STOCK MARKET WATCH, Wednesday November 17

[ozymandius]

Source: du

STOCK MARKET WATCH, Wednesday November 17, 2010

AT THE CLOSING BELL ON November 16, 2010

Dow 11,023.50 -178.47 (-1.62%)
Nasdaq 2,469.84 -43.98 (-1.78%)
S&P 500 1,178.34 -19.41 (-1.65%)
10-Yr Bond... 2.84 +0.00 (+0.07%)
30-Year Bond 4.27 -.00 (-0.07%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Handy Links - Market Data and News:Economic Calendar    Marketwatch Data    Bloomberg Economic News    Yahoo! Finance    Google Finance    Bank Tracker    
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Handy Links - Economic Blogs:
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Brad DeLong      Bonddad    Atrios    goldmansachs666    The Stand-Up Economist

Handy Links - Government Issues:
LegitGov    Open Government    Earmark Database    USA spending.gov

Handy Links - Videos:
The Coming Collapse of the Middle Class    Charlie Rose talks with Roubini    Charlie Rose talks with Krugman
    William Black: This Economic Disaster    Bill Moyers with Kevin Drum and David Corn

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

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

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

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

Read more: du

[ozymandius]

1. Today's Reports

07:00 MBA Mortgage Applications 11/12
Briefing.com NA
Consensus NA
Prior +5.8%

08:30 CPI Oct
Briefing.com 0.4%
Consensus 0.3%
Prior 0.1%

08:30 Core CPI Oct
Briefing.com 0.1%
Consensus 0.1%
Prior 0.0%

08:30 Housing Starts Oct
Briefing.com 600K
Consensus 600K
Prior 610K

08:30 Building Permits Oct
Briefing.com 540K
Consensus 570K
Prior 539K

10:30 Crude Inventories 11/13
Briefing.com NA
Consensus NA
Prior -3.27M

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

[SarahB]

12. Mortgage applications are down 14.4%.

That seems bad.

[Demeter]

44. The Fed’s New Foreclosure Predator Bailout (UNCLE BEN TO THE RESCUE!)

http://blogs.alternet.org/speakeasy/2010/11/16/the-feds-new-foreclosure-predator-bailout/

Posted by Zach Carter on @ 8:49 am
Article printed from speakeasy: http://blogs.alternet.org/speakeasy
URL to article: http://blogs.alternet.org/speakeasy/2010/11/16/the-feds-new-foreclosure-predator-bailout/

Despite escalating outrage over rampant foreclosure fraud, the Federal Reserve now appears ready to eviscerate a key mortgage regulation in an effort to spare banks the losses from their own wrongdoing. Even as bank executives preposterously claim to have wronged nobody in the foreclosure process, they’re pushing hard to unwind the only serious federal rule that protects borrowers from predatory loans and improper foreclosures. As if the last decade of abuse wasn’t bad enough, banks are once again mobilizing to screw borrowers in the pursuit of epic bonuses. And once again, it appears that the Federal Reserve has become an accomplice to this nationwide mortgage scam.

Today, top mortgage officers from the nation’s largest banks are telling the Senate Banking Committee that they aren’t kicking the wrong people out of their homes. This is simply false. Problems at mortgage servicers have been going on for years, long before banks got into trouble for illegally robo-signing foreclosure documents. People are kicked out of their homes without cause in the United States every day. If the top executives at America’s largest banks don’t know this fact, they lack the competence needed to run their organizations.

Law firms that work with troubled borrowers are jam-packed with horror stories about foreclosures caused entirely by banks, not borrowers. Families who never miss a payment come home to an eviction notice, or a thug breaking down their door.

But it’s even more common for borrowers to find themselves in trouble because their bank engaged in blatantly predatory lending. There is only one serious federal remedy for predatory lending, and the Fed is now knowingly trying to gut that remedy in order to help banks avoid losses from their own fraud. The remedy is called rescission, and it works like this:

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

Letter Requesting Withdrawal of Rescission Rule

http://ourfinancialsecurity.org/2010/11/letter-to-withdraw-rescission-rule/

November 16, 2010
Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue, N.W.
Washington, D.C. 20551

Re:Withdrawal Request for the Proposed Truth-in-Lending Mortgage Regulations
(FRB Docket No. R-1390)

Dear Board of Governors:

This letter is from individual attorneys who regularly represent low or moderate income homeowners in defense of foreclosures, as well as national, state and local advocacy organizations, some of whom are a part of the Americans for Financial Reform coalition, others who are legal aid or community housing programs. We write this letter to make the unprecedented request that you withdraw the proposed Truth in Lending (“TILA”) mortgage regulations in FRB Docket No. R-1390.1 In the face of an unparalleled foreclosure crisis, now is the time to reinforce the fundamental importance of TILA rescission. Instead, the Board’s proposal would eviscerate the single most effective tool that homeowners have to stop foreclosures and avoid predatory loans: the extended right of rescission.

The FRB Docket R-1390 contains a series of proposed changes to the TILA rules governing mortgage lending. A few of the proposed changes, including new “material disclosures” for home secured credit, would advance consumer protections. Some changes are neither particularly damaging nor particularly beneficial to consumers. Other parts of the proposal, however, would seriously undermine the reliability of TILA disclosures on home secured credit.

Instead of informing consumers about the terms of their loans as Congress intended, these proposals would allow broad misstatements of loan terms through new tolerances that are without statutory authority. A much greater concern is the proposed decimation of TILA’s right of rescission. At the depths of the worst foreclosure crisis since the Great Depression, we are surprised that the Federal Reserve Board has proposed rules that would eviscerate the primary protection homeowners currently have to escape abusive loans and avoid foreclosure: the extended right of rescission in 12 CFR § 226.15 and 226.23.

The Truth in Lending Act passed by Congress specifically provides consumers the right to unwind an illegal loan through “rescission” for up to three years after the loan was consummated. The statute – and current Board regulations – both provide that if the proper disclosures were not provided to the homeowner at the closing, the homeowner can rescind the loan by sending a notice to the creditor. The statute then requires the creditor to cancel the security interest. Only after the creditor has complied with its obligation to cancel the security interest is the homeowner required to pay back the lender the amount still due on the loan. This order of obligations is the essence of the protection provided by TILA’s extended right of rescission. The cancelling of the security interest means that the homeowner has a defense to a foreclosure. It also means that the homeowner has the means to obtain refinancing so as to be able to tender the amount due. The extended right of rescission does not mean that the homeowner does not have to repay the loan. While the amount due is reduced by the finance charges, fees and amounts the homeowner has already paid, the balance is still due the creditor....

[Demeter]

52. States, mortgage lenders in talks over fund for borrowers in foreclosure mess

http://www.washingtonpost.com/wp-dyn/content/article/2010/11/16/AR2010111607100.html?hpid=topnews

State attorneys general and the country's biggest lenders are negotiating to create a nationwide fund to compensate borrowers who can prove they lost their home in an improper foreclosure, state and industry officials said.

The fund would present a solution for both sides, helping banks avoid lengthy and costly court challenges from homeowners and aiding state investigators in their efforts to seek relief for homeowners who were wronged, the officials said...

IT ALSO REPRESENTS A TOTAL CONFESSION OF WRONG-DOING, AND A PLEA FOR MERCY AND PROTECTION FROM THE LITTLE GUY AND RICO...

TOO LITTLE, AND WAY TOO LATE, IMO. ANOTHER SIGN THAT THE TBTF WILL DO JUST THAT, AND SOONER THAN ANYONE IS WILLING TO ADMIT.

THERE'S A SILVER LINING TO THIS SILVER LINING...NOW IF WE COULD JUST BLUDGEON CONGRESS INTO FOLLOWING THE LAW...

[ozymandius]

2. Oil falls below $82 despite US crude supply drop

SINGAPORE – Oil prices fell below $82 a barrel Wednesday in Asia as fears of slower Chinese growth offset a report showing that U.S. crude supplies unexpectedly plunged last week.

Crude inventories fell 7.7 million barrels last week, the American Petroleum Institute said late Tuesday, suggsesting that demand for fuel is rising. Analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos, had expected an increase of 1.2 million barrels. The API also said gasoline stocks dropped while distillates rose.

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

In other Nymex trading in December contracts, heating oil was down 3 cents at $2.28 a gallon and gasoline dropped 4 cents to $2.16 a gallon. Natural gas fell 2 cents to $3.80 per 1,000 cubic feet.

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

[boomerbust]

13. Oil on the way down again

Gasoline hits 3 bucks a gallon here. I smell another Republican takeover.

[ozymandius]

3. China vows to tame inflation and intervene in prices

BEIJING (Reuters) – China will intervene to control consumer prices that are rising too quickly, the government said on Wednesday, a step that will do little by itself to tame inflation but could foreshadow harsher monetary tightening.

The State Council singled out grain, oil, sugar and cotton as markets that it was seeking to stabilize. It also vowed to intensify a crackdown on price speculation and to punish those found hoarding commodities and pushing up prices by illegal means.

The statement made no mention of monetary policy.

more

I remember when President Nixon instituted wage and price controls. This move made powerful interests in the United States very angry with him. I am curious to see what happens when this takes effect in China. Although, in a fixed political system, we are not going to see investigations and impeachment proceedings as with Nixon. This will certainly move markets.

[Demeter]

14. I Don't Think China Is Dominated by "Corporations" Just Yet

also, I don't think their "Capitalists" are quite as greedy as ours. Executing the baby-milk poisoners had a salutary effect, IMO.

[TalkingDog]

61. Not so fast there, China. Chinese Researchers find official statistics massively understated

http://www.businessinsider.com/chinese-researchers-find-official-statistics-massively-understating-inflation-2010-11

Two weeks ago, a Chinese think tank said that official data had been understating inflation by 7%.

Now this:
Zeng Wuyi, a professor at Xiamen University and deputy chairman of the National Statistics Society of China, thinks the survey method may be hobbled by sampling errors. Overall, he says, survey results tend to favor a CPI that may be lower than real inflation.

In addition, Zeng said, the system of collecting consumption figures may tilt too heavily toward low-income groups. Wealthy and poor families do not spend the same way; low-income families, for example, spend a higher proportion of their income on food.


Hmm... I hope the researchers in question know how to get out of the country quickly.

[ozymandius]

4. I swear -- I have never seen Fed officials so defensive and fragile.

Fed officials defend drive to lower rates

MONTGOMERY, Alabama (Reuters) – The Federal Reserve officials on Tuesday fought back against a stream of criticism over its $600 billion economic stimulus, arguing it was necessary to shore up the fragile recovery.

The Fed's effort to pump money into the financial system by buying up Treasury bonds has sparked fears it will feed asset bubbles in emerging markets and generate domestic inflation.

Atlanta Fed President Dennis Lockhart took issue with the idea pressed repeatedly by top economic officials in countries like China and Brazil that the easing was a backdoor effort to jumpstart exports through a weaker dollar.

more

The article reads like a litany of shrill protestations. It compels me to question, when all of this QE nonsense is done, who will have a shred of credibility left?

[ozymandius]

7. Fed May Hesitate on More Easing After Critics Question Mandate

Nov. 17 (Bloomberg) -- The Federal Reserve is facing the fiercest political assault on its powers in three decades as it struggles to help revive the U.S. economy.

The Fed’s plan to expand its purchases of Treasury securities has triggered criticism from Republican lawmakers, some economists who wrote an open letter to the Fed protesting the move, and finance officials in Germany, China and Brazil.

While central bank officials are pressing ahead with the $600 billion bond-buying program announced this month, analysts said the criticism may fan dissent within the Fed over the quantitative-easing policy. That may limit Chairman Ben S. Bernanke’s ability to take further measures if the economy remains weak.

In its Nov. 3 statement, the Fed said it intended to buy the securities by the end of June, yet would “adjust” the program if circumstances change. Some analysts said the storm over quantitative easing -- so named because it focuses on changes in the quantity of money the Fed creates through bond purchases rather than changes in interest rates -- could cause the Fed to stop short of the $600 billion mark.

more

Bernanke's hands are tied.

[Demeter]

17. Bernanke Is Feeding the Goldman Crowd

He doesn't understand that GS is cannibalistic of all save their own. GS will use him up and let him be thrown away. They don't need to hire stupids as rewards for feeding their insatiable greed.

[fasttense]

27. So, the Fed audit is scheduled to be release 1 Dec.

I wonder what it will say. It is very badly needed

And required by the US Constitution Article I Section 9: "and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time."

[Demeter]

29. The Fed Reserve Got Audited?

Or the government in general?

[florida08]

31. I thought that got pushed back

Last I heard Bernie Sanders said it was being scheduled to begin in December and would take about 6 months for a report

[Po_d Mainiac]

47. Do you really expect much to come from an audit?

Seven (vertically challenged)) 5th grade dropout's under the supervision of a squid appointee, armed with a couple abacuses.

:popcorn:

[florida08]

58. I wouldn't classify Ron Paul in that manner

[Tansy_Gold]

63. You're correct. It's an insult to short 5th graders and

squids.



Tansy Gold, who was a severely vertically challenged 5th grader. . . . .

[Po_d Mainiac]

67. I was thinkin the 7 Grimm dudes

:evilgrin:

[florida08]

8. they're scared

this is all they know to do and so far it hasn't worked..but it has hurt the bond market and inflated food prices which is bad in a recessed economy. Bernanke believes the depression was exacerbated by the gold standard..if you just pump enough liquidity..well you know.

http://www.guardian.co.uk/business/2010/nov/05/us-accused-of-worsening-price-rises">US accused of forcing up world food prices

[Demeter]

16. In this area, the Tea Party May Actually Serve the Nation

which means perhaps they can by guided into more "good idea" policies...

[Po_d Mainiac]

43. Before the Tea Party got hijacked by the whacko

tea baggers, their sole emphasis was on the Fed, Congress, and Bankster fraud/theft/corruption.

Many of the original founders are disgusted with the current agenda.

[Ghost Dog]

59. Yes. That was my impression at first last year.

Oh, and, um, forgive me, a few questions about the twin towers, etc., also.

[ozone_man]

68. If they would follow Ron Paul more.

Not sure if he is part of the Tea Party exactly, but in regards to abolishing the FED and ending wars, corporate welfare, privacy rights, he is spot on. So, yes, the Tea Party may help the situation. Strange that, how the evils of corporate capitalism, i.e. corporate Democrats and Republicans preserving the status quo, comes under attack by the left and fiscally responsible right, Tea Party, Ron Paul. Actually, Ron Paul looks much like Dennis Kucinich or Ralph Nader in these areas.

It's almost too funny to see Bernanke come under pressure from the right.

[ozymandius]

5. Senate panel backs Fed nominee Diamond

WASHINGTON (Reuters) – A Senate committee approved the nomination of Nobel laureate Peter Diamond to the Federal Reserve Board on Tuesday over Republican objections, sending it to the full Senate for a vote three months after it was blocked.

The Senate Banking Committee voted 16 to 7 in favor of Diamond, with all the "no" votes coming from Republicans.

Diamond, who won the Nobel for his research on labor markets, is known as a proponent of behavioral economics, which studies why people do not always make rational economic decisions.

more

The Republicans oppose his nomination for two reasons that have some basis in the rational world. First, Diamond, they say, lacks necessary experience to serve on the Fed board. The second reason is a rule that two board members may not reside in the same district. Diamond and Fed board governor Daniel Tarullo list Massachusetts as their place of residence.

The latter is so frequently ignored that it might as well not even exist as a rule. The former reason for opposing Diamond has a frail connection to rationality. If Diamond is unfit for the Fed Board because of "lack of necessary experience" then why is Bernanke the Board Chairman? What experience outside of academia does he have that guides his decision making process?

You compare. Both have been academicians throughout their careers. Here is Bernanke's curriculum vitae. Next, compare that with Diamond's CV.

Bernanke's credits are an easy read at five pages. Diamond's accomplishments will take a bit more time at fifteen pages in length.

[ozymandius]

6. Gap, Wal-Mart Clothing Costs Rise on ‘Terrifying’ Cotton Prices

Nov. 16 (Bloomberg) -- Gap Inc., J.C. Penney Co. and other U.S. retailers may have to pay Chinese suppliers as much as 30 percent more for clothes as surging cotton prices boost costs.

Cotton futures in China have surged more than 70 percent this year and were at a record earlier as the global economy emerged from recession, allowing people to spend more on clothes. Production of the fiber in China, the world’s biggest user and importer, is forecast to lag behind demand for a 12th year, cutting its stockpile to the smallest since 1995, according to the U.S. Department of Agriculture.

China’s demand for cotton outstripped domestic production by 3.6 million metric tons in 2009 to 2010, widening a supply deficit, the China Cotton Association said Sept. 27.

more

Hence China's efforts to place price controls on some commodities - cotton being one of them.

[Demeter]

19. There's also pressure on US to stop Subsidizing Cotton Growers

but I don't think that's happened, yet. If the prices get high enough, it could and probably will end the subsidy program.

[florida08]

30. NIA Projects Future U.S. Food Price Increases

http://www.inflation.us/foodpriceprojections.html

This report was written by NIA's President Gerard Adams, who believes food inflation will take over in 2011 as America's greatest crisis. According to Mr. Adams, making mortgage payments will soon be the last thing on the minds of all Americans. We currently have a currency crisis that could soon turn into hyperinflation and a complete societal collapse....

NIA projects that at the average U.S. grocery store it will soon cost $11.43 for one ear of corn, $23.05 for a 24 oz loaf of wheat bread, $62.21 for a 32 oz package of Domino Granulated Sugar, $24.31 for a 32 fl oz container of soy milk, $77.71 for a 11.30 oz container of Folgers Classic Roast Coffee, $45.71 for a 64 fl oz container of Minute Maid Orange Juice, and $15.50 for a Hershey's Milk Chocolate 1.55 oz candy bar. NIA also projects that by the end of this decade, a plain white men's cotton t-shirt at Wal-Mart will cost $55.57....

The report highlights how despite cotton rising by 54%, corn rising by 29%, soybeans rising by 22%, orange juice rising by 17%, and sugar rising by 51% during the months of September and October alone, these huge commodity price increases have yet to make their way into America's grocery stores because corporations have been reluctant to pass these price increases along to the consumer. In today's dismal economy, no retailer wants to be the first to dramatically raise food prices. However, NIA expects all retailers to soon substantially raise food prices at the same time, which will ensure that this Holiday shopping season will be the worst in recorded American history.

[Demeter]

41. Oh, Please!

This is just nonsense.

[florida08]

46. It's a worse case scenario

Hyperinflation is the loss of faith in the currency. Prices rise in a hyperinflationary environment just like in an inflationary environment, but they rise not because people want more money for their labor or for commodities, but because people are trying to get out of the currency. It’s not that they want more money—they want less of the currency: So they will pay anything for a good which is not the currency.


http://gonzalolira.blogspot.com/2010/08/how-hyperinflation-will-happen.html

Doesn't mean it will stay that way or will become the norm but a spike for a time

more detail
http://www.prnewswire.com/news-releases/hyperinflation-is-guaranteed-if-us-stays-on-current-path-says-nia-108409814.html

[CatholicEdHead]

56. And still pay workers 2 cents/garmet to make them

[xchrom]

9. Recommend

[florida08]

10. 50MILLION people go hungry while Wall Street fatcats take home millions

A record one in six American families went hungry last year because they did not have enough food, a shock survey has revealed.
Some 17.4million U.S. households - 50 million people - were classified as ‘food insecure’ which meant they regularly skipped meals even if they wanted to eat.

Others went for entire days without eating and handed round smaller portion sizes to make their meagre offerings suffice.
The news comes as it is revealed that top U.S. executives saw their pay and bonuses shoot up last year in the face of the worst recession for 80 years.

The highest paid bosses received an average of $1.6million (£1million) as a bonus on top of their basic remuneration, an increase of 11 per cent. Salaries rose by just 3 per cent but that still meant the typical executive took home $7.2million (£4.4million).

The dietary figures are the highest since 1995 when the first national food security survey was conducted and will be acutely embarrassing for the United States, the world’s richest nation and the last remaining superpower.

They also shine a light on the vast numbers of hard working Americans who have lost their jobs in the recession and for the first time are having to rely on the state to make ends meet.

The U.S. Department of Agriculture study shows that in 2009, almost 50 million people, including 17 million children, were ‘food insecure’.

This marked a slight increase from the previous year when 17.1 million families had difficulty putting meals on the table.
Those in this category usually went hungry, could not afford a balanced meal and cut their portion sizes on the occasions they did have food.


Read more: http://www.dailymail.co.uk/news/article-1330254/50MILLION-Americans-starve-Wall-Street-executive-pay-rockets.html#ixzz15XRldy6X

[Tansy_Gold]

20. It's gonna take more than a little "embarrassment" to budge

the pukes and their Dem supporters. THEY DON'T CARE. You have to CARE to be ashamed. You have to CARE to feel guilty. You have to CARE to change.


THEY DON'T FUCKING CARE.



Tansy Gold

[florida08]

38. no Tansy dear they don't

and you said it well

[tclambert]

11. Da Bears!

Alaskan bears. I'm now rooting for them. Although they may need quite a lot of Pepto-Bismol.

[Dr.Phool]

15. I don't think that Cabernet goes with skunk.

Maybe a nice MD 20-20.

[Ghost Dog]

64. You're'all losing me here with all this "slang".

Uh, but, I guess, I get the drift. I wonder how many "significant" (or otherwise) English-second-language-speakers around the world also closely follow, to the best of their abilities.

[alterfurz]

66. ah, MD 20/20...

...best of the bum wines: take it from a bum who has tried them all!
http://www.bumwine.com/md2020.html

[Ghost Dog]

69. Ah. Ok. Got it. Thanx.

Headache-wine, then.

:hi:

[hamerfan]

71. You say that,

As if it's a bad thing. :7

[DemReadingDU]

18. Stock futures???

Bloomberg +5
http://www.bloomberg.com/markets/stocks/futures/


CNN -189
http://money.cnn.com/data/premarket/


:shrug:

[Demeter]

21. Que sera', sera'.

We will find out soon enough.

[Dr.Phool]

22. Don't look like much of a future to me.

Who took a dump in the corn flakes this morning?

[Demeter]

28. Why, Uncle Ben, of course!

And he's going to do it for the next 5 years, if nothing and no one gets him out of there....

[Dr.Phool]

23. This is the CNN finance headline from 30 minutes earlier.

U.S. stocks set for small gains
By CNNMoney.com staffNovember 17, 2010: 7:25 AM ET


NEW YORK (CNNMoney.com) -- U.S. stocks headed for a flat open Wednesday, as investors recovered from Tuesday's steep market decline.

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

http://money.cnn.com/2010/11/17/markets/premarkets/index.htm

[Festivito]

24. Debt: 11/15/2010 13,789,013,561,493.72 (UP 67,034,095,808.40) (Mon)

(Up a lot. Fixed projection. Good day.)
All day in bed, better now, just slower.
(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)
= 9,203,788,917,732.66 + 4,585,224,643,761.06
UP 65,794,144,300.11 + UP 1,239,951,508.29

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 $3,218.44 makes 1T$.
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 310,709,792 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 $44,379.08.
A family of three owes $133,137.23. (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 5,861,281,820.85.
The average for the last 30 days would be 4,102,897,274.59.
The average for the last 31 days would be 3,970,545,749.61.
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$/day.
There were 31 reports in 46 days of FY2011 averaging 7.34B$ per report, 4.94B$/day.
Above line should be okay

PROJECTION:
There are 797 days remaining in this Obama 1st term.
By that time the debt could be between 14.9 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)
11/15/2010 13,789,013,561,493.72 BHO (UP 3,162,136,512,580.64 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 +0,227,390,530,602.00 ------------* * * * * BHO
Endof11 +1,804,294,427,602.83 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------*********
11/15/2010 +065,794,144,300.11 ------------********** Mon

145,183,167,516.40 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=4616107&mesg_id=4616225

[Festivito]

70. Debt: 11/16/2010 13,795,134,710,938.49 (UP 6,121,149,444.77) (Tue)

(Up a little. Good day.)
Slowly back in the saddle. Fix phones by email next, if possible.
(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)
= 9,204,539,480,246.53 + 4,590,595,230,691.96
UP 750,562,513.87 + UP 5,370,586,930.90

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 $3,218.36 makes 1T$.
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 310,716,992 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 $44,397.75.
A family of three owes $133,193.24. (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 5,873,093,985.57.
The average for the last 30 days would be 4,306,935,589.42.
The average for the last 32 days would be 4,037,752,115.08.
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$/day.
There were 32 reports in 47 days of FY2011 averaging 7.30B$ per report, 4.97B$/day.
Above line should be okay

PROJECTION:
There are 796 days remaining in this Obama 1st term.
By that time the debt could be between 14.9 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)
11/16/2010 13,795,134,710,938.49 BHO (UP 3,168,257,662,025.41 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 +0,233,511,680,046.70 ------------* * * * * BHO
Endof11 +1,813,441,770,575.45 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------*********
11/15/2010 +065,794,144,300.11 ------------********** Mon
11/16/2010 +000,750,562,513.87 ------------********

145,876,273,421.92 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=4617676&mesg_id=4617768

[Ghost Dog]

25. LEAP/E2020: First quarter 2011: Breach of the critical threshold of global geopolitical dislocation

- Public announcement GEAB N°49 (November 16, 2010) -

As the LEAP/E2020 team anticipated in its open letter to the G20 leaders published in the international edition of the Financial Times of 24 March 2009, on the eve of the London Summit, the question of a fundamental reform of the international monetary system is central to any attempt to solve the current crisis. But sadly, as was demonstrated again at the failure of the G20 summit in Seoul, the window of opportunity for achieving such a reform peaceably closed at the end of summer 2009 and will not open again before 2012/2013 (1). The world is indeed in the throes of the global geopolitical dislocation that we had announced as beginning at the end of 2009 and which can be seen, less than a year later, in the proliferation of movements, the economic woes, the fiscal deficits, the monetary disagreements, all setting the scene for major geopolitical shocks. With the G20 summit in Seoul, which signalled to the planet in its entirety the end of US domination of the international agenda and its replacement by a generalised mood of “every man for himself”, a new phase of the crisis has begun, prompting the LEAP/E2020 team to issue a new warning. The world is about to breach a critical threshold in this phase of global geopolitical dislocation. And as with every breach of threshold in a complex system, this will generate, as from the first quarter of 2011, a suite of non-linear phenomena: developments that do not conform to the usual rules and the traditional projections, be they economic, monetary, financial, social or political.

...

The crisis that we are experiencing is characterised by developments on a planetary scale, taking place at two levels that, while correlated, are different in nature. On the one hand, the crisis is symptomatic of the profound changes to our world’s economic, financial and geopolitical reality. It accelerates and amplifies the underlying trends that have been at work for several decades, trends that we have described regularly in the GEAB since its launch at the beginning of 2006. On the other hand it reflects the steadily increasing collective awareness of those changes. This growing awareness is in itself a phenomenon of collective psychology on a global level and it influences the way the crisis develops and triggers sharp bursts of speed in its evolution. Several times in recent years, we have anticipated “inflexion points” in the crisis, corresponding to “sudden leaps” in this collective awareness of the changes under way. And we consider that all the pre-requisites for “rupture” crystallised around the G20 summit in Seoul, enabling a crucial advance in collective awareness of the global geopolitical dislocation. It is that phenomenon that led LEAP/E2020 to identify the breach of a critical threshold and to issue a warning about the consequences of that breach as from the first quarter of 2011.

Around the date of the G20 summit in Seoul, LEAP/E2020 identified a build-up of events likely to lead to “rupture”. Let us examine the main events concerned (2) and their chaotic consequences.

/Article Continues here:... http://www.leap2020.eu/GEAB-N-49-is-available-Warning-Global-systemic-crisis-First-quarter-2011-Breach-of-the-critical-threshold-of-global_a5458.html

[Ghost Dog]

65. (I see that someone, as I was thinking of offering to do myself,

but then dropped it, is working to improve the quality of the English language employed by these, mostly French, friends and neighbors).

Edit: (close bracket)

[Demeter]

26. Good Morning Marketeers!

Survived another board meeting.

We are getting better at it--making policy instead of seat-of-the-pants arbitrary decisions, firing incompetent lawyers and other contractors, reaching decisions so that stuff isn't hanging fire for months...it helps to have good leadership in our President, good support from our CPA board member, and 3 members missing due to death in family, snowstorm in Iowa, and overload in schedule. Two of those missing are known for debating to exhaustion...

I just hope that this improvement lasts. January brings election for 3 members and although I expect the present members will run again and be elected, one never knows. The ex-president is making noises about running (but hasn't filed a nomination...)

And it's definitely winter. It rained a cold rain all night, but didn't turn to snow--yet. the sun rises very late, and calls the day very early. It's dark by 5 PM. In Michigan, because we are officially Eastern time, we are always on "daylight savings time", just twice as much in the summer.

But I still have roses in the protected part of the garden in full bloom and bud. And a Christmas tree and a Thanksgiving turkey and snow tires and wipers and antifreeze on all the cars, so things could be worse.

And that's the Peyton Place update!

[bread_and_roses]

32. "And a hard rain's gonna fall..." The Bottom Line

http://www.alternet.org/environment/148879/derrick_jensen%3A_consumer_culture_is_killing_the_planet_--_we_need_to_build_a_culture_of_resistance/

Derrick Jensen: Consumer Culture Is Killing the Planet -- We Need to Build a Culture of Resistance
Derrick Jensen on why a society built on non-renewable resources cannot last.

... AMY GOODMAN: Derrick, you’ve written, "Civilization is not and can never be sustainable."

DERRICK JENSEN: Yeah. Several years ago, I was riding around in a car with a friend of mine, George Draffan, with whom I’ve written a couple books. And I was just making conversation. I said, "So, George, if you could live at any level of technology that you want to, what would it be?" And he was not in a very good mood that day, and he said, "That’s a really stupid question, Derrick, because we can fantasize whatever we want, but the truth is there’s only one level of technology that’s sustainable. And that’s the Stone Age. And we’ll be there again some day. And the only question really is, what’s left of the world when we get there?"
...

Time to take a break again from the environmental news, I guess. Too grim.

[Ghost Dog]

35. Hell. Bronze is excellent material...

for many purposes (though it does involve digging into and processing Mother Earth's entrails, with attendant pollution, but even so...).

Know what you mean.

[Demeter]

37. There's Enough Stuff in Landfills

that we don't have to mine for anything.

[Ghost Dog]

39. That is very true.

I was very interested to observe the high degree of recycling, and economically-lucrative serious repair and maintenance, with almost no waste (when you buy something, the packaging is used-newspaper and (only if necessary) re-used plastic bags) going on in the, ok, very touristic, Medina of Marrakesh (in the US/French-supported feudal dictatorship of Morocco).

[Demeter]

36. Not True

We can sustain any technology level we want, with the right society. It is our economic arrangements that make everything unsustainable. The tolerance of hoarding, of abuse of power, of discrimination and deprivation, these are exactly what Christ preached against, among other enlightened souls. These are exactly what organized religions feed off. Therein lies the reason why we are so stuck with broken systems. Our institutions don't serve us in the aggregate. They only serve the Masters.

And the Masters like LOTS of slaves, to gloat over. They are sick in every definable meaning of the word.

[florida08]

40. +1000

Exactly, the need to feel superior to the detriment of others. Moneytheism

[bread_and_roses]

48. I do truely hope you are right about technology

You are most certainly right about the Masters!

[DemReadingDU]

53. We can sustain any technology level we want, with the right society, and

at the right price.

For example, so much of what we have today in manufacturing and technology and transportation, is because of relatively cheap oil. If the cost of getting the oil out of the ground begins to exceed the costs of using oil and its developed products, then we have a big dilemma.

[Demeter]

55. So Much Is Wasted

I don't know about you, but if I never saw another advertisement in my life, I would not feel deprived. Small local businesses don't need advertising--word of mouth or lack of alternatives takes care of it. Same goes for most of broadcast and cable TV. If these became too expensive as presently constituted, we could find cheaper, better, healthier ways of accomplishing much more with much less input.

Too much overhead is the direct consequence of going global--the local diner or retail store against a nation-wide chain, or even the vast array of military outposts the US maintains. It's all not doing anyone a lick of good, or producing a usable good or service for a person or the society in general. It's serving the CORPORATIONS and the corporate state, and while this may mean jobs (but it really doesn't) they are soul-searing jobs for the most part, destroying those that have them.

We'd have to really break down the corporate veil, not just to prosecute the criminals, but to reallocate the resources of the world. This would of necessity force governments of, for and by the people governed; or war would be waged until such a state was reached.

Anything that can be made with plastic can be made with renewables. Many things done with metal can be done with stone. The incentive system has to be recalibrated so that the lowest-impact resources are the first choice.

This would make the Internet the supreme method of data transmission. It would by definition be a public utility. It is run by electricity, which can definitely be renewably generated. It is composed of technology, silicon and metal, and vanishingly small amounts per person of the latter two.

All the things we do and the way we do them would need to be broken down, analyzed and reformulated with two goals in mind:

High Renewables/High Tech/Low maintenance/Ease of repair (in other words, no "planned obsolescence")

Widespread availability at cost with no obscene profit--maybe none at all.

What is profit except excessive costs on the purchaser and hoarding on the producer side? Das Kapital was probably misnamed, it should have been about the evil of Profit as a motivation and goal.

Okay, now that I've rebuilt the world...how do you like it?

[Ghost Dog]

60. Nb: I like to "call a spade a spade" (I'm from Yorkshire)

But, note well, from what I have seen with my own eyes, in context, (and a lot of reading) I am not yet prepared to opine that the Alaouite, um, dynasty is in any way illegitimate in any of the lands, north of Mauritania, under (if you noticed) question. "Normal" left-right politics aside.

Algeria, as is, under present rule, is most likely not a very viable alternative for W. Sáhara.

However, I regrettably conclude, right now, that there is going to be local War, right next door to me here.

In this context, Spain (forget UN-international law for one moment, but not later) is, in the shadow of France and the USA, almost completely powerless.

[hamerfan]

72. Way off topic,

But you, Sir, are indeed from the Promised Land!



Please excuse my lame attempt at humor earlier on the MD 20/20 section.

[Demeter]

33. THE FIX IS IN? Geithner Expects a Deal on Tax Cuts

http://online.wsj.com/article/SB10001424052748704312504575618373456592444.html?mod=WSJ_myyahoo_module

Treasury Secretary Says Reaching an Accord Is 'Not Rocket Science'; Temporary Extension of All Bush-Era Rates Seen as Likely

U.S. Treasury Secretary Timothy Geithner said Tuesday it was "quite likely" the White House and Congress would reach a deal on the expiring Bush-era tax cuts by the end of the year, the clearest indication yet that the two sides will come to an accommodation before rates are set to rise...

WHY NOT JUST ADVERTISE IT IN THE WSJ THAT YOU HAVE TURNED THE PRESIDENT INTO YOUR PET POODLE?

OH, WAIT A MINUTE. NEVER MIND....

[florida08]

42. #%@!##$*@

Obama is toast :grr:

[Robbien]

50. AND, Congress is set to override Obama's veto of the 'give everything to the banksters bill'

House to Consider Override of Notary-Bill Veto
http://online.wsj.com/article/SB10001424052748704312504575619591776780452.html

House lawmakers are scheduled to consider Wednesday a motion to override President Barack Obama's veto last month of a bill that critics claimed could make it harder for homeowners to stop flawed foreclosures.

The vetoed bill, sponsored by Rep. Robert Aderholt (R., Ala.), would require notarizations of mortgages and other documents, including those done electronically, that are done in one U.S. state to be accepted by courts in another state.

The House approved the bill in April by a voice vote, and the Senate passed it unanimously in late September. But Mr. Obama returned the bill to Congress without his signature last month as concerns mounted over the unintended impact the measure could have on consumer protections amid growing problems with foreclosure documentation.


----------

If this passes the house, Reid would be smart to ignore it for the Senate.

[Demeter]

51. The "gods" Must Be Crazy

or very well bribed. Do they even have a clue what they are proposing?

[StarburstClock]

57. The WSJ is a worthless propaganda front and the story may be true

or maybe not, it's like flipping a coin. Regardless, I never click on any WSJ/Murdoch link and haven't since the day he bought it.

To the point of the "story", of course the Bush-era tax cuts will be extended, it's been proven time and time again that it hurts the economy to do so and the American political system works for itself. It's perfect dysfunction.

[Demeter]

34. Cities Where Americans Are Getting Richer: FORBES

http://www.forbes.com/2010/11/16/cities-median-income-lifestyle-real-estate-richer.html?partner=yahoofpapp


Greensboro, N.C., might not be the best place to find a steady job. But if you've already got one, chances are you're doing better than you were a couple of years ago. The city's unemployment rate is 9.8%, nearly a point above the still-high national average. But those with college degrees who have managed to keep their jobs during the recession have seen their median income jump to $53,400 in 2010 from $48,900 in 2007.

Sarasota, Fla., tells a similar story. The city carries a frightening unemployment rate of 12.6%. Yet its median income has increased to $51,100 from $47,400.

These are the cities where Americans are getting richer?

Compared with the rest of the country, yes. "We're not talking gangbuster wages here," says Al Lee, director of quantitative analysis at PayScale.com, a Seattle, Wash.-based provider of employee compensation data. "Raise increases have been generally flat nationally over the last couple of years, so a few points make a big difference."

To determine the places where Americans are getting richer, PayScale studied the compensation of college graduates for which it had data--about 1.5 million people--in the 100 most populous Metropolitan Statistical Areas in the country, ranking each city by compounded income growth between 2007 and 2010...Why are these middle-of-the-road cities succeeding? Rochester and Poughkeepsie, N.Y., didn't have a housing boom, so they didn't have a bust, either. "Slow and steady cities benefited," says Lee. Same with places like Pittsburgh, Penn., where the big business is in medicine and education. In Thousand Oaks, Calif., biotech reins. "These are industries that weren't as affected by the recession," says Lee.

SO WHAT? THE FIRE HASN'T REACH THEIR HOUSES...YET. RICH IS A STATE OF MIND.

[Demeter]

45. Looks Like One of Those Mood Swing Days for the DOW

The PPT are out in full battle gear:

"Hold That Line!" the cheerleaders shout.

[Demeter]

49. Seriously, Jail the Bankers or This Economy Will Never Fully Recover

VERY LIKELY IT WILL NEVER RECOVER AT ALL...

http://www.alternet.org/story/148882/seriously%2C_jail_the_bankers_or_this_economy_will_never_fully_recover?page=entire

(STIGLITZ') argument is based not on the visceral satisfaction of seeing the high and mighty brought down a peg, but on cold economic grounds. At heart, economics is the study of incentives, and by refusing to hold the corporate criminals at the heart of the housing crisis accountable in any meaningful way, we’re creating powerful incentives for more malfeasance in the future...

[Demeter]

54. FDIC, U.S. Sets 50 Bank Probes (CRIMINAL INVESTIGATIONS)

http://online.wsj.com/article/SB10001424052748703628204575619000289073686.html?mod=WSJ_hp_LEFTTopStories

http://abcnews.go.com/Business/wireStory?id=12167983

NOW WE'RE TALKING!

WSJ:

"The agency responsible for dealing with bank failures is stepping up its effort to punish alleged recklessness, fraud and other criminal behavior, as U.S. officials did in the wake of the savings-and-loan crisis a generation ago. More than 300 banks and savings institutions have failed since the start of 2008, but just a few have led to criminal charges being filed against bank officials...The FDIC is also ramping up civil claims to recover money from former bankers at busted lenders. ."

LET'S HOPE THIS IS A WARM-UP EXERCISE FOR TBTF FAILURES!

[StarburstClock]

62. Xmas set to be great for retailers!

Until after Xmas when the actual sales numbers are buried by misinformation. Just keep shopping or the terrorists win, or should it read "just keep groping or the terrorists win"? How many millions of Xmas travelers will happily be groped and irradiated this holiday season just so the "terrorists don't win"? What will the cost of traveling/irradiation/groping be with manipulated fuel prices? Well don't worry your consumer minds about any of that, just rest assured that your local TV talking heads will be merrily reading their propaganda scripts off the wires that reassure everyone that travel is completely safe despite the collapsing infrastructure of roads, bridges and subways.