BEIJING (AP) -- China dropped its politically volatile policy of linking its currency to the U.S. dollar but retained controls on its exchange rate, switching the link to a basket of foreign currencies in a move that could push up the price of Chinese exports to the United States and Europe.

China dumps dollar in favor of basket of currencies

The News Corporation, making one of its largest bets on the Internet, announced today that it is paying $580 million in cash to acquire Intermix Media Inc., a Los Angeles-based company whose chief asset is MySpace.com, a Web site that is enjoying surging popularity with young audiences.

News Corporation to Acquire Intermix for $580 Million - New York Times

] The Federal Communications Commission announced Friday
] that states cannot require regional phone companies to
] sell high-speed Internet service as a stand-alone
] product.

Voip development has been held back for a few years. This makes the market dull, which makes you poorer.

FCC: Phone companies don't have to sell DSL as a stand-alone product - 03/27/05

] Aside from users of naked DSL services, an FCC decision
] would also affect "cord-cutters," a group of about 20
] million U.S. residents who don't have local phone lines
] and go solo instead with their cell phones. As a result
] of the possible FCC ruling, cord-cutters would have to
] buy a local phone line in order to get DSL.

When I moved to Georgia I was informed that I had to have a pots line to get DSL. I moved here after 2002.

Source: FCC to dress 'naked' DSL

] Warren Buffett, one of the world's most successful
] investors, has launched his most withering attack to date
] on the US trade deficit, describing Americans as "rich
] spending junkies" who could turn into a nation of
] "sharecroppers".

Guardian Unlimited | Special reports | Buffett attacks American spending junkies

] The economy is going to be good, so I don't think we see
] the start (yet) of the next major bear leg, although this
] year will mark the high for what I think will be many
] years. This will be a frustrating year for stock market
] investors. You can always do well if you are a good
] individual stock picker, but broad indexes and mutual
] funds are not the place to be. The market is a sideways
] to down market, with the risk to the downside as we get
] toward the end of the year and a possible recession on
] the horizon in 2006.
]
] And not to put too fine a point on it, I still think we
] are in a long term secular bear market. In a few years,
] we will look back and realize this was a bear trap -
] another sucker rally.

John Mauldin's 2005 Forecast

His usual pesimistic self, but makes a good read anyways.

Stephen Roaches year end review and look forward to 2005

] At least one senator hopes Congress will let the new rule
] stand. "The issuance of FASB's new rule marks a victory
] in the decade-long battle to reform an egregious
] accounting practice that contributed to the worst
] corporate accounting scandals in our nation's history,"
] Illinois Sen. Peter Fitzgerald said in a statement
] Thursday. "In the aftermath of Enron, WorldCom, Global
] Crossing, Tyco, Adelphia and other corporate scandals,
] Congress should be trying to ensure that corporate
] earnings reports are more, not less, reliable."

Such significant changes based on such disingenuous analysis...

Stock option expensing required next year

] After severe crop damage caused by four hurricanes,
] tomato supplies in Florida are beginning to pick up
] again.
]
] Two weeks ago, tomato growers in Florida were packing
] just 35% of what is typical for the season. The Committee
] expects shipments to return to normal volumes by the
] third week of December, with tomato prices expected to
] respond accordingly.

Thank God! I went to my favorite local Burrito place today and they didn't have any pico de gallo! The horror!

USA: Tomato supplies begin to pick up after hurricanes

] The Next Four Years - borrowed time

And now to throw some gasoline on the economic bonfire, Princeton economist Paul Krugman...

The Next Four Years - borrowed time