STOCK MARKET WATCH, Monday November 15

[ozymandius]

Source: du

STOCK MARKET WATCH, Monday November 15, 2010

AT THE CLOSING BELL ON November 12, 2010

Dow 11,192.58 -90.52 (-0.81%)
Nasdaq 2,518.21 -37.31 (-1.48%)
S&P 500 1,199.21 -14.33 (-1.19%)
10-Yr Bond... 2.77 -0.01 (-0.50%)
30-Year Bond 4.28 -0.01 (-0.28%)

---

Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

---

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

---

---

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

[Dr.Phool]

1. G' mornin' Oz and friends.

:hi:

[ozymandius]

3. Good morning, Dr. Phool and everyone.

:donut: :donut: :donut: :hi:

[Tansy_Gold]

20. Hi, all!

:donut: :hi:



Tansy Gold, who let herself sleep in all the way to 5:00 a.m.

[Demeter]

31. Good morning, I Hope

this last WEE was very Euro-centric and outland--all the Old Worlds coming to the New World to rebuild lives free of oppression. Well, it was great while it lasted...the freedom from oppression, I mean.

Next WEE will focus on the Trail of Tears, what happened to the people already here when Europe showed up and started oppressing them. I figure I owe it to AnneD at least...

So perhaps on Thanksgiving Weekend, we can reconcile, break bread, and build a country for all: of the People, by the People, for the People, ALL the People, ALL the time, including NO corporations or other non-people, imposing no wrongs, but righting them. Or so it might be...

[Ghost Dog]

35. Trail of Tears

was a new phrase for me, so I looked it up. :(



(Harsh winter expected this year, btw, some already say.)...

(A soundtrack: http://www.youtube.com/watch?v=4jGGCcBtaRA)

[TalkingDog]

48. Yes, very sad.

And also for those who stayed behind and decided to integrate (my ancestors...which means that somewhere along the line Anne D and I are cousins of a sort)

They sublimated their ancestry, their culture just to survive. They did not lose their lives, but they lost their life.

A bad situation for everyone involved.

[AnneD]

44. You don't owe me anything....

my great grandparents survived and were registered on the Dawes Rolls. We were fortunate. As I mentioned in passing in one of my posts, the Indian Wars was the longest war the US was involved in then and since (longer than the war on drugs, war on cancer, war on terror and war on the middle class).

Cherokees were a unique case in that they did adapt to the white ways and were only violent when their lands were taken. We made the mistake with backing the British as did other colonist: but because we looked different.....

The Trail of Tears profoundly altered the culture and so much was lost. But it was decided that the best was to survive was to make do. I will give you and update this weekend.

Thanksgiving is bittersweet when we dwell on it. We are so home and family oriented though. That is what saved us. Many Cherokee refused to send their kids away to Indian School, although there has always been one in Oklahoma. You might be poor as church mice, but the family was still togather.

[Ghost Dog]

53. It is a good idea never to make the mistake

of trusting the perfidious British.

(Although he who says that is one).

[AnneD]

59. You have the good taste.....

to live in Spain. I don't have a tomahawk to grind.

[ozymandius]

2. Today's Reports

08:30 Retail Sales Oct
Briefing.com 1.1%
Consensus 0.7%
Prior 0.6%

08:30 Retail Sales ex-auto Oct
Briefing.com 0.7%
Consensus 0.4%
Prior 0.4%

08:30 Empire Manufacturing Index Nov
Briefing.com 17.0
Consensus 11.7
Prior 15.73

10:00 Business Inventories Sep
Briefing.com 0.9%
Consensus 0.9%
Prior 0.6%

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

[Roland99]

36. Empire State factory survey turns negative

http://www.marketwatch.com/story/empire-state-factory-survey-turns-negative-2010-11-15

Conditions for New York area manufacturers deteriorated sharply in November, with a regional survey turning negative for the first time since June 2009.

The Federal Reserve Bank of New York's Empire State manufacturing survey fell to a reading of negative 11.1, a far cry from the 15.7 seen in October, according to data released Monday. The release was far worse than economist expectations for a 15 reading and marks the first negative level since July 2009.

[ozymandius]

4. Oil hovers near $85 as traders eye China economy

SINGAPORE – Oil prices hovered near $85 a barrel Monday in Asia, consolidating after a big fall as investors mull what steps China may take to ease inflation pressures.

The contract fell $2.93, or 3.3 percent, to settle at $84.88 on Friday after China said inflation quickened to 4.4 percent in October. Traders are concerned policymakers may take additional measures to slow Chinese economic growth, which would undermine demand for crude.

In other Nymex trading in December contracts, heating oil rose 1 cent to $2.37 a gallon and gasoline gained 0.7 cent to $2.22 a gallon. Natural gas jumped 1.4 cents to $3.81 per 1,000 cubic feet.

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

[Demeter]

51. If Goldman, Morgan, and all the other speculators think China is gonna bail them out

they got another think coming.

[Dr.Phool]

5. Ben Bernanke: The Chauncey Gardiner of Central Banking

Frederick Sheehan is the author of Panderer to Power: The Untold Story of How Alan Greenspan Enriched Wall Street and Left a Legacy of Recession (McGraw-Hill, 2009).

"igher stock prices will boost consumer wealth and help increase confidence, which can also spur spending. Increased spending will lead to higher incomes."

-Federal Reserve Chairman Ben S. Bernanke, Washington Post, November 4, 2010

In Ben Bernanke’s Washington Post elucidation of Fed policy, "What the Fed Did and Why: Supporting the Recovery and Sustaining Price Stability," the Fed chairman cut-and-pasted misleading paragraphs from earlier misleading speeches. He did not discuss the two most important aspects of his money experiment. Bernanke did not address, first, the real economy or, second, the rest of the world. It will be the first of these lapses that will be discussed below.

On November 3, 2010, the Federal Open Market Committee’s decided to buy $600 billion in bonds. The exchange works as follows: $600 billion of cash will be dispensed to the banking system by the Fed and $600 billion of U.S. Treasury bonds will be extracted. The Fed will also reinvest over $400 billion of maturing mortgage securities it bought earlier and buy Treasuries. The total purchases of over $1 trillion will satisfy, to some degree, the Federal Reserve’s unstated but sine qua non obligation to fund the Treasury Department’s deficit.

This package is known as QE2: quantitative easing, second round. The first round was initiated in March of 2009. On March 18, 2009, the Fed announced it would buy $750 billion of mortgage-backed bonds, $100 billion of Fannie Mae and Freddie Mac securities, and $300 billion of long-term Treasury securities.


Read more: http://www.creditwritedowns.com/2010/11/ben-bernanke-the-chauncey-gardiner-of-central-banking.html#ixzz15LXFYK6V

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

I don't think the title is an understatement. He knows about as much about an economy as Chance the Gardener.

[Dr.Phool]

8. Bernanke QE2 explained: Screw you America!

http://market-ticker.org/akcs-www?post=172126

[DemReadingDU]

15. The Federal Reserve is Laundering Money

http://www.youtube.com/watch?v=wpmlHTeVG9A&feature=related

[florida08]

27. that's straight up gangster..

Ben Bernanke and the Federal Reserve Mafia. The coming collapse of the dollar and government. I never would have thought Obama was this stupid

[DemReadingDU]

28. Obama has delegated these matters to others.

Obama's job is to spin things to look good. If you think about it, the U.S. is really run by the banksters, big corporations and lobbyists who use our politicians to pass legislation to benefit the wealthy. Our President is a good speaking figurehead.

[florida08]

32. of course you're right

apparently he is given cover for plausible deniability because 'to know' means culpable. For some silly reason I assumed the first black president would have more continuity with the average citizen than the elites. I thought the legacy of MLK would actually mean something to him. That he would actually want to know and expose the corruption that runs our failing democracy. I was terribly wrong in that assumption. I see no reason to vote in 2012 for any POTUS.

[DemReadingDU]

33. I fear if he doesn't go along

he could end up like JFK

[Ghost Dog]

34. Oh, that, I have concluded, is in any case

for sure.

[Hawkowl]

54. Slightly disagree....

Obama's job is to be the patsy. Set the black guy up to take the fall. Obama is just too stupid to realize it. He just can't believe all his Ivy league "friends" never really accepted him as an equal.

[Ghost Dog]

55. Yeah.

http://www.youtube.com/watch?v=xB_Au00p4PE

[ozymandius]

60. Bubbles everywhere

The Fed lends people money to buy shit they don't need at prices they cannot afford. Oy Vey.

[florida08]

25. is this an episode of the Twilight Zone..

more like Psycho

[ozymandius]

9. That dumbass "wealth effect" again...

I do not have time to wade into this subject right now. Suffice to say, perhaps, that Bernanke evidences a feeble grasp of consumer psychology. Rising retirement portfolios do not put money in people's pockets. A business owner will not hire employees because his investment portfolio has risen though the course of extreme market volatility.

[Dr.Phool]

11. ......."and nobody wants a loan".

Unless they're nuts, consumers and business's want to get rid of the loans they have.

[TalkingDog]

49. See... because of this video, I'll never read his name again

without hearing : The Ben Bernank

Quantitative Easing Explained

http://www.youtube.com/watch?v=PTUY16CkS-k

or on DU
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x524835

[Ghost Dog]

56. AND (underlined) The Goldman Sacks.

(But, of course, nothing to do with the anglo-saxon-zionism, we are told).

You must be shitting me.

[Tansy_Gold]

22. My dogs know more about an economy than Bernanke

I say we elect our pets to the Federal Reserve Board.


You really have to wonder what drugs Bernanke is on, don't you?




TG

[DemReadingDU]

29. Bernanke's job is to maintain status quo for the wealthy

His job has nothing to do for our economy.

[florida08]

23. this is the entitlement that should be cut

Bernanke's entitelement to loot and pillage

[Demeter]

37. You Mean, He Just Likes to Watch?

:rofl:

We'd be in better shape if he was that passive, IMO. It's all his finagling that making a bad situation much worse.

[ozymandius]

6. Lacker says Fed's new easing push too risky

RICHMOND, Virginia (Reuters) – Richmond Federal Reserve President Jeffrey Lacker indicated on Sunday he opposed the central bank's new round of monetary easing, saying he believed the policy was potentially dangerous and likely ineffective.

The Fed announced earlier this month it was pumping an additional $600 billion into the economy via purchases of long-term government bonds.

The Fed's latest round of bond-buying is an attempt to lower borrowing costs even further and spur ending, which officials hope will also boost hiring.

Lacker said the notion, proclaimed loudly by many economic leaders overseas since the Fed's early November decision, that the Fed is easing in order to actively weaken the U.S. dollar and boost exports is misguided.

more

I swear -- I have never seen so much public discord among members of the Fed system as through this last round of QE. It has become quite clear that faith in Bernanke's leadership suffers from his decision to pursue QE2. It makes me wonder if members of the higher echelons are jockeying to succeed Bernanke.

[Po_d Mainiac]

17. Too bad this voting block wasn't around a year ago

:grr:

[Ghost Dog]

19. Yes.

But, let's continue focussing only on the domestic, forget the international, context for now.

Higher echelons are jockeying to succeed the Anglo-American-"Caribbean" financial system.

[Festivito]

7. Debt: 11/10/2010 13,719,547,683,746.49 (DOWN 7,599,715,292.10) (Wed)

(Up some. Good day.)
Autumn leaves are softly falling and being very hard to get back up.
(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)
= 9,136,758,086,733.07 + 4,582,789,597,013.42
UP 1,354,516,168.52 + DOWN 8,954,231,460.62

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 $3,218.81 makes 1T$.
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 310,673,792 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 $44,160.62.
A family of three owes $132,481.86. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 33 days.
The average for the last 23 reports is 4,586,747,523.12.
The average for the last 30 days would be 3,516,506,434.39.
The average for the last 33 days would be 3,196,824,031.26.
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$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 29 reports in 41 days of FY2011 averaging 5.45B$ per report, 3.85B$/day.
Above line should be okay

PROJECTION:
There are 802 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)
11/10/2010 13,719,547,683,746.49 BHO (UP 3,092,670,634,833.41 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 +0,157,924,652,854.70 ------------* * * BHO
Endof11 +14,704,995,609,602.40 ------------| | | | | | | | | | | | | | per 1B Too much to predict at this time.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 -----
11/10/2010 +001,354,516,168.52 ------------*********

74,871,348,676.41 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=4612098&mesg_id=4612126

[Festivito]

58. Debt: 11/12/2010 13,721,979,465,685.32 (UP 2,431,781,938.83) (Fri)

(Up some. Good day.)
A quiet day at the office.
(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)
= 9,137,994,773,432.55 + 4,583,984,692,252.77
UP 1,236,686,699.48 + UP 1,195,095,239.35

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 $3,218.66 makes 1T$.
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 310,688,192 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 $44,166.4.
A family of three owes $132,499.2. (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 4,752,814,483.06.
The average for the last 30 days would be 3,643,824,437.01.
The average for the last 31 days would be 3,526,281,713.24.
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$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 30 reports in 43 days of FY2011 averaging 5.35B$ per report, 3.73B$/day.
Above line should be okay

PROJECTION:
There are 800 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)
11/12/2010 13,721,979,465,685.32 BHO (UP 3,095,102,416,772.24 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 +0,160,356,434,793.60 ------------* * * * BHO
Endof11 +14,021,042,325,434.90 ------------| | | | | | | | | | | | | | per 1B Too much to predict at this time.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 -----
11/10/2010 +001,354,516,168.52 ------------*********
11/12/2010 +001,236,686,699.48 ------------*********

79,349,999,883.08 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=4615036&mesg_id=4615044

[xchrom]

10. Recommend

[ozymandius]

12. World stocks mostly down amid debt, China jitters

Markets have been shaken by the prospect of China raising interest rates again after inflation jumped to a 25-month high in October. Any slowdown in the Chinese economy, the world's second-largest and fastest growing, would likely reduce its demand for oil, metals, grains and other imports.

Such concerns kept sentiment muted as did jitters over European debt. All last week, investors dumped Irish and Portuguese bonds, heightening speculation that these countries might soon have to follow Greece in seeking an European Union bailout.

In early European trade, France's CAC 40 dropped 0.6 percent to 3,806.87 and Britain's FTSE 100 shed 0.5 percent to 5,766.10. Germany's DAX fell 0.6 percent to 6,692.05.

more

It took so little time for the much lauded "financial innovation" to burn through government accounts. That Celtic Tiger that decorated magazine covers on both sides of the Atlantic and was the focus of millions of words in print during the "oughties" shows how much of the boom years were pure bubble.

What do you think will happen when governments around the globe figure out who has been robbing them, destroying social fabric and dignity in the process?

[Dr.Phool]

14. When they figure it out?

:rofl:

They'll ask them for a bigger campaign contribution, a job for the kid, and a lobbying contract for when they're out of office.

The tried and true Rubin-Gramm secret to great wealth.

[Ghost Dog]

21. There was a plenty of info on the contemporary Irish situation in the Weekend thread:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x569558

To which, I would today add:

Ireland's young flee abroad as economic meltdown looms

Many young people are seeking to emigrate rather than face a life of hardship as the republic lurches towards financial collapse

* David Sharrock in Dublin
* The Observer, Sunday 14 November 2010

... Is the social fabric of Ireland beginning to unravel? The Kingdom, one of the country's much-loved local papers, recently reported that nearly 200 Gaelic footballers and hurlers have left Kerry to play in Britain, Australia and the US in the first seven months of this year. The true figure is probably double that.

The charity Barnardo's said that children were asking it for food because there was not enough for them to eat at home. "Some of our services are being asked by children if they can take food home for later because there just isn't enough," said Carmel O'Donovan, a project co-ordinator with Barnardo's.

And it's not just the most vulnerable who are feeling the pinch. Greystones is a wealthy Wicklow seaside town whose most famous resident is Sean FitzPatrick, the former chairman of nationalised Anglo Irish Bank. Emer O'Brien, an interior designer, and her architect husband Killian are struggling to repay their mortgage.

"It is awful, a bit like waiting for a bomb to explode but simply not knowing when," she said. "I don't think anybody has any faith in any of the politicians to fix this problem. Over 70% of education and health spending goes on pay and pensions, so all the cuts in those departments are coming from front-line services.

"I hope I don't get sick in the coming months because there'll be nobody to tend to you in the hospitals. Of course, a lot of people would be heading across the Irish Sea or the Atlantic if only they could sell their houses, but we can't do that either. So basically we're stuck on the Titanic as it goes down."

/... http://www.guardian.co.uk/world/2010/nov/14/ireland-economic-crisis

And

Gaelic players are Ireland's local heroes. They don't get paid, but the esteem in which they are held means they're usually in the front line when jobs are being filled. If a 24-year-old star like Banville doesn't see a future for himself in Ireland, it is hardly surprising that even the government is planning for the emigration of at least 100,000 people over the next four years – 45,000 next year alone.

Mass emigration has always been the index of Ireland's failure. The last big economic slump in the 1980s produced what was called "the Ryanair generation". Between the lines of the government's delusional optimism, one can read the hope that the young will again take up Michael O'Leary's offer of cheap seats to more prosperous places. Better that they should leave than to remain as angry obstacles to the process of making ordinary citizens pay for the idiocy and greed of a political and financial elite.

It is hard to come up with good arguments to persuade any mobile, well-educated, twentysomething to stick around for what the semi-official Economic and Social Research Institute recently called a "lost decade" of stagnation. As well as the prospect of low growth, high unemployment and a downward spiral of ever harsher austerity measures, there is the bitterness of working to pay off the gambling debts (currently set at €50bn) of property developers and bankers.

Yet, if mass emigration does take hold again, it will be a disaster. The haemorrhaging of its youth has, over the centuries, robbed Ireland of much of its social and economic dynamism. The reversal of that flow in the 1990s created enormous confidence. It seemed that Ireland had at last emerged from its bleak history. To lose the confident, well-educated generation that grew up in those optimistic years wouldn't just be a terrible psychological blow. It would also make nonsense of Ireland's aspirations to be a dynamic, innovative economy. Can this fate be avoided? Yes – on two conditions.

...

The other side of this deal is that Ireland has to change radically. There is no point in rescuing Ireland if the only effect is to keep in power the elites and systems that created the catastrophe. Ireland has to use this crisis to destroy its toxic political culture. It must replace it with something many people assume already exists – a republic. Approaching the centenary of the declaration of the Irish republic in 1916, this ideal has never seemed more hollow. The emergence of a republic in Ireland has been stymied by a range of factors: the overweening power of the Catholic church until the 1990s, the hijacking of the word "republican" by violent conspiratorial fantasists, the corruption that turned the state into a vehicle for private interests. Yet it remains an idea that has the power to galvanise Irish people.

/... http://www.guardian.co.uk/commentisfree/2010/nov/14/ireland-economic-crisis-bailout

[DemReadingDU]

30. I suppose we will help bail out Ireland too

As part of the IMF, we were obligated to give Greece billions of money as part of Greece's bailout. I suppose we will need to come with more billions to bail out Ireland. By the time, we finish bailing out all these countries, there will be no one to bail out the U.S.


edit to add link
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4370127&mesg_id=4370215

[Demeter]

52. To which we might add, goes double for the US

the entire US youth aren't marshmallow couch potatoes, but they've been abused since birth by Reagan and his successors.

[ozymandius]

13. Isn't this how we started a worldwide meltdown?

Nov. 15 (Bloomberg) -- Oswald Gruebel is walking a tightrope. He can encourage UBS AG’s investment bank to take more risk or watch it fall further behind rivals.

UBS’s writedowns and losses from the credit crisis -- second only to the Royal Bank of Scotland Plc among European lenders -- forced it to tap investors and the Swiss government for capital. Some of those losses were the result of a strategy pursued by the investment bank under the leadership of Huw Jenkins to boost debt-trading revenue after part of that business was spun off to the Dillon Read Capital Management LLC hedge fund in 2005.

“We saw what happened five years ago when UBS decided to catch up to rivals and take more risks, and that wasn’t a good idea,” said Dirk Becker, a Frankfurt-based analyst at Kepler Capital Markets who has a “buy” rating on UBS.

more

I recall the Gramm Leach Bliley Act was predicated on the idea that if the United States did not innovate its financial markets then it would fall behind its worldwide rivals. If Phil Gramm is still on UBS payroll, maybe Gruebel could ask for his advice then do exactly the opposite.

[tclambert]

16. "But, Mom! All the other kids are investing in higher risk financial instruments."

"Geez, Mom, you never let me have any fun. Say, can I go play with firworks now? I'll stay in my room!""

[Ghost Dog]

26. Son, the risk is juust too high,

unless you become a crony.

For the cronies' losses, everyone else but them have to pay.

So they say.

[muriel_volestrangler]

18. Greece’s revised 2009 deficit tops 15% of GDP

Greece got the all-clear on its statistical methods Monday, but only after the European Union’s statistical agency revised to 15.4% of gross domestic product its estimate of the nation’s 2009 fiscal deficit — higher by nearly two full percentage points.

An upward revision from a previous 13.6% estimate had been widely anticipated after the European Commission last spring flagged Greece’s statistics agency for a range of questionable practices.

The Greek finance ministry, in turn, lifted its estimate of the 2010 deficit to 9.4% of GDP from an earlier forecast of 7.9%, but it said the year-to-year reduction of six percentage points in the deficit was unprecedented and was larger than planned.
...
Greece’s debt levels were also revised higher, with Eurostat, the EU statistical agency, boosting its estimate of 2009 public debt to 127% of GDP from an earlier estimate of 115%. Greece expects the debt ratio to hit 144% of GDP for 2010.

http://www.marketwatch.com/story/greeces-revised-2009-deficit-tops-15-of-gdp-2010-11-15?reflink=MW_news_stmp

[Ghost Dog]

24. How Vodafone made (UK) tax dodging respectable

... That's the way it goes. Or, rather, that's the way it used to go. Under the freewheeling, happy-go-lucky leadership of Dave Hartnett, the Revenue's head of tax, readers might now think about trying their luck. Suppose you have an outstanding bill of £7,250. You phone Hartnett and arrange to meet him for dinner. It is ridiculous for the Revenue to expect you to pay the full £7,250, you say. You will give him £1,250 instead. Not right away, of course. Times are hard and money is tight. The best you can manage is £800 now and the remaining £450 some time before 2015.

Alas, I regret to inform you that Dave is unlikely to cut you any slack. He may not even return your calls. You, after all, are an ordinary British taxpayer, who must pay on demand or face the consequences. If, however, you were multinational company, Hartnett would be indulgence personified. For Vodafone, HMRC reduced a potential liability not of about £7,000 to a little over £1,000 but of about £7bn to a little over £1bn and left the second-largest company on the stock market with a remarkably light tax bill.

...

The gratified inspectors were pushing ahead when Hartnett intervened. In an interview with the FT, he treated his staff with enormous condescension. They were "very intelligent people", he conceded, but too "tough" and too "black and white about the law". He must work for a different Revenue from the one the public encounters. Ours deals solely in black and white: if you owe money you have to hand it over. Hartnett's Revenue prefers shades of grey. Private Eye, which has conducted a meticulous investigation, showed how he pushed aside the staff who were pursuing Vodafone. He arranged a settlement with John Connors, Vodafone's head of tax, who, funnily enough, was a senior official at HMRC until 2007, where he worked closely with Hartnett. We are on a visit to a very small world.

Vodafone would pay a mere £800m upfront and another £450m over the next four years, they agreed, leaving an estimated £6bn of potential tax revenue in its coffers. Hartnett indicated that he will extend the same leniency to other corporations when he said he wanted a less combative approach to business.

...

The effect on British attitudes of HMRC's sweetheart deals for the rich is hard to gauge but it could be severe. We have a Protestant north European culture. We are not like the Italians and Greeks who see nothing immoral in fiddling the system. On the whole, we believe that we must pay tax and obey the law whether we like it or not. Cheating the taxman is still a dirty secret for a few and not something they boast about, even when they are among friends. Most of us submit to HMRC's demands with grumbling reluctance.

...

If the double standards of the tax authorities sink into the public consciousness, HMRC risks shifting cultural attitudes and making tax evasion a respectable response to a morally bankrupt system.

/... http://www.guardian.co.uk/commentisfree/2010/nov/14/vodafone-tax-evasion-revenue-customs

"HMRC", I gather, btw, these days refers to a UK Govt. entity called something like "Her Majesty's department for Inland Revenue and Customsand and Excise".

[florida08]

38. Happy Thanksgiving..and pass the AK-47

SANFORD, Fla. – A central Florida dealership trying to drum up business is offering an unusual perk for potential used-truck buyers: A free AK-47 assault rifle.

General sales manager Nick Ginetta says that since the promotion was announced on Veterans Day, business has more than doubled at Nations Trucks in Sanford.

Customers would have to pass a background check before using the $400 gun shop voucher. They also have the option of using the money toward other firearms, or they can request a check in that amount instead.

The dealership has fielded some complaints about the deal, which Ginetta acknowledges is controversial. But, he adds: "My buyer is absolutely a gun owner, no question."

The promotion runs through the end of November.

http://news.yahoo.com/s/ap/20101115/ap_on_fe_st/us_odd_truck_dealer_free_guns

[Ghost Dog]

40. Mmmm.

http://www.youtube.com/watch?v=OEqCSmXTX6o

Edit: Be careful what hearts you play with.

http://www.youtube.com/watch?v=qWr-mGWj0vk

[florida08]

43. this music sounds familiar

the second was beautiful

[Ghost Dog]

45. ¿Usted no habla español. VERDAD?

http://www.youtube.com/watch?v=YJQ5bLmYGm0

[florida08]

46. no..am afraid I don't

but music to me transcends language barriers... No estaría de acuerdo?

[Ghost Dog]

47. ¿como no?

(Of course) :abrazos:

http://www.youtube.com/watch?v=ZTsYrB6qXXU
http://www.youtube.com/watch?v=tozhe0yTAqo

...

http://www.youtube.com/watch?v=xD9ICDMb7yQ&feature=related
http://www.youtube.com/watch?v=7RP60gWKfEA&feature=related

[jwirr]

39. Anybody here read End of Growth by Richard Heinberg yet? That

is what I think has happened to our growth.

[DemReadingDU]

41. this link?

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=115x265197

[jwirr]

42. Yes.

[Demeter]

50. About Today's Cartoon, I have just 3 Words:

"It's dead, Jim"


Might we add, he's a Doctor-doctor, not a tree doctor?

[Tansy_Gold]

57. You owe me a keyboard!

:spray: