Stocks open higher: Lots of speculation that the Federal Reserve will infuse more money into the system. Dow is up more than 100 points.
Fed meets: The two-day session ends on Wednesday and could offer some hints about central bank intervention. (AP)
Net worth nosedives: And it's just not about the value of real estate. New Census data shows that between 2005 and 2010, median household net worth - excluding home equity - fell by 25 percent. Much of that was due to the stock market. From CNNMoney:
The Great Recession -- including the housing and stock market collapses -- wiped out nearly 30 years of net worth gains for the typical household. "The median household is no wealthier than they were in 1984," said Scott Winship, economic studies fellow at Brookings Institution. Digging deeper into the data shows that some groups of Americans were hit much harder than others. Asian, black and Hispanic households each lost a much greater share of median net worth, around 60%, than their white counterparts, at 30%.
Asian migration to the U.S.: They're the nation's fastest-growing and best educated racial group, according to a Pew report. From the LAT:
In fact, U.S. Asians, who trace their roots to dozens of countries in the Far East, the Indian subcontinent and Southeast Asia, are arguably the most highly educated immigrant group in U.S. history, the study shows. And although there are significant differences among them by country of origin, on the whole they have found remarkable success in their new land. "These aren't the poor, tired, huddled masses that Emma Lazarus described in that inscription on the Statue of Liberty," said Paul Taylor, the research center's executive vice president.
Brown, lawmakers still grappling over budget: Impasse continues to be over the state's welfare program. The governor is pushing the Legislature for deeper cuts. From AP:
Brown, a Democrat, wants to emphasize getting people back to work, while reducing aid for parents who aren't meeting requirements under CalWORKS, the state's welfare-to-work program. The governor's office says his plan would save $880 million. But Democrats say it's foolish to pay for job training when there aren't enough jobs to go around. They would rather preserve cash grants. "It is inefficient and, quite frankly, foolish, to invest in training for jobs that don't exist," Assembly Speaker John Perez said last week before passing the initial budget plan.
Big weekend for California Adventure: Disney won't offer any numbers, but the blog Miceage.com said that 45,000 people visited the theme park on Sunday, an all-time record. Opening day on Friday drew almost as much.
Identifying problems at San Onofre: Excessive wear in the power plant's steam generator tubes was caused by faulty computer analysis and manufacturing changes, according to federal regulators. No date set for restarting the plant. (Bloomberg)
City National's NY moment: The L.A.-based bank has signed a 15-year lease for office and retail space at 400 Park Avenue - including a 5,400 square-foot retail banking center on the East 54th Street corner. (NY Post)
Family squabble over Carroll Shelby's remains: The auto legend's children want him cremated and his wife (seventh and last) wants to make the decision. Meantime, he's still in the Dallas County morgue. From the LAT:
Before his death, Shelby left written instructions in an advance directive that his eldest son, Michael Shelby, should arrange for the cremation of the body. In the document filed with the court and signed and notarized Feb. 8, Shelby said that he wanted his ashes "divided equally among and given to each of my then living children and one additional equal share to be buried in my parents' family plot in Leesburg, Texas." A 2008 document also empowers Michael Shelby to make funeral arrangements. Cleo Shelby alleged the Feb. 8 document was "forged" because by that date Shelby lacked the ability to sign a document.