STOCK MARKET WATCH, Wednesday September 15

[ozymandius]

Source: du

STOCK MARKET WATCH, Wednesday September 15, 2010

AT THE CLOSING BELL ON September 14, 2010

Dow 10,526.49 -17.64 (-0.17%)
Nasdaq 2,289.77 +4.06 (+0.18%)
S&P 500 1,121.10 -0.80 (-0.07%)
Gold future... 1,270 -1.60 (-0.13%)
10-Yr Bond... 2.69 +0.02 (+0.56%)
30-Year Bond 3.82 +0.02 (+0.47%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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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 NY Fed - Empire Manufacturing Survey Sep
Briefing.com 5.0
Consensus 6.4
Prior 7.1

08:30 Export Prices ex-ag. Aug
Briefing.com NA
Consensus NA
Prior -0.2%

08:30 Import Prices ex-oil Aug
Briefing.com NA
Consensus NA
Prior -0.3%

09:15 Industrial Production Aug
Briefing.com 0.3%
Consensus 0.3%
Prior 1.0%

09:15 Capacity Utilization Aug
Briefing.com 75.0%
Consensus 75.0%
Prior 74.8%

10:30 Crude Inventories 09/11
Briefing.com NA
Consensus NA
Prior -1.85M

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

[rfranklin]

36. U.S. stocks down after disappoint economic report

U.S. stocks down after disappoint economic report
NEW YORK (MarketWatch) -- U.S. stocks slid at Wednesday's start after a report pointed to slowing growth in manufacturing in the New York region. The Dow Jones Industrial Average (DOW:DJIA) fell 22.78 points to 10,503.71. The S&P 500 Index (MARKET:SPX) shed 4.44 points to 1,116.66. The Nasdaq Composite (NASDAQ:COMP) declined 6.27 points to 2,283.30

[rfranklin]

37. Industrial output rises 0.2 percent in August

Industrial output rises 0.2 percent in August
9:26am EDT
WASHINGTON (Reuters) - Industrial output rose 0.2 percent in August, matching expectations for a sharp slowdown from the prior month when auto production was unusually strong, Federal Reserve data showed on Wednesday.

July's gain of 0.6 percent was revised down from a previously reported 1.0 percent jump because of newly available data on iron, steel and other manufacturing industries, the U.S. central bank said.

Economists had widely expected August's industrial production to be softer than July's because of an unusual spike in auto manufacturing. Excluding motor vehicles and parts, total industry output increased 0.4 percent in August, compared with July's 0.3 percent gain.

[ozymandius]

2. Oil falls to near $76 as US crude supplies grow

SINGAPORE – Oil prices fell to near $76 a barrel Wednesday in Asia after a report showed U.S. crude supplies jumped last week, suggesting demand remains tepid.

The American Petroleum Institute said late Tuesday that crude inventories rose 3.3 million barrels last week while analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos., had forecast a drop of 2.25 million barrels. Inventories of gasoline and distillates fell, the API said.

The Energy Department's Energy Information Administration reports its weekly supply data later Wednesday.

In other Nymex trading in October contracts, heating oil was down 0.76 cent at $2.121 a gallon and gasoline fell 0.97 cents to $1.959 a gallon. Natural gas dropped 1.4 cents to $3.952 per 1,000 cubic feet.

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

[ozymandius]

3. Japan intervenes to weaken yen and warns of more

TOKYO (Reuters) – Japan sold yen in the market on Wednesday for the first time in six years and promised more to come in a bid to stop the currency's relentless rise from hurting exporters and threatening a fragile economic recovery.

Fresh after victory in a party leadership contest, Japan's Prime Minister Naoto Kan appeared to be stepping up efforts to wrench the country out of deflation by targeting yen strength, which has weighed on stock prices and corporate profits.

Dealers suggested Wednesday's intervention amounted to about 300-500 billion yen ($3.6-$6 billion), though some reports put it closer to 100 billion yen.

The U.S. dollar was boosted further after an official at Japan's Ministry of Finance said intervention was not finished. It climbed about 3 percent on the day to more than 85.50 yen, having dropped to a 15-year low of 82.87 yen earlier.

http://news.yahoo.com/s/nm/20100915/bs_nm/us_japan_economy_intervention

[Po_d Mainiac]

11. The Swiss CB tried to devalue the franc recently

It got to the stage that each move was met so quickly, the price drop would last for just a few minutes. Eventually the attempt failed and the SCB gave up.

Will the Japanese do any better? :popcorn:

[ozymandius]

14. The Japanese are very accomplished at deflating their currency.

Last night's action had an immediate and exaggerated effect on the yen-to-dollar exchange.

TOKYO (MarketWatch) — The Japanese yen extended its decline Wednesday afternoon as Japan’s monetary authorities publicly intervened in the foreign exchange market for the first time since 2004 — fueling a climb in the U.S. dollar above ¥85.

The ministry and central bank apparently aim to keep the dollar in the ¥85 range or higher, the Nikkei report said, citing one market participant.

Following the market action, the dollar (USDYEN 85.0700, +2.0500, +2.4690%) bought as much as ¥85.13, compared to its earlier Wednesday low of ¥82.85 — a more than 15-year trough. The greenback traded at ¥83.13 late Tuesday in New York.

http://www.marketwatch.com/story/yen-slips-as-japan-stems-currencys-rise-2010-09-15

The JPY moved the stated amount in an hour.

[DemReadingDU]

15. What did Japan do to make their Yen decline so quickly?

In America , we have helicopter Ben to drop money. But what does Japan do?

[Tace]

16. Sold Yen

Vast quantities.

[DemReadingDU]

19. Who bought Yen?

in vast quantities?

[Demeter]

21. China, India, Brazil

anybody with a positive trade balance...

[ozymandius]

17. Not sure.

The U.S. FRB will just create money out of nothing and send it to work in the credit markets. Japan may do the same as well as sending massive numbers of JPY to the currency traders' accounts.

Just speculating...

[Po_d Mainiac]

27. Intervention is normally buying another currency ..JPN bought U$D

Noda declined to comment on whether the intervention, the first since March 2004, was to buy dollars for yen, but two traders said the Bank of Japan appeared to have bought dollars around 83 yen.

http://www.zerohedge.com/article/currency-intervention-bitches

So far it's working

[Demeter]

43. How kind of Japan

to sink their currency by inflating ours...

[Roland99]

28. Futures are down 30

[ozymandius]

4. US lawmakers to target China, grill Geithner

I wholly approve of this kind of cannibalism. - ozymandius

WASHINGTON (AFP) – Facing November elections shaped by voter anger at the sour economy, US lawmakers this week will grill US Treasury chief Timothy Geithner on what they charge are China's unfair trade practices.

Key Senate and House of Representatives committees are weighing bills to impose retaliatory measures against Chinese goods amid accusations that Beijing keeps its currency -- and thereby its exports -- artificially cheap.

Other bitter US congressional complaints center on Beijing turning a blind eye to rampant intellectual property theft, and its "indigenous innovation" practice of buying key
products from domestic producers.

The House Ways and Means Committee, which has jurisdiction over taxes and trade, was to grill Geithner on Thursday after a hearing one day earlier featuring executives and the head of the United Steelworkers union, Leo Gerard.

http://news.yahoo.com/s/afp/20100915/pl_afp/uschinaforexpolitics

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This is in stark contrast with the article about Japan's currency intervention to weaken the Yen.

[AnneD]

20. Morning Marketeers...

:donut: and lurkers. Hhhhmmmmm. Grilling Geithner. Might I suggest mesquite smoking him in a slow roast style. I would put him in a brine soak (tears from the middle class will suffice) 24 hours prior. Then, just prior to serving, whip up a nice yellow peach, habenaro, pecan nut salsa. For sides I would go for a grilled squash and garlic (to keep away the blood suckers) pureed, and grilled tomatoes and corn.

Well, I haven't posted here in a while. Seems I have a big target painted on my shirt, in addition to having more work dumped on me than one person can physically do in a 24 hour day. I am serious-I went through and deleted my e-mails, sent files, and archived files that had even a whiff of controversy. I reality, if they asked me, I would tell them these things to their face and still might before it is over with, but on the advice of my Union advisor and for the sake of my friends, I am self muzzeling for while. Thank Jesus I am close to retiring. To bad for the kids because School Nurses are getting to be rare these days.

Our trip to the Hill country for Labour Day was interesting. I had all these activities plan for Saturday, but when we got there, Hubby wanted to lay down and take a nap. He slept until the next morning. I didn't have the heart to wake him. We did have a great lunch Sunday at a nearby 'Rattskeller'. We made it back to Houston before the tropical rain bands flooded the Hill Country. He said it was the best vacation he has had in a while. To bad you have to go on a vacation to sleep.

Happy hunting and watch out for the bears.

[ozymandius]

26. Keep doing the right thing, AnneD.

It is hugely unfortunate that we must live with contradictions to our own moral compass. But we do what we must. It sounds like you have established one of the best ways of dealing with adversity: document everything. This way - at least you are prepared for the worst should controversy erupt into scandal.

[DemReadingDU]

33. Hang in there AnneD

The country needs more people like you to speak up for our most basic rights. Otherwise, people will keep getting slammed and more of our rights being eliminated. It's so stressful, take care. Next vacation, you do the sleeping!

[ozymandius]

25. Geithner Calendar: Met Goldman's Blankfein More Often Than Pelosi, Reid, McConnell, Boehner

Goldman CEO Lloyd Blankfein has shown up on Geithner's calendar at least 38 times through March 2010 since the Treasury Secretary took office in January 2009, three more entries than Senate Majority Leader Harry Reid, 13 more than House Speaker Nancy Pelosi, and nearly four times as many as Senate Minority Leader Mitch McConnell and House Minority Leader John Boehner combined, according to a copy of Geithner's daily log recently published online by the Treasury Department. The imbalance is striking, considering that Geithner was heavily involved in financial regulatory reform legislation, which Congress was grappling with during the period covered by the calendar.

All told, Geithner met with, spoke to, or attempted to secure conversations with Wall Street chieftains at least 49 times during the five-month period ending in March 2010, a slight increase from the 37 entries on his calendar during the previous five-month period.

But it's still far below his first five months in office, when Geithner met with chief executives from firms like Citigroup, JPMorgan Chase, Morgan Stanley and BlackRock at least 76 times -- more calendar entries than for the heads of the regional Federal Reserve banks, who are the top overseers of systemically-important banks like JPMorgan, Citi, Bank of America and Wells Fargo -- or for top members of Congress like Reid, Pelosi, their Republican counterparts, and the heads of the Senate and House committees overseeing financial institutions and economic policy.

http://www.huffingtonpost.com/2010/09/14/geithner-blankfein-pelosi_n_715334.html

This story self-writes side notes on the credit market collapse and financial regulation legislation.

[Demeter]

44. Schmoozing With His Future Boss, No Doubt

[Festivito]

5. 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

[Festivito]

54. Debt: 09/14/2010 13,440,225,498,627.42 (DOWN 3,217,490,265.98) (Tue)

(Up a little. Good day.)
It was very pretty at Oakland University today.
(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)
= 8,942,704,712,188.55 + 4,497,520,786,438.87
UP 150,853,245.21 + DOWN 3,368,343,511.19

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 $3,224.92 makes 1T$.
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 310,085,162 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 $43,343.66.
A family of three owes $130,030.98. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 32 days.
The average for the last 22 reports is 5,673,070,306.93.
The average for the last 30 days would be 4,160,251,558.41.
The average for the last 32 days would be 3,900,235,836.01.
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$/day.
There were 239 reports in 349 days of FY2010 averaging 6.40B$ per report, 4.39B$/day.
Above line should be okay

PROJECTION:
There are 859 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)
09/14/2010 13,440,225,498,627.42 BHO (UP 2,813,348,449,714.34 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 +1,530,396,495,115.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,600,557,939,017.85 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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
09/14/2010 +000,150,853,245.21 ------------********

109,470,061,474.22 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=4541058&mesg_id=4541067

[ozymandius]

6. Senate clears hurdle on bill to aid small business

WASHINGTON (AFP) – The US Senate cleared a key hurdle Tuesday toward passage of a bill endorsed by President Barack Obama to provide billions in aid and tax breaks for small businesses hurt by the struggling economy.

Senators voted 61-37 to end debate and bring up a formal vote on the bill, which has faced weeks of political wrangling between the White House and opposition Republicans.

A final vote is expected later this week.

The measure, if enacted, would provide 30 billion dollars in loans for small business and another 12 billion in tax breaks including investment credits.

http://news.yahoo.com/s/afp/20100914/pl_afp/uspoliticseconomybusiness

[ozymandius]

7. Yen drops, Nikkei jumps on Japan FX intervention

SINGAPORE (Reuters) – Japan intervened in foreign exchange markets for the first time in six years on Wednesday to stem economic damage from the surging yen, pushing its currency sharply lower and lifting Tokyo stocks by more than 2 percent.

The dollar rose more than 2 percent to 85.18 yen by midafternoon, rebounding from a fresh 15-year low of 82.87 yen against the Japanese currency hit in early trade.

The Nikkei (.N225) reversed early losses and surged 2.3 percent on word of the intervention. Shares of exporters, which have been dogged by the yen's strong gains this year, were among the biggest winners, with Sony Corp (6758.T) rising 4 percent.

The MSCI index of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) rose 0.3 percent, focusing more on questions surrounding the global economic recovery and held in check by a lackluster performance on Wall Street overnight. (.N)

http://news.yahoo.com/s/nm/20100915/bs_nm/us_markets_global

[ozymandius]

8. AP-CNBC Poll: Investors wary of stock trading

WASHINGTON – Wild gyrations on Wall Street have made U.S investors leery of buying individual stocks and skeptical that the market is a fair place to park their money.

In an Associated Press-CNBC poll of investors, 61 percent said the market's recent volatility has made them less confident about buying and selling individual stocks. And the majority of those surveyed — 55 percent — said the market is fair only to some investors.

The survey confirms that average investors have been growing more concerned about the stock market as a safe place to invest for retirement. And news about the market has been unsettling for ordinary investors of late: More than 60 percent of those surveyed said they had paid attention to news reports about swings in the stock market.

Perhaps as a result, investors have been moving their money away from stocks and into bonds, which are generally more conservative investments and less volatile.

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

---

It lifts my spirits to see how those folks, who have been clobbered repeatedly, have now realized who has been hitting them in the head.

[tclambert]

18. This is short-term thinking. These are bubble investors.

It's momentum investing. When things are confusing and the market drifts down or holds level, these people will sell. Significantly after it turns upward, they will jump on the next "hot" stock, pumping up a bubble. After it starts downward, they will panic and sell, turning a decline into a crash. You can make money doing the opposite of what these people do.

Worst, they are investing for the recent past. Investing is supposed to be about the future.

It's like when A123 Systems recently announced the opening of their big, new plant in Livonia. (I drove by, but my wife wouldn't let me try to sneak in the propped-open door.) The stock shot up, like investors were surprised by the news. They'be been working on this plant for about 2 years! Here's a prediction about that stock: They have yet to report a profitable quarter. But they will, maybe this quarter, maybe the one after. When that happens, the stock will shoot up again. More near term, the Chevy Volt and Nissan Leaf go on sale in November. When that happens, battery stocks will go up.

Those are my predictions. Invest at your own risk. As for me, I'm looking longer term than that. Some predict the automotive battery market will grow by a factor of 1000 (100,000%) over the next ten years.

[Po_d Mainiac]

23. Yup...the late comers are always road kill for the vultures

Many are just becoming aware of the casino the equity markets have become. (We can blame the lack of candor on the part of MSM for much of that) The Fed continues to rape savers with ZIRP and the charts show bond funds resembling ski slopes. Problem is it's late March in the Northern Hemisphere, and the once powdery snow is beginning to turn granular.

It's not a matter of 'if' rates climb, it's a case of when. And when it happens there will be even more retirements placed on hold. More elders in the workplace means less space for the younger generations

We, as a nation, are in dire need of financial/investment education.

[Demeter]

45. What We Need Are Some Politicians and Regulators Who Serve People

"little" people, as opposed to corporate personae.

[Po_d Mainiac]

47. More investment savey voters would theoretically make better choices in the ballot booth.

Then hold the electeds' feet to fire to both install the right people at the regulatory level, and supply the tools to ensure the job is accomplished.

I doubt if we'll ever see politicians do the right thing for the masses, regarding markets and banks, until voters get their shit together.

[Demeter]

48. The Savvy Voters Are Going to Have to BE the Candidates

We are going to have to end the corporate/political revolving door and the sock-puppet empty suits and the "dynasty" syndrome.

[Tansy_Gold]

32. IF this is true, why is the market going up?

Seriously -- it makes no sense to me to say that investors are moving away from the market if in fact it is steadily rising. If investors are leaving, the prices should be falling. The DJIA indicates this is not true.

Can somebody explain it to this poor ignorant old broad?



TG, NTY

[rfranklin]

34. There are investors and then there are traders....

The market is being moved by trading desks at Goldman Sachs and others. They look for profits on those trades from day to day, sometimes moment to moment.

[ozymandius]

35. Probably institutional investors -

The Dow numbers have fluctuated on very low volume. I do not have the numbers from yesterday but this clip from Briefing.com makes my case:

Trading volume on the NYSE failed to break 1 billion shares for the eighth straight session. Participation could pick up as monthly options come closer to their expiration at the end of the week.

I can remember ten billion shares trading hands three years ago. Yet trading cannot even muster a billion? In September?

[Tansy_Gold]

39. So what you're saying, Ozy and rfranklin, is that the Dow

is being driven by a few "traders" and not by "investors" at all, so the original article was technically inaccurate?

You see, it would never occur to me to watch the volume of shares traded, because my brain isn't oriented that way. But it makes sense when you point it out.



Tansy Gold, askin' the questions lurking in the minds of lurkers ;-)

[Demeter]

49. It's a Kind of Self-Stimulation

or "churning"

[Tansy_Gold]

50. In a word. . . .

Wankers.

:evilgrin:


TG

[Po_d Mainiac]

52. Actually it's just a couple zit faced 19 y/o computer geeks

Who run the casino now

[ozymandius]

9. EU Proposes Legislation To Reduce Risks In Derivatives Trading

Some good news at last on derivatives. - ozymandius

BRUSSELS (Dow Jones)--The European Commission Wednesday proposed two pieces of legislation aimed at limiting risky trading in financial markets, part of its effort to improve regulation in the wake of the financial crisis.

One proposal would require most derivatives trades to be routed through centralized clearing houses, which are entities that ensure companies can cover their losses if their trades go awry. The other would force investors to disclose more information about the bets they make against companies or the debt of governments, with European regulators given the power to ban these trades temporarily in a period of market turmoil.

The clearing requirements proposed in the legislation will probably make derivatives trading more expensive for the large financial firms that dominate the market. But the rules won't apply to all companies. Airlines, energy producers and other non-financial firms will receive broad regulatory exemptions, after successfully arguing to the commission that they shouldn't be penalized for using derivatives to hedge risks posed by fluctuations in commodity prices, currencies and interest rates.

The legislation exempts non-financial firms if their trading activities don't pose "systemic" risks, according to the draft. The commission and the ESMA will set the threshold for this exemption. Derivative contracts that are used solely to hedge commercial risks and not for speculation shouldn't be included in the calculation of the threshold, the draft says.

http://online.wsj.com/article/BT-CO-20100915-703661.html

[ozymandius]

10. Pimco Makes $8.1 Billion Bet Against ‘Lost Decade’ of Deflation

Sept. 15 (Bloomberg) -- Bill Gross’s Pacific Investment Management Co. made an $8.1 billion wager that the U.S. won’t suffer a decade of deflation like the one that crippled Japan starting in the 1990s.

That’s the notional value of long-term derivative contracts tied to the U.S. consumer price index that Pimco’s mutual funds entered into during the first half of this year, according to a regulatory filing. The funds received $70.5 million in up-front premiums under these contracts, known as inflation floors, in return for agreeing to pay investors should prices decline in the 10 years ending in 2020.

Inflation floors, structured as options on the consumer price index for all urban consumers, are similar to insurance. The buyer of the contract pays a premium at the outset in return for the right to receive a payment after 10 years should the CPI decline during this period, according to D’Arcy Miell, global head of inflation products at BGC Partners LP, a New York-based inter-dealer broker.

In Pimco’s case, a cumulative 10 percent decline in the price index over 10 years would require the funds to pay out a total of about $810 million, based on that formula. The funds would pay nothing to the counterparties and keep the premiums if prices in 2020 are equal to or higher than in December 2009 or January 2010, depending on the contracts.

http://noir.bloomberg.com/apps/news?pid=20601087&sid=aqqEDrWMDO3w&pos=3

[Po_d Mainiac]

13. How might Pimpcos' obit read? n/t

[Demeter]

22. Optimist to the End

and what a bloody ending it was!

[ozymandius]

12. CRE fugliness

Atlanta Awash in Empty Offices Struggles to Recover From Binge

Developers put 3.6 million square feet of office space on the Atlanta market from 2008 to the first quarter of 2010, Cushman data show. The firm calculates that about two thirds of that space was empty on June 30, accounting for almost 10 percent of all vacancies.

Commercial real estate seized by banks after defaults on loans bundled into securities is higher in Atlanta than in any other city, according to data compiled by Bloomberg. Distressed sales of office buildings accounted for 46 percent of transactions in the year ended June 30, tops in the country, real estate research firm CoStar Group Inc. said.

Almost $4.9 billion of securitized commercial real estate debt in the Atlanta area is on a “watch list,” meaning that firms that service the loans are monitoring them for possible default, according to Bloomberg data. At the top of the list is Bank of America Plaza, the Southeast’s tallest building, which has $363 million of debt.

Atlanta is no longer showing robust population and job increases. Unemployment topped 10 percent for most of the past year and exceeded the national rate for most of 2008, 2009 and 2010. While Atlanta’s office space increased 5.8 percent in the past five years, office jobs shrank 9.8 percent, according to CoStar.

http://noir.bloomberg.com/apps/news?pid=20601109&sid=a8ouzgVNHcqQ&pos=10

---

This is a well written article. It speaks to a number of causes of over-development such as developers, banks and investors who just could not say 'no' to the next $100+ million project.

About two miles from where I write this - there are two skyline buildings that are in some stage of foreclosure.

[Roland99]

31. Louisville almost bit off more than it could chew

with the Museum Plaza complex that was going to greatly alter the skyline. I think they'd just about gotten final bond approval with things went south 2 years ago and that put a halt on that whole project.

[Demeter]

24. Good Morning All

It was sad to watch the pool getting packed away for the winter yesterday. We have renovated it, hired our own lifeguard staff, and run it for two years now. It was the best it's ever been. Now a spanking new, trampoline-type cover has been installed, to ensure that all that renovation doesn't get destroyed over the cold season to come.

And it's already here. This was our 4th or 5th 45F morning. We are going to set a new early frost date if this keeps up. :cold:

Gas prices slowly edging down, even though they haven't found the leak yet, if the lack of reports means anything. I paid $2.81 with my 10 cents per gallon discount from Kroger's.

It figures that the day I start subbing on the NYT route the gas jumps 30 cents.

I am frightfully efficient at the route--it's amazing how all those patterns come back so easily. I'm finishing in less than 3 hours what used to take 4.5.

Hope your day and week go well. I've already heard of two flu cases--both rather severe....

[Roland99]

30. I think we actually dipped just under 70F last night!

Would be the first time since May (or at least it felt like it!)

Started looking at pool companies in more earnest this week and hope to have a good one installed by March/April. I'm sure it'll be used year-round down here. :)

[skoalyman]

40. its cool here in ohio, 61 now but last night it was in the low 50s

:scared: I'm not looking forward to the snow:nuke:

[ozymandius]

38. Good morning.

:donut: :donut: :donut: Cooler days are here again. We will clip 90º occasionally as the afternoon high. But the trend is bending toward the 80s. Mornings are cool and slightly crisp with the humidity dropping below 40%. This is a really nice time to live in my urban hellhole.

[Roland99]

29. LOVE the toon!

:)

[Roland99]

41. Fannie losses will stay below $400 bln: regulator

Fannie losses will stay below $400 bln: regulator
http://www.marketwatch.com/story/fannie-losses-will-stay-below-400-bln-regulator-2010-09-15

Even under severe stress scenarios, costs to taxpayers from nationalized housing giants Fannie Mae and Freddie Mac will not exceed $400 billion, said a key regulator on Wednesday. "In less severe stress scenarios, losses are much less than that," said Edward DeMarco, acting director of the Federal Housing Finance Agency, at a congressional hearing. So far, the Treasury Department has drawn $148 billion to cover Fannie Mae and Freddie Mac losses.

[Demeter]

46. Or Else?

[TalkingDog]

42. Somebody isn't happy with the Bankers

Somebody with guns and training and infrastructure.

http://www.guardian.co.uk/uk/2010/sep/14/real-ira-targets-banks-bankers

Banks and bankers are now potential targets for the Real IRA, leaders of the dissident republican terror group have warned in an exclusive interview with the Guardian. Despite having only 100 activists they also said that targets in England remained a high priority.

[DemReadingDU]

53. Any members of the Real IRA located in the U.S.?

Plenty of banks and bankers could be potential targets in America

[Po_d Mainiac]

55. We'll get to that stage eventually

We really don't need to import any more "green" card laborers to do our heavy lifting
:hide:

[RUMMYisFROSTED]

51. k