SP 500 and NDX Futures Daily Charts - Weak GDP, But Markets Watch Payrolls and Greece

Watch for the Non-Farm payrolls report, and the Greek situation. Their elections are mid-month and could be a significant market driver.

Lauren Lyster Interviews CBO Whistleblower Lan Pham

From the February 2, 2012 Wall Street Journal story on Lan Pham's firing:

"I was repeatedly pressured by the CBO Assistant Director, Deborah Lucas, in charge of the Financial Analysis Division to not write nor discuss issues in the banking sector and mortgage markets that might suggest weakness in these sectors and their consequences on the economy and households."

The CBO's 2010 termination letter to Ms. Pham cites her lack of qualifications, "poorly organized" research, and resistance to taking orders from her superiors as the reasons for her firing.

Lan Pham's March interview with ZeroHedge.

It is a little known fact, but probably no surprise to most, that in addition to not prosecuting any key participants in the financial fraud and crisis, the Obama Administration has instead been particularly tough on whistleblowers who expose government corruption.

Net Asset Value Premiums of Certain Precious Metal Trusts and Funds

Bullion prices are bouncing around a bit today with stocks ahead of the Non-Farm Payrolls Report.

Needless to say, the premiums are a bit 'thin' especially on the Spicer family funds.

Sheila Bair on Tightening the Volcker Rule and the JPM 'Hedging' Fiasco

Sheila Bair will be sorely missed as one of the few coherent and less-servile regulators. She was appointed to her position in 2006 by George W. Bush, so no credit to Obama. She was most likely a happy mistake because Bush II certainly was not long on regulatory effectiveness with Hank Paulson at the helm.

Obama's appointments to the financial and economic oversight positions in his Administration have generally been underwhelming to abysmal for what was advertised as a reform administration. These include Larry Summers, Timothy Geithner, Gary Gensler, and Mary Schapiro.

It is important to remember that the 'JPM hedge exception' was heavily promoted to the Congress by the Treasury and the Fed.

It would be interesting to see the 'Bair Rule' applied to JPM's massive paper short position in the silver market, which chief JPM commodity trader Blythe Masters has defended as just 'a hedge.'

Related Story: Sheila Bair Says Break Up JP Morgan Chase