There was disagreement about tax policies and the need for further stimulus was at issue. O'Neill felt there was no more need for stimulus and it would have been difficult to get a tax package together without unanimity.

I think the Fed has at least one further tightening in June and another one in August. Until the American consumer changes his or her outlook on further income growth, the economy is going to remain vibrant and inflation will continue to rise.

Whether the catalyst was the cessation of tax selling or just a rally from a truly depressed area, the Nasdaq is attracting some bargain hunting. I would suggest stocks were over discounting shorter-term problems that have already been announced.

The city will have no further comment on this issue. We're just going around and around with Mr. Jimenez.

I just felt like Dana was going to get them out.

Theoretically, the incumbent wants the economic recovery to coincide with the election, but really it's a coincidence that those years tend to be positive. I think it's more that there's a good feeling overall during that year -- everyone is promised the world and no one says anything bad to upset the markets.