STOCK MARKET WATCH, Monday, April 25, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Monday April 25, 2011

AT THE CLOSING BELL ON April 21, 2011

Dow 12,505.99 +52.45 (+0.42%)
Nasdaq 2,820.16 17.65 (0.63%)
S&P 500 1,337.38 +7.02 (+0.53%)
10-Yr Bond... 3.39 -.00 (-0.12%)
30-Year Bond 4.47 -.00 (-0.02%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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    William Black: This Economic Disaster    Bill Moyers with Kevin Drum and David Corn

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

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This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

Read more: du

[Pale Blue Dot]

1. Today's lonely report

Apr 25 10:00 New Home Sales Mar 265K 280K 250K

Read more: http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm#ixzz1KX7f5ORB

[ret5hd]

3. First rec!

[DemReadingDU]

46. good toon today!

[Pale Blue Dot]

2. Oil near $113 as damaged fields shut Libya output

SINGAPORE – Oil prices rose to near $113 a barrel Monday in Asia after Libyan rebels said they won't produce crude for at least a month as they repair fields damaged in fighting.

Benchmark crude for June delivery was up 52 cents at $112.81 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.

Oil markets were closed Friday for the Easter holiday. The June contract last settled up 84 cents at $112.29 on Thursday.

In London, Brent crude for June delivery was up 37 cents to $124.36 a barrel on the ICE Futures exchange.

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

[xchrom]

8. Growth Probably Slowed as Fuel Costs Rose: U.S. Economy Preview

http://www.businessweek.com/news/2011-04-24/growth-probably-slowed-as-fuel-costs-rose-u-s-economy-preview.html

April 24 (Bloomberg) -- The U.S. economy probably grew at a slower pace in the first quarter as a jump in gasoline prices caused consumers to cut back, economists said a report this week will show.

Gross domestic product rose at a 1.9 percent annual pace after increasing at a 3.1 percent rate in the previous three months, according to the median estimate of 66 economists surveyed by Bloomberg News before an April 28 Commerce Department report. Other data may show business investment remained a pillar of the economic rebound, while home prices fell.

Federal Reserve policy makers, when they meet this week, will likely say they’ll complete the second round of stimulus worth $600 billion, as scheduled, through the end of June to help sustain the recovery. While companies like General Electric Co. and Apple Inc. are among those benefiting from gains in spending on equipment and software, households are feeling the pinch of higher food and fuel prices.

“The economy has hit a bit of a soft patch,” said Ryan Sweet, a senior economist at Moody’s Analytics Inc. in West Chester, Pennsylvania. “If we continue to get these sharp jumps at the pump, that will be a major hit to consumer sentiment. There is a tipping point for consumers.”

[CatholicEdHead]

74. Last time it was this high the bottom fell out

So we will see what the summer brings.

[xchrom]

42. Exxon Discovers Oil at Second Field in Indonesia’s Cepu Block

http://www.thejakartaglobe.com/business/exxon-discovers-oil-at-second-field-in-indonesias-cepu-block/437282

ExxonMobil Corp., the world’s largest publicly traded oil company, said its Indonesian unit has discovered oil at a second field in the Cepu Block on Java island.

Mobil Cepu Ltd., the operator of the block, found oil at the Kedung Keris-1 well, about 14 kilometers from the Banyu Urip area, where it discovered oil in 2001, Exxon Mobil said in an e-mailed statement from Jakarta today.

[Viva_La_Revolution]

72. Indonesia just had a 6.0 quake yesterday...

and a 6.7 earlier this month. What a brilliant place to drill for more oil!

x(

[xchrom]

43. Foot on the gas?

http://www.thejakartaglobe.com/energy/foot-on-the-gas/437224

As the end of oil looms, there is global recognition that cleaner and renewable energies will inevitably power the future. With the largest natural gas reserves in the Asia Pacific, what will it take to get Indonesia’s gas above ground? Oil prices skyrocketed to more than $100 a barrel with the political unrest in Libya and the Middle East. The reign of Gaddafi and oil, the uprisings highlight, is undeniably petering out.

Paul Robertson illustrates the scale of problem in his book The End of Oil: “Consumption of oil is rising so fast that oil companies must discover a new billion-barrel oil field every two weeks.” While lifestyles have not shifted drastically in response to dwindling resources there is growing recognition that reserves are finite.

Indonesia is a case in point – the former OPEC member is now a net importer of oil. Demand is outstripping supply by 7% on average across the archipelago.

[xchrom]

45. Coast Guard Report Slams Transocean in Deepwater Horizon Explosion

http://www.allgov.com/Top_Stories/ViewNews/Coast_Guard_Report_Slams_Transocean_in_Deepwater_Horizon_Explosion_110425

In the latest assessment of last year’s Gulf of Mexico oil spill accident, the U.S. Coast Guard soundly criticized the rig’s owner, Transocean, on numerous grounds, saying the company’s mistakes exacerbated the disaster.

The Coast Guard report mentions “numerous systems deficiencies, and acts and omissions by Transocean and its Deepwater Horizon crew.”

[xchrom]

50. US STOCKS-Wall St flat near 3-yr highs, oil surge eyed

http://www.reuters.com/article/2011/04/25/markets-stocks-idUSN2514116820110425

* Brent crude oil rises above $124

* Major European markets closed for Easter weekend

* Indexes: Dow, S&P down 0.1 pct, Nasdaq up 0.02 pct

* For up-to-the-minute market news see (Updates to open)

By Edward Krudy

NEW YORK, April 25 (Reuters) - Wall Street stocks were little changed on Monday near three-year highs after recent strong earnings, although surging oil prices pressured stocks in what was likely to be a low volume day, with major European markets closed.

[Pale Blue Dot]

4. U.S. S&P 500 Index Futures Advance Before New Home Sales Data

Futures on the U.S. Standard & Poor’s 500 Index rose before the release of March new home sales data, indicating the gauge may rise for the seventh time in eight days.

S&P 500 futures expiring in June rose 0.3 percent to 1,334.60 as of 6:44 a.m. in New York. Contracts on the Dow Jones Industrial Average gained 0.2 percent to 12,463 and Nasdaq-100 Index futures advanced 0.2 percent to 2,381. U.S. markets shut on April 22 for holidays and will resume trading today.

“The outlook for the U.S. economy looks steady,” said Ayako Sera, a strategist at Sumitomo Trust & Banking Co. in Tokyo, which manages about $331 billion in assets. “Corporate profits are looking positive. The new home sales data coming out will probably show a rebound from the previous month.”

A government report today may show purchases of new houses in the U.S. climbed 12 percent last month, according to the median estimate in a Bloomberg News survey of 64 economists. Purchases slumped 17 percent in February. Reports on durable goods orders and gross domestic product are also due this week.

http://www.bloomberg.com/news/2011-04-25/u-s-stock-futures-rise-before-home-sales-report-signaling-market-gains.html

[xchrom]

5. Recommend

[xchrom]

6. world bankers bearing gifts

http://www.economist.com/blogs/banyan/2011/04/assistance_timor-leste

RONALD REAGAN is supposed once to have said that the scariest words in the English language were “I’m from the government, and I’m here to help.” But what if you are the government? In that case, perhaps, the scariest words are “I’m from the World Bank, and I’m here to help.”

That certainly seems to have been the experience of Timor-Leste, a much-put-upon country that spent more than 200 years under Portuguese rule, then 24 under Indonesia’s and a final two under the United Nations, before eventually winning independence in 2002. Nowadays the young republic finds a number of reasons for cheer. But if the World Bank’s own review is to be believed, it deserves little credit for Timor-Leste’s progress.

When Indonesia was at last forced to give in to overwhelming demands for the independence of its then-province of East Timor, the bank moved in quickly to offer assistance. It has been assisting every since. A report from the bank’s Independent Evaluation Group, to be published next month, details the success of that assistance. Or rather, its lack of success.

Of the outcomes of the bank’s 12 self-defined strategic and operational goals, five are rated “unsatisfactory”, four “moderately unsatisfactory”, two “moderately satisfactory” and only one “highly satisfactory”. That last was, admittedly, to bring transparency and probity to the management of oil and gas revenues—no mean feat for a poor country in that particular industry. But the failures were legion.

[Demeter]

9. Doing Better than the US, Though

[xchrom]

7. the source of denial

http://www.economist.com/node/18586816

GREECE denied that it was planning to restructure its debt this week (see Economics focus), even as traders in the credit-default-swaps market made bigger bets that it would. A pattern of denial in the face of mounting evidence has been a recurring feature of the debt crisis.

Back in 2005 and 2006 received wisdom denied that the rapid growth of subprime mortgages was a problem. American house prices were extremely unlikely to fall at the national level. In any case, the debt had been widely spread among investors thanks to the derivatives market.

Once the subprime woes became obvious optimists still argued that their economic impact would be limited. The banks downplayed the extent of their exposure to subprime lending. As the scale of their exposure was revealed they switched tack to argue that they had a liquidity, rather than a solvency, problem.
Related items


When the banks duly had to be bailed out and debt was transferred from the private to the public sector, a further layer of denials was needed. The finances of governments are not like those of individual households, it was said. Governments have the power to tax and to print money, and have recovered from high debt-to-GDP ratios in the past.

[xchrom]

10. Profits Top Forecasts as Apple, LG Chem Wring Out More Savings

http://www.businessweek.com/news/2011-04-24/profits-top-forecasts-as-apple-lg-chem-wring-out-more-savings.html

April 25 (Bloomberg) -- First-quarter earnings have beaten forecasts so far, as companies from Apple Inc. to Novartis AG and LG Chem Ltd. wring more profit from operations worldwide and an economic pickup buoys sales.

Since April 11, 71 percent of MCSI World Index members reporting results have topped analysts’ estimates for earnings per share, according to data compiled by Bloomberg. Profits of the 188 companies have beaten forecasts by 8.8 percent.

Companies are exceeding estimates by using productivity measures to get more out of workers and factories. Novartis is cutting purchasing costs by as much as 8 percent a year, helping the Basel, Switzerland-based drugmaker top analysts’ first- quarter estimates last week. Seoul-based LG Chem is boosting petrochemical profit margins as demand rises after the March 11 earthquake in Japan disrupted rivals’ operations.

“Productivity has been terrific -- it really has been an unsung story,” said Jeffrey Schappe, chief investment officer of Sterling Capital Management LLC, which oversees about $32 billion in investments. “Higher input costs, such as commodities, have been offset.”

[xchrom]

11. Asian Stocks Decline After Reliance, Acer Profits Miss Estimates

http://www.businessweek.com/news/2011-04-25/asian-stocks-decline-after-reliance-acer-profits-miss-estimates.html

April 25 (Bloomberg) -- Asian stocks fell, dragging a benchmark index down the most in a week, after Acer Inc. and Reliance Industries Ltd.’s earnings missed analysts’ estimates.

Acer, the world’s second-largest supplier of notebook computers, lost 3.1 percent in Taipei. Reliance Industries, India’s biggest company by market value, dropped 3 percent in Mumbai. Baoshan Iron & Steel Co. led Chinese steelmakers lower on speculation accelerating inflation will hurt economic growth. Honda Motor Co., Japan’s second-biggest carmaker, sank 1.3 percent after domestic output slumped last month.

The MSCI Asia Pacific Index slid 0.2 percent to 138.57 at 7:52 p.m. in Tokyo, with about four shares falling for every three that rose. The gauge earlier gained 0.1 percent. Stock markets in Australia, New Zealand and Hong Kong are closed for a holiday. After the close in Tokyo today, Nintendo Co. forecast profit that missed estimates and KDDI Corp. said annual profit will fall 2 percent this fiscal year.

“People are awaiting earnings announcements this week before investing,” said Naoki Fujiwara, who helps oversee $6 billion in Tokyo at Shinkin Asset Management Co. “With Japan about to head towards its Golden Week holiday, and with a lot of other markets closed, we probably won’t see exciting developments in the market.”

[xchrom]

13. Why Barbie Flopped in Shanghai

http://www.businessweek.com/globalbiz/content/apr2011/gb20110421_445230.htm

Mattel (MAT) opened its first free-standing Barbie store in China in March 2009—a giant, 36,000-square-foot edifice in a six story building on Shanghai's Huaihai Road, one of the most expensive shopping streets in the country. It was the second such store on the planet, after the successful launch of a pioneering, 7,000-sq.-ft. outlet in Buenos Aires in 2008. Barbie's Shanghai adventure didn't work out so well, though. Mattel shut its doors on Mar. 7 this year.

It's easy to dismiss this failure as a stark illustration of ignoring the well-worn dictum: "When in Rome, do as the Romans do." In our view, such an explanation is far too simplistic. You can never outdo the Romans at the fine art of acting like a Roman. Creating the right blend of localization and globalization is a much harder task than achieving either complete localization or zero localization. To succeed in dynamic markets such as China and India, managers need to learn rapidly what and how to localize—while avoiding the risk of catastrophic failure from inevitable mistakes.

Consider the differences between Mattel's experience in Argentina and China. The Argentine market was already Barbie-crazy; a Broadway-style Barbie musical had even been highly successful on the Buenos Aires stage. In contrast, Barbie was a relatively new concept to China. Mattel faced many more unknowns in China than it did in Argentina. Yet the company chose to start out with a store more than five times as large.

[xchrom]

16. Silver, Gold Rise to Records as Asian Stocks Fall; Yen Weakens

http://www.businessweek.com/news/2011-04-25/silver-gold-rise-to-records-as-asian-stocks-fall-yen-weakens.html

April 25 (Bloomberg) -- Silver and gold climbed to records and oil rose for a fourth day, while the U.S. dollar weakened, amid concern inflation will accelerate. U.S. stock futures advanced before a report forecast to show purchases of new homes increased from an all-time low.

Silver for immediate delivery surged 4 percent at 6:50 a.m. in New York after earlier jumping 5.4 percent to $49.79 an ounce. Gold climbed for a ninth day, while oil increased 0.4 percent in New York. Standard & Poor’s 500 Index futures rose 0.3 percent. The MSCI Asia Pacific Index slipped 0.2 percent as companies from Posco to Acer Inc. posted lower profits. The U.S. currency fell versus 12 of 16 major peers and Malaysia’s ringgit strengthened below 3 to the dollar for the first time in more than 13 years. The yen weakened 0.4 percent to 119.74 per euro.

China’s Shanghai Composite Index led losses in Asia after China International Capital Corp. said the nation’s consumer prices may rise as much as 5.5 percent this month. Singapore’s inflation held at 5 percent in March, a government report today showed. Data this week may show Japan’s retail sales sank last month and U.S. gross domestic product growth slowed, leading central banks from the two nations to keep interest rates near zero, according to economists surveyed by Bloomberg.

“It’s very clear that some Asian countries will keep raising rates more while their economies are strong enough to see more hikes,” said Hideki Hayashi, a global economist at Mizuho Securities Co. in Tokyo. “On the other hand, market players expect the U.S. this week to suggest it would keep low rates for some time, which means more yield appeal for Asia.”

[Po_d Mainiac]

30. Coincides with China's announcement to

decrease their holdings of US debt by somewhere around $2T. That pretty much just leaves the chairsatan as the sole buyer. Pimpco has already gone past being a seller and now sits on the short side.

So now that Chopper has failed to open his eyes, the world is set to close the coffin. To show there is still a pulse will require an end to QE and the melt up in the equity/commodity markets. Failure to do so will result in further pain at the grocery store and filling station for Joe/Jane 6pk.

Summer is such a convienient time for civil unrest, don'tchathink?

[Demeter]

31. No Snow, for one thing

[xchrom]

33. ...

:thumbsup:

[xchrom]

34. Asia markets muted on oil, inflation worries

http://seattletimes.nwsource.com/html/businesstechnology/2014867171_apworldmarkets.html

Rising oil prices and anticipation that China might tighten monetary policy yet again to combat inflation kept Asian stock markets in check on Monday.

Oil prices rose to near $113 a barrel after Libyan rebels in control of key oil producing areas in the OPEC nation said they won't produce crude for at least a month as they repair fields damaged in fighting. In currencies, the dollar was up against the yen but lower against the euro.

Wall Street was headed for a higher opening Monday, with Dow Jones industrial futures up 27 points to 12,461 and S&P 500 futures higher by 3.9 points to 1,334.90. Markets in Europe were closed for the Easter holiday.

[xchrom]

26. india: Nifty ends flat; RIL, Axis Bank plunge, SBI, Sterlite surge

http://www.moneycontrol.com/news/local-markets/nifty-ends-flat-ril-axis-bank-plunge-sbi-sterlite-surge_538045.html

Indian equity benchmarks closed first session of a week on flat note after trading in a narrow range. In fact it was a consolidation day after a long weekend and the Nifty traded in a narrow range of 5875-5900. Fourth quarter earnings of two largecaps namely Sterlite Industries and Maruti Suzuki were quite better-than-expected today.

Devina Mehra, First Global says, the market would be close to the fairly valued range. “We don’t see a very big move on either side right away,” she adds. She further says, 2011 is more likely to be a down than an up year.

But the technical Analyst, Rahul Mohindar of viratechindia.com is bullish on the market with short term perspective. "Earnings are still good. The Nifty is above the 5830 critical level. I continue to believe that probably over the next few days hitting 6,000 is quite a possibility. We would have pretty good price action on the upside in sectors like banking, cement etc. One could even see some interesting midcap players coming in. So I am still pretty bullish in point on the market with the short-term perspective."

Fall in oil & gas, private banking, realty, telecom and Anil Dhirubhai Ambani group (ADAG) companies' shares offset by gains in technology, capital goods and PSU banks' stocks.

[xchrom]

28. Economy to grow around 9% in FY12: Finmin official

http://www.moneycontrol.com/news/economy/economy-to-grow-around-9fy12-finmin-official_538080.html

India's economy will grow around 9% in this fiscal year that started in April, if global crude prices remain under control, R Gopalan, economic affairs secretary in the ministry of finance, said on Monday.

Analysts have been trimming their 2011/12 growth forecasts for Asia's third-largest economy, citing high inflation, possible oil price shocks and prospects of higher interest rates.

"Will the capex (capital expenditure) go down because of inflation? Could be marginal. But I don't expect that to hit overall growth," Gopalan told Reuters in an interview.

[xchrom]

29. Experts bullish on market, say Nifty may hit 6,000 soon

http://www.moneycontrol.com/news/market-edge/experts-bullishmarket-say-nifty-may-hit-6000-soon_538056.html

Domestic market witnessed a narrow trade and ended on flat note on the first day of the week due to lack of buying momentum. It seemed like the market was in a consolidation mode.

Indices were under pressure after Reliance Industries’ disappointing fourth quarter numbers came in, the stock lost nearly 3%. Nonetheless, Maruti Suzuki gained nearly 2% after posting better-than-expected fourth quarter numbers. Experts feel that the market can take this mild pressure while moving up as a positive surprise could be waiting on the upside.

Mehraboon Irani, Principal and Head of Private Client Group Business at Nirmal Bang Securities, thinks that the momentum right now is in favour of the markets and banking sector will continue to lead the rally at least in the short run. However, from the long term investment point of view, he would prefer to wait for a correction in most banking stocks.

“If interest rates go up then I think the earnings will start coming down as there will be some pressure on the the Net Interest Margins (NIMs) of the banks. But more importantly, the big query is decision making on credit growth, which is going to remain at the same speed for what we have seen in the recent past,” added Irani.

[xchrom]

44. Calling India

http://www.thejakartaglobe.com/investment/calling-india/437228

Indonesian companies are increasingly looking to India as the next big market. Since liberalizing its economy two decades ago, India has emerged as the second fastest growing economy in the world and a vast market for Indonesia’s natural resources as well as manufactured goods.

When Sinar Mas Asian first entered the Indian market in 1996, the country was taking its first few steps towards liberalizing its economy. The Indian government had identified paper as a priority sector and Sinar Mas answered that call by establishing a factory in Pune, just outside Bombay.

The giant Indonesian pulp and paper producer ended up selling the factory in 2001 but that did not end its relationship with the country. In fact, the company kept in touch with its customers and in 2003, another window of opportunity opened up when Trade Minister Mari Pangestu paid a visit to New Delhi and initiated bilateral trade links between the two Asian economies.

[xchrom]

62. India's inflation accelerates to 8.9% in March

http://www.bbc.co.uk/news/business-13092514

India's inflation rate rose to 8.9% from 8.3% in February, driven higher by fuel and manufacturing costs, the government has announced.

The January inflation rate was also revised upwards to 9.35% from 8.23%.

Earlier this week the International Monetary Fund (IMF) warned about inflation building in Asia's fast-growing economies.

The body said "boom-like dynamics" should not be allowed to get out of control.

[xchrom]

40. Debt at 200% of GDP dares S&P amid succession

http://www.arabianbusiness.com/debt-at-200-of-gdp-dares-s-p-amid-succession-395799.html

So Naoto Kan is a goner.

That’s the word in traumatized Tokyo. Japan’s prime minister had a once-in-a-lifetime chance to get his mojo back in the five weeks since a record earthquake and tsunami. He failed, and pundits wonder if he will make it to his first anniversary in office in June. Kan would be the fifth to go in five years.

Investors harbor a well-honed cynicism about Japanese leaders. They come, stick around for 12 months and they’re gone before markets or foreign governments get to know them. Japan’s revolving-door politics constantly sends new finance and foreign ministers to global summits. So much for relationship-building.

Kan’s predecessor lasted only nine months. Now Kan, who cheered markets with talk of reducing Japan’s massive debt, seems to be on the way out. And the question isn’t who’s next, but does it even matter? Not without sweeping changes to the political system. Barring that, Japan’s economic future is as cloudy as the status of the radiation leaks in Fukushima.

[xchrom]

61. Toyota's Japanese output down 63% due to parts shortage

http://www.bbc.co.uk/news/13184575

Toyota Motors has said that its Japanese production fell by 63% in March compared with the same month last year, as its production cuts continued.

The company has been facing shortages in supplies of parts as production has been disrupted because of last month's earthquake and tsunami.

While it has restarted production in Japan, its factories have been working at a reduced output.

The firm has said output would return to normal only by the end of 2011.

[Demeter]

12. Wall Street Is Keen to Settle Fraud Charges Involving Toxic Mortgage Bonds

Banks Near Deal With SEC

http://online.wsj.com/article/SB10001424052748704116404576263261596238404.html


The expected settlements, some of which could be reached as soon as next week,(NOW, THIS WEEK) collectively mark the biggest attempt by enforcement agencies to hold Wall Street accountable for its role in the subprime mortgage bust...The Securities and Exchange Commission is aiming to reach a series of settlements with individual firms over the sales of the investments, rather than a big industry-wide deal, according to people familiar with the matter.

The settlements are expected to vary significantly among banks—but few, if any, are expected to surpass the $550 million penalty that Goldman Sachs Group Inc. paid last year to settle allegations that it misled investors in a mortgage-bond investment called Abacus 2007-AC1. That penalty was the largest ever paid by a Wall Street firm to settle SEC charges. Goldman didn't admit or deny the allegations.

The agency's decision not to try to adopt a common industry template for the settlements reflects substantial differences in the nature of the civil fraud allegations faced by each bank, people familiar with the matter said...

The banks in the negotiations with the SEC include J.P. Morgan Chase & Co., which is expected to settle allegations related to its sale of a $1.1 billion mortgage-bond investment, called Squared, as the housing market was collapsing in early 2007...Other firms under investigation by the SEC include Citigroup Inc., Morgan Stanley, Merrill Lynch—now part of Bank of America Corp.—and UBS AG, according to people familiar with the matter...

OH, THAT'LL LARN THEM, FER CERTAIN...I SWAN!

LOTS MORE AT LINK--READ IT BEFORE BREAKFAST

[xchrom]

15. oh. my. god.

:eyes: i guess when it comes to nearly driving the global economy into a ditch -- having your BFF's reaching a settlement with you is a good thing.

[Fuddnik]

20. Ain't nothing going to be "settled".

They're just negotiating how light the slap on the wrist will be.

Nothing is "settled" until a whole gaggle of CEO's and board members are sitting in a Gitmo some where for a term exceeding their natural lives by about 50 years, and all of their assets seized. Anything short of that is a sick joke.

Why doesn't our "Constitutional Scholar In Chief" just declare them guilty, like he did Bradley Manning, and be done with them? Lock their asses up indefinitely with a trial date set around 2075. That's how you settle fraud of this magnitude.

The Fuddnik, who got out of bed on the wrong side, with a hangover, and now has to go do a title search on his house, to "settle" a "disagreement" with Wells Fargo.

[Demeter]

22. Good luck, Fuddnik

Reminds me, didn't have any champagne last night....have to get some before the caviar's all gone...

[xchrom]

24. let us know what happens. nt

[Po_d Mainiac]

25. Good Luck

Brings back memories of the BS I went through trying to buy one of their (We'll screw u Fargo's) pre-foreclosures last fall.

Spot on with your call for incarcerations

[Fuddnik]

63. I saved myself a day of digging, and a drive to the Clerk's office.

All of the pertinent documents were available online, so I downloaded and printed more than I needed.

I'm right, and the thieves at Wells Fargo, and QBE (formerly Balboa BoA) are wrong. No if's ands or buts about it. Let the lawsuits begin!

[xchrom]

73. Fry 'em! And let us know how things go along. Nt

[Fuddnik]

76. Awww gee whiz.

Now I get a letter in the mail today, from Wells Fargo stating that they canceled my Force Placed Flood Insurance., and will refund the nearly $300 they charged my equity line.

Now, I ask, how many people don't fight the bastards, and just pay? Not me! I'm an ornery son of a bitch. I also have acquaintances in some high places, like the US Senate and Congress. But, I didn't pull them out yet. And, I'm still gonna keep the lawyers on 'em.

Remember the old commercial, "It's not nice to fool Mother Nature". She's a lady compared to me when I'm pissed!

[Demeter]

14. Unions pulling money from banks backing Florida Chamber

http://www.orlandosentinel.com/business/os-unions-versus-chamber-20110420,0,4998142.story

Unions representing Central Florida teachers, firefighters, police and other government workers are pulling an estimated $10 million from five banks affiliated with the Florida Chamber of Commerce, blaming them for an attack on public employees.

The unions are also asking their members — an estimated 20,000 people — to withdrawal their personal money from Bank of America, PNC Bank, Regions Bank, SunTrust and Wachovia. And labor leaders across the state could follow in the coming weeks, union officials say.

Executives from the banks in question sit on the Florida Chamber's board of directors, and the chamber has pushed legislation that would prohibit state and local governments from collecting union dues through payroll deduction...

[Demeter]

17. Your Humble Blogger (YVES SMITH) Asked Larry Summers a Question He Did Not Like

http://www.nakedcapitalism.com/2011/04/your-humble-blogger-asked-larry-summers-a-question-he-did-not-like.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+NakedCapitalism+%28naked+capitalism%29

VIDEO CLIP

http://www.youtube.com/watch?v=Vgg5DoPkgYc&feature=player_embedded

...But there is a clear editing break at just after 60:30 where the camera changes and at least a word appears to be missing. So maybe I have an over active imagination or maybe that bit was edited out for not-nefarious reasons (like Larry got lucky and and that bit got mangled between the two cameras).

And someone drew the same inference I did, regardless of whether the s/c words were uttered. From Stephan Richter on The Globalist (hat tip Amar Bhide):

For example, when the irrepressible Yves Smith asked Larry Summers about whether banking risks in the United States could not be helpfully diminished if its large institutions were run (read: compensated at the top) more like utility companies, he immediately aborted any effort at an intellectually honest answer by making it sound as if she were proposing to bring state socialism to banking.

A man who reportedly earned millions for having advised hedge funds one day a week for a year shortly before serving in the Obama Administration (and who is quite likely, now that he’s out, to do so again), he ought to have been patriotic and intellectually honest enough to provide a real answer.

[xchrom]

38. i HATE that motherfucker

:mad: :puke:

[Hotler]

51. +1 Good morning everyone. n/t

[Demeter]

18. Public Service Announcement Paid for by Your Local Neighborhood Bankster

http://4closurefraud.org/2011/04/23/public-service-announcement-paid-for-by-your-local-neighborhood-bankster/

Iowa AG slams report on campaign contributions

Iowa Attorney General Tom Miller dismissed a recent report on his 2010 campaign contributions from those involved in the banking industry, calling it “false and misleading at its core.”

The National Institute on Money in State Politics released a report this week, detailing which banking attorneys contributed to Miller’s campaign. But in an interview with HousingWire Friday, Miller said all but one of the attorneys listed as campaign contributors in the report are not involved in the case. Only Meyer Koplow, a partner at the New York firm Wachtell, Lipton Rosen & Katz, who gave Miller $5,000 in 2010 is involved. He represents Bank of America (BAC: 12.31 +0.33%). However, at the time of the contribution and at the time of the election, Koplow was not involved in the case.

The rest of the attorneys, Miler said, “were not involved in the case, not involved in the negotiations.”....Mr. Miller, it has NOTHING to do with being involved in the case or the negotiations. What it does have to do with is, did you or did you not:

* Have half of the money you raised in 2010—$338,223 of $785,103—donated after the October 13 announcement that he would be coordinating the 50-state attorneys general investigation?
* Received $170,300 from lawyers outside of Iowa, which is two-thirds of all the money he raised from them during the entire two-year election cycle?
* Raised $785,000 in 2010, more than double the $327,196 he raised for his 2006 and 2002 campaigns combined?
* Have out-of-state lawyers and lobbyists give you $261,445 in 2010, which is 88 times more than they gave over the previous decade?
* Have out-of-state lawyers who suddenly took a strong interest in your reelection last fall that are among the most prominent litigators and partners from some of the largest and most famous corporate and class action firms in the country, which is not surprising given the numerous high-stakes court cases filed in the wake of the financial collapse of 2008 that could be impacted by the pending settlement?

[Demeter]

19. A Crack in Wall Street’s Defenses

http://www.nytimes.com/2011/04/24/business/24gret.html?_r=1&ref=business

TWO individual investors just scored a remarkable win against Citigroup. A few weeks ago, the pair was awarded a total of $54.1 million in a securities arbitration case against the Smith Barney unit of the company — the largest amount ever awarded to individuals in such a case, according to the Financial Industry Regulatory Authority.

This legal dust-up involved supposedly conservative municipal bond investments that Smith Barney had peddled to its wealthiest clients. The investments, which were big money-makers for Smith Barney, turned out to be anything but safe for the firm’s clients: various portfolios lost between half and three-quarters of their value during the financial crisis.

Arbitrators rarely, if ever, discuss such cases, and the materials turned over by both sides are kept under wraps. But the outsize award, which included $17 million in punitive damages, is not the only thing that is noteworthy. The arbitrators appeared to reject — resoundingly — three defenses that Wall Street often employs when clients sue:

No. 1: We didn’t blow up your portfolio. The financial crisis did.
No. 2: If you’re wealthy and sophisticated, you should have understood the risks.
No. 3, the most common defense of all: The prospectus warned that you could lose your shirt, so don’t come crying to us if you do.

The investors who prevailed here are Gerald D. Hosier, 69, a wildly successful intellectual-property lawyer, and Jerry Murdock Jr., 52, a prosperous venture capitalist. Mr. Hosier and a trust he set up for his adult children received $48 million. Mr. Murdock got about $6 million. The men, neighbors in Aspen, Colo., suffered $27 million in out-of-pocket losses on their investments. The big clunker was a municipal bond arbitrage strategy that their Smith Barney broker had characterized as safe, according to the men’s complaint. The deal was supposedly designed to eke out more income than a simple portfolio of bonds would generate...Not only did the men recover all their losses in the award, they also received damages. Mr. Hosier was awarded $15 million in punitive damages and $6.3 million in market-adjusted damages. The arbitrators also awarded $3 million for the men’s legal fees...

GRITTY DETAILS FOLLOW

[Demeter]

21. “Somebody’s got to do something about Wall Street. It is destroying the country.”

said one of the victims/victors....

[xchrom]

27. and that's probably saying something coming from them. nt

[MilesColtrane]

70. Lesson for the investment bankers: don't fuck over the multi-millionaires...just the little people.

Limit your fraud to the folks without the vast resources to fight back.

[Demeter]

23. Dodd-Frank for Dorks

http://economicsofcontempt.blogspot.com/2011/04/dodd-frank-for-dorks.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+blogspot%2Feconomicsofcontempt+%28Economics+of+Contempt%29

I found this WSJ article on the “new Dodd-Frank lexicon” amusing, since I actually am one of “the small army of lawyers, lobbyists and regulators who speak fluent Dodd-Frank.” That of course means that I have a fancy hard-copy of Dodd-Frank in my office, and an even fancier electronic (PDF) copy. Since I know a lot of lawyers in the financial services area read this blog, as well as non-lawyers who are interested in financial reform, I’ve uploaded my fancy electronic copy of Dodd-Frank here (and embedded below).

By “fancy,” I mean a PDF of Dodd-Frank that has bookmarks to every title, subtitle, and section (and even some subsections) in the law; is fully tagged, so you can copy-and-paste from it without any screwy line breaks; and perhaps most importantly, scales-up the Government Printing Office’s text size (since the tiny text size and unreasonably large page margins make the GPO’s official version practically unreadable). That may all seem trivial, but when you need to be able to quickly locate a specific section in an 848-page bill, having bookmarks to every single section makes a huge difference.

So there, now everyone can benefit from all that expensive software my firm uses for PDFs (which mainly consists of various Evermap products, I believe), as well as the incredible PDF skills of my indispensable assistant.

SEE USEFUL DOCS AT LINK!

[snot]

69. +1!

[xchrom]

32. Roomba-maker iRobot clears path for robotics

http://seattletimes.nwsource.com/html/businesstechnology/2014858907_robot25.html

By Alana Semuels

Los Angeles Times


A compact floor-washing machine, the Scooba 230, cleans up to 150 square feet in a single session.
Enlarge this photo



BEDFORD, Mass. — Top scientists around the world are trying to improve upon robots, which can already detect bombs, perform surgery and even go into battle.

At iRobot Corp., they're trying to make a better vacuum.

Of course, iRobot's scientists do other things too. The company, best known for its Roomba floor vacuum, recently sent machines to Japan's Fukushima Daiichi nuclear-plant disaster to help detect radiation.

But home robots — dominated by vacuums — make up 55 percent of the company's revenue and are part of the reason iRobot is on a tear. Shares are up 43 percent since the start of the year, and the company earned a profit of $26 million on sales of $401 million last year, up from $3 million on $299 million in revenue the year before.

Last week, the company announced it had won a contract to make bomb-disposal robots for the Navy.

[Fuddnik]

47. I bought a Roomba a couple of years ago.

It's still chasing the dogs around the house. Every now and then it plays a little jingle, and says, "Please clean Roomba's brushes"! If you don't it deploys a tazer and zaps you.

It used to just bump into the Fudd, and do a U turn.


The Fudd

[Demeter]

49. I'd love a roomba

but that means I'd have to uncover the floor, first.

[xchrom]

53. i'd love one too. nt

[tclambert]

75. Please buy one! I invested in IRBT after reading that they also made military robots.

The PackBot, like the one in the opening of "The Hurt Locker," is one of theirs. I said to myself, "Military bots, there's a growth industry." When I looked into it, I found they are making several other lines of robots. All I had heard of before was the Roomba, which clearly has not saturated its market. They're on, I think, the fifth generation of that bot.

Personally, I think they need to cross breed it with a Dyson. Then they'll have something.

Oh, and why do cats love to ride them so much?

[xchrom]

35. interesting: Kimberly-Clark profit falls as costs climb

http://seattletimes.nwsource.com/html/businesstechnology/2014868306_apusearnskimberlyclark.html

DALLAS —

The maker of Kleenex and Huggies says its first-quarter net income fell 9.5 percent because it shelled out more for materials to make its products.

Consumer-goods giant Kimberly-Clark Corp. also says it will raise prices and work to cut costs.

[MilesColtrane]

71. Or, maybe people don't need as much Kleenex.

They've been beaten down for so long, they're all out of tears.

[xchrom]

36. Box office is up 39%, thanks to animated family films

http://www.latimes.com/entertainment/news/la-et-box-office-20110425,0,5916742.story

If there's been one hopeful Hollywood story at the box office this year, it's that of the animated family film.

Three movies about cartoon animals — "Rango," "Hop" and "Rio" — have been some of the only releases to draw moviegoers into theaters in large numbers. Domestically, "Rango" is the highest-grossing film of 2011. "Hop" passed $100 million this weekend. And "Rio," which centers on a bunch of birds on a journey to Brazil, just topped the box office for the second consecutive weekend with $26.8 million, according to an estimate from distributor 20th Century Fox.

That was enough to beat out all three of the weekend's new wide releases, based on early estimates. "Tyler Perry's Madea's Big Happy Family," the latest starring his famously feisty grandmother character, collected a solid $25.8 million. "Water for Elephants," a romantic drama starring Robert Pattinson and Reese Witherspoon, got off to a somewhat better-than-expected start with $17.5 million, while the wildlife documentary "African Cats" did $6.4 million in ticket sales.

Overall, ticket sales this weekend were up roughly 39% compared with the same period last year, which marked the first time the box office has been up a substantial amount this year.

[Demeter]

48. Even the Animation Is Drek

There have never been so many movies I could live my whole life without seeing...even during the Reagan era things were better.

The Kid and I went to see "Jane Eyre" this weekend. Since it was produced by the BBC in England with classically trained British actors and faithfully followed the novel, it was excellent.

Personally, I hate the novel, which I find preposterous, but the film was superior to anything out of LA these several years, with few exceptions. The film actually was better than the novel, aside from a few "artistic" set pieces which bored me to tears, as well as being rather cliched.

I have to admit to falling asleep in the middle (the curse of a midnight paper route, disturbed sleeping patterns) but my friend said that section was good, too. Had I liked the novel (plot) better, I probably could have stayed awake for the whole thing.

[xchrom]

55. thanks for the review.

that's a movie i want to take in.

none of these animated movies hold much interest for me.

of course i was raised on hekyl & jeckyl and bugs bunny.

[xchrom]

37. Times/USC Dornsife poll: California voters want public employees to help ease state's financial trou

http://www.latimes.com/news/local/la-me-poll-pensions-20110425,0,2397255.story

Reporting from Sacramento—
California voters want government employees to give up some retirement benefits to help ease the state's financial problems, favoring a cap on pensions and a later age for collecting them, according to a new poll.

Voter support for rolling back benefits available to few outside the public sector comes as Gov. Jerry Brown and Republicans in the Legislature haggle over changes to the pension system as part of state budget negotiations. Such benefits have been a flashpoint of national debate this year, and the poll shows that Californians are among those who perceive public retirement plans to be too costly.

Voters appear ready to embrace changes not just for future hires but also for current employees who have been promised the benefits under contract.

Seventy percent of respondents said they supported a cap on pensions for current and future public employees. Nearly as many, 68%, approved of raising the amount of money government workers should be required to contribute to their retirement. Increasing the age at which government employees may collect pensions was favored by 52%.




mission accomplished: divided and conquered.

[xchrom]

39. middle east: Qatar falls to month low; interest muted

http://www.arabianbusiness.com/qatar-falls-month-low-interest-muted-395894.html

Qatar's index QSI fell to a monthly low as investors pulled back in absence of catalysts.

"There is weakness in liquidity - we don't have any news, no support," said Hani Girgis, assistant chief dealer at Dlala brokerage.

The country's largest bank by market cap Qatar National Bank fell 1.1 percent and Masraf Al Rayan dropped 1.8 percent.

But Qatar's moves to make itself more attractive to the MSCI when it undergoes a second review to obtain emerging market status will likely provide a boost to the market going forward, Girgis said.

Qatar's bourse moved to Deliver Versus Payment (DvP) system on April 11 to bolster the country's chances.

[xchrom]

41. That $4 trillion isn't enough to save world

http://www.arabianbusiness.com/that-4-trillion-isn-t-enough-save-world-396005.html

Conference call, anyone?

Several times a year, the lords of the global economy descend on the city of the moment. Their massive entourages fly business class, zoom around in motorcades and sleep at 5-star hotels. What do taxpayers funding all this summitry get in return? Ambiguous communiqués, hollow pledges and a nagging sense that world leaders should discover videoconferencing.

The latest summit of emerging-market stars is a case in point. As if the alphabet soup of G-7, G-8, G-20, APEC and OPEC weren’t enough, we now must follow BRICS events. In 2009 and 2010, they were just BRIC affairs: Brazil, Russia, India and China. This year, an “S” was awkwardly added for South Africa. Even Jim O’Neill, the Goldman Sachs economist who 10 years ago coined the acronym BRIC, doesn’t get why it’s there.

Far more deserving additions exist in Asia - South Korea and Indonesia. Yet the more I see what the BRICS are becoming, the more I think Seoul and Jakarta should decline any invite. BRICS confabs reinforce how artificial the whole enterprise is.

[xchrom]

52. U.S. high court hears arguments on securities fraud

http://www.reuters.com/article/2011/04/25/court-halliburton-idUSN2514281920110425

NEW YORK, April 25 (Reuters) - The U.S. Supreme Court on Monday is set to hear arguments in a case that could dramatically raise the bar for shareholders seeking to file class-action lawsuits against public companies. The issue is especially timely, because dozens of shareholder class actions stemming from the financial meltdown are now making their way through the courts.

The central issue in the case, Erica P. John v. Halliburton (HAL.N), is how courts should set the threshold for certifying a shareholder class action alleging securities fraud. A group of mutual and pension fund investors sued Halliburton in 2002, alleging that the oilfield services company understated its vulnerability to asbestos-related lawsuits and that it overstated its revenues. Those misstatements, the suit alleged, artificially pumped up Halliburton's stock price.

[xchrom]

54. Some signs of life in housing, credit drought goes on

http://www.reuters.com/article/2011/04/25/us-usa-housing-market-idUSTRE73O0YF20110425

(Reuters) - Like an increasing number of well-heeled Americans, the Hodgsons decided it was time to buy a new home, even if most of the U.S. housing market remains in the dumps.

After years in an apartment building, "we were just tired of sharing space with other people," says Cari Hodgson, 32. "It was time to have space of our own."

She and her commodities trader husband sold the condo and recently bought a $1.2 million, five-bedroom home in Chicago's north side, sealing the deal with the kind of big down-payment that is heating up the high-end of the U.S. property market.

Cari, a part-time nurse, declined to say how much of their own money the couple put into the house. But she did say the mortgage was less than a so-called jumbo loan, which are bigger than most U.S. mortgages and currently start at $730,000

[xchrom]

56. SEC, CFTC to unveil swaps definition proposal

http://www.reuters.com/article/2011/04/25/us-financial-regulation-cftc-idUSTRE73O1YG20110425

(Reuters) - U.S. futures and securities regulators are poised to fill in a crucial missing part in the swaps reform puzzle this week when they define what swaps products will be covered by the sweeping financial reform legislation the agencies are putting in place.

The U.S. Commodity Futures Trading Commission and the Securities and Exchange Commission have introduced dozens of regulations to implement the derivatives reforms in the Dodd-Frank law, including crucial proposed definitions for swap dealers and details on swap trading facilities.

But until now they have not released a detailed definition for swaps products to be covered by those rules. The SEC will meet publicly to vote on its plan on April 27. The proposal must also be approved by the CFTC, which also is meeting Wednesday for a vote.

"It's a huge deal. It's one of the threshold rule-makings for the implementation of Dodd-Frank," said Michael Sweeney, a partner with Hunton & Williams law firm in Washington.

[Pale Blue Dot]

57. Into The Economic Abyss

Over the past few years, mainstream analysts have shown a tenacious blind faith in the U.S. economy and the dollar that goes far beyond religion to the point of mindless cultism, so, when even they begin to question the future of American finance (as has been occurring more and more everyday), you know its time to worry. For those that have been following my work since 2007, the events of the past few months have not been a surprise at all, however, for those just waking up to the ongoing implosion of our fiscal infrastructure, the bubbling inflationary meltdown just over the horizon and the nightmare unfolding around our national debt is rather shocking. Living through a full spectrum catastrophe is, to say the least, confusing, especially when you have no idea where the whole thing began.

Until now, the mainstream media has provided nothing but economic fantasy for the masses. They have satiated the public with what amounts to financial toddler talk for helpless preschool minds averse to any research beyond their daily 15 minute sippy cup of New York Times, CNN, MSNBC or FOX cable news sound bites. I mean, have you ever actually stopped and read a Paul Krugman article more than once? Or listened carefully to an MSNBC economic piece? It’s like being violently accosted by a band of slobbering mental deficients with securitized ARM mortgages stuffed in their pants. Of course, fewer and fewer people are now buying what these hucksters are selling. With gasoline nearing $5 a gallon, grain prices doubling, and shelf prices beginning to skyrocket, it’s hard for even the most ignorant suburban schlep to remain oblivious to the problem anymore. We are no longer on the edge of the abyss; we have fallen into it head first…

I make this statement not for effect, not to startle people out of their apathy, not even to illustrate what “may” be coming around the bend in the near future. I make this statement as directly and sincerely as I know how; we have indeed crossed the line between economic weakness and economic catastrophe. For those of you who have been asking when the final stage of the economic collapse will begin, that time has arrived. Here is why…

Energy Inflation Overdrive

Here’s how to tell when inflation is about to run out of control in your country; wait for the politicians and bankers to begin making excuses for its consequences instead of pretending it doesn’t exist! Remember after the initial 2008 spike in oil prices when we talked about the prospect of “speculation” as the culprit? Remember also that I have pointed out for the past three years at Neithercorp Press that when the dollar eventually began to crumble, and the price of crude began to spike again, the government would try to blame speculators as the scapegoat hoping that Americans would assume the situation today was the same as it was in 2008?

http://www.alt-market.com/articles/103-into-the-economic-abyss

I LOVE the Krugman swipe!

[xchrom]

59. Barrick strikes deal for Equinox, tops Minmetals

http://www.reuters.com/article/2011/04/25/us-equinox-barrick-idUSTRE73O22M20110425

(Reuters) - Barrick Gold Corp (ABX.TO) (ABX.N) said on Monday it had struck a deal to buy Australian copper miner Equinox Minerals (EQN.TO) (EQN.AX) for more than C$7 billion ($7.36 billion), topping a takeover offer by China's Minmetals Resources (1208.HK) by 16 percent.

Already the world's largest gold miner, Barrick is looking to bolster its position in copper, a primary industrial metal, while prices are near record highs.

Toronto-based Barrick said Equinox had agreed to be acquired for C$8.15 a share, an 8.7 percent premium over the company's Thursday closing price. According to Reuters data, Equinox has about 879.5 million listed shares, which would make the deal worth nearly C$7.2 billion.

Minmetals earlier this month offered to buy Equinox for C$7 a share, but the Australian copper miner called that proposal a low-ball bid. Equinox said it believes the Barrick bid is superior in terms of price and likelihood of completion.



damn it! -- i put this in the wrong place.
sorry pbd.

[xchrom]

58. Portugal 2010 budget deficit revised higher

http://www.reuters.com/article/2011/04/24/us-portugal-deficit-idUSTRE73N0R420110424

(Reuters) - Portugal's budget deficit for 2010 has been revised higher to 9.1 percent of gross domestic product, raising pressure on the caretaker government as it negotiates the terms of a bailout likely to reach 80 billion euros.

Statistics agency INE said in a statement late on Saturday it had revised the deficit higher due to the full inclusion of three public-private partnerships on state accounts.

Portugal this month became the third euro zone country to seek a bailout, after Greece and Ireland, as the country's borrowing costs became too costly after the government collapsed.

INE said the changes to the deficit came about due to revisions carried out of Portugal's public accounts together with European statistics agency Eurostat. The revisions had been accelerated due to the request for a bailout, INE said.

[xchrom]

60. Nintendo annual profits slump 66%

http://www.bbc.co.uk/news/business-13185728

Video games giant Nintendo has seen its annual profits slump by 66%, hurt by a strong yen and a drop in sales.

Net profit for the year to the end of March came in at 77.6bn yen ($945m; £570m), compared with 228.6bn yen the previous year, its results showed.

The company said that while it had not suffered any direct damage from last month's earthquake, it expected it to weigh on consumer spending in Japan.

Nintendo also announced that it will release a successor to the Wii in 2012.

[xchrom]

64. australia: Major Australian retailers attract global interest

http://www.news.com.au/business/australian-retailers-attract-global-interest/story-e6frfm1i-1226044322148

THE major Australian retail stocks are beginning to emerge on the radar of international investors, despite slow consumer spending.

Deutsche Bank's Sally Bertouch, a sales adviser on the Australian equities desk in New York, said investors were keen to diversify their Australian exposure and build on their ownership of major mining companies, The Australian reports.

Read more: http://www.news.com.au/business/australian-retailers-attract-global-interest/story-e6frfm1i-1226044322148#ixzz1KXrMXNuu

[xchrom]

65. Rising oil prices fuel other fears

http://www.news.com.au/money/rising-oil-prices-fuel-other-fears/story-e6frfmci-1226044320138

LIKE thousands of other families around Australia, the Noonans are heading off on their annual beach holiday during the Easter break.

This year, however, things will be different for banking executive Simon, wife Kate, and children Sam, 7, Poppy, 4, and Lulu, 2.

As petrol prices surge towards $1.50 a litre in some parts of Australia, they will be catching a budget flight from Melbourne to Queensland instead of embarking on the long drive north.

Simon said that the escalating fuel price made it significantly cheaper for the family to travel by aeroplane. Rising costs at the bowser were eating into the household budget.

"Certainly we've just seen the higher prices come through and it's starting to materialise for us in the monthly cycles we go through," he said.


Read more: http://www.news.com.au/money/rising-oil-prices-fuel-other-fears/story-e6frfmci-1226044320138#ixzz1KXrskzPg

[xchrom]

66. Investors lose interest in US dollar

http://www.news.com.au/business/australian-dollar/investors-lose-interest-in-us-dollar/story-fn6t6wad-1226043552346

THE Australian dollar was hovering on the cusp of US108 cents yesterday as the greenback lost its appeal against a basket of global currencies.

The currency traded as high as US107.73 cents on Thursday, its strongest level against the US dollar since it was floated in December 1983. Late yesterday it was trading at US107.3 cents.

CMC markets currency strategist Tim Waterer said there was a mood for buying after Wall St rebounded and the gold price shot past $US1500 an ounce.

"It's probably just a case of all the stars aligning for the Australian dollar across those different fronts," Mr Waterer said.

Read more: http://www.news.com.au/business/australian-dollar/investors-lose-interest-in-us-dollar/story-fn6t6wad-1226043552346#ixzz1KXsRy2sF

[xchrom]

67. Doha trade round faces risk of collapse after 10 years of talks

http://www.guardian.co.uk/business/2011/apr/24/doha-trade-talks-threat-of-collapse-geneva-wto

Make-or-break talks will be held in Geneva this week to rescue the troubled Doha international trade round, amid fears that a deepening rift between rich and poor countries will see the collapse of almost 10 years of negotiations.

After months of stalemate, the World Trade Organisation has set a deadline of Friday for the leading players to cut a deal in the key area of industrial tariffs. Pascal Lamy, the WTO's director general, described the situation as "grave" after seeing no signs of a breakthrough since the start of 2011.

He had said it was crucial for progress to be made by Easter if there was to be any chance of completing the round by the end of this year. In a clear warning about the state of the talks, Lamy said negotiators should "think hard about the consequences of throwing away 10 years of solid multilateral work".

"This is the diplomats in Geneva raising the white flag," said Jeffrey Schott, a fellow of the Peterson Institute thinktank and a former US trade negotiator. At the G20 summit in Seoul last year, world leaders committed themselves to completing the long-running talks, but Schott said "the G20 leaders have dropped the ball on this".

[xchrom]

68. Do you know the difference between Guernsey and Ireland? The ratings agencies didn't

http://www.guardian.co.uk/business/2011/apr/24/credit-ratings-agencies-standard-and-poors-moodys-fitch

For a crack team of analysts from ratings agency Standard & Poor's it must have been a plum assignment when they flew to St Peter Port last year to judge the credit-worthiness of Guernsey's government. At a cost to Guernsey's taxpayers of £50,000, they produced a fact-filled 11-page report with a top-notch verdict bestowing a coveted triple-A sovereign credit rating on the affluent Channel island.

This splendidly insightful piece of work was not very difficult for a simple reason – Guernsey has no debt. The government of the cash-rich island, where unemployment is 1.3% and the average house costs £346,000, does not owe any money and isn't planning to borrow any in the foreseeable future.

S&P's report solemnly lists Guernsey's debt ratio for each of the past five years, and forecasts it up to 2012 in the future: in each column, 0% of GDP. The analysts muse: "Fiscal flexibility is a crucial factor underpinning our opinion of Guernsey's creditworthiness."

It would be bizarre, to say the least, to give Guernsey anything other than an AAA rating – so obvious that Guernsey's similarly debt-free neighbour, Jersey, has decided S&P's services are a waste of money and has not bothered to splash out 50 grand to be rated. Welcome to the peculiar world of sovereign credit ratings.

[Festivito]

77. Debt: 04/21/2011 14,290,788,661,250.50 (DOWN 24,008,175,785.26) (Thu, DOWN a lot.)

(Back UNDER the old debt limit of 14.294-trillion dollars by 3-billion dollars. Good day.)
A rainy day with a pretty good middle.
(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)
= 9,650,447,904,606.47 + 4,640,340,756,644.03
DOWN 29,604,944,039.31 + UP 5,596,768,254.05

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 $3,206.77 makes 1T$.
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 311,840,192 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 $45,827.28.
A family of three owes $137,481.85. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 to 31 days.
The average for the last 21 reports is 2,980,739,767.23.
The average for the last 30 days would be 2,086,517,837.06.
The average for the last 31 days would be 2,019,210,810.06.
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$/day.
There were 138 reports in 203 days of FY2011 averaging 5.28B$ per report, 3.59B$/day.
Above line should be okay

PROJECTION:
There are 640 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)
04/21/2011 14,290,788,661,250.50 BHO (UP 3,663,911,612,337.42 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 +0,729,165,630,358.80 ------------* * * * * * * * * * * * * * * * * * BHO
Endof11 +1,311,061,355,078.63 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------*********
04/08/2011 +000,001,314,747.36 ------------******
04/11/2011 +000,390,366,211.15 ------------******** Mon
04/13/2011 +000,216,450,469.86 ------------********
04/14/2011 +004,827,508,513.07 ------------*********
04/15/2011 +021,566,615,397.70 ------------**********
04/18/2011 +000,320,133,441.47 ------------******** Mon
04/19/2011 +000,498,845,624.51 ------------********
04/20/2011 +000,031,154,878.79 ------------*******
04/21/2011 -029,604,944,039.31 -

1,627,008,002.71 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=103&topic_id=599244&mesg_id=599328

[Festivito]

78. Debt: 04/22/2011 14,293,242,770,354.82 (UP 2,454,109,104.32) (Fri, UP a little.)

(UNDER the old debt limit of 14.294-trillion dollars by 1-billion dollars. Good day.)
My eyes are getting sleepy.
(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)
= 9,650,617,368,582.25 + 4,642,625,401,772.57
UP 169,463,975.78 + UP 2,284,645,128.54

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 $3,206.70 makes 1T$.
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 311,847,392 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 $45,834.09.
A family of three owes $137,502.28. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 to 31 days.
The average for the last 21 reports is 2,842,070,793.45.
The average for the last 30 days would be 1,989,449,555.41.
The average for the last 31 days would be 1,925,273,763.30.
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$/day.
There were 139 reports in 204 days of FY2011 averaging 5.26B$ per report, 3.59B$/day.
Above line should be okay

PROJECTION:
There are 639 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)
04/22/2011 14,293,242,770,354.82 BHO (UP 3,666,365,721,441.74 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 +0,731,619,739,463.10 ------------* * * * * * * * * * * * * * * * * * BHO
Endof11 +1,309,025,514,235.45 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------*********
04/08/2011 +000,001,314,747.36 ------------******
04/11/2011 +000,390,366,211.15 ------------******** Mon
04/13/2011 +000,216,450,469.86 ------------********
04/14/2011 +004,827,508,513.07 ------------*********
04/15/2011 +021,566,615,397.70 ------------**********
04/18/2011 +000,320,133,441.47 ------------******** Mon
04/19/2011 +000,498,845,624.51 ------------********
04/20/2011 +000,031,154,878.79 ------------*******
04/21/2011 -029,604,944,039.31 -
04/22/2011 +000,169,463,975.78 ------------********

1,615,464,563.17 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=4826406&mesg_id=4827116