STOCK MARKET WATCH, Wednesday November 10

[ozymandius]

Source: du

STOCK MARKET WATCH, Wednesday November 10, 2010

AT THE CLOSING BELL ON November 9, 2010

Dow 11,346.75 -60.09 (-0.53%)
Nasdaq 2,562.98 -17.07 (-0.67%)
S&P 500 1,213.40 -9.85 (-0.81%)
10-Yr Bond... 2.68 +0.01 (+0.45%)
30-Year Bond 4.22 -0.03 (-0.75%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Handy Links - Government Issues:
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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

07:00 MBA Mortgage Applications 11/05
Briefing.com NA
Consensus NA
Prior -5%

08:30 Initial Claims 11/06
Briefing.com 450K
Consensus 450K
Prior 457K

08:30 Continuing Claims 10/30
Briefing.com 4350K
Consensus 4350K
Prior 4340K

08:30 Trade Balance Sep
Briefing.com -$43.0B
Consensus -$44.8B
Prior -46.3B

08:30 Export Prices ex-ag. Oct
Briefing.com NA
Consensus NA
Prior 0.3%

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

10:30 Crude Inventories 11/06
Briefing.com NA
Consensus NA
Prior 1.95M

14:00 Treasury Budget Oct
Briefing.com -$140.0B
Consensus -$140.0B
Prior -$176.4B

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

[Festivito]

2. Debt: 11/08/2010 13,725,166,759,183.46 (UP 1,836,698,672.94) (Mon)

(Down a little. Good day.)
How to get the lead out by finding lead.
(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)
= 9,135,409,429,433.01 + 4,589,757,329,750.45
DOWN 59,969,255.93 + UP 1,896,667,928.87

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 311-Million person America.
If every American, man, woman and child puts in $3.22 THAT'S 1B$, and $3,218.96 makes 1T$.
A family of three: Mom, Dad, Child: $9.66, ABOUT TEN BUCKS for a 1B$ 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 12 seconds we net gain another American, so at the end of the workday of the report, there should be 310,659,392 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $44,180.76.
A family of three owes $132,542.27. (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 5,291,155,641.37.
The average for the last 30 days would be 3,703,808,948.96.
The average for the last 31 days would be 3,584,331,240.93.
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$/day.
There were 277 reports in 404 days of FY2011 averaging 6.55B$ per report, 4.49B$/day.
Above line should be okay

PROJECTION:
There are 804 days remaining in this Obama 1st term.
By that time the debt could be between 14.8 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)
11/08/2010 13,725,166,759,183.46 BHO (UP 3,098,289,710,270.38 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 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,163,543,728,291.70 ------------* * * * BHO
Endof11 +15,459,097,948,556.40 ------------| | | | | | | | | | | | | | | per 1B Too much to predict at this time.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
10/19/2010 +000,443,038,294.93 ------------********
10/20/2010 +001,330,613,152.94 ------------*********
10/21/2010 -003,241,964,507.19 --
10/22/2010 -000,039,023,333.21 ----
10/25/2010 +000,057,456,608.35 ------------******* Mon
10/26/2010 +000,564,111,327.93 ------------********
10/27/2010 +000,111,394,550.30 ------------********
10/28/2010 -000,237,760,056.32 ---
10/29/2010 +010,778,095,157.00 ------------**********
11/01/2010 +063,143,305,537.83 ------------********** Mon
11/02/2010 +000,562,237,098.37 ------------********
11/03/2010 -000,042,244,820.71 ----
11/04/2010 +002,136,844,217.63 ------------*********
11/05/2010 -000,209,791,147.70 ---
11/08/2010 -000,059,969,255.93 ---- Mon

75,296,342,824.22 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=4607495&mesg_id=4607535

[Festivito]

65. Debt: 11/09/2010 13,727,147,399,038.59 (UP 1,980,639,855.13) (Tue)

(Down some. Good day.)
Guys, don't create hospital emergencies and forget to tell me. Thank you McD's.
(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)
= 9,135,403,570,564.55 + 4,591,743,828,474.04
DOWN 5,858,868.46 + UP 1,986,498,723.59

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 311-Million person America.
If every American, man, woman and child puts in $3.22 THAT'S 1B$, and $3,218.88 makes 1T$.
A family of three: Mom, Dad, Child: $9.66, ABOUT TEN BUCKS for a 1B$ 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 12 seconds we net gain another American, so at the end of the workday of the report, there should be 310,666,592 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $44,186.11.
A family of three owes $132,558.32. (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 5,140,677,651.08.
The average for the last 30 days would be 3,769,830,277.46.
The average for the last 32 days would be 3,534,215,885.12.
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$/day.
There were 278 reports in 405 days of FY2011 averaging 6.54B$ per report, 4.49B$/day.
Above line should be okay

PROJECTION:
There are 803 days remaining in this Obama 1st term.
By that time the debt could be between 14.8 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)
11/09/2010 13,727,147,399,038.59 BHO (UP 3,100,270,350,125.51 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 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,165,524,368,146.80 ------------* * * * BHO
Endof11 +15,072,620,499,842.50 ------------| | | | | | | | | | | | | | | per 1B Too much to predict at this time.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
10/20/2010 +001,330,613,152.94 ------------*********
10/21/2010 -003,241,964,507.19 --
10/22/2010 -000,039,023,333.21 ----
10/25/2010 +000,057,456,608.35 ------------******* Mon
10/26/2010 +000,564,111,327.93 ------------********
10/27/2010 +000,111,394,550.30 ------------********
10/28/2010 -000,237,760,056.32 ---
10/29/2010 +010,778,095,157.00 ------------**********
11/01/2010 +063,143,305,537.83 ------------********** Mon
11/02/2010 +000,562,237,098.37 ------------********
11/03/2010 -000,042,244,820.71 ----
11/04/2010 +002,136,844,217.63 ------------*********
11/05/2010 -000,209,791,147.70 ---
11/08/2010 -000,059,969,255.93 ---- Mon
11/09/2010 -000,005,858,868.46 -----

74,847,445,660.83 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=4608780&mesg_id=4608798

[ozymandius]

3. Oil steady in Asia after hitting two-year high

BANGKOK – Oil prices were little changed near $87 a barrel Wednesday in Asia, consolidating gains after hitting a two-year high.

A weaker dollar helped propel oil to $87.63 a barrel during trading Tuesday, the highest level since October 2008, when the global financial crisis was unfolding. The gains unwound a little later on as the dollar's weakness relented.

Oil and other energy prices have been climbing for weeks as traders have taken advantage of a weaker dollar stemming from the Federal Reserve's multibillion dollar bond-buying program designed to revitalize the economy.

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

Keep in mind that a one dollar increase in the price of oil equals a 2.5¢ increase in the cost of gasoline at the pump.

[Demeter]

8. Oil could hit $100 a barrel soon, JP Morgan predicts

http://www.guardian.co.uk/business/2010/oct/22/oil-100-dollars-jp-morgan-forecast

Chinese demand could push crude to $100 a barrel soon, according to JP Morgan, with the weaker dollar and restocking of French oil inventories once strikes end also helping to drive up oil prices.

China's economy was quick to recover from the global downturn and has been growing at a spectactular pace, resulting in rampant demand for oil. Growth has slowed slightly to an annual rate of 9.6% in the third quarter from 10.3% in the second.

JP Morgan raised its forecast for US crude futures to an average of $81 a barrel in the fourth quarter, from $75 a barrel.

"The key risk is that we are being too cautious and that the threat of $100 per barrel oil that is implicit in our fourth quarter 2011 oil forecast arrives much sooner than we expect – driven by not only a weak dollar, but also by rampant Chinese and emerging market demand and the rebuilding of French strategic stocks," said Lawrence Eagles of JP Morgan.

[Dr.Phool]

33. And you can bet JP Morgan is stockpiled in oil.

[Demeter]

34. Or praying that oil speculation will save their mortgage fraud (or paper it over)

and bony asses and bonuses.

[ozymandius]

4. China raises bank reserves as cash inflows surge

Although Chinese officials have directed their ire at U.S. monetary easing as a cause of unwanted speculative inflows, data on Wednesday provided a reminder that a whopping trade surplus is the main source of Beijing's liquidity headache.

The central bank lifted the reserve requirement ratio for Bank of China (601988.SS) (3988.HK) and Bank of Communications (601328.SS) (3328.HK) by 50 basis points, three industry sources told Reuters. Chinese media said the increase also targeted the country's other main state-owned lenders.

The move means the biggest banks are setting aside a record 18 percent in reserves, BNP Paribas said in a note to clients.

more

Not surprising that banks would put the brakes on liquidity flows. Money inflows that immense can damage every sector of any economy - even an enormous economy of scale like China's.

[ozymandius]

5. World stocks mostly lower amid economy summits

BANGKOK – World markets were mostly lower Wednesday as leaders of the world's major economies converged on Asia for back-to-back summits and Chinese shares faded amid fears of new measures to cool bank lending.

Meetings of world leaders in South Korea on Thursday and Friday and in Japan on the weekend provided the background to trading.

Tensions over currencies and trade gaps are simmering ahead of the Group of 20 and APEC summits as America's move to flood its sluggish economy with $600 billion of cash and weaken the dollar triggers alarm in export-reliant nations from China to Germany.

In early European trading, France's CAC-40 was off 0.6 percent at 3,921.66 and Britain's FTSE 100 slipped 0.2 percent to 5,861.97. Germany's DAX shed 0.2 percent to 6,772.22.

more

[ozymandius]

6. The Fed's intended wealth effect fails to materialize.

The Fed had hopes that pouring hundreds of billions of dollars into the banking system would create a "wealth effect" in which stocks would rise in value, bonds (and debt costs) would fall in value. That is supposed to make us all feel richer so that we will run out and spend money based on our new approximate value. If this week is any indication, that results from The Fed's plan remain elusive.

Stocks and bonds stumble while commodities soar

Silver, soybeans and copper jumped to levels last seen in October 2008 as investors moved money into hard assets in anticipation that a massive economic stimulus plan announced by the Federal Reserve last week will continue to weaken the dollar. Investors are expecting that commodities will hold their value even if the dollar falls.

The Fed plans to buy $600 billion in U.S. government bonds over the next six months in an effort to push interest rates even lower and encourage borrowing and spending. It's a tactic called quantitative easing, one that the Fed used successfully in 2008 to restore confidence in financial markets at the height of the credit crisis.

Many investors worry that the Fed's bond-buying program could lead to a jump in inflation down the line, which would erode the value of all bonds since their fixed payouts would become worth less over time. With the Fed now focused on encouraging some inflation, "it might be hard for investors to convince themselves to buy" at Wednesday's auction, said John Briggs, a fixed income analyst at RBS.

more

Inflation, not just the irrationally simplistic "core" rate, is rising. So any feelings of wealth that one might feel from looking at the value of an investment portfolio will be stolen away from rise in "real" inflation for things we all buy such as food an fuel.

We need more competent leaders, less cowbell.

[AnneD]

13. Morning Marketeers...

:donut: and lurkers. Gee I look up from my work and the tea party has taken over, we are saber rattling to China, and the price of everything has shot up yet we have no inflation. Damn, what are they putting in the water. Can someone pass me what they are smoking?

Hubby and I are in full hunker down mode, We have been saving money every which way we can, I am soon to slash our eating out budget-ouch. I have already lengthened the time between my haircuts and am considering letting my hair grow long. I have not had a manipedi in months under the guise of letting the nails take a rest. Hubby grabs all the OT he can and our house fund is now up to $5400. We started with barely $800 this summer. We are still paying our bills down. so that is, we just aren't paying extra on them right now. We will have $7000 by the time the next auction rolls around.

Hubby did apologize to me. I made him stop bidding on one house because we had not seen it. He said he just thought that it was a good deal. He said those magic words-you were right dear. So seldom it is acknowledged :rofl: He did find a place where we can do title searches for a reasonable amount. So he did a good job there. We are motivated to take our extra money and add real estate to our portfolio. I think I still might add a little precious metal too, but that is just me. It is just a hedge against this inflation we don't have. I am going with tangible assets for the future.

Happy hunting and watch out for the bears.

[Demeter]

15. Morning, AnneD

In Tom Lehrer's famous words: Fight fiercely! to which I add, keep fighting smart!

[AnneD]

41. As long as I read SMW....

I am sure I will be fighting smart. Love the info I get here-it keeps me grounded. This is the perfect antidote to the talking heads on the business channels.

[ozymandius]

7. Busy morning. Gotta run.

:donut: :donut: :donut: Have a nice day folks... :hi:

[Demeter]

9. you too, Ozy!

Kid has a bad cold...I have a day mostly off. With the Grandpuppy, even.

[AnneD]

17. I am right behind you......

We start so early any more and all I can do is drive by posts, if I can do that at all. 'good day to you all. :hi:

[Demeter]

10. Nation's Biggest Banks Each Hold over $20B in Foreclosures

http://www.dsnews.com/articles/nations-biggest-banks-each-hold-more-than-20b-in-foreclosures-report-2010-10-22

...According to an analysis by Weiss Ratings, an independent ratings agency covering the financial sector, JPMorgan Chase, Bank of America, and Wells Fargo each reported more than $20 billion in single-family mortgages currently foreclosed or in the process of foreclosure as of midyear.

In addition, Weiss found that for each dollar these banks held of mortgages in foreclosure, there were an additional $2 in loans in the pipeline that were 30 days or more past due.

Among all U.S. banks, JPMorgan Chase has the largest volume of mortgages in foreclosure or foreclosed with $21.7 billion. On top of that, the company has $43.4 billion more in mortgages past due.

Compared to JPMorgan, Bank of America has a somewhat smaller volume of foreclosures — $20.3 billion — but it has a larger pipeline of past-due mortgages at $54.6 billion.

Wells Fargo’s foreclosures come to $20.5 billion, with $48 billion in overdue home loans...including all foreclosed and delinquent categories, Bank of America has the largest volume of bad mortgages among U.S. banks, with $74.9 billion, while Wells Fargo has the second largest with $68.6 billion...Other banks, despite their large size, are less heavily exposed to mortgage difficulties. Citibank has $6.3 billion in foreclosures and $19.2 billion in past-due mortgages, or a total of $25.6 billion. The volume of foreclosures and delinquencies held by other large banks, such as U.S. Bank ($9.5 billion), PNC Bank ($8.9 billion), and SunTrust ($7.3 billion) is even smaller...

HARD DATA!

[Demeter]

11. Banks' mortgage practices reap more lawsuits

http://news.yahoo.com/s/nm/20101109/bs_nm/us_usa_foreclosures_suits

JPMorgan Chase & Co (JPM.N) faces two possible class action lawsuits related to foreclosures, the No. 2 U.S. bank said in a regulatory filing. The suits allege "common law fraud and misrepresentation, as well as violations of state consumer fraud statutes," JPMorgan said in the Securities and Exchange Commission filing, without disclosing who filed them...Ally Financial Inc said it has been sued by hedge fund Cambridge Place Investment Management, which has ramped up a legal scrap with Wall Street to recoup money lost on subprime mortgages...PNC Financial Services Group (PNC.N) said it had been sued by the Federal Home Loan Bank of Chicago, alleging misrepresentations and omissions in connection with the sale of mortgage-backed securities.

Goldman Sachs Group Inc (GS.N), meanwhile, is reviewing the practices of its Litton Loan Servicing unit and has temporarily suspended evictions and foreclosures in several states, according to a regulatory filing on Tuesday...

BUT WAIT! THERE'S MORE...SEE LINK

[Demeter]

12. Why The Paperwork Appears "Sloppy" By Neil Garfield

http://www.informationclearinghouse.info/article26646.htm

After centuries of lending money and preparing loan documents it seems that the least likely suspect for screwing up the paperwork on tens of millions of “loans” would be the Banks themselves. Yet that is what occurred. The purpose of this article is to show that it was not sloppy, it was intentional. And I will tell you why it was intentional.

The much expected announcement that after a thorough review they have determined the paperwork is in order is a last-ditch desperate effort to block inquiries into the mortgage creation process and the sale of “mortgage bonds” to investors. They attempted to emulate the government’s PR stunt last year with the “stress test” forgetting that they are private companies in litigation subject to discovery. They have now opened the door to discovery, which is the last thing they wanted. Litigants can now question who was involved in this “review”, what they did, from they received information and assurances, and what documents they looked at. They can ask what was the basis upon which they concluded that they could proceed with foreclosures?
The documents were not sloppy and they were not processed sloppily. They were created and treated exactly as planned. They did it because they thought they could get away with it. They had enough money to buy off any legislator or Judge, or so they thought. But it isn’t working out that way. It’s not the first time these mega-banks have stepped on a land mine and it won’t be the last, as long as we allow them to grow into such behemoths such that that ascribe to themselves the qualities of government or God.

The game was to move money under a scheme of deceit and fraud. First sell the bonds and collect the money into a pool. Second take your fees, third take what’s left and get it committed into “loans” (which were in actuality securities) sold to homeowners under the same false pretenses as the bonds were sold to investors. By controlling the flow of funds and documentation, the middlemen were able to sell, pledge and otherwise trade off the flow of receivables several times over — a necessary complexity not only for the profit it generated, but to make it far more difficult for anyone to track the footprints in the sand.

If the loans had actually been securitized, the issue would not arise...

MORE PREVIOUSLY UNREVEALED AND GRUESOME DETAIL AT LINK.

[Demeter]

14. Some judges chastise banks over foreclosure paperwork

http://www.washingtonpost.com/wp-dyn/content/article/2010/11/08/AR2010110806583.html?sid=ST2010110806984

A year ago, Long Island Judge Jeffrey Spinner concluded that a mortgage company's paperwork in a foreclosure case was so flawed and its behavior in negotiations with the borrower so "repugnant" that he erased the family's $292,500 debt and gave the house back for free.

The judgment in favor of the homeowner, Diane Yano-Horoski, which is being appealed, has alarmed the nation's biggest lenders, who say it could establish a dramatic new legal precedent and roil the nation's foreclosure system.

It is not the only case that has big banks worried. Spinner and some of colleagues in the New York City area estimate they are dismissing 20 to 50 percent of foreclosure cases on the basis of sloppy or fraudulent paperwork filed by lenders.

Their decisions illustrate the central role lower court judges will have in resolving the country's foreclosure debacle...In millions of cases across the United States, local judges have wide latitude to impose sanctions on banks, free homeowners from their mortgage debts or allow the companies to proceed with flawed foreclosures. Ultimately, the industry is likely to face a messy scenario - different resolutions by courts in all 50 states...

[Demeter]

16. GOP Plan Dramatically Reduces Social Security Benefits, Actuary Finds By Sahil Kapur

http://www.informationclearinghouse.info/article26669.htm

PERHAPS SOMEONE WITH A STRONGER STOMACH CAN SUMMARIZE THIS

[tclambert]

49. Ima gonna summarize w/o reading it.

Republicans: "We don' wanna reward lazy ass people for no work. If you get old or sick and can't work, that doesn't mean you deserve a handout. Just die already!"

Okay, I went back and read it. And . . . my summary was dead on. They estimate the Republican plan would cut Social Security benefits by up to 50%. That's almost half!

You see, old rich people have portfolios to support them in their golden years. Social Security and Medicare, why, those help out old POOR people. Obviously, God intended for them to starve or freeze, or He would have made them rich.

Those who had the intelligence to get born rich don't want to pay for those too stupid to pick the right parents.

[Tansy_Gold]

63. calvinism on steroids n/t

[Demeter]

18. IT PAYS TO BE THE ECONOMIC ELITE

Rich Guy Gets Off for Hit-and-Run Because Prosecutors Don't Want Him to Lose His "Important" Finance Job

http://www.alternet.org/newsandviews/article/325761/rich_guy_gets_off_for_hit-and-run_because_prosecutors_don%27t_want_him_to_lose_his_%22important%22_finance_job/#paragraph6

A Morgan Stanley wealth manager will not face felony charges for a hit-and-run because Colorado prosecutors don't want him to lose his job.

Martin Joel Erzinger, who manages more than $1 billion in assets for Morgan Stanley in Denver, is being accused only of a misdemeanor for allegedly driving his Mercedes into a cyclist and then fleeing the scene, Colorado's Vail Daily reports. The victim, Dr. Steven Milo, whom Erzinger allegedly hit in July, suffered spinal cord injuries, bleeding from his brain and, according to his lawyer Harold Haddon, "lifetime pain."

But District Attorney Mark Hurlbert says it wouldn't be wise to prosecute Erzinger -- doing so might hurt his source of income. Here's Vail Daily:

"Felony convictions have some pretty serious job implications for someone in Mr. Erzinger's profession, and that entered into it," Hurlbert said. "When you're talking about restitution, you don't want to take away his ability to pay."

"We have talked with Mr. Haddon and we had their objections, but ultimately it's our call," Hurlbert said.'

THE VICTIM DID LIVER TRANSPLANTS FOR A LIVING...

[hamerfan]

21. This "some are more equal than others" mentality

in our society is really driving me nuts! Orwell was really prescient.

[Tansy_Gold]

23. This was actually part of the. . .

indoctrination orientation process when I worked at Walmart 14 years or so ago. We were asked, right flat out, if we had a problem with some people having special privileges that other people didn't have. Anyone who questioned that was let go. So there are managers who don't have to obey safety regulations that would get a regular "associate" fired on the spot or who can be arrested (as in hauled off in handcuffs by the police) for slamming an employee up against a brick wall and get not so much as a reprimand.


I hate Walmart.



The cartoon is painfully true, even more so for those of us who saw it coming.



Tansy Gold, who is not prescient

[DemReadingDU]

25. We know about special privileges in our Village

If you are a friend of the mayor and police chief, you can rant and yell and disrupt the business portion of a meeting, without being recognized, and there will be no consequences. But if the mayor or chief does not like your opinion, then they have you arrested and booked into jail for disruption of meeting even when it's the resident's time to speak about their concerns.

The trial by judge, for spouse on this alleged disruption of a meeting, was to be 11/17/10, but spouse demanded a jury trial, so it has been moved to 12/8/10. With what happened at last meeting, we are still waiting for his case to be dismissed.

previous posting about last meeting
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=4590249#4590312

[Demeter]

27. That's why we ousted our Condo Board President

abuse of power, that's where the money lies, folks.

[DemReadingDU]

35. One more year, and we can vote out the mayor

and hope the police chief would resign then too.


We are still waiting for a response from a letter the village attorney wrote to the Attorney General's Office to investigate the possible criminality of the missing public records. If there is an investigation, perhaps the mayor and chief would be forced to resign sooner.

see this link
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=4582268#4582476

[Dr.Phool]

45. Run against him.

Then have the pleasure of firing the police chief if you win.

Even if you lose, you have the platform and freedom of speech to make his life holy hell for a year.

[florida08]

43. this sounds just like the Siegelman case

Wish I could do more that just verbally support you. The village idiots are always deceptive but usually not to bright.
Abuse of power is all they know. Keep us updated when you can.

[Demeter]

19. How the Wealthy Organized to Rip Everyone Else off -- And What You Can Do to Stop It

http://www.alternet.org/story/148786/how_the_wealthy_organized_to_rip_everyone_else_off_--_and_what_you_can_do_to_stop_it?page=entire

[florida08]

60. yes yes yes

Exactly right. Hope everyone can take the time to read this article. It's what a lot of here have been saying about how democracy has been and will continue to be marginalized. My favorite part:

when Americans are asked who the government helps a great deal, 53 percent thought that Wall Street had been helped a great deal, but only two percent thought that the middle-class had been helped a great deal.

So in essence what you’re saying is that the voters are exacerbating the problem.

This is what happened in the recent elections. The pundits are saying independents have no loyalty to either party and vote willy-nilly. But to me they saw their votes as a means to stop the bailing out of the banks(if that were even possible with Helicopter Ben flying around)since they themselves were not seeing any justice. Only they're not informed enough to understand this only increased their hold.

Thanks Demeter..thoroughly enjoyed reading that.

[Demeter]

20. IF YOU WANT HUMOR TODAY

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=433x514048

Several of those deletions are yours truly's attempts to call BS. Notice how the blackout/whitewash has crept into otherwise non-governmental, non-MSM dialog...

[Tansy_Gold]

22. Well, that's one way to go on a diet

Holy fucking you-know-what, but that made me sick.

Yes, solidarity is a good thing, but not when it's "I'm the leader and I will tell you what to do and believe! Anyone who disagrees with the Imperial Me is a traitor!" Some democracy that'd be.

Oh well, that's how my arts group is about to be run. The current president is rewriting the bylaws so the only person qualified to be president is. . . .the current president. Forever and ever, world without end, amen.




Tansy Gold, in a bad mood

[Demeter]

26. What I Like About SMW Is

there's always someone who will join me in a funk, sulk, or stew...

Demeter, also in a bad mood because the Kid is sick. And she will probably pass it on to her mother...

You would think, with half the responses negated out, SOMEBODY would get a clue...

[Dr.Phool]

54. Oh Tansy.....

We need your stamp on my post in editorials.

[Tansy_Gold]

64. . n/t

[Dr.Phool]

36. As a public service announcement.

Firefox with Adbuster Plus means you never have to look at annoying pictures or ads again.

[DemReadingDU]

40. I use Adblock Plus and Flashblock with Firefox

I never see ads or annoying pictures either.

[CatholicEdHead]

59. NoScript also works with those two

It keeps unwanted Javascripts from running which could cause problems.

[Demeter]

47. (Scurries Off to Find It)

Some new update on Hotmail is running ads all over the options links...gah!!!

[florida08]

24. have to say

it's really ironic that conservatives call themselves such. Just about all of them we know,including my daughter and SIL are spenders. I mean big ones..when the ship is sailing. We learned a long time ago that is not a well laid strategy for long term. Yet we've been criticized as being tight fisted. But the thing is we don't want to be a burden to our kids. Shame on us. Now she and hubby realize how terribly wrong things can go thru no fault of your own. They got into the house building debacle a couple of years ago. Too late to reap all that wealth. Now the only building he can get is thru gov't housing. But he's still againt gov't spending. Way to hold to those principals.

My daughter is about to get her BA and got a job at an elementary school as a bookkeeper. Not exactly the salary she had anticipated. Of course as nana I get to help out with our grandson in the child care dept. Not that I mind but as republicans shouldn't they be offering me a salary? I wouldn't take it but 'paying your own way' apparently doesn't apply in every case of capitalism. I'm just really tired of the hypocrisy from the right.

It would seem that experience can educate but not necessarily enlighten. They don't get that if you want a safety net for yourself when you need it you have to support it when you don't. It's hard sometimes not to get angry with them when their voting hurts us. We are more conservative then they'll ever be in our private life. We donate to the vets and the local rescue mission. They buy stuff to add to their collection..or at least use to. Now that's republican.

:rant: florida 08 in bad mood 2

[Demeter]

28. Welcome to the (sulk club) You are with friends here.

The Kid and I are watching Temple Grandin, the story of an amazing woman afflicted with autism. Just like the Kid is, but so different in the details.

I'm crying. Again. It is very well done, much more watchable than Rainman.

[florida08]

38. thank you for understanding

Have seen that..it's wonderful and yes a tear jerker that's cleaning for the soul

Edit..(principals should be principles..agghhh)

[Dr.Phool]

42. Sounds like my sister and BIL.

He was a masonry contractor, and she works in a university finance office.

They're Republicans all the way, and spend, spend, spend. Until the economy tanked. He ran up a couple of hundred thousand dollars on credit cards and HELOCs trying to keep his company afloat. It didn't work, and they filed bankruptcy, and they're now paying through the nose, for six years, almost everything they make under the Republican Bankruptcy Reform Act.

Under the old law, they could have walked away, and started fresh. Now she can barely afford gas to get to work.

[florida08]

44. and do they ever learn anything?

Nope..keep voting against their own interest at their own demise..even when it comes back to bite them in the derriere.
Yep..they purchase this incredible expensive RV that's now just sitting in their driveway sucking up income they need. Nobody wants it..can't afford to fill or use it now but it sure was fun to think so.

[Zenlitened]

58. Excellent, excellent line:

If you want a safety net for yourself when you need it you have to support it when you don't.

:applause:

[florida08]

61. (blushing)

thankyou very much. I do better when I'm angry.

[Dr.Phool]

29. Oh Gawd. Does it ever stop?

It looks like Obama found a way to do an end run around Elizabeth Warren. We knew it was coming. Now we know how. :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke: :puke:


Could Wall Street's Favorite Dem Head Obama's Consumer Bureau?
Not only is rumored CFPB candidate Melissa Bean as industry-friendly as they come, but her ex-chief of staff has lobbied for finance reform's biggest enemies.

— By David Corn and Andy Kroll


Will President Barack Obama appoint Wall Street-friendly Rep. Melissa Bean (D-Ill.) to head the new Consumer Financial Protection Bureau? If so, that would be bad news for reformers, who are appalled by the prospect—but good news for John Michael Gonzalez, a leading lobbyist for Big Finance. Before becoming one of Washington's top influence peddlers on behalf of financial firms and trade groups, he was Bean's chief of staff.

According to Politico, Bean, a congresswoman representing northern Illinois who trails in the vote-counting in her close reelection race against Republican Joe Walsh, is under consideration by the White House for this new position, heading up the agency that consumer finance advocate Elizabeth Warren is now constructing.

Bean's campaign would neither confirm or deny whether she's under consideration for the CFBP job. "This race remains too close to call, and we are staying focused as this election process continues," says Bean spokeswoman Gabby Adler.


Bean, a member of the House financial services and small business committees, has a long history as a favorite of Wall Street. Her top donors hail from the finance, insurance, and real estate industries, which together have poured $2.5 million into her campaign coffers over her five-year career, according to the Center for Responsive Politics. In the 2008 elections, Bean bagged more money from the Chamber of Commerce, which vehemently opposed the Dodd-Frank bill, than any other House incumbent. And among the top contributors to her 2010 reelection campaign were JPMorgan Chase, Goldman Sachs, and Allstate Insurance, all of which sought to weaken aspects of the Dodd-Frank financial reform bill that established the Consumer Financial Protection Bureau

http://motherjones.com/politics/2010/11/melissa-bean-wall-street-consumer-bureau

-----------------------------------------------------------

She's the Blue Dog who was most responsible for watering down financial reform legislation.

[Dr.Phool]

30. On the same note, last night, even before I found this article.

The wife slapped the shit out of me. I told her I was thinking about running for Congress again. It's a redistricting year, and therefore much easier to qualify by petition, instead of a $10k filing fee.

I can't win, but I can beat anybody in a primary. And I get to run my big mouth for two years.

:grr: :grr: :grr: :grr: :grr: :beer: :grr: :grr: :grr: :grr: :grr:

[Demeter]

32. Well, She's Right, But So Are You

I'm staying out, until you two come to an arrangement.

[Dr.Phool]

55. She'll go along with it if I decide.

It's just the time involved. When I ran in '04, I had to keep a campaign flyer on the kitchen counter, so she'd remember what I looked like.

[Tansy_Gold]

66. Calling Mrs. Phool! Calling Mrs. Phool!

LET HIM RUN!!!!!

[Demeter]

31. Hence the Dancing Around about Not Actually Appointing Elizabeth Warren

We knew it was coming...What I'd like to know is how we managed enough pressure to get her that far. And why the F we have to work so hard for so little, while the GOP gets the Special Access, Free Pass, Please-may-I-have another,-sir Treatment.

[florida08]

39. WTF??

Nothing like twisting the knife he stuck in our back. Holy Mother of God.

[StarburstClock]

53. No, it won't stop until smirking torturers on book tours are held accountable

by a country that actually has laws that apply to people. Until then, every form of corruption will continue in every industry. All we are ever going to get from politicos is "move on" and "it's off the table". Most of America knows it now too, it's why 1/2 of them voted for known criminals, in the voter's minds it's no worse that the current criminals in power. Like I've said in earlier posts, people are going to continue on with their lives and completely ignore the entire political realm. For the next 2 years the U.S. is going to be a worldwide laughing stock, a symbol of corruption. Anyone who doesn't recognize it will be laughed at as some backwoods American bumkin.

[hamerfan]

37. 10:15AM

DOW... -71
NASDAQ... -15
S&P 500... -7

[Roland99]

46. Dollar is making some strong gains as silver and gold drop precipitously

[Demeter]

48. Profit taking

If I had a way to do it, I'd buy their gold and give them the worthless paper. But IRA money is locked up so inflexible...

[tclambert]

50. GM posts $2-billion profit in 3Q

General Motors today posted a $2 billion third-quarter profit off revenue of $34.1 billion in its last financial report before its planned Nov. 18 return to the stock market.

The third-quarter net profit mostly came from a $2.1 billion gain in North America, up from $1.6 billion in the second quarter and $1.2 billion in the first quarter. . . .

From: http://www.freep.com/article/20101110/BUSINESS0101/101110028/1002/BUSINESS/GM-posts-2B-3Q-profit
______________________________

Maybe America will get to continue making cars for awhile.

[TalkingDog]

51. I have not followed up on this, but if it moves forward....well, Jenga!

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9525758

[florida08]

52. why has the market been down for 2 days?

I was looking for a rally after the elections..darnit

[Demeter]

56. QE2 QED

Dollar down the toilet.

[florida08]

57. ahhh

the green tt..bond market going south..but I thought cheap exports were good for the economy..uh huh. Apparently not catching very many novices.

[DoBotherMe]

62. k&r n/t