Media Navel-Gazing by Mark Kollar

The markets got the tarp pulled out from right under them. New plans or planning sessions seemed to be the theme last week, with the Treasury changing the focus of Troubled Asset Relief Program or TARP, new bailout packages emerging for AIG, American Express requesting federal aid, Democratic lawmakers hoping to rescue Detroit and the G20 in Washington meeting over the weekend to determine next steps for coordinated efforts to bolster the economy. And for stocks, the Dow ended the week down 5% at just below 8500.

What became clear over the weekend was that the G20 nations would not decide on anything definite right now. The transition to a new government in Washington was cited as one of the reasons no clear-cut plans were set. What is more likely is a “series of summits” as one US spokesperson speculated will take place over time to address the economic problems, while the UK is pushing for a “college of supervisors” to review global bank practices.

A more measured approach may not be bad as haste on the TARP plan has led to an about-face in how the funds will be used, a switcheroo that did not help stocks this week but may end up helping consumers in the long run if the money is also earmarked for credit-card and student-loan issuers. All indications point to protracted debates.

A Look at Old and New Indicators
The VIX, the Chicago Board Options Exchange index that measures market volatility, has now closed above 50 over the last five weeks every day except one, according to analysts and market reports. That means uncertainty remains high and is expected to for some time with VIX futures pointing to continued uncertainly through the year. Until now, a VIX reading of 30 was high but benchmarks in all markets are clearly being reset now.

And now entering the market is the new Global Dow Jones Index, which will track the stocks of 150 major companies that are established as global leaders. In the index, the US has a 42% weighting followed by Japan at 10%. The largest and smallest components are Exxon Mobil and Suntech Power Holdings of China, respectively. All the world in one indicator.

And the Murdoch Worlds Collide
The Wall Street Journal and HarperCollins have entered into a partnership to publish books by the newspaper's journalists. Both are owned by Rupert Murdoch. The first title is "The Wall Street Journal Guide to the End of Wall Street as We Know It" by David Kansas, former Money and Investing editor and one of the early editors of TheStreet.com.

Really Off the Wall Street: An Indication of the World to Come?
The New York Stock Exchange invited Grandma the Clown and the Master of Ceremonies from the Big Apple Circus to ring the opening bell on Friday. Not much more to add for the recent three-ring-circus showing.