STOCK MARKET WATCH, Monday August 16

[ozymandius]

Source: du

STOCK MARKET WATCH, Monday August 16, 2010

AT THE CLOSING BELL ON August 13, 2010

Dow... 10,303.15 -16.80 (-0.16%)
Nasdaq... 2,173.48 -16.79 (-0.77%)
S&P 500... 1,079.25 -4.36 (-0.40%)
Gold future... 1,217 -0.10 (-0.01%)
10-Yr Bond... 2.68 0.00 (0.00%)
30-Year Bond 3.86 0.00 (0.00%)

---

Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

---

Handy Links - Market Data and News:Economic Calendar    Marketwatch Data    Bloomberg Economic News    Yahoo! Finance    Google Finance    Bank Tracker    
Credit Union Tracker    Daily Job Cuts

Handy Links - Economic Blogs:
The Big Picture    Financial Sense    Calculated Risk    Naked Capitalism    Credit Writedowns
Brad DeLong      Bonddad    Atrios    goldmansachs666    The Stand-Up Economist

Handy Links - Government Issues:
LegitGov    Open Government    Earmark Database    USA spending.gov

Handy Links - Videos:
The Coming Collapse of the Middle Class    Charlie Rose talks with Roubini    Charlie Rose talks with Krugman
    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

---

---

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 NY Fed - Empire Manufacturing Index Aug
Briefing.com 7.0
Consensus 7.5
Prior 5.08

09:00 Net Long-Term TIC Flows May
Briefing.com NA
Consensus NA
Prior $35.4B

10:00 NAHB Housing Market Index Aug
Briefing.com 15
Consensus 14
Prior 14

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

[ozymandius]

2. Oil hovers under $76 in Asia amid demand doubts

BANGKOK – Oil prices hovered under $76 a barrel Monday in Asia as expectations for stronger fuel demand in the second half were undermined by weaker economic figures from the world's three biggest economies.

Benchmark crude for September delivery was up 40 cents at $75.79 a barrel at midafternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 35 cents on Friday to settle at $75.39 a barrel, its lowest level in a month.

The U.S. Commerce Department reported Friday that retail sales excluding autos and gasoline sales fell 0.1 percent in July, continuing a weak trend. One of the biggest obstacles to a strong recovery in the U.S. is anemic consumer spending.

In other Nymex trading in September contracts, heating oil rose 0.8 cent to $2.00 a gallon, gasoline added 0.8 cent to $1.947 a gallon and natural gas fell 0.4 cent to $4.324 per 1,000 cubic feet.

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

---

Weekend chatter indicates the momentum is gone from the past eighteen months of stimulus.

[Hawkowl]

42. The chart

The daily chart indicates that the price is looking to fall back to $72 within a week.

[ozymandius]

3. Japan growth slows amid worry about yen's climb

TOKYO (Reuters) – Japan's economic growth slowed to a crawl in the second quarter and analysts see more weakness ahead, adding to policymakers' headaches as they grapple with deflation and a rise in the yen that threatens an export-reliant recovery.

Slowing growth in main export destinations such as the United States and China clouds the outlook, while policymakers are trying hard to talk down the yen after it surged to a 15-year high against the dollar last week.

Japan's quarterly gross domestic product growth of 0.1 percent translates to annualized expansion of 0.4 percent, well below the median market forecast of 2.3 percent and the United States' 2.4 percent annualized growth in the same quarter.

Analysts added that the rise in the yen, which climbed to 84.72 per dollar, may begin to pinch export growth in the latter half of the fiscal year to next March.

http://news.yahoo.com/s/nm/20100816/bs_nm/us_japan_economy

[ozymandius]

5. China overtakes Japan in 2Q as No. 2 economy

TOKYO – Japan lost its place as the world's No. 2 economy to China in the second quarter as receding global growth sapped momentum and stunted a shaky recovery.

Gross domestic product grew at an annualized rate of just 0.4 percent, the government said Monday, far below the annualized 4.4 percent expansion in the first quarter and adding to evidence the global recovery is facing strong headwinds.

The figures underscore China's emergence as an economic power that is changing everything from the global balance of military and financial power to how cars are designed. It is already the biggest exporter, auto buyer and steel producer, and its global influence is expanding.

China has been a major force behind the world's emergence from deep recession, delivering much-needed juice to the U.S., Japan and Europe. Tokyo's latest numbers, however, suggest that Chinese demand alone may not be enough for Japan or other economic giants.

http://news.yahoo.com/s/ap/20100816/ap_on_bi_ge/as_japan_economy

---

Chinese companies have a say-so in how car are made for one big reason. China is protecting its nascent auto industry by imposing punitive tariffs on imported cars. The tariffs are removed when a foreign car maker partners with a Chinese car company.

[ozymandius]

16. China Favors Euro to Dollar as Bernanke Shifts Course (Update2)

Aug. 16 (Bloomberg) -- China, whose $2.45 trillion in foreign-exchange reserves are the world’s largest, is turning bullish on Europe and Japan at the expense of the U.S.

The nation has been buying “quite a lot” of European bonds, said Yu Yongding, a former adviser to the People’s Bank of China who was part of a foreign-policy advisory committee that visited France, Spain and Germany from June 20 to July 2. Japan’s Ministry of Finance said Aug. 9 that China bought 1.73 trillion yen ($20.1 billion) more Japanese debt than it sold in the first half of 2010, the fastest pace of purchases in at least five years.

China’s position may make it harder for the greenback to rebound after falling as much as 10 percent from this year’s peak in June as measured by the trade-weighted Dollar Index. The nation cut its holdings of U.S. government debt by $72.2 billion, or 7.7 percent, through May from last year’s record of $939.9 billion in July 2009, according to the Treasury Department, which releases new data today.

Asian central banks holding some 60 percent of the world’s foreign-exchange reserves are turning away from the dollar. Concerned about weakening U.S. growth and the Treasury’s record borrowing, they are switching toward euro assets to safeguard reserves, driving gains in the 16-nation currency. South Korea, Malaysia and India reduced their holdings of Treasuries, U.S. government data show.

http://noir.bloomberg.com/apps/news?pid=20601109&sid=aKNg2SF5rbjo&pos=11

[tclambert]

48. So how long before we have a war with China?

And I don't mean any wussy trade war, either. I mean shoot 'em, bomb 'em, torpedo 'em bloody damn war.

[Demeter]

52. I Can't See the US Picking Another War with China

not even a proxy war like Vietnam was.

And the Chinese have bigger fish to fry than us. We're fried, already.

[Demeter]

4. Billionaires and Mega-Corporations Behind Immense Land Grab in Africa

http://www.informationclearinghouse.info/article24965.htm

Awassa, Ethiopia -- We turned off the main road to Awassa, talked our way past security guards and drove a mile across empty land before we found what will soon be Ethiopia's largest greenhouse. Nestling below an escarpment of the Rift Valley, the development is far from finished, but the plastic and steel structure already stretches over 50 acres* -- the size of 20 soccer fields.

The farm manager shows us millions of tomatoes, peppers and other vegetables being grown in 1,500 foot rows in computer controlled conditions. Spanish engineers are building the steel structure, Dutch technology minimises water use from two bore-holes and 1,000 women pick and pack 50 tons of food a day. Within 24 hours, it has been driven 200 miles to Addis Ababa and flown 1,000 miles to the shops and restaurants of Dubai, Jeddah and elsewhere in the Middle East.

Ethiopia is one of the hungriest countries in the world with more than 13-million people needing food aid, but paradoxically the government is offering at least 7.5 million acres of its most fertile land to rich countries and some of the world's most wealthy individuals to export food for their own populations.

The 2,500 acres of land which contain the Awassa greenhouses are leased for 99 years to a Saudi billionaire businessman, Ethiopian-born Sheikh Mohammed al-Amoudi, one of the 50 richest men in the world. His Saudi Star company plans to spend up to $2-billion acquiring and developing 1.25 million acres of land in Ethiopia in the next few years. So far, it has bought four farms and is already growing wheat, rice, vegetables and flowers for the Saudi market. It expects eventually to employ more than 10,000 people...

[Demeter]

12. Russian grain ban angers traders

The grain export embargo has led to a surge in prices, while critics say it has sparked panic and raised doubts about the country’s reliability as a global supplier
Read more >>
http://link.ft.com/r/FG6LAA/V1ZZB4/87I64/S3A1TV/QFHRXC/4O/t

[fasttense]

22. This is always how laissez-faire or free trade economies always end up.

With masses of starving people while masses of foods are exported to the wealthy.

Just look at the potato famine in Ireland. It is the perfect example of free trade.

"In adhering to laissez-faire, the British government also did not interfere with the English-controlled export business in Irish-grown grains. Throughout the Famine years, large quantities of native-grown wheat, barley, oats and oatmeal sailed out of places such as Limerick and Waterford for England, even though local Irish were dying of starvation."

http://www.historyplace.com/worldhistory/famine/begins.htm

[JNelson6563]

26. It was the first thing I thought of

Thought this sure sounds familiar, of yeah, Ireland. Fuckers.

Julied

[Tansy_Gold]

30. Exactly

But to the English, of course, the Irish weren't "white" any more than Ethiopians are. So it was okay.

:grr:

[tclambert]

49. The population of Ireland has still not returned to pre-famine levels.

[Roland99]

35. Came across an article re: China and Africa a couple of years ago. This might be it >>>>>

Special Report: China In Africa
http://www.businessbvi.com/articles/special-report-china-in-africa/

I'll double-check when I get home. Good read, nonetheless.

[ozymandius]

6. G'morning Demeter and everyone.

:donut: :donut: :donut: I managed to recommend the WEE but missed posting anything. I did find this article interesting that was added toward the end of Sunday.

Excerpt:

March 15, 2010 "Information Clearing House" -- After a year-long investigation, court-appointed bank examiner Anton Valukas has produced a deadly 2,200 page report which details the activities that led to the Lehman Brothers bankruptcy. The report is a keg of dynamite. The question now is whether anyone in government has the nerve to light the fuse. Valukas provides powerful evidence that Lehman executives were involved in “balance sheet manipulation” by implementing an arcane accounting procedure called “Repo 105” which masked the bank's true financial condition from investors and regulators.

According to Valukas, Lehman was “Unable to find a United States law firm that would provide it with an opinion letter permitting the true sale accounting treatment" using Repo 105. So, Lehman executives went outside of the country in an effort to enlist the support of a London law firm that would approve the procedure.

It is impossible to overstate the significance of Valugas's findings. The report exposes the opaque but central role of the repo market which provides essential short-term loans for financial institutions. (Lehman used repos to conceal the full extent of its collapse, by dint of the amount of leverage it was using, meaning the pitiful asset anchor tethered to a vast zeppelin of debt) More importantly, it shows the cozy and, very probably criminal relationship between the country's main regulatory bodies and the Wall Street behemoths. The activities of the New York Fed (NYFRB), which at the time was headed by Timothy Geithner, is particularly suspect in this regard. The report should trigger an immediate Congressional investigation, probing the whole affair and most importantly the role of the Fed.

With Democratic leadership willing to go after their own (thank goodness), I wonder if this will get some sunlight.

[AlabamaLibrul]

8. mornin', mornin'. It's too damn early. n/t

[Demeter]

10. Not for Insomniacs, it isn't

Sunday was so stinking hot and humid I slept most of the day...I'm beginning to feel like a vampire, only coming out when the sun goes down.

[Roland99]

36. My sunburn kept me up a bit last night

But it was worth it for a great weekend at the beach w/my family.

Got my gf's daughters some boogie boards and they were in the ocean for hour after hour. And we saw porpoises jumping completely out of the water about 50 yards away from us. And the water off Ormond Beach was SO clear! I'd never seen it that clear before. 3-4' deep and I could see my toes.

[Demeter]

9. We Can But Hope

As I noted in WEE, it's from March.

[AnneD]

21. Morning Marketeers...

:donut: and lurkers. Sorry Demeter, between the Union Stewards meeting and getting ready for the students today-I didn't have time for much this weekend. Talk about dog and pony shows-the district superintendent will be out and about in our school today. Wonder if he will have to eat that nasty breakfast. He called it a premium breakfast because it has fruit and he tried to cut that out but there was such an uproar from the community he was back pedaling. They would rather server the kids muffins and pop tarts for breakfast and pizzas, burgers and fries for lunch. The food has sucked every since Aramark got the contract. Nurses complained and got the donuts off the menu within the first 3 months of their contract.

Well gotta go, try not to make a mess while I an gone.

Happy hunting and watch out for the bears.

[Demeter]

54. Moi? Shirley you jest!

[AlabamaLibrul]

7. Google, Merck KGaA Lead Revival in Commercial Paper

Google Inc., owner of the most popular Internet search engine, and Germany’s Merck KGaA are leading a revival in commercial paper as nonfinancial companies grab the biggest share of the $1.1 trillion U.S. market from banks since 2002 amid lower borrowing costs.

<...>

“There’s a sense of confidence in the market,” said Chris Conetta, head of global commercial paper at Barclays Capital in New York. “It’s just so cheap for non-financial borrowers that it’s attracting some back to the market.”

http://www.bloomberg.com/news/2010-08-15/google-leads-revival-in-commercial-paper-as-rates-tumble-credit-markets.html

[ozymandius]

11. Thank you and welcome to the SMW.

The subtext of the article speaks volumes about how far we have regressed in our economic system. This kind of speculation is at the core of reforms enacted by George Washington and Alexander Hamilton. Speculative investments in commercial paper with the currency carry trade becoming part of the present-day "new normal" echo the unstable economics from the earliest days of the United States.

Competing currencies that travel freely across borders today, just as it was in 1790, are mechanisms for trade in worthless paper to rob people of their good money.

[Demeter]

13. US banks get securities buy-back window

The US financial reform bill has opened a 90-day window for banks to buy back $118bn in high-cost securities, a move that would enable them to replace the instruments with cheaper capital but is likely to cause tensions with regulators and investors
Read more >>
http://link.ft.com/r/FG6LAA/0GWWCW/DXJ2Y/C53XXI/LQPE75/1G/t

What fresh hell is this? It looks like a nightmare....


Trups – equity instruments that pay interest like bonds – became popular in the financial crisis when banks sold more than $40bn-worth to investors ranging from Warren Buffett to small savers. Financial groups are interested in buying back the securities because Trups are an expensive form of capital. Banks needed to offer high interest rates to entice investors...Moody’s estimates that US banks have about $118bn of Trups outstanding. The securities account for a significant part of tier one capital at lenders like Bank of America, JPMorgan Chase, Morgan Stanley and Citigroup, according to the credit rating agency.

Banks have an extra incentive to redeem Trups because the new law states that they will no longer count as tier one capital – a key gauge of financial strength – from 2013.

[Tansy_Gold]

32. Turps? Excuse me? I have some

TURDs for sale, about $2.3 billion worth. Anybody wanna buy 'em? I'll sell 'em for 10 cents on the dollar! Smokin' deal!

And next week I'm gonna have about $4 billion in FARTs and about half that much in SHITs.

By the first of the year, I should have at least $2 trillion in FUBARs. . . ..



IT'S ALL SHIT. IT'S NOT REAL. IT'S LESS REAL THAN MONOPOLY MONEY.




TG, NTY

[Dr.Phool]

33. And I just got rid of all mine.

If I had known they were worth something, I coulda put 'em on e-bay!

[Demeter]

55. Are You Trying to Exploit That Adorable Sarah?

Shame on you! Let the turds fall where they may!

[Dr.Phool]

56. Blasphemy! There's no "h" in her name!

She was named after a Fleetwood Mac song. Not a numbskull'

And, she'll be a year old next Monday!

[Tansy_Gold]

57. I. Want. New. PICTURES.

that's all.

[Demeter]

59. My Apologies to You and Sara

I plead ignorance and senility. Also, the eyeballs at the end of my fingers don't work.

[ozymandius]

14. Stocks Decline, Franc Strengthens on Japan Slowdown; Gold Rises

Aug. 16 (Bloomberg) -- Stocks fell in Europe and the Swiss franc strengthened as slower-than-forecast economic growth in Japan heightened concern the global recovery is sputtering. Gold rose and U.S. index futures were little changed.

The Stoxx Europe 600 Index fell 0.3 percent at 10:30 a.m. in London. Futures on the Standard & Poor’s 500 Index fluctuated between gains and losses. The Swiss franc appreciated against all 16 of its major counterparts, and the yen advanced 0.5 percent to 85.80 per dollar. Gold increased for a third day. Copper, lead and oil climbed as Goldman Sachs Group Inc. maintained its “overweight” recommendation on commodities.

Three shares declined for every two that rose. The MSCI Asia Pacific Index lost 0.1 percent, while Japan’s Nikkei 225 Stock Average slipped 0.6 percent to a six-week low. The MSCI Emerging Markets Index added less than 0.1 percent. The Shanghai Composite Index jumped 2.1 percent, the most in almost three weeks, as China’s demand for resources underscored the economy’s resilience.

http://noir.bloomberg.com/apps/news?pid=20601087&sid=aWo_MNz8o1PU&pos=2

[AlabamaLibrul]

15. S&P's `Weakest Links' (B- and negative watch) Decline 52 Percent, Falling for Sixth Straight Month

"The number of companies in danger of defaulting on their debt fell for the sixth straight month, according to Standard & Poor’s.

So-called weakest links, issuers rated B- and lower held on negative watch or with a negative outlook status, fell 52 percent from a year earlier to 133, S&P wrote in a report on Aug. 13. That is eight fewer than in July, S&P said. The companies vulnerable to a downgrade have rated debt valued at $146 billion, S&P said."

<...>

The 12-month trailing global corporate-default rate also continued to decline, falling for the eighth straight month to 4.51 percent from 5.05 percent in June, according to S&P.

http://www.bloomberg.com/news/2010-08-16/s-p-s-weakest-links-decline-52-percent-falling-for-sixth-straight-month.html

---------------------------
It seems that, in some sort of paradox with most of the market, investors still see those companies that are crap in the credit department as being crap. Sure, defaults are down from one year ago, but I wouldn't consider that a harbinger of great things to come considering what was going on 12 months ago.

As reported by most of the non-mainstream sources, there's a massive debt bubble in all sectors of finance that is going to come to a head sooner rather than later unless we have a new-new bubble in which all the debt is restructured into perpetuity.

[Demeter]

17. Income Slips in 45 of Biggest Cities

Total personal income declined last year in 45 of the nation’s 50 biggest markets, according to a report by the U.S. Bureau of Economic Analysis.

Total personal income (TPI) is defined as the sum of all money received by all residents of a given metropolitan area in a given year. It encompasses such diverse sources of income as salaries, interest payments, dividends, rental income, and government checks.

Read more: http://www.portfolio.com/views/blogs/the-business-blotter/2010/08/09/total-personal-income-drops-in-45-of-50-biggest-markets#ixzz0wlK9nnmH

[ozymandius]

18. Why Are Exchanges For-Profits?

Thanks to Po_d Mainiac for bringing this to my attention.

Call it the revenge of Dick Grasso:

Since May 17, 1792, when the Buttonwood Agreement was signed by 24 stock brokers outside of 68 Wall Street (under a buttonwood tree), the NYSE has been a non-profit, run for the greater benefit of the public companies that trade there.

Following the brouhaha over NYSE Dick Grasso’s pay — New York State law at the time prohibited excess compensation for executives at non-profits — that changed. In 2006, the NYSE and ArcaEx merge, creating NYSE Arca — forming the publicly owned, for-profit NYSE Group. They later merge with Euronext.

Why is this significant?

As a for profit entity, the exchange is concerned with maximizing profitability. Hence, selling co-located servers for high frequency traders becomes a new revenue source. Allowing flash traders to see order flow of the public — also for a fee — is permitted, consequence be damned.

The SEC investigation of the so-called Flash Crash will be out next month, and these HFT are likely to be blamed, at least in part, for the disruptions.

http://www.ritholtz.com/blog/2010/08/why-are-exchanges-no-longer-non-profits/

Moral hazards run deep in a system that is predicated on "free markets". For a fee, one trading entity can by a nanosecond's worth of insider trading information through proprietary and co-located HFT servers. Also read through the comments section.

[Po_d Mainiac]

38. IMHO this helps explain how our equity markets have become a rigged casino n/t

[ozymandius]

19. Have a nice day, folks.

Time to start the day away from home. :hi:

[Demeter]

20. Husband of powerful intel. committee congresswoman buys Newsweek

http://rawstory.com/rs/2010/0802/husband-powerful-intelligence-committee-congresswoman-buys-newsweek/

Harman has purchased Newsweek (FROM THE WASHINGTON POST), according to Paid Content's David Kaplan. The magazine was sold for $1 and an agreement to transfer its financial liabilities, which Kaplan noted to be an estimated $70 million...

Rep. Harman ranks among the richest members of Congress, with $160 million in assets, according to US News and World Report... Jane Harman (D-CA), is one of the most powerful Democrats on the House Intelligence Committee.

[DemReadingDU]

23. Tony Robbins, motivational coach, says get out of markets

posted by Nathan Martin

Tony Robbins – An Important Note of Caution

Normally I would use the words of a celebrity as a contrary indicator, but not in this instance. Many people know Tony Robbins as a motivational coach, he is certainly not a financial advisor or economist… but he is well connected, and he has a message that I think is very legitimate and very well said. This video is 24 minutes long, judge for yourself.

http://economicedge.blogspot.com/2010/08/tony-robbins-important-note-of-caution.html

or direct link to video
http://www.metatube.com/en/videos/37911/An-Important-Note-Of-Caution-By-Tony-Robbins/

Edit to add link to Robbins blog, interesting comments
http://business.tonyrobbins.com/78/an-important-note-of-caution/comment-page-1/

[JNelson6563]

27. He may be smart but he's waaaay behind the curve

Shit I was advising go long on gold and buy stuff you can sew into your clothes for when you a.) flee the country or b) to bribe our newly arrived Chinese overlords back when gold was under $400 oz.

He should've called me back then, I probably could've helped him stem his losses in a big way. :-)

Julie

[DemReadingDU]

31. yep, any of us at SMW, knew all this

However, why did Robbins make this video, now?

I think he wants the wealthy people to get out of the markets before they implode to save their money, so they will have money to hire him when the Depression hits.

[Hawkowl]

43. I smell insider information

I think "get out of the markets now" has now been made unanimous. I think they are poised to crash just before the November elections. I think the rethuglican powers that be are going to try to time the crash--and fail again! The ensuing crash will come earlier than the elections. What impact it will have we be up to how Obama responds.

[DemReadingDU]

46. It's more of a warning

Robbins is saying protect yourself, things are going to get worse. It's up to all people to educate themselves.

[Festivito]

24. Debt: 08/12/2010 13,317,048,837,517.12 (UP 9,176,939,524.19) (Thu)

(Up some. Good day.)
A new school, paid with borrowed money, soon to become a failure, then a forclosure, then an impediment to future public schooling. My guess. Other than that I had a nice weekend although I'm late right now.
(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)
= 8,787,069,744,688.51 + 4,529,979,092,828.61
UP 8,430,031,924.23 + UP 746,907,599.96

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 $3,227.20 makes 1T$.
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 309,865,839 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 $42,976.82.
A family of three owes $128,930.46. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 24 reports in the last 30 to 31 days.
The average for the last 24 reports is 5,105,242,630.79.
The average for the last 30 days would be 4,084,194,104.63.
The average for the last 31 days would be 3,952,445,907.71.
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$/day.
There were 217 reports in 316 days of FY2010 averaging 6.48B$ per report, 4.45B$/day.
Above line should be okay

PROJECTION:
There are 892 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)
08/12/2010 13,317,048,837,517.12 BHO (UP 2,690,171,788,604.04 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 +1,407,219,834,005.40 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,625,427,972,822.69 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------*********
07/30/2010 +000,337,023,124.63 ------------********
08/02/2010 +069,233,337,488.16 ------------********** Mon
08/03/2010 -000,228,970,360.68 ---
08/04/2010 +000,329,380,791.87 ------------********
08/05/2010 +005,243,790,680.65 ------------*********
08/06/2010 +000,053,282,619.67 ------------*******
08/09/2010 -000,264,966,096.92 --- Mon
08/10/2010 +001,721,061,315.43 ------------*********
08/11/2010 +000,095,029,920.46 ------------*******
08/12/2010 +008,430,031,924.23 ------------*********

88,767,498,599.75 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=4502401&mesg_id=4502481

[Festivito]

58. Debt: 08/13/2010 13,315,417,951,875.00 (DOWN 1,630,885,642.12) (Fri)

(Down a little. Good day.)
Desk day, discovering dumb done dippy dung do-dos.
(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)
= 8,786,780,915,472.22 + 4,528,637,036,402.78
DOWN 288,829,216.29 + DOWN 1,342,056,425.83

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 $3,227.13 makes 1T$.
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 309,872,485 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 $42,970.64.
A family of three owes $128,911.91. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 24 reports in the last 30 to 31 days.
The average for the last 24 reports is 4,838,628,986.28.
The average for the last 30 days would be 3,870,903,189.02.
The average for the last 31 days would be 3,746,035,344.22.
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$/day.
There were 218 reports in 317 days of FY2010 averaging 6.45B$ per report, 4.43B$/day.
Above line should be okay

PROJECTION:
There are 891 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)
08/13/2010 13,315,417,951,875.00 BHO (UP 2,688,540,902,961.92 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 +1,405,588,948,363.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,618,422,606,159.64 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------*********
07/30/2010 +000,337,023,124.63 ------------********
08/02/2010 +069,233,337,488.16 ------------********** Mon
08/03/2010 -000,228,970,360.68 ---
08/04/2010 +000,329,380,791.87 ------------********
08/05/2010 +005,243,790,680.65 ------------*********
08/06/2010 +000,053,282,619.67 ------------*******
08/09/2010 -000,264,966,096.92 --- Mon
08/10/2010 +001,721,061,315.43 ------------*********
08/11/2010 +000,095,029,920.46 ------------*******
08/12/2010 +008,430,031,924.23 ------------*********
08/13/2010 -000,288,829,216.29 ---

88,887,940,669.58 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=4505062&mesg_id=4505132

[Ghost Dog]

25. Crisis. What Crisis? Profits Soar!

By James Petras

From the first quarter of this year, corporate profits have shot up between twenty to over a hundred percent, (Financial Times August 10, 2010, p. 7). In fact, corporate profits have risen higher than they were before the onset of the recession in 2008 (Money Morning March 31, 2010). Contrary to progressive bloggers the rates of profits are rising not falling, particularly among the biggest corporations (Consensus Economics, August 12, 2010). The buoyancy of corporate profits is directly a result of the deepening crises of the working class, public and private employees and small and medium size enterprises.

...

The current boom of profits has not benefited all sectors of capitalism: the windfall has accrued overwhelmingly with the biggest corporations. In contrast many middle and small enterprises have suffered high rates of bankruptcy and losses, which has made them cheap and easy prey for buyouts for the ‘big fellows’ (Financial Times August 1, 2010). The crises of middle capital has led to the concentration and centralization of capital and has contributed to the rising rate of profits for the largest corporations.

...

While Exxon-Mobile reaped over 100% growth of profits in 2010 and the auto corporations recorded their biggest profits in recent years, the workers’ wages and living standards declined and state-sector employees suffered harsh cutbacks and massive layoffs. It is clear that the recovery of corporate profit is based on the harshest exploitation of labor and the biggest transfers of public resources to the large private corporations. The capitalist state, with Democratic President Obama in the lead, has transferred billions to big capital via direct bailouts, virtual interest free loans, tax cuts and by pressuring labor to accept lower wages and health and pension givebacks. The White House plan for ‘recovery’ has worked beyond expectations – corporate profits have recovered; “only” the vast majority of workers have fallen deeper into crises.

The progressives’ failed predictions of capitalism’s demise are a result of their underestimation of the extent to which the White House and Congress would plunder the public treasury to resuscitate capital. They underestimated the degree to which capital had been freed to shift the entire burden of profit recovery onto the backs of labor. In that regard, progressive rhetoric about “labor resistance” and the “trade union movement” reflected a lack of understanding that there has been virtually no resistance to the roll back of social and money wages because there is no labor organization. What passes for it is totally ossified and at the service of the Democratic Party’s Wall Street advocates in the White House.

/... http://www.informationclearinghouse.info/article26159.htm

[Roland99]

37. ": the windfall has accrued overwhelmingly with the biggest corporations."

well, duh!

The small/medium companies rely a helluva lot more on DOMESTIC consumption. And, when unemployment/underemployment is pushing 20% and Real Wages are continuing to fall as they have for the last 30 reaganomic years, wtf do they expect???

The global-congolomos are selling in Latin America, Asia, etc. and are offshoring those profits to avoid the American tax system, putting an even heavier burden on the domestic taxpaying individual.

[JNelson6563]

28. lol at today's "toon"

Funny shit. I love you Marketeers. :toast:

Julie

[UpInArms]

29. Best 'toon evah!

:applause:

[Roland99]

34. Looking really ugly at the start (oh, and so are the markets)

Dow 10,210 -93 -0.90%
Nasdaq 2,161 -12 -0.56%
S&P 500 1,072 -7 -0.65%
GlobalDow 1,822 -6 -0.34%
Gold 1,227 +10 +0.82%
Oil 75.40 +0.01 +0.01%

[Dr.Phool]

39. But, it's getting cuter by the minute.

[Roland99]

41. Will be downright gorgeous by beer o'clock.

[DemReadingDU]

40. The HP Truth Comes Out: The Board Fired Hurd And Then Paid Him To Go Away

8/16/10 The HP Truth Comes Out: The Board Fired Hurd And Then Paid Him To Go Away

The HP board and sacked CEO Mark Hurd are still bitching at each other in the press, this time in the form of a long Wall Street Journal article that runs through another full round of he-says, they-say.

Here's what's new:

* The board did not get to see all the evidence about whether sexual harassment occurred, because Mark Hurd settled the lawsuit privately before the board could grill his love-interest, Jodie Fisher about it. Thus, sexual harassment could have occurred, and many board members think it did. But without evidence, the board had no choice but to announce that Hurd did not appear to have violated HP's sexual harassment policy.

* Mark Hurd Googled Jodie Fisher's soft-core porn flicks and spent at least 10 minutes watching them. (So maybe it was one of THOSE kind of non-sexual relationships)

* Hurd's sudden settlement with Fisher startled and angered the board and contributed to the board's decision to immediately can him. Hurd disputes this, saying that, in fact, the board urged him to settle the case.

* The board unanimously voted to sack Hurd. THEN, to make him go quietly, they negotiated a huge severance package with him.

This last point should enrage HP shareholders, who now have to foot the bill for a $35+ million severance payment for a CEO who was fired (for reasons that many of them still don't understand).

When a senior executive is fired for cause, as the board clearly thinks Mark Hurd was, he or she is not normally entitled to any severance. The only reason to give such an employee severance is to avoid being sued for wrongful termination. And although it is certainly better for HP to put this matter behind it, if the board really believed it had cause to fire Hurd, one would think they would have enough confidence in this conclusion to weather whatever lawsuit Hurd might throw at them.

http://finance.yahoo.com/tech-ticker/the-hp-truth-comes-out-the-board-fired-hurd-and-then-paid-him-to-go-away-535328.html?tickers=hpq,^ixic,qqqq,xlk,ixn,dell,aapl

[Roland99]

44. Why one should never assume anything, esp. when it involves money!

Boulder Creek family bought worthless second mortgage from Wells Fargo at foreclosure auction
http://www.santacruzsentinel.com/localnews/ci_15573894

The Strands saw a newspaper notice last fall about the home, which is a mile from theirs, slated for a foreclosure auction. The unpaid debt was listed as $97,604.

...

Roberta looked up the property records. She saw there were two mortgages, a first and a second, recorded on the same date with the same lender. She figured the lender was auctioning the first and that the second mortgage would be wiped out.

...

He pointed out the plaintiffs admitted they knew Wells Fargo had two deeds of trust on the property and "decided on their own what interpretation to place on that information" without consulting Cal-Western.

He explained why Cal-Western's sale notices did not say whether the auction involved the first or second lien: It is not required.

[Demeter]

45. Talk about a scam

[Demeter]

47. A Cold Front Came Through Last Night

both temp and humidity are down in normal territory for the first time in months. I may survive the summer of 2010 after all.

Tomorrow the great floor project moves out of the theoretical and into the ongoing. Moving furniture, ripping out filthy carpet, at my age. It's depressing, since I already did this 30 years earlier.

Wish me luck, everybody.

[Warpy]

51. My kitchen and bathroom are both blow up jobs

They're unsalvageable--just throw in a stick of dynamite, slam the door, then sweep up the debris. I'm putting it off as long as I can since it means decamping to a hotel until I get a functioning sink and toilet. The kitchen is less of a problem since I know how to cook on a 2 unit hot plate with a toaster oven off to the side.

It's still hot here and we've got a couple of upper level storms mushing through so it's hot and wet, peel the sheets off in the morning weather.

However, I'm delighted to see that today's losses were limited to 1.14 points so I'll be able to afford it when the first major thing dies completely. The stove and fridge are in a dead heat and the toilet's got a crack in the bowl, although it doesn't leak.

[tclambert]

50. No opinions on GM about to file for an IPO?

My wife and I invested in A123systems shortly after its IPO. After the "quiet period," the stock sank in price quite a bit. We still hope it will rise considerably over the next ten years.

Will investors respond to a GM IPO with excitement, euphoria, caution, or contempt? I dunno on this one.

[Dr.Phool]

53. I had planned on buying A123 on it's IPO.

But, I missed it, and lost track of it. I think I was out of town or something. I'd still be willing to bet it will be a moneymaker in the future. Now, if I just had something left to invest.