STOCK MARKET WATCH, Thursday February 5

[ozymandius]

Source: du

STOCK MARKET WATCH, Thursday February 5, 2009

Bush Administration Officials Under Indictment = 0
Financial Sector Officials Under Indictment = 0
Financial Sector Officials In Prison = 1

AT THE CLOSING BELL ON February 4, 2009

Dow... 7,956.66 -121.70 (-1.53%)
Nasdaq... 1,515.05 -1.25 (-0.08%)
S&P 500... 832.23 -6.28 (-0.75%)
Gold future... 902.20 +9.70 (+1.08%)
30-Year Bond 3.67% +0.05 (+1.38%)
10-Yr Bond... 2.91% +0.07 (+2.53%)

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U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES..............................................S&P FUTURES

Market Conditions During Trading Hours

GOLD, EURO, YEN, Loonie and Silver

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Handy Links

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Read more: du

[ozymandius]

1. Market WrapUp

Economic Woes Start with Stock Market
BY MARTIN GOLDBERG, CMT

Healthy economies begin with healthy investments. Sick economies begin with sick investments. Sick investments are made by sick investors. Speculative markets breed sick investors which breed sick economies which breed sick investments. The process accelerates to produce economic bubbles which eventually pop. But with enough government intervention, popped bubbles do breed new bubbles which breed new sick investors while making whole, the existing sick investors. This government intervention also destroys the government's balance sheet while the new bubble cycle accelerates until those bubbles pop and the government (with its damaged balance sheet) intervenes again. When those bubbles pop, the economy enters un-chartered territory.

And that is where we are now - in un-chartered territory. This condition was entered during the last administrations. The government is now intervening in unprecidented magnitudes in spite of its unprecedented poor balance sheet. While it appears to many intelligent folks that what the government is doing is the wrong thing, it may be best to give the Obama administration some slack because they inherited this predicament from past administrations. While many folks think our economic situation can be cured with the application of the free market, one must consider that this philosophy may be misguided too. The key point here is that we are in un-chartered territory -- no one knows for sure how to solve this predicament and how and who should be saved. In such a situation, it is best to look to analysts displaying the quality of humbleness and shy away from those who are the most sure of themselves. In times like these a good rule of thumb is that one's useful knowledge is in inverse proportion to how sure of the person is of himself.

http://www.financialsense.com/Market/wrapup.htm

[Demeter]

21. No One Knows! I'll bet You a Nobel Prize in Economics That Krugman Does!

And he's not the only one!

[snot]

29. how's this for an idea:

save those first who've been creating the most real value.

(not sayin' who those are; but I can't eat derivatives.)

[Demeter]

37. More Filling, Less Fattening, A Whole Day's supply of Fiber!

What do you mean you can't eat them! Termites LOVE them!

[ozymandius]

2. Today's Reports

08:30 Initial Claims 01/31
Briefing.com 585K
Consensus 580K
Prior 588K

08:30 Productivity-Prel Q4
Briefing.com 1.0%
Consensus 1.5%
Prior 1.3%

08:30 Unit Labor Costs Q4
Briefing.com 3.0%
Consensus 2.8%
Prior 2.8%

10:00 Factory Orders Dec
Briefing.com -3.5%
Consensus -3.1%
Prior -4.6%

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

[UpInArms]

18. U.S. weekly initial jobless claims @ 626,000 - last wk rev'd up 3,000

02. U.S. 2008 productivity up 2.8% biggest gain since '03
8:30 AM ET, Feb 05, 2009

03. U.S. Q3 productivity revised to up 1.5% from 1.3%
8:30 AM ET, Feb 05, 2009

04. U.S. Q4 productivity up 3.2% vs.2.1% expected
8:30 AM ET, Feb 05, 2009

05. U.S. continuing jobless claims up 20,000 to record 4.79 mln
8:30 AM ET, Feb 05, 2009

06. U.S. 4-week avg. jobless claims up 39,000 to 582,250
8:30 AM ET, Feb 05, 2009

07. U.S. jobless claims at highest level since Oct. 1982
8:30 AM ET, Feb 05, 2009

08. U.S. weekly initial jobless claims up 35,000 to 626,000
8:30 AM ET, Feb 05, 2009

[UpInArms]

20. Productivity rises in Q4: hours and output down

http://www.marketwatch.com/news/story/Productivity-up-Q4-working-hours/story.aspx?guid=%7BBABCA31D%2DB433%2D416F%2D84CC%2D4CACE14A1CD2%7D

WASHINGTON (MarketWatch) -- U.S. firms cut back their employees' working hours in the fourth quarter at the faster pace than output, keeping productivity growth rising faster than expected, according to Labor Department data released Thursday.

Productivity in the nonfarm business sector increased at a 3.2% annualized rate as output fell 5.5% and hours worked dropped 8.4%. The decline in output was the largest since 1982 while the decline in hours was the weakest since 1975.

Economists surveyed by MarketWatch had expected productivity to increase at a 2.1% annual rate.

Real hourly compensation rose a record 15.6% as inflation moderated.

For all of 2008, productivity expanded at a 2.8% pace, the fastest since 2003.
Unit labor costs -- a key gauge of inflationary pressures from labor markets -- rose 1.8%.

Real hourly compensation rose a record 15.6% in the quarter and is down 0.4% in the past year.

...more...

[UpInArms]

54. U.S. December factory orders down 3.9% - factory orders post record streak of declines

18. U.S. December factory orders down 3.9%
10:00 AM ET, Feb 05, 2009

19. U.S. Dec. factory orders post record streak of declines
10:00 AM ET, Feb 05, 2009

20. U.S. Dec. factory orders ex-transportation down 4.4%
10:00 AM ET, Feb 05, 2009

[ozymandius]

3. Oil near $40 on rising crude supplies, weak demand

SINGAPORE – Oil prices wallowed near $40 a barrel as rising crude inventories and poor corporate results suggested the worst U.S. recession in decades could be deepening.

Light, sweet crude for March delivery fell 3 cents to $40.29 a barrel by midafternoon in Singapore in electronic trading on the New York Mercantile Exchange. The contract overnight dropped 46 cents to settle at $40.32.

Fourth quarter U.S. corporate earnings have mostly been dismal, and more companies reported Wednesday that plunging consumer demand is hurting their profits.

...

U.S. crude inventories have soared over the last month or so, as massive layoffs undermine demand for gasoline.

Oil inventories jumped 7.2 million barrels from the previous week to 346.1 million, according to an Energy Information Administration report on Wednesday. Crude supplies are running at a surplus of 50.3 million barrels from the same period last year.

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

[ozymandius]

4. Rising unemployment hits 98 percent of metro areas

WASHINGTON – Metropolitan areas across the Southeast and Midwest are seeing some of the steepest increases in joblessness, stung by their dependence on factories serving the struggling housing and auto sectors.

That is one of the key trends that emerges from a Labor Department report released Wednesday showing December unemployment rates rose in 98 percent of the country's largest metropolitan areas, compared with a year earlier.

More than 100,000 job cuts have been announced since then by a wide range of industries, sparing few communities. The government's next monthly snapshot of nationwide unemployment is expected to show the January rate climbed to a 17-year high.

....

President Barack Obama and Congress are negotiating a nearly $900 billion package of tax cuts and government spending intended to pump-up consumer spending and create jobs. Even if it is quickly enacted, unemployment will keep rising and the country as a whole probably will lose up to 3 million jobs this year, economists predict.

http://news.yahoo.com/s/ap/20090205/ap_on_bi_go_ec_fi/metro_unemployment

[ozymandius]

5. Time Warner Cable to lay off 1,250

PHILADELPHIA – Time Warner Cable Inc. says it is laying off 1,250 people over the next few weeks in the face of slowing growth at the nation's second largest cable operator.

The New York-based company expects to save $90 million a year from the job cuts.

The layoffs are in addition to the 500 jobs lost last year as the company restructured into six regions from about 24.

http://news.yahoo.com/s/ap/20090204/ap_on_bi_ge/time_warner_cable_layoffs

[ozymandius]

6. The Stupidity of Those Who Rule Us

Home-buyers tax cut raises cost of stimulus bill

WASHINGTON – Historically huge to begin with, economic stimulus legislation is growing larger by the day in the Senate, where the addition of a new tax break for homebuyers sent the price tag well past $900 billion.

"It is time to fix housing first," Sen. Johnny Isakson, R-Ga., said Wednesday night as the Senate agreed without controversy to add the new tax break to the stimulus measure, at an estimated cost of nearly $19 billion.

The tax break was the most notable attempt to date to add help for the crippled housing industry and gave Republicans a victory as they work to remake the legislation more to their liking.

---

That's my idiot Senator there. Stupid rules the day. Why the hell would they want to re-inflate that damned bubble?

[54anickel]

24. Most people that could/would buy houses would be damned lucky to qualify for a

freaking mortgage. My guess, from past experiences, is that we'll mainly end up subsidizing slum lords. So, is that limit per purchase or per tax return?

The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers.

[Dr.Phool]

41. "Why the hell would they want to re-inflate that damned bubble?"

Just a wild guess. They don't have a goddamned clue otherwise.

Some people live in a bubble. And DC is the biggest.

[Demeter]

51. It Was a very Comfortable, Very Profitable Bubble

People who cannot deal with reality, whose value is a figment of their, or their society's, imagination, would starve in the real world having to do real work that produced real value, at minimum wage, no less.

The Parasite Class needs a new victim, a new host to bleed dry.

[Demeter]

64. LaMarr Alexander Was on NPR Making an Idiot of Himself About This Today

People are out there, money in hand, just itching to buy new houses!

Never mind that there are how many vacant properties for sale, how many unemployed, how many fearful of unemployment or foreclosure....

Somewhere, in Reagan's morning in America, people are itching to buy houses at 4% mortgages and $15,000 tax credits.

[ozymandius]

7. Senate OK's softened "Buy American" plan

WASHINGTON (Reuters) – The U.S. Senate voted on Wednesday to soften a "Buy American" plan in its $900 billion stimulus bill after President Barack Obama expressed concern the original language could trigger a trade war.

Senators, on a voice vote, approved an amendment requiring the Buy American provisions be "applied in a manner consistent with U.S. obligations under international agreements."

The change gives Canada, Mexico, the European Union and certain other major trading partners some comfort they would be exempted from a strict requirement in the bill that all public works projects funded by the stimulus package use only U.S.-made iron, steel and manufactured goods.

....

But Sen. Byron Dorgan, a North Dakota Democrat, said all supporters of the Buy American plan were trying to do was to ensure American workers benefit the most from public works projects funded by the stimulus plan.

....

The United States has made commitments under the North American Free Trade Agreement and the World Trade Organization to provide trading partners such as Canada, Mexico, Japan and the EU with access to its government procurement market and has received similar commitments in exchange.

http://news.yahoo.com/s/nm/20090205/pl_nm/us_usa_stimulus_buyamerican

[Lasher]

10. Great. We're borrowing another trillion from China to stimulate the economy in China.

Maybe it's just me but that doesn't seem like such a good idea. Oh but I see our trade agreements give us access to markets in Canada, Mexico, Japan and the EU. I wonder how much money they're spending on public works, and how many US workers will benefit from that?

[ozymandius]

13. That message is central to the vigorous discussion here yesterday.

Why not buy domestically produced products to rebuild our infrastructure and create jobs without making it a loud clarion call of government policy? I believe that we should use domestically manufactured products for our needs for reasons other than just supporting the local economy. There is a practicality concern: transportation costs, English versus metric standards, oversight in quality control, etc.

I am not attempting to rub a sore spot here with anyone. This message seeks clarification.

NAFTA was a bad idea. CAFTA too. Are we obliged to purchase overseas as signatories to NAFTA? If no, then why should we? Historically, these agreements were made to eliminate tariffs on the flow of goods. Did something change to obligate purchases of these goods?

Layered with the staggering amount of money the U.S. government intends to spend on these improvements, it makes sense (to me) that we should borrow from foreign governments only when necessary. The credit markets are still frozen - even by the standards set by Citi that has announced how it is using the TARP funds: with government backed lending programs. So we (the taxpayer) are still on the hook nonetheless. Leverage within the domestic banking system is what the U.S. government has in abundance. We should put that to good use.

Call that 'protectionism' if you wish. I'm fine with that. But to me - this is just a pragmatic approach to engineer sustainable public works projects and, reciprocally, job creation in 'hard hat' and 'white collar' sectors.

[Lasher]

15. Thanks, I'll look in on yesterday's thread.

The free market global economy is a failed experiment in my book. But until and unless we come to our senses and undo all the associated trade agreements, we need to be keenly aware that economic stimulus tactics won't work exactly the same as they did in the 1930s.

[Tansy_Gold]

19. the problem, Ozy, is that profit will ultimately drive the decision

The Government isn't going to be running these infrastructure projects. They'll be bid out to various construction corporations, some of which themselves may not even be "American." If, for example, the state of Arizona gets XXX billion$ for infrastructure building, where's the guarantee that the company getting the contract will be American and not, perhaps, Canadian. Or that the parent corporation isn't HQed in the Bahamas for tax purposes?

And those corporations, American or not, are gonna look at the bottom line, not only for profit but just to get the bid. They're gonna look at the price of imported steel, imported equipment, imported this and imported that, MUCH OF WHICH IS SUBSIDIZED by national governments.

Until the core elements of "free/fair" trade are addressed -- wages, benefits, national health care, tax structure, etc., etc., etc. -- none of the rest becomes anything but a huge bandaid on a gaping wound. And THAT's why we need the "buy American" stipulation.

Obama's big screw-up: He didn't have the experience and expertise in economics so he relied on those he thought did. He didn't do his OWN homework. he shoulda had a team workin' in the background lookin' for REALLY GOOD, REALLY NEW, REALLY PROGESSIVE folks to put into his cabinet. Real change, not campaign rhetoric.

We ain't got no change, Barack. We got the same ol' shit and you know it. You gave lip service to "change" to get yourself into the white house and now you're playin' the same ol' political pay-back games. And guess who loses? US. Fuck that noise.




Tansy Gold

[DemReadingDU]

42. We who read the Internets know this, but

to people (like spouse), old familiar names mean experience...they are supposed to know what they are doing, and can fix things quickly.

key word = 'supposed'

Heck, these old farts, caused the problems we are having now.

I point him to articles to read, but it's gotta be heard on TV first.
:(

[xyouth]

57. This is where unions would be valuable

If the Product does not have a union stamp, or made in the USA it does not get installed. If companies know that this will be an issue, then they will be forced to buy American.

[MilesColtrane]

35. deleted for obviousness

...and because I haven't had my coffee yet.

[tclambert]

16. I wish it could be a leetle stronger, but OK.

We can't demand that industries be built overnight to supply necessary materials. But where possible, American taxpayers money shouldn't be steered to the profit of foreign corporations. Yesterday, I didn't mean we should start a tariff war. But we should, in public expenditures and in private, have a bias toward buying American. The Japanese are nice people, but I would rather the profits and the jobs go to my neighbors and my relatives and to Roland99.

[54anickel]

31. Heh-heh, why not demand "Union made" instead? That's how most public construction bids used to be.

That'd put a little wind in the sails of the global union movements!

Signed,
Damned Socialistcommietreehuggingpinko freak
(my new handle assigned to me by my dearly beloved B-I-L) :loveya:

[AnneD]

63. If the shoe fits, 54anickle

if it fits.

[54anickel]

65. It's a bit big for me to fill.....but I'm trying. n/t

[ozymandius]

67. I remember the "look for the Union label" tee-vee commercials in the '70s.

Sure would be nice to see a comeback.

[54anickel]

75. OMG, Obama's doing it!

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3727116

[ozymandius]

8. Obama ordering energy-efficient standards

WASHINGTON – Eager to show action on the energy front, President Barack Obama is ordering his government to put in place higher efficiency standards for everyday products such as dishwashers, lamps and microwave ovens.

Obama was to sign a presidential memorandum Thursday directing the Energy Department to get moving on energy standards for appliances, including a first batch he will order to be finalized by August. The fact that Obama is getting directly involved in speeding up household appliance standards underscores how much he wants to show quick, clear progress on energy — part of a broader campaign promise to deal with economic and energy concerns all at once.

Laws on the books already require new efficiency standards for household and commercial appliances. But they have been backlogged in a tangle of missed deadlines, bureaucratic disputes and litigation. In essence, Obama's intent is to say that legal deadlines must be met, with priority being given to those standards that are likely to yield the best pocketbook savings for consumers, according to administration aides familiar with the details of Obama's decision.

http://news.yahoo.com/s/ap/20090205/ap_on_go_pr_wh/obama_energy

[ozymandius]

9. Full Madoff Client List Released, Published Here

Late Wednesday, Manhattan Bankruptcy Court released the full list of Madoff "clients" who have lost money with the ponz. List can be downloaded here. The list, prepared by AlixPartners, has 162 pages of 84 single-space lines identifying all the victims.

original post by Tyler Durden

[ozymandius]

11. Remember all that cheery stuff the Fed said

about squandering investing taxpayer capital in great opportunities like Bear Stearns?


They were wrong.

‘No Prospect for a Profit’ on Fed’s Bear Assets: Chart of Day

Feb. 4 (Bloomberg) -- U.S. taxpayers may be stuck with losses on $30 billion of Bear Stearns Cos. assets owned by the Federal Reserve even though the central bank has said otherwise, according to Robert A. Eisenbeis, Cumberland Associates Inc.’s chief monetary economist.

“There is no prospect for a profit on the assets,” Eisenbeis wrote in a report yesterday. “Losses are mounting.”

....

The central bank’s Board of Governors wrote in a Dec. 29 report to Congress that it didn’t expect “any net loss to the Federal Reserve or taxpayers” from the Bear Stearns holdings.

[Demeter]

22. I Told You So!

Repeat endlessly, all together now....

[Hugin]

30. Where's Teh Stampenmeister?

I.T.Y.S!

[Tansy_Gold]

45. She be workin and on deadline and behind schedule

at least she's got a payin' gig so she ain't complainin'




more later from


TG

[Hugin]

28. Nice to see...

Bloomberg tracking these things.

I doubt we're going to hear a peep about it elsewhere...

[Festivito]

12. Debt: 02/03/2009 10,668,643,381,356.91 (UP 680,112,963.63) (Little, mixed.)

(Back to a tiny amounts again today.)

= Held by the Public + Intragovernmental(FICA)
= 6,363,420,764,397.43 + 4,305,222,616,959.48
DOWN 138,225,404.41 + UP 818,338,368.04

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 306-Million person America.
If every American, man, woman and child puts in $3.27 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.81, ABOUT TEN BUCKS for a 1B$ 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 14 seconds we net gain a another American, so at the end of the workday of this report, there should be 305,733,343 people in America.
http://www.census.gov/population/www/popclockus.html
Currently, each of these American's owe $34,895.26.
A family of three owes $104,685.77. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 32 days.
The average for the last 22 reports is 1,849,185,701.20.
The average for the last 30 days would be 1,356,069,514.21.
The average for the last 32 days would be 1,271,315,169.57.
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$/day.
There were 10 reports in 14 days of Obama's part of FY2009 averaging -0.45B$ per report, -0.27B$/day so far.
There were 85 reports in 126 days of FY2009 averaging 7.58B$ per report, 5.11B$/day.

PROJECTION:
There are 1,447 days remaining in this Obama 1st term.
By that time the debt could be between 12.5 and 18.1T$.
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)
02/03/2009 10,668,643,381,356.91 BHO (UP 41,766,332,443.83 so far since Obama took office.)

Fiscal Year ends: Sep 30
Borrowed in FY1993: (Maybe later.)
Borrowed in FY1994: 281,261,026,873.94
Borrowed in FY1995: 281,232,990,696.07
Borrowed in FY1996: 250,828,038,426.34
Borrowed in FY1997: 188,335,072,261.61
Borrowed in FY1998: 113,046,997,500.28
Borrowed in FY1999: 130,077,892,735.81
Borrowed in FY2000: _17,907,308,253.43 Bill alone
Borrowed in FY2001: 133,285,202,313.20 Bill and George
Borrowed in FY2002: 420,772,553,397.10 All George
Borrowed in FY2003: 554,995,097,146.46
Borrowed in FY2004: 595,821,633,586.70
Borrowed in FY2005: 553,656,965,393.18
Borrowed in FY2006: 574,264,237,491.73
Borrowed in FY2007: 500,679,473,047.25
Borrowed in FY2008: 1,017,071,524,650.01
Borrowed in FY2009: 643,918,484,444.50 so far this fiscal year.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
01/13/2009 -000,038,769,243.84 ----
01/14/2009 -000,515,208,818.51 ---
01/15/2009 +020,470,437,698.93 ------------**********
01/16/2009 -000,579,761,204.80 ---
01/20/2009 -001,254,116,733.01 -- Tue
01/21/2009 -000,225,946,840.81 ---
01/22/2009 -010,383,446,466.83 -
01/23/2009 -000,119,553,441.75 ---
01/26/2009 -001,004,948,620.76 -- Mon
01/27/2009 +000,188,054,837.85 ------------********
01/28/2009 -000,240,130,414.24 ---
01/29/2009 +014,335,901,611.96 ------------**********
01/30/2009 +007,363,512,286.86 ------------*********
02/02/2009 +046,334,807,167.90 ------------********** Mon
02/03/2009 -000,138,225,404.41 ---

74,192,606,414.54 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008.
US borrowed $1,004,011,578,097.84 in last 138 days.
That's 1,004B$ in 138 days.
More than any year ever, except last year, and it's 99% of that highest year ever only in 138 days.
And it is over 100% of ANY dismal Bush, for any dismal Bush-year, ONLY IN 138 DAYS NOT 365.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock

(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=3722067&mesg_id=3722111

[Festivito]

74. Debt: 02/04/2009 10,669,192,308,562.45 (UP 548,927,205.54) (Little, mixed-again.)

(Tiny amounts again today.)

= Held by the Public + Intragovernmental(FICA)
= 6,363,352,273,371.93 + 4,305,840,035,190.52
DOWN 68,491,025.50 + UP 617,418,231.04

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 306-Million person America.
If every American, man, woman and child puts in $3.27 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.81, ABOUT TEN BUCKS for a 1B$ 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 14 seconds we net gain a another American, so at the end of the workday of this report, there should be 305,739,515 people in America.
http://www.census.gov/population/www/popclockus.html
Currently, each of these American's owe $34,896.35.
A family of three owes $104,689.04. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 33 days.
The average for the last 23 reports is 1,792,652,723.12.
The average for the last 30 days would be 1,374,367,087.73.
The average for the last 33 days would be 1,249,424,625.21.
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$/day.
There were 11 reports in 15 days of Obama's part of FY2009 averaging -0.54B$ per report, -0.31B$/day so far.
There were 86 reports in 127 days of FY2009 averaging 7.49B$ per report, 5.07B$/day.

PROJECTION:
There are 1,446 days remaining in this Obama 1st term.
By that time the debt could be between 12.5 and 18.0T$.
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)
02/04/2009 10,669,192,308,562.45 BHO (UP 42,315,259,649.37 so far since Obama took office.)

Fiscal Year ends: Sep 30
Borrowed in FY1993: (Maybe later.)
Borrowed in FY1994: 281,261,026,873.94
Borrowed in FY1995: 281,232,990,696.07
Borrowed in FY1996: 250,828,038,426.34
Borrowed in FY1997: 188,335,072,261.61
Borrowed in FY1998: 113,046,997,500.28
Borrowed in FY1999: 130,077,892,735.81
Borrowed in FY2000: _17,907,308,253.43 Bill alone
Borrowed in FY2001: 133,285,202,313.20 Bill and George
Borrowed in FY2002: 420,772,553,397.10 All George
Borrowed in FY2003: 554,995,097,146.46
Borrowed in FY2004: 595,821,633,586.70
Borrowed in FY2005: 553,656,965,393.18
Borrowed in FY2006: 574,264,237,491.73
Borrowed in FY2007: 500,679,473,047.25
Borrowed in FY2008: 1,017,071,524,650.01
Borrowed in FY2009: 644,467,411,650.00 so far this fiscal year.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
01/14/2009 -000,515,208,818.51 ---
01/15/2009 +020,470,437,698.93 ------------**********
01/16/2009 -000,579,761,204.80 ---
01/20/2009 -001,254,116,733.01 -- Tue
01/21/2009 -000,225,946,840.81 ---
01/22/2009 -010,383,446,466.83 -
01/23/2009 -000,119,553,441.75 ---
01/26/2009 -001,004,948,620.76 -- Mon
01/27/2009 +000,188,054,837.85 ------------********
01/28/2009 -000,240,130,414.24 ---
01/29/2009 +014,335,901,611.96 ------------**********
01/30/2009 +007,363,512,286.86 ------------*********
02/02/2009 +046,334,807,167.90 ------------********** Mon
02/03/2009 -000,138,225,404.41 ---
02/04/2009 -000,068,491,025.50 ----

74,162,884,632.88 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008.
US borrowed $1,004,560,505,303.38 in last 139 days.
That's 1,005B$ in 139 days.
More than any year ever, except last year, and it's 99% of that highest year ever only in 139 days.
And it is over 100% of ANY dismal Bush, for any dismal Bush-year, ONLY IN 139 DAYS NOT 365.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock

(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=3724024&mesg_id=3724064

[tclambert]

14. Isn't Bernie Madoff under indictment?

Doesn't he count as a financial official under indictment? What are the rules? Maybe you should add a category, too: "Under mansion arrest."

[Demeter]

23. I Wonder If They Have to Go Through a Grand Jury, or If Criminal Complaints By Victims Suffices

As far as I can tell, they are still collecting evidence, interviewing, etc. Plus a lot of finger-pointing, as victims crawl in from all corners of the earth.


File this under "Things I'm learning as an adult that in normal times I wouldn't need to know or even care about!" Whatever normal is, this isn't it. Until now.

It must have been a nightmare, living in a Bush household. How else can you explain the seriously defective people that came out?

[Demeter]

40. See Answer to Your Question Below: Post 36

[UpInArms]

17. dollar watch

http://quotes.ino.com/chart/?s=NYBOT_DX&v=i

Last trade 85.556 Change -0.219 (-0.28%)

US Dollar And Economy Look For Policy That Will Turn The Tables

http://www.dailyfx.com/story/special_report/special_reports/US_Dollar_And_Economy_Look_1233775719715.html

Last week, the Federal Reserve held its benchmark lending rate at a range between zero and 0.25 percent while offering little in its accompanying statement to suggest the central bank has found a definitive means for recharging the economy and thawing investor confidence. Regardless, the economy and markets are clearly in need of policy that can turn things around.



The Economy And The Credit Market

Last week, the Federal Reserve held its benchmark lending rate at a range between zero and 0.25 percent while offering little in its accompanying statement to suggest the central bank has found a definitive means for recharging the economy and thawing investor confidence. Regardless, the economy and markets are clearly in need of policy that can turn things around. For the Fed’s part, officials have moved beyond interest rate targeting and buying mortgage-backed securities. Plans to purchase long-term Treasuries and put into effect the Term Asset-Backed Securities Loan facility (aimed at providing credit to consumers and small businesses) are promising but have yet to be utilized. At this point, consumers and trades need to find confidence in the long-term outlook. Establishing a ‘bad bank,’ the passing of President Obama’s financial package and setting up Treasury Secretary Geithner’s credit-default swap clearing house may fill this void.



...more...

US Dollar Rebounds, Positions to Extend Gains against Major Currencies

http://www.dailyfx.com/story/special_report/special_reports/US_Dollar_Rebounds__Positions_to_1233817365607.html

As we expected, the US Dollar resumed its advance against the major currencies last week, adding over 500 pips to our total floating profit. We see the Dollar continue to appreciate from here and note the makings of a new entry opportunity to buy the greenback against the British Pound.



...more...

[54anickel]

27. U of Michigan Confidence - IMPROVING?!?!? Zowie-wow-wow! Can I please have some more, sir?

:smoke: :smoke: :smoke: :smoke: :smoke: :smoke: :smoke: :smoke: :smoke: :smoke: :smoke: :smoke: :smoke:
:smoke: :smoke: :smoke: :smoke: :smoke: :smoke: :smoke: :smoke: :smoke: :smoke: :smoke: :smoke: :smoke:


Smokin, doin' lines, or seeing double?

[Demeter]

34. especially Since Michigan Got transshipped to Finland Again this Week

Ten below, and not rising....

[tclambert]

59. It's gonna be in the 40s this weekend. Sizzlin!

Melt, freeze, melt, freeze . . . Potholes!

[54anickel]

72. Heh-heh, quitcherbitchin" and check out these pics from Versoix

http://images.google.com/images?hl=en&q=versoix+ice&btnG=Search+Images&gbv=2

couple samples from that google

[Dr.Phool]

43. I think the phenomenon is called "Brain Freeze".

Caused by icicles between the ears.


The Phool, phreezing his balls off in 35 degree temps this morning. The horror.

[Demeter]

25. Obama Gets Stomped by an Oliphant

Now THAT'S Got to Hurt!





See, they were complaining that you couldn't make fun of serious, sober, adult Barack. YES YOU CAN!

This kind of humor will keep the Presidential feet to the fire, so to speak. It is the kind of political commentary that's been sorely missed these 30 years.

Can you imagine if anyone had dared raise such a pen to Reagan, what would have happened?

[Hugin]

26. About time we got a Ted Rall cartoon up there.

:D

Although, the correct term is "Welfare Barons".

It's kind of a play on Reagan's mythical "Welfare Queens" and the historically factual "Robber Barons". ;)

[UpInArms]

38. welfare (ban)kings

although the pun is hard to see :shrug:

[Demeter]

32. Hands criticises ‘pass-the-parcel’ deals (Leveraged Buyouts!)

http://www.ft.com/cms/s/0/f2d944b0-f2e9-11dd-abe6-0000779fd2ac.html

Guy Hands, EMI chief and one of Europe’s private equity leaders, has criticised deals where buy-out groups sold companies to each other for ever-increasing prices and inflating the bubble that left investors facing big losses.

Adding to the waves of grim predictions for private equity at the “Super Return” conference in Berlin, Mr Hands on Wednesday said the recent round of “pass-the-parcel” deals meant investors were now pulling back from the industry at the wrong time.
EDITOR’S CHOICE
In depth: Private equity - Dec-15
Private equity bosses see bleak future - Feb-04
TPG ends talks over stake sale - Feb-03
Video: Henny Sender on private equity - Jan-23
Adapt or die, Kravis tells buy-out groups - Feb-03
Opinion: ‘Masters of the universe’ must strike new tone - Feb-01

Mr Hands, founder of the Terra Firma buy-out house, said: “In 2006 and 2007 many exits were sales to other private equity groups, and the returns looked great on these, attracting record levels of capital to private equity.

“We saw an increasing number of pass-the-parcel transactions between (private equity) general partners, where limited partners (investors) essentially retained the same asset while paying fees and carry each time it changed hands.”

In 2006 and 2007, there were 433 so-called secondary buy-outs worth $273bn (£188bn), equivalent to a fifth of all private equity deals by value, according to Dealogic.

Most secondary buy-out deals, such as Ferretti, the Italian luxury yacht maker, and ProSiebenSat.1, the German TV broadcaster, were financed with ever-increasing amounts of debt. When the credit crunch struck, many were left in difficulty.

Mr Hands admitted that by funding deals with big debts, private equity was now vulnerable to large mark-to-market writedowns on its portfolios.

He said: “Logically, on a mark-to-market basis this asset class should be more marked down than ever,”.

But he argued that it was “bizarre” that investors were “avoiding those asset classes that have fallen the most”. He added: “I would argue that we are coming to one of the most attractive moments to invest in private equity.”

OF COURSE WE ARE! ANY DAY NOW SOMEBODY WILL BUYOUT THE GOP AND TURN IT INTO A LOBBYING FIRM....

[Demeter]

33. US Treasury in plans for record debt sale

http://www.ft.com/cms/s/0/bdf4ee70-f2e4-11dd-abe6-0000779fd2ac.html

By Michael Mackenzie in New York and Krishna Guha in Washington

Published: February 4 2009 18:01 | Last updated: February 4 2009 21:28

The US Treasury on Wednesday opened the floodgates of government bond issuance, revealing plans for a record debt sale in February and more frequent auctions in the months to come.

The announcement came amid growing fears about US government deficits and sent the yield on the benchmark 10-year Treasury note rising to 2.95 per cent, up from just over 2 per cent at the end of December...The rise in Treasury yields has been pushing mortgage rates higher, complicating efforts to revive the economy. The US Federal Reserve said last week it was “prepared to” buy Treasuries if that would be a “particularly effective” way of reducing private borrowing costs.

The Treasury said it would sell $67bn (£46bn) in new securities next week, the largest ever quarterly refunding, beating the last peak in August 2003. It may also start monthly sales of all its benchmark Treasury securities.

At the end of February, the Treasury will start selling seven-year notes every month for the first time since the issue was discontinued in 1993. Sales of 30-year bonds will double to eight times a year and the Treasury will say in May whether the bond will be sold every month.

For Barack Obama’s administration, the step-up in borrowing costs comes as it is fighting to secure an $800bn-plus fiscal stimulus, and is likely to need many hundreds of billions more to fund a banking sector clean-up.

The Treasury Borrowing Advisory Committee expressed concern on Wednesday over the sharp jump in net borrowing needs – which market analysts estimate could reach $1,500bn to $2,500bn for the 2009 financial year.

Traders are particularly concerned about the appetite for Treasuries among foreign investors, who hold more than half the outstanding $5,500bn in Treasury debt.

In recent years, demand for US government debt has been stoked by developing countries running huge trade surpluses with the US and recycling dollars by buying Treasuries. However, many are facing growing pressure to stimulate their own economies and are seeing their current account surpluses decline as global demand diminishes.

[UpInArms]

55. US Treasury to sell $84 bln in bills

http://www.reuters.com/article/bondsNews/idUSWEQ00063620090205

Feb 5 (Reuters) - For details of the U.S. Treasury's offering of 3-month, 6-month bills and 1-year bil this week, see:

3-month bills: here

6-month bills: here

1-year bill here

[Demeter]

36. SEC ‘illiteracy’ to blame for Madoff affair

http://www.ft.com/cms/s/0/8999177a-f2ec-11dd-abe6-0000779fd2ac.html

By Joanna Chung in New York and Brooke Masters in London

Published: February 4 2009 19:02 | Last updated: February 4 2009 23:17

The losses linked to Bernard Madoff may be closer to $15bn-$25bn rather than the $50bn the New York broker allegedly told US investigators, according to Harry Markopolos, a former money manager and long-time Madoff critic.

Mr Markopolos, who tried for nine years to expose Mr Madoff, told a Congressional hearing on Wednesday that staff incompetence on the part of the US Securities and Exchange Commission was partly to blame for failing to bring a case against Mr Madoff earlier.

“I gift-wrapped and delivered the largest Ponzi scheme in history to them,” he said. Most officials “did not understand . . . the 29 red flags that I handed them”.

“The SEC securities lawyers, if only through their investigative ineptitude and financial illiteracy, colluded to maintain large frauds such as the one to which Madoff later confessed,” Mr Markopolos said.

Mr Madoff was arrested in December after his sons reported him to the authorities. He has not been asked to enter a plea, nor has he been indicted. Since then, the SEC has suffered an avalanche of criticism for not thoroughly investigating Mr Markopolos’s apparently credible allegations for nearly a decade.

The difference between Mr Markopolos’s loss estimates and the $50bn could be explained by notional returns that investors thought they had reinvested. It could also sharply limit the amount of money that investors can hope to get back.

Irving Picard, the trustee overseeing the Madoff firm’s liquidation, said in court on Wednesday that he had recovered about $946m so far and hoped to start distributing it “in the near future”. He also confirmed that liquidators were working with investigators in Mr Madoff’s office in Manhattan and at a warehouse in Queens, where 7,000 boxes of documents were stored.

Mr Markopolos also accused the SEC of being “over-lawyered”, captive to the industry it regulated, and weighed down by regional turf battles. The SEC “roars like a mouse, fights like a flea”, he said.

Senior SEC officials, who came under fire during the hearing, said they were reconsidering the way they regulated investment advisers, and might impose more frequent inspections, tougher filing requirements and tighter custody and audit rules.

The SEC also wants to improve its risk assessment and to co-ordinate regulation of brokers and investment advisers to prevent firms from hiding activities from its examiners.

[KoKo]

44. 7,000 boxes of Madoff files stored in warehouse in Queens!

:wow: rented a whole warehouse to store files of folks he swindled through the years...


Irving Picard, the trustee overseeing the Madoff firm’s liquidation, said in court on Wednesday that he had recovered about $946m so far and hoped to start distributing it “in the near future”. He also confirmed that liquidators were working with investigators in Mr Madoff’s office in Manhattan and at a warehouse in Queens, where 7,000 boxes of documents were stored.

[Demeter]

50. A Thief, But an Accountant

but then, I repeat myself.

[MilesColtrane]

56. Sure it's just incompetence.

With the kind of money Madoff stole, he could have offered a hundred thirty thousand dollar bribe to every single employee of the SEC , and STILL had 99% of his ill gotten gains left over.

I hope Holden takes a look at some of the folks who work there.

[DemReadingDU]

58. This was great testimony

Yesterday we had a thread to post commentary during the hearing
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4977354

[snot]

61. Haven't conservatives vitiated SEC enforcement staff/budgets

in recent or not-so-recent years?

Another possibility, did Bush appoint a bunch of "Brownies"?

[Demeter]

71. All of the Above, and More

You forgot gutting the laws.

[Demeter]

39. US credit card delinquencies at record high

http://www.ft.com/cms/s/0/b1e100fe-f30e-11dd-abe6-0000779fd2ac.html

By Saskia Scholtes in New York

Published: February 4 2009 23:33 | Last updated: February 4 2009 23:33

US credit card delinquencies hit a record high in January, and further deterioration is likely as the economy slows down and unemployment rises, Fitch Ratings says.

Payments at least 60 days late rose almost half a percentage point last month to a record 3.75 per cent, said Fitch. Credit card lenders also wrote off loans to delinquent borrowers at close to record levels, and such “charge-offs” were expected to breach records in the coming months...Late payments on credit cards crept higher throughout 2008, said Fitch, but signs of borrower stress rose in the fourth quarter as late payments surged by 18 per cent. Charge-off rates in January were 40 per cent higher than a year ago at 7.5 per cent and were expected to approach 9 per cent during the second half of 2009.

Late payments and defaults on credit cards have been closely linked with levels of unemployment, which have risen dramatically. Non-farm employment fell 524,000 in December, contributing to the biggest decline in payrolls on a three-month moving average since 1945. The unemployment rate jumped to a 15-year high of 7.2 per cent, from 6.8 per cent in November.

Rising late payments and defaults on credit card loans would hurt the performance of securities backed by credit card receivables, Fitch said, but downgrades would be limited in the near-term because of lower funding costs. Securities backed by credit card receivables have rallied in recent weeks, in part because of such lower cost funds, and as investors look forward to the launch of a new Federal Reserve programme to lend against such asset-backed securities.

However, analysts at Barclays Capital warn the rally could be short-lived amid continued economic deterioration and proposed bankruptcy legislation that could boost charge-off levels.

Credit card lenders have also suffered as consumers rein in their spending. Fourth-quarter earnings reports from JPMorgan, Citigroup and Bank of America showed a steeper-than-expected drop in card volumes: down 8 per cent, 15 per cent and 13 per cent, year on year, respectively.

Credit card lending has historically accounted for between 15 and 25 per cent of pre-tax income at JPMorgan, Bank of America and Citigroup, according to Moody’s. Analysts expect these businesses to shrink as lenders tighten credit standards and cut credit lines.


IN THE WORDS OF DARTH CHENEY: "SO WHAT?"

[antigop]

46. CIA Nominee Panetta Received $700,000 in speaking fees (some from Merrill and Wachovia)

http://online.wsj.com/article/SB123378062602049003.html

The White House's nominee for Director of the Central Intelligence Agency, Leon Panetta, has earned more than $700,000 in speaking and consulting fees since the beginning of 2008, with some of the payments coming from troubled financial firms and from a firm that invests in contractors for federal national security agencies, according to financial disclosures released Wednesday.

Mr. Panetta received $56,000 from Merrill Lynch & Co. for two speeches and $28,000 for a speech for Wachovia Corp., according to disclosures released ahead of Thursday's scheduled Senate hearing on Mr. Panetta's nomination.

Both Merrill and Wachovia reported big losses last year and were acquired by larger firms. The Wachovia honorarium was dated Oct. 30, and the last Merrill Lynch honorarium was dated Oct. 11, according to disclosure forms filed by Mr. Panetta in connection with his nomination. At the time, Bank of America had agreed to a rescue of Merrill Lynch; Wachovia had agreed to be acquired by Wells Fargo & Co.

Mr. Panetta's disclosure form illustrates how retired politicians commonly make money giving speeches and consulting for prominent companies with significant interests before the government. That was one element in the controversy over the cabinet nomination of former Senate Majority Leader Tom Daschle, who withdrew Tuesday.

[specimenfred1984]

47. Ouch, "Mr. Panetta also received a $28,000 honorarium from the Carlyle Group"

He sounds a lot more like a fascist repug.

[Demeter]

52. He Sounds Like a "Plant"

Foisted of on us by the PTB?

[antigop]

48. Volcker Chafes at Obama Panel Delay, Strains with Summers Rise

http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aaLzJZKNcc6Y

Paul Volcker has grown increasingly frustrated over delays in setting up the economic advisory group President Barack Obama picked the former Federal Reserve chairman to lead, people familiar with the matter said.

Volcker, 81, blames Obama’s National Economic Council Director Lawrence Summers for slowing down the effort to organize the panel of outside advisers, the people said. Summers isn’t regularly inviting Volcker to White House meetings and hasn’t shown interest in collaborating on policy or sharing potential solutions to the economic crisis, they said.

YIKES! Look what Kurtz from TPM has to say
http://www.talkingpointsmemo.com/archives/2009/02/the_invisible_hand.php

I'm starting to get the sense that Larry Summers is to economic policy in the Obama Administration what Dick Cheney was to national security policy in the Bush Administration.

[Demeter]

53. Is Anyone Surprised by This? Anyone? Bueller?

Can Larry Summers. Harvard isn't always wrong.

[ozymandius]

66. Lawrence Summers is an asshole of the First Order.

I disagree with him on economic policy as you might guess. He's a prized protege of Reaganomics supply-sider. He was a major tool in repealing the Glass-Steagall Act. So far, his greatest contribution to our national discourse has been to announce that government infusions to the banks will undoubtedly increase. On the up-side: at least he hasn't outright lied to us - as far as we know.

[antigop]

49. David Cay Johnston:More Corporate Tax Breaks will not Stimulate the Economy

Video and transcript here:
http://www.democracynow.org/2009/2/2/david_cay_johnston_more_corporate_tax

[tclambert]

60. Haven't we experimentally proven that it does not? I seem to recall a couple of

large scale experiments, one run in the '80s, one in the '00s. Both times the experimenters predicted that giving money directly to corporations would induce them to create more jobs. And then they laid people off. We just gave $700B to financial corporations. How many jobs have they created? Negative tens of thousands?

(Sorry, I'm just feeling too lazy right now to look up the actual numbers. I'll add it to my to-do list, though.)

[antigop]

62. Yes, we know that, but the interview with David Cay Johnston is quite good, imo

That's why I posted it.

He talks about a lot of things in the interview.

[ozymandius]

68. at the close

Dow... 8,063.07 +106.41 (+1.34%
Nasdaq... 1,546.24 +31.19 (+2.06%)
S&P 500... 845.85 +13.62 (+1.64%)
Gold future... 914.20 +12.00 (+1.33%)
30-Year Bond 3.63% -0.04 (-1.06%)
10-Yr Bond... 2.90% -0.02 (-0.55%)

Stocks put together a fairly strong rebound Thursday. Financials spurred the advance as investors bought into the idea that the government's forthcoming plan to shore-up banks could provide an impetus for a rally.

Financials were down as much as 4.7% in the early going, but managed to climb to a gain of 4.1% after analysts at UBS stated that bank bailout news could induce sizable rallies. Senate Banking Committee Chairman Dodd told reporters it might be possible to modify mark-to-market rules, which would be a boost to banks hurt by write-downs. Financials finished the session 1.4% higher.

Reuters cited a Treasury official when it reported Treasury Secretary Geithner is expected to unveil a comprehensive financial framework plan Monday. With the government progressing toward a comprehensive plan to help restore the financial system, investors were willing to look past mixed earnings and economic data that had actually put stocks under pressure in the early going.

Cisco (CSCO 16.35, +0.51) topped quarterly earnings expectations, but disappointed investors when it issued downside revenue guidance. Cisco was able to rebound with the help of other large-cap tech stocks. Large-cap tech led the Nasdaq in outperforming the other headline indices.

Visa (V 53.74, +4.61) and MasterCard (MA 159.84, +19.69) both announced better-than-expected quarterly earnings and optimistic forecasts. However, analysts question whether the card companies can continue growing their earnings at rapid rates amid a pullback in consumer activity.

Softer consumer spending prompted numerous retailers to issue cautious forecasts amid lower January same-store sales. However, many retailers' comparables were not as bad as feared, which induced gains in the group. The S&P 500 Retail Index finished 3.3% higher. Meanwhile, Wal-Mart (WMT 48.56, +2.14), BJ's Wholesale (BJ 29.56, -0.70), Aeropostale (ARO 22.81, +1.68), and The Buckle (BKE 23.36, +1.61) distinguished themselves by reporting that same-store sales increased.

Weekly initial jobless claims were up for the fourth straight week, this time climbing 35,000 to 626,000 for the week ending Jan. 31. The number exceeded the 580,000 claims that were expected, and was the highest level since 1982. The shock from such heightened claims is tempered by the knowledge that the workforce has grown in recent decades. For that reason, some economists do not believe the unemployment rate will break into the double digits -- the government's official jobs report is due ahead of Friday's opening bell.

The drop in employment actually helped inflate fourth quarter productivity. Since hours worked has fallen at a faster clip than economic output, fourth quarter productivity increased 3.2%. An increase of 1.5% was expected.

Meanwhile, soft economic conditions are undercutting inflationary pressures. Fourth quarter unit labor costs increased 1.8%, which is less than the consensus forecast of a 2.8% increase.

Trading volume hit a two-week high this session, exceeding 1.6 billion shares on the New York Stock Exchange. All 10 of the S&P 500 sectors finished higher.

[Roland99]

69. CNBC this eveming still asking: Signs of a bottom?

How long have they been asking now?

[ozymandius]

70. Odd news to hear that the Circus Monkey Channel has not gone dark yet.

To your question: it seems they've been asking that since they went on the air.

[skoalyman]

73. I wouldn't mind seeing Erin Burnett's bottom in

some tight pants:evilgrin: :rofl: