STOCK MARKET WATCH, Friday July 30

[ozymandius]

Source: du

STOCK MARKET WATCH, Friday July 30, 2010

AT THE CLOSING BELL ON July 29, 2010

Dow... 10,467.16 -30.72 (-0.29%)
Nasdaq... 2,251.69 -12.87 (-0.57%)
S&P 500... 1,101.53 -4.60 (-0.42%)
Gold future... 1,170 -1.70 (-0.15%)
10-Yr Bond... 2.98 -0.01 (-0.37%)
30-Year Bond 4.07 -0.01 (-0.20%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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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 GDP-Adv. Q2
Briefing.com 3.0%
Consensus 2.5%
Prior 2.7%

08:30 Chain Deflator-Adv. Q2
Briefing.com 0.7%
Consensus 1.1%
Prior 1.1%

08:30 Employment Cost Index Q2
Briefing.com 0.5%
Consensus 0.5%
Prior 0.6%

09:45 Chicago PMI Jul
Briefing.com 58.5
Consensus 56.3
59.1

09:55 U Michigan Sentiment - Final Jul
Briefing.com 67.5
Consensus 67.5
Prior 66.5

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

[ozymandius]

19. Reports are in.

08:30 GDP-Adv. Q2
Actual 2.4%
Prior 3.7%
Revised from 2.7%

08:30 Chain Deflator-Adv. Q2
Actual 1.8%
Prior 1.0%
Revised from 1.1%

08:30 Employment Cost Index Q2
Actual 0.5%
Prior 0.6%

[Ghost Dog]

54. Recession inflicted more damage on economy than previously thought, government data show

The Commerce Department, in revisions issued Friday, estimates the economy shrank 2.6 percent last year -- the steepest drop since 1946. That's worse than the 2.4 percent decline originally estimated.

The economy's plunge underscores why the unemployment rate surged to 10.1 percent in October, a 26-year high.

The revisions in gross domestic product, or GDP, now show zero growth in 2008. That compares with a 0.4 percent gain previously estimated.The economy also grew less in 2007 (1.9 percent) than earlier thought (2.1 percent).

For all three years, consumers spent less and home builders cut more deeply than had been thought. Those factors help explain the downward revisions on the economy.

The revisions also show that struggling state and local governments cut spending more last year than previously thought. And they spent less in 2007 and 2008.

/... http://finance.yahoo.com/news/Recession-was-deeper-than-apf-3247751846.html?x=0&.v=3

[ozymandius]

2. Oil falls to near $78 as global stocks drop

SINGAPORE – Oil prices fell to near $78 a barrel Friday in Asia as the region's stock markets dropped on dour economic figures from Japan ahead of a key U.S. growth report.

Most Asian stock markets were lower after the Dow Jones industrial average dropped 0.3 percent Thursday and Japan reported a higher jobless rate, falling consumer prices and lower industrial production.

Investors are cautious ahead of the second-quarter U.S. economic growth number, due to be announced later Friday. Analysts expect GDP expanded about 2.5 percent in the April-to-June quarter, slowing from 2.7 percent in the first quarter.

In other Nymex trading in August contracts, heating oil fell 1.22 cents to $2.025 a gallon, gasoline dropped 1.27 cents to $2.0847 a gallon and natural gas rose 1.4 cents to $4.841 per 1,000 cubic feet.

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

[ozymandius]

3. European stocks falter before US output data

LONDON (AFP) – Europe's main stock markets fell on Friday as investors looked ahead to key economic growth figures from the United States, after dissecting news of a major takeover, company earnings and eurozone data.

London's FTSE 100 index of leading shares fell 0.49 percent to 5,287.29 points in morning trade. Frankfurt's DAX 30 dropped 0.65 percent to 6,095.67 points and in Paris the CAC 40 index shed 0.64 percent to 3,629.08 points.

The Stoxx 50 index of top eurozone shares declined 0.72 percent at 2,733.01 points.

Analysts expect US growth to have slowed to 2.5 percent in the second quarter from 2.7 percent in the first three months of the year.

http://news.yahoo.com/s/afp/20100730/bs_afp/stockseurope

[ozymandius]

4. China overtakes Japan as No.2 economy: FX chief

BEIJING (Reuters) – China has overtaken Japan to become the world's second-largest economy, the fruit of three decades of rapid growth that has lifted hundreds of millions of people out of poverty.

Depending on how fast its exchange rate rises, China is on course to overtake the United States and vault into the No.1 spot sometime around 2025, according to projections by the World Bank, Goldman Sachs and others.

China came close to surpassing Japan in 2009 and the disclosure by a senior official that it had now done so comes as no surprise. Indeed, Yi Gang, China's chief currency regulator, mentioned the milestone in passing in remarks published on Friday.

Cruising past Japan might give China bragging rights, but its per-capita income of about $3,800 a year is a fraction of Japan's or America's.

http://news.yahoo.com/s/nm/20100730/bs_nm/us_china_economy_safe

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Next question: can this status be sustained?

[ozymandius]

5. From the 'no shit' files: Economic growth likely slowed in second quarter

...
Economists expect the government to report Friday that economic growth slowed in the April-to-June quarter as consumers bought less, builders pulled back further, and cash-hungry state and local governments cut spending.

Wall Street analysts surveyed by Thomson Reuters predict the economy expanded at a 2.5 percent pace in the second quarter. If they are right, that would be down from a lackluster 2.7 percent pace in the first three months of the year. And, it would mark the second straight quarter of slowing growth.

Consumer confidence is tumbling. The unemployed face fierce competition to find work. Those with jobs are seeing scant wage gains. Home values - often Americans' single-biggest asset - are weak. That explains why consumers are not in a mood to spend lavishly like they usually do in the early stages of an economic recovery.

Businesses are wary, too. Uncertain about the durability of the recovery, they are sitting on record piles of cash, loath to use the money to hire new workers and expand operations. Caterpillar Inc., Dupont Co. and Microsoft Corp. are among companies reporting strong second-quarter earnings in the past two weeks yet they aren't ready to bulk up their work forces.

http://news.yahoo.com/s/ap/20100730/ap_on_re_us/us_economy

[Po_d Mainiac]

9. Where are all the Back-to-school ads that normally flood the airwaves?

:donut:
Good morning

[Demeter]

52. I've seen Halloween and Thanksgiving Decor at the local Craft Store

Unbelievable!

[ozymandius]

6. What's so scary about Elizabeth Warren?

WASHINGTON (CNNMoney.com) -- Elizabeth Warren doesn't look or sound scary. She's a 61-year-old Harvard Law School professor from Oklahoma who has written personal finance books, some with her daughter.

But conservatives and some bankers are trying to kill any chance that Warren - a consistent critic of the financial sector before it was cool to be one - will run the consumer financial protection agency that's part of the Wall Street reform measure just signed into law by President Obama.

Naysayers, such as Senate Minority Leader Mitch McConnell, R-Ky., say they just don't trust her - although he doesn't say why.

Warren's nomination would send a strong signal that the White House is willing to stand behind an aggressive regulator who will emphasize consumer needs over bank needs. White House spokesman Robert Gibbs called her "very confirmable" on Monday.

http://money.cnn.com/2010/07/29/news/economy/Elizabeth_Warren/index.htm

[Po_d Mainiac]

10. Anyone with a clue is looking at a Warren appointment as the acid test n/t

[Tansy_Gold]

12. Puke alert - have barf bag ready at hand

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4485107#4485129


thread posted by prosense citing bloomberg as the source, says that Geithner will be acting head of agency "during transition."

one reply in the thread suggests this is so Geithner can stuff, er, staff the agency with Wall Street types, then install Warren so she is guaranteed to fail.


:donut: ain't gonna be enough to get it this morning.


TG

[ozymandius]

13. I certainly hope that she is given the power to hire and fire.

The effectiveness of the agency depends on her being able to choose who does the work. Ideally, the agency should look and act 180º opposite of the SEC under Bush. If Warren is given this power to shape the personnel choices then I have no doubt it will operate effectively.

[Po_d Mainiac]

15. She's smart enough to walk if her "team" is chosen to work against her.

[AnneD]

22. There are many reasons.....

why Warren should be considered. I could go on and on. But one thing I read recently that made me smile. Her Dad lost lots of his hard earned money to a swindle. Now Mrs. Warren is like most of us, meaning she grew up middle class and unlike most economists and WS types-she actually worked in the work force.

I think this partially explains her passion. And yes I call it a passion. She has a good heart toward the middle class and has a passion for righting a wrong. Ozy, you are right-she will be an acid test for the DEM's and a confirmation for all that we have come to expect from the GOP. If Obama ever wanted to rehabilitate his image with the progressive wing of the party and have a hope for the next election-it would be to appoint Warren.

[Dr.Phool]

27. I'll need a narrative.

NonSense is the first person I ever put on ignore, about 6 months ago.

[amandabeech]

45. Tim Geithner, the evil gift that keeps on giving . . .more evil!

I simply detest this guy, and my disappointment in Obama for appointing the tax cheating doofus cannot be overestimated.

[wordpix]

46. McConnell doesn't trust her b/c she's honest & he represents the greedmongering richies

he's a repuke leader---need i say more?

[ozymandius]

7. The New Abnormal

Americans Splurge on IPads While Broke in New Abnormal Economy

July 30 (Bloomberg) -- In March, Ralph Ronzio went to a warehouse in a seedy part of Orange County, California, and watched a man auction off his condo for half what he’d paid for it. Ronzio had bought the place for $329,000 in 2005, when he moved to Southern California from Rhode Island to take a job at a data-storage company. It was the first place he’d ever owned.

It used to be that someone like Ronzio could be fairly certain of the outcome when spending a few hundred thousand dollars on real estate. Housing prices were headed in only one direction. You could surf the boom and borrow against your home equity to pay for all manner of splurges -- a vacation, a flat- screen television, or the latest Apple Inc. gadget. Considering that housing prices almost doubled from 1999 to 2006, there was always an escape hatch: Sell your house and make enough money to pay it all back.

That was the old normal. Last year, Mohamed El-Erian, chief executive officer of Pacific Investment Management Co., manager of the world’s biggest bond fund, declared a “new normal,” a global realignment in which the U.S. consumer, no longer a hungry monster, became cautious and subdued.

The current circumstances might be better described as the new abnormal, in which no one knows anything. In June, the Conference Board Consumer Confidence Index fell 9 points after an 11 percent drop in the S&P 500 the month before. New housing starts were at an eight-month low. Meanwhile, the unemployment rate still hovers near double digits. That’s 14.6 million Americans out of work. Federal Reserve Chairman Ben Bernanke added to the anxiety with a July 21 declaration that the economic outlook is “unusually uncertain.”

more...

[AnneD]

31. They manage to pick...

a sorry example. The guy still had his condo then went out and bought a house. He then reneged on the loan for the condo and let the bank foreclose. The fool, and yes, I call him a fool, took the money that he saved from the two mortgage payments and took his girl friends on a trip to Disneyland and bought himself an iPad. I don't need a crystal ball to foresee this fool's future. He will continue to piss his money away and end up in a deeper hole he cannot get himself out of. It may cost him his relationship, his family, his peace of mind, and his retirement future. The guy is a grasshopper. It is hard for me to give a damn for fools like this.

[Festivito]

8. Debt: 07/28/2010 13,247,793,649,102.86 (DOWN 10,486,455,572.80) (Wed)

(Down a good amount. Good day.)
Stuck in a dirt box, then played in the dirt.
(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)
= 8,698,368,024,749.86 + 4,549,425,624,353.00
DOWN 94,171,033.04 + DOWN 10,392,284,539.76

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 $3,228.24 makes 1T$.
A family of three: Mom, Dad, Child: $9.68, ABOUT TEN BUCKS for a 1B$ 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 309,766,147 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 $42,767.08.
A family of three owes $128,301.24. (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 9,494,400,552.70.
The average for the last 30 days would be 6,962,560,405.31.

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$/day.
There were 206 reports in 301 days of FY2010 averaging 6.49B$ per report, 4.45B$/day.
Above line should be okay

PROJECTION:
There are 907 days remaining in this Obama 1st term.
By that time the debt could be between 14.5 and 19.6T$.
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)
07/28/2010 13,247,793,649,102.86 BHO (UP 2,620,916,600,189.78 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 +1,337,964,645,591.10 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,622,448,822,726.75 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------**********
07/16/2010 +000,234,726,558.99 ------------********
07/19/2010 -000,002,380,240.85 ----- Mon
07/20/2010 +000,028,467,145.72 ------------*******
07/21/2010 +000,002,455,391.44 ------------******
07/22/2010 +010,637,573,043.16 ------------**********
07/23/2010 -000,409,271,286.12 ---
07/26/2010 +000,027,014,896.10 ------------******* Mon
07/27/2010 +000,542,206,084.16 ------------********
07/28/2010 -000,094,171,033.04 ----

70,810,602,628.86 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=4483713&mesg_id=4483773

[Festivito]

55. Debt: 07/29/2010 13,246,508,860,572.07 (DOWN 1,284,788,530.79) (Thu)

(Up some. Good day.)
Trained the trainer and garage sailed home.
(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)
= 8,702,120,743,281.01 + 4,544,388,117,291.06
UP 3,752,718,531.15 + DOWN 5,037,507,061.94

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 $3,228.17 makes 1T$.
A family of three: Mom, Dad, Child: $9.68, ABOUT TEN BUCKS for a 1B$ 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 309,772,793 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 $42,762.02.
A family of three owes $128,286.05. (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 9,498,461,130.37.
The average for the last 30 days would be 6,965,538,162.27.

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$/day.
There were 207 reports in 302 days of FY2010 averaging 6.46B$ per report, 4.43B$/day.
Above line should be okay

PROJECTION:
There are 906 days remaining in this Obama 1st term.
By that time the debt could be between 14.5 and 19.6T$.
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)
07/29/2010 13,246,508,860,572.07 BHO (UP 2,619,631,811,658.99 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 +1,336,679,857,060.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,615,523,668,301.36 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------**********
07/16/2010 +000,234,726,558.99 ------------********
07/19/2010 -000,002,380,240.85 ----- Mon
07/20/2010 +000,028,467,145.72 ------------*******
07/21/2010 +000,002,455,391.44 ------------******
07/22/2010 +010,637,573,043.16 ------------**********
07/23/2010 -000,409,271,286.12 ---
07/26/2010 +000,027,014,896.10 ------------******* Mon
07/27/2010 +000,542,206,084.16 ------------********
07/28/2010 -000,094,171,033.04 ----
07/29/2010 +003,752,718,531.15 ------------*********

62,732,405,554.08 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=4485400&mesg_id=4485412

[Po_d Mainiac]

11. The SEC may have a pulse

SEC Accuses Sam And Charles Wyly, Billionaire Dallas Investors, Of Insider Trading Yielding $550 MILLION

DALLAS — Sam and Charles Wyly, Dallas billionaire investors known for their support of conservative candidates and causes, made $550 million in undisclosed profits through 13 years of insider trading, according to a Securities and Exchange Commission lawsuit filed Thursday.

In a 78-page complaint filed in a Manhattan federal court in New York, the SEC said the Wylys held and traded tens of millions of shares in companies on whose boards they served and "defrauded the investing public" by misrepresenting their ownership and trading of those stocks.

http://www.huffingtonpost.com/2010/07/29/wyly-sam-charles-sec-insider-trading_n_664479.html
...................
Angelo Mozilo played this same game, and so far has walked, pocketing tens of millions as Countrywide crashed.

[ozymandius]

14. Martha Stewart got how much time in the slammer for one offense?

One year? I wonder how much thirteen years would bring if the Wylys are convicted.

[Robbien]

17. The Wyly brothers are the money behind the Swift boat ads

and the Wyly money was what helped Bush take out McCain.

There are so many rich elite playing the same crooked game that these guys are playing. I'm thinking the reason these two have been singled out by the SEC is that the brothers have finally pissed off the wrong guy who set the SEC dogs after them.

[ozymandius]

18. Ritholtz calls this big news with a smile.

Here’s the key paragraphs:

“The Wyly brothers reaped more than $550 million in undisclosed gains while sitting on corporate boards by trading stock in those public companies through hidden entities located in foreign jurisdictions to conceal their ownership and trading of those securities.

The SEC alleges that the brothers created an elaborate sham system of trusts and subsidiary companies in the Isle of Man and the Cayman Islands to sell more than $750 million worth of stock in four public companies for which they were corporate directors. They also committed an insider trading violation in one of the companies for an unlawful gain of more than $31.7 million.

If there are two bigger scumbags in the State of Texas, I am unfamiliar with them. And if the SEC allegations are true, then these two douches are going to spend most of the rest of their lives behind bars.

more at link

http://www.ritholtz.com/blog/2010/07/wyly-brothers-indicted-on-550-million-fraud/

[Tansy_Gold]

20. Discussion out there in the bogosphere suggests

SEC charges would carry no prison time if convicted, only fines.

Could there be criminal charges from another quarter?


Tansy Gold, inquiring. . . . .

[Po_d Mainiac]

24. They will probably settle without a claim of guilt.

That would put the burden of proof on the plaintiffs in the civil suit/s that are certain to follow.

[RUMMYisFROSTED]

29. The rule of thumb: $550M in theft = $5.5M in fines. nt

[Ghost Dog]

33. 1% tax (if busted, which is unlikely, usually). Ding ding! eom

[ozymandius]

16. Hank Paulson: Blame it on FHA/GSEs

From Ritholtz:

Hank Paulson, the criminally inept Treasury Secretary who shoveled trillions of taxpayer dollars to insolvent banks, and facilitated the grand theft of some near $20 billion dollars from AIG to Goldman Sachs (where he was previously CEO), is now trying to rewrite history.

In today’s Washington Post piece, Paulson ignores facts and rewrites history, fabricating the causes of the economic collapse:

“A significant root cause of the crisis was the combined weight of government policies promoting homeownership; these are apparent in the housing GSEs, the Federal Housing Administration (FHA), the Federal Home Loan Banks, the federal tax deduction for mortgage interest and various state programs. Homeownership was overstimulated to the point that it was unsustainable and dangerous to the broader economy.”

Let us point out that through out the 20th century, interest rates stayed within a range that was realistic relative to economic growth, and that lending standards were based upon the borrowers ability to service that debt. This involved such quaint notions as income, employment, credit history, other debt servicing, and assets. Further, home loans were based on a specific LTV — meaning a down payment was required. Legitimate appraisals were done by banks that actually kept the loans on their books for 10 or 20 years — not 30 days.

None of this finds its way into Paulson’s assessment of the causal factors.

http://www.ritholtz.com/blog/2010/07/hank-paulson-blame-it-on-housing/

[Tansy_Gold]

21. My blood pressure this morning won't let me read the article

but you have to wonder if Paulson puts any blame at all on the multi-nationals that shipped good-paying jobs from Detroit and Flint and Akron and Cleveland and Kenosha (for starters) to Mexico, China, and Bangladesh?

Jobs, Jobs, Jobs, Jobs, JOBS --- IT'S ABOUT THE JOBS, YOU FUCKING ASSHOLES!!!!!



:grr:



TG, NTY

[Ghost Dog]

34. Jobs. Exactly. Allow me to draw your attention

to this post in this thread, where the value of military high-tech in terms of jobs crops up (in the middle of a discussion some here may find interesting): http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4484473#4484701

[rfranklin]

28. He's a Republican...that is the Republican line...

No facts or explanation will change the course of a Republican mind once they settle on the party line.

[Roland99]

23. Guess it's the dropoff today.

Index Futures:
S&P 500 1,087 -10.30 -0.94%
DOW 10,315 -94.00 -0.90%
NASDAQ 1,839 -18.25 -0.98%

[Tansy_Gold]

25. We can only hope...... n/t

[Roland99]

26. Almost back to even on the day already

[Ghost Dog]

35. ECRI Leading Indicator Plunges Deeper Into Double Dip Territory As Stocks Turn Green

The ECRI Leading Indicator has just moved further into certain recession territory, hitting -10.7 for the most recent week (the previous revised number is -10.5). The market goes green on the news, as the Liberty 33 traders have done their job for the day and are off to the Hamptons. And what is so odd about the market reaction one may ask - bad news are as always priced in, as the apocalypse is nothing that a little money printing can't fix, while minimal upside surprises (soon to be revised far lower) are sufficient to move the market higher by over 100 points intraday. Hopefully the HFT operators unionize and go on strike soon in demanding greater pay, and get the Greek trucker treatment as a result, because this market is not even a joke anymore.

/... http://www.zerohedge.com/article/ecri-leading-indicator-plunges-deeper-double-dip-territory-stocks-turn-green

[Roland99]

38. Nice spike of false hopes there.

[Roland99]

30. Stocks turn positive. Consumer sentiment whopping 1% higher than expected (but a big drop from June)

um, whee?

[DemReadingDU]

32. Automatic Earth: Deflation Revisited

7/29/10 Stoneleigh discusses several articles recently in the news concerning deflation...
http://theautomaticearth.blogspot.com/2010/07/july-29-2010-deflation-revisited-studio.html

Following the series of articles, is the comment section where I found this comment by Stoneleigh


You could argue that we're correcting an expansion dating from 1982 (best case scenario IMO), of at the other end of the scale you could say we're correcting the entire rise from the late 18th century. The implications are more extreme the longer the time horizon you use.

If you think in terms of 1982 then the asset values of the 1970s are your best case scenario, given that manias always finish below where they stated. If you think longer term (which I am inclined to do), then you would expect to see the asset prices of the 18th century before this correction is over.

Corrections of larger moves last longer as well as falling further. The largest bubble before our current one (the South sea Bubble of 1720) burst over two years and the aftermath was several decades of upheaval culminating in a series of revolutions, including the American and the French. I would expect something similar this time, with the looming depression being the first phase of something much larger.

and more...
http://theautomaticearth.blogspot.com/2010/07/july-29-2010-deflation-revisited-studio.html?showComment=1280483069413#c7639944237673593342


Not the best of times approaching
:(

[Ghost Dog]

36. These would be asset values as adjusted for intervening inflation,

I take it. Does anyone have the figures?

[DemReadingDU]

41. Stoneleigh has written previously about deflation

October 30 2009: An interview with Stoneleigh - The case for deflation
The following is a conversation between Stoneleigh and Euan Mearns

Euan Mearns:
At the ASPO conference in Denver, October 2009, I had the good fortune to meet Stoneleigh, former editor of The Oil Drum Canada, who left the The Oil Drum crew with colleague Ilargi to set up The Automatic Earth where they publish stories, news and analysis of the unfolding financial crisis. I spent a couple of days chatting with Stoneleigh where she recounted her rather gloomy prospects for the immediate future of the global economy. The following interview is a summary of her analysis of the unfolding situation. Note that in a departure from convention, my questions are set in "blockquotes" to distinguish these from Stoneleigh's responses.
http://europe.theoildrum.com/node/5917

or
http://theautomaticearth.blogspot.com/2009/10/october-30-2009-interview-with.html


Also here's Stoneleigh's updated version of the Primer Guide, a Primer with links to all her primers with lots more information
http://theautomaticearth.blogspot.com/2010/07/july-22-2010-big-picture-according-to.html


2/4/10 Stoneleigh's audio radio interview in Portland from the KBOO-FM, appx 30 minutes
http://kboo.fm/node/19246

[Demeter]

39. Such a Cheerful, Upbeat Lady

She makes me glad I'm not immortal.

[DemReadingDU]

42. ZeroHedge: On a long enough timeline

the survival rate for everyone drops to zero
http://www.zerohedge.com/


refer to upper right hand corner

[Roland99]

37. Oops...someone slipped. Just minor bruising though. Not worth mentioning...yet.

[Demeter]

40. Half an Hour to Drop Off

[Roland99]

43. Ahhh....comfortably numb.

What a happy Friday. That's no "bull". ;-)

[TheWatcher]

44. Closed Red at the Last Minute. This Market is on Life Support.

There is really nothing tangible or fundamental holding this up right now.

Even in the "Settling Minutes" after the Bell, they are still desperately trying to push it Green.

What the Cheerleaders and the Go-Along's don't seem to understand is that if it weren't for all the blatant manipulation and intervention going on, The Market would Crash.

What they understand even less is that that same manipulation and intervention they worship and praise for "Saving them" is doing nothing of the kind, has no effect on their lives or the Real Economy, and only makes things worse, and helped get us here in the first place.

The Reality is the Economy is sick and getting sicker, and never had a "Recovery" to begin with, only an illusory one at best.

The Jackals in charge don't know how to fix it, and do not care to, and are only interested in protecting their own interests, assets, and asses.

Their Main Concern is to keep FrankenPonzi alive at ALL COSTS, even if it means the rest of us have to die, starve, or just be forgotten.

America is a sick, weak, soft, cowardly, broken nation, and is currently completely unable to save itself from itself, or the Psychotic Criminals that are running it.

The people of this country would die defending them before they ever even considered in a DREAM defending themselves FROM them.

[DemReadingDU]

47. Besides propping up the markets to prevent crashing

The markets are also being propped up to prevent the entire global financial system from freezing and imploding. When that happens, game over. Whoever has cashed out with the real money, wins. The rest of us lose. Yes, this country is very sick, most people are clueless and won't get it, until it's too late.

[RUMMYisFROSTED]

48. The incense is waiting for suckers.

Olly, olly, oxen free, free, free...

[Dr.Phool]

49. If those are brownies, I'm calling Diane Frankenstein.

[RUMMYisFROSTED]

50. Congratulations on getting the digits.

[Dr.Phool]

51. Is she auditioning for a porn movie?

:rofl: :rofl:

Like this!


Sick minds.

[Ghost Dog]

53. Japan Growth to Slow as Unemployment Rises, Production Drops

Japan’s unemployment unexpectedly rose for a fourth straight month and industrial production fell the most in more than a year, signaling the economic expansion is poised to slow.

The jobless rate climbed to a seven-month high of 5.3 percent in June, a statistics bureau report showed today in Tokyo. Factory output slid 1.5 percent from May, compared with the median forecast in a Bloomberg News survey of economists for a 0.2 percent gain. Meantime, consumer prices excluding fresh food declined 1 percent from a year before.

Today’s data may make it tougher for Prime Minister Naoto Kan to build support for his plans to rein in the government’s budget deficit as parliament gathers for the first session since he took office. The Bank of Japan may also come under increased pressure to step up monetary stimulus as a rising yen threatens to contribute to deflation.

/... http://www.bloomberg.com/news/2010-07-30/japan-s-unemployment-unexpectedly-rises-output-drops-in-sign-of-slowdown.html