STOCK MARKET WATCH, Friday January 15

[ozymandius]

Source: du

STOCK MARKET WATCH, Friday January 15, 2010

Bush Administration Officials Convicted = 1
Name(s): David Safavian

Bush Administration Officials Charged = 1
Name(s): Richard Lopez Razo

Financial Sector Officials Convicted since 1/20/09 = 11

AT THE CLOSING BELL ON January 14, 2010

Dow... 10,710.55 +29.78 (+0.28%)
Nasdaq... 2,316.74 +8.84 (+0.38%)
S&P 500... 1,148.46 +2.78 (+0.24%)
Gold future... 1,144 +7.20 (+0.63%)
10-Yr Bond... 3.74 -0.05 (-1.37%)
30-Year Bond 4.63 -0.08 (-1.74%)

---

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

Market Conditions During Trading Hours

GOLD, EURO, YEN, Loonie, Silver and US$

---

Handy Links - Market Data and News:
Economic Calendar    Marketwatch Data    Bloomberg Economic News    Yahoo! Finance
    Google Finance    Bank Tracker    Credit Union Tracker    Daily Job Cuts

Handy Links - Economic Blogs:
The Big Picture    Financial Sense    Calculated Risk    Naked Capitalism    Credit Writedowns
    Brad DeLong    Bonddad    Atrios    goldmansachs666

Handy Links - Government Issues:
LegitGov    Open Government    Earmark Database    USA spending.gov

Handy Links - Videos:
The Coming Collapse of the Middle Class    Charlie Rose talks with Roubini    Charlie Rose talks with Krugman    William Black: This Economic Disaster    Bill Moyers with Kevin Drum and David Corn

---

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

[ozymandius]

1. Market Observation

Sovereign Debt Crisis Coming As Recovery Stalls
BY MIKE SHEDLOCK

A fiscal crisis is brewing in the US, UK, Greece, Ireland, Spain, Japan, as well as the highly touted wunderkind, China. Please consider the latest reports from some key countries. ...

Bloomberg is reporting Greek Markets Rattled as EU Says Deficit Forecasts ‘Unreliable’. ...

Markets Will Sort This Out

The market will eventually sort this all out. In the meantime, market participants are getting wildly bullish on recovery prospects when it is nothing more than a mirage, fueled by unsustainable amounts of spending in China, the US, UK, and literally everywhere one looks. Money supply in China is growing rampant at 30% a year. China is overheating, producing goods destined for nowhere and houses no one can afford.

In the US, there are 27 Million People who want full time employment and do not have it.

Spending money we do not have, borrowed into existence on the backs of future taxpayers, can never produce a recovery. The current improvement in economic conditions is simply an illusion. It's a Swiss Cheese Recovery Without The Cheese. Take away the stimulus cheese all you have are holes. That unfortunately is the true state of this recovery.

Meanwhile the Fed H.6 Money Release shows Real 3-month and 6-month M2 is contracting, with real M2 yoy at effectively 0%.

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

[ozymandius]

13. More and more states on budget brink

...Across the nation, state tax collections in the first three quarters of 2009 posted their steepest decline in at least 46 years, according to a report this month from the public policy research arm of the State University of New York.

At least 30 states raised taxes in their most recently completed fiscal year -- which ended in most cases in mid-2009. Even more cut services. All told, states raised $117 billion to fill last year's budget gaps, the Pew Center on the States estimates.

Yet despite all those new taxes and deep cutbacks, pressure on state finances continues to build. Economists warn that without a new round of federal stimulus spending, states could face another round of layoffs that could kneecap an already shaky economic recovery. ...

Alaska, Nevada, New Jersey and New York face gaps of at least 30% of their planned general fund spending by the end of this fiscal year. A dozen more states face a fiscal 2010 budget gap of between 20% and 29%.

http://money.cnn.com/2010/01/14/news/economy/states.woes.fortune/index.htm

[Po_d Mainiac]

33. States ain't got printing presses

High unemployment, falling real-estate values and discretionary shopping only (by consumers) whack the snot out of local government budgets.

Our local budget committee didn't get drunk, the real-estate boom never quite made it here. In fact we never really recovered from the mid-80's recession. But, the roads still need to be plowed and graded. Asphalt has a finite life span. Buildings need to be maintained and heated. Schools need to be funded. We are just a small portal into the future

As the State's shorten their waistbands, the trickle down crushes the day to day services that make a community livable.

[FarCenter]

58. Asphalt paving of secondary roads and residential streets is not a necessity

It has been done in the last 50 years or so, but it may well be unsustainable, particularly if crude oil refining decreases.

Asphalt is the toxic waste of oil refineries.

[Po_d Mainiac]

62. We have more miles of gravel/dirt/mud roads than paved in this burg

Did u notice the term "graded" in my post?

[Demeter]

15. I am amazed that belief in the markets persists in the face of so much contrary evidence

when examples abound of forces stronger than the market, forces which force the market into a corner and beat it into the ground....

Markets only work when players are of relatively equal power, or when coalitions can be formed among smaller players to balance off the larger.

The market is no more than a simple balance:



If Mother Nature sits in one pan, and Haiti in the other, Mother Nature wins. No argument.

If Haiti sits in one pan, and National City Bank and the US military sit in the other, Haiti still loses.

That's your marketplace--a weighing of relative power.

The whole point of a "Commonwealth" form of government is to provide a measure of power equalization between an individual and forces greater than that individual. It is the Government of the People, By the People and For the People that is our one power, and it is that government which the banksters seek to destroy.

[DemReadingDU]

18. It's a Swiss Cheese Recovery

Without the Cheese.
Take away the stimulus cheese all you have are holes.

[ozymandius]

2. Today's Reports

08:30 Core CPI Dec
Briefing.com 0.1%
Consensus 0.1%
Prior 0.0%

08:30 CPI Dec
Briefing.com 0.2%
Consensus 0.2%
Prior 0.4%

08:30 Empire Manufacturing Survey Jan
Briefing.com 5.00
Consensus 12.00
Prior 2.55

09:15 Capacity Utilization Dec
Briefing.com 72.3%
Consensus 71.8%
Prior 71.3%

09:15 Industrial Production Dec
Briefing.com 1.0%
Consensus 0.6%
Prior 0.8%

09:55 Mich Sentiment Jan
Briefing.com 71.5
Consensus 74.0
Prior 72.5

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

[UpInArms]

44. U.S. Dec CPI up 0.1% vs 0.2% expected

U.S. Dec. CPI energy prices up 0.2%
8:30 a.m. Today

U.S. CPI core up 1.8% in 2009
8:30 a.m. Today

U.S. CPI up 2.7% in 2009
8:30 a.m. Today

U.S. Dec core CPI up 0.1% as expected
8:30 a.m. Today

U.S. Dec CPI up 0.1% vs 0.2% expected
8:30 a.m. Today

[UpInArms]

46. U.S. Jan. Empire State index rises to 15.9

U.S. Jan. Empire State index rises to 15.9
8:32 a.m. Today

[ozymandius]

3. Oil slips below $79 amid stronger US dollar

SINGAPORE – Oil prices dropped below $79 a barrel Friday in Asia amid a strengthening U.S. dollar and weak crude demand from developed countries. ...

The euro fell to $1.4386 in Asian trading Friday from $1.4500 on Thursday. Investors often buy commodities such as oil as a hedge against inflation when the dollar weakens and sell when it strengthens.

Crude prices also fell on concerns demand from the U.S. and Europe remains weak. Some analysts expect growth in demand from developing countries such as China will help make up for sluggish economic recoveries in rich nations. ...

In other Nymex trading in February contracts, heating oil fell 1.3 cents to $2.07 a gallon and gasoline slid 1.05 cents to $2.06 a gallon. Natural gas futures skidded 6.3 cents to $5.53.

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

[ozymandius]

4. IEA affirms forecast for rising oil demand

...
The Paris-based IEA, which advises oil-consuming countries, predicted in its monthly report that oil demand will average 86.3 million barrels a day this year, or 1.4 million barrels a day more than in 2009.

That was unchanged from the IEA's previous report in December. The estimate for 2009 was also unchanged at 84.9 million barrels a day, the IEA said.

http://news.yahoo.com/s/ap/20100115/ap_on_bi_ge/eu_iea_oil_demand_1

[ozymandius]

5. Geithner to Testify Jan. 27 About AIG E-Mail Exchange

:popcorn:

Jan. 14 (Bloomberg) -- Treasury Secretary Timothy Geithner agreed to testify Jan. 27 before a House panel investigating why the Federal Reserve Bank of New York asked insurer American International Group Inc. to limit disclosures of the government’s financial rescue to investors.

Geithner said on CNBC today he wasn't involved in the exchange of e-mails between the Federal Reserve Bank of New York, which he headed at the time, and AIG on the matter in late 2008. ....

Lawmakers plan to ask Geithner about the exchange of e- mails and about the Fed’s decision to pay 100 cents on the dollar to AIG counterparties, including Goldman Sachs Group Inc., to settle derivative contracts swaps they held that were based on subprime mortgages.

The AIG bailout, valued at $182.3 billion, was done in a way that was “not just the least cost for the taxpayer, but helped to avoid much, much more damage,” Geithner told CNBC. ....

The House panel yesterday subpoenaed Geithner’s telephone logs, e-mails and meeting notes about the New York Fed’s rescue of AIG. The New York Fed was directed by the panel to produce the documents by Jan. 19, Towns said yesterday in a statement.

http://news.yahoo.com/s/bloomberg/20100114/pl_bloomberg/ale2wusx8yl4

[ozymandius]

8. Financial crisis panel to call Greenspan, Cox

WASHINGTON (Reuters) – U.S. regulators admitted to failing to head off the 2008 financial crisis as they appeared before a panel whose chairman said he plans to seek testimony from former Federal Reserve Chairman Alan Greenspan.

As President Barack Obama proposed slapping a special fee on banks and criticized bankers' bonuses, the Financial Crisis Inquiry Commission heard regulators confess that they were lulled into inaction by soaring bank and Wall Street profits.

To learn more, commission chairman Phil Angelides said on Thursday he will seek testimony from Greenspan, current Fed Chairman Ben Bernanke and former chairmen of the U.S. Securities and Exchange Commission, including Christopher Cox.

http://news.yahoo.com/s/nm/20100114/bs_nm/us_financial_commission_19

[boomerbust]

14. One name not mentioned

To be testifying- Hank Paulson. I will say it again, Bush, Cheney and Paulson had a billion or two of this bailout money waiting for them somewhere!

[UpInArms]

20. I noticed that also - Blankfein now is the "face" of Goldman

and Geithner is the Treasury -

Paulson

who?

I say ...

not so fast with the runaway act, Hanky

Your panky cost us many trillions

get ready for the orange jumpsuit and 10 count thread sheets

[Demeter]

21. I'd Be Pleasantly Surprised If the Law Caught Up With Paulson

After all, if Erik Holder and his boss are going to let Cheney and Bush and Co walk, why should they glom onto Paulson, who's got bigger and badder friends and is much less notorious, in the general public's eye?

Now that we have NO 4th Estate, most public figures are a LOT less notorious. Jack Anderson, we need you!

[Po_d Mainiac]

24. Orange or Gold?

Jumpsuit as in what goes with three hots and a hard cot

or

Jumpsuit as in what one would wear while swaying gently under the golden parachute?? :shrug:

[UpInArms]

31. orange

to go with three hots and a cot

[Po_d Mainiac]

35. Ahhh ...the one's one would wear on that long walk

to the :FRSP:

[Tansy_Gold]

41. Or, as I said in another thread last night,

The slammer's better than the slicer. . . . . . .

[Dr.Phool]

59. Send him down to Arizona and Sheriff Joe.

Paulson will look pretty in pink.

[Tansy_Gold]

22. I was wondering that too

In fact, every high-level official from Treasury, SEC, Fed, etc., ought to be on the witness list. And there should be a lot more than a few days testimony.

Unfortunately, it now appears quite evident -- at least to more people than the few of us who recognized it early on -- that the Obama administration is going to continue the trickle-up policies of its predecessors. Therefore, any examination of the causes of the "crisis" will be superficial travesties for the entertainment benefit of the still-duped masses.

The cartoon nails it.


Tansy Gold

[Demeter]

16. I Was Amused that Obama Sent Geithner Out

to sell the banks on this "fee" to recover taxpayer advanced funds.

Maybe he's trying to make Timmy quit or have a stroke. Or at least, destroy his standing with his cronies...

[AnneD]

30. Sounds like....

Timmy is going for the plausible deni ability defense...but we that pay attention know better.

[Festivito]

6. Debt: 01/13/2010 12,282,274,011,672.19 (DOWN 8,894,522,521.53) (Wed)

(Debt seems to jump up then drop slowly maybe up a little and down a little for days--repeat. Good day all.)

= Held by the Public + Intragovernmental(FICA)
= 7,781,208,589,623.65 + 4,501,065,422,048.54
DOWN 144,326,167.15 + DOWN 8,750,196,354.38

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 308-Million person America.
If every American, man, woman and child puts in $3.24 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.73, ABOUT TEN BUCKS for a 1B$ 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 10 seconds we net gain another American, so at the end of the workday of the report, there should be 308,461,278 people in America.
http://www.census.gov/population/www/popclockus.html ON 11/07/2009 08:19 -> 307,879,272
Currently, each of these Americans owe $39,817.88.
A family of three owes $119,453.64. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 33 days.
The average for the last 22 reports is 9,116,574,051.81.
The average for the last 30 days would be 6,685,487,637.99.
The average for the last 33 days would be 6,077,716,034.54.
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$/day.
There were 71 reports in 105 days of FY2010 averaging 5.25B$ per report, 3.55B$/day.
Above line should be okay

PROJECTION:
There are 1,103 days remaining in this Obama 1st term.
By that time the debt could be between 13.8 and 19.0T$.
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)
01/13/2010 12,282,274,011,672.19 BHO (UP 1,655,396,962,759.11 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +0,372,445,008,160.40 ------------* * * * * * * * * BHO
Endof10 +1,294,689,790,271.87 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
12/22/2009 +002,618,578,973.78 ------------*********
12/23/2009 +000,459,596,007.01 ------------********
12/24/2009 -001,979,240,244.32 --
12/28/2009 +000,088,095,190.64 ------------******* Mon
12/29/2009 -015,034,724,927.64 -
12/30/2009 +007,596,599,767.56 ------------*********
12/31/2009 +083,831,281,729.66 ------------**********
01/04/2010 -007,102,898,314.32 -- Mon
01/05/2010 +000,354,346,864.84 ------------********
01/06/2010 +000,123,816,367.19 ------------********
01/07/2010 -022,790,950,811.50 -
01/08/2010 -000,177,723,158.27 ---
01/11/2010 -000,226,209,166.36 --- Mon
01/12/2010 +000,163,748,521.92 ------------********
01/13/2010 -000,144,326,167.15 ---

47,779,990,633.04 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/

(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=4224521&mesg_id=4224621

[Festivito]

72. Debt: 01/14/2010 12,258,545,028,915.24 (DOWN 23,728,982,756.95) (Thu)

(Debt seems to jump up then drop slowly maybe up a little and down a little for days--repeat. It makes the linear projection of Obama's first budget jump, then slowly go down. Good day all.)

= Held by the Public + Intragovernmental(FICA)
= 7,756,103,310,941.48 + 4,502,441,717,973.76
DOWN 25,105,278,682.17 + UP 1,376,295,925.22

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 308-Million person America.
If every American, man, woman and child puts in $3.24 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.73, ABOUT TEN BUCKS for a 1B$ 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 10 seconds we net gain another American, so at the end of the workday of the report, there should be 308,469,918 people in America.
http://www.census.gov/population/www/popclockus.html ON 11/07/2009 08:19 -> 307,879,272
Currently, each of these Americans owe $39,739.84.
A family of three owes $119,219.52. (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 8,512,007,136.22.
The average for the last 30 days would be 6,242,138,566.56.
The average for the last 31 days would be 6,040,779,257.96.
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$/day.
There were 72 reports in 106 days of FY2010 averaging 4.84B$ per report, 3.29B$/day.
Above line should be okay

PROJECTION:
There are 1,102 days remaining in this Obama 1st term.
By that time the debt could be between 13.8 and 18.9T$.
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)
01/14/2010 12,258,545,028,915.24 BHO (UP 1,631,667,980,002.16 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 +0,348,716,025,403.50 ------------* * * * * * * * BHO
Endof10 +1,200,767,445,964.88 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
12/23/2009 +000,459,596,007.01 ------------********
12/24/2009 -001,979,240,244.32 --
12/28/2009 +000,088,095,190.64 ------------******* Mon
12/29/2009 -015,034,724,927.64 -
12/30/2009 +007,596,599,767.56 ------------*********
12/31/2009 +083,831,281,729.66 ------------**********
01/04/2010 -007,102,898,314.32 -- Mon
01/05/2010 +000,354,346,864.84 ------------********
01/06/2010 +000,123,816,367.19 ------------********
01/07/2010 -022,790,950,811.50 -
01/08/2010 -000,177,723,158.27 ---
01/11/2010 -000,226,209,166.36 --- Mon
01/12/2010 +000,163,748,521.92 ------------********
01/13/2010 -000,144,326,167.15 ---
01/14/2010 -025,105,278,682.17 -

20,056,132,977.09 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/

(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=4226271&mesg_id=4226277

[ozymandius]

7. Fed's balance sheet liabilities hit record

NEW YORK (Reuters) – The U.S. Federal Reserve's balance sheet rose to a record level in the latest week, boosted by its ongoing efforts to support the mortgage market, Fed data released on Thursday showed.

The Fed's balance sheet -- a broad gauge of its lending to the financial system -- rose to $2.274 trillion in the week ended January 13 from 2.216 trillion in the prior week. ....

The rise in the balance sheet came on the back of a jump in its holdings of agency mortgage-backed securities, which rose to $968.59 billion in the week ended January 13 from $908.74 billion in the previous week. ....

By the end of March, the Fed plans to have bought $1.25 trillion worth of mortgage-backed securities and about $175 billion worth of agency debt.

http://news.yahoo.com/s/nm/20100114/bs_nm/us_usa_fed_discount_3

[Po_d Mainiac]

28. And this stuff is worth what at "market"

All that good cooking that Dimon said they choked on, and likely would have suffocated on?

Yeah I know, the Fed is reaping record profits on this stuff, even though they haven't actually sold any of it..... yet :nuke:

[Demeter]

36. The FDIC Did

They had a big clearance sale last week, which is probably why they didn't shut down more than one measly bank at half a million.

[Po_d Mainiac]

50. And Chopper's books have the same quality paper on then.

I hope it's strong, yet soft and absorbent.

[DemReadingDU]

51. Today's Friday. What does the FDIC do tonight? n/t

[Demeter]

53. Party Like It's 1929, Would Be My Guess

[Demeter]

52. Sorry, Billion

The neverending stream of zeroes goes to my head--which is why I am not suited for Treasurer.

[ozymandius]

9. Wall Street May Reduce Compensation Costs to Avoid More Outcry

Jan. 15 (Bloomberg) -- Wall Street firms, facing pressure from lawmakers and shareholders to rein in pay, may report smaller bonus pools because of lower fourth-quarter revenue and mounting public outrage, analysts say.

Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co.’s investment bank may hand out $27.6 billion in bonuses, according to analysts’ estimates. While that’s 49 percent higher than a year ago and more than the previous high of $26.8 billion in 2007, it’s less than some analysts expected in October.

Banks have announced plans to pay more in stock and defer cash payments to satisfy regulators’ calls to tie pay to long- term performance. They may still face public anger over the size of bonus pools after the Troubled Asset Relief Program injected capital into the major financial institutions during the crisis. President Barack Obama yesterday called bank bonuses “obscene” as he proposed a levy on as many as 50 large financial firms to recoup all the U.S. bailout money. ...

The fall in compensation costs is expected to outpace the revenue decline at Goldman Sachs, which may pay the most of the three firms. Goldman Sachs, the most profitable securities firm in Wall Street history, probably cut compensation to 25 percent of revenue in the fourth quarter, after setting aside $16.7 billion, or 47 percent, through the first nine months, Credit Suisse Group AG analyst Howard Chen wrote in a note on Jan. 4.

That would bring full-year compensation to 43 percent of revenue, the lowest proportion since Goldman Sachs went public in 1999, Chen wrote.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aLq.lOgLE7ig&pos=3

[ozymandius]

10. Dodd Said to Weigh Dropping Consumer Agency From Overhaul Plan

Jan. 15 (Bloomberg) -- Senate Banking Committee Chairman Christopher Dodd has indicated he may consider dropping the Consumer Financial Protection Agency from the financial regulatory overhaul bill he is drafting with members of his panel, according to people familiar with negotiations.

Dodd may agree to shelve the proposed agency, a priority for the Obama administration, and replace it with a division within another federal agency to help advance the broader bill, said the people, who declined to be identified because negotiations are ongoing. The Wall Street Journal reported the matter earlier, citing people it didn’t identify. ....

Senator Richard Shelby, the top Republican on the banking committee who is negotiating the legislation with Dodd, has said he opposes creating a standalone consumer agency and would back including it as part of a national bank regulator.

The agency, aimed at strengthening consumer protection in credit-card and mortgage lending, was included as part of financial overhaul legislation approved by the House in December.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aUTeWAK__CBI&pos=9

[Demeter]

17. And Here I Thought Dodd Was Going to Be Smart and Noble

and use his remaining days to benefit the people.

What a putz! Now is the time to get all righteous and uncompromising, since he has nothing left to lose.

[Tansy_Gold]

25. You thought that?

:rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl::rofl:

[Demeter]

26. So Sue Me, I'm an Optimist

I figure nobody would voluntarily join the Democratic Party unless they had some innate tendency towards the principles. It would be like volunteering for any other despised and outcast group, asking for grief.

[fasttense]

27. Watered down, watered down, every piece of legislation Democrats put forth

is watered down and watered down by lobbyist's interests, banks and the uber wealthy so that all you end up with is water, and the illusion of reform.

Fake reform, just like a mirage, you think there is water, you can see it, but you can never reach it.

[ozymandius]

11. SEC Helped AIG Hide PassThru Bailouts to GS, others

Ritholtz weighs in on news that was posted here a few days ago.

The latest WTF?!? news to come out of the swamp that is Washington, D.C. is this tidbit of official government incompetence and opaqueness:

The SEC, working hand in glove with AIG, agreed to keep bailout terms sealed, including information on the pass thru to counter parties such as Goldman Sachs at 100 cents on the dollar. This SEC granted “confidential treatment” was agreed to last May, and a “secrecy order” (WTF is that?) will stay in place until November 2018.

“It could take until November 2018 to get the full story behind the U.S. bailout of insurance giant American International Group (AIG.N) because of an action taken last year by the Securities and Exchange Commission.

In May, the SEC approved a request by AIG to keep secret an exhibit to a year-old regulatory filing that includes some of the details on the most controversial aspect of the AIG bailout: the funneling of tens of billions of dollars to big banks like Societe Generale, Goldman Sachs (GS.N), Deutsche Bank (DBKGn.DE) and Merrill Lynch.

The SEC’s Division of Corporation Finance, in granting AIG’s request for confidential treatment, said the “excluded information” will not be made public until Nov. 25, 2018, according to a copy of the agency’s May 22 order.

.....

I continue to wonder if anyone in DC has the slightest clue WTF the they are doing. I was sick to death of the sheer willful anti-science, anti-logic ignorance of the Bush administration. I hoped that the new guys will be less overt hostile to the public, less secretive, more respectful that this is — or at least used to be — a Democracy. The stupiditiy of the Bush administration has been replaced by a new flavor of ignorance — the cluelessness of the Obama team. We might as well have given W a 3rd term, given the outrageous and embarrassing decision making we have witnessed so far.

more here

[ozymandius]

12. Moral Bankruptcy by Joseph Stiglitz

....
We have created a society in which materialism overwhelms moral commitment, in which the rapid growth that we have achieved is not sustainable environmentally or socially, in which we do not act together to address our common needs. Market fundamentalism has eroded any sense of community and has led to rampant exploitation of unwary and unprotected individuals. There has been an erosion of trust—and not just in our financial institutions. It is not too late to close these fissures.

How the market has altered the way we think is best illustrated by attitudes toward pay. There used to be a social contract about the reasonable division of the gains that arise from acting together within the economy. Within corporations, the pay of the leader might be 10 or 20 times that of the average worker. But something happened 30 years ago, as the era of Thatcher/Reagan was ushered in. There ceased to be any sense of fairness; it was simply how much the executive could appropriate for himself. It became perfectly respectable to call it incentive pay, even when there was little relationship between pay and performance. In the finance sector, when performance is high, pay is high; but when performance is low, pay is still high. The bankers knew—or should have known—that while high leverage might generate high returns in good years, it also exposed the banks to large downside risks. But they also knew that under their contracts, this would not affect their bonuses. ....

Exaggerating the virtues of one's wares or claiming greater competency than the evidence warrants is something that one might have expected from many businesses. Far harder to forgive is the moral depravity—the financial sector's exploitation of poor and middle-class Americans. Our financial system discovered that there was money at the bottom of the pyramid and did everything possible to move it toward the top. We are still debating why the regulators didn't stop this. But shouldn't the question also have been: Didn't those engaging in these practices have any moral compunction? ....

The country as a whole has been living beyond its means. There will have to be some adjustment. And someone will have to pick up the tab for the bank bailouts. With real median household income already down some 4 percent between 2000 and 2008, the brunt of the adjustment must come from those at the top who have garnered for themselves so much over the past three decades, and from the financial sector, which has imposed such high costs on the rest of society.

http://motherjones.com/politics/2010/01/joseph-stiglitz-wall-street-morals

[willing dwarf]

45. One of he most satisfying summary of the times I've read

There's some comfort in seeing written out the very points which go round and round in one's own head, esp. his point about the moral depravity of the financial sector!

Thanks.

[DemReadingDU]

54. Stiglitz to be on NPR "All Things Considered" this afternoon, n/t

[Demeter]

19. Another Friday. TGIF

another Weekend coming up. After being whipsawed by events, I am soliciting suggestions for a theme for this weekend's Economist Thread.

Something frothy, uplifting, to counteract the events of the week, please!

Any requests?

[Tansy_Gold]

32. Don't ask me where this came from. My head works in strange ways

early in the morning on days when I'm overwhelmed with work (but not income) and the company decides to do a major and complete software switch on a Friday AFTERNOON with no staff on hand over the week-end in case of glitches. Y'know?

Anyway, first thing that came to mind when you asked for frothy WEE theme suggestions was "girl groups of the '60s."

"My Boyfriend's Back and You're Gonna Be in Trouble."
"Dancin' in the Streets"
"Leader of the Pack"
"He's a Rebel"


That sorta thing.

Okay, I gotta get back to work, and hope this switchover thing -- kinda like the whole country goin' from right-side driving to left-side all at the same time -- goes smoothly. I don't need another nightmare week-end!


TG

[Demeter]

34. It fits the Specs!

Frothy, bitchy even. Hot and bouncy enough to get the blood thawed and moving. Thanks Tansy! Girls groups it is!

Now as "Girls Groups of the 60's" is not something I have any great background in (unless we can include soloists like Karen Carpenter, Judy Collins and Barbra), I'm going to need help with it. See you all tonight!

And on an more somber, historical note, we will commemorate MLK, as well.

[Tansy_Gold]

47. If I have time I'll dig out my copy of

Susan J Douglas' "Where the Girls Are" and send some snips of her observations on the girl groups of he 60s.

And by the way, any of you (girls) who haven't read this absolutely delightful book, it's a true jewel for and about us early boomers.


Okay, back to the paid work. . . .

[hamerfan]

56. Thanks for the book recommendation,

Tansy! I wanted to something for my wife when I order "This Wheel's On Fire" for me.
Done.

[Tansy_Gold]

61. She will love it.

Introduction:

I am a woman of the baby boom, which means my history is filled with embarrassment, littered with images I'd just as soon forget. Old photos of my friends and me in platform shoes or, worse, hot pants, our hair freshly ironed, arm-in-arm with some neanderthal yet highly self-satisfied boyfriend in a surplus army jacket, serve as unfortunate reprimands of how naive and pliable we seemed in our youth. Reading the diary I kept as a teenager is now excruciating, so mortifying that, if anyone else were to find it, I think I would blind myself with hot coals or simply commit hara-kiri. I look back at my former self, her hair mottled like tortoise shell after an unfortunate encounter with a box of Summer Blonde in the upstairs bathroom, the words she wrote in her spiral notebooks obsessed with two topics -- boys and sex -- and I wonder: Who are you? How could you have been so insipid? Are you related to me? How did you become me?

I don't know where you were in, say, 1964, but I divided my time betwen screaming wildly for the Beatles, wearing a cheerleading uniform, scrubbing my face ten times a day with Noxzema, and putting my hair up in rollers the size of Foster's lager cans. (This was when I and all my friends learned how to sleep on our faces.. . .




the opening salvo from "Where the Girls Are: Growing up female with the mass media" by Susan J. Douglas, (c)1994, 1995



Tansy Gold, who learned to sleep on her face, who had one boyfriend in a surplus army jacket, who dyed her hair jet black in 1967 and didn't let it grow out until 1998, and who still keeps a diary in spiral notebooks (started Sunday, August 11, 1963, now on volume XXIV)

[DemReadingDU]

69. I need to get that book, I think I can relate. lol!

And I remember girls ironing their hair. Well, I never had enough hair, but one girl had hair down to her waist, and always freshly ironed without wrinkles. lol

I think it was 1964. Never kept a diary, cause I don't like to write.

[Dr.Phool]

60. Oh, this week deserves a Carole King.

"You make the Earth move under my feet".

[Po_d Mainiac]

38. It's my party

and I'll cry if I want to

:spank: :hide:

[MilesColtrane]

37. How about, "The Magical, Happy Fun Time Transformative Power of Capitalism"?

Or, the day utopians forgot the dream and became shareholders!

http://www.history.com/this-day-in-history.do?action=Article&id=4399

January 15, 1933

The Amana colony embraces Capitalism

After nearly a century of cooperative living, the utopian Amana colonists of Iowa begin using U.S. currency for the first time.

The wide-open spaces of the West have always appealed to visionary reformers attempting to start new societies.

...the Amana colonial movement began in New York. Christian Metz, taking his cue from the writings of 18th century German mystics, established the group in 1842 on 5,000 acres near Buffalo, New York. Metz and his followers were similar to the Mormons in their rejection of the selfish individualism and dog-eat-dog competition of capitalism in favor of a more cooperative economic system. They isolated themselves from national and global markets and built a largely self-sufficient means of meeting their agricultural and material needs. Barter within the community helped them avoid using American currency.

The community's agricultural and craft operations grew so quickly that the members soon found they needed more land than was cheaply available in New York. In 1855, the first members began setting up a new colony in Iowa called Amana, purchasing 30,000 acres of contiguous land as a base for their agricultural and craft operations. Amana (located near modern-day Iowa City) flourished in the decades to come. By the turn of the century, the colonists had built seven largely self-sufficient villages with farms, stores, bakeries, woolen mills, wineries, furniture shops, and the other necessities of independent living.

The Amana community thrived for nearly 80 years, but its isolation from the rest of the world inevitably began to wane during the 20th century. In the early 1930s, the colony experienced severe economic problems, in part due to the Great Depression. The people voted to abandon their communal life in 1932, and they reorganized the colony on a capitalist basis with each member receiving stock in a new community corporation. The people of Amana began using American currency in January 1933.

Although it violated the original precepts of their founders, the decision to bring Amana into the national marketplace actually saved the community.

[Demeter]

40. I Was Aiming for Distraction, not Desperation

So one saves the community by giving up its primary reason for existence?

Sounds like the US. Giving up real freedoms for illusionary security.

[MilesColtrane]

43. Yeah, I know.

It's a little dark for the first thing in the morning.

Life of the party...that's me.

This is why I usually just lurk.

[GliderGuider]

49. "We had to burn our village to save it..."

I wonder how long it will be before Amana's model is revived by the growing numbers of communities that are being burned to the ground by corporatism.

[UpInArms]

23. dollar watch

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

Last trade 77.200 Change +0.468 (+0.60%)

Daily Sound Bites 01.15

http://www.dailyfx.com/forex/fundamental/article/daily_sound_bites/2010-01-15-0802-Daily_Sound_Bites_01_15.html



...more...

A Steady Build in Risk Appetite Belies a General Lack of Conviction

http://www.dailyfx.com/forex/fundamental/article/carry_trade_basket/2010-01-15-0559-A_Steady_Build_in_Risk.html



• A Steady Build in Risk Appetite Belies a General Lack of Conviction
• How Long with the US Dollar Maintain its Status as a Safe Haven Currency?
• The Greek Deficit, Japanese Financial Stability and US 4Q Earnings Just a Few of the Lingering Problems

Another week has passed without a clear bearing on underlying investor sentiment. There are those that will say risk appetite is on the rise and they will point to a steady advance in equities and measured retreat for the safe haven US dollar; but these developments are far from the quality one would expect if indeed capital was chasing greater rates of return with limited concern of the risks that lingered in the background. There are in fact too many threats to stability that are out in the open and expected returns are still severely limited as the dividends, coupons and other sources of financial income are limited by the shallow economic recovery that has developed to this point as well as an overall lack of revenue and lending at the business and investment level. Does a reasonable outlook into the near future call up an end to investors’ doubts and caution; or is it more likely that speculative interests will falter before more stable sources of capital find their way back into the capital markets? Time is the only proof of such a forecast; but in the meantime, the market’s level of activity provide us a few clues into where sentiment will ultimately turn. Looking to the benchmarks of risk appetite, we have seen a steady (almost preternatural) rise in key benchmarks. Almost shocking in its measured ascent, the benchmark Down Jones Industrial Average has climbed to fresh 15-month highs; and yet the index has not strayed outside a 300-point band. The dollar is much the same. While there have been greater instances of short-term volatility, the funding currency has nonetheless been held under water until FX traders see irrefutable evidence that the currency is moving up the risk spectrum and no longer represents the optimal currency to borrow funds in and ultimately invest elsewhere.

For a fundamental bearing on the market, the threats to the recent period of tranquility aren’t even obscured by an impressive rally in capital markets (feeding the promise of capital gains) or the promise that policy authorities are ready to step in at a moment’s notice to prevent another potential financial disaster. Over the past weeks and months, the world’s central banks have heeded the tentative positive turn amongst the largest economies and the notable return of speculators to occasion the necessary rollback of fiscal support. The Federal Reserve has removed support from its major financial institutions, the ECB has called an end to its unlimited loans and the BoE has capped its bond purchasing program. These are measured efforts; but collectively, there is little doubt that the authorities are slowly withdrawing the safety net that has encouraged confidence amongst investors and speculators that would have otherwise avoided the risk-prone markets. What’s more, there are a number of key concerns that are building in prominence and could soon dissuade the market enough to spur a round of profit taking that in turn catalyzes the much needed correction. Topping headlines recently, Greece is suffering from significant financial troubles that could in fact jeopardize not only its sovereign credit rating but also its place in the European Community. Should the country leave the group, it would no doubt generate massive shockwaves for the currency market and specifically the euro. Another issue that perhaps hasn’t reared its head yet is the fourth quarter earnings season in the US. Over the past few quarters, income statements have been a source of confidence. However, record earnings have been more than partly influenced by cost cutting and government aid. Losses and write downs could easily shake flagging investor confidence.

...more...

[UpInArms]

29. Capital One US credit card charge-offs hit 10 pct

http://www.reuters.com/article/idUSN1517993820100115

* U.S. credit card delinquency rate 5.78 pct in December

NEW YORK, Jan 15 (Reuters) - Capital One Financial Corp's (COF.N) U.S. credit-card charge-offs rose to double digits in December, showing consumers became increasingly stressed in the holiday shopping month.

In a regulatory filing on Friday, Capital One said the annualized net charge-off rate -- debts the company believes it will never collect -- for U.S. credit cards rose to 10.14 percent in November from 9.60 percent in October.

However, accounts at least 30 days delinquent -- an indicator of future loan losses -- fell to 5.78 percent from 5.87 percent.

Capital One routinely kicks off the monthly reporting of credit card charge-offs. American Express Co (AXP.N) reports later in the day.

Capital One is the third-largest U.S. issuer of Visa-branded credit card and the fifth-largest issuer of MasterCard-branded credit cards.

For U.S. auto loans, Capital One's charge-off rate rose to 5.68 percent from 3.67 percent in November, and the delinquency rate rose to 10.03 percent from 9.57 percent.

...more...

[Demeter]

39. Wow

And yet they still exist. What does it take to kill a zombie, anyway?

The gamers swear by a bullet to the head. That could get expensive, considering how many heads would be involved....

[Po_d Mainiac]

48. we could try to

put them up against a wall, and throw money at them :shrug:

[MilesColtrane]

42. What's in your wallet?

An easy way to destroy your future.

[Hugin]

55. Only Steven Hawking knows....

Anybody know the new regs on Mortgage sales or where I can find them?

[Robbien]

65. Hidden in this article is that Capital One does not write off loans of people who filed bankruptcy

Capital One kept the loans on its books at full receivable amount.

Zero Hedge has a great reaction to this:

So let's get this straight: you are a CapitalOne borrower, and you have filed Chapter 7 bankruptcy protection. In other words, you are dunzo with paying off credit cards, revolving loans, non-revolving loans, yacht and country club payments, fired the butler, got rid of the underage nanny, cut up the Centurion, and are waiting for the repo men to come and take your outhouse and two donkeys, even as the third wife and kids are garnishing your wages, and the IRS is doing a full-blown tax audit. Yet because of some fluke the check to COF was in the mail, and while the bank was fully aware your FICO score was essentially 0, they still would not count you as a "charge off"...WTF!!!???
http://www.zerohedge.com/article/capital-one-has-not-counted-chapter-7-filers-charge-offs-previously-auto-charge-offs-surge-5
-----------------------------
ha



Acknowledging charge-offs on loans discharged in bankruptcy filings hurt the bonus pool. Now why would any bankster do a foolhardy thing such as that.

[Roland99]

57. My buddy has just about given up on this nation...

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x7471204


Can't say I disagree with him.

[Robbien]

66. I expect many people in this country are up late at night

wracked with either worry or pain such as your friend. And like your friend those same thoughts must be racing around in many of their minds.

Going out and about in public I am noticing more people are tense and tempers are short.

[DemReadingDU]

63. Joe Saluzzi Refuses To Drink The Economic Kool-Aid

1/15/10 Joe Saluzzi Refuses To Drink The Economic Kool-Aid

Some more macro observations from Joe Saluzzi: Last "Friday's stock market was the biggest tell: when you saw an unemployment number come out like that, that tells you what an absolute joke the stock market is, and how it's a lagging indicator, not a leading indicator of what's going on... When you're in the basement you can't stay in the basement, you have to walk up the stairs to get out. We aren't walking up the stairs, we just stopped walking down the stairs... a $77 Estimate on the S&P, you are looking at a 15x forward multiple on that earnings, yet you are in an economy which is closer to the 80's which deserves a 10x P/E. Why do you give it a 15x P/E?... If California was a public corporation they would be the next Lehman Brothers: that's how bad this thing is. The government is saying 'We're not going to bail you out California.' We're they going to come out with the $9 billion that they owe?"

Yet nothing deters the Bloomberg Kool-Aid brigade.

http://www.zerohedge.com/article/joe-saluzzi-refuses-drink-economic-kool-aid

direct link to video
http://www.youtube.com/watch?v=MQA3f4229_4

[DemReadingDU]

64. Charles Hugh Smith: "Improving Public Safety" and Theft By Other Means

1/15/10 "Improving Public Safety" and Theft By Other Means
Charles Hugh Smith

Local governments everywhere are doubling traffic fines and other junk fees to raise revenue, under the guise of "improving public safety." Ahem, your rapacious greed is showing....

I think we can all see how effective this program will be--not at increasing public safety but increasing the state/provincial government's revenues to maintain their salaries, benefits, perquisites and pensions.




more...
http://www.oftwominds.com/blogjan10/public-safety-theft01-10.html


Edit: We may chuckle at this chart, but in my village (less than 5000 residents), the income from speeding tickets and other violations, has gone from appx $25,000 in previous years to $104,000 in 2009.

[AnneD]

68. I am still waiting .....

for my souvenir speed trap photos to come in from my trip through Arizona. I will probably single handedly help them balance their budget.

Smile and say cheese:hi:

[Robbien]

67. Some good news over in Maryland

ROCKVILLE, Md., Jan. 15 (UPI) -- The collapse of a law firm in Rockville, Md., has left tens of thousands of lawsuits in limbo, giving a temporary reprieve to debtors facing court action.

As many as 27,000 cases in Maryland will be dismissed by the courts due to the collapse of Mann Bracken, a law firm with 24 U.S. offices that specialized in debt collections, the Baltimore Sun reported Friday.

The firm failed in November, pulled down by an affiliate that had filed for bankruptcy. Now, it is unclear how many of the dismissed cases will be picked up and refiled by another firm.

Mann Bracken was under pressure from lawsuits, as well. The Better Business Bureau in Washington, D.C., had given the firm its lowest rating and several lawsuits accused it of using illegal tactics against borrowers whose bills had fallen into default.

One of the firm's partners, Scott Kramer, said, "we are working with our clients to transfer all of our cases to new counsel as quickly as possible."

But District Court Chief Judge Ben Clyburn has advised his judges to toss out the cases, the newspaper said.

"We took immediate action that was the fairest option to the citizens," Clyburn said in a statement.

http://www.upi.com/Business_News/2010/01/15/Thousands-of-lawsuits-in-limbo/UPI-61041263574571/

[UpInArms]

70. nice

[Rhiannon12866]

71. K&R for the cartoon...

:-(

And for the hard work that you do, posting this every day... :yourock: