What might get the Republicans to bite on the jobs bill currently under formulation on Capitol Hill? A lack of an estate tax.

The bipartisan Senate bill that may come for a vote this week is not likely to include an extension of the estate tax, which expired at the end of 2009, Reuters reported Tuesday (however, Washington's likely, second heavy storm/blizzard in a week, expected to arrive Tuesday night, may delay the vote: most federal offices were closed again Tuesday for snow clean-up).

Monday's upbeat data point concerns the G-7, which agreed over the weekend to maintain economic stimulus measures, even as institutional investors (among others) start clamoring for nations to address large budget deficits.

Meeting amid the frozen tundra of Iqaluit, Canada (as opposed to the almost equally frozen tundra of Washington, D.C.), Canada's Finance Minister Jim Flaherty said G-7 ministers "are mutually committed" to continuing stimulus, and will start looking at exit strategies after regional economies are on a sustainable growth track, Bloomberg News reported Monday.

One of the world's preeminent economists and former central bankers had some good news and not-so-good news for investors.

Speaking on NBC's Meet The Press on Sunday, Former U.S. Federal Reserve Chairman Alan Greenspan said, "The recession is over. It bottomed back in the middle of the year."

However, Greenspan added that, as many economists agree, the economic recovery will have to continue for some time to absorb the slack in the labor force to lower the U.S. unemployment rate significantly.

Investors and traders are in a quandary, trying to figure out if the economy is, indeed, improving.

One measure of growth is consumer spending. Consumer spending accounts for 70% of GDP, and it is the engine that has kept the economy growing over the past decade.

Well, consumer credit has fallen for eleven straight months. The recession has taken a harsh toll on the consumer. We have about 17 million people out of work. These persons certainly are spending only for basic necessities.

Jobless claims are big news in the financial markets and can cause the stock market to move; politicians to scurry looking for new programs and claim to be able to create or "save" a certain number of jobs.

Just this week the Labor Department reported January unemployment dropped to 9.7%.

Germany's industrial production has led the rebound in Europe. That was until the last quarter of 2009. In December, Germany's industrial production dropped 2.6% after rising 0.7% in November.

Germany supposedly turned the corner in the second quarter of 2009. But Alexander Koch, economist for Unicredit in Munich said: "The most vibrant part of the rebound" in industry was apparently over. One reason is that Germany ended subsidies to its auto industry recently.

The political climate in Washington is hardly conducive to a joint resolution by the Democrats and Republicans honoring Moms on Mother's Day, let alone high-stakes banking issues, but one reality is clear: if banks don't starting providing more credit to small and medium-sized businesses, Congress will have to create agents -- or new institutions -- that do.

The issue is too important for the long-term health of the economy: small and medium-sized businesses account for the bulk of America's jobs and new hiring.

Presently, demand is growing incrementally, but as it increases, if business credit lines don't as well, the recovery could stall, necessitating Congressional action.

This morning the big news of the day was the drubbing of European stock markets as fear spread throughout the region. Fear was generated by concern that some European countries could default on their sovereign debt. Among them are Greece, Spain, and Portugal.

Greece's budget gap is 12.7% of GDP Greece has to slash spending and may need IMF assistance.

Investors sold investment deemed risky such as commodities, gold and stocks and moved their money into bonds. This started a selling frenzy in commodities with oil falling $3.14 per barrel to $73.14 per barrel. Brent crude fell $3.79 per barrel to $72.13 per barrel.

Insurance giant Aetna Inc. (AET) will be reporting its fourth quarter numbers tomorrow before the market opens.

Analysts are expecting to see the company show earnings of 42 cents per share. During the same period last year the company had earnings of 96 cents per share.

What to make of the Tea Party at this junction? It's too soon to tell. You'll hear a great of rhetoric, and banter and hype, but regarding a systematic and professional evaluation of 'the TP,' there just aren't enough data points yet.

Hence, for now, place them in the category of a faction. Factions are more likely to be merged into an existing party, form a separate interest group, or disband.

It started with Dubai. Then it spread to Greece, Now its moving to Spain and Portugal. What is it? It's fear that some European countries will default on their sovereign debt.

The Europe Markit Sovx index, which measures the cost of insuring against default, jumped 100 basis points for the first time, along with heavy buying of credit default swaps (CDS). CDS spreads on Portugal hit record highs, up 17 basis points to 212. Greek swaps rose 7 basis points to 398.

Royal Dutch Shell's (RDS.A) profit fell a whopping 75% in the fourth quarter. Earnings came in at $1.18 billion.

Shell's profit margins were hit by slower fuel demand caused by the worldwide recession. There were also increased costs from refinery start ups in the Middle East and Asia.

Initial claims for unemployment rose by 8,000 to a seasonally adjusted 480,000 in the week ended January 30. This surprised economists polled by Reuters who anticipated a drop in claims falling to 460,000 from a previously reported 470,000. A reason given for the rise was the backlog in filings due to short staffing at some state offices.

Meanwhile, the four-week moving average of new claims rose 11,750 to 488,750 last week. The number of workers still receiving aid after one week jumped 2,000 to 4.6 million for the week ended January 23. This too, was above expectations of 4.58 million. The percent of insured in the labor force was unchanged at 3.5%

What would provide both a nice 'tax cut' for Americans and boost the U.S. economy, as well?

A slide in oil's price to about $45-50 per barrel. And wouldn't the sound of $45 oil be music to policy makers' ears?

Rising gasoline prices most certainly pose a risk to the U.S. economic recovery, and the reverse, a decline, provides a tailwind. Every $1 per barrel drop in oil's price increases U.S. GDP by $100 billion per year and every 1 cent decrease in gasoline's price increases U.S. consumer disposable income by about $600 million per year.

Following today's market close, insurance giant Aflac Incorporated (AFL) posted better-than-expected numbers for its fourth quarter.

Headed into this afternoon's earnings release, Wall Street was looking to see Aflac post earnings of $1.15 per share. The actual earnings came in better than expected at $1.18 per share.