Before the Bell 1/21/2008

[0:55] ..." that there is that a consensus that seems to be that this New York Fed head -- that a lot of involvement in the so let's crisis. Should get the nod anyway and I am afraid"...

[1:34] ..." theories that are coming out. Are we got earnings last night and IBM and they were very positive better than anticipated. This morning we heard from Abbott labs they actually beats seemed to be doing pretty well. A United Technologies that it does start there actually kind of in line with what they're estimated estimation work. And here's what you've got a financial company Northern Trust came up this morning one of the -- and actually did better expected so are probably getting a little -- Magruder and"...

[2:39] ..." market not long ago on another close to the 10% of the S&P 500 so they are have been dragged down and in this article -- so we're gonna continue to search for the bottom"...

[0:14]" You know there was for the first a good day for Obama I guess and then of course for Portland out of it's his fault but that he's now on the deck -- is that -- prior to canister the ships so. A couple of heavyweights are showing up in testimony today that figure that is going to be the next guy and we're going to see you know one of the pillars of monetary policy Paul -- he was that. Former Fed chief who kind of got -- to the 1980 crisis so he's actually going to be introducing. And guy there who's the nominee for the secretary of the treasury. Now he's still got that tax issue kind of hanging around his neck so I think the questions are going to be a lot tougher than it probably would've just didn't show up. But again he is going to be potentially they have the IRS I think that -- some tough questions. If I had to look at the consensus that there is that a consensus that seems to be that this New York Fed head -- that a lot of involvement in the so let's crisis. Should get the nod anyway and I am afraid that if he doesn't that actually could can't shake the system a little bit more so than anticipated but. -- getting word that dangerous intersection between politics and money. In the last six -- to implicate them we have testimony it's not really been helping things very much so we'll see what happens today and then he's probably going to talk a little bit about. The fundamental changes that need to be made effective government intervention what he's going to do -- and a lot of these crisis you may have been averted by being a little tougher of course everyone wants to know is going to do that are Marshal Tito goes today that the Chinese here's a little but a little bright spot this morning don't we look at some theories that are coming out. Are we got earnings last night and IBM and they were very positive better than anticipated. This morning we heard from Abbott labs they actually beats seemed to be doing pretty well. A United Technologies that it does start there actually kind of in line with what they're estimated estimation work. And here's what you've got a financial company Northern Trust came up this morning one of the -- and actually did better expected so are probably getting a little -- Magruder and so reduce the sport so markets -- bit it appears that they point eight does that 78. As -- Bible's about latitude just over forty dollars and 87 cents and the cycles need to when needed 46."

[2:14]" I think it's definitely they're doing okay this morning but the but the frustration issue you know we have an economy don't have that access to the money that we need and then there's almost digital all the banks right now and -- because of all the investment banks are kind of out of business the -- acrobatics so. We need this to get the economy that -- to the bank won't lend the money if they think they're going to need the capital stay afloat and the magnitude of these financials did they actually used to be 20% of the market not long ago on another close to the 10% of the S&P 500 so they are have been dragged down and in this article -- so we're gonna continue to search for the bottom I think the bottom line is. It's still going to be tough to see what's going on in Britain as they go to their second phase of planned. So again some of the frustration we've even got confusion because. Remember that first part we were going to talk about buying those toxic assets. Well we haven't done that yet and that's what we're going to be talk about them maybe that is the thing to do to get these assets off the books of these banks. Another method for them to do that is what's called. Marking its market where the real prices and the prices is lower than expected that -- the -- the rest we talk now -- helping and that mark to markets I think they're trying to do things. -- like every time you think it's over continue to get a little -- with but it'll but because it was a decent start today."