Next Week's News Today (Capitol Hill Gears Up on Rescue Oversight, Treasury Mortgage Plan Trial Balloons, and Holiday Shopping Numbers)

Before we get to Next Week's News Today, we want to make sure that the one piece you are reading this morning is on the trial balloon being floated by the Treasury Department. The Washington Post's David Cho, Zachary A. Goldfarb and Dina ElBoghdady have the best write we've seen. Yes it is on page 1, and yes our mission assumes you see the front page and not the business section, but for our non-Washington readers, in particular our West Coast readers - you need to be reading this piece.

Here's why you care: The Treasury's plan appears to say this, "Hey mortgage lenders! Yes you. We are considering putting together a program where if you lend to borrowers at say a really low 4.5%, then bundle those mortgages we'll buy then (actually Fannie/Freddie will buy them). Thus, you'll get cash back for the bundled mortgages just like the old days, and we'll unclog the market. What say?" What's going on here is that the Paulson Treasury has a view point that driving down lending rates will stabilize the market. The FDIC's competing plan also wants to stabilize the markets but thinks it should target existing mortgages under water. We bet you'll see more coverage of this in the coming days. Which means we're looking ahead and it is time for our weekly futures calendar...

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. Next week stands to see press coverage of, and the market driven by, both Capitol Hill oversight moves, and economic reports - specifically the first look at official retail sales numbers for the start of the holiday season.

Here's why you care - Congressional oversight Round I: This week we spotlighted coverage of a Congressional study calling safeguards for the government's financial rescue program lacking. Next week the five member supervisory panel overseeing that rescue program (aka - TARP) will report to Congress. The kicker is that the Senate hasn't confirmed the inspector general for the program. An anonymous Senator is holding up Neil Barofsky's nomination. We suspect that by the time the new report gets to Congress on Wednesday (12/10), that either that hold will be lifted - or there will be lots more press coverage as to why not. You care because after all, these are your tax dollars.

Here's why you care- Congressional oversight Round II: House Oversight and Government Reform Cmte. Chmn. Waxman exams Fannie Mae/Freddie Mac on Tuesday (12/9) - his witnesses? The most recent two CEOs for each of them. We suspect this will garner a fair amount of press attention.

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

Big Names/Retail: Kroger earnings on 12/9, and Costco earnings on 12/11 stand to be metaphoric news pegs for stories examining the middle class during tough financial times.

Interesting self explanatory news peg: H&R Block earnings 12/8.

Reports: Pending Homes Sales (12/10); Unemployment Claims (12/11); and Retail Sales (12/12) are all strong candidates for market drivers and press coverage. In particular, retail sales because it will be the official number for the first month of holiday shopping.

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

MONDAY 12/8
Earnings: H&R Block; Learning Tree International Inc.; National Semicondcutor Corp.; Pep Boys;

Events: Office of Thrift Supervision holds its National Housing Forum at the National Press Club, 9a ET

Hearings: House Ag. Cmte. Chmn. Peterson holds credit derivatives hearing impact on the economy at 1p ET.

TUESDAY 12/9
Earnings: AutoZone; Kroger; Vail Resorts

Reports: Pending Home Sales (for Oct.)

Hearings: House Oversight and Government Reform Cmte. Chmn. Waxman holds Fannie Mae/Freddie Mac government take over hearing. Witnesses: Fmr. Freddie Mac CEO's Leland Brendsel and Richard Syron, and Fmr. Fannie Mae CEO's Daniel Mudd and Franklin Raines.


WEDNESDAY 12/10
Earnings: Multimedia Games, NCI Building Systems Inc.

Congressional Reports: Five Member TARP Supervisory Panel's First Oversight Report to Congress is due.


THURSDAY 12/11
Earnings: Ciena; Costco

Economic Reports: Export Prices (minus agriculture) and Import Prices (minus oil) (for Nov.); Initial Unemployment Claims (for 12/6);


FRIDAY 12/12
Economic Reports: Producer Price Index (PPI) (for Nov.); Retail Sales (for Nov.); Univ. of Michigan Consumer Sentiment (for Dec.)