2Million Jobs Gone in 2009!!???? + Next Week's News Today

Before we get to Next Week's News Today there are two stories that you need to give three minutes to: 1) The LA Times' David Pierson reports that UCLA economists are predicting TWO MILLION jobs will be lost in 2009, and 2) the LA Times' Peter Hong reports that the National Association of Home Builders has pivoted and is "now open" to bankruptcy judges modifying delinquent mortgages.

Here's why you care: First, UCLA has been right in predicting the economy's twists and turns. Second, bankruptcy court has been a controversial proposal. Some see it as a solution, others say it has a downside: Modifying the mortgages means a loss for banks, who will then pass along that loss to the next mortgage applicant by raising lending rates. However, there tide may be turning. You'll see more on this in the coming weeks (note the LA Times story says it would not get voted on until January).

So, if it's Thursday, then it's time for Next Week's News Today where we publish our own futures calendar of earnings, reports, hearings and political events which will either drive the news, or deserve more attention. Last week we were right when we said this week would "see press coverage of, and the market driven by, both Capitol Hill oversight moves, and economic reports..." whether it was TARP reports or hearings.

Next week you'll see press coverage of, and the market driven by, the Fed meeting, unemployment claims, and housing starts/building permits. You'll also see retail examined due to Best Buy reporting earnings and financial institutions who have received Treasury cash injects examined anew due to Goldman Sachs reporting.

Another story thread likely to continue is whether the FDIC's proposal to help homeowners underwater with their mortgages refinance should be green lighted. You saw a number of stories this week, and the debate will continue next week.

Here's why you care about next week's trends in earnings and reports:

Big Names/Retail: Best Buy earnings 12/16.

Interesting self explanatory news peg: Goldman Sachs earnings 12/16.

Reports: Building Permits and Housing Starts (12/16) and Unemployment Claims (12/18).

As always notable earnings, events, and reports are below are below:

MONDAY 12/15
Earnings: ABM Industries; Smith & Wesson Holding Corp.

Reports: Industrial Production


TUESDAY 12/16
Earnings: Best Buy, Goldman Sachs, Verifone Holdings Inc.

Reports: Building Permits (for Nov.), Consumer Price Index (CPI - for Nov.), FOMC Statement, Housing Starts (for Nov.)

Meetings: Federal Open Market Committee Meeting; FDIC Board of Directors meets in open session at 10:00a ET.


WEDNESDAY 12/17
Earnings: ConAgra Foods, General Mills, Micron, Nike, Paychex


THURSDAY 12/18
Economic Reports: Initial Unemployment Claims


FRIDAY 12/19
Events: Nobel Prize winner Paul Krugman, National Press Club, 12:30p ET