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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 06:42 AM
Original message
STOCK MARKET WATCH, Friday April 8, 2011
Source: DU

STOCK MARKET WATCH, Friday April 8, 2011

AT THE CLOSING BELL ON April 7, 2011

Dow 12,409.49 -17.26 -0.14%
Nasdaq 2,796.14 -3.68 -0.13%
S&P 500 1,333.51 -2.03 -0.15%
10-Yr Bond... 3.60 +0.05 +1.32%
30-Year Bond 4.65 +0.04 +0.76%



Market Conditions During Trading Hours


Euro, Yen, Loonie, Silver and Gold









Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren
Dishonorable Mention: former House majority leader, Tom DeLay

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.


No link yet.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 06:44 AM
Response to Original message
1. wow -- PBD must really be out?
please tell him to be well?
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 06:45 AM
Response to Reply #1
3. I haven't heard, but it's after 7 am
and he did say give him until then...
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 06:46 AM
Response to Reply #3
5. ah. -- well the flu is a worry.
i hope it's just a slow grunge -- and then back on his feet.
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Po_d Mainiac Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:42 AM
Response to Reply #5
64. There are a couple nasty strains making the rounds that
didn't make it into the vaccine cocktail this season.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:46 AM
Response to Reply #64
69. i really hate it when that goes on.
i faithfully get my flu vaccine -- but i know strains pop up that weren't accounted for.

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:50 AM
Response to Reply #64
71. That's because they are always vaccinating for last year's influenza
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Po_d Mainiac Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 10:45 PM
Response to Reply #71
113. nope
How are the viruses selected to make flu vaccine?

The influenza (flu) viruses selected for inclusion in the seasonal flu vaccines are updated each year based on which influenza virus strains are circulating, how they are spreading, and how well current vaccine strains protect against newly identified strains. Currently, 130 national influenza centers in 101 countries conduct year-round surveillance for influenza and study influenza disease trends. These laboratories also send influenza viruses to the five World Health Organization (WHO) Collaborating Centers for Reference and Research on Influenza located in Atlanta, Georgia, USA (Centers for Disease Control and Prevention, CDC); London, United Kingdom (National Institute for Medical Research); Melbourne, Australia (Victoria Infectious Diseases Reference Laboratory); Tokyo, Japan (National Institute for Infectious Diseases); and Beijing, China (National Institute for Viral Disease Control and Prevention) for additional analyses.

The seasonal flu vaccine is a trivalent vaccine (a three component vaccine) with each component selected to protect against one of the three main groups of influenza viruses circulating in humans. (Last year's 2009 H1N1 vaccine was made in response to the pandemic first recognized in April 2009. Unlike seasonal flu vaccines, the pandemic vaccine protected against only one flu virus strain, the 2009 H1N1 virus.)

The influenza viruses in the seasonal flu vaccine are selected each year based on surveillance-based forecasts about what viruses are most likely to cause illness in the coming season. WHO recommends specific vaccine viruses for inclusion in influenza vaccines, but then each individual country makes their own decision for which strains should be included in influenza vaccines licensed in their country. In the United States, the U.S. Food and Drug Administration (FDA) determines which vaccine viruses will be used in U.S.–licensed vaccines.

How are the viruses selected to make flu vaccine?

The influenza (flu) viruses selected for inclusion in the seasonal flu vaccines are updated each year based on which influenza virus strains are circulating, how they are spreading, and how well current vaccine strains protect against newly identified strains. Currently, 130 national influenza centers in 101 countries conduct year-round surveillance for influenza and study influenza disease trends. These laboratories also send influenza viruses to the five World Health Organization (WHO) Collaborating Centers for Reference and Research on Influenza located in Atlanta, Georgia, USA (Centers for Disease Control and Prevention, CDC); London, United Kingdom (National Institute for Medical Research); Melbourne, Australia (Victoria Infectious Diseases Reference Laboratory); Tokyo, Japan (National Institute for Infectious Diseases); and Beijing, China (National Institute for Viral Disease Control and Prevention) for additional analyses.

The seasonal flu vaccine is a trivalent vaccine (a three component vaccine) with each component selected to protect against one of the three main groups of influenza viruses circulating in humans. (Last year's 2009 H1N1 vaccine was made in response to the pandemic first recognized in April 2009. Unlike seasonal flu vaccines, the pandemic vaccine protected against only one flu virus strain, the 2009 H1N1 virus.)

The influenza viruses in the seasonal flu vaccine are selected each year based on surveillance-based forecasts about what viruses are most likely to cause illness in the coming season. WHO recommends specific vaccine viruses for inclusion in influenza vaccines, but then each individual country makes their own decision for which strains should be included in influenza vaccines licensed in their country. In the United States, the U.S. Food and Drug Administration (FDA) determines which vaccine viruses will be used in U.S.–licensed vaccines.

http://www.cdc.gov/flu/professionals/vaccination/virusqa.htm
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Warpy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 12:07 PM
Response to Reply #1
95. The flu sucks no matter when you get it
but it sucks doubly hard in the late spring. Not only do you get little sympathy, everybody else who's already had it feels compelled to tell you how much worse off they were.

I'm glad he slept in. Sleep is the best medicine. I hope he mends sooner rather than later.

Thanks for putting the page up, Demeter.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 06:44 AM
Response to Original message
2. TODAY'S CALENDAR

Date ET Release For Briefing.com Consensus Prior
Apr 08 10:00 Wholesale Inventories Feb 0.5% 1.0% 1.1%

Read more: http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm#ixzz1IvnEixZx
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 06:45 AM
Response to Original message
4. Futures Rise as Oil, Gold Surge
http://online.wsj.com/article/SB10001424052748704415104576250322290778118.html?ru=MKTW&mod=MKTW

U.S. stock futures pointed higher Friday after investors shrugged off any worries over Japan's latest earthquake, while oil and gold prices continued to rally.

About three hours before the start of trade, futures on the Dow Jones Industrial Average were up 39 points at 12390, Standard & Poor's 500 index futures climbed 4.80 points to 1333.3 and Nasdaq 100 futures were up 6.5 points at 2335.75. Changes in futures don't always accurately predict early market moves after the opening bell.

Commodity prices continued to gain strongly. Light crude for May delivery rose $1.27 to $111.57 a barrel in electronic trading on Globex, while gold for June delivery was up $12.20 at $1,471.50 an ounce.

The moves came in a mixed session for the dollar, which gained against the yen but was weaker against the euro. The single currency rose 0.7% to $1.4402, a day after the European Central Bank raised interest rates.

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 06:48 AM
Response to Original message
6. Oil above $111 as attacks damage Libyan oil fields
http://news.yahoo.com/s/ap/oil_prices

SINGAPORE – Oil prices jumped above $111 a barrel Friday in Asia as fighting in Libya damaged oil fields in the OPEC nation and a weaker dollar made commodities cheaper for investors with other currencies.

Benchmark crude for May delivery was up $1.18 at $111.48 a barrel at late afternoon Singapore time, the highest since September 2008, in electronic trading on the New York Mercantile Exchange. The contract rose $1.47 to settle at $110.30 on Thursday. In London, Brent crude for May delivery was up $1.59 to $123.85 a barrel on the ICE Futures exchange.

Crude output in Libya slowed to a trickle this week as forces loyal to Moammar Gadhafi attacked the country's largest oil field in the rebel-controlled east, rebels said. Most of Libya's 1.6 million barrels a day of crude production had already been shut down by nearly two months of fighting. Rebels were able to sell a shipment of 1 million barrels Wednesday but damage to their oil fields has all but halted production. Output in the government-held west has collapsed as sanctions target Libyan state oil activities...A weaker dollar also boosted oil prices since that makes dollar-based commodities such as crude cheaper for trader with other currencies. The euro rose to $1.4405 on Friday from $1.4306 late Thursday.

In other Nymex trading in May contracts, heating oil rose 3.4 cents to $3.24 a gallon and gasoline gained 2.7 cents to $3.21 a gallon. Natural gas futures were down 1.3 cents at $4.04 per 1,000 cubic feet.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 06:55 AM
Response to Reply #6
15.  Ed Morse: A new geopolitics of oil pushes prices higher

A new dynamic has emerged in oil markets that is likely to push prices onto a higher path in the years ahead than almost anyone had forecast a year ago. It relates to the now unfolding critical dimensions of what can be called the “new geopolitics” of oil.

Although the disruption of Libyan supplies has had a tangible impact both in the Mediterranean market and in the global balance between light sweet and heavy sour crude streams, the 30 per cent increase in oil prices since the start of the year has had far more to do with changed expectations than market fundamentals. And while there may be good reasons to believe that oil prices could fall later this year, there are many more to fear rising prices.

Read more >>
http://link.ft.com/r/S4XZQQ/26LFF0/A5Q0X/WLJXDW/ZBNBIH/ZH/t?a1=2011&a2=4&a3=6
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:11 AM
Response to Reply #15
31. Comment: Oil states need the right fiscal fix


Governments in the Middle East and North Africa will need to rethink their production agreements with foreign companies to ensure that future world demand is met

Read more >>
http://link.ft.com/r/BLH300/TPSEPK/MJTKN/40LJK5/FX2X5H/82/t?a1=2011&a2=4&a3=7

CRACKING THE WHIP?
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Po_d Mainiac Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:40 AM
Response to Reply #31
62. If they think about their future
And the fact that petroleum in the ground is a finite resource, they will meter it out at a pace that insures an income down the road. It ain't like they have a lot of other natural materials to barter with.

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 06:49 AM
Response to Original message
7. all commodities all the time?
http://www.marketwatch.com/story/futures-rise-as-japan-worries-fade-gold-jumps-2011-04-08?dist=beforebell

Futures rise as Japan worries fade; gold jumps
LONDON (MarketWatch) — U.S. stock futures pointed higher Friday after investors shrugged off any worries over Japan’s latest earthquake, while oil and gold prices continued to rally.

Futures on the Dow Jones Industrial Average /quotes/comstock/21b!f:dj\m11 (DJM11 12,393, +42.00, +0.34%) rose 39 points to 12,390 and Standard & Poor’s 500 index futures /quotes/comstock/21m!f:sp\m11 (SPM11 1,334, +5.50, +0.41%) climbed 4.80 points to 1,333.30.

Futures on the Nasdaq 100 /quotes/comstock/21m!f:nd\m11 (NDM11 2,336, +6.75, +0.29%) were up 6.50 points at 2,335.75.

U.S. markets closed lower Thursday after the news that another earthquake had hit Japan less than a month after the devastating earthquake and tsunami that claimed thousands of lives. The Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed (DJIA 12,409, -17.26, -0.14%) closed down 0.1%.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 06:51 AM
Response to Original message
8. Portugal bailout price: More pain
http://www.marketwatch.com/story/portugal-bailout-price-more-pain-2011-04-08?dist=beforebell

LONDON (MarketWatch) — European finance ministers said Portugal will have to undertake deeper austerity measures in return for a bailout, while insisting the package will mark the last time they will be required to ride to the rescue of a heavily-indebted euro-zone member.

Analysts estimate Portugal will need an aid package totaling as much as 90 billion euros ($129.5 billion). Portugal is the third euro-zone country to need an international rescue, joining Greece and Ireland.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 06:54 AM
Response to Reply #8
13. Waiving the rules for Portugal


In the colonies it used to be said of Britain that Britannia did not rule the waves as much as it waived the rules. If the European Union now accedes to Portuguese prime minister José Sócrates’ request last night for emergency funding to tide Portugal over until after its June 5 election, it will demonstrate that the European Commission is offering the Britannia of old some serious competition in the realm of disregarding its own rules.

In the absence of an effective Portuguese government it is difficult to see how the EU can maintain the pretence that, when bailing out the European periphery,
it does so only with the strictest of credible conditions attached.

Read more >>
http://link.ft.com/r/9ULF66/ZBP36X/RP6QL/40LRV0/40LZ06/XL/t?a1=2011&a2=4&a3=7
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:00 AM
Response to Reply #13
20. Cost of Lisbon bail-out put at €80bn


Portugal’s caretaker government says it will submit a formal written request for a financial rescue package to the European Commission, becoming the third eurozone country to seek a bail-out after Greece and Ireland

Read more >>
http://link.ft.com/r/NA70KK/A70CJD/204L2/40LFOW/BMOKT6/T3/t?a1=2011&a2=4&a3=8
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:02 AM
Response to Reply #8
23. Spain plays down contagion fears


Madrid insists it faces no danger of following Portugal towards a bail-out, after its troubled neighbour paves the way to becoming the latest eurozone member to request emergency aid

Read more >>
http://link.ft.com/r/NA70KK/A70CJD/204L2/40LFOW/IY7S02/T3/t?a1=2011&a2=4&a3=8
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 06:51 AM
Response to Original message
9.  Exclusive interview: Madoff spreads the blame

Bernard Madoff has sought to spread blame for his $65bn Ponzi scheme to banks, regulators and some of his oldest business associates in an exclusive jailhouse interview with the Financial Times

Read more >>
http://link.ft.com/r/0QSDPP/RNQES2/87I64/IY7OAK/ZBN0AB/E4/t?a1=2011&a2=4&a3=7
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Loge23 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:02 AM
Response to Reply #9
51. Madoff as patsy?
As truly reprehensible as Madoff's activities were, he does have some cred as the patsy in this mess.
After all, everyone who conveniently looked the other way gets a pass on this - and on the calamities they caused elsewhere (read: housing market).
It seems to the MO in these cases: hang one prominent suspect, wipe hands together, and throw out the press releases.
Surely, Martha Stewart and Madoff (strange bedfellows as they may be), may have deserved their fate. But why is it that others go free?
Martha Stewart goes to the can for "insider trading" in a fairly innocuous case; Rick Scott becomes governor of Florida after sitting as CEO while the biggest Medicaid fraud in history was perpetrated by his company. See how this works?
Madoff surely deserves his fate too. But what about Blankfein, Lewis, Fuld, and others?? Pay the fine, don't do the time, I guess.
The upshot of all this may be that the ever-dopier general population of the former great country probably believes that Madoff in is jail for causing the economic collapse!
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Fuddnik Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 12:25 PM
Response to Reply #51
96. Too bad Rick Scott isn't his cell-mate.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 06:52 AM
Response to Original message
10.  ECB raises rates for first time since 2008

Eurozone official interest rates have risen for the first time in three years as the European Central Bank reacted to accelerating inflation by tightening policy.

The increase in the ECB’s main interest rate, from 1 per cent to 1.25 per cent, follows a surge in eurozone inflation and increasing confidence at the Frankfurt-based institution that official borrowing costs no longer need to remain at emergency lows.

Read more >>
http://link.ft.com/r/9ULF66/8A68I8/VTVRG/V1SKHA/UU9BL3/HK/t?a1=2011&a2=4&a3=7
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 06:53 AM
Response to Reply #10
11.  Trichet must now raise rates again

Jean-Claude Trichet, European Central Bank president, today confirmed what markets had been expecting: a 25 basis point rise in eurozone borrowing costs, to 1.25 per cent. Mr Trichet will now face criticism for raising rates too early. But the doves are wrong: a raise in rates could not have waited any longer, and more must now follow.

The economic case for returning rates to normal levels rests party on the eurozone growth outlook. Following its 2009 slump the zone’s economy rebounded quickly in 2010, and is now set to grow next year at close to its (albeit significantly reduced) rate of potential, at between 1.5 and 2 per cent.

Read more >>
http://link.ft.com/r/EB8122/HDM76C/9MEOW/HDZ6SB/FX2EIQ/LE/t?a1=2011&a2=4&a3=7
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 06:55 AM
Response to Reply #11
14. wow -- well at least some one some where is
recognizing something inflationary is going on.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 06:53 AM
Response to Original message
12. Cuts to Anthem's rate hikes are not for everyone
http://www.latimes.com/business/la-fi-anthem-rates-20110408,0,7439995.story

Nearly 151,000 Anthem Blue Cross individual policyholders face rate hikes of as much as 26% on May 1, even though far more Anthem individual customers are getting a break this year.

The difference is a result of California's two-headed health insurance bureaucracy.

About 600,000 people with Anthem policies under the supervision of state Insurance Commissioner Dave Jones will see smaller-than-expected increases July 1.

Anthem agreed to cut those rate hikes to 9.1% on average, from 16.4%, amid pressure from Jones and consumers. The Woodland Hills insurer also postponed plans to raise deductibles and co-pays for medical care until January.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 06:57 AM
Response to Original message
16.  Dimon’s JPMorgan pay package rises 51 per cent

Jamie Dimon underlined Wall Street’s return to health after the financial crisis by collecting a $5m bonus – his first cash pay-out in three years – as part of a $23m pay package for leading JPMorgan Chase during 2010

Read more >>
http://link.ft.com/r/G8OTZZ/UUJRIN/XBAN6/EWVGK4/EWVEDU/N9/t?a1=2011&a2=4&a3=8
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 06:58 AM
Response to Reply #16
19. ...
:grr: where's my pitchfork?
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Fuddnik Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 09:18 AM
Response to Reply #19
83. I bought one with my Chase Visa.
As Marx once supposedly said, "When we hang the Capitalists, we'll buy the rope from them".
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Mnemosyne Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 10:57 AM
Response to Reply #83
90. Groucho or Karl? n/t
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 03:00 PM
Response to Reply #90
99. LOL LOL LOL....
:spray: Lenin or Lennon.
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Mnemosyne Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 03:17 PM
Response to Reply #99
104. It had to be asked.
Lenin or Lennon! :spray::rofl: :hi:
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-09-11 02:41 AM
Response to Reply #104
114. Like minds....
Roll down the same gutter! We are too easily amused.
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 03:51 PM
Response to Reply #83
108. I'm getting closer to getting Chase outta my (financial) life
Got approved for a Chase credit card recently...a whopping $300.

I literally laughed out loud when I heard the credit limit. I have a bigger limit at IKEA for crying out loud!

Told them to cancel that piece of crap and now that I'm in with a few big credit unions, I'm moving over money and setting up bill pays out of them. In a month or two, the only thing I'll have with Chase is my mortgage and I can't really do anything about that.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 06:57 AM
Response to Original message
17. Will Five Guys overtake In-N-Out?
http://www.latimes.com/business/la-fi-five-guys-20110408,0,7319175.story

Jessica Gueghlein never used to give it a second thought when she wanted a good hamburger — she headed to In-N-Out, that drive-through icon of Southern California car culture.

But her affections have strayed. Lately she's been hitting an East Coast upstart aggressively expanding in California — Five Guys Burgers and Fries.

"We chose this over In-N-Out," said Gueghlein, chowing down with family members at the Five Guys in Valencia that opened in January. She liked the fresh, flavorful burgers and hand-cut fries at Five Guys — as well as the novelty of trying something new. "It's the fourth time we've been here since they opened."

Five Guys executives insist they're not out to complete with In-N-Out, which started in Baldwin Park in 1948.

"We're not hurting them," said Five Guys spokeswoman Molly Catalano, "but we're glad that people are open to having another option."
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 03:02 PM
Response to Reply #17
100. KY Jelly for everyone!!!!!!
Edited on Fri Apr-08-11 03:06 PM by AnneD
Some days I am just too mouthy for my own good. Sorry I just couldn't resist-my bad. I am an In-n-Out kinda gal. We have Five Guys here in Houston but I live to go visit my daughter for my In-n-Out fix.
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 03:49 PM
Response to Reply #17
106. There's a Five Guys close to my work and one close to home
mmmmmmmm

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 06:57 AM
Response to Original message
18.  HSBC drawn into US tax pursuit

The US Department of Justice has asked a federal judge to force HSBC to reveal the names of thousands of the bank’s wealthy clients who are suspected of tax evasion in the US

Read more >>
http://link.ft.com/r/G8OTZZ/UUJRIN/XBAN6/EWVGK4/40L72Y/N9/t?a1=2011&a2=4&a3=8
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:01 AM
Response to Original message
21. Brazil doubles tax on consumer credit


Brazil has taken emergency measures to avert a possible credit bubble and rein in inflation, which has come dangerously close to breaking above the central bank’s target range

Read more >>
http://link.ft.com/r/NA70KK/A70CJD/204L2/40LFOW/V1SGDX/T3/t?a1=2011&a2=4&a3=8
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:01 AM
Response to Original message
22. Business groups say fewer regulations would spur growth
http://latimesblogs.latimes.com/money_co/2011/04/business-groups-say-fewer-regulations-would-spur-growth.html

Half of the slightly more than 400 businesses responding to a recent poll cited California's thicket of environmental, financial and other regulations as a disincentive to retaining or hiring workers or making new investments, the California Manufacturers & Technology Assn. says in survey results to be released Friday.

The responses -- which were compiled by the manufacturers group, the National Federation of Independent Businesses, the California Restaurant Assn. and other groups -- come at a time when Republican and Democratic lawmakers are pushing bills in the statehouse to lighten the regulatory load.

Democratic Gov. Jerry Brown also has told GOP budget negotiators that he's willing to consider regulatory streamlining as part of a deal to close a $15-billion shortfall.


i have no pity for these guys.
you wanna be in the beautiful state of california with it's 35 million people -- and really who doesn't want to be there --
play by the goddamn regulations.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:04 AM
Response to Reply #22
24. The Question Is: Growth of What?
And for the record--I for one DON'T want to be in California...tried it for two years...and it didn't suit me at all.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:18 AM
Response to Reply #24
34. i know it's not for every one -- but i'm an old queen who just loves cali. nt
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 03:12 PM
Response to Reply #34
101. I know I should have my head examined.....
but I feel the same way about Texas. Folks put Tabasco Sauce on their eggs in the morning here-so you know it isn't for the faint of heart.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:05 AM
Response to Original message
25. IMF calls for banks to pay more to cover risk


The world’s largest banks should pay fees to address the risk that any liquidity shortfall in their institutions damages the financial system, the IMF said

Read more >>
http://link.ft.com/r/R5WAEE/OJYXCE/DXJ2Y/8AG3N3/8AGZYE/82/t?a1=2011&a2=4&a3=7
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:05 AM
Response to Original message
26. Red light - or green?
http://www.atimes.com/atimes/Asian_Economy/MD09Dk01.html

MONTREAL - This was an odd week on the Asian equity markets. The overall situation is captured nicely by the MSCI Asia Pacific ex-Japan Index, which shows several clearly and unambiguously overbought indicators. Yet it has been that way for over a week as momentum and other short-term technical indicators refuse to flag.

Volatility was somewhat inversely correlated with absolute percentage gain, yet the national exchanges universally advanced, with steady strong momentum across the board and important short-term technical indicators continuing to be strongly favorable.
The usually more volatile exchanges in Shanghai, Mumbai, and


Hong Kong were no more volatile than the other exchanges taken together, and all-Asia volatility was the lowest in months. The volatility-gain correlation was stronger (-0.36) by geographical aggregation, so the narrative follows that this week. Greater China was the strongest sub-region, as the three exchanges there were three of the four best on the week although their volatility varied greatly.

By the lunchtime break on Friday local time, Hong Kong's Hang Seng Index had posted a more than 2.6% advance on the week to 24,441, moving upwards from the apparent third-fan breakout last week but with a short-term high at 24,964 posing a possible resistance. Like some other indexes, Hang Seng looks close to overbought although it still shows strong momentum after surmounting some time ago both its 50-day and its 200-day moving average. It was also the most volatile Greater China exchange.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:40 AM
Response to Reply #26
41. Personally, I Favor "Pulling the Covers Over My Head"
Edited on Fri Apr-08-11 08:26 AM by Demeter
and cowering in a locked, darkened room until it gets above freezing...sometime in 2020.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:06 AM
Response to Original message
27.  Petraeus lined up as next CIA director

General David Petraeus, commander of US forces in Afghanistan, is in talks to replace Leon Panetta as CIA director if, as is expected, Mr Panetta is nominated to become the next secretary of defence, officials have told the Financial Times

Read more >>
http://link.ft.com/r/R5WAEE/OJYXCE/DXJ2Y/8AG3N3/40LCWW/82/t?a1=2011&a2=4&a3=7

WELL, THAT'S JUST LOVELY
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Fuddnik Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 09:26 AM
Response to Reply #27
84. What is this nightmare I'm living in?
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Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 11:43 AM
Response to Reply #27
94. Stepping-stone to the Presidency?
That stinks.
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AnneD Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 03:17 PM
Response to Reply #94
103. Well he did ....
pass out during a Congressional hearing if memory serves me.
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Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 05:38 PM
Response to Reply #103
110. You see?
Well-qualified, too.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:07 AM
Response to Original message
28. Prosecutors allege $63m in Galleon insider profits


US prosecutors allege Raj Rajaratnam, co-founder of Galleon Group, made over $63m in trading profits or averted losses, by trading on secret inside information he received about 15 companies

Read more >>
http://link.ft.com/r/S4XZQQ/KEWMC5/6ADGM/IY76BS/ZBNG8Q/JY/t?a1=2011&a2=4&a3=7
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:08 AM
Response to Original message
29. Citi barred from new Indonesia accounts


Citigoup has been barred from selling wealth management services to new clients in Indonesia after allegations that a long-time employee stole millions of dollars from customers of its premium retail bank

Read more >>
http://link.ft.com/r/S4XZQQ/KEWMC5/6ADGM/IY76BS/C50449/JY/t?a1=2011&a2=4&a3=7
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:09 AM
Response to Original message
30. M&A lawyer charged in $32m insider trading scheme


A lawyer and a trader were accused of masterminding a 17-year insider trading scheme that reaped $32m by stealing deal information from three prominent corporate law firms

Read more >>
http://link.ft.com/r/S4XZQQ/KEWMC5/6ADGM/IY76BS/8AGZ7H/JY/t?a1=2011&a2=4&a3=7
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:11 AM
Response to Original message
32. Sean O'Grady: Political risk is everywhere as the European debt crisis continues
http://www.independent.co.uk/opinion/commentators/sean-ogrady-political-risk-is-everywhere-as-the-european-debt-crisis-continues-2264953.html

There have been a few unexpected twists and turns along the way, but the European debt crisis, which has dragged on for over a year now, has mostly been a series of "whens" rather than "ifs". We didn't know the exact timing, but we knew the bailouts for Greece, Ireland and Portugal were inevitable. Equally sure is that Portugal's application for a bailout from her eurozone partners and the IMF is far from the end of this.

For now, the big surprise is that Spain has managed to escape the turmoil – the domino that did not fall. The malign magic of "contagion" ought to have led inexorably to a Spanish rescue deal. But for now, the markets seem to have given Spain the benefit of the doubt, impressed by the government's apparent determination to force through austerity measures, reform Spain's sclerotic labour market and work though its busted small regional banks – the cajas poleaxed by the real estate crash.

Dangers remain. First, the European Central Bank's (ECB) decision to raise interest rates will make life more difficult for highly indebted banks, governments and households throughout the continent, but especially in Spain, where householders have more mortgage debt on devalued property than is healthy.

And, while one interest-rate hike from 1 per cent to 1.25 per cent doesn't sound like much, it will hobble already unsteady recoveries. Meanwhile, there remains no guarantee that Spain's powerful autonomous regions will go along with successive waves of austerity, or that the cajas are fixable, or that Spain will be able to bring its productivity up to German standards.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:16 AM
Response to Original message
33. Oil prices surge to fresh two and a half year highs
http://www.bbc.co.uk/news/business-12998807


Oil prices have surged to a two-and-a-half-year high on concerns about supply and a weaker dollar.

Brent crude rose to $123.93 a barrel, while US light crude rose to $111.30.

Other commodity prices were also boosted by the fall in the US currency, as a weaker dollar makes commodities cheaper for investors holding other currencies.

Gold hit a new record of $1,468.30 an ounce, while silver went to $40.21 an ounce, its highest since 1980.

With little prospect of an interest rate rise in the US any time soon, the dollar has fallen in recent weeks.
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hamerfan Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:58 AM
Response to Reply #33
47. I've got some old silver coins
that probably aren't worth much for collecting. But they are silver, and silver is high. I need to find a place to sell them. Ebay?
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:00 AM
Response to Reply #47
49. I'd keep them
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Po_d Mainiac Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:46 AM
Response to Reply #47
68. Check your PM....n/t
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Juneboarder Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 12:56 PM
Response to Reply #47
97. NO! Take them to your local wholesaler...
Biggest bang for your buck(metal)...
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:20 AM
Response to Original message
35. Iceland Bank Debt Referendum

4/8/11 Iceland Bank Debt Referendum

Icelanders go to the polls this weekend to decide whether to pay the debts of a failed bank. Planet Money's David Kestenbaum is in Reykjavik, and he spoke with Renee Montagne.

audio appx 4 min
http://www.npr.org/blogs/money/2011/04/08/135217267/good-morning-reykjavik


3/24/11 Should I Pay For Bankers' Mistakes?
This post was written by Planet Money intern Baldur Hedinsson.

I'm from Iceland. On April 9th, my country is holding a referendum to decide whether to pay back the $5 billion one of our bankrupt banks owes to people in the Netherlands and the U.K.

How should I vote? Here's the background.

During the boom, lots of Europeans opened online savings accounts with a big Icelandic bank called Landsbanki. When things fell apart in 2008, Landsbanki went bankrupt.

Officials in the Netherlands and the U.K. decided to reimburse their citizens who saw their Landsbanki savings accounts wiped out. In all, the governments paid back about $5 billion in deposits.

Now the U.K. and the Netherlands want their money back.

Some of the money will come from Landsbanki, which is in the process of selling off its assets. But that's unlikely to cover the total — a report by an independent consultant estimated that the banks are likely to come up anywhere from $200 million to $2 billion short. (Our Icelandic-speaking readers can read the the full report here.)

The governments of Iceland, the Netherlands and the U.K. worked out a deal for the Icelandic government to repay whatever Landsbanki's assets don't cover. And last month, Iceland's legislature passed a bill to go ahead with it.

But, in a dramatic move, the Icelandic president refused to sign the bill into law. So now, under Icelandic law, it's up to the voters to decide.

more...
http://www.npr.org/blogs/money/2011/03/28/134424502/should-i-pay-for-bankers-mistakes



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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:42 AM
Response to Reply #35
42. Go, Iceland!
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 09:12 AM
Response to Reply #35
82. Awesome! nt
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:20 AM
Response to Original message
36. BOJ holds fire, sets loan scheme for quake-hit banks
http://uk.reuters.com/article/2011/04/07/uk-japan-economy-boj-idUKTRE7360QO20110407

The Bank of Japan on Thursday kept monetary policy steady and launched a new loan scheme for banks in the northeast region hit hardest by last month's devastating earthquake and tsunami.

The central bank also cut its economic assessment and warned of heightening uncertainty over the outlook, signalling its readiness to ease policy further as a nuclear safety crisis and rolling power blackouts hit output and business sentiment.

"Japan's economy is under strong downward pressure, mainly on production, due to the earthquake," the BOJ said in a statement after its rate review, revising down its view from last month when it said the economy was emerging from a lull.

"The quake led to sharp declines in output in some areas by damaging plants, disrupting supply chains and constraining power supply. Exports and domestic private demand have also been affected significantly," it said.

Under the new loan scheme, the BOJ will offer 1 trillion yen (7.2 billion pounds) in one-year loans at 0.1 percent interest to financial institutions in the quake-hit northeast.

The BOJ will also consider accepting a wider range of collateral for loans to banks in the quake-hit area. Details of the scheme will be worked out by the next rate review on April 28, the BOJ said, and it would start disbursing loans as early as May....
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:23 AM
Response to Original message
37. AIG Bonds Are in Demand Investors Line Up for Fed's First Auction of Subprime Debt
http://online.wsj.com/article/SB10001424052748704101604576247250638752780.html?mod=dist_smartbrief

The Federal Reserve Bank of New York's much-anticipated auction Wednesday of $1.5 billion of subprime bonds inherited from American International Group Inc. was deemed successful by industry participants, noting that most of the bonds sold at prices that met expectations. The New York Fed, working through a unit of BlackRock Inc., sold 42 of 52 bonds on offer this week, for a total of $1.33 billion. The auction was the first of a series the New York Fed is conducting in an effort to rid itself of assets in a large portfolio of residential mortgage-backed bonds it acquired in rescuing AIG in 2008.

"We are hearing that of the 42 that traded, half traded into retail hands, which means the auction was strong," said Paul Norris, head of structured products at Dwight Asset Management in Burlington, Vt. "The bonds were sold at about the level expected, which means the auction was a success."

Industry participants said dealers saw solid interest from investors for these bonds and many didn't win bids. This could encourage the Fed to sell more bonds in the next installment, they said...There was a slight delay in announcing the winning bids, according to some participants. About 45 dealers had been invited to participate in the auction. Those who made bids were expecting to hear whether their bids were accepted 90 minutes after submitting the bids.

The Fed has posted some details about the sale on its website and will announce the date and size of the next auction...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:26 AM
Response to Original message
38. We’re Now Engaging in the Same Disastrous Policies… Only On a National Level Pt 1
http://www.zerohedge.com/article/we%E2%80%99re-now-engaging-same-disastrous-policies%E2%80%A6-only-national-level-pt-1?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+ra

The financial world is entering a massive process of transition though most folks have failed to see it. That process is that of Ben Bernanke being forced to resign and the US Federal Reserve being broken up. I know many people believe the Fed is always going to be in power, but they are wrong. The US Federal Reserve is in fact the third central bank the US has had. And it, like the other two, will be dismantled in the next five years.

The reason for this is quite simple. The REAL Crisis (of which 2008 was the warm-up) is fast approaching. When I say REAL Crisis I mean full-scale systemic meltdown, a situation in which the market accomplishes what the Fed, regulators, and US Government at large have failed to do: clean house.

The plain facts are right in front of us. The US is broke on every level: Federal, State, Local, and individual/ consumer. We all know this, but we don’t want to admit it because doing so would likely mean wiping out at minimum 30% of what we have today.

Nobody wants this. Consumers don’t want to lose their retirement accounts or their savings. The Government doesn’t want to lose its unending virtual checkbook. Politicians don’t want to lose their financial backers (the oligarchs). And the Fed certainly doesn’t want to lose its massive Free Lunch...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:33 AM
Response to Original message
39. Budget? We Don’t Need No Stinking Budget
http://www.zerohedge.com/article/4710-midnight-report-budget-we-don%E2%80%99t-need-no-stinking-budget

The market stumbled a bit on Thursday on news of a potential government shutdown (and politicians quibbling over a $40B budget difference is like someone quibbling over Brooklyn Decker's SAT scores because in the big picture, it is more irrelevant than Donald Trump), a new earthquake hitting Japan (luckily no damage was done but the Pacific plates continue to move...

Either way the market is bouncing up against three year highs despite the recovery of the ponzeconomy™ being more of an illusion than the Fraser Spiral or Ben Bernanke's grasp of inflation (or deflation, or anyfuckingflation), and with both the VIX going down faster than Sasha Grey on a casting couch and short interest dwindling like Money McBags' material (hey, you try writing a daily dick joke column on the market every business day for 16 months and see how long you can come up with original jokes for weekly new claims for unemployment, the PPI, and Alan Greenspan's taint), the market is due for a sell off (that is if anyone other than computer driven algorithms actually own any equities).

The big macro news of the day was obviously that Katrina Bowden showed up on the delightful meinmyplace. The second biggest news was that the government is on the verge of a shutdown (and we all know what happened the last time the government shut down, so um, let Money McBags know if Obama buddy Robert Titcomb (and yes Money McBags wrote Titcomb) is in charge of the White House's "Shut Down" party because Money McBags would like to get an invite to that). That said, the House passed a bill to keep the government funded for another week on the conditions of $12 billion in spending cuts and Nancy Pelosi being sent to her room without dinner (or botox). But even if the bill passes the Senate, it will be vetoed by the President who is still trying to iron out a compromise where the budget doesn't get cut and Republicans go fuck themselves, so as you can see, it is a very tricky compromise to negotiate. Not only are 800k government jobs threatened by the potential cuts (including park rangers, contractors, and bank CEOs) but important departments such as the B(L)S will be shuttered leaving the administration to manipulate data the old fashioned way, by pulling it out of their own asses. Money McBags is sure a compromise will be reached though so government officials can go back to getting paid to do nothing rather than not getting paid to do something (that something of course being bitching and moaning about maybe having to find a real job).


In actual macro news, initial claims for unemployment fell by 10k from 388k to 382k in the B(L)S' constant disregard for mathematical laws and believability. As usual, last week's 388k was revised up to 392k in the "Hold the shock and hope for no awe" strategy that has been more of a stunning success for the government than Social Security (until sometime around 2030, but lets not dwell on the negative). Analysts guessed that the number would be 385k, but they are only what is one chromosome short of human, so you have to forgive them for their miss. But riddle Money McBags this (because he is neither a macroeconomist nor plays one on TV), if ~380k people per week are making new claims for unemployment, that implies ~1.5MM people a month are losing their jobs, and yet from the (No) Labor Department's Labor Force Participation Rate report released last Friday, the economy added only ~216k jobs and the unemployment rate went down. So um, 1.5MM people a month are new unemployment receivers but the unemployment rate is going down on 216k new jobs being added, can someone explain the lunacy of those numbers since they seem to make less sense when looked at together than Christina Hendricks and this reject from the Sweat Hogs....
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 09:59 AM
Response to Reply #39
86. It’s Not Really About Spending
Edited on Fri Apr-08-11 10:00 AM by Demeter
http://www.nytimes.com/2011/04/08/opinion/08fri1.html

If the federal government shuts down at midnight on Friday — which seems likely unless negotiations take a sudden turn toward rationality — it will not be because of disagreements over spending. It will be because Republicans are refusing to budge on these ideological demands:


• No federal financing for Planned Parenthood because it performs abortions. Instead, state administration of federal family planning funds, which means that Republican governors and legislatures will not spend them.

• No local financing for abortion services in the District of Columbia.

• No foreign aid to countries that might use the money for abortion or family planning. And no aid to the United Nations Population Fund, which supports family-planning services.

• No regulation of greenhouse gases by the Environmental Protection Agency.

• No funds for health care reform or the new consumer protection bureau established in the wake of the financial collapse.


Abortion. Environmental protection. Health care. Nothing to do with jobs or the economy; instead, all the hoary greatest hits of the Republican Party, only this time it has the power to wreak national havoc: furloughing 800,000 federal workers, suspending paychecks for soldiers and punishing millions of Americans who will have to wait for tax refunds, Social Security applications, small-business loans, and even most city services in Washington. The damage to a brittle economy will be substantial.

Democrats have already gone much too far in giving in to the House demands for spending cuts. The $33 billion that they have agreed to cut will pull an enormous amount of money from the economy at exactly the wrong time, and will damage dozens of vital programs.

But it turns out that all those excessive cuts they volunteered were worth far less to the Republicans than the policy riders that are the real holdup to a deal. After President Obama appeared on television late Wednesday night to urge the two sides to keep talking, negotiators say, the issue of the spending cuts barely even came up. All the talk was about the abortion demands and the other issues.

..............................

The public is not going to be fooled once it sees what the Republicans, pushed by Tea Party members, were really holding out for. There are a few hours left to stop this dangerous game, and for the Republicans to start doing their job, which, if they’ve forgotten, is to serve the American people.


WELL, WE WILL SEE WHAT THE "PUBLIC" SEES...OR RATHER, WHAT THE MSM WILL ALLOW THEM TO SEE....DEMETER
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:38 AM
Response to Original message
40. Ongoing Cover Up of Nuclear Crisis By American and Japanese Governments and Companies
http://www.zerohedge.com/article/ongoing-cover-nuclear-crisis-american-and-japanese-governments-and-companies

Tepco

Tepco is covering up crucial information, including:

* After Gundersen pointed out that the existence of tellurium at Fukushima implies that re-criticality is coming, Tepco pulled the data, saying that the data is no longer accurate

* Tepco is denying that a blue neutron beam - also indicating re-criticality - has been observed

* Tepco has tried to deny the report of an imminent nuclear scientist that reactor number 2 had suffered a meltdown


Foreign Nuclear Companies

It's not just Tepco. Foreign nuclear companies are covering up as well.

For example, the large french nuclear corporation, Areva, has privately determined that:

* At reactors 1 through 3, the nuclear fuel reached 5,000 degrees, beyond the melting point of steel and the zirconium cladding of the spent fuel rods

* Containment in reactor number 2 was breached by hydrogen explosions. While the roof of reactor number 2 looks good (see photograph below), the hydrogen explosion blew out the containment, like a sneeze with your nose pinched and mouth closed will pop your ears...

* Crops and dairy products are polluted out to 50 kilometers from the nuclear site, well beyond what emergency zone is

* Unit 4 experienced "core melt in fresh air". The core melted because the fuel pool was cracked in the earthquake. The largest release is from reactor number 4. Because there is no containment as to the materials in the spent fuel rods, all fission products can be volatilized

* The person who prepared the Areva report said: "Clearly, we are witnessing one of the greatest disasters of our time."


But publicly, Areva is saying no problem, nuclear is safe.

Nuclear Regulatory Commission

NRC staff privately identified significant problems and dangers at Fukushima, including:

* A lot of "mud" inside the reactor, from injection of seawater

* The weight of building with all of the water in them might make it unstable in case of another earthquake

* Recriticitality of nuclear fuel.

* Plutonium ejected from fuel pools during the hydrogen explosion. NRC thinks that plutonium was ejected a couple of miles from the reactor.


But the NRC is telling Congress and the public that the situation is under control.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:03 AM
Response to Reply #40
52. EPA plan to raise radiation exposure limits sparks internal debate
http://www.southernstudies.org/2011/04/epa-plan-to-raise-radiation-exposure-limits-sparks-internal-debate.html

The U.S. Environmental Protection Agency is considering dramatically increasing the allowable level of radioactive contamination in water, food and soil after radiological incidents such as spills or "dirty bomb" attacks...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:44 AM
Response to Original message
43. What Is Happening In The CMBS Market And Why Is It Relevant To Recovery?
http://www.zerohedge.com/article/what-happening-cmbs-market-and-why-it-relevant-recovery-0

...Not a healthy picture, but as they point out, it's getting less worse...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:46 AM
Response to Original message
44. Crony capitalism strikes again Commentary: The Federal Reserve juices speculators By David Stockman
Edited on Fri Apr-08-11 07:47 AM by Demeter
http://www.marketwatch.com/story/story/print?guid=03A11808-5FB3-11E0-AE42-00212804637C

Someone has to stop the Federal Reserve before it crushes what remains of America’s Main Street economy.

In the last few weeks alone, it launched two more financial sector pumping operations which will harm the real economy, even as these actions juice Wall Street’s speculative humors.

First, joining the central banking cartels’ market rigging operation in support of the yen, the Fed helped bail-out carry traders from a savage short-covering squeeze. Then, green lighting the big banks for another go-round of the dividend and share-buyback scam, it handsomely rewarded options traders who had been front-running this announcement for weeks.

Indeed, this sort of action is so blatant that the Fed might as well just look for a financial vein in the vicinity of 200 West St., and proceed straight-away to mainline the trading desks located there.

In any event, the yen intervention certainly had nothing to do with the evident distress of the Japanese people. What happened is that one of the potent engines of the global carry-trade — the massive use of the yen as a zero cost funding currency — backfired violently in response to the unexpected disasters in Japan...
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:49 AM
Response to Original message
45. Who are the unbanked?
http://www.newdeal20.org/2011/04/05/unbanked-39037/

The unbanked are those without a bank account or an account at another mainstream financial institution. About 17 million US adults fall in this category. They are often low-income and minority populations who lack the minimum balance required to open a checking and savings account, although many are also illegal immigrants who don’t have the necessary documents. Another 21 million, who have checking accounts but often turn to payday loans and other high-cost services, are considered “underbanked.” Many are simply turned off by service charges, fees, and other expensive practices used by banks. About a quarter of all US households are either unbanked or underbanked.

What’s the significance?

This group often relies on high-cost products such as payday lenders, check cashers, and car-title loans that can have interest rates exceeding 300% annually and quickly rack up fees. They don’t have credit histories that would allow them to borrow from mainstream institutions, aren’t saving for retirement, and are often excluded from less-expensive forms of electronic payment. Banks are also closing up shop more frequently in low-income areas, exposing the population left behind to alternative products, who move in and target minorities. This problem existed before the recession, most obviously in the subprime mortgage-lending industry, but is now exacerbated.

Who’s talking about it?

Catherine Rampell profiles those who fall into this category…A report from National People’s Action exposes the huge discrepancy in how people of color are preyed upon by payday lenders…Candice Choi gave up her bank accounts to live as an unbanked person for a month and reports on the whopping fees she racked up…Tim Fernholz analyzes the various initiatives to bring financial products to the unbanked…Adam Levitin notes that while pre-paid debit cards have been effective in filling a need for the unbanked, they’re also stacked with predatory practices…The Economist looks at other companies looking to tap into this market…Even before the recession, Anita Hamilton noticed companies were profiting from the unbanked.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:51 AM
Response to Original message
46. Who is Epsilon and why does it have my data? TODAY'S MUST READ
Edited on Fri Apr-08-11 07:52 AM by Demeter
If you didn't get an e-mail warning this week that your name and e-mail address were part of a database that was breached, consider yourself lucky, and unique.

E-mails from dozens of companies--including Citibank, Chase, Capital One, American Express, Walgreens, Target, Best Buy, TiVo, TD Ameritrade, Verizon, and Ritz Carlton--began flooding inboxes this week after a company called Epsilon announced that its system had been breached. Some people have reported receiving as many as four of these warnings.

Citibank is a household name, as are most of the brands on the list (which now reaches more than 55, according to this list on DataBreaches.net). But who exactly is Epsilon, and what is it doing with my data?

Sporting a tag line of "Marketing As Usual. Not A Chance," Epsilon is one of a growing number of companies that offer outsourced services to help companies attract and keep customers. In addition to offering e-mail marketing services and managing customer e-mail databases for clients, Epsilon monitors social networking and other sites to see what people are saying about a company, advises on markets to target, helps develop and maintain customer loyalty programs, and offers Abacus, "the world's largest cooperative database with over 8.6 billion consumer transactions and 4.8 billion business transactions" used for creating lists of prospective customers. The different data Epsilon sells includes age, profession, residence, ethnic information and political affiliation, according to a list published on the site of security firm Magmatic.

"The e-mail component of Epsilon is a small part of the company," Dave Frankland, vice president and principal analyst at Forrester Research, told CNET. "They are in the business of managing customer data and helping companies integrate that data and communicate more effectively with customers. So they have a lot more information than just e-mail addresses and names."

Dallas-based Epsilon, which has more than 2,500 clients, was ranked best in class in a Forrester report from January, based on size, reputation, customer satisfaction, and other criteria, Frankland said. For that distinction, they beat out a host of other companies you probably haven't heard of like Acxion, ExactTarget, Responsys, Silverpop, e-Dialog, Alterian, Emailvision, and Yesmail...

Read more: http://news.cnet.com/8301-27080_3-20051038-245.html#ixzz1Iw4DJ0MY
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 09:10 AM
Response to Reply #46
81. this is very strange and very scary. nt
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Mnemosyne Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 11:01 AM
Response to Reply #81
92. This will scare you more then -
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 01:18 PM
Response to Reply #92
98. ...
:scared:
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Mnemosyne Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 03:16 PM
Response to Reply #98
102. Been tracking it every so often since 2005.
It scares me too! :hug::scared:
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hamerfan Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-09-11 03:33 AM
Response to Reply #92
115. No privacy at all anymore.
None. Nada. Zip.
Forget flying under the radar. These days, from womb to tomb we are tracked constantly.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 07:59 AM
Response to Original message
48.  Fed Lending Increases Ultimate Cost of Bank Failures; 111 Banks Fed Lent Money to Failed MUST READ
Edited on Sat Apr-09-11 03:48 PM by Demeter
http://globaleconomicanalysis.blogspot.com/2011/04/fed-lending-increases-ultimate-cost-of.html


Via emergency lending mechanisms recently released data shows that 111 banks the fed tried to keep alive via emergency lending procedures ultimately failed.

Please consider the New York Times article Fed Help Kept Banks Afloat, Until It Didn’t:

http://www.nytimes.com/2011/04/05/business/economy/05fed.html?_r=1&partner=rss&emc=rss

During the frenetic months of the financial crisis, the Federal Reserve stretched the limits of its legal authority by lending money to more than 100 banks that subsequently failed.

The loans through the so-called discount window transformed a little-used program for banks that run low on cash into a source of long-term financing for troubled institutions, some of which borrowed regularly from the Fed for more than a year.

The central bank took little risk in making the loans, protecting itself by demanding large amounts of collateral. But propping up failing banks can increase the eventual cleanup costs for the Federal Deposit Insurance Corporation because it keeps struggling banks afloat, allowing them to get even deeper in debt. It also can clog the arteries of the financial system, tying up money in banks that are no longer making new loans...


Boundaries are Not the Problem

The Fed does not care about boundaries or what is legal or not. The obvious implication is mechanisms to define Fed boundaries would be futile. We need to eliminate the Fed itself...
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Tansy_Gold Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:02 AM
Response to Original message
50. Hi folks
Apologies for my absence the past week.

1. The day job dumped extra work on my desk that I don't want and don't have time to do but can't refuse.
2. One of the dogs got sick, it's probably a spike in his valley fever (a fungus infection common in the desert southwest, but so far there's been one expensive trip to the vet (see #1 above) and may be more.
3. The BF has been working on a major renovation project that's required my assistance which mainly consists of standing around and waiting for him to make up his mind what he's going to do next, and then holding something.
4. Events in Wisconsin have stunned me. I do not understand how this kind of bullshit is tolerated. I understand how it happens, but I don't understand how it is tolerated. I think too many people are in denial, and have been kept in that state by the corruption of the media, and this goes back to the discussion of a week or so ago about how the rightwing took over the media following Cronkite's observtions on Vietnam. In a crucial and extremely tight race, votes aren't "forgotten" by an election official who has a shady past on that issue. I used to write fiction for a living, and that kind of scenario would be laughed out of the mailroom before it ever hit an editor's desk.

I'm tired of this bullshit. Sick and tired of it. I'm especially sick of the corruption that is rampant in the GOP, which is more and more looking like the Borgia family on Clomid and steroids.


TG, TT





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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:12 AM
Response to Reply #50
55. It's the Corruption in the Democratic Party that will be the death of us
Edited on Fri Apr-08-11 08:15 AM by Demeter
When both parties are Out to Lunch (on the rest of us), then we are in really big trouble....

Hope it gets better for you, Tansy.

I went to choir practice for the first time in two months (Easter being just 3 weekends away). I was amazed to reflect, as everyone shared the crises in their lives, how much progress I and my family have made in our own struggle to survive and prevail...

Which goes to show...Polish stubbornness (too stupid to die) occasionally pays off...a case of survival, persistence in the face of all others giving up.
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Tansy_Gold Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:44 AM
Response to Reply #55
65. The corruption in the Democratic party is astounding, but it's
of a slightly different variety. Theirs is a corruption of weakness, of whimpering helplessness that covers a putrescent core. The GOP's is a raging fever of insane greed, a malicious lust for power that appears unstoppable by the pathetic Dems.

Has Russ Feingold weighed in on this yet? I'm so swamped I haven't been able to do more than skim some headlines.


TG
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:53 AM
Response to Reply #65
73. The Obama 2012 message: No one’s perfect
http://www.washingtonpost.com/blogs/the-fix/post/the-obama-2012-message-no-ones-perfect/2011/04/06/AFPgDwuC_blog.html

President Obama may have launched his reelection campaign earlier this week but he and his aides have given little indication about the message on which that campaign will be based.

Read between the lines, however, the first faint traces of the message have begun to emerge.

The first clue came in the two-minute web video released by the campaign to coincide with Obama filing papers with the Federal Election Commission to allow him to raise money for a 2012 bid

“I don’t agree with Obama on everything,” says a man from North Carolina identified as “Ed”. “But I respect him and trust him.”

Then, in an energy-themed event in Philadelphia on Wednesday, Obama reiterated that sentiment — hearkening back to a line he used during the 2008 campaign.

“I said, ‘I am not a perfect man and I will not be a perfect president,’” Obama reminded the audience. “But I can promise you this: I will always tell you where I stand. I will be honest with you about the challenges we face and how we can solve these problems.”
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Tansy_Gold Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 10:18 AM
Response to Reply #73
88. I wish I hadn't eaten breakfast.
I'm sorry, Mr. Obama, but you are overflowing full of shit.

:puke: :puke: :puke:



And now, excuse me while I go back to my less-than-minimum-wage job that I hope will tide me over without my SS check during the shut down that you allowed the pukes to engineer. Fuck you, Obama, you and all those spineless wimpy Dems who wander around DC leaderless and feckless. Fuck you sideways.



Tansy Gold
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:05 AM
Response to Original message
53. Obama Will Lose in 2012 (ECONOMIC FORECAST AND MUST READ)
Edited on Fri Apr-08-11 08:16 AM by Demeter
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:10 AM
Response to Original message
54. There's so much more--
if I don't get back to this thread today, see tomorrow's Weekend Economist.

the theme for this weekend will be a big surprise (to me)--open for recommendations beyond Duck and Cover....my current favorite.

Maybe the China Syndrome? That has possibilities....
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:20 AM
Response to Original message
56. Stuff Piled in the Aisle? It’s There to Get You to Spend More
http://www.nytimes.com/2011/04/08/business/08clutter.html?_r=2&hp

That’s a given. But it turns out that lots and lots of stuff piled onto shelves or stacked in the middle of store aisles can coax a shopper to buy more.

After the recessionary years of shedding inventory and clearing store lanes for a cleaner, appealing look, retailers are reversing course and redesigning their spaces to add clutter.

Dollar General is raising the height of its standard shelves to more than six feet; J. C. Penney is turning its empty walls into jewelry and accessory displays; Old Navy is adding lanes lined with items like water bottles, candy and lunchboxes; and Best Buy is testing wheeling in bigger items, like Segways and bicycles, to suck up the space created by thinner TVs and smaller speakers.

Wal-Mart Stores may provide the marquee example of a failed makeover. Two years ago, it remodeled, trying to hang on to Target shoppers who traded down to Wal-Mart during the recession.

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Fuddnik Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 11:00 AM
Response to Reply #56
91. We were talking about reduced size packaging the other day.
And how a can of tuna shrunk to a chintzy 5 oz. can. I remember when they used to be 7.5 oz.

So yesterday I ran up to the store for a couple of items, and as I walked past the 5 oz tuna cans, Starkist caught my eye. 4.5 frigging ounces!
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 11:33 AM
Response to Reply #91
93. very interesting.
smaller items means you can make it look fuller.

and i get the idea that 'full' or 'packed' is supposed to get some kind of consumer juice rolling.
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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 03:50 PM
Response to Reply #91
107. Have you checked the size of the cardboard tubes for TP?

Not only are the tubes shorter in length, but also wider in diameter! So the toilet paper is less wide and fewer sheets on the roll.

That's insane about canned tuna.


:mad:



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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:25 AM
Response to Original message
57. Is China's Elite Preparing for Exile?
http://blogs.hbr.org/cs/2011/04/is_chinas_elite_preparing_for.html

In the years before Hong Kong reverted to Chinese control, the children of its rich and upper middle classes were sent in great numbers to Canada, Australia, Britain and the U.S. for schooling — and passports. These children were the means of escape for their families if escape was necessary. We may be seeing the same phenomenon repeating itself, with the mass exodus of China's political and economic elites children to schools abroad.

This time, the U.S. is the most-favored destination, with 100,000 Chinese students studying in American colleges and universities — more than any other country. Many thousands more study in high school and boarding schools. The talk in Shanghai and Beijing, and New York and Boston, is that many are "just-in-case" children, vectors to more permanent residency for their families.

The arrest and disappearance of world-renowned artist Ai Weiwei is but the latest evidence that the political culture of China is shifting toward that of a police state. For the past 20 years, the upper classes in China's cities have been able to negotiate an ever widening-space of freedom for themselves. It was possible to talk to censors who, by and large, were willing to liberalize when possible. Private networks and workarounds let elites retain access to information when Google, YouTube, and Twitter were shut down. Artists were allowed to criticize the growing inequality in society in their work.

This appears to be ending as the military and extremely conservative political forces restrict civic and cultural spaces. The Middle East upheavals and the prospect of a more liberal Tiananmen generation soon taking power has pushed policy to the extreme right in China. Political control in universities is tightening and overseas travel for scientists is being scrutinized. While government economic policy favors "indigenous innovation" and Beijing's five-year plan focusses on innovation, the free flow of information and creative expression are being repressed.


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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:33 AM
Response to Original message
58. Jon Stewart Devotes FOUR Segments To Bidding Glenn Beck An Epic, Apocalyptic Goodbye
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bread_and_roses Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:35 AM
Response to Original message
59. Waves to All
sorry i've been among the missing - like Tansy, have been swamped by a combo of personal and work factors - will be absent most of next week also

sorry to hear PBD is ill, hope he's well soon

thanks to Demeter for starting the thread

Agree with Tansy above and Demeter in the post below hers

In my few spare minutes I've been watching the Decorah Eagles - very restful! http://www.ustream.tv/decoraheagles

Everywhere else, the world devolves further and further and quicker and quicker, while I gape around like Alice (a character and book I disliked as a kid and still do, but what other comparison works?) at crazy passing itself off as normal.



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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:35 AM
Response to Original message
60. Jeffries' CEO Richard Handler Buys Prudential's Commodity Group, Raises $500 Million,
http://www.businessinsider.com/jeffries-richard-handler-prudential-500-million-offering-hires-2011

Jeffries wants to compete with the big boys.

Over the past few months, the small investment bank has been hiring senior people from Deutsche Bank and from PIMCO, to name just two examples.

In total, the 3,000-person firm has increased its head count by ~850 people in 2 years.

Now it's buying Prudential Bache's global commodities group from Prudential Financial Inc. for $430 million.

Jefferies Bache, according to the Wall Street Journal. It will be led by Patrice Blanc, whom the firm hired last year. Blanc used to be the CEO of Newedge.

Read more: http://www.businessinsider.com/jeffries-richard-handler-prudential-500-million-offering-hires-2011#ixzz1IwFFk3RV
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:38 AM
Response to Original message
61. oh now this is interesting: Citi: Every Single Major Auto Company Is A "Sell"
http://www.businessinsider.com/citi-every-single-major-auto-company-is-a-sell-since-the-market-still-doesnt-appreciate-the-japanese-earthquake-2011-4

Quick summary:

Quake damage and disruption underestimated — We have turned bearish on the auto sector, lowering our ratings across our coverage. Although sector share prices have fallen an average of 11% in the initial selloff following the March 11 earthquake, we do not think the fall in earnings and slowness of the recovery have been fully priced in yet. While some investors may be tempted to position for a recovery in H2 and out, the full extent of damage to the supply chain and production disruption from the power outages is being underestimated by the market, and we would avoid the sector as things stand.

Protracted impact from eastern Japan earthquake — Differences from previous disasters include
damage over a wide area to auto plants and to materials makers that supply vital inputs, and the prolonged impact of this.

Read more: http://www.businessinsider.com/citi-every-single-major-auto-company-is-a-sell-since-the-market-still-doesnt-appreciate-the-japanese-earthquake-2011-4#ixzz1IwG1JwdQ
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:53 AM
Response to Reply #61
72. Tansy, Lend Me Your Stamp
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:40 AM
Response to Original message
63. Meanwhile, The Market Is Just Taking Off Again
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:44 AM
Response to Original message
66. Interesting Implied Macro Impacts Of Representative Ryan's Roadmap
http://www.businessinsider.com/interesting-implied-macro-impacts-of-representative-ryans-roadmap-2011-4

I've read and re-read the Heritage Foundation's analysis of how the projections for the Ryan plan were developed. I'm sure it's my own failing, but I still don't quite understand what is going on. And this is after Heritage took down their original documentation that indicated unemployment would eventually hit 2.8%.<0>

(Here is National Journal's take on the original Heritage analysis.)

Even ignoring the unemployment number (which seems to have moved a bit, although not reported in the document), I thought it worthwhile to mention the other oddities of the report.

First, it is important to note that the simulation forecasts relative to the CBO alternative fiscal scenario, rather than extended baseline, as would typically be the case. Obviously, this makes the Ryan plan "look better" in terms of budget deficits and (given Heritage's modeling approach incorporating substantial supply side effects) in terms of growth.

Read more: http://www.businessinsider.com/interesting-implied-macro-impacts-of-representative-ryans-roadmap-2011-4#ixzz1IwHkfb4B
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:45 AM
Response to Original message
67. 9:44am - Looking good so far. Gold nearing $1,500/oz. Oil over $111/bbl
Dow 12,425 +16 +0.13%
Nasdaq 2,805 +8 +0.30%
S&P 500 1,337 +4 +0.29%
GlobalDow 2,218 +17 +0.76%
Gold 1,471 +12 +0.79%
Oil 111.31 +1.01 +0.92%


Euro at $1.4432 (Glad we went to Mexico last week and not Europe)
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:48 AM
Response to Reply #67
70. i said it yesterday -- i think i've said it today --
i just don't think the 'recovery' is that strong to deal with these 'spikes'.

maybe i'm missing something.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:55 AM
Response to Reply #70
74. Thanks for all the "material support"
You've been doing great--it's not a one-person thread (and shouldn't be).
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:59 AM
Response to Reply #74
76. thank you -- i don't pretend to understand it --
but it's my notion that this is the important stuff.

somewhere in all of this stuff that gets posted -- are really important messages.
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 10:57 AM
Response to Reply #70
89. Volume has been typically low during this bull run, too
that's a big indicator how much this thing lacks any depth.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 08:57 AM
Response to Original message
75. Retail chain stores post increased March sales
http://www.washingtonpost.com/business/economy/retail-chain-stores-post-increased-march-sales/2011/04/07/AFdw9zwC_story.html

Rising commodity prices couldn’t keep shoppers away from the mall last month, according to sales data released Thursday that showed consumers are spending more on luxury items and apparel.

The report from the International Council of Shopping Centers showed that sales at roughly 30 of the nation’s largest chain stores rose 2 percent in March from a year ago, with several retailers beating expectations. Wholesale clubs and high-end department stores posted the best results, and many chains said they expect April sales to be stronger, thanks to the Easter holiday.

“A lot of us had the events in the world on our minds,” said Alison Paul, vice chairman and U.S. retail leader at consulting firm Deloitte. “I think it was a little bit a sigh of relief that the numbers were more positive than negative.”

The data track sales at stores open at least a year — viewed as a key measure of a retailer’s health — for widely recognized companies such as Macy’s, Target and Gap. Although analysts estimate that the sales figures represent only a small portion of the retail industry, they offer a window into how consumers are faring during the nation’s slow economic recovery.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 09:01 AM
Response to Original message
77. The wrong economic debate
http://www.washingtonpost.com/opinions/the-wrong-economic-debate/2011/04/04/AFsNkIjC_story.html

There’s a janitor who lives in a studio apartment just outside of Stevens Point, Wis. He cleans the math and science buildings at a state university, a job he’s been doing for about 18 months, after a year of unemployment. He’s 43 and last year made $24,622. He doesn’t have kids, so he doesn’t qualify for a child-care tax credit. He doesn’t own a home or a hybrid car — those credits don’t apply to him, either. He hasn’t been enrolled in school since the 10th grade, so he definitely doesn’t qualify for any education credits or deductions. He just learned that Gov. Scott Walker’s new budget has slashed his benefits and that next year he’ll be bringing in about 16 percent less per month. And when he sits down to do his taxes next week, he’ll find that he paid the federal government around $1,400 in 2010.

About a thousand miles to the east, in Fairfield, Conn., General Electric, one of the world’s largest multinational corporations, posted a $14.2 billion profit for 2010. When its accountants were finished working their magic, the company didn’t owe a single dollar in federal taxes.

“People can think what they think,” said Jeff Immelt, GE’s chief executive, in response to a growing anger to this story, first reported last week by the New York Times. What else is there to think, one wonders, but that with the muscle and money of lobbyists and lawyers, with the access and influence built over generations, GE has done not just the audacious but the outrageous. And it is not alone.

Exxon Mobil, for example, made $19 billion in profits in 2009 but paid no federal income taxes. In fact, it received a $156 million rebate from the IRS. Bank of America received a $1.9 billion tax refund from the IRS last year, even though it made $4.4 billion in profits and was handed a nearly $1 trillion bailout by taxpayers. The list, inconceivably, goes on.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 09:04 AM
Response to Original message
78. District lawyer Kluger arrested for insider trading is assigned public defender
http://www.washingtonpost.com/business/economy/district-lawyer-kluger-arrested-for-insider-trading-to-use-public-defender/2011/04/07/AFShzsxC_story.html

Corporate lawyer Matthew Kluger is alleged to have been at the heart of one of the largest and longest-running insider-trading schemes ever prosecuted, but when he appeared in a federal court in Alexandria on Wednesday, he said he could not afford an attorney, according to a Justice Department spokesman.

he government says the scheme netted more than $32 million in illegal profits since 2006, but the case against Kluger leaves open the possibility that a trader in New York pocketed the vast majority of the gains and that Kluger never got rich from the trades.

In the Securities and Exchange Commission’s explanation of how the money was distributed, the agency said only that Kluger “has profited by at least $500,000.”

Kluger, 50, was assigned a public defender, Rachel Martin, who declined to comment Thursday.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 09:06 AM
Response to Original message
79. Google Will Face More EU Antitrust Complaints, Almunia Says
http://washpost.bloomberg.com/Story?docId=1376-LJBOL407SXKX01-4QILD1P4DSIVFUF8KSN57NEGT5

April 8 (Bloomberg) -- Google Inc. will trigger more complaints to European Union antitrust regulators given its “extremely large” market share for Web search and advertising, the EU’s competition commissioner said.

Joaquin Almunia, the region’s antitrust chief, said a complaint about Google filed by Microsoft Corp. last week will “not be the last one” and regulators had received more than 500 responses to questionnaires sent to Web companies, publishers, and advertisers earlier this year.

Google is under growing pressure from global regulators who are probing whether the company uses its dominance of Web search to thwart competition. While Microsoft and partner Yahoo! Inc. have about a quarter of the U.S. search market and Google the rest, Google has almost 95 percent of the market in Europe, Microsoft said in a blog posting last week citing data from regulators.

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 09:09 AM
Response to Original message
80. ‘The Agony and the Ecstasy of Steve Jobs’ asks an awkward question: Who made your gadgets?
http://www.washingtonpost.com/blogs/faster-forward/post/the-agony-and-the-ecstacy-of-steve-jobs-asks-an-awkward-question-who-made-your-gadgets/2011/04/04/AFLziElC_blog.html

I spent two hours Sunday afternoon watching a guy on a bare stage talk about Apple. That could be a description of a Steve Jobs keynote, but the event in question was Mike Daisey’s “The Agony and the Ecstasy of Steve Jobs” at the Woolly Mammoth Theatre downtown.

Daisey, the author of such earlier spoken-word pieces as “If You See Something Say Something” and “How Theater Failed America,” turns his attention to Apple and the broader electronics industry in this two-hour performance.
Mike Daisey wrote and performs 'The Agony and the Ecstasy of Steve Jobs' which runs at the Woolly Mammoth Theatre through April 17. (Astrid Riecken)

Parts exhibit the same biting wit I enjoyed in “If You See Something”--for example, his testimony about how many times he’s jumped through each new upgrade hoop raised by Apple, his rant about his loathing of PowerPoint, and his recap of Steve Jobs’ exile from and return to the company he founded.

Other parts are less enjoyable. Daisey says he spent a month in China around the industrial city of Shenzhen to learn who’s been building the Apple gadgets he’s been lining up to buy.
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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 09:46 AM
Response to Original message
85. The Broken Theory of Growth Through Austerity and Deficit Reduction
http://www.newdeal20.org/2011/03/28/the-broken-theory-of-growth-through-austerity-and-deficit-reduction-39962/

Even if you try to play by the GOP’s deficit reduction rules you still can’t grow the economy.

Ezra Klein notes that the Tea Party and austerity wing of the conservative party has won a huge victory and the Democrats have suffered a huge loss. Now that Obama and the Democrats are part owners of the argument that we need to cut the short-term deficit immediately, and implicitly that we can get growth through austerity, it’s worth a second to go through how this is supposed to work and how it will fail...
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Hotler Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 10:12 AM
Response to Original message
87. k&r Thank you for SMW everyone. n/t
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Roland99 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 03:48 PM
Response to Original message
105. At the close - Big day for Big Oil
Dow 12,380 -30 -0.24%
Nasdaq 2,780 -16 -0.56%
S&P 500 1,328 -5 -0.40%

GlobalDow 2,211 +10 +0.43%
Gold 1,476 +17 +1.13%
Oil 113.05 +2.75 +2.49%


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DemReadingDU Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 04:04 PM
Response to Reply #105
109. wow, oil!

I bet that translates to over $4 gallon gas at the pump for us soon.

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Festivito Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 10:23 PM
Response to Original message
111. Debt: 04/06/2011 14,259,761,986,879.66 (DOWN 2,382,476,018.28) (Wed, DOWN a little.)
(Good day.)
Another long day.
(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)
= 9,649,960,380,158.64 + 4,609,801,606,721.02
DOWN 11,756,275.73 + DOWN 2,370,719,742.55

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 312-Million person America.
If every American, man, woman and child puts in $3.21 THAT'S 1B$, and $3,207.88 makes 1T$.
A family of three: Mom, Dad, Child: $9.62, ABOUT TEN BUCKS for a 1B$ 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 12 seconds we net gain another American, so at the end of the workday of the report, there should be 311,732,192 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,743.63.
A family of three owes $137,230.89. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 33 days.
The average for the last 22 reports is 3,506,127,363.57.
The average for the last 30 days would be 2,571,160,066.62.
The average for the last 33 days would be 2,337,418,242.38.
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$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 128 reports in 188 days of FY2011 averaging 5.45B$ per report, 3.71B$/day.
Above line should be okay

PROJECTION:
There are 655 days remaining in this Obama 1st term.
By that time the debt could be between 15.2 and 17.6T$.
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)
04/06/2011 14,259,761,986,879.66 BHO (UP 3,632,884,937,966.58 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 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,698,138,955,987.90 ------------* * * * * * * * * * * * * * * * * BHO
Endof11 +1,355,429,356,040.34 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
03/15/2011 +066,006,214,426.70 ------------**********
03/16/2011 +001,148,655,957.01 ------------*********
03/17/2011 -014,916,428,437.31 -
03/18/2011 +000,616,236,061.23 ------------********
03/21/2011 -000,100,873,734.64 --- Mon
03/22/2011 +000,366,066,174.28 ------------********
03/23/2011 -000,063,255,741.95 ----
03/24/2011 -015,763,143,549.40 -
03/25/2011 -000,034,574,737.25 ----
03/28/2011 +000,227,402,237.21 ------------******** Mon
03/29/2011 +000,181,007,415.32 ------------********
03/30/2011 +000,670,089,469.30 ------------********
04/04/2011 +000,336,873,927.41 ------------******** Mon
04/05/2011 -000,031,815,631.67 ----
04/06/2011 -000,011,756,275.73 ----

38,630,697,560.51 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=4803947&mesg_id=4804360
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Festivito Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-08-11 10:26 PM
Response to Reply #111
112. Debt: 04/07/2011 14,264,245,526,311.58 (UP 4,483,539,431.92) (Thu, UP some.)
(Good day.)
Tired and done with the week.
(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)
= 9,652,195,544,012.12 + 4,612,049,982,299.46
UP 2,235,163,853.48 + UP 2,248,375,578.44

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 312-Million person America.
If every American, man, woman and child puts in $3.21 THAT'S 1B$, and $3,207.81 makes 1T$.
A family of three: Mom, Dad, Child: $9.62, ABOUT TEN BUCKS for a 1B$ 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 12 seconds we net gain another American, so at the end of the workday of the report, there should be 311,739,392 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,756.96.
A family of three owes $137,270.87. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 31 days.
The average for the last 22 reports is 3,548,941,937.78.
The average for the last 30 days would be 2,602,557,421.04.
The average for the last 31 days would be 2,518,603,955.84.
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$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 129 reports in 189 days of FY2011 averaging 5.45B$ per report, 3.72B$/day.
Above line should be okay

PROJECTION:
There are 654 days remaining in this Obama 1st term.
By that time the debt could be between 15.2 and 17.6T$.
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)
04/07/2011 14,264,245,526,311.58 BHO (UP 3,637,368,477,398.50 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 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,702,622,495,419.80 ------------* * * * * * * * * * * * * * * * * BHO
Endof11 +1,356,916,459,408.61 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
03/16/2011 +001,148,655,957.01 ------------*********
03/17/2011 -014,916,428,437.31 -
03/18/2011 +000,616,236,061.23 ------------********
03/21/2011 -000,100,873,734.64 --- Mon
03/22/2011 +000,366,066,174.28 ------------********
03/23/2011 -000,063,255,741.95 ----
03/24/2011 -015,763,143,549.40 -
03/25/2011 -000,034,574,737.25 ----
03/28/2011 +000,227,402,237.21 ------------******** Mon
03/29/2011 +000,181,007,415.32 ------------********
03/30/2011 +000,670,089,469.30 ------------********
04/04/2011 +000,336,873,927.41 ------------******** Mon
04/05/2011 -000,031,815,631.67 ----
04/06/2011 -000,011,756,275.73 ----
04/07/2011 +002,235,163,853.48 ------------*********

-25,140,353,012.71 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=4806048&mesg_id=4806987
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