STOCK MARKET WATCH, Friday July 16

[ozymandius]

Source: du

STOCK MARKET WATCH, Friday July 16, 2010

AT THE CLOSING BELL ON July 15, 2010

Dow... 10,359.31 -7.41 (-0.07%)
Nasdaq... 2,249.08 UNCH (UNCH)
S&P 500... 1,096.48 +1.31 (+0.12%)
Gold future... 1,206 -2.40 (-0.20%)
10-Yr Bond... 2.98 -0.02 (-0.50%)
30-Year Bond 3.98 -0.01 (-0.20%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Handy Links - Market Data and News:Economic Calendar    Marketwatch Data    Bloomberg Economic News    Yahoo! Finance    Google Finance    Bank Tracker    
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Handy Links - Economic Blogs:
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Handy Links - Government Issues:
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Handy Links - Videos:
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    William Black: This Economic Disaster    Bill Moyers with Kevin Drum and David Corn

Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren

Bush Administration Officials Charged = 1
Name(s): Richard Lopez Razo

Financial Sector Officials Convicted since 1/20/09 = 11

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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.

Read more: du

[ozymandius]

1. Today's Reports

08:30 Core CPI Jun
Briefing.com 0.0%
Consensus 0.1%
Prior 0.1%

08:30 CPI Jun
Briefing.com -0.2%
Consensus -0.1%
Prior -0.2%

09:00 Net Long-Term TIC Flows Apr
Briefing.com NA
Consensus NA
Prior $83.0B

09:55 Mich Sentiment Jul
Briefing.com 74.0
Consensus 74.5
Prior 76.0

http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm

[Roland99]

27. U.S. July consumer sentiment plummets

http://www.marketwatch.com/story/us-july-consumer-sentiment-plummets-2010-07-16

U.S. consumer sentiment plummeted in early July, hitting the lowest level since August, according to media reports of a survey released Friday by Reuters and the University of Michigan. The UMich index fell to 66.5 in early July from 76 in late June. The June reading was the highest level in more than two years. The average level of the index is around 87. Economists surveyed by MarketWatch had expected a July reading of 74.3. A separate reading on consumer confidence also recently plunged, with consumers worried abut weak hiring and the economy

[ozymandius]

2. Natural gas jumps as hot weather boosts demand

Natural gas prices jumped Thursday as Americans cranked up air conditioners with hot weather gripping much of the country.

Natural gas rose 28 cents, or 6.5 percent, to settle at $4.586 per 1,000 cubic feet on the New York Mercantile Exchange. That's the highest settlement price for natural gas in two weeks.

Meanwhile at the gasoline pump, motorists across the country paid an average $2.718 for a gallon of regular unleaded, up 0.5 cent from Wednesday, according to AAA, Wright Express and Oil Price Information Service. That's about the same as a week ago and nearly 22 cents higher than a year ago.

Oil prices retreated on disappointing economic news. The Federal Reserve said industrial production inched up 0.1 percent last month, while regional index from New York and Philadelphia showed declines.

http://news.yahoo.com/s/ap/oil_prices

[ozymandius]

3. Dollar extends losses on US economy concerns

LONDON (AFP) – The dollar fell further on Friday, touching the lowest level so far this year against the yen, as weak US data fuelled concerns about the world's biggest economy, analysts said.

The euro rose to 1.2975 dollars in morning trading here, up from 1.2941 dollars in New York late on Thursday.

Against the Japanese currency, the dollar fell to 87.09 yen from 87.39 yen on Thursday.

In earlier trading in Tokyo, the dollar fell briefly to 86.93 yen -- the first time it had dipped below 87 yen since July 1 and the lowest level since early December.

http://news.yahoo.com/s/afp/20100716/bs_afp/forexeurope

[ozymandius]

4. Buffett warns Obama U.S. economy only halfway back

WASHINGTON (Reuters) – President Barack Obama heard a sobering message from Warren Buffett when he asked for the investment guru's views about the economic recovery, according to an interview Obama gave NBC News on Thursday.

"I'll tell you exactly what Warren Buffett said. He said, 'We went through a wrenching recession. And so we have not fully recovered. We're about 40, 50 percent back. But we've still got a long way to go'," Obama told NBC during a visit to Holland, Michigan, to promote his job creation policies.

Obama said Buffett specifically used the example of the U.S. housing market, noting 1.2 million new homes were built on average per year in the United States, according to historic trends. That number soared above 2 million during the property bubble, but construction activity has since collapsed.

http://news.yahoo.com/s/nm/20100716/ts_nm/us_obama_buffett

[Po_d Mainiac]

5. Page 4

Was Greenscum in on the scam? IMHO, probably not. After listening to his drivel before the Senate Banking Committee around the time of the Dot Bomb crash (and then reading the text) I wondered if he had thumbs. When Maria Burpthebimbo stated how strong his presentation was on CNBS, I knew I had to find a better source for news. Enabler? Yes, but in a puppet role, not the one yanking the strings

PaPaPa err Hank, was very much a puppeteer. You don’t rise to the top of the Goldman dung heap without being a natural born killer. He knew Lehman was road kill, He also had to know that the payout on the swap contracts would drain too much cash from AIG’s coffers for them to remain viable. He and Liar Lloyd had surely factored that there would be some loss on the swaps, but with the short stock positions on Lehman and AIG it would still be a fine payday

Taking Lehman down was certainly part of the plan. Fuld and company wore the wrong ties, and lacked the pedigree to run with the “Big Dogs.” If the testimony before the FCIC was Fuld at his best, Lehman couldn’t help but head for the Wall St. version of Bligh Reef at warp speed. Lehman was a willing buyer of the shit GS, BoA, ML, Shiti, HSBC, etc. were selling.

Hanky and Liar probably didn’t know that Cassano was getting butt sex from other puppeteers also. When Lehman imploded, AIG was flat ass broke. Without the swap payouts, Goldman Sucks was now on the ropes. Paulson’s own stock was in peril. Problem now was that in order to cover his own butt, he had to give the same treatment to the rest of AIG’s counterparties. Ow well just toss out the TARP…Now everyone’s covered….Other, than Lehman and AIG.

Turbo did what he was told to do, and Bumhanky got to play mad scientist saving the world from Great Depression ll.

But after all this, it becomes obvious to the puppeteers that they can now slice off the upper crust of every loaf of bread in the USA.

Have the investment banks blown up the world more than once and done well in the process? They sure played a part in the Dot Bomb blast.

There used to be a time, long ago, when a company needed to show a profit before going public. Bear, GS, MS etc. would take companies public and make money in the process. Problem was, not that many companies had the history of profitable quarters to qualify for an IPO, and there was actual competition amongst the brokerages for the business.

At some point the game changed, and I can imagine that the planning for an IPO went something like this:

Banker: Come on in kid, geez you smell bad.
IPO Candidate: Sorry I can’t afford soap.
Banker: Wrong answer. Say you’ve been slaving non-stop developing this new product and there was just no time to bathe.
IPO Candidate: OK
Banker: Let me see your business plan.
IPO Candidate: A what? I’m hungry. Can I borrow $5 for a sandwich from the machine?
Banker: Here’s $20. Go down to cafeteria, and when you get done eating write something down on one of the napkins.
IPO Candidate: Can I borrow a pen?

A month later the company goes public and the IPO sucks $5 Million from pension and mutual funds. The banker pockets a nice commission.

(The IPO Candidate blows $1.5 million on a Super Bowl ad, $2 million on a mansion, $1.4 million renovating and hard wiring and old warehouse, and $1 million powdering his nose. He needs a bath again but that’s a different story.)

Trivia: Average Wall Street bonuses for 2009 were up 17 percent when compared with 2008.
http://www.businessinsider.com/22-statistics-that-prove-the-middle-class-is-being-systematically-wiped-out-of-existence-in-america-2010-7#average-wall-street-bonuses-for-2009-were-up-17-percent-when-compared-with-2008-13
Tansy…The end is in sight

[DemReadingDU]

6. Cool toon today!

It took me a few minutes to realize what it was!
:)

[ozymandius]

8. Thank Po_d Mainiac for the toon.

That was commended to my attention this morning.

[Po_d Mainiac]

11. Ain't sure who should get credit for the product

Saw it on ZH.

Tis a true work of art tho....Luv the money supply hockey stick in the center :rofl:

[DemReadingDU]

19. That was great!

Here is the link on ZeroHedge
http://www.zerohedge.com/article/artists-rendering-ben-bernankes-desktop

[DemReadingDU]

20. Tim Geithner's Desktop

and now Tim Geithner's Desktop
:)




http://www.zerohedge.com/article/artists-rendering-tim-geithners-desktop

[AnneD]

53. Loved it.....

I haven't laughed like that in a while, well at least since the dog, the deer, and the ball. I seem to get the best good laughs here lately. Go figure.

[ozymandius]

7. Congress acts, but bank bill has work ahead

...The legislation gives regulators latitude and time to come up with new rules, requires scores of studies and, in some instances, depends on international agreements falling into place.

For Wall Street, the next phase represents continuing uncertainty. It also offers banks and other financial institutions yet another opportunity to influence and shape the rules that govern their businesses.

Among the first impacts of the bill, which Obama is expected to sign as early as Wednesday, will be the immediate creation of a 10-member Financial Stability Oversight Council, a powerful assembly of regulators chaired by the treasury secretary to keep watch over the entire financial system.

The Obama administration has one year to create a new Bureau of Consumer Financial Protection. Congress will keep its eye on that agency, eager to see whom Obama chooses as its director. The agency will have vast powers to enforce regulations covering mortgages, credit cards and other financial products.

http://news.yahoo.com/s/ap/20100716/ap_on_bi_ge/us_financial_overhaul

[Po_d Mainiac]

12. This stuff needed to to be engraved in stone

not left up in the air for interpretation by whoever the CofC/Wall St. places on the panels :grr:

[TalkingDog]

46. Times blog on the Financial Reforms Passage

http://swampland.blogs.time.com/2010/07/15/financial-reforms-passage-its-just-the-beginning/?xid=rss-topstories


An overview of the regulations and the fine tuning questions...

[Festivito]

9. Debt: 07/14/2010 13,189,505,566,215.83 (DOWN 9,785,289,988.48) (Wed)

(Up a little. Good day.)
I had to edit my post last evening.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 8,639,660,769,988.28 + 4,549,844,796,227.55
UP 197,224,468.53 + DOWN 9,982,514,457.01

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 310-Million person America.
If every American, man, woman and child puts in $3.23 THAT'S 1B$, and $3,229.21 makes 1T$.
A family of three: Mom, Dad, Child: $9.69, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 13 seconds we net gain another American, so at the end of the workday of the report, there should be 309,673,100 people in America.
http://www.census.gov/population/www/popclockus.html ON 04/09/2010 15:49 -> 309,034,742
Currently, each of these Americans owe $42,591.71.
A family of three owes $127,775.12. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 days.
The average for the last 22 reports is 6,652,604,403.61.
The average for the last 30 days would be 4,878,576,562.65.

There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 196 reports in 287 days of FY2010 averaging 6.53B$ per report, 4.46B$/day.
Above line should be okay

PROJECTION:
There are 921 days remaining in this Obama 1st term.
By that time the debt could be between 14.5 and 17.9T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
07/14/2010 13,189,505,566,215.83 BHO (UP 2,562,628,517,302.75 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,279,676,562,704.10 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,627,463,224,344.94 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
06/23/2010 +000,605,957,540.69 ------------********
06/24/2010 -003,383,268,122.91 --
06/25/2010 +000,258,141,060.04 ------------********
06/28/2010 -000,856,644,286.03 --- Mon
06/29/2010 +000,753,506,197.45 ------------********
06/30/2010 +077,231,903,487.92 ------------**********
07/01/2010 -006,671,631,742.50 --
07/02/2010 +000,460,030,174.48 ------------********
07/06/2010 +000,075,213,990.44 ------------******* Tue
07/07/2010 +000,013,416,608.65 ------------*******
07/08/2010 +011,830,915,605.93 ------------**********
07/09/2010 -000,134,583,926.15 ---
07/12/2010 -000,143,600,537.54 --- Mon
07/13/2010 +000,353,392,256.51 ------------********
07/14/2010 +000,197,224,468.53 ------------********

80,589,972,775.51 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4465563&mesg_id=4465781

[Festivito]

64. Debt: 07/15/2010 13,240,228,521,494.88 (UP 50,722,955,279.05) (Thu)

(Up a lot. Good day.)
Sunday cereal.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 8,687,401,404,190.30 + 4,552,827,117,304.58
UP 47,740,634,202.02 + UP 2,982,321,077.03

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 310-Million person America.
If every American, man, woman and child puts in $3.23 THAT'S 1B$, and $3,229.14 makes 1T$.
A family of three: Mom, Dad, Child: $9.69, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 13 seconds we net gain another American, so at the end of the workday of the report, there should be 309,679,747 people in America.
http://www.census.gov/population/www/popclockus.html ON 04/09/2010 15:49 -> 309,034,742
Currently, each of these Americans owe $42,754.58.
A family of three owes $128,263.75. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 days.
The average for the last 22 reports is 7,354,920,067.46.
The average for the last 30 days would be 5,393,608,049.47.

There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 197 reports in 288 days of FY2010 averaging 6.75B$ per report, 4.62B$/day.
Above line should be okay

PROJECTION:
There are 920 days remaining in this Obama 1st term.
By that time the debt could be between 14.5 and 18.2T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
07/15/2010 13,240,228,521,494.88 BHO (UP 2,613,351,472,581.80 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,330,399,517,983.10 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,686,096,611,332.75 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
06/24/2010 -003,383,268,122.91 --
06/25/2010 +000,258,141,060.04 ------------********
06/28/2010 -000,856,644,286.03 --- Mon
06/29/2010 +000,753,506,197.45 ------------********
06/30/2010 +077,231,903,487.92 ------------**********
07/01/2010 -006,671,631,742.50 --
07/02/2010 +000,460,030,174.48 ------------********
07/06/2010 +000,075,213,990.44 ------------******* Tue
07/07/2010 +000,013,416,608.65 ------------*******
07/08/2010 +011,830,915,605.93 ------------**********
07/09/2010 -000,134,583,926.15 ---
07/12/2010 -000,143,600,537.54 --- Mon
07/13/2010 +000,353,392,256.51 ------------********
07/14/2010 +000,197,224,468.53 ------------********
07/15/2010 +047,740,634,202.02 ------------**********

127,724,649,436.84 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4467212&mesg_id=4467244

[Po_d Mainiac]

10. Slave laborers unite

BEIJING, China — A strike has shut down another factory in China that supplies Honda Motor Co. amid a wave of protests by workers for higher wages, an employee and a labour official said Friday.

The strike at the Atsumitec Co. factory in the southern city of Foshan near Hong Kong involves 90 per cent of the 200 employees and began Monday, the employee said by phone. The factory supplies gearshift levers to Honda assembly plants in China.

Honda production in China was not affected by the strike because its assembly plants have adequate stocks of components, said a Honda spokesman, Hideto Maehara. An Atsumitec manager who answered the phone at its headquarters in Japan refused to give any information or his name.

http://www.google.com/hostednews/canadianpress/article/ALeqM5hOvPlo75nHP8eU7dCdyu-olM-ObQ
............................
An unexpected advantage to workers from "Just in Time" production practices. If it ain't on time, it don't happen. The days of a company being able to have a fasting contest with labor is a thing of the past.

The PRC PTB are letting these worker protests happen, as long as they don't turn anti-party :popcorn:

[boomerbust]

13. Cool

They have the plant manager multi tasking. Answering the phone while managing the plant. Put this guy on suicide watch.

[Warpy]

36. Actually, they'd love to shut them down, but these aren't organized enough

for them to go after leaders or the union, itself. It's a completely wildcat action, with no leaders or management structure to nab and jail, and it's spreading.

Trust me, if these were centralized organizations the way the US labor movement was, all the leaders would be in prison and some of them would have been shot.

Unions in China are supposed to be under the auspices of the state. The unions there are utterly worthless, the leaders hand picked by the party and no bargaining allowed with management.

This is a pure labor action, a slave uprising. Its strength is that the government can't jail them all and as long as leaders don't appear, it will stay that way.

[Demeter]

37. Coming Soon to a Nation Near You!

It won't take much more, IMO. The Gods (PTB) Must Be Crazy.



Wish I knew how to photoshop. Now THAT would get me tomb-stoned, for sure!

[Po_d Mainiac]

47. Huh?

They got 200 names. Not long ago those 200 protesters would have been hand bound, placed on their knees and had their heads ventilated with a revolver.

Quote:
The communist government normally prohibits protests but has allowed the strikes, many of them at foreign-owned companies, apparently trying to put more money in Chinese workers' pockets as part of efforts to boost consumer spending and reduce reliance on exports to drive economic growth.

[Po_d Mainiac]

14. Turbo needs to go AWAY!!

Treasury Secretary Timothy Geithner has expressed opposition to the possible nomination of Elizabeth Warren to head the Consumer Financial Protection Bureau, according to a source with knowledge of Geithner's views.

The financial reform bill passed by the Senate on Thursday mandates the creation of a new federal entity charged with protecting consumers from predatory lenders.

But if Geithner has his way, the most prominent advocate for creating the agency may not be picked to lead it.

http://www.huffingtonpost.com/2010/07/15/tim-geithner-opposes-nomi_n_647691.html
...................
What a miserable example of a shit covered rock with lips :grr:

[ozymandius]

16. So this fraction of a man who has questionable aptitude for digging holes

weighs in on Elizabeth Warren's possible nomination to this post. That is testimony to her rock solid qualification for the job. Go Professor Warren!

[mbperrin]

32. We NEED Warren. She is probably the first person who can make a

government agency do what it says it should do in two generations.

Thieves have been robbing us for a long time now.

Please let Warren get the call - she's absolutely great!

[Demeter]

38. We Need Her

and all her sisters and brothers-in-spirit, everywhere.

[ozymandius]

15. Goldman paying $550M to settle civil fraud charges

WASHINGTON – Resolving a high-profile government case linked to the mortgage meltdown, Goldman Sachs & Co. has agreed to pay a record $550 million to settle civil fraud charges that it misled buyers of complex investments.

For Goldman, it was a chance to put behind it a case that had tarnished its reputation after it emerged relatively unscathed from the financial crisis. For the SEC, emerging from the embarrassment of a series of lapses, the charges and the settlement were a high-stakes opportunity to prove it could be tough on Wall Street.

The deal calls for Goldman to pay a $535 million fine and $15 million in restitution of fees it collected. Of the total $550 million, $300 million will go to the government and $250 million goes to compensate two European banks that lost money on their investments.

The penalty was said to be the largest against a Wall Street firm in SEC history. But the settlement amounts to less than 5 percent of Goldman's 2009 net income of $12.2 billion after payment of dividends to preferred shareholders — or a little more than two weeks of net income.

http://news.yahoo.com/s/ap/20100716/ap_on_bi_ge/us_sec_goldman

[Po_d Mainiac]

18. More banker shit

The International Bank Activities Reform Commission is charging Wells Fargo, partly owned by Warren Buffet and the Gates Foundation with fraud in their global involvement with the mortgage morass which continues impacting the global economy.
<snip>
The complaint alleges that Wells Fargo, their Directors, Officers and Major Institutional Stockholders including Goldman Sachs knew or should have known that billions of dollars in first and second mortgages originated, packaged and sold as securities by Wells contained false financial information provided by real estate brokers. mortgage brokers and borrowers, making it impossible for the borrowers to pay back the loans or to be qualified to even make the monthly payments without refinancing over and over during a 30 year period that falsely inflated the cost of housing in the United States and the world over as a result, causing serious economic damage to hundreds of millions of humans around the world.

http://www.examiner.com/x-55501-Seattle-Real-Estate-Examiner~y2010m7d13-Wells-Fargo-Charged-With-Fraud-In-Mortgage-Morass

[Po_d Mainiac]

56. and more

Bank of America: 'Oops, We Cheated Accidentally'
snip
Omitting what's Important

The implications from the WSJ article are that 'banks are carrying more risk most of the time than their investors or customers can easily see.' When it comes time to reporting quarterly earnings, BofA found it appropriate to apply a little accounting trick, unintentionally of course.

WSJ reports that 'though much smaller in scope, Bank of America's accounting of the six trades is similar to what a bankruptcy-court examiner said Lehman Brothers Inc. did to make its balance sheet look better before it filed for bankruptcy in 2008.' Bank of America disclosed six transactions, also known as 'dollar roll' trades that were erroneously misclassified.

http://finance.yahoo.com/news/Bank-of-America-Oops-We-etfguide-3687549406.html?x=0&.v=1

[ozymandius]

17. See you folks later.

We are about to get on the highway to return to our urban hellhole. Last bits of packing and loading need doing. Have a great time watching the Casino wheels spin.

:donut: :hi:

[Demeter]

21. The More I See, the Less I Like

Po_d Maniac's story about AIG and Lehman's rings the closest to truth of any I've ever read.

But how to stop these people before they loot, pillage and kill again?

Congress hasn't the will. Robopresident hasn't the initiative.

In the words of the great Mogambo guru:"We're freaking doomed!"

[DemReadingDU]

23. It's a high stakes rigged casino game

One of these days, there will be a bet that can't be paid, and then it will all implode. It's just a matter of time, there's no stopping the gamblers.

[Demeter]

25. Last night I went swimming before the storm blew through

and I'm not going to lose that inner peace for politics, economics, or psychopaths.

I'm resigned to the fate before us: things will not be regular, normal, predictable or fair for the foreseeable future. Nobody in a position to make a change for the betterment of the People is going to. We are all on our own--a mob without a leader--yet.

Don't think Sarah P. qualifies. She couldn't lead herself or her family, let alone the rabble that adores her.

Her Democratic counterpart is rapidly losing his luster--just not quite fast enough to make a difference. It is a good bet that he won't be re-elected, though. By 2012, everyone will hate him for being such a miserable failure. A fate worse than Carter's awaits him.

Sorry to be such a downer Debbie. I think the finance deform was the last straw for me. We're at war, and surrendering without a fight.

[DemReadingDU]

26. We're at the cusp

It's like we know the hurricane category 10 tsunami is approaching, and it's going to spread everywhere around the globe. Nothing can stop it, it's too big and we can't fight it. After the deluge, the survivors will clean up and rebuild, with our loved ones and nearest neighbors and trusted friends. May we all have enough fortitude and stamina to help and guide each other.

I go thru the Kubler-Ross model, especially stages 2 and 4, all the time.
http://en.wikipedia.org/wiki/K%C3%BCbler-Ross_model

:hug:

[Po_d Mainiac]

29. Nope

After the deluge half of the survivors will try to clean-up and rebuild.....

The other half will see the opportunity to emulate how the upper class functions. They will go on a looting rampage.

[AnneD]

30. Morning Marketeers...

:donut: and lurkers. We had a tragic murder of a mayor and her daughter up in North Texas. As the police investigated, they discovered that the Mayors house had been foreclosed a year ago last July. The daughter said that she had been accepted to go to UT in Austin, but UT had no paperwork submitted. There was a suppose to be an investigation into the city's books. If there was a crime, it was no worse than what the execs at GS, and yet this mother was filled with such shame that she felt compelled to commit a murder suicide. Maybe I was a single mom and in debt for so long that this story was particularly touching to me. All across the country, there are people living untold lives of quiet desperation. While she may have pulled the trigger, the gun was put there buy the loan sharks looking to rip off consumers. It is just so sad. Money is just money, but a life is always more important, always.

I will be going up to visit my brother in North Texas this week. From there we will head to the Indian Nation. I have paperwork, all but the birth certificate. I will let you all know how it goes as the journey progresses.

And for those following-Lola's pod hasn't dropped.

Happy Hunting and watch out for the bears.

[Roland99]

34. last year about this time...

right after i'd moved here to central FL, I was out walking at lunch and saw helicopters all over the place...hovering over a gated community nearby. Obviously something very newsworthy was happening.

Come to find out, a husband/father killed his wife and two children and then shot himself. The house was being foreclosed and I believe he'd lost his job.

Having been unemployed twice but always having had family/friends to fall back on, I've been spared the utter despair that must overwhelm people in situations like that when the only alternative is homelessness.

[Demeter]

40. It's not Despair, It's Unbending Pride--Hubris, as the Greeks Called It Long Ago

[Roland99]

51. The destruction of the self is often fatal to its mortal carrier.

[snot]

67. and, apparently, its children --

that's the part that freaks me out.

[Demeter]

39. My Father's In the Hospital

Is there a name for committing suicide by ignoring or doing the opposite of everything your doctor says to do?

[DemReadingDU]

48. I'm sorry to hear about your father

So your father is becoming obstinate? Maybe he is tired of all the doctors and hospitals and the entire medical regime. It's really hard to force people to do what they don't want to do, especially older people.

A few years ago, I had been visiting an older lady, 93, every week. Quite an independent opinionated lady, kept up with the world by watching CNN. She had survived her entire family, all alone.

Then she had a stroke, and I went to see her in the hospital. She had to be restrained to the bed because she was pulling out the IVs. Even though she was unable to talk, clearly, she wanted no part of any medical intervention. I think she realized her dire situation, had lived a long life, and she just wanted to die. A couple weeks later, she was in a nursing home, a total zombie. A few weeks later, she passed away.

When our parents get older, we want to do the best for them. What does the doctor say? I think you've mentioned a sister, what does she think? Perhaps all of you together can determine some options, and guide your dad. It isn't an easy time, keeping you in my thoughts.
:hug:

[Demeter]

55. My Father Was BORN Obstinate

100% Polish ham.

No, he's unwilling to make an accommodations to the fact of his age (76), his stroke, his general ill-health and inability to care for himself, and the inability of his children to put their lives on hold to wait on him hand and foot in a state (VA) nobody lives in, never lived in, wouldn't live in if paid, and of course, he won't pay.

Oh! The victim is also supposed to work for his/her own financial support/whatever WHILE caring for a man who lives in a split level and cannot walk without crutches.

He's also terrified of surgery and maybe hospitals in general. I spoke with a specialist who said if he's that scared, he'd probably die under anesthesia, before anything was done.

[AnneD]

50. Sorry to hear about that Demeter....

maybe I am just a tough stubborn, but that has got me through many a tough situation. Sometimes your blessing is your curse. Maybe it is the same with your dad. All you can do sometimes is love them.

As Roland said, having family and a support network helps. But you just never know. I remember when our family was going through such a bad time. I know I have told this story before but it always bears repeating. I came up on Mom doing the bills one day and I asked her what was going on. She said she was figuring the bills and casually mentioned that she was worth more dead than alive. I had that gut feeling. I went up and hugged her and told her that she was worth more than all the world to us -those bills were just paper. Many years later, she told me that she was at such a low point and in such pain that she was actually thinking of committing suicide.

The point of my story is be aware of the people around you. Take your unemployed friends out to eat or have them over and pack up the generous leftovers for them. Have that honest talk and let them know you value them and ask them how you can help. Pay a professional fee, buy a bag of non perishable groceries and leave them on the door, drop a gift card in the mail box. My fav is to borrow the car and take it to the mechanic and get the tires and oil changed and fill up the tank and return it. I have been known to leave bills in envelopes at mail boxes of folks that I know are having a hard time. I have also called utility companies and paid bills. There are hundreds of ways to help folks out and let them retain their dignity.

And I know it may not be all that popular, but I recommend getting with a good church too. The time to go to a church is not when you're perfect but when you need the help the most. No one can go it alone, esp when you have children, and esp these days.

[Roland99]

52. Probably many terms for that.

I hope he does take heed to the doc's advice and recovers soon.

[TalkingDog]

59. Sorry to hear about your Da. And yes there is....

Anybody in Gerentology will tell you that as folks get older, they feel less and less control in their lives. The world moves faster, changing seemingly by the second. They don't know who Justin Beeber is or why his name is popping up everywhere (for example).... and frankly this is disconcerting.

So they do things to reassert their control, especially when it comes to their personhood.

It's a good sign, in a way. He's still fighting. The trick becomes making those Dr.s suggestions your father's idea. Or finding a way for him to be in control of the decision so that it is less destructive.

Presenting him with a false illusion of choice is one way. You've done that with children. You can choose candy as long as you eat (horrid vegetable X) or you can simply choose (horrid vegetable X). It's not really a choice. Either way horrid vegetables will be eaten.

It's a little trickier with adults, but it can be done.

Having dealt with my mother through her cancer, I sympathize with having to become the parent to your parent. That sense of grief over the irrevocable loss of being loved and protected as their child, is intrusive at a time when you have other seemingly, more important,things to worry about. If you acknowledge that stress and resolve to deal with it when you have a chance, you'll be surprised to find some of the burden is lifted.

Good luck.

[Roland99]

22. Index Futures: Wall St. still quaking over passage of financial reform....oh wait, no it isn't.

S&P 500 1,090 -0.90 -0.08%
DOW 10,299 +7.00 +0.07%
NASDAQ 852 +2.50 +0.14%

[Roland99]

24. Today's tune

Webb Wilder
Hittin' Where It Hurts

I don't know what you think your tryin' to do
There ain't no loop hole that you ain't crawled thru
Your cookin' the books your throwin' the game
I oughta call it all because of rain
I keep on keepin' on tryin' to make it work
But I got to tell ya your hittin' where it hurts

I'm fightin' feelin's I ain't never felt
It's like your lettin' fly below the belt
I'm in a pinch... I'm feelin' a crunch
You blindside with your sucker punch
Let me make my point before I meander
What's good for the goose is good for the gander

Your hittin' where it hurts
Your hittin' where it hurts
Your doin' dirty work
It's a real shakey deal
Your hittin' where it hurts

They say a whistlin' girl and a crowin' hen
Always come to the same sad end
Your hands look scabbed your dress is a mess
You got lies in your eyes champagne on your breath
You got a wild streak so dang hot
Light a cigarette if you hit the right spot

Your hittin' where it hurts
Your hittin' where it hurts
Your doin' dirty work
It's a real shakey deal
Your hittin' where it hurts

Your hittin' where it hurts
Your hittin' where it hurts
Your doin' dirty work
It's a real shakey deal

(Hittin' where it hurts) ya hit me
Aww ya hit me where it hurts
Ya doin' dirty work
Now it's a real shakey deal
Ya hittin' where it hurts

[AnneD]

31. I might go with....

Pat Benetar-Hit me with your best shot, but I am in a radical mood today.

[Roland99]

28. 10am - markets take a cue from plummeting consumer confidence

Dow 10,207 -152 -1.47%
Nasdaq 2,205 -44 -1.95%
S&P 500 1,076 -21 -1.90%
GlobalDow 1,795 -29 -1.59%
Gold 1,188 -20 -1.69%
Oil 75.59 -1.03 -1.34%

[Roland99]

33. Noon - plummeting continues

Dow 10,159 -200 -1.93%
Nasdaq 2,197 -52 -2.32%
S&P 500 1,072 -24 -2.21%
GlobalDow 1,792 -31 -1.72%
Gold 1,190 -19 -1.53%
Oil 75.70 -0.92 -1.20%

[Juneboarder]

35. Someone MUST be asleep at the wheel here...

PPT... where are youuuuu?

[Demeter]

41. They can't keep it up ALL the Time!

after all, there are golf dates, long weekends, even the occasional heart transplant ala Cheney....and squeezing out the shorts is the closest they ever come to household chores.

[ozone_man]

42. So you come back when things get interesting.

Another bear market rally comes to a close. How is it that one day it's all good news and the next day it's awful?

Maybe your 7500 soon?

[Demeter]

54. I'm not back, really

I'm just making snide comments.

[Roland99]

60. and that's different from....

;-)

[Juneboarder]

43. You're right, you're right...

It's tough bein' the PPT. So many things to do, so little time.

[bread_and_roses]

44. Maybe they want to scare the public into thinking the namby-pamby "reforms" are apocolyptic

While they're chortling behind their closed doors. Of course, on principle they oppose even the idea or suggestion of reform, no matter how hapless and inept - goddess knows, if once even the IDEA of regulation became an acceptable norm again and not a controversy who knows where it might lead?

[Roland99]

49. 2:40pm - Plummeting unabated.

Dow 10,124 -236 -2.28%
Nasdaq 2,187 -62 -2.74%
S&P 500 1,068 -29 -2.61%
GlobalDow 1,789 -34 -1.88%
Gold 1,190 -19 -1.55%
Oil 75.90 -0.72 -0.94%

Anyone wanna photochop in Chopper Ben and Turbo Timmy?



:)

[TalkingDog]

45. Property Week: Basel III to Business owners and Entrepreneurs - Eat Sh*t and Die

I have mixed feelings on this. On the one hand, the lending industry has had far too little oversight, which is how we ended up here.

On the other hand, small business owners and startups are going to need to borrow money if they want to help create a real economy based on real jobs here in the US.


http://www.propertyweek.com/comment/bank-lending-is-about-to-get-even-trickier/5002883.article

But there are fears that Basel III will be a leap too far for an already tight property lending market. Some bankers claim the measures will knock 5% off global growth, and UBS estimates that banks may need to raise $375bn globally to meet the new requirements.

For the property industry, this means that banks have less money to lend and the cost of capital for banks will rise. This will, ultimately, lead to more expensive loans for borrowers.

“Basel III will certainly make it harder for property companies to get finance from banks,” says Gareth Lewis, the European Public Real Estate Association’s director of finance.

[Demeter]

57. They aren't talking about the little ones.

Nobody's talking about the little ones.

These are the ones who want bigger yachts.

[TalkingDog]

61. Cold comfort:

As long as they are ignoring us, at least they aren't paying attention to us.

[Roland99]

58. 3:30pm - Half hour to close and still sinking

Dow 10,091 -268 -2.59%
Nasdaq 2,181 -68 -3.01%
S&P 500 1,065 -32 -2.89%
GlobalDow 1,787 -37 -2.03%
Gold 1,191 -18 -1.47%
Oil 75.85 -0.77 -1.01%

[Robbien]

62. CNBC Host Accuses Guest Of Just Trying To Scare The Crap Out Of Everyone

CNBC's Simon Hobbs fought it out with Michael Pento today about the reality of the current economic situation in the U.S.

The fireworks start around 3:25, when Hobbs starts questioning the current generation of CEO's for misunderstanding our post crisis world. Pento argues that right now people aren't spending. Hobbs says that in Latin America and Asia, they are.

Pento then argues that consumers are going to be paying down debt for several years, and that the U.S. will be weak through that time period. The two then fight it out over the U.S. AAA rating and taxes.

At 6:00 minutes in, Hobbs says, "You're just peddling the power of nightmares," and "Wars are fought because of that sort of attitude."

http://www.businessinsider.com/hobbs-youre-just-peddling-the-power-of-nightmares-2010-7


CNBC production assistants sure are doing a rotten job of vetting its guests recently.

[TalkingDog]

63. Ahhh... to be insulated in a warm cozy dream

where the reality of the world outside, where the rest of us currently reside, is seen as a wretched, endless nightmare.

Hmmm... I guess that means, out here, we've all swallowed the red pill.



pfffttt... forgot about the new thing-thing...

[Roland99]

66. The power of nightmares. How apropos.

Bet he's never seen that particular documentary by the BBC.

[amandabeech]

65. That was one ugly day.

Dow down 261.41, NAS down 70.03, S&P down 31.60.

Somewhere in the midst of the CNBC babble, someone said that the S&P is close to where it was in the Flash Crash in May.

Still, CNBC mentions that we're still up for the month!

CNBC, gag me with a spoon.

Have a nice, and hopefully reasonably cool, weekend everyone.