STOCK MARKET WATCH -- Tuesday, 11 September 2012

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Tuesday, 11 September 2012[font color=black][/font]

SMW for 10 September 2012

AT THE CLOSING BELL ON 10 September 2012
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Dow Jones 13,254.29 -52.35 (-0.39%)
S&P 500 1,429.08 -8.84 (-0.61%)
Nasdaq 3,104.02 -32.40 (-1.03%)



[font color=green]10 Year 1.65% -0.03 (-1.79%)
30 Year 2.80% -0.05 (-1.75%) [font color=black]


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[font size=2]Market Conditions During Trading Hours[/font]
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[font size=2]Euro, Yen, Loonie, Silver and Gold[center]

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[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
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Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
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[font color=black][font size=2]Handy Links - Economic Blogs:[/font][/font]
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The Big Picture
Financial Sense
Calculated Risk
Naked Capitalism
Credit Writedowns
Brad DeLong
Bonddad
Atrios
goldmansachs666
The Stand-Up Economist
The Automatic Earth
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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
Open Government
Earmark Database
USA spending.gov
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[font color=black][font size=2]Handy Links - Videos:[/font][/font]
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Charlie Rose talks with Roubini
Charlie Rose talks with Krugman
William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
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[font color=red]Partial List of Financial Sector Officials Convicted since 1/20/09 [/font][font color=red]
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
6/4/12 Matthew Kluger, lawyer, sentenced to 12 years in prison, along with co-conspirator stock trader Garrett Bauer (9 years) and co-conspirator Kenneth Robinson (not yet sentenced) for 17 year insider trading scheme.
6/14/12 Allen Stanford sentenced to 110 years without parole.
6/15/12 Rajat Gupta, former Goldman Sachs director, found guilty of insider trading. Could face a decade in prison when sentenced later this year.
6/22/12 Timothy S. Durham, 49, former CEO of Fair Financial Company, convicted of one count conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud.
6/22/12 James F. Cochran, 56, former chairman of the board of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud.
6/22/12 Rick D. Snow, 48, former CFO of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
7/13/12 Russell Wassendorf Sr., CEO of collapsed brokerage firm Peregrine Financial Group Inc. arrested and charged with lying to regulators after admitting to authorities he embezzled "millions of dollars" and forged bank statements for "nearly twenty years."
8/22/12 Doug Whitman, Whitman Capital LLC hedge fund founder, convicted of insider trading following a trial in which he spent more than two days on the stand telling jurors he was innocent




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[font size=3][font color=red]This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.[/font][/font][/font color=red][font color=black]

[Demeter]

1. Please Observe a Moment of Silence for this Day of Infamy

and let those who caused it to happen live long enough to regret their actions or omissions....

[Fuddnik]

2. The one in New York or the one in Chile?

Osama's dead, but Henry the Butcher is still running around.

[Demeter]

3. Any and All, Fuddnik

There must be an end to it.

[tclambert]

9. All the money trails led to Saudi Arabia. Did we win the war against THEM?

Or are we still playing kissy face with the oil princes?

[Po_d Mainiac]

4. The BDI is now on Satan's block

Across the street @ 669 and just a blonde hair away from setting a new 10 year low.

lots of chart porn at link
http://investmenttools.com/futures/bdi_baltic_dry_index.htm

[AnneD]

5. Thanks...

Haven't looked at the BDI in a while. Something about a slow car wreck that makes me

[TalkingDog]

6. We Are Now One Year Away From Global Riots, Complex Systems Theorists Say

http://motherboard.vice.com/2012/9/10/we-are-now-one-year-and-counting-from-global-riots-complex-systems-theorists-say--2



Pretty simple. Black dots are the food prices, red lines are the riots. In other words, whenever the UN’s food price index, which measures the monthly change in the price of a basket of food commodities, climbs above 210, the conditions ripen for social unrest around the world. CSI doesn’t claim that any breach of 210 immediately leads to riots, obviously; just that the probability that riots will erupt grows much greater. For billions of people around the world, food comprises up to 80% of routine expenses (for rich-world people like you and I, it’s like 15%). When prices jump, people can’t afford anything else; or even food itself. And if you can’t eat—or worse, your family can’t eat—you fight.

[DemReadingDU]

7. Recent drought, and burning corn for fuel

could escalate the food shortages



edit to add that the graph reminds me of the stock market getting ready to take a sharp decline

[spotbird]

17. It's generally to depressing to follow the news,

but are we really still wasting energy to grow corn to drive cars?

[DemReadingDU]

18. 40 percent is used to produce ethanol

7/31/12

More than one-third of our corn crop is used to feed livestock. Another 13 percent is exported, much of it to feed livestock as well. Another 40 percent is used to produce ethanol. The remainder goes toward food and beverage production.

http://www.nytimes.com/2012/07/31/opinion/corn-for-food-not-fuel.html

[tclambert]

8. Romney has an answer for that:

"If they can't afford bread, let them eat cake."

And he'll raise the sales tax on cake while lowering the tax on "cake creators."

[Fuddnik]

12. Anne D. said they updated the slogan.

"Eat shit and die".

[AnneD]

21. They say that....

in Mitt and Twit campaign circles.

Fudd, notice how it just rolls off your tongue. Just saying it makes you feel like you are in with the 1%.

[Roland99]

10. Moody's threatens US credit downgrade to AA1 (if Tearrorist Party asshats keep whining)

http://www.zerohedge.com/news/moodys-warns-1-notch-downgrade-if-bitterly-divided-congress-does-not-begin-cooperate

[Roland99]

11. RTRS- U.S. HOUSE SPEAKER BOEHNER SAYS "I'M NOT CONFIDENT AT ALL" OF AVOIDING FISCAL CLIFF

Well, DUH!

Because he's trying to please his Tearrorist Party overlords.

[Fuddnik]

13. Especially when he's causing it.

[mother earth]

14. Boo-hoo, Boehner, the orange-skinned scumbag...lap dancing for his daily bread, as usual...

[AnneD]

22. How else are we expected.....

to make our shit sandwiches.

[Roland99]

15. Senators Reintroduce Bill to Expand HARP to Homeowners with Equity

http://www.mortgagenewsdaily.com/09112012_refinancing_harp.asp

Two U.S. Senators have reintroduced a bill which aimed at giving Freddie Mac and Fannie Mae (the GSEs) financed homeowners with equity the some opportunity to refinance as currently enjoyed by homeowners who are underwater. The Responsible Homeowner Refinancing Act would extend the guidelines and reduced fees available under the Home Affordable Refinance Program (HARP) to homeowners regardless of the loan-to-value (LTV) ratio of their current GSE owned or guaranteed loan.

According to the THOMAS Library of Congress website, the bill was originally introduced on May 10, 2012 and referred to the Senate Banking Committee where it apparently died. The new version is sponsored by Robert Menendez (D-NJ) and Barbara Boxer (D-CA).

... (more at link) ...

Menendez said, "Passing this bill will get rid of the red tape that leaves millions of borrowers trapped in higher interest loans, puts money back into the pockets of middle class families, and strengthens our economy. I'm asking Republicans to join us in putting families first."

Boxer said, "This bill is a win-win-win: homeowners will have more money in their pockets, Fannie and Freddie will see fewer foreclosures, and the housing market and economy will be strengthened. That's why the Menendez-Boxer bill has such broad support from industry and consumer groups."

[spotbird]

16. Can someon help me out here?

I know the powers that be want to roll the economy back to a preVictorian utopia. In it there will be two classes, The Suffering, and The Special.

But there is so much I don't understand. First, doesn't congress have families that aren't going to win the class lottery? Why don't they care about them?

Second, the people advocating these changes have so much now that they can't even think of new things to acquire, but a living wage for some teacher or ditch digger makes them nuts. Why?

Third, without intellectuals there will be no real research into the things that will afflict The Special, don't they realize the advances they enjoy are a result of a collective intelligence.

Finally, they do better when everyone does better, but even that self interest doesn't motivate them. What the fuck is wrong with their brains?

[DemReadingDU]

19. They are living in Cloud Cuckoo Land

Cloud Cuckoo Land refers to an unrealistically idealistic state where everything is perfect. ("You're living in Cloud Cuckoo Land, mate.&quot It hints that the person referred to is naive, unaware of reality or deranged in holding such an optimistic belief.

more...
http://en.wikipedia.org/wiki/Cloud_cuckoo_land

[Tansy_Gold]

20. Read Bob Altemeyer's "The Authoritarians"

http://home.cc.umanitoba.ca/~altemey/

PDF is free.

This is probably the most easy-to-understand exploration of the way the right wing nut cases-- the folks in cloud cuckoo land -- think, how they look at the world, how they interpret things. Understand that they do not think the way "we" do.

No, they don't realize that the "advances they enjoy are a result of collective intelligence." They do not reealize this, because it conflicts with their world view. They will always believe in the world view before they believe in evidence. The short thread about the cost savings of contraception is a perfect example. Of course it's cheaper to provide contraception than to cover the medical costs of pregnancies, but the argument is NOT and never has been about the money. You can frame all the debates about the economy, abouot jobs, about anything, and it doesn't make any difference: the conservative, right-wing, based-in-fear world view will always trump the evidence.

There is no logic or reason to their arguments, and you cannot -- C A N N O T -- win an argument with them that relies on logic or reason or intelligence. It's not about their own self-interest, because they know that in their world view they are not equal, they are not important, they do not matter. The Special Ones do matter, and the hoi polloi recognize that the class system is unfair but it is not to be argued with.

Remember that part of their "logic" is based on benefits for The Special. They express this sometimes in the "hope" that someday they will be Special, too -- the estate tax argument is a perfect example of this "hope" -- but they don't understand (as most of us do) that their hope rests on maintaining the split between Special and not-special. Inequality HAS to be a part of their world view. And therefore that inequality must be defended, maintained, and even enhanced.

Does this help?

Seriously, I've recommended Altemeyer to a lot of people who have the same questions you do, spotbird, and almost everyone comes away from the reading saying that they finally understand the people who have been driving them crazy. . . .and they realize there is no changing that mindset.

Remember that above all else, these people are AFRAID, and they're afraid of things none of us can do anything about.

[spotbird]

31. It does help, but it is so far from how my mind works

that it that is at least part of the answer.

It's like explaining a color that has never been seen by to another person, it's not part of the spectrum we all know, it's unique to itself.

These people do not act in their own, or in all of society's best interest. It really is a fiction, a mental illness that drives the rank and file.

But surly the Powers That Be (PTB) know that the rank and file have been bamboozled, how is it that their brains don't occasionally direct them to what will do the best for themselves?

[Tansy_Gold]

32. You have to make one little switch in your thinking

TPTB are NOT on our side. None of them. They are ALL on the dark side. ALL OF THEM. Some of them disguise it occasionally, but you can tell them by their actions.

On the left, there is an understanding, even if it isn't always completely acted upon, that all people really are created equal. The fundamental truths of liberal/progressive/socialist politics bear this out. That's not to say every Democrat espouses or practices these truths all the time, but they are there.

On the right, there is an understanding that all people are NOT created equal, and that this is the way it's supposed to be. If you are one of the "more equals" then you're special and you aren't bound by the rules the rest of the peasantry must abide by. This is the fundamental reason why a John Edwards is politically crucified but a John mcCain or a Newt Gingrich or an Arnold Schwarzeneggar is excused. The same standards DO NOT apply to right wing "leaders." Edwards is held to the same moral standards as the rest of the members of his party; Gingrich and McCain and Ensign and all the rest of the GOP slimebuckets are excused. The double standard is part and parcel of their world view. They do not see anything wrong with denying the vote to poor people, people of color, potential Democratic votes, while at the same time they do not see anything wrong with Mitt Romney claiming that he has a dozen mansions around the country but his "legal residence" is an unfinished basement in son's home in Massachusetts.

They are wired differently than we are. They are incapable of seeing their own hypocrisy, whether they are the socially dominant "leaders," or the right wing followers. They don't see it as hypocrisy. It's just part of the way things are.

[AnneD]

23. Ah Spotbird, my little Grasshopper...

you are assuming the end game is money. It is not.

The end game is power:how to get it, how to keep it. They are not aiming for preVictoria but the Middle Ages. It was a great period of class stability. It is frequently referred to as the dark ages: Intellectuals need not apply. No schools only guilds and patronage.

They really do not give a rats arse if everyone does better, only if they do better or continue to enjoy the privileged lifestyle they currently enjoy. Their thought processes and compassion only extend as far as their navels.

I hope this clears up your confusion my dear Grasshopper.

[DemReadingDU]

24. How does one have power without money?

I think today, vast amounts of money are needed to have the power. Later, when money is devalued, the power is what they will have left.

[AnneD]

25. When you have power.....

you can get all the money you want. You write the rules, you can rig the casino tables to your hearts content and then retroactively make it legal. Commit a crime, the congress will rewrite the law for you for what amount to chump change.

[Fuddnik]

26. I'm watching a documentary on Link TV right now walled "Ethos".

We don't have elections. We have auctions.

[AnneD]

27. And the...

Citizen United decision from the Supremes guarantees it goes to the highest bidder.

[DemReadingDU]

28. gives a new meaning to 'Buy America'

[DemReadingDU]

29. In America, I think one has the money before having power

The wealthy gotta pay someone to get those rules written for them to make what they do 'legal'

[AnneD]

30. I think the Bush tax cuts....

and the change for taxing income instead of taxing capital gains is what put the crack in the dam. It seemed like pennies at the time but it adds up fast. They started by parlaying a little more money into parlaying more and grabbing power which insures their preservation of wealth.