STOCK MARKET WATCH, Tuesday September 14

[ozymandius]

Source: du

STOCK MARKET WATCH, Tuesday September 14, 2010

AT THE CLOSING BELL ON September 13, 2010

Dow 10,544.13 +81.36 (+0.78%)
Nasdaq 2,285.71 +43.23 (+1.93%)
S&P 500 1,121.90 +12.35 (+1.11%)
Gold future... 1,250 +3.20 (+0.26%)
10-Yr Bond... 2.74 -0.01 (-0.26%)
30-Year Bond 3.84 -0.01 (-0.31%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Handy Links - Market Data and News:Economic Calendar    Marketwatch Data    Bloomberg Economic News    Yahoo! Finance    Google Finance    Bank Tracker    
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    The Stand-Up Economist

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

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

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

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

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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 Aug
Briefing.com 0.2%
Consensus 0.3%
Prior 0.4%

08:30 Retail Sales ex-auto Aug
Briefing.com 0.2%
Consensus 0.3%
Prior 0.2%

10:00 Business Inventories Jul
Briefing.com 0.8%
Consensus 0.7%
Prior 0.3%

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

[Roland99]

14. # 8:30a Aug. retail sales gain most since March

# 8:30a Aug. retail sales gain most since March

U.S. Aug. retail sales up 0.4% vs 0.3% expected

Aug. retail sales ex-auto up 0.6% vs 0.4% expected


Futures reverse losses. -14 to +11 in seconds.

[UpInArms]

16. g'morning, Roland!

didn't mean to double post on ya!

Have a great day all!

salt mines call :)

:hi:

[Roland99]

20. Not a worry!

:toast:

[hamerfan]

17. It's up! It's down! It's up!

I think the odds would be better in a streetcorner three-card-monte game:

http://www.youtube.com/watch?v=o2kO_5cNF5k

hamerfan

[Demeter]

18. That was VERY informative, thanks for posting!

It explains so much about Chicago, in particular.

[DemReadingDU]

22. That was great!

It's a rigged casino, course we already knew that!

[UpInArms]

15. U.S. Aug. retail sales up 0.4% vs 0.3% expected

Aug. 'core' retail sales gain highest since March

Aug retail sales ex-gas, autos, materials up 0.6%

Aug. retail sales ex-auto up 0.6% vs 0.4% expected

Aug. retail sales gain most since March

U.S. Aug. retail sales up 0.4% vs 0.3% expected

[ozymandius]

2. Oil jumps above $77 on US crude pipeline leak

SINGAPORE – Oil prices jumped above $77 a barrel Monday in Asia, extending gains for a second trading day after a leak forced the closure of a Chicago-area oil pipeline and disrupted supplies to U.S. Midwest refineries.

Repair crews are closing in on the source of a leak but haven't found it yet, Sam Borries, on-scene coordinator for the U.S. Environmental Protection Agency, said Sunday. The 670,000 barrel per day pipeline run by Enbridge Energy Partners carries crude from Canada to the upper Midwest, and the supply disruption has caused a sharp spike in gas prices across that region.

In other Nymex trading in October contracts, heating oil was up 1.2 cents at $2.116 a gallon and gasoline added 1.47 cents to $1.988 a gallon. Natural gas fell 3.2 cents to $3.851 per 1,000 cubic feet.

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

[Roland99]

13. Gas is up about $0.15/gal here in the last week

pretty quick rise for these parts.

[Loge23]

27. Yes, up sharply in S.E. FL (eom)

[ozymandius]

3. Beware starting trade war, China economist tells U.S.

BEIJING (Reuters) – The United States would be the loser if it touched off a trade war by labeling China a currency manipulator or imposed import duties to offset perceived undervaluation of the yuan, a government researcher said on Tuesday.

A total of 93 U.S. lawmakers have signed a letter urging Democratic leaders in the House of Representatives to schedule a vote on a bill to get tough with China over its exchange rate.

The bill would let the U.S. Commerce Department slap countervailing and anti-dumping duties on "injurious imports from any country that persistently undervalues its currency.

http://news.yahoo.com/s/nm/20100914/bs_nm/us_china_economy_researcher

[ozymandius]

5. Geithner says China has done "very little" on yuan: report

BEIJING (Reuters) – China has made "very, very little" progress on letting the exchange rate of the yuan reflect market forces, Treasury Secretary Timothy Geithner said in remarks published in the Wall Street Journal on Monday.

In an interview conducted on Friday, Geithner was asked if he was satisfied with China's progress on the yuan. He replied: "Of course not."

Geithner is due to testify before the House of Representatives Ways and Means Committee on Thursday to present the Obama administration's latest view of what the United States should do to press China to reform its exchange rate practices.

http://news.yahoo.com/s/nm/20100913/pl_nm/us_china_economy_geithner

---

Geithner has also resorted to calling China names. He has branded them a "currency manipulator." I suppose if China does not get into shape then Timmy will start making fun of their clothes.

[OnlinePoker]

12. And so they hold the club of U.S. debt over the country's head

You knew that as soon as any talk of protectionism came up the Chinese would bring out their trillion plus dollars of debt holdings and threaten to dump them.

[Demeter]

23. China, Japan, America By PAUL KRUGMAN

http://www.nytimes.com/2010/09/13/opinion/13krugman.html?_r=2&th&emc=th

...senior American policy figures have repeatedly balked at doing anything about Chinese currency manipulation, at least in part out of fear that the Chinese would stop buying our bonds. Yet in the current environment, Chinese purchases of our bonds don’t help us — they hurt us. The Japanese understand that. Why don’t we?

Some background: If discussion of Chinese currency policy seems confusing, it’s only because many people don’t want to face up to the stark, simple reality — namely, that China is deliberately keeping its currency artificially weak.

The consequences of this policy are also stark and simple: in effect, China is taxing imports while subsidizing exports, feeding a huge trade surplus. You may see claims that China’s trade surplus has nothing to do with its currency policy; if so, that would be a first in world economic history. An undervalued currency always promotes trade surpluses, and China is no different.

And in a depressed world economy, any country running an artificial trade surplus is depriving other nations of much-needed sales and jobs. Again, anyone who asserts otherwise is claiming that China is somehow exempt from the economic logic that has always applied to everyone else...So what should we be doing?

FIND OUT AT LINK

[ozymandius]

4. Economy 101: Who benefits from new banking rules?

...
The new rule released Sunday by the Basel Committee on Banking Supervision aims to fortify banks worldwide and prevent them from spiraling into the kind of global financial crisis that brought the world to its knees in 2008.

Q. What is Basel and how does it have so much power?
A. The Basel Committee is a group of top central bankers from 27 nations who meet regularly and look for ways to manage risk for banks worldwide. The U.S. is represented by Federal Reserve Chairman Ben Bernanke. It is the only forum that the world relies on to create a common standard for large global banks.

Q. What's the main change this year?
A. The most dramatic change proposed by the Basel Committee was a more than three-fold increase, from 2 percent to 7 percent, in the "core capital ratio," or the amount of money banks need to set aside to help absorb losses on loans. The fear is that if banks have less capital than their losses, they cannot meet payments on their own debt, and they usually fail. Capital is expressed as a percentage of a bank's assets.

Q. Who stands to benefit?
A. Consumers and some shareholders, perhaps. Most American banks already meet the new standard, and some actually exceed it, according to Richard Bove, banking analyst at investment firm Rochdale Securities. Many of the larger U.S. banks raised enormous amounts of capital after American regulators required them to do so last year on the heels of the financial crisis.

http://news.yahoo.com/s/ap/20100913/ap_on_bi_ge/us_bank_rules_q_a

[ozymandius]

6. World shares mixed amid weaker dollar

SEOUL, South Korea – World stock markets were mixed Tuesday despite another gain on Wall Street as the dollar retreated to a new 15-year low against the yen and Japan's prime minister survived a leadership challenge. The Chinese yuan hit a fresh high and the euro also rose.

Japan's Nikkei 225 stock average fell 0.2 percent to 9,299.31 points, a turnaround from a 1 percent jump on Monday as the yen gained further and Japan awaited the results of a vote to select the head of the ruling party, who serves as prime minister.

The dollar touched 83.09 yen, its second 15-year low of the day, after the result was announced before recovering slightly to 83.26 yen in late afternoon trading. The U.S. currency stood at 83.71 yen late Monday in New York.

The FTSE 100 index of leading British shares fell 0.2 percent to 5,553.27. Germany's DAX declined 0.4 percent to 6,237.09 and France's CAC-40 retreated 0.2 percent to 3,758.77.

http://news.yahoo.com/s/ap/20100914/ap_on_bi_ge/world_markets

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Gold also rose in trading yesterday.

[ozymandius]

7. SEC Second Guesses Trading Crusade as Market Makers Disappear

Sept. 14 (Bloomberg) -- The U.S. Securities and Exchange Commission has spent 15 years remaking the stock market into 11 competing exchanges and hundreds of computer-driven traders. In the process it has virtually eliminated the traditional market makers who bought and sold stocks when no one else would.

Now the SEC is concerned the revolution has gone too far, leaving markets vulnerable when selling starts to snowball.

Chairman Mary Schapiro called on the agency last week to examine whether the loss of “old specialist obligations” has hurt investors after measures such as trading stocks in penny increments cut the number of those firms on the New York Stock Exchange to 5 from 25 in 2000. With market making now dominated by hundreds of automated traders with few rules for when they must buy and sell, the SEC will consider ways to keep the biggest from abandoning the market at the first sign of trouble.

In October 2008, after the NYSE’s share of trading in companies it listed had fallen to about 24 percent from 79 percent in January 2005, the exchange overhauled its trading rules, stripping specialists of many of their traditional responsibilities and benefits and renaming them designated market makers. The traders no longer got a look at all orders from investors, which had helped them gauge supply and demand in their stocks. While they maintained heftier obligations than now exist on most other venues, they didn’t have to be the trader of last resort when the market turned volatile.

http://noir.bloomberg.com/apps/news?pid=20601087&sid=amUfMuMGP9XM&pos=4

[ozymandius]

11. Fast-trading firm hit with big fine

Regulators slapped a $1 million fine on a brokerage firm for manipulating stocks using a technique fingered in May's flash crash.

The Financial Industry Regulatory Authority, or Finra, said it censured and fined Trillium Brokerage Services of New York and 11 of its employees for improprieties tied to so-called high-frequency trading. The violations took place over a three-month period at the end of 2006 and the start of 2007.

Once their own orders to buy or sell against this fictitious market were filled, the Trillium traders withdrew the phony orders, the self-regulatory body said. The Trillium traders pulled this scam more than 46,000 times, Finra said, reaping $525,000 in profits, which they now are ordered to give back.

http://finance.fortune.cnn.com/2010/09/13/fast-trading-firm-hit-with-big-fine/

[Po_d Mainiac]

42. Horseshit! If the SEC was serious, a transaction fee

of a tiny fraction of a cent per share (whether or not the trade is executed) would stop the flash traders yesterday. If it doesn't then the National Debt will be but a faint memory in 6 months. :grr:

[Demeter]

48. The SEC May not have authority to levy fees

I wouldn't be surprised. We are the only nation that hampers regulators from regulating.

[ozymandius]

8. Why is AIG Being Permitted to Retrade Its Deal With Taxpayers Yet Again?

In case you lost track of this sorry affair, AIG, the biggest ward of the state in human history, continues to get the kid glove treatment. The IMF, doing the dirty work of the Washington Consensus, has repeatedly imposed far more pain on over-indebted countries than US government on the failed insurer.

AIG originally agreed took a deal from the Fed that was on the same terms as a private sector funding that failed to raise enough dough: effectively 11.5%, secured by all the subsidiaries of the company. The plan, which management agreed to, was that the divisions would be sold and the proceeds would repay the borrowings, and management was confident it could do so.

Your diligent Administration also installed three trustees to oversee AIG, and since they were all professional board members, they were the last people you’d expect to rock the boat by asking Elizabeth Warren style tough questions. They were thus easily rolled when new CEO Robert Benmoshe took the reins and retraded the deal yet again, with the imperial announcement that AIG would not seek to repay the loans via divestiture. This was an act of unbelievable intransigence; no private sector majority owner would tolerate such backtalk from a hired hand.

Tonight, the Wall Street Journal reports yet another retrade of the AIG financing: that the government is going to convert its preferred shares to common, and seek to sell its stake over time. This latest scheme is being positioned as a way to accelerate repayment, when it’s another version of extend and pretend.

http://www.nakedcapitalism.com/2010/09/why-is-aig-being-permitted-to-retrade-its-deal-with-taxpayers-yet-again.html

[Demeter]

19. See 3 Card Monte Video, Posted Above By hamerfan

[Festivito]

9. Debt: 09/10/2010 13,441,762,397,157.23 (DOWN 2,733,648,981.26) (Fri)

(Down a little. Good day.)
A long day in Saginaw.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 8,942,462,559,419.34 + 4,499,299,837,737.89
DOWN 55,297,184.77 + DOWN 2,678,351,796.49

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 310-Million person America.
If every American, man, woman and child puts in $3.23 THAT'S 1B$, and $3,225.20 makes 1T$.
A family of three: Mom, Dad, Child: $9.68, ABOUT TEN BUCKS for a 1B$ 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 13 seconds we net gain another American, so at the end of the workday of the report, there should be 310,058,577 people in America.
http://www.census.gov/population/www/popclockus.html ON 04/09/2010 15:49 -> 309,034,742
Currently, each of these Americans owe $43,352.33.
A family of three owes $130,057.. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 31 days.
The average for the last 23 reports is 5,301,367,833.31.
The average for the last 30 days would be 4,064,382,005.54.
The average for the last 31 days would be 3,933,272,908.59.
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$/day.
There were 237 reports in 345 days of FY2010 averaging 6.46B$ per report, 4.44B$/day.
Above line should be okay

PROJECTION:
There are 863 days remaining in this Obama 1st term.
By that time the debt could be between 14.6 and 17.9T$.
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)
09/10/2010 13,441,762,397,157.23 BHO (UP 2,814,885,348,244.15 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,531,933,393,645.50 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,620,741,126,610.46 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
08/20/2010 -000,497,978,282.78 ---
08/23/2010 -000,107,792,107.60 --- Mon
08/24/2010 +000,493,029,883.18 ------------********
08/25/2010 +000,455,932,262.67 ------------********
08/26/2010 +015,329,518,146.29 ------------**********
08/27/2010 +000,056,877,341.30 ------------*******
08/30/2010 -000,093,227,691.02 ---- Mon
08/31/2010 +077,584,457,403.73 ------------**********
09/01/2010 -002,618,329,750.58 --
09/02/2010 +008,773,043,668.95 ------------*********
09/03/2010 +000,065,447,919.59 ------------*******
09/07/2010 +000,022,960,425.76 ------------******* Tue
09/08/2010 +000,399,922,819.12 ------------********
09/09/2010 +008,813,573,460.79 ------------*********
09/10/2010 -000,055,297,184.77 ----

108,622,138,314.63 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=4538062&mesg_id=4538070

[Festivito]

49. Debt: 09/13/2010 13,443,442,988,893.40 (UP 1,680,591,736.17) (Mon)

(Up a little. Good day.)
A sleep in day. Getting ready to test air when pressed.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 8,942,553,858,943.34 + 4,500,889,129,950.06
UP 91,299,524.00 + UP 1,589,292,212.17

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 310-Million person America.
If every American, man, woman and child puts in $3.22 THAT'S 1B$, and $3,224.99 makes 1T$.
A family of three: Mom, Dad, Child: $9.67, ABOUT TEN BUCKS for a 1B$ 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 13 seconds we net gain another American, so at the end of the workday of the report, there should be 310,078,516 people in America.
http://www.census.gov/population/www/popclockus.html ON 04/09/2010 15:49 -> 309,034,742
Currently, each of these Americans owe $43,354.96.
A family of three owes $130,064.89. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 to 31 days.
The average for the last 21 reports is 6,096,430,334.21.
The average for the last 30 days would be 4,267,501,233.95.
The average for the last 31 days would be 4,129,839,903.82.
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$/day.
There were 238 reports in 348 days of FY2010 averaging 6.44B$ per report, 4.41B$/day.
Above line should be okay

PROJECTION:
There are 860 days remaining in this Obama 1st term.
By that time the debt could be between 14.6 and 17.9T$.
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)
09/13/2010 13,443,442,988,893.40 BHO (UP 2,816,565,939,980.32 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,533,613,985,381.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,608,531,909,954.95 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
08/23/2010 -000,107,792,107.60 --- Mon
08/24/2010 +000,493,029,883.18 ------------********
08/25/2010 +000,455,932,262.67 ------------********
08/26/2010 +015,329,518,146.29 ------------**********
08/27/2010 +000,056,877,341.30 ------------*******
08/30/2010 -000,093,227,691.02 ---- Mon
08/31/2010 +077,584,457,403.73 ------------**********
09/01/2010 -002,618,329,750.58 --
09/02/2010 +008,773,043,668.95 ------------*********
09/03/2010 +000,065,447,919.59 ------------*******
09/07/2010 +000,022,960,425.76 ------------******* Tue
09/08/2010 +000,399,922,819.12 ------------********
09/09/2010 +008,813,573,460.79 ------------*********
09/10/2010 -000,055,297,184.77 ----
09/13/2010 +000,091,299,524.00 ------------******* Mon

109,211,416,121.41 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=4539383&mesg_id=4539415

[ozymandius]

10. Stock futures drift lower ahead of retail sales

NEW YORK (CNNMoney.com) -- U.S. stocks were poised for a weak open Tuesday, as traders cashed out some of their gains from the previous session's rally and waited for key retail sales data due before the opening bell.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures fell ahead of the opening bell. Futures measure current index values against perceived future performance.

Investors are starting to transition from an "overly pessimistic" to "cautiously optimistic" view about the recovery, Cardillo said, and higher retail sales would make the outlook look more 'glass-is-half-full' rather than empty.

Economists are expecting U.S. retail sales to have risen 0.3% last month, according to consensus estimates from Briefing.com. Retail sales, excluding the auto sector, are also forecast to have edged up 0.3%, versus a 0.2% gain in the prior month.

http://money.cnn.com/2010/09/14/markets/premarkets/index.htm

[Roland99]

21. Gold pushing to new highs ($1,272). Oil pushing up past $77.

[Po_d Mainiac]

26. The dollar is getting crushed at the moment

Who the hell knows if it will last, but it may be due to this little gem being carried on several blogs

Today, the US Treasury department disclosed that its August deficit was a slightly better than expected $90.5 billion, compared to $103.6 billion in the year prior. What received less fanfare was that the comparable increase in debt in the month of August 2010 was $212 billion, compared to $143.6 billion a year earlier. In other words, more than twice the the deficit had to be issued in the month of August. In an angry post, Karl Denninger highlighted this earlier. Of course, this is not a new development. As we highlighted in May, the US Treasury department continues to issue debt well in excess of the monthly deficit. When we conducted our analysis initially, the average debt issued over any given period's deficit was $34 billion (beginning in October 2006). To be sure, this number has increased to an average of over $35 billion when taking into account the last few months' data. In other words, over the past 47 months, or almost 4 full fiscal years, the US has accumulated a $3.3 trillion deficit, while over the same period, total Federal debt increased by $4.9 trillion, from $8.6 trillion to $13.4 trillion.



http://www.zerohedge.com/article/us-debt-deficit-difference-hits-fresh-record-treasury-continues-issue-50-more-debt-needed-fu

[Roland99]

30. Turning into one big-ass snowball.

[skoalyman]

31. yeppers

:scared: looks like golds will be hitting the 1,300 mark before long.

[Po_d Mainiac]

32. The other white 'meat' is looking good also.

I've mentioned many times that a 1962 Washington quarter was (and almost always has been) worth at least a gallon of gasoline. As of this posting that ratio is 1 silver quarter :to: 1.3 gals Reg Unleaded.

IMHO if you can maintain your net worth too the same ratio as that of petroleum, you will emerge from the ashes with full plumage. I will now excuse myself so as to polish my :tinfoilhat:
YMMV

[Po_d Mainiac]

33. That is a volcano...a snowball stands zilch of a chance in the cauldron. n/t

[Demeter]

35. And WHY Is That So?

Is it the off-balance sheet wars, the banksters, or both?

[Po_d Mainiac]

41. Not sure I fully understand your question..But

The play on the greenback may very much have a lot to do with the perceived value towards commodities. The biggest being oil. REE's along with PM's (as hard substitutes for currency) would also get serious consideration.

As the U$D continues to loose favor in relation to said commodities, it will continue to fall against other major currencies. Maybe the world considers the Euro (on the strength of Germany alone) to become an even larger slice of the money pie in the basket. Even the GBP is stomping on Benny's windpipe today!

China can't be pleased to suddenly know they are in a much longer line at the tellers window, when their US paper matures. They may be trying to devalue the Yuan, but can't keep pace with the forces of gravity on the dollar?

Is this the day that the world starts screaming "stop the presses" and means it? If so, the publication within the blogosphere about the extra bonds being created may have been the tipping point. Consider it the same type of trigger to your credit card rate if your FICO drops. One other factor could be the rumors of another round of QE. Or maybe we're up to QE2.6.2? Either way those holding US debt gotta be fuming.

This currency battle appears to be waged at a level higher than Wall St. What the banksters have done, got reaction A from the Fed. The Fed took a couple shots over her bow, but continued with plan A anyway. If we continue to see the shredding of the buck in coming days, it would be a safe bet that the trajectory of the warning shots is lowering. Or maybe they aren't warning shots at all, but getting the range locked in. :shrug:

Something happened at 9am ET that sent PM's up like a missile, and the U$D spinning towards the drain. Since the equity markets are moving sideways, it's obviously not a story worth covering on CNBS or Broomberg. :sarcasm:

The Swiss Franc hit parity and them some in about 14mins of trading...HFS!

[Ghost Dog]

46. It does look like a trigger has been pulled.

I think the cronies have been talking amongst themselves and taking decisions during August, and are now executing a coordinated plan.

This may involve a concerted effort to nuke and definitively neuter the Obama Administration and (they think) taking the teabaggers for a little ride...

[Po_d Mainiac]

47. The printing presses sure look like they are in the crosshairs.

Austerity measures are being crammed down everywhere else and the butt-rods on Crapital Hill can't even make the proper noises, let alone wipe the crust that's built up between their bum cheeks.

Letting the shrubs tax cuts expire would at least make the right sound.

The kaboom has been inevitable. The only question is which rod, when removed, starts the chain-reaction :popcorn:

[Demeter]

24. Fracking Chemicals Will Be Disclosed, Drilling Companies Say

http://www.truth-out.org/fracking-chemicals-will-be-disclosed-drilling-companies-say63217

The Obama administration urged gas companies to voluntarily disclose the toxic chemicals they inject in the ground in a type of natural gas exploration that uses hydraulic fracturing, or fracking.

If companies rebuff the request - a seemingly unlikely event - environmental regulators could get tough...

[bread_and_roses]

28. so we're going to trust the industry?

pfffttttttt

[Demeter]

34. I'm Not Trusting Anybody About Anything Anymore

I'd trust our anonymous little group over any person in authority.

[jtuck004]

40. Got that right. n/t

[Demeter]

25. Forced Busing, the Deficit Commission and Social Security by: Dean Baker

http://www.truth-out.org/forced-busing-deficit-commission-and-social-security63199


It seems that President Obama's deficit commission is apparently now attempting to put up a challenge to forced busing on the all-time boneheaded policy list. According to stories based on leaks from the commission, it is considering a plan to raise Social Security benefits for the lowest income beneficiaries. This is a great idea, since many of the elderly live at, or only slightly above, the poverty line. A modest increase in benefits would make a big difference in their standard of living.

However, the geniuses on the commission want to pay for this benefit increase by cutting the benefits of the "affluent" elderly. The problem with this plan is that there are very few genuinely affluent elderly and their benefits are not much higher than the benefits of normal people.

While we can raise lots of money by taxing the richest 1 percent of the population, since they earn such a disproportionate share of the country's income, we cannot save much money by cutting their benefits. When billionaire investment banker Peter Peterson tells audiences that he doesn't need his Social Security benefit, he is only putting $40,000 a year at stake. We can zero out the benefit for Peterson and his wealthy friends and not have to change a single number in the Social Security publications since the difference would be within rounding error.

In order to get any substantial sum of money to increase benefits for low-income elderly and to eliminate the long-term projected shortfall, it will be necessary to cut benefits for people who earned $35,000 - $40,000 a year during their working lifetime. This means cutting benefits for people who worked as schoolteachers, construction workers, factory workers, and other very middle-class or working-class jobs....

MORE

[TalkingDog]

29. Jobs Crisis? What jobs crisis?

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8000561/IMF-fears-social-explosion-from-world-jobs-crisis.html

"The labour market is in dire straits. The Great Recession has left behind a waste land of unemployment," said Dominique Strauss-Kahn, the IMF's chief, at an Oslo jobs summit with the International Labour Federation (ILO).

He said a double-dip recession remains unlikely but stressed that the world has not yet escaped a deeper social crisis. He called it a grave error to think the West was safe again after teetering so close to the abyss last year. "We are not safe," he said.

[Demeter]

36. Looks Like the PPT Hasn't Come Back From Lunch Yet

I'm having a really frustrating day...bear with me. (pun intended)

[Juneboarder]

37. Be(e)r with you?

Surely! :)

[Ghost Dog]

38. September 13 2010: Basel III: We Lost, The Banks Won

Basel III was pushed through this weekend. Isn’t that great? All those ugly big bad banks will now have to adhere to much stricter international regulations. That’ll teach ‘em. And we’ll all be soooo much better off. Never again a financial crisis, and honey flowing from the trees into eternity...

Read
Automatic Earth

/... http://www.leap2020.eu/notes/September-13-2010-Basel-III-We-Lost-The-Banks-Won_b2345521.html

(Expecting the latest LEAP/E2020 bulletin sometime tomorrow...)

[Tansy_Gold]

39. JP Morgan Chase's online banking system crashes

Thanks to ohiochick for posting this in LBN

http://www.computerworld.com/s/article/9185420/JPMorgan_Chase_s_online_banking_site_crashes


The bank said its online services were lost sometime "overnight" last night, and would not predict when they expect that the site will be restored.

ATMs, branches, and telephone call centers are not affected by the outage, though call center volume has increased, said Tom Kelly, a Chase spokesman.

The cause of the outage isn't clear, Kelly said. "It's a technical issue that we're dealing with."




Now, who was it that was saying something yesterday about banking crashes and dry runs and let's see what happens if the system goes out for a while??? Huh? Who was that again???



Tansy Gold, just makin' sure the rubber stamp is within easy reach.

[DemReadingDU]

43. Just a test

:)

[Tansy_Gold]

44. Well, I'm not claiming any great prognostication powers

but it did seem just a tiny bit weird that this happened so quickly after my comments yesterday.

(cue Twilight Zone theme).



TG, NTY

[DemReadingDU]

45. Twilight Zone

http://www.youtube.com/watch?v=-b5aW08ivHU

edit, another version
http://www.youtube.com/watch?v=NzlG28B-R8Y