STOCK MARKET WATCH - Monday, 5 March 2012

[Tansy_Gold]

[font size=3]STOCK MARKET WATCH, Monday, 5 March 2012[font color=black][/font]

SMW for 2 March 2012

AT THE CLOSING BELL ON 2 March 2012
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Dow Jones 12,977.57 -2.73 (-0.02%)
S&P 500 1,369.63 -4.46 (-0.32%)
Nasdaq 2,976.19 -12.78 (-0.43%)



[font color=green]10 Year 1.97% -0.04 (-1.99%)
30 Year 3.10% -0.03 (-0.96%) [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
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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
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Brad DeLong
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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
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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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Financial Sector Officials Convicted since 1/20/09 = [/font][font color=red]12[/font]
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS



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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. The NIKKEI sure isn't happy

At least I don't feel so alone....

Please read this thread (bile alert!)

http://www.democraticunderground.com/1002383822

There's still much work for us to be done on this very site, let alone the rest of the nation.

[Tansy_Gold]

6. It's the 'bots, y'know?

I was surprised not to see some expected faces in that thread.

Gas prices are up, and even some of the pundits are acknowleding it has nothing to do with peak oil or rising demand or the economy at all -- it's the fucking speculators.

Foreclosures haven't stopped, and home prices continue to fall.

And no one is talking about what kind of jobs are being created and what they're paying, because too many of the jobs that were lost when the greedhead corporations moved to low-wage labor markets need at least three "new" jobs to reach an equivalency in pay. . . . and there is no equivalency in benefits.

[Demeter]

7. I'm sure the usual suspects will turn up eventually

They are all probably doing something else at this time.

What kind of a moron would take a completely divorced-from-reality number and ignore the suffering around him?

[Demeter]

18. Europe Continues the Unhappiness Theme

as well they should....

[Demeter]

2. Matt Stoller: Towards a Creditor State – One in Seven Americans Pursued by Debt Collectors

http://www.nakedcapitalism.com/2012/02/matt-stoller-towards-a-creditor-state-%E2%80%93-one-in-seven-americans-pursued-by-debt-collectors.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29

...I went through the Federal Reserve’s Quarterly Release on Household Debt and Credit released today, and there were two notable trends. One is that the amount of consumer debt is declining, but that delinquency rates are stabilizing above what they were before the crisis. And the second is in this graph, which is that the number of people subject to third party collections has doubled since 2000, from a little less than 7% to a little over 14% of consumers. Ten years ago, one in fourteen American consumers were pursued by debt collectors. Today it’s one in seven....One of the characteristics of the new social contract ushered in by both George W. Bush and Barack Obama is the increasing power of creditors to govern outright, from tax farming by banks to the use of credit checks to access employment opportunities.

There are now thousands of people legally jailed because they aren’t paying their bills, ie. debtor’s prisons have returned. Occasionally elites let it slip that this is not an accident, but is their goal – former Comptroller General David Walker has wistfully pined for debtor’s prisons overtly (on CNBC, no less).

This may be somewhat mediated by government action, as the CFPB is beginning to make noise around debt collection and credit ratings, and Illinois Attorney General Lisa Madigan is working to stop debt-related arrest warrants. But only somewhat, only where the government can protect you and only when there is the political will to do so. Increasingly, creditors are coming to set up the institutional structures for financial surveillance, state-sponsored enforcement of their claims through tightened bankruptcy laws and the selective use of jail, and the denial of economic opportunity based on one’s interaction with the financial system.

This is part of the new social contract. The sheer percentage of consumers with third party collections in pursuit is striking. Additionally, the uptrend through both Bush boom and Obama bust years of the percentage of people being tracked down by third party collection agencies suggests we live in a different country than we did just ten years ago...

[Demeter]

3. Occupy’s challenge: Reinventing democracy

I'D SAY "REINSTALLING DEMOCRACY" WAS A MORE ACCURATE JOB DESCRIPTION...THE CONSTITUTION NEEDS SOME TOUCH-UP, FOR SURE, TIGHTENING THE LOOPHOLES THAT HAVE BEEN OPENED UP BY DRIVING TRUCKS THROUGH THE BILL OF RIGHTS, ETC.

THE NEXT STEP WILL BE REINVENTING SOCIETY, SO THAT DEMOCRACY CAN FLOURISH.

http://www.salon.com/2012/02/27/occupys_challenge_reinventing_democracy/

...one of the most powerful American social movements in years was nearly undone, not by its political message, but by its rhythm section.

“That was an important test of whether the General Assembly actually had authority over people, or whether it was more like a suggestion box for a collection of autonomous individuals,” observes Nathan Schneider, a writer who has been chronicling Occupy Wall Street since its beginnings last summer.

Occupy’s authority

The drummers actually did the movement a favor. For nearly every Occupy movement in the United States, the General Assembly is seen as the legitimate decision-making body. But when it comes time to enforce a decision that some disagree with, its authority is often called into question. Nearly every significant conflict that has cropped up in Occupy movements around the country rests on the bedrock issues of authority, accountability, representation and legitimacy.

The issue is central to the movement’s future because authority rests on the notion of legitimacy. In a leaderless movement, who – if anyone – gets to call the shots, initiate actions, represent the group, and perhaps most important, hold people accountable by enforcing authority, order and discipline? Exactly how democratic must a people’s movement be?

I HOPE WE GET TO FIND OUT!

[Demeter]

5. Was Occupy's "Shut Down the Corporations" Action a Success?

http://www.truth-out.org/was-occupys-shut-down-corporations-action-success/1330789004

SINCE I NEVER HEARD OF IT, AND HAVE NO IDEA WHICH DAY IT WAS, THAT WOULD BE A "NO"

[Demeter]

4. Romney Trying to Recast Wealth to Be Seen as Asset

IT'S NOT THE WEALTH, MITT, IT'S THE GREED BEHIND EXCESSIVE WEALTH ACCUMULATION...AND THE CONDESCENSION AND SCORN HEAPED UPON THOSE WHO COUNT THEIR BLESSINGS IN DIFFERENT COIN.

http://www.nytimes.com/2012/03/03/us/politics/mitt-romney-now-talking-of-his-wealth-as-an-asset.html?_r=1&ref=us

“If I were a doctor and I saw somebody who was obviously suffering from some condition, I would want to do something to help,” Mr. Romney said, at a town hall-style meeting in Bexley, Ohio, this week. “Well, my experience is not in medicine. My experience is in business.”

His goal, he told the crowd, is “to use what I’ve learned to try and help.”

I MAY VOMIT (IMV)

YES, WE NEED YOUR HELP, MITT, BECAUSE ENOUGH PEOPLE HAVEN'T BEEN THROWN OUT OF WORK AND ONTO THE STREETS YET...

[Demeter]

8. Will Greece Be Ruled by the Bankers - or Its People? by: Peter Bratsis

THAT DEPENDS ON WHETHER NATO IS BEHOLDEN TO THE BANKSTERS...I DON'T THINK THEY'LL GET THE US TO SPRING FOR YET ANOTHER IMPERIAL POLICE ACTION LIKE LIBYA, UGANDA, SYRIA, IRAQ, VIETNAM, AFGHANISTAN, ETC.

http://www.truth-out.org/will-greece-be-ruled-bankers-or-its-people/1330717929

The most central and constant dilemma in modern politics has been the choice between the political desires and demands of citizens versus the policy expertise and prudence of bureaucrats and specialists. For the more democratically inclined, those like Machiavelli and Aristotle, the judgments of the many, as flawed as they often may be, are nonetheless more trustworthy than the commands of the elite. The few, no matter their credentials or honors, are never able to match the collective intelligence of the multitude.

For others, including those who drafted the US Constitution, the whims and desires of the many are a great threat to social order, and the special few must stand as a moderating force between them and the levers of government.

Recent events in Greece have hinged on this tension. The Greek economic crisis is often presented as a product of too much democracy, of politicians bowing to the demands of citizens for jobs, pensions and low taxes. The troika of the International Monetary Fund (IMF), European Central Bank (ECB) and European Union have stepped forward to undo this damage by attempting to break the ties between the residents of Greece and those who govern them. The troika has imposed strict policy guidelines, formulated by economists and other specialists, and closely monitors the implementation of these policies by the Greek government. Most recently, they have demanded written guarantees from all political parties in Greece that the austerity programs will be continued regardless of any future elections. Any "regressive" movements toward the demands of the Greek people provoke swift retributions from the troika. SLAVERY, BY ANY OTHER NAME...

Indeed, the surprising though half-hearted call for a referendum on the debt by Prime Minister George Papandreou last November brought his immediate ouster. Papandreou, technocratic tendencies notwithstanding, obviously felt some obligation as an elected official to appeal to popular support. Papandreou's replacement, Lucas Papademos, was, de facto at least, appointed by the troika for his technical capacities and his dedication to IMF and ECB principles. Indeed, it is hard to imagine a more credentialed or vetted technocratic specialist than Papademos, who has a PhD in economics from MIT, taught economics at Columbia University as well as the University of Athens, and was vice president of the ECB. Freed from the fetters of thinking about re-elections, and without any significant formal opposition (the Papademos government is a coalition of the two major parties, plus the far-right; only the two leftist parties, with a meager 30 out of 300 seats, are outside of the coalition), Papademos was put in power to fully implement the cuts and reforms deemed necessary to address the crisis. Finally, prudent governance would replace reckless populism.

It should be emphasized that it is not only the Angela Merkels and Mario Draghis of the world who desire to minimize the ties between the Greek state and its residents. A great many Greeks also argue that the basic cause of all the current problems in Greece is too little distance between policymakers and common citizens. In a recent seminar titled "For Greece, Now!" which consisted of a small group of well-known academics and politicians warning of the disaster that would follow if Greece were to leave the euro zone, populism was presented as the key source of Greece's problems. Many preposterous suggestions were put forward: that university professors should also teach some hours each week in a school, and those who have extra money should donate it in order to help alleviate the financial crisis. And the once respected legal scholar Nikos Alivizatos made the laughable argument that the political elites of Greece cannot be held responsible for the present crisis since it was completely unexpected given that even the credit agencies had rated Greek bonds AAA as recently as 2007. Nonetheless, the overarching point of the presentations was that now is the time to finally end populism in Greece and to institute the widespread reforms and transformations needed to make Greece economically competitive.

Whether voiced by German politicians or by Greek academics, the argument against popular democracy hinges on two key points: that Greece's problems fundamentally derive from politicians pandering to the demands of the citizens, and, even more importantly, that the only proper judge of what is prudent and proper as policy is "the markets." Only by appeasing the so-called markets can Greece hope to emerge from otherwise certain ruin. As such, dispassionate and pragmatically minded specialists are the ideal policymakers. Common people, blinded as they are by their self-interests, cannot be trusted, nor are they fully capable of understanding the policy necessities of the moment. The more autonomous that policymakers can be from popular pressures, the better.

The first wave of actions taken by the Papademos regime gives a very good indication of the kinds of policies such a detached and dispassionate group of policymakers would institute. One of their first innovations was to modify a policy first proposed by Papandreou in November of last year, a set of cuts to the pensions given to the disabled. The Papademos administration, in addition to deepening the previously proposed cuts, added a list of additional potential disabilities that included pedophilia and pyromania, among many others. Many foreign newspapers featured reports on this as, once again, a symptom of Greek pathology and mania for pensions and wasting money. Government representatives quickly corrected such reports by noting that it was simply a list of possible disabilities, not disabilities that would be eligible for public pensions. One can easily imagine the meeting where Greece's top policy gurus, likely armed with advanced degrees in management and finance, came up with the cynical idea that such a modification would deflect any serious discussion about the merits of cutting pensions to the disabled. This obvious, clumsy and despicable attempt to foreclose any serious discussion and criticism of the proposed law clearly demonstrates how the many are viewed by the few.

Far more significant, however, are the laws passed just a few days ago, February 12 (at midnight, so that the results were out in time for the Asian "markets&quot . In addition to the latest austerity package demanded by the troika, with its many cuts to wages and pensions and its plans for decreasing the number of public employees, there was also a repealing of many of the labor laws that existed at the time. Most of the protections and regulations that working people had fought for and won in the last four decades were eliminated, without discussion, in one night. As tens of thousands of protestors were tear-gassed and chased from the center of Athens, decades of laws were undone on behalf of the markets.

These policies are foolish because not only is it a mathematical certainty that such cuts to wages and employment will result in a greater economic downturn, fewer tax revenues and the deepening of the debt crisis, but it is also a certainty that a happy "market" does not equal job growth. The experience of the United States and most of Europe in the last 20 years has been of a great expansion of financialization and speculative capitalism, together with rising rates of unemployment and underemployment. Through automation, there has been a continuing and relentless decrease in demand for labor by capital.

Stanley Aronowitz and William DeFazio have aptly described this process in The Jobless Future, and there is no indication so far that they have been incorrect in their diagnosis. In Greece, this is doubly true, because never in its entire history has the private-sector labor market ever been more than 25 percent of all employment. Indeed, people who are self-employed in Greece, a staggering 30 percent (the highest rate in the world), outnumber those who work as employees in the private sector. If capitalism was unable to create jobs in Greece during the economic booms and expansions of the post-war era, why should we expect Greek capitalism to suddenly become a job creator now? With official unemployment already at over 20 percent, one can only imagine how dire the situation will become in the months ahead.

Democracy in Greece (and beyond) is thus under attack on two fundamental fronts. On the one hand, and most visibly, external and internal forces are attempting to eliminate the views and demands of the Greek people from the policymaking process. In this way, experts and their technocratic ways would come to displace popular agency. Here, "democracy" would be reduced to some procedural shell, respecting the rule of law rather than the rule of the people (two years of protests, strikes and collapsing support for all of the major political parties has resulted in no modification to the austerity policies).

On the other hand, and on a much deeper level, the attack on democracy - indeed, on politics itself - is being waged through the perceived impossibility of human beings as those who actually decide questions of just and unjust, good and bad. As already noted, it is markets that are seen as the inescapable judges of which policies are necessary and proper. No political considerations can overcome them. Thus, for example, Ed Miliband, head of the Labour Party in Britain, acknowledges that if he were prime minister, he also would cut spending to decrease public debt because the "markets" demand it. It is the same in Spain: neither of the two main political parties present any alternative to following the demands of the markets. The examples of this thinking are too numerous to list. Here, the democratic principle that we as a community are autonomous (self-governing) gives way to the belief that we are governed by something other than ourselves (heteronomy). All questions about what kind of education is best, how much to tax corporations and so on down the line are now understood as decided by markets. For example, a good policy on education is one that produces individuals with the skills and capacities "demanded" by the labor market.

The people of Greece find themselves in this double bind, increasingly isolated from state power and caught within the trap of heteronymous thinking. The democratic call to be active in political life and to understand society as self-created and autonomous is in serious jeopardy. Pushed into a position of passivity, they can do little more than beg and demand pity. Blinded by the perceived omnipotence of "markets," rather than political communities, they see no viable alternative to its dictates.

However, there are many in Greece who still can recall the democratic impulse. They recall the refusal to accept some perceived historical necessity, and they remember being the first people to successfully repel an invasion by an Axis power. They recall the courageous group of students who stood up against the guns and tanks of the Greek Junta. They recall the words of many of Greece's great poets, who expressed love for freedom and truth. They see the bravery of some public intellectuals, such as 86-year-old Mikis Theodorakis, once again facing off against riot police and giving voice to a fight against authoritarian rule.

The possibilities are there for the citizens of Greece to recognize their superiority to both Greek political elites and the troika technocrats. Rather than demanding pity, they need to remember that they are the authors of society. Recall that in James Cain's famous novel "The Postman Always Rings Twice," it took two attempts to kill "the Greek"; the first failed but impaired his memory. With his memory damaged, the second attempt proved successful. Greeks need to remember their power, their capacity to rule themselves and create their society according to principles of their own choosing. Otherwise, the heteronomy in their head will doom them to a nasty, brutish and long future of being managed by specialists and ruled by "markets."

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This work by Truthout is licensed under a Creative Commons Attribution-Noncommercial 3.0 United States License.

[Demeter]

9. Free Trade or Democracy, Can't Have Both

http://www.truth-out.org/free-trade-or-democracy-cant-have-both/1330792757

Recent stories about the conditions of Apple's contractors in China have opened many people's eyes about where our jobs, factories, industries and economy have been going, and why. The stories exposed that workers live 6-to-12-to-a-room in dormitories, get rousted at midnight to work surprise 12-hour shifts, get paid very little, use toxic chemicals, suffer extreme pollution of the environment, etc. Is this "trade?" Or is it something else? "Trade" means to exchange, to buy and sell, you buy from me and I buy from you. I have something you want and you have something I want, and we exchange. We both end up better off than where we started. Is it "trade" to close a factory here and move it to a country where people don't have a say? It is "trade" to just move all of the machines from a factory here to a factory there, send the same parts and raw materials over there, and then bring bring back whatever it was the factory used to make and sell it in the same places here? Is that really "trade?" Or would another word be more appropriate?

When People Have A Say

When people have a say we insist on good wages, benefits, safe working conditions, and a clean environment. We even go so far as to say we want good public schools, parks and opportunities for our smaller businesses. When We, the People have a say we get so uppity and ask for the most outrageous things!

Efficiency vs. Humanity

Yes, countries where people do not have a say are more "efficient" and "business friendly." Countries where people do not have a say can make things at a much lower cost than workers where people have rights. But when we let exploitation of human beings be a competitive advantage it undermines our own democracy. It means that democracy is a competitive disadvantage in world markets.

We Can't "Compete" With This, We Have To Fight It

Let's get right to the core of this. Suppose the South actually did rise again, and they reimposed all-out slavery. Would it be "trade" to close factories here and move them south, so the companies would have lower costs? When we allow companies to just import stuff that is made by exploited workers in countries where people do not have a say, we are granting not-having-a-say an advantage over having a say. We make democracy a competitive disadvantage.

This Is About Preserving Democracy, Not About "Trade"

How often do you come across arguments that "globalization" and "free trade" mean that America's workers have to accept that the days of good-paying jobs and US-based manufacturing are over? We hear that countries like China are more "competitive." We hear that "trade" means that because it's cheaper to make things over there we all benefit from lower-cost goods that we import. How often do you hear that we need to cut wages and benefits, work longer hours, get rid of overtime and sick pay? They say we should shed unions, get rid of environmental and safety regulations, gut government services, and especially, especially, especially we should cut taxes.

What they are saying is that we need to shed our democracy, to be more competitive.

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Dave Johnson

Dave Johnson (Redwood City, CA) is a Fellow at Campaign for America's Future, writing about American manufacturing, trade and economic/industrial policy. He is also a Senior Fellow with Renew California.

Dave has more than 20 years of technology industry experience including positions as CEO and VP of marketing. His earlier career included technical positions, including video game design at Atari and Imagic. And he was a pioneer in design and development of productivity and educational applications of personal computers. More recently he helped co-found a company developing desktop systems to validate carbon trading in the US.

[Fuddnik]

12. Dormitories? Call them what they are. Slave Quarters.

Six to twelve to a room? Available to work a 30 hour shift on a moments notice and a quick bowl of Ramen? You have better "dormitories" in most states prison systems.

Those are slave quarters.

[Demeter]

33. 10 Reasons the GOP Wants to Ditch the Constitution

http://blog.buzzflash.com/node/13345

MARK KARLIN, EDITOR FOR BUZZFLASH AT TRUTHOUT

One of the great ironies of the Republican Party right wing -- which is to say the current crop of GOP presidential contenders -- is their alleged reverence to the Constitution and the "Founding Fathers." But, many of their more provocative public statements appear to jettison the Constitution. Furthermore, many of the individuals who created the US system of government were Deists and supporters of the Age of Reason (Enlightenment) - believers in the power of the human mind, not advocates of a rigid and mystical religious faith.

10 Reasons the GOP Wants to Ditch the Constitution

1. Individuals such as Rick Santorum and Michelle Bachmann believe that the New Testament should be the law of the land, and that God should guide a president in his or her decisions, not the Constitution.

2. The Establishment Clause of the Constitution specifically states that "Congress shall make no law respecting an establishment of religion," while also preserving the right of individuals to worship their own faith. The Christian right believes that Evangelical and Catholic fundamentalism should be, in essence, merged with the government.

3. Candidates such as Newt Gingrich echo a long-term obsession of the right wing: that the court system is "activist" (as in liberal). Gingrich went so far as to say that he would ignore court rulings that he disagreed with, which would violate the three branches of government balance built into the Constitution.

4. The preamble to the Constitution cites to "promote the general Welfare" as one of the six reasons for establishing a nation of laws built upon the foundation of the Constitution. Is there a Republican candidate for office at any level who does not regularly bash the notion of "promoting the general Welfare" of US citizens? The Constitution does not say that is was written to create a society where individuals engaged in mortal financial combat - and the less fortunate were left behind.

5. There are numerous proponents of repealing the 14th Amendment, which outlines who has a right to be an American citizen. One of particular objections of the 14th Amendment is that "anchor babies" - children of non-US citizens born in the US -- are entitled to US citizenship. Interestingly, the 14th Amendment was enacted largely to nullify the pre-Civil War Dred Scott decision which had denied citizenship to slaves, or even freed blacks who were descendants of slaves. Is there a whiff of racism in the right's objection to the 14th Amendment?

6. Then there are those who insist that the United States is a republic and not a democracy in terms of the right to vote. The most current evidence of this is the numerous voter restrictions that Republican legislatures have set up to obstruct minorities, seniors, and students from voting. Most interestingly, this desire to make America into a sort of "House of Lords" government is represented in a movement to nullify the 17th Amendment, which provides for the direct elections of US senators by the people.

7. Then there is the Fifth Amendment that guarantees, no person shall be "deprived of life, liberty, or property, without due process of law." Under the Bush administration, these guarantees were usurped in a post 9-11 fear frenzy. They continue to be further violated even under the Obama administration, which just agreed to the possible suspension of habeas corpus for US citizens under certain circumstances.

8. Article VI of the Constitution forbids a religious test for serving in government. While the removal of this prohibition has not generally been an explicit demand of the right, it has been implicit in the assertions that President Obama as a closet Muslim and in other efforts to attack office holders who do not claim to be saved by Christ. President John F. Kennedy, running for president in 1960 and facing opposition because he was a Catholic, said: "Neither do I look with favor upon those who would work to subvert Article VI of the Constitution by requiring a religious test, even by indirection. For if they disagree with that safeguard, they should be openly working to repeal it." Contrary to right winger Christian-firsters, there is no Constitutional requirement to take an oath of office with one's hand on a Bible.

9. The right wing generally supports police powers over the 4th Amendment guarantee that "the right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue." Ask minorities in the US, Muslims, or almost any non-white citizens if they feel protected by the 4th Amendment. whose guarantees have been whittled away over the years by the courts.

10. The Constitution sets up a legal framework in which all citizens - regardless of race, religion, or national heritage - are guaranteed equal treatment under the law of the land. This is equality, in legal theory, at its most distilled essence (of course, it doesn't always apply in practice). This is deeply disturbing to right wingers who believe that the nation was founded as a white republic, with only whites being able to vote. The Constitution enshrines democracy (although it took subsequent amendments to enfranchise women and blacks), and the document and its amendments are a threat to the comfort and power of white privilege.

And that's just the beginning of why the right wing is anti-Constitutional....

AND WHAT IS THE DEMOCRATIC EXCUSE?

[Fuddnik]

35. I have to disagree with point #1.

They don't want New Testament law. They want OLD Testament law. Their own version of Sharia.

Some, such as Pat Robertson, Jerry Falwell, et al:, have outright publicly called for it.

[Tansy_Gold]

37. You're absolutely correct

the so-called christian dominionists, whose philosophy (?) has no relation to any teachings of jesus christ whatsofuckingever.

[Demeter]

45. I don't thnk they are consistent with the Old Testament, Either

The Old Testament contradicts itself too much to be a reliable guide...you can argue any side of any question...and as long as the Patriarch comes out on top, it's fine.

They are just fascists, making the rules to serve their psychopathy, and calling it whatever they think will sell to the sheeple.

[Roland99]

36. The Next 15 Days Of Our Lives

http://www.zerohedge.com/news/guest-post-next-15-days-our-lives

An Important Week

I recall the early days of the Greek crisis when everyone asked why Greece was so important because it is such a small country. I responded that they had a total of $1.1 trillion in debt (sovereign, municipal, corporate, bank and derivatives) and I remember the blank stares. Now, if the newest bailout goes through, they will have more than $1.3 trillion in debt and while they could not pay the initial amount they certainly cannot pay any larger amounts so that it can clearly be stated that what is going on is the central banks of Europe and the ECB/EU lending money to Greece only as a conduit to pay back their own banking institutions. If you object to my math here recall that as the private sector involvement reduces the notational amount of sovereign debt but that the Greek banks are also going to be lent money so that the decrease in sovereign debt which excludes the ECB/EIB and IMF debt is not the headline bandied about in the press. So we have the hard date of March 9 when either the threshold for the exchange is met or not, the imposition of the CAC clause or not, the next “Question” to the ISDA if the CAC is triggered asking if there has been a credit event to trigger the CDS contracts, the possible consequences of a CDS trigger, the decision on the bailout funds by the EU and finally the March 20 hard date when Greece must make its bond payments or default. Regardless of your opinion, it may now be stated precisely, that there is a lot of risk on the table and on that basis alone I would assume a quite defensive position until this all gets played out. The risk/reward ratio is now strongly slanted towards Risk.

The Standoff

The IMF has offered $17 billion for the new Greek bailout according to the Finance Minister of Germany. The EU had hoped for a contribution of $51 billion so there is a shortfall in what has been theoretically approved of $34 billion which has been approved by no European Finance Minister or government. The IMF has said that they might increase their contribution if the firewall was made larger. Germany has stated that they will not increase the firewall as it is sufficient. We are currently at impasse here with the Greek March 20 bond payment looming large on the horizon. While this standoff is being largely ignored it is out there and quite real and some outcome must be reached in a timely manner or this could have a dire impact upon the next round of Greek funding if not concluded.

...

Second Bailouts

Regardless of the protestations and political rhetoric there are two countries now likely to need further rounds of funding. They are Portugal and Ireland. I would say the odds for Portugal are now at 85% as I regard their current financial statistics. Their economy is in serious decline which will also affect Spain and it is quite possible now, in my view, that Spain will have to pony up to the till at some point in 2012. Ireland has done a decent job of implementation of the EU guidelines and the problem here is not getting the job done or doing what has been agreed to but just their economy. The Irish GDP is in a state of deterioration while their debt to the EU and to the bank’s bondholders remains. The slippage is slow but it is there and cannot be ignored so that I put a 40% possibility currently of the Irish having to come back to the table during the next twelve months without the EU agreeing to some PSI plan for Ireland. There is also the Irish referendum forthcoming, a slippery slope no doubt, and public sentiment may well worsen as new economic data becomes available.

Advice

The next two weeks are “risk-off” weeks in my opinion. There are multiple chances for screw-ups, a variety of ways that the Greek transaction could fail or be impaired, and unintended consequences looming in large numbers. I would be taking some profits, raising cash and watching for opportunities. There is way more risk than reward at present and “Preservation of Capital” should be uppermost in your mind. During the next two weeks guesswork will be replaced by reality and fanciful notions replaced by actual facts. Caution is advised.

[Demeter]

44. Whether the stone hits the pitcher, or the pitcher hits the stone

it's going to be bad for the pitcher.

Sancho Panza

[Demeter]

10. Sweet Dreams Everyone

Just ignore everything I posted until morning....and I will try to do the same.

[Tansy_Gold]

11. Nitey Nite!

[DemReadingDU]

13. Daughter update from tornado

I spoke with daughter on Sunday evening. Electric has been restored, so they are happy they have hot showers again! The phone line was snapped during the tornado and not yet restored. And since the phone is the way they connect to the Internets, the computers are not yet online. Daughter says other people in her area have lost homes, barns, and horses, so they feel thankful that they, their house and animals are okay. Some neighbors and emergency-workers are helping them to clear debris and sort thru for salvageable items from the barn that was flattened. Many big old trees were uprooted and fallen over their property. They are so fortunate they didn't fall on their house!

The path of the tornado Friday was so devastating form Indiana, Kentucky, Ohio. So much has been lost in property and lives. In Ohio, three people have been pronounced dead. And 2 of them lived down the road from my daughter. She is very fortunate.

[xchrom]

14. thanks for the update -- tell every one here is thinking about them. nt

[Fuddnik]

15. I'm glad they're safe, and had minimal damage.

The Weather Channel had video footage from her area this morning, and it looks pretty bad.

[DemReadingDU]

19. The videos I have seen, are devastating

We have not gone to help daughter yet, because there are so many emergency workers and equipment trying to get things cleared of debris and power restored in various areas. I thought tomorrow, that we might go see daughter. We're 2 hours away, so it would be an eventful day.

[bread_and_roses]

25. I am so glad to hear that

- couldn't stop myself from reading some about the devastation this AM and ended up crying at the horrible losses so many are enduring. So glad to read that your daughter and her family are OK.

[Po_d Mainiac]

39. Glad to hear your family is OK

And best regards for the victims
:momentofsilence:

[xchrom]

16. monday -- lena horne has to bring this one in

[Demeter]

17. Thanks for the clip, X

I never heard the words for this ballad (Bell Book and Candle only was the music) and I didn't know the film, but I've ordered it for the Kid's birthday...she likes musicals....

And now I'm suitably depressed for the next 3 weeks of board meetings!

We had a dusting of snow, again, and bitter cold night. Come on, Spring! Give us a discount!

[xchrom]

21. i have to officially say march came in like a lion...

there was only 1 nice day -- and that was the first 1.

other wise stormy, rainy, -- there were tornados, you guys had snow...

yep -- it was a lion.


you'll love the movie, i think. and lena? just love her.

[Demeter]

20. Insurer AIG selling AIA shares, to raise about $6 billion

http://news.yahoo.com/aig-sells-shares-aia-group-investors-001724443.html

American International Group (AIG) is looking to raise about $6 billion by selling part of its stake in Asia subsidiary AIA Group Ltd <1299.HK> in a long-awaited move to help the bailed-out U.S. insurer repay the federal government.

AIG is offering about 1.7 billion shares in a range of HK$27.15-27.50 per share - a discount of up to 7 percent to Friday's close of AIA's shares - according to a term sheet seen by Reuters. Earlier on Monday, trading in AIA shares was suspended.

In a statement on Monday, AIG announced the sale, via a placing with institutional investors, but did not specify the amount. The U.S. insurer said it expects to use the net proceeds to reduce the balance due to the U.S. Treasury Department's preferred equity interest in a special-purpose vehicle in which AIG holds the AIA shares.

Goldman Sachs and Deutsche Bank are handling the share sale, according to two sources with direct knowledge of the process...

DIDN'T THEY TRY THIS AT LEAST TWICE SINCE 2008?

EVERY MODERN-DAY CRASH AND BURN HAS BEEN DERIVATIVE-BASED....LET'S STOP AND THINK ABOUT THAT FOR A FEW MINUTES....

[Demeter]

24. The role of derivatives in the 2008 crisis

http://syntheticassets.wordpress.com/2012/03/02/the-role-of-derivatives-in-the-2008-crisis/

“More generally, the 2008 credit crunch was never related to worries over traded derivatives; it was — like all credit crunches — related to much more general worries over bank solvency and the quality of banks’ balance sheets.” Felix Salmon

The claim that the 2008 crises were not related to worries over traded derivatives is simply wrong. And I write this post to present some of the considerable evidence against this claim. (That said, I agree with Felix Salmon’s critique of this article that the Greek default is not a good example of CDS-generated systemic risk.)

First, William Dudley the President of the New York Federal Reserve Bank has stated publicly that: “The novation of OTC derivatives was an important factor behind the liquidity crises at both Bear Stearns and Lehman Brothers.”

Novation takes place when, for example, a hedge fund decides that it doesn’t want to face Bear Stearns as a counterparty and therefore transfers the contract from Bear Stearns in order to face JP Morgan Chase. In the process any collateral the hedge fund has posted to Bear Stearns must be transferred to JP Morgan Chase.

Second, the OCC derivatives reports (that include derivatives held by regulated commercial banks, but not by the investment banks) indicate that credit derivatives experienced much greater changes in values than other derivatives over the course of 2008. Specifically credit derivatives comprised 20% of the fair value (summing positive fair value with negative fair value) of derivative portfolios in the first quarter of 2008. (See Table 6 here.) And by the third quarter had jumped to 32% of the fair value. (here) Thus, it reasonable to conclude that a minimum of 20% to 30% of the novations that played an important role in the collapse of both Bear and Lehman were due to credit derivatives.

It is entirely possible that significantly more of these novations were due to credit derivatives. Since the aggregate fair value of bank derivative portfolios actually fell from Q1 to Q3 2008 by 6% or $250 billion, the increase in fair value of credit derivatives reflected a move from approximately $1 trillion to $1.3 trillion. In other words, as one might predict, the value of credit derivatives moved much more dramatically during the “credit crunch” than the value of other derivatives. Under the circumstances of these dramatic price changes, it seems safe to assume OTC derivative related collateral calls between Q1 and Q3 2008 were more likely to involve credit derivatives than other derivatives. And I would posit that such collateral calls can trigger demands for novation. Attibuting 30% of the novations in the credit crises of 2008 to credit derivatives is therefore probably a low estimate.

****************************************************************************************

Update 3-2-10: The ISDA Margin Survey 2009, Table 4.2, indicates that from 2007 through 2009 66% of credit derivative exposures were collateralized. Thus when the fair value of credit derivatives held by regulated banks increased by $300 billion from March 31, 2008 to September 30, 2008, it's fair to assume that this had the direct result of increasing the demand for collateral over this period by $200 billion. And this number excludes the increased demand in collateral created by the investment banks' credit derivatives portfolios....

Finally, we have the fact that New York Fed jumped on the CDS market after the Bear Stearns bailout – and didn’t allow Lehman to fail until after “centralized settlement among major dealers” for credit derivatives was implemented. Previous industry commitments with respect to credit derivatives were focused on back office infrastructure issues and had a leisurely timeframe. (This September 2006 press release indicates that significant advances for the industry included an end to novation without consent, an 80% reduction in the number of confirmations outstanding for more than 30 days, and a significant increase in the confirmation of trades on an electronic platform.)

In March 2008, by contrast, the industry agreed to automated novations processing by the end of 2008, and full implementation of centralized settlement among major dealers by September 2008. The latter commitment was confirmed by the dealers in July 2008. (page 3 here.) In other words, the regulators moved from jawboning to a demand for commitments from the credit derivatives dealers for major changes in the clearing process that included very close deadlines, due to concerns over “the resiliency of the OTC derivatives market.”

While Felix Salmon may argue that this sudden seriousness about reform of the credit derivatives market was pure coincidence, most would conclude that it reflected regulators’ concern about the market after the failure of Bear Stearns in March 2008.

Overall, the claim that “2008 credit crunch was never related to worries over traded derivatives” is contradicted by the facts. Insiders have acknowledged that novation of OTC derivatives played an important role in the crisis. And I think Felix Salmon would have difficulty finding a member of the industry who is willing to assure him that the credit derivatives market would have handled the failure of Lehman effectively, if it had still been working with the market infrastructure of March 2008. Given this situation, the evidence points pretty clearly to likelihood fact that the CDS market was one of the reasons the Federal Reserve was unwilling to let Bear Stearns fail the way it let Lehman fail.

***********************************************************************************/

An additional note. Felix Salmon writes, comparing bilateral clearing to a clearinghouse:

“If a bank has written so much credit protection that it becomes insolvent, then there’s significant systemic counterparty risk regardless of how its derivatives trades are cleared.”

Huh? The whole point is that the bank default to the clearinghouse is borne jointly by the banks that guarantee the clearinghouse, instead of being born by individual counterparties – who are naturally more likely to be bankrupted by the bank’s failure to pay, then if they share the losses and thus divide them by 3 or 5 or some such number.

The point of a clearinghouse is not to prevent bad banks from facing a credit-crunch. Obviously from an efficient markets point of view the sooner that happens, the better. The point is that clearinghouse should help prevent the credit crunch/failure of a bad bank from taking down other banks that could potentially be made insolvent by excessive exposure to the bad bank — and thus to prevent the bad bank from setting off the chain of failures that defines a systemic crisis. Of course, if the banks are willing to rely on collateral and choose not to limit credit to bad banks, then we’re in big trouble in either system.

AND THERE WE HAVE IT...THE LITTLE MAN BEHIND THE CURTAIN

[xchrom]

22. China, Greece concerns weigh on markets

http://hosted.ap.org/dynamic/stories/W/WORLD_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-03-05-07-28-17

LONDON (AP) -- Worries over China's economic growth and whether Greece can entice enough private creditors to participate in a bond swap deal weighed on markets Monday, at the start of a busy week which culminates with closely-watched U.S. jobs figures.

Investors are getting increasingly fearful that China's economy is coming off the boil. That's important because over the past few year, a booming Chinese economy has helped shore up the global economy in the wake of a banking crisis, the deepest recession since World War II and rising concerns over the debt problems afflicting a number of countries that use the euro.

On Monday, China's premier Wen Jiabao lowered the economy's growth target to 7.5 percent from the 8 percent it has stood at for years as he outlined plans to boost domestic consumption and to maintain a "prudent" monetary policy.

"The softer mood did coincide with China trimming its growth target for the first time in eight years as it focuses on quality, rather than speed, of growth," said Sue Trinh, an analyst at RBC Capital Markets.

[xchrom]

23. Oil hovers below $107 in Asia amid Iran tension

http://hosted.ap.org/dynamic/stories/O/OIL_PRICES?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-03-05-07-18-30

SINGAPORE (AP) -- Oil prices hovered below $107 a barrel Monday in Asia as simmering tensions over Iran's nuclear program kept crude near 10-month highs.

Benchmark oil for April delivery was up 7 cents to $106.77 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Brent crude was down 10 cents to $123.55 per barrel in London.

Crude jumped to $110.55, the highest since May, late Thursday after an unconfirmed Iranian media report of a pipeline explosion in Saudi Arabia. Saudi officials denied the report, which helped send crude down $2.14 to settle at $106.70 per barrel in New York on Friday.

"The magnitude of the response to the unfounded rumor highlights a tight crude supply situation that will be keeping the entire market highly responsive to even the smallest hint of a supply disruption," energy consultant Ritterbusch and Associates said in a report.

[Demeter]

26. Fed Shrugged Off Warnings, Let Banks Pay Shareholders Billions

http://www.propublica.org/article/fed-shrugged-off-warning-let-banks-pay-shareholders-billions

In early November 2010, as the Federal Reserve began to weigh whether the nation’s biggest financial firms were healthy enough to return money to their shareholders, a top regulator bluntly warned: Don’t let them.

“We remain concerned over their ability to withstand stress in an uncertain economic environment,” wrote Sheila Bair, the head of the Federal Deposit Insurance Corp., in a previously unreported letter obtained by ProPublica.

The letter came as the Fed was launching a “stress test” to decide whether the biggest U.S. financial firms could pay out dividends and buy back their shares instead of putting aside that money as capital. It was one of the central bank’s most critical oversight decisions in the wake of the financial crisis.

“We strongly encourage” that the Fed “delay any dividends or compensation increases until they can show” that their earnings are strong and their assets sound, she wrote. Given the continued uncertainty in the markets, “we do not believe it is the right time to allow transactions that will weaken their capital and liquidity positions.”

Four months later, the Federal Reserve rejected Bair’s appeal. MORE

[Demeter]

28. Reckless: The Inside Story of How the Banks Beat Washington (Again)

http://www.theatlantic.com/business/archive/2012/03/reckless-the-inside-story-of-how-the-banks-beat-washington-again/253883/

One year ago, the largest financial institutions on Wall Street were desperate to show off their strength by paying out, or raising, dividends for the first time since the Great Recession. After conducting a secretive test of the banks' health, the Federal Reserve granted most of their requests in March 2011 -- over loud objections from economic luminaries in Washington and across the country. Now, for the first time, we tell the story of why the Federal Reserve caved, and how Wall Street still owns the place.

In March 2011, the Federal Reserve green-lighted most of the top 19 financial institutions to deliver tens of billions of dollars to shareholders, including many of their own top executives. The 19 paid out $33 billion in the first nine months of 2011 in dividends and stock buy-backs.

That $33 billion is money that the banks don't have to cushion themselves -- and the broader financial system -- should the euro crisis cause a new recession, tensions with Iran flare into war and disrupt the oil supply, or another crisis emerge.

This is the first in-depth account of the Fed's momentous decision and the fractious battles that led to it. It is based on dozens of interviews, most with people who spoke on condition of anonymity, and on documents, some of which have never been made public. By examining the decision, this account also sheds light on the inner workings of one of the most powerful but secretive economic institutions in the world.

The Federal Reserve contends it assessed the health of the banks rigorously and made the right decisions. The central bank says the primary purpose of the stress test was to assess the banks' ability to plan for their capital needs. The Fed allowed only the healthiest banks to return capital -- and they are still not paying anything like the proportion of profits that they distributed in the boom years. And it says the stress test covered only one year. Regulators say they can revisit their decisions if the economic picture turns bleaker.

Most important, Fed officials argue that the biggest financial institutions still added $52 billion in capital to their balance sheets in 2011 despite raising dividends or buying back stock. The top 19 financial firms had a 10.1 percent capital ratio by the end of the third quarter of 2011, using the measure that regulators primarily look at, nearly double what they had in the first quarter of 2009.

[bread_and_roses]

27. Honest to goddess, it never ends, we never learn - more sweetheart Corp givaways

here: http://www.alternet.org/story/154383/how_freshdirect_delivers_misery_along_with_your_groceries--and_how_workers_and_the_community_are_fighting_back/?page=entire

How FreshDirect Delivers Misery Along With Your Groceries--And How Workers and the Community are Fighting Back
The upscale grocery delivery service pays less than $9 an hour, has faced discrimination complaints, and is a union-buster--so why is New York giving it a handout?

... Yet billionaire mayor Michael Bloomberg, along with Governor Andrew Cuomo and Bronx borough president Ruben Diaz Jr., is about to hand over $129 million in public money, through tax exemptions and direct subsidies, to FreshDirect, a grocery delivery service that is notorious for underpaying its workers, has faced multiple accusations of discrimination and has been accused of using all sorts of shady tactics to block its workers from joining a union.

... its delivery drivers and warehouse workers make less than $9 an hour, and the company, co-founded and headed by a former investment banker, Jason Ackerman, has no plans to deliver its products to the South Bronx community where it wants to build its 500,000-square-foot taxpayer-funded facility.

(bold emphasis added)

The company is too "upscale" to accept Food Stamps or WIC, on which 66% of the South Bronx residents depend, according to the article. And I would bet that the SB is one of the "food deserts" we read about, where people are forced by the lack of good grocery stores to buy food from convenience stores at outrageous prices.
edit for quote style

[Demeter]

29. Republic Windows Workers Consider Employee-Owned Co-Op

http://www.truth-out.org/republic-windows-workers-consider-employee-owned-co-op/1330711182

Three years ago, a worker occupation in Chicago saved a factory and sent up a flare of resistance. Three years on, workers at the same factory are illuminating not only how workers might resist layoffs but also what they might do next.

“Last time it took six days. This time it took about eleven hours.” That’s union representative Leah Fried describing winning another reprieve last week for the factory formerly known as Republic Windows and Doors.

In December 2008, days after receiving a $25 billion federal bailout, Bank of America cut off Republic’s credit, leading management to fire all 250 workers without pay or notice. With layoffs approaching 500,000 a month around the country, Republic’s workers and their union, the militant United Electrical Workers, voted to resist. They occupied the plant and stayed, winning the hearts of downcast Americans everywhere and inspiring even an incoming US president. Bank of America backed down, giving the factory time to find a new buyer, which it did, a company called Serious Energy.

Last Thursday morning, workers heard from Serious Energy that once again, the plant was to close at once with no notice and no severance. This time mobilization was speedy. As soon as word went out, allies started arriving. Former Republic employees, Occupy Chicago, ARISE, the Chicago Worker’s Collaborative, Jobs with Justice and Stand Up Chicago showed up primed with pizzas and tents and created a supportive cordon as workers negotiated with police. No need to wait for media to catch on; a live stream fed video to the world from the start. As workers inside prepared to bed down for the night, Serious Energy backed down, announcing a ninety-day stay...MORE

MORE POWER TO THE WORKERS! THEY ARE ON THE RIGHT TRACK!

[Tansy_Gold]

30. One word

MONDRAGON

[Demeter]

31. Cooperatives Over Corporations by: Jim Hightower

http://www.truth-out.org/cooperatives-over-corporations/1330091031

.....

The Cooperative Way.

Cooperatives can (and do) provide a deeply democratic, locally controlled, highly productive, efficient percolate up capitalism. Co-ops are wholly in step with the values, character, spirit and history of the American people.

While socialism has been cast by the corporatists as a destroyer of our sainted free-enterprise system, the cooperative approach is not an -ism at all, but a democratic structure that literally frees the enterprise of the great majority of Americans -- which is why the co-op movement is fast spreading throughout our country.

While it's rarely mentioned by the conventional media, completely missing in the political discourse, not considered by economic planners and chambers of commerce and not known by most of the public, there are 30,000 cooperatives in America (with 73,000 places of business). A 2009 survey by the University of Wisconsin's Center for Cooperatives (www.uwcc.wisc.edu) found that these energetic enterprises have 130 million members, registering $653 billion in sales and employing more than 2 million people.

There are several types of co-ops, including those owned by workers (there are 11,000 of these, with 13 million worker-owners). Also, there are cooperatives owned by consumers, producers, local businesses, artists and communities, as well as hybrids of those categories. They function in every sector of our economy -- manufacturing, health care, transportation, banking, farming and food, media, massage, child care, funeral services, interpreting and translating services, advertising, home building, high tech, engineering, energy ... and even a strip club in San Francisco.

Co-op businesses do everything that a corporation can do, but with a democratic structure, an equitable sharing of income and a commitment to the common good of the community and future generations....MORE

[Demeter]

32. Mike Daisey Takes a Bite Out of Apple

http://www.truth-out.org/mike-daisey-takes-bite-out-apple/1330095840

A JEDI KNIGHT TAKES ON THE CORPORATION--MUST READ

[xchrom]

34. Ireland likely to need second bailout, rating agency warns

http://www.irishtimes.com/newspaper/breaking/2012/0305/breaking27.html

Ireland is likely to need a second bailout when its current aid program ends, rating agency Moody’s warned today.

In its weekly credit outlook report, Moody’s also warned a No vote in the upcoming fiscal treaty referendum would bar Ireland from receiving further funds under the European Stability Mechanism (ESM).

The agency predicted the Government would have to rely on the ESM for additional funding after the existing bailout program expires in 2014.

"We expect Ireland to face challenges regaining market access in 2013 and it will likely need to rely on the ESM, at least partially, when the current support programme expires,” it said.

[DemReadingDU]

38. MF Global: What Happened to the Money - 'This Is Not a Boat Accident'

3/4/12 MF Global: What Happened to the Money - 'This Is Not a Boat Accident'

Money does not just 'vaporize' or go missing because of sloppy bookkeeping. The crony capitalists and their friends would have you think that it was just an accident, or some unfortunate act of God for which no one can be held responsible. Like the financial crisis in the world caused by massive fraud at the big Banks for which no one has been held accountable.

The facts suggest that the customer money at MF Global was stolen, twice.

First, it was stolen by the management of MF Global, who brazenly used it to cover their own gambling losses.

Then it was stolen by the recipients of the stolen money, probably the Banks and powerful financiers, who knew that MF Global was going under, and did not want to take the losses on their own unsecured claims.

So the system was twisted to hide the involvement of powerful figures with strong ties to the political system and multinational corporations operating out of New York and the City of London.

As Richard Dreyfuss said in the movie, Jaws, "Well, this is not a boat accident."

And until the people do something, say something, to stop it, this kind of wanton theft will almost certainly happen again.

In a cover up like this it is never the initial act, but almost always the subsequent actions to hide the truth, that festers, and can bring down corrupt organizations.

http://jessescrossroadscafe.blogspot.com/2012/03/mf-global-what-happened-to-money-money.html

&feature=player_embedded

[Demeter]

46. 4 Years....and Still Waiting

In a cover up like this it is never the initial act, but almost always the subsequent actions to hide the truth, that festers, and can bring down corrupt organizations.

Look how long it took to take down the Catholic Church...Martin Luther died 18 February 1546. It's still not down, but at least it has equally corrupt competition...

[Roland99]

40. February ISM service-sector index rises to 57.3% (56.0 expected)

[Roland99]

41. Factory orders fall 1% in January (1.5% drop expected)

http://www.marketwatch.com/story/factory-orders-fall-1-in-january-2012-03-05?link=MW_home_latest_news

[AnneD]

42. Morning Marketeers....

:coffee: and lurkers. I managed to have a fun weekend. I went to my first gun show. I don't know what I enjoyed more... The guns or the people. You had everyone there from choloes, bikers, brothers, dudes that I am sure had a white sheet under their shirts, survivalists, preppers, young men with Arabic accents, police officers, sheriffs, and ex military. It was testosterone central. I got info I needed on concealed handgun permit classes and got to handle a few guns. I actually enjoyed it and will be going again soon. Oh yes, I joined the NRA. I put the membership card right next to my ACLU card and tribal role card. I guess I defy pigeon holes now.

I later went to a wake of sorts. My good friends lost their father last week and we had friends, neighbors, and family stop in. This guy has been a life long Democrat but has been so pissed of that he is running for a newly drawn Texas district as a Green party candidate (there is no Democrat running and it is an incumbent GOP). After looking at the boundary, he might actually stand a chance of winning. He is well known in the Indian community and his wife is from India. The district has a heavy Indian population, to everyone's surprise. He might actually win.

We were telling his Indian wife that she needed to dye her hair blond and become high maintanence. We all put in requests for our political appointments, wrote up his platform, and came up with slogans. It was the funniest political talk I had in a long time.

Happy hunting and watch out for the bears.

[Demeter]

43. Why the Banks Are Too Big to Jail

http://www.truth-out.org/too-big-jail/1329944291

Among the fundamental principles of any functioning justice system is the following: Don’t lie to a judge or falsify documents submitted to a court, or you will go to jail. Breaking an oath to tell the truth is perjury, and lying in official documents is both perjury and fraud. These are serious criminal offenses, but apparently not if you are at the heart of America’s financial system. On the contrary, key individuals there appear to be well compensated for their crimes.

As Dennis Kelleher of Better Markets has argued, the recent so-called “robo-signing” settlement – in which five large banks “settled” their legal liability for carrying out fraudulent foreclosures on mortgages – is a complete sell-out to the financial industry.

First, there was no serious criminal prosecution – meaning that no one will be charged with a felony, and no one will go to jail. In terms of affecting executives’ incentives, this is the only thing that matters.

Even the terminology used to frame the discussion is wrong. Kelleher, an attorney with extensive experience in private practice and the public sector, tells it like it is: “‘robo-signing’ is massive, systematic, fraudulent, criminal conduct.” Alternatively, as he points out, we could just call it “lying, cheating, and stealing.”

[Demeter]

47. Gonna take a snuggle with the Grandpuppy, then work and Board Meeting

See you all late tonight, or tomorrow....stay warm and dry and don't touch the downed wires!

[Fuddnik]

48. Wall Street bankster stiffs, then stabs cabbie.

The 1% strike again!

http://bottomline.msnbc.msn.com/_news/2012/03/05/10583186-morgan-stanley-banker-charged-with-assault-over-cab-fare-dispute


Morgan Stanley banker charged with assault over cab fare dispute
By Martha C. White

Is this a case of the 1 percent literally sticking it to the working man? A Connecticut banker is due in court this Friday to be arraigned on charges that he stabbed a cabdriver and used racial epithets when a dispute over a fare allegedly escalated into violence.

William Bryan Jennings, a top executive in Morgan Stanley's North American fixed-income capital markets, was placed on leave, according to the Darien News-Times, after he was arrested and charged with assault, theft of services and bias intimidation.

"We're asking everyone to reserve their judgment," Jennings lawyer, Eugene Riccio, said in a phone interview with msnbc.com.

According to police and court documents cited by the New York Post, Jennings refused to pay a roughly $200 fare for the hour-long drive from Manhattan to his home in Darien after a holiday party last December.

(snip)

[AnneD]

49. How to Outsmart Social Security ...

Hough: A new study offers tips on when to begin collecting benefits.

Social Security is designed to be fair, but it plays favorites. A savvy retiree can maximize benefits by choosing to begin payments at just the right time. Most choose wrong, whether from necessity or because they don't understand the system, a new study suggests.

Eligible Americans who turn 62 this year must wait until age 66 to begin receiving full payments. But they can receive smaller payments beginning as soon as age 62, or plus-size payments beginning as late as age 70.

(There are some restrictions for those who continue to work, depending on income. See "How Work Affects Your Benefits," published by the Social Security Administration.)

Monthly payments are 76% greater for a retiree who waits until age 70 than for one who begins collecting at 62, adjusted for inflation. That type of arrangement, where a person forfeits money today in exchange for receiving a larger stream of payments in the future, has a name in the investment world. It's called an annuity

more...

http://www.smartmoney.com/retirement/planning/how-to-outsmart-social-security-1330663788855/?cid=djem_sm_WeekontheStreet_h

Again, one of my fav advisors gives some good nuggets of wisdom.

[hamerfan]

50. Musical Interlude

The Rolling Stones. Sweet NeoCon:

just because....