It was a bruising week for many, both financially and politically.  The S&P 500, which had closed at a 15 ½ month high on Tuesday, gave up all its 2010 gains and more by the end of the week.  The stock index finds itself down 2.0% YTD (total return) as trading begins today.  The big story in politics had Republican Scott Brown pulling off the unthinkable last Tuesday by winning the open Senate seat in Massachusetts, giving the GOP the extra vote they required in the Senate to eliminate the Democrats' 60-vote supermajority (source: BTN Research).  
 
During a week when Vegas odds makers were taking bets on NFL football games, the headline matchup proved to be Obama vs. Wall Street.  The White House proposed controversial new rules that would rein in the level of risk and reduce the complexity of transactions conducted by large US banks.  Congressional approval will be required to implement the limitations (source: White House).     
 
As the Fed holds its first scheduled meeting of 2010 this week, much of the attention will be directed at Ben Bernanke and his on-again, off-again Senate confirmation for a 2nd term as Fed Chairman.  President Obama will deliver his initial State of the Union address on Wednesday.  The timing of the speech, coming on the heels of the Massachusetts Senate vote, will attract the attention of American citizens anxious to hear what Obama's agenda will be after 1-year in office (source: BTN Research).