STOCK MARKET WATCH, Friday March 12

[ozymandius]

Source: du

STOCK MARKET WATCH, Friday March 12, 2010

Bush Administration Officials Convicted = 2
Name(s): David Safavian, James Fondren

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

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

AT THE CLOSING BELL ON March 11, 2010

Dow... 10,611.84 +44.51 (+0.42%)
Nasdaq... 2,368.46 +9.51 (+0.40%)
S&P 500... 1,150.24 +4.63 (+0.40%)
Gold future... 1,108 0.00 (0.00%)
10-Yr Bond... 3.73 +0.01 (+0.22%)
30-Year Bond 4.67 -0.02 (-0.49%)

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

Market Conditions During Trading Hours

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

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

Read more: du

[ozymandius]

1. Today's Reports

08:30 Retail Sales Feb
Briefing.com -0.2%
Consensus -0.2%
Prior 0.5%

08:30 Retail Sales ex-auto Feb
Briefing.com 0.2%
Consensus 0.1%
Prior 0.6%

09:55 Mich Sentiment Mar
Briefing.com 74.6
Consensus 74.0
Prior 73.6

10:00 Business Inventories Jan
Briefing.com 0.0%
Consensus 0.1%
Prior -0.2%

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

[Name removed]

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[ozymandius]

2. Oil hovers above $82 as month-long rally stalls

SINGAPORE – Oil prices hovered above $82 a barrel Friday in Asia as investors mulled whether extending a monthlong rally is justified amid evidence of weak U.S. crude demand. ...

Crude has jumped 18 percent from $69.59 a barrel on Feb. 5 as economic data pointed to slow but steady U.S. economic growth. However, high crude inventories belie a rosy economic outlook, and suggest consumer spending remains sluggish. ...

In other Nymex trading in April contracts, heating oil rose 0.67 cent to $2.1217 a gallon, and gasoline gained 0.3 cents to $2.2777 a gallon. Natural gas jumped 1.5 cents to $4.455 per 1,000 cubic feet.

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

[Name removed]

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[wordpix]

76. I still don't get it why there's a rally when oil prices rise

I feel better when it falls and I'm not filling my Civic for $45/tank.

[ozymandius]

3. Obama to tap Yellen for Fed vice chair: source

WASHINGTON (Reuters) – President Barack Obama plans to nominate San Francisco Federal Reserve Bank President Janet Yellen, a respected policy dove, to be vice chairman of the central bank, a source familiar with the process said on Thursday.

Yellen would replace Donald Kohn, a 40-year veteran of the Fed who announced earlier this month that he would retire on June 23. The nomination for the four-year term as the Fed's No. 2 would be subject to Senate approval.

She is considered one of the most "dovish" members of the central bank's policymakers, meaning she is seen to lean toward policies that will boost growth and promote employment rather than those aimed at keeping inflation at bay. ...

One of the people under consideration to fill a board seat is Sarah Bloom Raskin, the top banking regulator for the state of Maryland, a different source familiar with the process said.

http://news.yahoo.com/s/nm/20100312/bs_nm/us_fed_yellen

[ozymandius]

7. Calculated Risk's take on Yellen

Report: Obama to Nominate Janet Yellen as Fed Vice Chairman

....
I suggested Dr. Yellen as a possible candidate for Fed Chairman last year, so obviously I think this is a good choice. She was way ahead of most other Fed members in recognizing the housing bubble, and she is apparently well respected by other Fed members. She is also very focused on unemployment (something we need right now).

Yellen served on the Federal Open Market Committee (FOMC) last year - and this would put her back on the Committee (the Fed Presidents rotate each year).

http://www.calculatedriskblog.com/2010/03/report-obama-to-nominate-janet-yellen.html

[Name removed]

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[Name removed]

44. Deleted message

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[Roland99]

4. Morning, Ozy!

*yaaaaaawn*

*streeeeeeetch*

[ozymandius]

5. Good morning Roland.

:donut: :donut: :donut:

Congratulations on the great news about your girlfriend. The news is very exciting.

:thumbsup:

[Roland99]

9. Thanks!

Going to be a big change for me with 3 younger ones running about. :)

[AnneD]

32. Morning Marketeers......

:donut: and lurkers. I turned into the street to do to my school. There were 2 news vans setting up. Hell, if I had know there would be this much media , I'd have shaved my legs. the district released the report of their investigation yesterday, without telling the folks they were accusing (gee do you think that might be some sort of ethical violation). It was filled with all sorts of proof that there was cheating on the TAKS and other trumped up and generally unproven charges. The thing is-today is the day that the TEA is suppose to come out and conduct their OWN investigation (the one that really counts). The Sup is doing nothing but grandstanding and I don't think the TEA will appreciate his report or except the validity, esp in light of the methods the detectives went about gathering their information (we actually have some of it on tape). They offered plumb jobs etc if folks rolled over. Anyway, I don't buy into it because the principal in question is one shrewd person and has had unpleasant dealings with the district and won her case in court. They have been looking to even the score for a while.

The good news-spring break starts this weekend and I get a break.

Happy hunting and watch out for the bears.

[Dr.Phool]

36. Spring break! Shaved legs! Beaches!

I wonder if the wife would like to go up north to visit relatives for a couple of weeks.

:evilgrin: :evilgrin: :evilgrin:

[Roland99]

39. hmmmm....

I have a couple of weeks before my gf moves here.....



;-)


j/k!

[Roland99]

I hope this doesn't drag out into a months-long "he said, she said" debacle.

ugh.

[Name removed]

45. Deleted message

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[Dr.Phool]

46. That was quick!

[Tansy_Gold]

49. Rats! I musta missed a good one.

"Message deleted" everywhere on SMW today!



Tansy Gold, in need of amusement

[TalkingDog]

50. Seriously. I've been lurking and posting for years

I think I can count the number of deleted messages I've seen on 2 fingers.

Dag...I miss all the fun.

[Hugin]

51. Same here...

:pout:

I -was- up earlier, but, I went back to bed. (I think I have a bug. :blech: )

Oh, and How've ya been, TD? :hi:

[TalkingDog]

75. getting things 80% done

You know how that is....you get started, get most of it taken care of and then you have to take care of something else that "can't wait".

I think the general consensus is some rock candy and rye whiskey are the cure for what ails ye. That or my favorite: Lime and Tequila. Vitamin C and germ killing alcohol. Can't miss.

Take care.

[Dr.Phool]

54. Somebody is spamming the whole place with ads for penny stocks.

You want amusement. I let this dog out for a few minutes, and I think she went to a crack house or a meth lab. She's nutso. And it's pouring outside, so the bckyard is not a babysitting option.

[ozymandius]

6. NY Fed Under Geithner Implicated in Lehman Accounting Fraud Allegation

Quite a few observers, including this blogger, have been stunned and frustrated at the refusal to investigate what was almost certain accounting fraud at Lehman. Despite the bankruptcy administrator’s effort to blame the gaping hole in Lehman’s balance sheet on its disorderly collapse, the idea that the firm, which was by its own accounts solvent, would suddenly spring a roughly $130+ billion hole in its $660 balance sheet, is simply implausible on its face. Indeed, it was such common knowledge in the Lehman flailing about period that Lehman’s accounts were sus that Hank Paulson’s recent book mentions repeatedly that Lehman’s valuations were phony as if it were no big deal.

Well, it is folks, as a newly-released examiner’s report by Anton Valukas in connection with the Lehman bankruptcy makes clear. The unraveling isn’t merely implicating Fuld and his recent succession of CFOs, or its accounting firm, Ernst & Young, as might be expected. It also emerges that the NY Fed, and thus Timothy Geithner, were at a minimum massively derelict in the performance of their duties, and may well be culpable in aiding and abetting Lehman in accounting fraud and Sarbox violations.

We need to demand an immediate release of the e-mails, phone records, and meeting notes from the NY Fed and key Lehman principals regarding the NY Fed’s review of Lehman’s solvency. If, as things appear now, Lehman was allowed by the Fed’s inaction to remain in business, when the Fed should have insisted on a wind-down (and the failed Barclay’s said this was not infeasible: even an orderly bankruptcy would have been preferrable, as Harvey Miller, who handled the Lehman BK filing has made clear; a good bank/bad bank structure, with a Fed backstop of the bad bank, would have been an option if the Fed’s justification for inaction was systemic risk), the NY Fed at a minimum helped perpetuate a fraud on investors and counterparties. ...

The key revelation is that Lehman as of late 2007 was routinely using repo transactions at the end of the quarter to mask how levered it truly was:

Lehman regularly increased its use of Repo 105 transactions in the days prior to reporting periods to reduce its publicly reported net leverage and balance sheet.2850 Lehman’s periodic reports did not disclose the cash borrowing from the Repo 105 transaction – i.e., although Lehman had in effect borrowed tens of billions of dollars in these transactions, Lehman did not disclose the known obligation to repay the debt.2851 Lehman used the cash from the Repo 105 transaction to pay down other liabilities, thereby reducing both the total liabilities and the total assets reported on its balance sheet and lowering its leverage ratios.

http://www.nakedcapitalism.com/2010/03/ny-fed-under-geithner-implicated-in-lehman-accounting-fraud.html

[ozymandius]

8. And The Lehman Disclosure Hits Just Keep On Coming; If Fuld Has Not Yet Left The Country...

From Zero Hedge:

And The Lehman Disclosure Hits Just Keep On Coming; If Fuld Has Not Yet Left The Country, Doing So ASAP May Be A Very Good Idea

Reading through the thousands and thousands of pages of Valukas' report has proven, as we suspected early today, quite entertaining. After having first uncovered the Repo 105 accounting gimmick, and E&Y (and, in a normal society, Tim Geithner) coffin nail, we are convinced that this is just the tip of the iceberg, and sure enough, as we read along, more stunners come to light. We will update this post with new discoveries, but for now, we present the episode of the Fenway Tri-Party Repo Market Clusterfuck ("FTPRMC"), The Part Where Lehman Lied To Its Shareholders, And The SEC Gets The Middle Finger (Again), and the parable of Ben Bernanke's And His Scale Of 0 To 100 Of Systemic Fuckedupedness.

1. The Fenway Tri-Party Repo Market Clusterfuck ("FTPRMC" or "The Clusterfuck")

In the days before Lehman filed for bankruptcy, JPM, which was a tri-party clearing bank, in a relationship we discussed long before most had even heard the name Anton Valuklas in our piece from October "A Rare Glimpse Into The Fed's Discount Window Courtesy of The Brewing Lehman-Barclays Scandal", started to escalate its collateral demands, in a foreshadowing of what was soon going to happen to AIG. Notwithstanding that this action may result in credible legal action against JPM, as, in the words of Valukas, "The Examiner concludes that there may be a colorable claim against one clearing bank – JPMorgan – arising from these collateral demands in 2008", we uncover something quite brilliant as to the quality of assets backing up collateral posted in the tri-party repo system. Note this is not the Repo 105 synthetic contraption, which apparently nobody had heard about before, not Geithner, not anybody at the FRBNY, not even Dick Fuld; this is a pure plain vanilla matched repo obligation, and a core component of the $3 trillion shadow banking system, which again was the topic of our prior post on this topic. Back then we ventured to guess that nearly worthless assets are used "on occassion" by assorted tri-party repo participants, and collateralized by JPM as clearing party, and ultimately by the Fed as end party on the other side of a tri-party repo. Little did we know just how far the stench went, and that worthless assets (and we do mean worthless) are very likely the norm. To wit from the report:

On September 11, JPMorgan executives met to discuss significant valuation problems with securities that Lehman had posted as collateral over the summer. JPMorgan concluded that the collateral was not worth nearly what Lehman had claimed it was worth, and decided to request an additional $5 billion in cash collateral from Lehman that day. The request was communicated in an executive?level phone call, and Lehman posted $5 billion in cash to JPMorgan by the afternoon of Friday, September 12. Around the same time, JPMorgan learned that a security known as Fenway, which Lehman had posted to JPMorgan at a stated value of $3 billion, was actually asset-backed commercial paper credit enhanced by Lehman (that is, it was Lehman, rather than a third party, that effectively guaranteed principal and interest payments). JPMorgan concluded that Fenway was worth practically nothing as collateral.

At this point anyone who has even half a brain is feeling their front lobe liquefy. And in case one's brain is still semi-solid, lets simplify - Lehman was pledging as collateral "assets" whose explicit worth was contingent on Lehman's viability! Surely someone at Lehman brothers must have known about this. And the fact that they were so brazen as to suggest something that, as JPM rightfully concluded, was worthless in a catch 22 valuation, highlights the level of criminality and stupidity that serves at the backbone of what people assume is a sound and credible $3 trillion + shadow economy. This also means that should anyone ever delve into the collateral that banks hand off to each other in exchange for the tens of trillions in daily liquidity to gun the SPYs higher, they will find very little of actual value.

More at link...

[Po_d Mainiac]

14. un-fricking believable

But it sure does illustrate why LB tanked at warp speed :popcorn:

Morning all :donut:

[Demeter]

15. The Emperor Had No Skin, Let Alone Clothes

OOOH! We're Gonna Throw Timmy in the Well!

Now, about Bernanke...

[Po_d Mainiac]

23. Rut-Roh.....A Lassie theme for the weekend? n/t

[DemReadingDU]

24. Jon Provost is 60 today

http://en.wikipedia.org/wiki/Jon_Provost

[Po_d Mainiac]

26. Hmmmmm

If Timmy's going swimming, me thinks that someone should chain/leash all Collies for the duration???

Can I get an AMEN?

[Demeter]

28. No Thanks. It can be Today's Theme

I never liked Lassie. Don't know why. I like dogs that are less hairy, I guess.

[Po_d Mainiac]

31. Pheeww!

Yup that show sucked. :hi:

[Dr.Phool]

38. The dominant genes in collies are short haired.

A friend of mine has a smooth collie.

They have to work to get one of those hippies.

[Warpy]

53. The dog wasn't the bad part

It was the cloying family and the neverending story line: somebody does something really stupid, the dog barks, and everybody pays attention to the barking like it's something unusual (most dogs bark at clouds and blades of grass), and the day is saved.

However, mostly it was that cloying family. The dog was fine.

[AnneD]

60. I love The Keenan Ivory Waynes send up of Lassie...

Jim Carey played Timmy and Lassie was a pit bull. Of Course they had had to sell the farm and move into the hood. Lassie protecting them from the land lord and his eviction notice was classic.

I have to confess I loved the story Lassie. Of course I watched the movie (was it with Roddy McDowell). I think I liked it for the same reason I liked the Wizard of Oz. What I learned...

1) There is no place like home-no matter how far you roam.

2) A friend is alway a good thing to have, make, and keep.

3) Alway look where you're going.

4) Be prepared for what ever life throws you.

5) Be kind to all animals, 2 legged or 4 legged.

6) A true friend is worth more than gold.

[tclambert]

65. That's why they always ran to check the abandoned well whenever the mailman came by.

How hard is it to put a lid on an old well?

[Dr.Phool]

30. Yeah, but they want to replace Timmy with the guy from Chase.

Not enough coffee yet. Can't remember the name.

Throw 'em both down the well.

[Demeter]

33. Dimon is JP Morgan; Pandit is Citi; Chase is...

whoever, none of them are untainted. Let alone the godlike Blankfein of GS.

[Dr.Phool]

35. Dimon, that's it.

Another cup of coffee and a clue works wonders.

They've been floating around Dimon's name as a replacement for Timmy. Not that they don't like what Timmy is doing, but he's bringing to much heat. They need a scapegoat.

If they weren't so corrupt, they'd appoint a well qualified REGULATOR to the position. But, they'd prefer a nice diamond-studded Al Capone for the job.

[tclambert]

66. A Regulator? Like Bill McKinney in "The Outlaw Josey Wales?"

[tclambert]

64. I'll bet Dr. Phool could train Lassie to throw Timmy in the well.

"That's right, throw him in the well! Throw him in the well! Good girl! What a good girl! Here's your cookie."

[DemReadingDU]

16. Lehman Brothers Holdings Inc. Chapter 11 Proceedings Examiner’s Report

Jenner & Block is providing links to the Report of the Examiner in the Chapter 11 proceedings of Lehman Brothers Holdings Inc. The Examiner’s report is divided into nine volumes, which are reproduced below in individual Adobe Acrobat PDF files.

The Examiner in this matter was Anton R. Valukas, Chairman of Jenner & Block. Please direct any inquires regarding the below report to: [e-mail].

9 volumes
http://lehmanreport.jenner.com/

[ozymandius]

10. JPMorgan, Citigroup Helped Cause Lehman Collapse, Report Says

March 12 (Bloomberg) -- JPMorgan Chase & Co. and Citigroup Inc. helped cause the failure of Lehman Brothers Holdings Inc. by demanding more collateral and changing guarantee agreements, according to a court-ordered report on the biggest bankruptcy in U.S. history.

“The demands for collateral by Lehman’s lenders had direct impact on Lehman’s liquidity,” said Anton Valukas, the bankruptcy examiner, in a 2,200-page document filed yesterday in Manhattan federal court. “Lehman’s available liquidity is central to the question of why Lehman failed.”

Former Lehman Chief Executive Officer Richard Fuld, ex- Chief Financial Officer Erin Callan, former Executive Vice President Ian Lowitt and former Managing Director Christopher O’Meara certified misleading statements about the bank’s finances, according to the report. Fuld, 63, was “at least grossly negligent,” Valukas said. New York-based Lehman collapsed in September 2008 with $639 billion in assets.

In addition to his conclusions regarding New York-based Citigroup and JPMorgan, Valukas said of London-based Barclays Plc’s purchase of Lehman’s North American brokerage that a “limited amount of assets” belonging to Lehman were “improperly transferred to Barclays.” He added that the value of the assets may not be “material.” ....

The assets improperly transferred to Barclays included equipment with a book value of less than $10 million and customer information of “questionable value” that Barclays didn’t obtain in a “wrongful or unlawful” way, Valukas said. He found “limited colorable claims” against the bank for the transfers. The examiner found no evidence that any securities transferred to Barclays in the sale of the brokerage were owned by Lehman or its affiliates.

JPMorgan and Citigroup were two of New York-based Lehman’s main short-term lenders. On Feb. 24, Lehman said it settled with JPMorgan over the last of $29 billion in claims the bank filed against Lehman.

http://www.bloomberg.com/apps/news?pid=20601087&sid=ab1XUybpK4Vg

[ozymandius]

11. more background info to this sordid mess here

Fuld ‘Negligent’ as Lehman Hid Leverage, Report Says (Update1)

March 12 (Bloomberg) -- Lehman Brothers Holdings Inc. used off-balance-sheet transactions to understate its leverage in late 2007 and 2008, deceiving shareholders about its ability to withstand losses, a bankruptcy examiner’s report said.

Then-Chief Executive Officer Richard Fuld was “at least grossly negligent” for letting Lehman file financial reports in which a key gauge of strength was “reverse-engineered” through transactions known as Repo 105s, bankruptcy examiner Anton Valukas said in a report yesterday. Lehman auditor Ernst & Young LLP could be accused of “professional malpractice,” he said. ...

Fuld didn’t know what the Repo 105 transactions were, his lawyer, Patricia Hynes of Allen & Overy LP in New York, said in a statement. He “didn’t structure or negotiate them,” she said. “Nor was he aware of the accounting treatment.”

The transactions increased just before the end of financial reporting periods, temporarily moving $49 billion to $50 billion of assets off the balance sheet at the end of the first and second quarters of 2008, according to the report. Many employees expressed concern that Lehman was alone among its peers in using such methods, Valukas said. ...

In a repo agreement, one party temporarily transfers a security to another as collateral for short-term cash. A Repo 105 transaction requires extra collateral, making it a more costly form of borrowing. Lehman accounted for the Repo 105s as “sales,” as opposed to financing transactions, Valukas said.

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Trouble is rightfully nigh for a whole lot of people.

[Tansy_Gold]

19. I'm shocked, shocked, I tell you. And I'll be even more shocked

when those involved just continue on their merry corrupt way.

The cynic in me has taken over today. I read all this and I shrug. Nothing will change. Change? Ha! What a concept? No, what a con. We were conned. Even those of us who had reservations were conned, not expecting the depth of Obama's corruption to be nearly as extensive as booooosh's.

Those of us here, who watched the Lehman collapse, the Merrill Lynch disintegration, the gobbling greed of Goldman Sucks, we know. We know now, but it's too late. The front page of SMW should have a long list of the indicted and the convicted. It doesn't. After 14 months, the Obama administration has accomplished nothing in the way of fixing the catastrophe that is the American economy.


A friend of mine, a fellow artist, is about to lose her house. She's been laid off from her day job four times in the past three years, 12 times since 1/1/01. Because of her gaps in employment, she gets a little less than the maximum AZ unemployment compensation; when it kicks in, she'll get about $200, maybe $225 a week. Her mortgage is $1200 a month, she's two months behind on payments, and the value of the house is now less than the balance owed. She's three years from social security and has no savings.

What she has is a phenomenal artistic talent, which resulted in her winning a competition five or six years ago to paint a portrait of a local notable personage. Her very first art sale ever, it brought her a commission of $10,000. She has sold nothing since. It's not because her work isn't good -- she draws crowds wherever she shows. But she can't sell because she won't sell, not at her inflated prices.

A year ago, she was invited -- INVITED -- to place some pieces in a well-established gallery in one of the upscale artsy communities in Arizona. They would take a standard 25% commission off her existing prices -- they would not allow her to raise the price to cover their commission, and they already knew what her prices were -- and they required that she also provide them with a suitable supply of smaller, less expensive (and easier to sell) works.

She turned down the offer. Several of her fellow artists, myself included, managed to explain to her that the gallery required a commission to pay for their facility, their utilities, their employees' wages, and we somewhat calmed her outrage that someone "would make a profit from MY art." But her refusal really turned on the requirement to do "affordable" paintings. "I just can't sacrifice my art for the sake of money," she told me. "I just can't do small things."

So she will probably lose her home and then maybe she can live in a tent made from her unsold big paintings. Maybe she'll become famous after she's dead and her paintings will sell for millions, but that won't do her any good now.

As another artist said upon hearing this news, "I don't feel sorry for her at all. She has a talent she should be sharing, and instead she's being a greedy pig. What's she gonna do when she's kicked out of her house? Set up down at the corner of Mountain View and 60 and sell her paintings for $25 out of the back of a pick-up for grocery money?"

Ideological purity will do that to you. At least she doesn't have any pets.

Eventually the same will happen to Obama and his crew, but it's not going to jappen just yet. Their capitalist ideology will support them for a while, but eventually the masses will have had enough of it. Eventually.



Tansy Gold, discouraged and depressed and NOT holding out for the big bucks with her "art"

[Demeter]

20. There's a Lot of that Going Around

and has been since Reagan. Denial. Worse than cancer.

I am amazed this woman had any friends kind enough to try to explain the facts of life to her.

Well, experience is a dear teacher, but some fools will learn no other way.

I think Obama is worse than a fool. He is a Naif, and willing to believe impossible fairy tales from people with fancy titles and histories of big bonuses. He hasn't looked behind the curtain, not even with BushCo. He refuses to. What can you do with an idiot like that?

[hamerfan]

37. Morning, everyone...

Quoting TG:
"The cynic in me has taken over today."

I think the cynic has taken me over for good. All the corruption, good old boy networking, tit for tat crap is just so much more blatant these days. As if the people involved not only don't care how it looks, they want to rub it in the faces of "the little people:.
Ready to give it all up and find a nice cave somewhere far off the grid......
hamerfan

[Loge23]

47. Fuld could care less

Richard Fuld is arguable one of the worst CEO's in history, let alone a human being.
But, he made about a half of billion dollars in pay - he's wealthy beyond any of our imagination and he could care diddelly about any of this.
This is how our brave new society rewards criminals and thieves at the top, while imprisoning millions of our citizens for far, far, less crimes, alleged or otherwise.
If we, as a nation, were truly concerned about this cretin, we would drag him out of his aerie by his well-coiffed hair and throw in a cell. But instead, he continues to live like the king he imagines himself to be and we eagerly accept his crumbs all the while essentially paying for the privilege.
Think I'll go find a cave with hamerfan.

[Demeter]

17. "Caused" the Lehman Collapse?

I doubt they did anything improper--in fact, it may have been the most proper thing to do, demanding real collateral.

Say rather, that Lehman Bros. was a Ponzi scheme, and it collapsed of its own inevitability.

[DemReadingDU]

21. heard on the radio. about Lehman

Lehman used creative accounting methods, but not as blatant as Enron.

edit: and there was no criminal wrongdoing.

:wtf:

[tclambert]

67. When the legislature is so blatantly for sale, you can buy a law to make whatever you want legal.

"We din't do nuttin' illegal. See, we bought us some laws that allow us to lie, cheat, and steal. Now shut up or we'll buy us some laws allowing us to kill loudmouth complainers."

[Roland99]

22. at fault for demanding they actually back up what they claimed it was worth?

how dare they.

[ozymandius]

12. Bob Swern has the motherload posting of details and offshoots

Bob Swern's diary

Quoting Yves Smith:

Lehman type accounting, in other words, is being institutionalized, with the active support from senior government officials.

It is time for Geithner to go. He is not fit to serve as Treasury secretary.

And the time is overdue for a full audit of the Fed, and in particular the New York Fed, from the start of the Bear crisis through and including all the retrades of the AIG bailout.

Every page is stunning (the law firm did a great job, this is one case where big fees are associated with big time value). The nonsense is mile high. Lehman had been doing this sort of thing since 2001. No US law firm would give them cover via an opinion letter for their phony repo accounting, they managed to get the opinion they sought in the UK and accordingly shuffled assets through the UK for the repo 105 transactions. Frankly, if you don't need colorful characters or glam settings, this is as attention-capturing as Too Big To Fail.

[Name removed]

43. Deleted message

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[ozymandius]

13. Have a nice day, everyone.

Time to leave for my civic duty.

:hi:

[Demeter]

18. Beware the Ides of March, Ozy!

Such excellent timing on these Lehman Bros. revelations. One might call it fate, even.

If all the crooks were in jail--poof! No Shadow Banks. No Fed Reserve, no SEC, no regulators at all.

Well, the flunkies would still be there, and the piles of toxic waste. Maybe at that point, cleanup could begin, done by people whose pay is not contingent on their ability to foment and conceal fraud.

This IS the Apocalypse! And I'm feeling the Rapture!

Not only is Obama out of his depth, he doesn't have a fricking clue, and nobody of any integrity on his staff to give him one--unless Tall Paul can get a word in edgewise.

This could be a serious serious handicap. Too bad Obama's already crewed himself on healthcare. He will get no sympathy from the Public. If Obama has any functioning braincells left, he will sign up for Grayson's Medicare for All legislation and restore some credibility to his Administration, stat.

Then he MIGHT be able to stay in office long enough to complete one term.

[Dr.Phool]

34. I've got to disagree.

You're more forgiving than I am. He's not out of his depth. He's a corrupt manipulator, just like his predecessor. You don't accidentally surround yourself with crooks. It's the George Bush defense.

I remember reading in the first chapter of Al Gore's book. He said that Georgie was not a dummy, but a hard right-wing ideologue. Obama has stated in private appearances that he is a firm "New Democrat". The ordinary citizen doesn't know what a "New Democrat" is. But Obama is proud enough to brag about it at a think tank (run by Summers & Co,). He also said that he was a free trade adherent.

Remember back during the campaign, someone leaked that he was thinking about pulling out of NAFTA? He blamed it on the Clinton campaign. It accomplished the desired result. Labor thought that he might rein in some free trade agreements. Yeah, right.

I think there's a Karl Rove running around in his head. And it's conspiring with Rahm Emmanuel. Call it a field of turd blossoms.

[Tansy_Gold]

48. And I agree with you, Doc.

Obama's no dummy. He knows exactly what he's doing. "Bipartisanship" is his cover for doing exactly what the pukes want because that's exactly what HE wants.

Tell me again why people were so afraid of Hillary???



Tansy Gold, recalling all that "better the devil you know. . . ." crap

[Hugin]

52. Hey, Tansy...

Speaking of payoffs... I'll give you two guesses where one of the Census Centers is located.

[Demeter]

63. Those "Family" Prayer Breakfast Meetings Turned My Stomach

If she wants to be a Democrat, she has no business on C Street.

[Tansy_Gold]

70. Is that any worse than Rick Warren? n/t

[Demeter]

71. Rick Warren Was AFTER the Election

sneak attack

[Tansy_Gold]

74. Right, but that's what I'm saying -- what's the real difference?

And are the things so many were afraid of about Hillary ultimately the same or even worse about Obama?

Don't get me wrong -- I'm not saying Hillary was perfect. She had her non-Dem qualities, too, no doubt about it. But even given all that -- her vote for the war, her ties to Bill and NAFTA and all that, the C Street house, etc., etc., etc. -- is there ultimately any difference?

I can say this, with 20/20 what-if hindsight ;-) --- I think Hillary would have got health care reform passed by now, to vindicate her failure from '94. I think she'd have been more supportive of public education and less likely to push for charter schools and vouchers. Anything else, it's a toss-up, and it doesn't matter anyway because it's just a what-if.

But Obama has thoroughly disgusted me. Thoroughly.



Tansy Gold

[Demeter]

62. That would be both tragic and very sad

But, even if one starts out surrounded by crooks, a smart and good person would quickly can them and prosecute. I see your point can be very valid.

I had such hopes, that there actually was someone who cared that might get elected.

[Demeter]

73. I got Two Words For That: Bert Lance

He did Carter more damage than anything, but Carter stood by him.

[DemReadingDU]

25. LibertyPointe Bank, New York, NY closed Thursday

On Thursday, March 11, 2010, LibertyPointe Bank, New York, NY was closed by the New York State Banking Department, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

more...
http://www.fdic.gov/bank/individual/failed/libertypointe.html


Press Release
Valley National Bank, Wayne, New Jersey, Assumes All of the Deposits of LibertyPointe Bank, New York, New York

LibertyPointe Bank, New York, New York, was closed today by the New York State Banking Department, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Valley National Bank, Wayne, New Jersey, to assume all of the deposits of LibertyPointe Bank.

The three branches of LibertyPointe Bank will reopen on Friday as branches of Valley National Bank. Depositors of LibertyPointe Bank will automatically become depositors of Valley National Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. LibertyPointe Bank customers should continue to use their existing branches until they receive notice from Valley National Bank that it has completed systems changes to allow other Valley National Bank branches to process their accounts as well.

This evening, Friday, and over the weekend, depositors of LibertyPointe Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of December 31, 2009, LibertyPointe Bank had approximately $209.7 million in total assets and $209.5 million in total deposits. Valley National Bank will pay the FDIC a premium of 0.15 percent to assume all of the deposits of LibertyPointe Bank. In addition to assuming all of the deposits, Valley National Bank agreed to purchase essentially all of the failed bank's assets.

The FDIC and Valley National Bank entered into a loss-share transaction on $181.5 million of LibertyPointe Bank's assets. Valley National Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-591-2820. The phone number will be operational this evening from the time of closing until 9:00 p.m., Eastern Standard Time (EST); on Friday from 9:00 a.m. to 6:00 p.m., EST; on Saturday from 9:00 a.m. to 3:00 p.m., EST; on Sunday from 9:00 a.m. to 3:00 p.m., Eastern Daylight Time (EDT); and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/LibertyPointe.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $24.8 million. Valley National Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to all alternatives. LibertyPointe Bank is the 27th FDIC-insured institution to fail in the nation this year, and the first in New York. The last FDIC-insured institution closed in the state was Waterford Village Bank, Williamsville, July 24, 2009.

# # #

Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 8,012 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-49-2010

http://www.fdic.gov/news/news/press/2010/pr10049.html

[Demeter]

27. FDIC Said They Did It on Thursday

because the customers are Orthodox Jews, in respect for the Sabbath.

[DemReadingDU]

29. Interesting

more from link

The bank was closed by New York state's banking regulators and the FDIC appointed as receiver on Thursday, rather than on Friday as is customary for bank shutdowns because of the Jewish Sabbath falling at sundown Friday into Saturday.

Many of LibertyPointe's employees are observant Orthodox Jews who don't work on the Sabbath; the FDIC's process for failed banks requires bank employees to work with agency staff in the days following the closure to facilitate the transition.

http://www.google.com/hostednews/ap/article/ALeqM5hThvm2HJ4hbMZVWIHSErop-reTbgD9ECPH680

[tclambert]

69. And they never close banks on Sundays,

or on Wednesdays, which is spaghetti day and therefore sacred to the followers of the Flying Spaghetti Monster. May It's noodly goodness bless you always.

[Demeter]

72. I didn't know you were a Pastafarian!

I LOVE Italian!

[kickysnana]

55. Anybody know who or why someone got tombstoned?n/t

[Hugin]

56. Dr.Phool said upthread...

It was someone hawking penny stocks or some such. :shrug:

[mbperrin]

58. Thanks, I was wondering myself. Got up late today, the first day of

spring break! Yee-haw!

Now off to brunch...damn! It's already lunch time!

[tclambert]

68. I kinda like penny stocks. They're like the nickel slot machines of the stock market.

[Festivito]

57. Debt: 03/10/2010 12,544,389,439,808.45 (DOWN 8,314,075,488.38) (Wed)

(Up a bit. Debt seems to jump up big then drop slowly maybe up a little and down a little for days--repeat. Came to work late and almost forgot completely to post this. Good day all.)

= Held by the Public + Intragovernmental(FICA)
= 8,062,096,950,036.58 + 4,482,292,489,771.87
UP 295,703,179.30 + DOWN 8,609,778,667.68

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 309-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: $9.71, ABOUT TEN BUCKS for a 1B$ 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 308,945,118 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 $40,603.94.
A family of three owes $121,811.82. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 20 reports in the last 30 to 28 days.
The average for the last 20 reports is 10,190,962,020.11.
The average for the last 30 days would be 6,793,974,680.07.
The average for the last 28 days would be 7,279,258,585.79.
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$/day.
There were 109 reports in 161 days of FY2010 averaging 5.82B$ per report, 3.94B$/day.
Above line should be okay

PROJECTION:
There are 1,047 days remaining in this Obama 1st term.
By that time the debt could be between 14.0 and 20.2T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
03/10/2010 12,544,389,439,808.45 BHO (UP 1,917,512,390,895.37 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 +0,634,560,436,296.70 ------------* * * * * * * * * * * * * * * BHO
Endof10 +1,438,599,746,883.83 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
02/18/2010 +015,224,901,067.79 ------------**********
02/19/2010 +000,114,262,910.59 ------------********
02/22/2010 -000,206,249,204.22 --- Mon
02/23/2010 +000,404,218,476.39 ------------********
02/24/2010 -000,081,552,792.52 ----
02/25/2010 +034,823,775,896.06 ------------**********
02/26/2010 +007,974,774,874.74 ------------*********
03/01/2010 +088,256,071,194.67 ------------********** Mon
03/02/2010 +000,051,419,206.42 ------------*******
03/03/2010 +001,678,102,940.09 ------------*********
03/04/2010 +034,416,128,156.63 ------------**********
03/05/2010 -000,074,542,156.87 ----
03/08/2010 +000,260,238,586.47 ------------******** Mon
03/09/2010 +000,542,827,835.74 ------------********
03/10/2010 +000,295,703,179.30 ------------********

183,680,080,171.28 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4302191&mesg_id=4302365

[MARALE]

59. Kick!

The SMW was at the bottom, needed a kick!

[Festivito]

61. Debt: 03/11/2010 12,575,479,490,348.47 (UP 31,090,050,540.02) (Thu)

(Up a lot. Debt seems to jump up big then drop slowly maybe up a little and down a little for days--repeat. SMW: Super Macgyver World or Subjective Mental Workload. Good day all.)

= Held by the Public + Intragovernmental(FICA)
= 8,091,789,616,324.88 + 4,483,689,874,023.59
UP 29,692,666,288.30 + UP 1,397,384,251.72

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 309-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: $9.71, ABOUT TEN BUCKS for a 1B$ 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 308,953,758 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 $40,703.44.
A family of three owes $122,110.31. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 20 reports in the last 30 to 28 days.
The average for the last 20 reports is 11,307,751,303.21.
The average for the last 30 days would be 7,538,500,868.81.
The average for the last 28 days would be 8,076,965,216.58.
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$/day.
There were 110 reports in 162 days of FY2010 averaging 6.05B$ per report, 4.11B$/day.
Above line should be okay

PROJECTION:
There are 1,046 days remaining in this Obama 1st term.
By that time the debt could be between 14.0 and 21.0T$.
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)
03/11/2010 12,575,479,490,348.47 BHO (UP 1,948,602,441,435.39 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 +0,665,650,486,836.70 ------------* * * * * * * * * * * * * * * * BHO
Endof10 +1,499,768,072,193.80 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
02/19/2010 +000,114,262,910.59 ------------********
02/22/2010 -000,206,249,204.22 --- Mon
02/23/2010 +000,404,218,476.39 ------------********
02/24/2010 -000,081,552,792.52 ----
02/25/2010 +034,823,775,896.06 ------------**********
02/26/2010 +007,974,774,874.74 ------------*********
03/01/2010 +088,256,071,194.67 ------------********** Mon
03/02/2010 +000,051,419,206.42 ------------*******
03/03/2010 +001,678,102,940.09 ------------*********
03/04/2010 +034,416,128,156.63 ------------**********
03/05/2010 -000,074,542,156.87 ----
03/08/2010 +000,260,238,586.47 ------------******** Mon
03/09/2010 +000,542,827,835.74 ------------********
03/10/2010 +000,295,703,179.30 ------------********
03/11/2010 +029,692,666,288.30 ------------**********

198,147,845,391.79 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4303746&mesg_id=4304366

[wordpix]

77. STOP THE WARS - We can't afford them & they're destabilizing to boot

Take your pick---endless war in the ME and Afghanistan or get America back on its feet with jobs, fixed infrastructure, fixed education, health care....

[Festivito]

78. I'd love to stop the wars and fix the problems.

But, we can't agree as a country on where the problems are, let alone how to solve those problems.

For some, it's just a matter of dropping the weapons and boarding the planes home. For others, it's being responsible since we broke it, we see to it being restored. And, everyone probably falls into a mix in between those two points.

There is no pleasant mix, nor endpoint.

As for myself, I see a deeper problem of information: A rotted media with a rotted campaigning system, hand in hand, degrading each other making a worse and worse situation until we've reached this point with our wealth and health destroyed.

So, I have my little niche, an accurate view of the debt, a ridiculously accurate view of the debt that I can defend from any angle and in few words.

It may seem silly compared to wanting to stop the war now. But, I don't see clearly a way to do that.

[DemReadingDU]

79. Thanks for your daily debt summations

I don't always respond, but I do see them. Unfortunately, this debt is increasing faster and faster at larger and larger amounts. Until, it all implodes, nothing can continue forever.

:scared: