result. The Dow rose 156 points to 12,862 … which was its highest close since May of 2008.

The focus this week will be on Europe, earnings reports, and statements from members of the Fed. Fed Presidents Bullard and Fisher give separate speeches today on the economy, and Big Ben Bernanke testifies before the Senate Budget Committee tomorrow.

News …

~ Manning, Giants Beat Pats Again

http://sports.yahoo.com/nfl/recap;_ylt=ArWk5yTdiofPVeXYLqPsKYQ5nYcB?gid=20120205017

~ Super Bowl Ads: Chevy, Chrysler are Winners

http://www.cnbc.com/id/46277276

~ Geithner Outlines Accomplishments, Future of Financial Reform

http://www.mortgagenewsdaily.com/02032012_financial_reform.asp

~ Stocks Could Rally as Traders Watch Bernanke, Earnings

http://www.cnbc.com/id/46259593

~ Report: Risk of New Ohio Bank Failures Grows

http://www.bizjournals.com/dayton/news/2012/02/04/report-risk-of-new-bank-failures-grows.html

~ West Side Market Kicks off 100^th Birthday Celebration

http://www.cleveland.com/west-side-market/index.ssf/2012/02/west_side_market_kicks_off_100.html

~ Romney’s Nevada Win Leaves Rivals with Few Options

http://www.cnbc.com/id/46271440

~ Greece Lets Another Deadline Slip in Bailout Poker

http://www.cnbc.com/id/46277751

~ Facebook to Tap Mobile Ads for Revenue

http://www.cnbc.com/id/46277588

The Daily Dish – February 3, 2012

Swerb — Fri, 03 Feb 2012 14:34:15 +0000

Super Bowl Sunday. One of the greatest days of the year. Friends, family, food, spirits, and all kinds of ways to make the game more interesting. The commercials, the entertainment, the six-hour pre-game show. The fact that it is the final game of the year for America’s most popular sport.

And the games have been great as of late. Nine of the last ten Super Bowls have been close games. The last four have all been epic. Last year’s Packers win over the Steelers. In 2010, the Saints upset the Colts thanks to a late game INT of Peyton Manning. In 2009, the Steelers edged the Cardinals 27-23. And in 2008, in a matchup between this year’s competitors, the Giants stunned the at the time 18-0 Patriots 17-14 thanks to an improbable late game catch by one-hit wonder David Tyree.

My pick is the Giants. It seems like everyone likes the Giants, which is usually the kiss of death. But after watching the Championship Games two weeks ago, I sat there on my couch just really believing that the Giants are the better of these two football teams. For me, it comes down to a couple things. I’m not sold on the Patriots defense. Especially against a team like the Giants, with such dynamic playmakers on offense, and a QB that plays his best games in the biggest games. Eli Manning, Ahmad Bradshaw, Victor Cruz, Hakeem Nicks, Mario Manningham and crew are a far cry from the Broncos and Ravens offenses that the Pats beat to get here.

Also, the key to beating the Patriots is disrupting Tom Brady and not allowing him to get comfortable, which is exactly what the G-Men did to Aaron Rodgers and the Packers two weeks ago. I don’t know if I’ve ever seen a more formidable trio of defensive ends on the same team than Jason Pierre-Paul, Justin Tuck, and Osi Umeniyora.

I expect another excellent game though. And I’m always leery picking against the team that has the better coach and the better quarterback. But the key to winning in today’s NFL is being able to pass the ball and rush the passer, and I feel the Giants are better at both.

29-24 Giants.

This year’s Super Bowl is expected to be one of the most watched television programs EVER. Between 45% and 60% of every television set in America will be tuned in at some point. Some feel that the game could eclipse the 1983 final episode of M.A.S.H. as the most watched program in American history, when 60.2% of the country was tuned in. Commercial spots were sold for $3.5 million dollars per 30 second spot, and it’s being thought of as a bargain by the companies that purchased them.

Here’s a list of the ten most watched programs ever, listed not by total households tuned in, but by % of total households:

M*A*S*H series finale: “Goodbye, Farewell, and Amen” (Feb 1983) 60.2%
Dallas episode:”Who shot J.R.?” (Nov 1980) 53.3%
Roots Part VIII finale (Jan 1977) 51.1%
Super Bowl XVI – San Francisco 49ers vs. Cincinnati Bengals (Jan 1982) 49.1%
Super Bowl XVII – Washington Redskins vs. Miami Dolphins (Jan 1983) 48.6%
XVII Winter Olympics: Women’s figure skating – short program featuring Nancy Kerrigan and Tonya Harding (Feb 1994) 48.5%
Super Bowl XX – Chicago Bears vs. New England Patriots (Jan 1986) 41.49 million 48.3%
The Oprah Winfrey Show – Guest: Michael Jackson (Feb 1993) 47.9%
Gone with the Wind telecast – part 1 (Nov 1976) 47.7%
Gone with the Wind telecast – part 2 (Nov 1976) 47.4%

Have squares for the Super Bowl on Sunday and upset with your numbers? Fret not. In the last 20 Super Bowls, every number (0-9) has been a part of the final score. And while 0, 3, 4, and 7 are traditionally considered the best numbers to draw, how the last 20 Super Bowls has played out has been a little different, including last year … when 1 and 5 cashed out after the Packers glorious 31-25 win over the Steelers.

Here’s how many times each # has been a part of the final score of the last 20 Super Bowls:

Zero – 3
One – 7
Two – 2
Three – 3
Four – 6
Five – 2
Six – 2
Seven – 10
Eight – 1
Nine – 4

Lastly – one more yummy appetizer recipe for any out there looking for something to conjure up on Sunday.

Super Bowl Stuffed Mushrooms

Buy some of those big button mushrooms, cut out the stems with a paring knife. Mix together:

~ 1 pound of ground sausage
~ a couple tablespoons of sour cream
~ a couple tablespoons of cream cheese
~ fresh parsley
~ 5-6 minced garlic cloves
~ crushed red pepper
~ some basil, oregano, fresh cracked pepper, garlic salt
~ a handful of shredded mozzarella

Then just start stuffin’ those suckers. Brush em’ with a little olive oil, and bake ‘em at 350 for 20 min or so. Impale.

Enjoy the Super Bowl this weekend everyone.

Quote of the Day …

“Mitt Romney’s campaign will start getting Secret Service protection this week. That’s just to protect him from Newt Gingrich.” ~ Jay Leno

Insane Fact of the Day …

Only about 2% of the world population has green eyes.

Market …

In news that will do wonders for the re-election campaign hopes of President Barack Obama, this morning’s January jobs report came out WAY better than expected. The economy created 243,000 net new jobs in January, the most in nine months, and the unemployment rate fell from 8.5% to 8.3%. Expectations were for about +125,000 jobs, and for the national unemployment rate to remain static at 8.5%.

Stock futures are surging and treasury and mortgage bonds are selling off.

The jobs report was filled with other encouraging data and revisions. Hiring was widespread across many high-paying industries. Pay increased. And the economy added 200,000 more jobs in 2011 than first thought. And job gains in Nov and Dec were revised upward to show that an additional 60,000 jobs were created in those two months.

Even with the impressive gains, the labor market faces a long haul back to full health. America still has about 5.6 million fewer jobs than it did when the recession began in late ’07, and there are still 12.8 million people out of work. An additional 11 million are either working part-time but would prefer full-time work, or have stopped searching for jobs. When all those groups are combined, nearly 24 million are considered “underemployed. The so-called “underemployment” essentially stayed the same in January despite the job growth #’s.

Yesterday was a cautious day of trading ahead of this morning’s jobs report. The economic news failed to steer things in one direction either, as jobless claims and productivity came in very close to expectations. Market moves have also been dampened by investor uncertainty about Greece, which has yet to finalize an agreement with its bond holders.

Also yesterday, in testimony to the House Budget Committee, Federal Reserve Chairman Big Ben Bernanke said the US economy is improving, but that the outlook remains uncertain. Bernanke urged lawmakers to enact a plan to cut the federal deficit, while cautioning Congress to not jeopardize the recovery by reducing spending or hiking taxes too rapidly.

The Dow ended up 11 points. Mortgage bonds ended the day + 3/32, or by about 10 basis points in price.

News …

~ US Adds 234,000 Jobs in January

http://www.marketwatch.com/story/us-adds-243000-jobs-in-january-2012-02-03?dist=beforebell

~ Is Iran Trying to Develop a Missile to Hit the US?

http://www.cnbc.com/id/46250139

~ Bernanke Defends Fed Policies Against GOP Critics

http://www.cleveland.com/business/index.ssf/2012/02/bernanke_urges_caution_in_shar.html

~ Geithner: Key Parts of Financial Reform Coming in 2012

http://www.cnbc.com/id/46242256

~ Senate Adopts Ban on Fannie, Freddie Bonuses

http://www.cnbc.com/id/46245265

~ Poll: US Small Business Hiring Flat in Jan