STOCK MARKET WATCH, Tuesday, June 21, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Tuesday, June 21, 2011

AT THE CLOSING BELL ON June 20, 2011

Dow 12,080.38 +76.02 (+0.63%)
Nasdaq 2,629.66 +13.18 (+0.50%)
S&P 500 1,278.36 +6.86 (+0.54%)
10-Yr Bond... 2.97 +0.01 (+0.44%)
30-Year Bond 4.21 +0.01 (+0.12%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren
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 = 12

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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. One little report today

Jun 21 10:00 Existing Home Sales May 4.70M 4.79M 5.05M

Read more: http://www.briefing.com/investor/calendars/economic/#ixzz1PuKbjUlQ

[DemReadingDU]

42. Home sales fell to 2011 low, few 1st-time buyers

6/21/11
Fewer people purchased previously occupied homes in May, bringing sales down to their lowest level of the year.

Home sales sank 3.8 percent last month to a seasonally adjusted annual rate of 4.81 million homes, the weakest pace since November, the National Association of Realtors said Tuesday. Economists say that's far below the 6 million homes per year sold in healthy housing markets.

Since the housing boom went bust in 2006, sales have fallen in four of the past five years. They hit a 13-year low last year.

First-time homebuyers ticked down to 35 percent of sales. First-timers typically drive half of sales in healthy markets and they are critical because they typically improve their properties and invest in their communities, a combination that helps home values rise.

The median sales price for a previously occupied home in May was $166,500. That's 4.6 percent lower from the same month one year ago. The median price of a new home is nearly 31 percent higher than the median price for a re-sale, or twice the normal markup.

more...
http://finance.yahoo.com/news/Home-sales-fell-to-2011-low-apf-682403843.html?x=0&sec=topStories&pos=main&asset=&ccode=


Apparently, the decline was not as steep as expected. Party on.

[Po_d Mainiac]

51. But the number beat "expectations"

At least until the numbers are revised downward, as they were for April.

[Pale Blue Dot]

2. Oil near $94 as IEA warns crude costs hurt economy

SINGAPORE – Oil prices rose above $94 a barrel Tuesday in Asia as a top energy industry expert warned higher fuel costs could undermine global economic growth.

Benchmark oil for July delivery was up $1.21 to $94.47 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract gained 25 cents to settle at $93.26 on Monday.

In London, Brent crude for August delivery was up $1 to $112.69 a barrel on the ICE Futures exchange.

High crude prices could send the global economy back into recession, said Fatih Birol, chief economist at the International Energy Agency.

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

[Pale Blue Dot]

3. Index Futures Advance on Greek Vote Speculation; 3M, General Electric Rise

U.S. stock futures rose, indicating that the Standard & Poor’s 500 Index may gain for a fourth day, as investors speculated that Greek Prime Minister George Papandreou will win a confidence vote today.

3M Co. (MMM) climbed in Europe and Alcoa Inc. rallied in early New York trading. Biogen Idec Inc. (BIIB), the world’s largest maker of multiple-sclerosis medicines, advanced 2.4 percent after Deutsche Bank AG advised buying the stock.

S&P 500 futures expiring in September rose 0.5 percent to 1,280.3 at 6:44 a.m. in New York. Dow Jones Industrial Average futures gained 51 points, or 0.4 percent, to 12,064.

“With each passing day, we know more and more about the situation in Greece and we approach a deal,” said Jacques Porta, a Paris-based fund manager at Ofi Patrimoine, who helps oversee about $425 million in stocks. “With each step, there is a sense of relief.”

http://www.bloomberg.com/news/2011-06-21/index-futures-advance-on-greek-vote-speculation-3m-general-electric-rise.html

See? Everything's good again. I hope we all feel better.

[Demeter]

5. Win a Confidence Vote?

I'm confident that nothing will change, there will be no deal that lasts even a fortnight, and we will continue the free-fall, interspersed with frantic flapping of non-existent wings.

Good morning PBD! Thanks for the thread every day. How's your vacation so far?

[Pale Blue Dot]

14. My vacation's been good!

I've been getting stuff done around the house and around my life. :-)

[Demeter]

4. How 'The Family' Controlled Tunisia

http://online.wsj.com/article/SB10001424052748703752404576178523635718108.html?mod=WSJ_myyahoo_module

Zine al-Abidine Ben Ali, Tunisia's deposed president, went on trial Monday on charges of abusing state funds and drug trafficking, providing the first public accounting of the practices of a ruler whose autocratic style first triggered the Arab Spring revolution that has swept the Middle East. Over his 23 years in power, Mr. Ben Ali—who is being tried in absentia—and his relatives amassed a fortune in banks, telecommunications firms, real-estate companies and other businesses, giving them control over as much as one-third of Tunisia's $44 billion economy, according to anticorruption group Transparency International. The family displayed its wealth by throwing extravagant parties and jet-setting among several mansions in Tunisia and overseas.

An examination by The Wall Street Journal of Tunisian criminal court papers, as well as interviews with dozens of businessmen, Ben Ali family members and politicians, reveals fresh accusations that the Ben Ali clan—known as "The Family" here—squeezed out some business rivals by exerting political pressure to win lucrative state contracts...The Ben Ali family "had the power and the law on their side," says Moncef Mzabi, a Tunisian businessman who says he was forced in 2008 to sell his 3% stake in Tunisia's largest bank to one of Mr. Ben Ali's nephews. "A request amounted to an order," he says. The nephew, who is in exile in Canada, couldn't be reached for comment. Stock-market filings show that, by late 2008, the nephew had amassed a more than 10% interest in the bank.

To stop an entrepreneur who wanted to open a new French car dealership in Tunisia, the Ben Ali government blocked some of his cars at customs for months and slapped him with 17 tax inspections, according to people familiar with the matter, including the entrepreneur, Bassem Loukil. Another businessman, Mohamed El Boussaïri Bouebdelli, says he wanted to build a new pharmacy university in Tunisia, but in a meeting at one of Mr. Ben Ali's palaces, Mr. Ben Ali said that the proceeds should be shared "50-50" with him. Mr. Bouebdelli says he abandoned the project.

...The evidence that will be brought against Mr. Ben Ali during the trial includes stashes of cash, weapons and narcotics found at two of his mansions in Tunisia, according to officials at Tunisia's justice ministry. In addition to abuse of state funds and drug trafficking, the former president will also face charges of illegal arms possession and illegal possession of precious artifacts, the officials said...

[Demeter]

7. Ben Ali sentenced to 35 years jail

Tunisian ex-president and his wife found guilty of theft and unlawful possession of cash and jewellery

Read more >>
http://link.ft.com/r/QM42II/TU3I6K/HI3M9/M9DBA7/BMAAZS/28/t?a1=2011&a2=6&a3=21

THAT DIDN'T TAKE LONG...

[tclambert]

12. I hate it when other families behave that way

and mine never does. It's like my parents and grandparents just never realized how much better it is to be rich than poor.

This Ben Ali guy's mistake was to commit his crimes outside of America. In America, the rich and powerful get all the legal advantages, too. I'm sure he could plea the charges down to a misdemeanor and serve a few months in Danville minimum security, pay a small fine, then retire to a large ranch (with no cattle) in Texas.

[Demeter]

33. I know what you mean

My own family was operating in the 50's in the 70's., 80's, 90's...even today!

And my ex, he's out there in the present scenario...and we don't miss him a bit.

[xchrom]

6. I Love the Euro, But...

http://blogs.hbr.org/hbr/hbreditors/2011/06/personally_i_love_the_euro_but.html

I can travel anywhere in the eurozone without having to pay money to change currency. I don't have to work out in my head how much stuff is worth. You can make your shoes in Portugal and sell them in Germany without your profit margin bouncing all over the place. Sure, the currency has a dull name, but that's no reason to turn against it.

But I'm rapidly coming to the conclusion that it's probably a negative sum game. Sure, I save some costs, but as the chickens come home to roost for Greece and others, it's looking rather as though the overall bill for having a euro will exceed the overall benefits.

For a start, the costs of multiple currencies weren't necessarily a waste of money. Yes, I lost 2% every time I paid in drachmas or marks rather than francs when I lived in France in the 1990s, which I don't pay any more, but you could argue that this "tax" at least supported a thriving business in currency exchange, creating some profits and employment. Perhaps that's a stretch, but we're arguably talking value redistribution rather than value destruction.

[xchrom]

8. The military as a jobs program

http://www.atimes.com/atimes/Global_Economy/MF22Dj02.html

"Every gun that is made, every warship launched, every rocket fired signifies, in the final sense, a theft from those who hunger and are not fed, those who are cold and are not clothed ... . We pay for a single fighter plane with a half million bushels of wheat. We pay for a single destroyer with new homes that could have housed more than 8,000 people." - Dwight David Eisenhower, "The Chance for Peace"; speech given to the American Society of Newspaper Editors, April 16, 1953.

In a Wall Street Journal editorial on June 8 bemoaning the failure of the Barack Obama stimulus package, Martin Feldstein wrote:

Experience shows that the most cost-effective form of temporary fiscal stimulus is direct government spending. The most obvious way to achieve that in 2009 was to repair and replace the military equipment used in Iraq and Afghanistan that would otherwise have to be done in the future. But the Obama stimulus had nothing for the Defense Department.

You can't make this stuff up. The most obvious way to stimulate


the economy is to replace military equipment? And the Obama stimulus had nothing for the Defense Department? When veterans' benefits and other past military costs are factored in, the military now devours half the US budget. If military spending is such a cost-effective stimulus, why have the trillions poured into it in the last decade left the economy reeling?

[tclambert]

17. Eisenhower would never pass the Republican loyalty test today.

Plus the Military-Industrial Complex would target him for a Swiftboating, at least. They'd call his WWII record into question, claim he was soft on the Communists, never went after the Russians, and blame him for the expense of the Cold War.

[xchrom]

18. +1

[DemReadingDU]

19. +++

[Pale Blue Dot]

9. Two Supreme Court Rulings Give Big Companies “Get Out of Liability Free” Cards

If you had any doubts that the US has become a corpocracy, two fresh rulings by the Supreme Court should seal any doubt. They are stunningly bad, in that they reduce or gut the reach of well-settled law over large companies, to the degree that it will take very little in the way of effort for companies to organize their affairs so as to escape liability for their actions in areas that affect large numbers of citizens.

The through line in both rulings is the creative and selective use of the notion of corporate “personhood”. That personhood has been the basis for the extension of a whole raft of rights to corporations, including, perversely, the Constitutional right of free speech. Yet the same notion which has been used to confer privileges that companies lack in other countries is at the same time being construed so as to vitiate accountability, when ordinary people find it mighty hard to escape the consequences of their actions. I’m certain the Founding Fathers, who were wary of concentrated power, would be spinning in their graves at the logic and effect of recent decisions on this front.

The first stunner is a ruling today in favor of WalMart on an employment discrimination class action lawsuit. It effectively weakens anti-discrimination laws as far as big companies are concerned.

...

I’m every bit as unhappy with the other recent heinous Supreme Court ruling, Janus Capital Group, Inc. v. First Derivative Traders, but since this ruling came out last week and I somehow managed to miss it. other able commentators have already expressed their considerable dismay.

But what is disconcerting and even scary about the Janus ruling is that it guts a key section of well settled securities law, the one that was the best (and in some cases the only) grounds for wronged investors in mutual funds or special purpose vehicles to sue. And it provides a road map for other fund operators to escape from liability.

http://www.nakedcapitalism.com/2011/06/two-supreme-court-rulings-give-big-companies-get-out-of-liability-free-cards.html

[xchrom]

11. +1

[tclambert]

21. Corporations have all the rights of people, plus one extra one: The right to escape liability.

You can't put them in jail. Now you can't even sue them. Just shut up and obey.

[fasttense]

45. I wonder how much Clarance Thomas got for his vote?

He's a semi-smart man and would never give away his vote for free. So, I wonder what it cost Wal-Mart? Scalia probably got a few free vacations out of it too.

See what fun it is to have such a corrupt federal court.

[xchrom]

10. Greek hopes help lift world markets

http://hosted.ap.org/dynamic/stories/W/WORLD_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-06-21-06-54-56

LONDON (AP) -- Hopes that the Greek government will pass a crucial confidence vote later Tuesday, paving the way for the debt-stricken country to get vital short-term loans, helped lift world markets.

Greek Prime Minister George Papandreou faces a parliamentary vote of confidence in the new cabinet he formed last week.

If Papandreou's new government fails to get the necessary Parliamentary support in a midnight vote, it would throw into question whether it can pass a critical new austerity bill by the end of the month. Without parliamentary approval for the new measures, Greece will not get the next installment of its bailout - funds the country needs to avoid default.

The prevailing view in the markets is that Papandreou will get the necessary support. His Socialist party holds a five-seat majority in the 300-member legislature, and a simple majority is needed to pass.

Analysts said that would effectively mean the deputies will back the austerity measures, too, in a vote next week, clearing the way for Greece to get its next euro12 billion ($17 billion) bailout loan.






:shrug:

[xchrom]

13. asia: Trade deficit in May second-biggest ever

http://search.japantimes.co.jp/cgi-bin/nb20110621a1.html

Japan logged its second-biggest trade deficit on record in May as exports continued to fall after the March earthquake and tsunami, government data showed Monday, darkening the outlook for the economy.

But the result, which showed that the decline in exports was slowing, fueled optimism that the nationwide supply-chain disruptions and plunge in industrial output following the March 11 disaster are starting to be addressed.

The trade balance remained in the red for the second straight month with a deficit of ¥853.7 billion, the second-biggest on record after ¥967.9 billion marked in January 2009, when exports plunged amid the global economic downturn ushered in by the collapse of U.S. investment bank Lehman Brothers Holdings Inc. in 2008.

The value of exports dropped 10.3 percent from a year earlier to ¥4.76 trillion for the third straight monthly fall, weighed down by slower production following the natural disaster.

[xchrom]

16. Asian stocks climb, with energy shares strong

http://www.marketwatch.com/story/asia-shares-climb-fosters-shares-surge-2011-06-20?dist=markets

SYDNEY (MarketWatch) — Shares gained across Asia on Tuesday, with energy stocks rallying, along with Japanese auto firms and Hong Kong-listed property developers.

The Nikkei Stock Average /quotes/zigman/715506 JP:NIK +1.13% ended the session up 1.1% at 9,459.66, while the Australian S&P/ASX 200 index /quotes/zigman/1653884 AU:XJO +1.27% closed with a gain of 1.3%, and South Korea's Kopsi KR:0100 +1.41% advanced 1.4%.

The Hang Seng Index /quotes/zigman/2622475 HK:HSI +1.16% rose 1.2% to 21,850.59, while the Shanghai Composite /quotes/zigman/1859015 CN:000001 +0.96% traded up 1%.

“There’s been a bit of a revival, and that’s down to a bit more optimism perhaps about the Greek situation,” said Stephen Roberts, strategist at Nomura Securities, speaking about gains on Tuesday

[xchrom]

15. europe: Europe fiddles while crisis strains EU principles

http://www.marketwatch.com/story/europe-fiddles-while-crisis-strains-eu-principles-2011-06-21?dist=beforebell

DUBLIN (MarketWatch) — It’s hard for non-Europeans (and indeed, many Europeans) to quite comprehend the European Union. It’s not just a free trade area or customs union like NAFTA, as it can overrule national supreme courts. Yet it’s not a super state either, as demonstrated by its military inability to do almost anything.

No, to understand the EU, the best comparison to make is with the United States Internal Revenue Service. Like the IRS in the U.S., a large number of people within Europe regard the EU as a threat to their ancient freedoms and their way of life. Or, they just plain hate being told what to do by it.

A much smaller group are very enthused about it (Come on, there must be tax fetishists out there somewhere, breathing heavily as they peruse their depreciation tables) and then there’s the great majority who just shrug their shoulders, accept it as a necessary evil, and turn over to the celebrity gossip or the sports pages.

[xchrom]

22. Ryanair Explores 0rder for 200-Plus C919 Jets From China’s Comac

http://sfgate.ldc.bloomberg.wallst.com/SFChronicle/Story?docId=1376-LN4TRF6K50XU01-4TEK1UOBJQQ71SU05IEC8F9446

June 21 (Bloomberg) -- Ryanair Holdings Plc, Europe’s biggest discount airline, said its exploring a requirement for at least 200 single-aisle jets with Commercial Aircraft Corp. of China after signing an accord to help develop the C919 model.

Ryanair is interested in a variant of the Chinese plane that would carry 200 people and be available from 2018, the Dublin-based carrier said today in a statement.

The Irish airline is also in discussions with Boeing Co. about the fleet requirement, which would replace older planes, and the memorandum of understanding with Comac won’t affect its relationship with the U.S. manufacturer, the statement said.

[xchrom]

24. Government borrowing falls in May

http://www.guardian.co.uk/business/2011/jun/21/government-borrowing-falls-in-may-deficit

Higher tax receipts from January's increase in VAT to 20% helped reduce the amount the UK government had to borrow last month compared with a year earlier, the Office for National Statistics said.

Figures released on Tuesday showed that the public finances were in the red by £15.2bn in May, down from £16.5bn in the same month of 2010.

The City had been braced for borrowing last month to be slightly higher but the ONS said tax revenues had been boosted by the decision to raise VAT in early 2011.

Despite the improvement in May, the government's preferred measure of the public finances – net borrowing excluding the cost of measures to shore up UK banks – was higher in the first two months of the 2011-12 financial year than in the same two months of 2010-11.

[xchrom]

20. south asia: Sensex Index Rebounds From Four-Month Low on Speculation Decline Overdone

http://www.bloomberg.com/news/2011-06-21/nifty-futures-swing-between-gains-and-losses-on-oil-gain-greece-optimism.html

India’s benchmark stock index rebounded from the lowest close in four months amid speculation the recent decline was excessive and as investor concern eased that Greece may default on its debt.

Reliance Industries Ltd. (RIL), India’s most valuable company, increased 1.9 percent, halting seven days of losses. Tata Consultancy Services Ltd. (TCS), the largest software exporter, surged most in two months. Housing Development Finance Corp. (HDFC), the biggest mortgage lender, climbed the most in three weeks.

The Bombay Stock Exchange Sensitive Index, or Sensex, rose 53.67, or 0.3 percent, to 17,560.30 at the 3:30 p.m. close in Mumbai. It climbed as much as 1.2 percent earlier. Its 14-day relative strength index, a gauge of how rapidly prices gained or fell during the specified period, reached 28.7 yesterday. A reading below 30 is a signal to buy for some investors.

“We are incrementally turning more and more bullish,” said Sampath Reddy, who manages $6.7 billion as chief investment officer for equities at Bajaj Allianz Life Insurance Co. “Valuations have corrected to attractive levels. We are eagerly looking to invest more money in equity markets in the next couple of months.” Reddy is overweight on shares of drug makers, fast-moving consumer goods and telecom companies.

[xchrom]

23. US regulators sue RBS and JP Morgan for $800m lost in credit crisis

http://www.guardian.co.uk/business/2011/jun/20/us-regulators-sue-jp-morgan-rbs

US regulators have sued Royal Bank of Scotland and JP Morgan for $800m (£495m), alleging that the banks made "numerous misrepresentations" selling mortgage-based securities.

The National Credit Union Administration (NCUA) is seeking to recover billions lost during the credit crisis and said it intends to file more suits. According to its suit, filed in Kansas, the banks gave investors documents that contained "untrue statements of material fact" or "omitted to state material facts" in violation of state and federal securities laws.

The suit refers to losses from five corporate credit unions that were taken over by regulators after their losses became unmanageable. The NCUA possesses hundreds of mortgage bonds held by failed corporate credit unions, which act as lenders and back office managers to credit unions.

"NCUA has a responsibility to do everything in our power to seek maximum recoveries from those involved in the issuing, underwriting and sale of the faulty securities that resulted in the failures of five of the largest wholesale credit unions," board chairman Debbie Matz said. "Those who caused the problems in the corporate credit union system should pay for the losses." JPMorgan and RBS declined to comment.

[Po_d Mainiac]

27. The 800lb primate in the middle of the room, that the banksters are trying to ignore.

:popcorn:

[Demeter]

32. That's peanuts

When do they go after the BIG money? Oh, that's right, they've already pocketed that....

[Po_d Mainiac]

50. You musta missed the bit about more suits to follow n/t

[Demeter]

34. FROM APRIL: AIG Sues ICP And Moore Capital, Says It Was The Victim Of Fraud

http://www.huffingtonpost.com/2011/04/28/aig-sues-icp-and-moore-ca_n_854785.html

American International Group Inc, sued two money management firms... in a fight to recoup billions of dollars the bailed-out insurer said it lost due to fraud. The insurer, 92 percent owned by the U.S. government, sued ICP Asset Management and Moore Capital in New York State Supreme Court, contending it suffered huge losses by insuring mortgage securities that one of the financial firms created...AIG, which received $182 billion in bailout money, said the suit represents the start of a campaign to recover some of the losses it suffered as a result of others' misconduct.

The campaign will likely take aim at Bank of America Corp, Goldman Sachs Group Inc and other Wall Street banks, according to a person familiar with AIG's strategy. The banks sold AIG mortgage bonds with top-notch ratings that have since plummeted in value. Bond insurers and investors have already sued the banks on similar grounds, seeking to recover billions of dollars of losses they say were caused by the banks misrepresenting the quality of the home loans that were packaged into bonds. "At last year's annual meeting, AIG CEO Bob Benmosche said we would review our dealings with all of the counterparties with which we did business before and during the financial crisis to see if they harmed us by their conduct. This suit is the first result of that review," the company said.

The suit was brought by AIG's Financial Products unit...The lawsuit said the defendants breached obligations to AIG related to the creation of complex collateralized debt obligations, or CDOs...AIG said it has suffered more than $350 million in damages from the alleged misconduct, which included using inflated values on the mortgage bonds that were packaged into the CDOs. By inflating the values, ICP created windfall profits for itself and swelled its management fees.

The lawsuit draws on allegations against ICP made by the U.S. Securities and Exchange Commission, which last year accused ICP of securities fraud. Last year, the SEC sued ICP in Manhattan federal court, accusing the investment advisory firm of repeatedly violating federal securities laws. That case is currently pending before Southern District Judge Lewis Kaplan. Moore Capital is not a named defendant in the SEC action....The AIG case is AIG Financial Products v ICP Asset Management LLC et al, Supreme Court of New York, New York County, No. 651117/2011

ANYBODY WANT TO TRY TO FIND OUT HOW THIS SUIT IS DOING?

[DemReadingDU]

39. NCUA to file additional lawsuits

from WSJ...

6/21/11
Officials at the NCUA, a federal regulator that supervises the nation's credit unions, expect to file additional lawsuits against as many as eight more banks and securities firms that pooled individual mortgages into securities and sold them to the five credit unions, which failed in 2009 and 2010, according to people familiar with the situation.

The NCUA has issued 986 subpoenas to companies involved in the mortgage machine, including lenders that originate loans, investment banks that sell mortgage-backed securities, mortgage servicers and credit-ratings agencies, a spokesman said.

Proceeds from the lawsuits, which seek more than $800 million from J.P. Morgan and RBS, would help fund the NCUA's insurance and emergency support funds.

The NCUA has threatened to sue Goldman Sachs Group Inc. and other firms over mortgage-bond sales, according to securities filings and people familiar with the matter. It is currently engaged in settlement discussions with some banks, said an NCUA spokesman. Goldman declined to comment.

more...
http://online.wsj.com/article/SB10001424052702304070104576397590007402016.html

[DemReadingDU]

40. Denninger: The NCUA Has Had Enough

6/21/11 The NCUA Has Had Enough

The banks, it is alleged, knew these deals were worthless (or close to it) and yet sold them on as "pristine" and "quality" mortgage paper. When they blew up the banks said "so sorry, so sad, bye bye" and since fees were all they cared about in the first place...

Well, the NCUA says no; here are the complaints. They're quite good; the salient allegation is:


54. At the time of purchase, the Credit Unions were not aware of the untrue statements or omissions of material facts in the Offering Documents of the RMBS. If the Credit Unions had known about the Originators’ pervasive disregard of underwriting standards— contrary to the representations in the Offering Documents—the Credit Unions would not have purchased the certificates.


Yep.

This marks a new phase in the mortgage mess; remember, the NCUA is effectively a government agency, providing insurance services for depositors. The banksters, of course, believed they had bought and paid for all appropriate pieces of the government in order to prevent this sort of thing from happening.

It appears they forgot a few "campaign contributions."

Complaints against JP Morgan and RBS found here and here; they're worth a read even though they'll take you a while to go through them. The tables on losses in the second complaint, in particular, starting around page 40 are simply amazing.

http://market-ticker.org/cgi-ticker/akcs-www?post=188567


link to first complaint, 186 pages
http://www.ncua.gov/news/press_releases/2011/MR11-0620JPMComplaint.pdf

link to second complaint, 182 pages
http://www.ncua.gov/news/press_releases/2011/MR11-0620RBSComplaint.pdf

[xchrom]

41. +1

[Demeter]

47. +15 Trillion BRAZILLIAN!

Here and there a piece of the government still works as advertised and designed...

[InkAddict]

52. Afternoon musical interlude:

J.P. Morgan to Pay $153.6 Million to Settle SEC Charges

Thanx be to kpete here: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4891528

The SEC said J.P. Morgan Securities will pay $153.6 million to settle charges that the firm misled investors in a mortgage-backed securities transaction “just as the housing market was starting to plummet.”



Jamie's favorite tune: http://www.snopes.com/lost/sixpence.asp

Sing a song of sixpence; pocket full of rye...

[Demeter]

25. It's all about the rents, part one million and twenty-nine

http://www.correntewire.com/its_all_about_rents_part_one_million_and_twenty_nine

The Supreme Court gave corporations a major win, ruling in a 5-4 decision that companies can block their disgruntled customers from joining together in a class-action lawsuit. The ruling arose from a California lawsuit involving cellphones, but it will have a nationwide impact...In the past, consumers who bought a product or a service had been free to join a class-action lawsuit if they were dissatisfied or felt they had been cheated. By combining these small claims, they could bring a major lawsuit against a corporation...But in THE 4/27/201{ decision, the high court said that under the Federal Arbitration Act companies can force these disgruntled customers to arbitrate their complaints individually, not as part of a group. Consumer-rights advocates said this rule would spell the end for small claims involving products or services.

In the case before the court, a Southern California couple complained about a $30 charge {rent} involving their purchase of cellphone service from AT&T Mobility. The California courts said they were entitled to join with others in bringing a class-action claim against the cellphone company.But the Supreme Court reversed that decision...Justice Antonin Scalia said companies may require buyers to sign arbitration agreements, and those agreements may preclude class-action claims. Chief Justice John G. Roberts Jr. and Justices Anthony Kennedy, Clarence Thomas and Samuel A. Alito Jr. formed the majority. Scalia said companies like arbitration because it is efficient and less costly }for some definition of "efficient," like "customers always lose"]. "Arbitration is poorly suited to the higher stakes of class litigation," he said... But the dissenters said a practical ban on class action would be unfair to cheated consumers. Justice Stephen G. Breyer said the California courts had insisted on permitting class-action claims, despite arbitration clauses that forbade them. Otherwise, he said, it would allow a company to "insulate" itself "from liability for its own frauds by deliberately cheating large numbers of consumers out of individually small sums of money."

Breyer thinks that's a bug. It's a feature....Breyer added that a ban on class actions would prevent lawyers from representing clients for small claims. "What rational lawyer would have signed on to represent the Concepcions in litigation for the possibility of fees stemming from a $30.22 claim?" he wrote. Justices Ruth Bader Ginsburg, Sonia Sotomayor and Elena Kagan joined his dissent....Ding ding ding!...In other words, if the rent is small enough, and spread across enough customers, the rentiers have complete operational freedom to extract it. Two words: Business model. Big Money, Big Pharma, Big Media, Big Energy, all the Mr. Bigs. Parasites rejoice!

NOTE * One notes that Antonin Scalia, torture fan, wrote the opinion, having previously written his faction into dominance with Bush v. Gore. Somebody should make the argument -- if not before the Court, at least before the court of public opinion -- that since the 2000 election was stolen, and that the current composition of the court is the result of that theft, that all decisions since Bush v. Gore are the fruit of a poisonous tree, and have no legitimacy. Larry? Larry Tribe? Obama's never going to appoint you dogcatcher, let alone to the "High Court." So you're free. Perhaps you could undertake this pleasant duty?

[Demeter]

26. How Much Longer for the "Royals"? Dylan Ratigan

http://www.huffingtonpost.com/dylan-ratigan/how-much-longer-for-the-r_b_855127.html

...If you listen closely, you can hear a subtle creaking under the hood of the global economic system, like a car on the road that is slowly breaking down. Every day there's a new funny noise, something that says it's just not working right. The basic dynamic is inequality all over the world, in staggering proportions. But the interesting nugget is not the unfairness, but the increasing inability of elites to manage the increasing anger coming from the global losers. Last week, it was in China, a country with even worse inequality than our own. The largest container port in the world -- Shanghai -- saw a serious strike by Chinese truckers. The strike was muzzled by a combination of a media blackout, police power, and select concessions by the Chinese government to the strikers.

So what does that have to do with us? Plenty. China makes what America consumes. Take, for instance, Walmart. Walmart is increasingly a Chinese company these days, orchestrating the shipping of goods made by incredibly poor Chinese workers to increasingly poor American consumers. Apple is another hybrid Chinese company, a middle-man. Steve Jobs makes billions running a design, retail, marketing, and R&D shop in the US known as Apple. His business partner Foxconn CEO Terry Guo makes his billions making iPads, iPods, and iPhones with 800,000 "iSlaves" in China. This is a system, and the strategy behind it is quite explicit. Economists have designed it, and they call it fighting inflation. Since wage gains contribute to inflation, stopping wage gains is the goal of the international trading regime. The natural end result is low wage workers in China selling to high debt consumers in America. You get an unstable system with a deeply immoral core, but hey, at least there's no inflation.

How do I know this is done on purpose? Well, the people in charge of the system say it when they think no one's paying attention. I'm going to return to this Federal Open Market Committee transcript from 2005, which has received too little attention. Here's Fed Dallas President Richard Fisher describing his conversations with area CEOs: "Everyone I've talked to continues to try to figure out ways to exploit globalization. Each of them, from the IT guys to the big box retailers to the specialty chemical firms to the service firms, wants to have offshore supply. One of the CEOs said, "We have a long way to go in exploiting China." We've heard that forever."

...Which brings me back to the strikes. American CEOs have exported not just our job base, but all the labor unrest that can come with it. China is running out of capacity to make our products, and commodity prices are going up for them as well. So inflation is hitting Chinese workers very hard right now -- one of the causes of the trucker strike was a significant hike in fuel prices. The Chinese government quickly made concessions to the strikers, and is broadly attempting to deal with an incredible gap between the rich and the poor. But as Reuters noted, they aren't doing this because of goodwill. Their worry is political: "The Party leadership is especially jumpy about threats to its control following online calls for "Jasmine Revolution" protests inspired by anti-authoritarian uprisings across the Arab world, and has detained dozens of dissidents." ...unstable systems have a way of collapsing. And you can hear the creaking, even above the media circus of the royal wedding.

[Demeter]

28. The R word (DEBT RESTRUCTURING)

http://www.voxeu.org/index.php?q=node/6439

Rumours circulate widely these days. European policymakers talk about a restructuring of public debts in some countries (see for example Portes 2011). Rumours may be unfounded but they are telling of what people think about. Like sex in Victorian times, everyone wonders about debt restructuring but the R word remains difficult to pronounce in official circles. No one wishes to plunge into debauchery but many of us have long thought that debt restructuring was a viable option that deserves serious consideration and preparation. For that reason alone, it is worthwhile taking the rumours seriously, even if they are unfair and unjustified.

The first rumour is that President Jean-Claude Trichet has said that he does not even want to hear about the R word. The reason, according to the rumour, is that a debt restructuring would hurt some European banks....This is a strange argument. One would rather expect the President of the ECB to be concerned with the well-being of Greek citizens. They are now entering the second year of their IMF-EU programme, the third year of recession, which is the main reason why the budget is still in deficit in spite of all the government’s efforts and good advice from all quarters....

A second rumour is actually spread publicly by the ECB. It holds that a Greek debt restructuring would collapse the whole Greek system, with contagion to other countries and their banking system...This is indeed a possibility, but how bad is it really? Suppose that the haircut on the Greek debt is 50% (this is an illustrative example, not a prediction, let alone a rumour). How expensive would it be for the Greek government to recapitalise – and nationalise – its banks? Suppose that the operation would cost 10% or 20% of GDP. The Greek government is still better off, not even counting that it may make a profit when privatising banks later on, as the Swedish government did in the 1990s....Of course, the Greek government would have to raise funds to carry out the operation, both the banks’ nationalisation and bridge loans during the debt restructuring negotiations. This is why the IMF exists. Lending in last resort is also the job of the ECB, on behalf of the Greek authorities. A strong case can be made for the ECB doing that instead of buying toxic public debts and providing liquidity to banks outside the Bagehot procedure...A third rumour is that European officials are trying to secretly devise a Greek debt restructuring that would not involve any outright write-down, only a lengthening of maturity. As is well known, a lengthening of maturity is one way of restructuring, depending on whether the interest charge is raised or not. This may well be an exercise in semantics to avoid using the R word, which is fine as long as the procedure makes the debt burden bearable (and therefore imposes losses on the creditors)...A fourth rumour is that the source of the debate on the R word is the German government, which now fears citizen anger on having to dole out more money to other periphery governments.

Following the Finnish elections, we see that hard questions are being asked in many countries. If, as many suspect, the main motivation behind the European Financial Stability Facility and its putative successor, is that domestic banks in some large countries are heavily exposed to periphery sovereign debts, these are good questions. Is it better to commit public money to indirectly support domestic banks? It could be more efficient, indeed, but only if the operation is successful. If it will take much more money to keep the periphery governments afloat while in a prolonged recession, then defaults-cum-domestic bank nationalisation could be the least costly option....

[DemReadingDU]

30. And most people think our tech world is 'normal'

We humans have engineered so many technological advances that have ravaged the economy, our natural resources, even people in other countries. But the global economic complex model we have been living, is unsustainable. Eventually, it will implode. And when it does, our leaders will tell us that no one could see it coming.
:eyes:

[Demeter]

31. Even worse, the CEOs and Politicos Will Jump All Over the Engineers and Scientists

demanding instant, painless cures, or retribution for their mistaken policies, which the Eggheads protested in vain....

Like any other worker-bee, the Knowledge-based are hired hands, at the mercy of the self-appointed "elite" who have by bribery or force taken over all the decision-making. And as one of that benighted group, I will not accept the blame being dumped on the Reality-based Creatives for what pirate-corporations do with our gifts of technology.

The ONLY technology that cannot be used safely is Nuclear (beyond some X-ray and other medical technology, or if it's blasted out into outer space as a power source for sattelites).

And there is no technology that cannot be abused by the Unscrupulous.

[Demeter]

29. BATTLE OF THE ECONOMISTS--ON VIDEO!

http://www.youtube.com/watch?v=GTQnarzmTOc&feature=player_embedded#at=22

ONE OF A SERIES OF RAP VIDEOS FEATURING ECONOMISTS...IT'S WILD, IT'S WEIRD, IT'S ENTERTAINING....

Actually, it's damned annoying, but if this is what it takes to grab the attention of younger generations...

[Demeter]

35. A Frightening Satellite Tour Of America's Foreclosure Wastelands

http://www.businessinsider.com/satellite-tour-foreclosure-cities-2011-1?op=1#ixzz1PulLZBvo

HORRIFYING PHOTO--MAPS

[Demeter]

36. Another Round of Greater Fool Remorse?

http://www.financialarmageddon.com/2011/04/another-round-of-greater-fool-remorse.html

CLICK THIS LINK FOR GRAPH

http://panzner.typepad.com/.a/6a00d83451591e69e201543202d8b2970c-500wi

When the biggest real estate bubble this country has ever seen began to burst roughly half a decade ago, it took equity investors about 16 months to recognize that the jig was up (so much for the crowd's much vaunted "ability" to predict the future).

Given that a similar amount of time has passed since house prices hit their post-crash highs and began a renewed descent, I wonder if all those "savvy" individuals who've driven the iShares Dow Jones Real Estate Index ETF (a widely followed sector benchmark) to its highest level since the fall of 2008 are about to experience another round of greater fool remorse?

The "smart money"...lol!!!

[Demeter]

37. 94% HUMIDITY--SOB!

Farewell, cruel world! I'm going to turn on the air conditioning now...

[Demeter]

38. Going for the Gold Again +40 at Opening

Think it will hold?

[TalkingDog]

43. Coca-Cola: Goldman Sachs Is Manipulating Metals Prices

http://www.businessinsider.com/coca-cola-says-goldman-sachs-is-manipulating-the-metals-market-2011-6

A group of firms including Coca-Cola has alleged that Goldman Sachs is manipulating the metals market by only releasing metals that it holds in certain amounts, which artificially inflates prices, according to the WSJ, via Huffington Post.

In the past few years, Goldman (and other banks) have bought up metals warehouses, which allows them to determine how much metal they release to customers and when they do it.

Now the London Metals Exchange is looking into accusations that this not only allows Goldman to inflate prices, but that Goldman's action does inflate prices.

/snip

I've seen rumors of this type floating about the internets for quite a while. I just never saw any hard sources.

Well, there you go.

[Fuddnik]

44. Did I miss anything?

I went out of town for a few days, with no computer access.

There must be some big fires burning in southeastern Georgia. As I was driving down I-95 yesterday, there was heavy smoke from just south of Brunswick to Jacksonville. We need a hurricane.

[xchrom]

46. Welcome back! Nt

[Demeter]

48. It's all archived, if you want to look it up

As to breaking news, no, not really. Things have been quiet---too quiet.

[Po_d Mainiac]

49. Ya missed 87 Greek Bailout announcements

That were rescinded 10 minutes later

[Festivito]

53. Debt: 06/17/2011 14,344,559,511,924.92 (DOWN 11,774,224.95) (Fri, DOWN some.)

(OVER the old debt limit of 14.294-trillion dollars by 51-billion dollars. Good day.)
Storms passed.
(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)
= 9,739,505,895,791.96 + 4,605,053,616,132.96
DOWN 3,280,766,773.26 + UP 3,268,992,548.31

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 $3.20 THAT'S 1B$, and $3,202.56 makes 1T$.
A family of three: Mom, Dad, Child: $9.61, ABOUT TEN BUCKS for a 1B$ 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 312,250,592 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 $45,939.25.
A family of three owes $137,817.76. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 20 reports in the last 30 to 31 days.
The average for the last 20 reports is -48,267,521.75.
The average for the last 30 days would be -32,178,347.84.
The average for the last 31 days would be -31,140,336.62.
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$/day.
There were 175 reports in 260 days of FY2011 averaging 4.47B$ per report, 3.01B$/day.
Above line should be okay

PROJECTION:
There are 583 days remaining in this Obama 1st term.
By that time the debt could be between 14.3 and 17.4T$.
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)
06/17/2011 14,344,559,511,924.92 BHO (UP 3,717,682,463,011.84 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 +0,782,936,481,033.20 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,099,122,367,604.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
05/24/2011 -004,058,498,841.79 --
05/25/2011 +010,640,781,539.65 ------------**********
05/26/2011 -005,228,052,393.61 --
05/27/2011 +000,285,108,497.37 ------------********
05/31/2011 +005,592,179,988.61 ------------********* Tue
06/01/2011 +013,072,944,722.02 ------------**********
06/02/2011 -000,912,177,803.85 ---
06/03/2011 +005,646,446,089.80 ------------*********
06/06/2011 -002,705,846,785.55 -- Mon
06/07/2011 -004,526,140,661.35 --
06/08/2011 +009,230,133,015.51 ------------*********
06/09/2011 +006,779,036,856.95 ------------*********
06/10/2011 +000,090,705,816.97 ------------*******
06/13/2011 -002,477,556,635.49 -- Mon
06/17/2011 -003,280,766,773.26 --

28,148,296,631.98 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=4890097&mesg_id=4890859

[Festivito]

54. Debt: 06/20/2011 14,344,524,186,068.19 (DOWN 35,325,856.73) (Mon, DOWN some.)

(OVER the old debt limit of 14.294-trillion dollars by 51-billion dollars. Good day.)
Garage door broke, dang it.
(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)
= 9,738,107,728,289.57 + 4,606,416,457,778.62
DOWN 1,398,167,502.39 + UP 1,362,841,645.66

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 $3.20 THAT'S 1B$, and $3,202.33 makes 1T$.
A family of three: Mom, Dad, Child: $9.61, ABOUT TEN BUCKS for a 1B$ 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 312,272,192 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 $45,935.96.
A family of three owes $137,807.89. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 18 reports in the last 30 to 31 days.
The average for the last 18 reports is -54,123,148.37.
The average for the last 30 days would be -32,473,889.02.
The average for the last 31 days would be -31,426,344.21.
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$/day.
There were 176 reports in 263 days of FY2011 averaging 4.45B$ per report, 2.98B$/day.
Above line should be okay

PROJECTION:
There are 580 days remaining in this Obama 1st term.
By that time the debt could be between 14.3 and 17.3T$.
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)
06/20/2011 14,344,524,186,068.19 BHO (UP 3,717,647,137,155.11 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 +0,782,901,155,176.40 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,086,535,823,723.90 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
05/25/2011 +010,640,781,539.65 ------------**********
05/26/2011 -005,228,052,393.61 --
05/27/2011 +000,285,108,497.37 ------------********
05/31/2011 +005,592,179,988.61 ------------********* Tue
06/01/2011 +013,072,944,722.02 ------------**********
06/02/2011 -000,912,177,803.85 ---
06/03/2011 +005,646,446,089.80 ------------*********
06/06/2011 -002,705,846,785.55 -- Mon
06/07/2011 -004,526,140,661.35 --
06/08/2011 +009,230,133,015.51 ------------*********
06/09/2011 +006,779,036,856.95 ------------*********
06/10/2011 +000,090,705,816.97 ------------*******
06/13/2011 -002,477,556,635.49 -- Mon
06/17/2011 -003,280,766,773.26 --
06/20/2011 -001,398,167,502.39 -- Mon

30,808,627,971.38 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=4891125&mesg_id=4892136