STOCK MARKET WATCH, Wednesday, August 17, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Wednesday, August 17, 2011

AT THE CLOSING BELL ON August 16, 2011

Dow 11,405.93 -76.97 (-0.67%)
Nasdaq 2,523.45 -31.75 (-1.26%)
S&P 500 1,192.76 -11.73 (-0.98%)
10-Yr Bond... 2.23 +0.0070 (+0.32%)
30-Year Bond 3.67 +0.0040 (+0.11%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Handy Links - Market Data and News:Economic Calendar    Marketwatch Data    Bloomberg Economic News    Yahoo! Finance    Google Finance    Bank Tracker    
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Handy Links - Government Issues:
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Handy Links - Videos:
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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 = 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. Today's Reports

Aug 17 07:00 MBA Mortgage Index 08/13 +4.1% NA NA +21.7%
Aug 17 08:30 PPI Jul 0.1% 0.0% -0.4%
Aug 17 08:30 Core PPI Jul 0.2% 0.2% 0.4%
Aug 17 10:30 Crude Inventories 08/13 NA NA -5.225M

Read more: http://www.briefing.com/investor/calendars/economic/2011/08/15-19/#ixzz1VHtokp3G

[Pale Blue Dot]

2. Oil rises above $87 amid mixed US supply report

SINGAPORE – Oil prices rose above $87 a barrel Wednesday in Asia after a report on U.S. crude inventories revealed mixed signs about consumer demand.

Benchmark oil for September delivery was up 50 cents to $87.15 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude fell $1.23 to settle at $86.65 on Tuesday.

In London, Brent crude for October delivery was up 65 cents to $109.78 per barrel on the ICE Futures exchange.

The American Petroleum Institute said late Tuesday that crude inventories rose 1.7 million barrels last week while analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos., had predicted a decrease of 500,000 barrels.

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

[Demeter]

9. "mixed signs about consumer demand"

Do you see any mixed signs? All the signs I see point downward. The demand is for gas that people can afford.

[Pale Blue Dot]

3. U.S. Stock-Index Futures Gain; Dell Declines

U.S. stock-index futures gained, indicating the Standard & Poor’s 500 Index will climb for the fourth time in five days.

Staples Inc. (SPLS) climbed 4.4 percent after the retailer forecast earnings that topped analysts’ projections. Dell Inc. (DELL) slumped 8.7 percent as the second-largest personal-computer maker reported second-quarter revenue that missed estimates and cut its sales forecast.

Futures on the Standard & Poor’s 500 Index expiring next month advanced 0.5 percent to 1,198.7 at 6:53 a.m. in New York, having earlier fallen as much as 0.7 percent. Dow Jones Industrial Average futures increased 43 points, or 0.4 percent, to 11,430.

The S&P 500 has fallen 13 percent since April 29 on concern the economy is slowing and Europe’s debt crisis is widening. Gauges of S&P 500 companies least-tied to economic growth, including utilities and sellers of consumer staples, fell less than the index during the slump, losing 1.7 percent and 4.5 percent, respectively. The gauge slipped 1 percent yesterday after rallying 7.5 percent over the previous three days.

http://www.bloomberg.com/news/2011-08-17/u-s-stock-index-futures-fluctuate-dell-drops-in-german-trading.html

[westerebus]

4. The first rec is in.

Good morning. How's Snookie?

[Po_d Mainiac]

5. circle the firing squad

Allstate Corp. is suing Goldman Sachs Group Inc. claiming the broker fraudulently sold it more than $123 million in mortgage-backed securities in 2006 and 2007, before the housing market collapse sent the investments' value plunging.

The insurer claims in a lawsuit filed in New York that the documents Goldman provided at the time "contained untrue statements and omitted material facts" about the mortgages underlying the investments.

"Goldman knew these types of securities were, to use Goldman's own words, ... `junk,' `dogs,' `crap' and `lemons,'" according to the complaint.

http://finance.yahoo.com/news/Allstate-sues-Goldman-Sachs-apf-2033960331.html?x=0&sec=topStories&pos=7&asset=&ccode=

[Demeter]

12. Fight! Fight! Fight!

Last night's board meeting was...illuminating. Made a lot of progress, didn't score a goal, yet, but it's definitely in sight and range....politics may be the art of the possible, but it's also a game of out-waiting the opposition, outflanking the opposition, out=thinking the opposition, and being too stupid to admit defeat...

“First they ignore you, then they laugh at you, then they fight you, then you win.”

Mahatma Gandhi

[Tansy_Gold]

22. g'morning

computer monitor may be blinking its last so who knows if I'll "see" you guys much in the next few days.

in the meantime

:donut:

[Demeter]

30. I'll ship you one ( or more)

They are like cockroaches in my garage...

[xchrom]

6. morning!!!

:donut:

[xchrom]

7. europe: Merkel and Sarkozy battle to save single currency

http://www.independent.co.uk/news/business/news/merkel-and-sarkozy-battle-to-save-single-currency-2338779.html

The leaders of France and Germany last night set out a vision of an "economic government for the eurozone" as they vowed to defend the single currency and put an end to the sovereign debt crisis that has plagued the bloc.

The French President Nicolas Sarkozy and the German Chancellor Angela Merkel, said more economicintegration of the eurozone's members was the only way to restore confidence in the euro following the bail-outs of debt-ridden countries such as Greece and Portugal – and the mounting speculation that Italy and Spain may have to be rescued too.

Mr Sarkozy said: "This economic government will be made up of heads of state and government that will meet twice a year, and more if necessary – it will elect a stable president for two-and-a-half years."

Herman Van Rompuy, the current President of the European Commission would be the first such leader, the French President added.

[xchrom]

8. Soaring energy bills hit home

http://www.independent.co.uk/news/business/news/soaring-energy-bills-hit-home-2339309.html

Rising energy costs will hit home for millions of households tomorrow when Britain's biggest energy supplier hikes tariffs.

The move by British Gas, which supplies nearly half of UK households, will increase the average annual dual fuel bill by £190 a year to £1,219, meaning a monthly outlay of more than £100 for the first time.

As announced last month, its gas and electricity tariffs will rise by an average of 18% and 16% respectively, with customers in some areas seeing increases of up to 24%.

Scottish Power has already hiked bills, while Scottish & Southern Energy, Npower, E.ON have said they will raise tariffs in coming weeks.

[xchrom]

17. Europe stocks sag as meeting fails to reassure

http://economictimes.indiatimes.com/markets/global-markets/europe-stocks-sag-as-meeting-fails-to-reassure/articleshow/9633451.cms

PARIS: European stocks fell early on Wednesday, resuming their recent slide as a meeting between German chancellor Angela Merkel and French president Nicolas Sarkozy failed to calm worries over the euro zone debt crisis.

At 0703 GMT, the FTSEurofirst 300 index of top European shares was down 1 percent at 959.95 points.

France and Germany unveiled a plan for closer euro zone integration, but stopped short of raising the region's rescue fund and rejected for now the idea of a common euro bond.

"There weren't any scoops as the proposals had been mentioned over the past few days. Overall, the outcome of the meeting wasn't convincing, with no euro bond project," said Patrice Perois, trader at Kepler Capital Markets, in Paris.

[xchrom]

20. UK jobless claims post largest jump in over 2 years

http://timesofindia.indiatimes.com/business/international-business/UK-jobless-claims-post-largest-jump-in-over-2-years/articleshow/9634853.cms

LONDON: The number of Britons claiming jobless benefits saw its biggest jump in over 2 years in July and employment growth slowed, data showed on Wednesday, adding to pressure on the government to boost the struggling economy.

The number of people claiming jobless benefit rose by 37,100 last month, the Office for National Statistics said, well above economists' forecast of a rise by 20,000 and the largest jump since May 2009.

The labour market has been surprisingly robust throughout the financial crisis and employment has risen despite a sluggish economic recovery.

However, surveys have indicated that firms are scaling back hiring plans, raising doubts about the ability of private companies to make up for public sector jobs losses caused by the government's spending cuts.

[xchrom]

29. France to tighten tax breaks in 2012 as growth cools

http://www.guardian.co.uk/business/feedarticle/9801535

PARIS, Aug 17 (Reuters) - France is considering measures including slapping more tax on high earners, reducing housing tax breaks and cutting tax credits for corporations as part of a package to meet deficit targets in the face of weak growth.

President Nicolas Sarkozy's government originally planned to raise an extra 3 billion euros next year by clamping down on tax breaks as it seeks to trim its 2012 deficit to 4.6 percent of gross domestic product from a forecast 5.7 percent this year.
But weak second-quarter economic growth figures and Standard & Poor's decision this month to downgrade the United States have convinced Paris it needs to act with more urgency to shore up its own AAA credit rating, seen as crucial for the stability of the euro zone as it wrestles with its debt crisis.
Government sources said that, unlike austerity packages in Spain and Italy, the adjustment focuses on raising revenues rather than slashing spending, which would be sensitive ahead of elections in April.

While the details of the measures have not yet been finalised, the lion's share would take the form of trimming tax breaks rather than imposing new taxes.

[xchrom]

38. Wind turbine maker Vestas back in profit

http://www.bbc.co.uk/news/business-14559492

Shares in Vestas, the world's largest wind turbine maker, have jumped 23% after the company reported a strong order book and a return to profit.

Net profit for the second quarter was 55m euros ($80m; £48m), compared with a loss of 143m euros a year earlier. Revenue rose by 36% to 1.4bn euros.

The company suffered heavy losses in the first quarter.

Vestas said it expected to deliver 50% more energy capacity this year compared with 2010.

[xchrom]

40. Scottish jobless figures show first rise in months

http://www.bbc.co.uk/news/uk-scotland-scotland-business-14556700

Unemployment figures worsened in Scotland for the first time since last autumn, according to the latest official statistics.

The number of people seeking work in Scotland was up by 1,000 between April to June, reaching 209,000.

Scots claiming Jobseekers Allowance last month rose more sharply - up by 2,600 to nearly 144,700.

Those on unemployment benefit across the whole of the UK saw an unexpected leap of 37,100.

[xchrom]

42. Bank opens door for QE as joblessness surges

http://uk.reuters.com/article/2011/08/17/uk-britain-boe-idUKTRE77G16P20110817

(Reuters) - The Bank of England inched closer on Wednesday to launching a second round of quantitative easing, after two policymakers unexpectedly dropped their calls for higher interest rates against a backdrop of rising unemployment.

Bank chief economist Spencer Dale and former academic Martin Weale -- who had called for tighter policy for the past six months -- voted with the majority to keep rates at a record low this month, largely due to a darkening economic outlook.

"The slowing in world demand growth and the heightened tensions in financial markets meant that the balance of risks to the medium-term inflation outlook had clearly shifted to the downside," minutes to the Bank's August 3-4 Monetary Policy Committee meeting said.

Only long-standing dove Adam Posen has called for more quantitative easing this month, but other policymakers considered it and said further asset purchases might be needed if risks to Britain's economy materialised, the minutes showed.

[Festivito]

10. Debt: 08/15/2011 14,615,567,348,203.71 (UP 28,374,477,781.06) (Mon, UP a lot.)

(UNDER the new 2011 debt limit of 14.694-trillion dollars by 321.567-billion dollars. Good day.)
Ben's at the other end of the bed and Molly is at the other end of the block.
(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)
= 9,946,617,880,447.03 + 4,668,949,467,756.68
UP 25,439,150,731.40 + UP 2,935,327,049.66

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 313-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,198.20 makes 1T$.
A family of three: Mom, Dad, Child: $9.59, ABOUT TEN BUCKS for a 1B$ 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 312,675,392 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 $46,743.58.
A family of three owes $140,230.74. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 31 days.
The average for the last 22 reports is 12,392,021,568.68.
The average for the last 30 days would be 9,087,482,483.70.
The average for the last 31 days would be 8,794,337,887.45.
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$/day.
There were 216 reports in 319 days of FY2011 averaging 4.88B$ per report, 3.30B$/day.
Above line should be okay

PROJECTION:
There are 524 days remaining in this Obama 1st term.
By that time the debt could be between 15.3 and 19.2T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
08/15/2011 14,615,567,348,203.71 BHO (UP 3,988,690,299,290.63 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 +1,053,944,317,312.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,205,923,748,648.53 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
07/26/2011 +000,075,256,672.36 ------------*******
07/27/2011 +000,470,569,863.89 ------------********
07/28/2011 +005,447,179,210.73 ------------*********
07/29/2011 +002,605,572,370.14 ------------*********
08/01/2011 +027,273,368,503.87 ------------********** Mon
08/02/2011 +124,683,694,907.85 ------------***********
08/03/2011 -000,098,125,325.28 ----
08/04/2011 -012,807,553,395.89 -
08/05/2011 +020,147,316,949.47 ------------**********
08/08/2011 +000,521,563,614.23 ------------******** Mon
08/09/2011 +000,429,866,034.74 ------------********
08/10/2011 +000,350,635,620.42 ------------********
08/11/2011 +004,850,153,175.74 ------------*********
08/12/2011 +000,032,128,181.66 ------------*******
08/15/2011 +025,439,150,731.40 ------------********** Mon

199,420,777,115.33 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=4962474&mesg_id=4962540

[Festivito]

58. Debt: 08/16/2011 14,592,242,215,641.90 (DOWN 23,325,132,561.81) (Tue, DOWN a little.)

(UNDER the new 2011 debt limit of 14.694-trillion dollars by 298.242-billion dollars. Good day.)
Molly went for a walk with me tonight.
(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)
= 9,946,506,731,022.45 + 4,645,735,484,619.45
DOWN 111,149,424.58 + DOWN 23,213,983,137.23

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 313-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,198.13 makes 1T$.
A family of three: Mom, Dad, Child: $9.59, ABOUT TEN BUCKS for a 1B$ 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 312,682,592 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 $46,667.91.
A family of three owes $140,003.72. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 32 days.
The average for the last 23 reports is 10,839,101,823.87.
The average for the last 30 days would be 8,309,978,064.97.
The average for the last 32 days would be 7,790,604,435.91.
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$/day.
There were 217 reports in 320 days of FY2011 averaging 4.75B$ per report, 3.22B$/day.
Above line should be okay

PROJECTION:
There are 523 days remaining in this Obama 1st term.
By that time the debt could be between 15.3 and 18.7T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
08/16/2011 14,592,242,215,641.90 BHO (UP 3,965,365,166,728.82 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 +1,030,619,184,750.20 ------------* * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,175,550,007,605.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
07/27/2011 +000,470,569,863.89 ------------********
07/28/2011 +005,447,179,210.73 ------------*********
07/29/2011 +002,605,572,370.14 ------------*********
08/01/2011 +027,273,368,503.87 ------------********** Mon
08/02/2011 +124,683,694,907.85 ------------***********
08/03/2011 -000,098,125,325.28 ----
08/04/2011 -012,807,553,395.89 -
08/05/2011 +020,147,316,949.47 ------------**********
08/08/2011 +000,521,563,614.23 ------------******** Mon
08/09/2011 +000,429,866,034.74 ------------********
08/10/2011 +000,350,635,620.42 ------------********
08/11/2011 +004,850,153,175.74 ------------*********
08/12/2011 +000,032,128,181.66 ------------*******
08/15/2011 +025,439,150,731.40 ------------********** Mon
08/16/2011 -000,111,149,424.58 ---

199,234,371,018.39 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=4963893&mesg_id=4963923

[DemReadingDU]

11. Farrell: Tax the super-rich or riots will rage in 2012

8/16/11 Tax the super-rich or riots will rage in 2012
Commentary: 6 reasons we can’t stop coming economic meltdown

What a year. Rage in London, Egypt, Athens, Damascus. All real. Just a metaphor in the new “Planet of the Apes” film? No, much more. Warning: More rage is dead ahead. Across our planet a new generation is filled with rage. High unemployment. Raging inflation. Dreams lost. Hope gone. While the super -rich get richer and richer.

Listen to that hissing: The fuse is rapidly burning, warning us. Wake up before the rage explodes in your face. This firestorm is endangering America’s future. From forces outside, yes. But far more deadly, from deep within our collective psyche. We have lost our moral compass. We are self-destructing.

Crackpot warning? No. This warning comes from the elite International Monetary Fund. A recent IMF report looked at “the causes of the two major U.S. economic crises over the past 100 years, the Great Depression of 1929 and the Great Recession of 2007,” writes Rana Foroohar, an economics editor at Time magazine.
.
.
Yes, tax the super-rich. Tax them now, before the other 99% rise up, trigger a new American Revolution, another meltdown, a new Great Depression. Historically, revolutions build over long periods, bubbles growing to critical mass. Then, “something happens.” Suddenly. Unpredictably. A flashpoint triggers ignition. Nobody saw it coming in Egypt. A suicide in a remote village uploaded on a young Google executive’s Facebook page. Goes viral, raging out of control. Cannot be stopped. So think hard about these six warnings blowing a new mega-bubble that will soon explode in our collective faces:

1. Warning: High unemployment is a global ticking time bomb
2. Warning: Tax cuts for the rich increase youth unemployment
3. Warning: Rich get richer on commodity inflation, poor get angrier
4. Warning: The super-rich are blinded by their addiction to money
5. Warning: Politicians are corrupted by this super-rich addiction to greed
6. Warning: Soon the revolutionaries will rage, then dominate ‘Third World America’

Wake up folks. Super-rich addicts are destroying the American Dream for everyone. They’re destroying the American economy. They don’t care about you. Yes, they hear the ticking time bomb. They’re stockpiling cash. Don’t say you weren’t warned. The IMF sees a new collapse sweeping across the planet. Open your eyes. You’re not watching a film. This is not a metaphor. Plan now for the revolution, class warfare, market crash, economic collapse, plan for another depression.

more...
http://www.marketwatch.com/story/tax-the-super-rich-or-revolution-will-rage-in-2012-2011-08-16

[Po_d Mainiac]

27. No problem here

Unless American Idol goes off the air :puke:

[Ghost Dog]

50. This is the WSJ's Marketwatch

printing this.

[DemReadingDU]

51. It is

Paul Farrell has been writing about doom, market crashes and another economic depression for over a couple years.

[Ghost Dog]

59. Led me on to read this "Commentary: Recession hits in 2012, and things don’t get better"

Paul B. Farrell, July 19, 2011, 12:01 a.m. EDT
http://www.marketwatch.com/story/5-buys-5-sells-for-10-long-years-of-no-growth-2011-07-19

...That’s the clear message we get from Gary Shilling, one of the world’s foremost economic forecasters, long-time Forbes columnist and author of “The Age of Deleveraging,” where you’ll find tips and warnings: The American economy is facing a huge shortfall in the 2011-2020 decade. We need real GDP growth of at least 3.3% just to keep unemployment stable.

But that’s impossible. America will be lucky to get an average 2% real growth, says Shilling. In fact, it’s worse: America faces the possibility of 10 long years of no growth. Or, more accurately, a decade of less-than-zero growth. Plus high-stress chronic unemployment. Plus accelerating global unrest, regional conflicts, increasing Pentagon budgets...

...Shilling summarizes the 9 reasons investors had better prepare for “Slow Global Growth in Future Years.” Not just for a temporary, double-dip recession in 2012, but a deeper depression-era slow growth likely till the election of 2020. So start by committing Shilling’s “9 Causes of Slow Global Growth” to memory, plus the 10th one we added:

· More and more consumers are shifting from a 25-year borrowing-and-spending binge to a saving spree. This trend will spread across the globe. Why? Because American consumers will import less from developed and emerging nations that are dependent on exports for economic growth.

· Financial deleveraging is already reversing economic trends that financed much of the world’s new growth in recent years...

...

...Comments on this story
324 Comments « ‹ 6 7 8 9 10 › » Oldest comments listed first

marketbuyer 28 days ago +3 Votes

This is total gibberish and nonsense. Who pays these people to write this fiction.
Is this a screenplay or an economic forecast? What brand crystal ball did Shilling use?

I don't need a financial prognosticator to know how bad things already are. I just look out my window and if I still see obamma in the white house, I know things are bad and are going to get worse.
Reply Link Track Replies Report Abuse... · <-- :crazy:

[Po_d Mainiac]

55. Hmmmmm.n/t

[Hotler]

56. Bravo! Bravo! Bravo!

If we rise up we should wait until next spring that way we will not be laying siege to Washington during the cold. See you on the lines. I have no hope. I see no future.

[DemReadingDU]

57. 10/6/11 Tent City Occupation in DC

Not too cold in October to begin

http://newsjunkiepost.com/2011/06/17/first-cairo-egypt-and-now-washington-dc-tent-city-occupation-begins-oct-6-2011/

[xchrom]

13. Valuations everywhere getting reassessed: HSBC

http://economictimes.indiatimes.com/opinion/interviews/valuations-everywhere-getting-reassessed-hsbc/articleshow/9635568.cms

In an interview with ET Now, Hitendra Dave, MD-Head of Global Markets, India, HSBC, talks about the global markets. Excerpts:

ET Now: At current levels, what exactly are global markets pricing in? Are they pricing in just a slowdown or at these levels, they are also pricing in US double dip?

Hitendra Dave: On a big picture basis, it would appear that a double dip is not what the markets are factoring in right now because if that was the case, you would clearly have the lows which we saw towards the last quarter of 2008, the first quarter of 2009 being tested. What is generally getting priced in across various asset classes appears to be a much longer than expected period of anaemic growth in most of the developed world, be it the US or Europe or the UK or Japan. So it is that which is reflecting itself in valuations everywhere getting reassessed and whether it is FX, whether it is trades markets or it is equity markets, including commodity markets increasingly. Perhaps everyone is looking at a long period of very-very low interest rates, very-very accommodative monetary policy. But even the need for fiscal austerity, growth contraction coming through from that route also and that is the big picture in which most market participants are pricing in their behaviour.

ET Now: What do you think that the impact of this would be on the 10-year benchmark bond yields? September is coming about and we are going to be expecting another rate hike from the RBI. Are you seeing that getting factored in right now?

Hitendra Dave: The sovereign bonds are clearly getting impacted by 2 very divergent data pieces. So if you see the impact from the offshore markets, the bond yields, they have come down quite considerably in the last 2 to 3 months from almost above 3% to now very very close to 2% right now. And we have not got the FED promising us for 2 years that rates are effectively on hold and liquidity is going to be plentiful in the market. But domestically, you have got inflation which is stubbornly high, you have got growth actually which is not coming off right now.




***:shrug:

[xchrom]

14. south asia: India to be $5.6 trillion by 2020: Dun & Bradstreet

http://economictimes.indiatimes.com/news/economy/indicators/india-to-be-56-trillion-by-2020-dun-bradstreet/articleshow/9635152.cms

NEW DELHI: India will become a $5.6 trillion economy by 2020, according to research firm Dun & Bradstreet, which has predicted a three-fold jump in the country's GDP from $1.7 trillion last fiscal on the back of rapid investment and growing consumer expenditure.

"Indian economy will become a $5.6 trillion economy by fiscal 2020, at current market price, from the $1.73 trillion in fiscal 2010-11," Dun & Bradstreet India Senior Economist Arun Singh said.

The rate of investment, consumer expenditure and infrastructure spending will be the driving force behind the country's economic growth over the next 10 years, he said, adding that these conclusions are part of a D&B report -- titled, 'India 2020' -- which is scheduled to be released tomorrow.

The share of discretionary spending is projected to increase considerably to 72 per cent of private consumption expenditure from around 60 per cent in FY'10.

[xchrom]

15. Nifty ends above 5050; tech, FMCG, capital goods up

http://economictimes.indiatimes.com/markets/stocks/market-news/nifty-ends-above-5050-tech-fmcg-capital-goods-up/articleshow/9637378.cms

MUMBAI: Benchmarks snapped three-day losing streak and closed in the positive terrain as investors bought stocks available at lower levels. Technology, FMCG and metals led the upmove while rate sensitives like realty, auto and banks were under pressure on rate hike concerns.

The market opened on a positive note but failed to breach intermediate resistance levels due to lack of buying support. Uncertainties over functioning of parliament after the arrest of social activist Anna Hazare also kept investors worried.

According to RBS, the arrest of Anna Hazare could disrupt monsoon session of parliament and lead to delay in reform legislation.

Prime Minister Manmohan Singh, on the arrest and subsequent release of Hazare, said that the protesting methods were "misconceived." Singh added that the demands to 'impose' Hazare's own version of the bill were unacceptable and undemocratic.

[xchrom]

18. Sensex snaps 3-session losing streak, gains 110 pts

http://timesofindia.indiatimes.com/business/india-business/Sensex-snaps-3-session-losing-streak-gains-110-pts/articleshow/9636965.cms

MUMBAI: Ignoring weakness in stock markets globally, the BSE sensex snapped 3-session losing streak today and gained 110 points to close at 16,841 on buying in blue chips at lower levels, amid government comments that inflation would ease on the back of good monsoon.

A smart rise in heavyweights like Infosys, ITC, HDFC Bank, TCS, HDFC, L&T, ONGC, Coal India, HUL, Hero MotoCorp and Sun Pharma supported the sensex.

Sectorally, IT and FMCG attracted good buying support. However, realty, auto and banking fell restricting gains.

Cues from Asian and European markets, where investors are worried over economic slowdown globally, were weak.

[xchrom]

19. India needs 55 million jobs by 2015: Crisil

http://timesofindia.indiatimes.com/business/india-business/India-needs-55-million-jobs-by-2015-Crisil/articleshow/9636956.cms

PUNE: Crisil research, has said in its survey that India needed at least 55 million additional jobs by 2015 to maintain the current ratio of employed people to total population at 39%.

This would be nearly twice the jobs created during 2005-2010. If we factor in the number of people retiring or losing their jobs by 2015, new job hires will have to exceed 55 million. Achieving this will pose an overwhelming challenge without appropriate policy support, the report said. The Crisil research study is based on recently released National Sample Survey Organisation (NSSO) data on employment in India.

Total employment is the sum of people in jobs and self-employed. Between 2005 and 2010, the net addition in jobs was 27.7 million but the number of self-employed people decreased by 25.5 million. This restricted the increase in number of employed people to 2 million. This increase has been misinterpreted by many as the number of jobs created. Even at 27.7 million, the job creation leaves much to be desired.

[Demeter]

32. Obama Needs Them By Next Week

Good luck to both.

[xchrom]

16. asia: China shares end down 0.3 pc in caution mood

http://economictimes.indiatimes.com/markets/global-markets/china-shares-end-down-03-pc-in-caution-mood/articleshow/9633507.cms

SHANGHAI: China's benchmark stock index ended down 0.3 percent on Wednesday, dragged down by materials and energy firms, as A-share turnover hit its lowest in nine sessions, pointing to lingering caution over possible policy tightening.

Investors are concered about further tightening after the central bank's one-year bill yield rose unexpectedly at auction on Tuesday, even though the market expected no immediate rise in interest rates or bank reserve requirements.

The Shanghai Composite Index ended down at 2,601.3 points, after a 0.7 percent drop on Tuesday.

[xchrom]

25. Hong Kong stocks rise but Tokyo slides

http://www.marketwatch.com/story/japanese-stocks-slip-but-sydney-gains-2011-08-16?dist=beforebell

HONG KONG (MarketWatch) — Japanese and Taiwanese shares ended lower Wednesday on lingering concerns over European economic troubles, while Australian stocks advanced as a set of upbeat earnings reports encouraged more bargain buying.

Mainland Chinese stocks declined on worries about more monetary tightening, while those in Hong Kong overcame choppy afternoon trading to edge higher after Chinese Vice Premier Li Keqiang — currently on a visit to the city — announced proposals affirming Hong Kong’s status as a key offshore financial hub.

Japan’s Nikkei Stock Average /quotes/zigman/5986735 JP:NIK -0.55% ended the day 0.6% lower at 9,057.26, Taiwan’s Taiex shed 0.7% to 7,741.76 and China’s Shanghai Composite /quotes/zigman/1859015 CN:000001 -0.26% fell 0.3% to 2,601.26.

In contrast, Australia’s S&P/ASX 200 index /quotes/zigman/1653884 AU:XJO +1.33% added 1.3% to 4,303.9 and South Korea’s Kospi KR:0100 +0.68% advanced 0.7% to 1,892.67. Hong Kong’s Hang Seng Index /quotes/zigman/2622475 HK:HSI +0.38% rose 0.4% to 20,289.03, well off the day’s high after European markets opened on a weak note.

[xchrom]

21. US stockmarket declines and GDP After the crash

http://www.economist.com/blogs/dailychart/2011/08/us-stockmarket-declines-and-gdp

Does a big one-day drop in the stockmarket presage recession?

AMID last week's stockmarket turmoil the Dow declined 5.5% on August 8th. Though a long way from being the largest one-day fall in equity markets in recent years, it was big enough to rattle investors who feared that it signalled a broad appreciation by market participants that the American economy was slowing. Talk of double-dip recessions had been muted in the months before the crash. In the days following it, investors spoke of little else. So how predictive are big one-day falls of subsequent recession? Not very, as the chart below shows. In almost all big market falls since 1951 the crash has come in the midst of an economic recovery. In most cases, economic growth continued for several quarters after the crash, with the notable exception of the market collapse in October 2008, which was followed by recession. Investors have good cause to worry about the valuation of stocks in America. By measures that compare price to average earnings (Robert Schiller’s cyclically adjusted ratio) they look far from cheap. Investors also have reason to worry about the American economy, mainly because it faces considerable fiscal tightening. The one thing investors need not worry about is whether a fall in the former tells us much about the likely performance of the latter.

[Po_d Mainiac]

23. This could cut to the core

SEOUL, South Korea (AP) — A group of some 27,000 South Koreans is suing Apple for $26 million for what they claim are privacy violations from the collection of iPhone user location information.

Each person in the suit is seeking 1 million won ($932) in damages, Kim Hyeong-seok, one of their attorneys, said Wednesday. He said they are targeting Apple Inc. and its South Korean unit to "protect privacy" rights.

http://news.yahoo.com/skoreans-sue-apple-over-iphone-user-information-043449140.html

[xchrom]

24. Producer prices climb hotter-than-forecast 0.2%

http://www.marketwatch.com/story/producer-prices-climb-hotter-than-forecast-02-2011-08-17?dist=beforebell

WASHINGTON (MarketWatch) — Producer prices rose 0.2% in July as a decline in energy costs didn’t immediately filter through the rest of the economy, according to government data released Wednesday.

The Labor Department said prices rose on a seasonally adjusted basis in July as a surge from tobacco offset a decline in energy costs. Gasoline prices fell 2.8% while tobacco shot up 2.8%, the biggest gain in more than two years. The cost of light trucks, pharmaceuticals as well as beef and veal also played a role in the advance.

Excluding food and energy, core PPI rose 0.4%, the largest monthly rise since January.

Economists polled by MarketWatch had expected a 0.1% monthly rise and a 0.2% gain in core producer prices.

[Po_d Mainiac]

26. Transitory? Puke.... n/t

[Demeter]

28. The S&P Downgrade Market Plunge Myth by: Dean Baker

http://www.truth-out.org/sp-downgrade-market-plunge-myth/1313415412

The Wall Street crew that wants to cut your Social Security and Medicare benefits are sensing that victory is in sight. They have managed to knock jobs completely off the agenda and have made deficit reduction the near exclusive focus of economic policy in Washington. They are now setting the stage to have the Congressional "super committee" produce a deal that will mean large cuts in both programs...The backdrop for these cuts is that the country is in crisis and that we have no choice. A central part of this story is that the stock market crashed last week in response to the Standard & Poor's (S&P) downgrade of US government debt. The Wall Street crew and their allies in the media and Congress will tell the country that if we don't have the cuts in Social Security and Medicare demanded by S&P then we run the risk of further downgrades. This raises the prospect of further market panics and the complete wreckage of the economy. This story has as much credibility as John Edwards' tales of marital bliss during his presidential campaign. First, every informed investor knows S&P's sterling track record of missing everything in sight. It gave top investment grade ratings to hundreds of billions of dollars of subprime mortgage-backed securities, to Lehman until its bankruptcy, to AIG until its collapse, to Enron until just before its collapse. They know about its $2 trillion arithmetic error in assessing US indebtedness. They also know that S&P, like the other credit rating companies, is very concerned about the final wording of rules that are being written as part of the Dodd-Frank financial reform bill. That is why it is far more likely that the downgrade was done with the hope of currying favor from powerful political figures than out of the belief that the government will be unable to pay its debt.

This is why the markets completely laughed off the S&P downgrade. Yes, the markets completely laughed off the S&P downgrade. Let's say that a third time just so that even a Washington Post editor can understand it: the markets laughed off the S&P downgrade...The S&P downgrade was supposed to mean that it is now more likely that the US government will not be able to pay its debt than previously believed. If the markets took this warning seriously, then they would attach a higher risk premium to US government bonds. That would mean that bonds would fall in price and the interest rate on government debt would rise. But the exact opposite happened. US government bonds soared in price. The interest rate on Treasury bonds plummeted to less than 2.2 percent, near record lows. In other words, investors voted with money as loudly as possible that they view US government debt as a very safe asset and that the S&P crew doesn't have a clue.

There is an obvious alternative explanation for the stock market plunge, which also explains the flight to government debt. The euro zone's debt crisis spread from relatively small countries like Greece and Ireland to the euro zone giants, Spain and Italy. If these countries defaulted on their debt it would almost certainly lead to the collapse of several major European banks. This, in turn, could lead to the sort of financial freeze-up that we saw after the collapse of Lehman in the fall of 2008. This would mean another economic free fall with the economy shedding millions of jobs as normal financial flows were blocked. The euro zone collapse scenario is genuinely frightening and can easily explain why the markets would be panicked. But the moral of the euro collapse story is to get competent people running the European Central Bank who can prevent this sort of crisis. Cutting Social Security and Medicare will not save the euro.

However, the Wall Street crew knows that most people do not follow the economy and finances closely. So, they just made up a bogus story with the hope that the country would buy it. Thus far, they have already gotten politicians and reporters to push their line that the debt downgrade led to the stock market plunge...Needless to say, those pushing for cuts in Social Security and Medicare will freely use the story of the downgrade market plunge to advance their agenda without fear of ridicule from the media. As a result, we can expect a continual parade of public figures saying that we need big cuts in these programs in order to prevent another market crash and economic collapse... If these programs are to be protected, it is essential that the public provide the missing ridicule. Any politician who has so little understanding of financial markets and the economy to blame the stock market plunge on the downgrade should not be involved in designing economic policy. Any reporter or columnist who makes such a connection should be in a different line of work. People who understand economics know that Social Security and Medicare have nothing to do with the country's economic problems. Unfortunately, such people have been virtually excluded from the national economic debate by the people with money who want to undermine these programs.

[xchrom]

31. Joe Biden visits China for economic talks

http://www.bbc.co.uk/news/world-us-canada-14552298

US Vice-President Joe Biden has arrived in China for talks likely to focus on the economy after the downgrading of US debt and ensuing market turmoil.

China is the US government's biggest foreign creditor, holding $1tn (£608bn) of debt, and has called on it to do more to reduce its budget deficit.

Officials say Mr Biden will explain the finer points of a "very strong deficit reduction package" agreed by Congress.

He will also talk of "tremendous mutual interest" in global economic recovery.

[Demeter]

34. Hope Joe Is Polydactyl

He's going to need a lot of fingers to plug all the holes in that dike...

[Demeter]

33. Why We Reached This Point

[Demeter]

35. DU Disclaimer: No, I did not donate to the fundraiser

But someone kindly did so in my name, for which I'd like to say,

THANKS!

[Warpy]

36. I always seem to do my donating between fundraisers

and star gifting, too.

[Pale Blue Dot]

41. Yes, someone did so in my name as well. Thank you, whoever you are!

:thumbsup:

[mahatmakanejeeves]

37. How Google Could Break Up Motorola

How Google Could Break Up Motorola

How Google Could Break Up Motorola (GOOG, MMI, MSFT)
Matt Rosoff, provided by
Business Insider August 17, 2011 04:00 AM Copyright Business Insider.

....
In a research note this afternoon, Macquarie analyst Kevin Smithen speculated that Google could sell off the company's home business (TV set-top boxes) to private equity for a couple billion dollars.

If this happens, and you subtract out Motorola's $3.2 billion in cash and ignore Motorola's operating losses, Smithen suggests that Google paid only about $5.2 billion for Motorola's handset business and patents.

Assuming those patents are worth the same per patent as the Nortel patents that recently went for $4.6 billion, and Google paid about $800 million for Motorola's handset business. Not a bad deal at all.

He also suggested that Google could sell the handset business to Chinese manufacturer Huawei, which has been seeking a hardware acquisition in the U.S. "for a long time." Smithen thinks the deal would get regulatory approval if Google kept the patents.

There goes another American business.

Disclaimer: I own some shares of MMI.

[Po_d Mainiac]

45. good article +1

[xchrom]

39. Forest fears as Paraguay's Chaco region sees land rush {food}

http://www.bbc.co.uk/news/world-latin-america-14032060

"My car broke down once here, I had to wait three days to be rescued without food or water," says Tomas Jimenez as we speed along an endless, deserted dirt road.

This is the Chaco in Paraguay, a vast lowland area of forest and thorn scrub so violently hot and inhospitable that even the Spanish Conquistadors in their insatiable hunt for riches struggled to penetrate it.

The region, dubbed South America's Green Hell, stretches across parts of Paraguay and Argentina, as well as Bolivia and Brazil.

British wildlife film-maker David Attenborough has called it "one of the last great wilderness areas left in the world".

[xchrom]

43. Strong Wall Street open lifts European shares

http://uk.reuters.com/article/2011/08/17/markets-europe-stocks-update-idUKL5E7JH1KU20110817

LONDON, Aug 17 (Reuters) - European equities reversed early losses to be about 0.7 percent higher in afternoon trade on Wednesday as a strong open on Wall Street and a rise in commodity prices prompted investors to return to the market.

At 1421 GMT, the FTSEurofirst 300 index of top European shares was up 6.74 points at 975.90, after falling to a low of 955.94 earlier, as a summit between French President Nicolas Sarkozy and German Chancellor Angela Merkel failed to calm investor jitters over the euro zone debt crisis.

On Wall Street, the S&P 500 , the Nasdaq and the Dow Jones industrial index were trading up 0.7 to 1.1 percent after Target posted higher quarterly profit and Staples raised its profit outlook and revealed better-than-expected earnings.

"There is no doubt that we are getting a positive influence from the United States, where better-than-expected results have been helping, reinforcing that the corporate picture remains very bright," said Henk Potts, equity strategist at Barclays Wealth.

[xchrom]

44. Plosser calls Fed's low rate pledge "inappropriate"

http://www.reuters.com/article/2011/08/17/us-usa-fed-plosser-idUSTRE77G2UQ20110817

Reuters) - The U.S. Federal Reserve's recent promise to keep rates low for another two years was "inappropriate policy at an inappropriate time," while its statement on the economy was excessively negative, a top Fed policymaker said on Wednesday.

Philadelphia Federal Reserve President Charles Plosser said he dissented from the Fed's statement because policy should be determined by what the economy is doing rather than by a fixed timeline.

"It was inappropriate policy at an inappropriate time," Plosser told Bloomberg Radio.

"Policy shouldn't be dependent on the calendar, it should be dependent on the economy," he later added.

[xchrom]

46. Kodak Worth More in Breakup With $3B Patents

http://www.bloomberg.com/news/2011-08-17/kodak-worth-five-times-more-in-breakup-with-3-billion-patents-real-m-a.html

Eastman Kodak Co. (EK) may hold patents worth five times more than the business itself, making the 131- year-old camera company a target in the billion-dollar hunt for inventions used in mobile phones.

Kodak, which once had a market value of more than $30 billion, slid 98 percent from its 1990s peak through yesterday as demand for film photography withered and smartphones equipped to take pictures siphoned off demand for its digital cameras. The Rochester, New York-based company has reported losses in five of the past six years and has less than $600 million in equity value, according to data compiled by Bloomberg.

The digital-imaging patents owned by Kodak may now be worth $3 billion in a sale, MDB Capital Group said, after Google Inc. (GOOG) paid a dot-com era premium to acquire Motorola Mobility Holdings Inc. and obtain its more than 17,000 patents to combat Apple Inc. (AAPL)’s iPhone. While Kodak has a $1.2 billion pension shortfall, potential buyers such as Microsoft Corp. (MSFT) and Samsung Electronics Co. stand to profit from its technologies that are used in 85 percent of digital cameras and smartphones, according to Rafferty Capital Markets LLC.

“Kodak is the lowest hanging fruit out there,” Chris Marlett, chief executive officer at MDB Capital, a Santa Monica, California-based investment bank specializing in intellectual property, said in a telephone interview. Kodak’s patents “could go for a huge number and nobody’s talking about it,” he said.

[Demeter]

47. Jobs Agenda, Anyone? scold from the Grey Lady

http://www.nytimes.com/2011/08/15/opinion/a-jobs-agenda-anyone.html?_r=1

In what can only be described as a triumph of bad policy and craven politics, Congress and the Obama administration have spent the year focused on budget cuts, as the economy has faltered and unemployment has worsened. Official unemployment is 9.1 percent, but it would be 16.1 percent, or 25.1 million people, if it included those who can only find part-time jobs and those who have given up looking for work. For the past two and a half years, there have been more than four unemployed workers for every job opening, a record high, by far. In a healthy market, the ratio would be about one to one.

By a large margin, Americans have told pollsters that job creation is more important than budget cuts. Yet Republican leaders are wedded to austerity and appear to think that high unemployment will hurt President Obama politically more than it will hurt them, so they will likely resist efforts to create jobs, no matter how great the need...Without more jobs, both the economy and the budget will deteriorate further. It is past time for Mr. Obama to send a jobs plan to Congress that has popular appeal, one that he can use to try to shame Republicans. He will need cooperation from the Senate, which should bring one jobs-related bill after another to the floor, forcing its members to approve jobs initiatives or go on the record to show that they just don’t care. Mr. Obama has begun to talk more about jobs, but his agenda is thin. Its main components — extending federal unemployment benefits and the payroll tax cut beyond their expiration at the end of this year — are vitally important, but their extension will only maintain the status quo. His idea for an infrastructure bank to finance large-scale building projects is also good, but would take time, and would not address the immediate need for jobs. Ditto his push for patent reform and trade agreements.

There are other ideas worth fighting for. Take, for example, Fix America’s Schools Today, or FAST, an idea that has been incorporated into a House proposal to be introduced this fall by Jan Schakowsky, Democrat of Illinois. Public school buildings in the United States are on average over 40 years old and in need of an estimated $500 billion in repairs and upgrades. A $50 billion school renovation program would employ 500,000 workers (1.5 million construction workers are currently unemployed) and could be easily scaled up. The money could be disbursed through existing federal formulas to all 16,000 public school districts. The initial cost could be largely offset over 10 years by ending tax breaks for fossil fuels, as called for in Mr. Obama’s 2012 budget. Other programs in the Schakowsky bill could employ an estimated one million young people for projects in federal parks, community centers and on college campuses, as well as 350,000 laid-off teachers, police officers, firefighters and health care providers.

Washington, in thrall to austerity, has abandoned one of the most immediate and powerful tools for supporting growth and jobs, namely, borrowing at today’s low rates to provide direct fiscal aid to states. But Mr. Obama can and should make the case for targeted new jobs today, to be paid for over time by closing tax loopholes...Republicans are sure to howl that new programs will undo the debt ceiling deal, but it is surely possible over a 10-year period to tackle near-term action on jobs and long-term action on deficit reduction. The alternative is even slower growth and higher unemployment.

[Fuddnik]

49. The cracks are showing in the foundation of the empire.

A few people, like Shakowsky, get it. Not many though. Instead of fixing America's schools fast, they are destroying them as fast as they can, and turning them over to hucksters.

The rich will have their good private schools subsidized by the taxpayers. The poor and working class will be left to classrooms taught by snake-handlers or tv screens. Some charters down here in Florida are nothing more than baby-sitting services. No teachers, no computers or tv's. Not even a snake-handler.

It's no longer a question that we're going to collapse. Just how far off in the near future. I don't think we'll make it to the next election.

But, that's just my opinion. I could be full of shit.

[DemReadingDU]

52. Our area has built dozens of new schools

And now 4 of those new schools worth $40 Million, are being closed, because projections used to build the facilities grossly miscalculated the student enrollment.

What a waste of taxpayer money. But someone made lots of money.

The way we are going, this economy is unsustainable, it's bound to implode, sooner or later.

[Fuddnik]

53. They could always convert them into prisons!

Private prisons, of course.

I remember when Voinovich was Governor, and they went on a prison building spree. It was just a coincidence that his brother was the company doing all the building.

[Demeter]

48. It Ain't Called Disaster Capitalism for Nothing!

http://blog.buzzflash.com/node/12939

...just for the sake of history, we should occasionally be reminded that the constitutional role of elected officials is not to increase profits for corporations. The President of the United States, Democratic or Republican, ought not to dishonor the highest office by becoming a sleazy salesman for the nuclear, oil and coal industries. But that is the state of our government, and it would surprise no one to hear the President or a Senator talk about corporate profits when addressing the public: When for example, the Presidential candidates become cheerleaders for the polluting energy companies, they could easily drop the pretenses in their speeches and announce: "I wish to express to the American people some good news. BP's profits just went up 20% even though the Gulf of Mexico is still a big oily toxic mess-profits are looking good! And Shell was given the thumbs up to drill in the Arctic-so screw the dying polar bears, we're talking big profits, man!"

Increasing corporate profits for a minority of billionaires is what the corporate oligarchs expect from their chosen candidates. As for the voters, we don't have anything to do with the selection process...

[hamerfan]

54. K&R! n/t

[DemReadingDU]

60. edit, wrong day