STOCK MARKET WATCH, Thursday November 18

[ozymandius]

Source: du

STOCK MARKET WATCH, Thursday November 18, 2010

AT THE CLOSING BELL ON November 17, 2010

Dow 11,007.88 -15.62 (-0.14%)
Nasdaq 2,476.01 +6.17 (+0.25%)
S&P 500 1,178.59 +0.25 (+0.02%)
10-Yr Bond... 2.91 +0.02 (+0.83%)
30-Year Bond 4.31 +0.02 (+0.44%)

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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

08:30 Initial Claims 11/13
Briefing.com 440K
Consensus 442K
Prior 435K

08:30 Continuing Claims 11/06
Briefing.com 4300K
Consensus 4300K
Prior 4301K

10:00 Leading Indicators Oct
Briefing.com 0.4%
Consensus 0.6%
Prior 0.3%

10:00 Philadelphia Fed Nov
Briefing.com 2.5
Consensus 5.0
Prior 1.0

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

[Dr.Phool]

22. Weekly jobless benefit claims rise slightly

WASHINGTON — New U.S. claims for unemployment benefits rose slightly last week as expected, a government report showed on Thursday, but the underlying trend remained tilted toward a gradual improvement in the labor market.

Initial claims for state unemployment benefits climbed 2,000 to a seasonally adjusted 439,000, the Labor Department said.

Economists polled by Reuters had forecast claims rising to 440,000 from the previously reported 435,000. The government revised the prior week's figure up to 437,000.
----------------------------------------------------------------------

Up slightly, last week revised upwards....again. Yawn.

[boomerbust]

28. Monster Philly Fed

22.5 Wow!

[ozymandius]

2. Oil rises above $81 on Asian stocks, weaker dollar

SINGAPORE – Oil prices rose above $81 a barrel Thursday in Asia as a rebound in regional stock markets and a weaker dollar helped push crude higher.

Oil traders often look to stock markets as a measure of overall investor sentiment, and most Asian indexes rose Thursday, led by gains of about 2 percent in Japan and Hong Kong.
The dollar weakened against the euro and the U.K. pound, which makes crude cheaper for investors with those currencies. It was little changed against the yen.

Oil has fallen from $88 last week on concerns that measures by Chinese policymakers to contain inflation will undermine economic growth and demand for crude. China has led the world this year in fuel consumption growth as developed countries struggle to regain robust economic expansions after last year's recession.

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

[Demeter]

11. Paid 2.81 with My 10 Cent discount this morning

Down from 3.09

[DemReadingDU]

24. My lucky day yesterday!

Gas was averaging $2.81 at most stations. Krogers had gas for $2.71, so I pull in to fill-up . I whip out my Kroger card expecting the usual 0.10 discount per gallon, but it asks if I want the 0.20 discount. Of course!

[Roland99]

50. Road tripping north this weekend

Me to KY to see the grandbaby, my GF heading up to Detroit to visit family and then back to KY for Thanksgiving w/me.

I'm hoping we don't hit any $3/gal gas but I ain't holding my breath. Still have my Kroger card but I think it's only good for the KY/IN locations.

[Dr.Phool]

58. Have a safe trip, and watch out for the snow sharks.

[Demeter]

61. Snow Sharks! Watch out for Black Ice!

[Po_d Mainiac]

65. Black ice. The reason ta always have a couple cans of beer

with you at all times...After you drain them stomp on em. Instance ice creepers.

[Demeter]

70. I can't drink that much at once!

I'd have to waste it on the ground!

[Roland99]

67. HA! Snow sharks. I remember when Gary Burbank coined that term on WHAS Radio in the 70s

before he moved back to Cincy...the two big bad winters in the 70s we'd have Gary Burbank asking listeners to call in snow shark sightings!

lol

[hamerfan]

73. I've never heard the term snow shark,

but having lived in Alaska I do know what ice worms are!

http://en.wikipedia.org/wiki/Ice_worm

[Demeter]

60. In Michigan, If You Can't Find a Kroger With Gas Pumps

Look for Shell stations that are participating--get 10 cents/gallon off for every 100 points you've accumulated...

[ozymandius]

3. Nat'l Enquirer owner seeks bankruptcy protection

LOS ANGELES – The recession's toll on consumers has forced the publisher of supermarket tabloids the National Enquirer and Star to seek bankruptcy protection.

American Media Inc., whose publications account for more than a fifth of the newsstand circulation in the U.S. and Canada, filed for Chapter 11 bankruptcy protection on Wednesday under a plan that will see debtholders take control of the company.

The company said in its filings that the recession had hurt single-copy sales at checkout counters, which, combined with subscriptions, account for over half its revenue. It gets the bulk of the rest of its revenue from advertising.

more

I never thought these tabloids stood much of a chance against The Onion.

[Dr.Phool]

14. Or Faux News.

Is John Edwards representing them?

[AnneD]

21. Morning Marketeers...

:donut: and lurkers. I am so disappointed. I looked forward to the Alien endorsements during the election cycles. Those photos of the candidates with beings from outer space convinced me that we should give illegal aliens the right to vote!!!!

And in other Onion related news, this TSA street theater about feeling up passengers has caused me to make a decision. The first time these assholes ask me frisk me-I will strip down to my skivvies there on the spot (mental note, in addition to having a fresh pedicure-wear new clean new undies when traveling). I don't care if I am 56 yo and overweight. Enough is enough. Of course my first choice is to avoid air travel at all. The way I look at it, if they are bound and determined to take away my last shred of human decency-I'll comply. What are they going to charge me with-public indecency? They are the ones being indecent. Are they going to charge me with lewdness? They are the ones being lewd. Are they charging me with failure to comply? You can't get more compliant than that. The only thing they can charge me with is being 56 yo, overweight and maybe pissed off. I think the idea has a Ghandi-esk quality about it. So if one day if you read about some crazy fool that stripped in the airport in as public a place as possible-you will know who did it. Some folks may doubt me but let's just say, I am 56, post menopausal and I don't give a shit about TSA. They are the asses, not me.

On the home front-work still sucks. I had 3 emergencies yesterday and the boss thought she would let me hang by the rules but I made it through. Guess who is absent today. She sent me an ugly response to an email that I sent her about not being a team player when she asked me to do something illegal. She also said in the e-mail that she would no longer reply to me via e-mail-I have to go to her office. Well guess who has a recording device in her pocket. I am so gone from that place after the first of the year. She is going to hang herself yet, all I have to do is step side-she has enough rope.

Oh, and guess who is the new convert to 'socialist medicine', More on that later. I have to make a DR.s appointment.

Happy hunting and watch out for the bears.

[ozymandius]

4. House Resolution 3808: Be Glad It Failed

This shitty bill would have been a gift to the robosigning industry and the banksters. Here is a graphic to show how the House voted on the record (courtesy of GovTrack):
http://4.bp.blogspot.com/_dfbI8SIJWek/TOUA2zChISI/AAAAAAAAAJw/iHtDBsSWn90/s1600/HR+3808.jpg
Go to GovTrack for full details on how your state's delegation and your individual representative's vote.
(h/t Po_d Mainiac)

[mbperrin]

20. Of course, my rep voted yes. (Sigh)

Why can't he at least be absent more?

[Festivito]

5. 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

[Festivito]

74. Debt: 11/17/2010 13,789,278,919,702.62 (DOWN 5,855,791,235.87) (Wed)

(Up a little. Good day.)
Off early to fix paperworkings. Del Taco for Internet and Churros!
(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)
= 9,205,210,340,121.50 + 4,584,068,579,581.12
UP 670,859,874.97 + DOWN 6,526,651,110.84

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 $3,218.29 makes 1T$.
A family of three: Mom, Dad, Child: $9.65, ABOUT TEN BUCKS for a 1B$ 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 310,724,192 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 $44,377.87.
A family of three owes $133,133.62. (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 5,363,142,454.20.
The average for the last 30 days would be 4,111,742,548.22.
The average for the last 33 days would be 3,737,947,771.11.
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$/day.
There were 33 reports in 48 days of FY2011 averaging 6.90B$ per report, 4.74B$/day.
Above line should be okay

PROJECTION:
There are 795 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)
11/17/2010 13,789,278,919,702.62 BHO (UP 3,162,401,870,789.54 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 +0,227,655,888,810.90 ------------* * * * * BHO
Endof11 +1,731,133,321,166.22 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------********
11/17/2010 +000,670,859,874.97 ------------********

145,983,021,968.96 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=4619646&mesg_id=4619662

[truedelphi]

75. I thank you for this information.

And the nifty illustrations of how to think about all those Big Big Bucks.

I realize that I am much more interested in being RICH RICH RICH, than being a Dem or A Republican.

So if I could simply come up with a way to get each American now alive in the USA to send me
just Three dollars and twenty two cents...

[Festivito]

76. Good luck, and thanks.

I'd be happy with a nickel. And, if I did get a nickel from everyone, I hope I'd still be a Dem.

[ozymandius]

6. Top US Republicans criticize new Fed stimulus

Bernanke cannot catch a break as the hits keep on coming daily. Republican leadership offers token outrage for the Tea Party.

WASHINGTON (AFP) – The top four Republicans in Congress told US central bank chief Ben Bernanke in a letter Wednesday they had "deep concerns" over the Federal Reserve's recent moves to stimulate the economy.

Republican Senate Minority Leader Mitch McConnell, number-two Senate Republican Jon Kyl, House of Representatives Minority Leader John Boehner and the second-highest ranking House Republican Eric Cantor signed the letter, which Kyl's office made public.

The Republican lawmakers said they wanted to express their "deep concerns" over the announcement and warned the Fed risked "giving the impression" that it would keep acting "to boost the short-term prospects for the economy."

more

Oh -- they did stress in their letter that The Fed must be independent and free from "political pressures" to exercise its authority over monetary policy. *wink*

[ozymandius]

7. Fed Requires Test for Banks Before Restoring Dividend

The NYT's Eric Dash reports:

The Federal Reserve will require big banks to undergo a new round of stress tests — this time, to determine if they are sound enough to begin raising their stock dividends.

The Fed will require the 19 financial institutions that underwent stress tests during the financial crisis to undergo new reviews. As part of the exam, they must submit capital plans by Jan. 7 that show their ability to withstand losses under “adverse” economic conditions over the next two years.

The banks must demonstrate they are strong enough to meet new capital requirements stemming from international accords and the recent overhaul of financial regulations by Washington. They also must have fully repaid any federal bailout funds they accepted at the height of the crisis.

more

Several banks would be barred from raising their dividends: Fifth Third Bank, KeyCorp, SunTrust Banks and Regions Financial. Citigroup and Bank of America have much to prove regarding their fiscal heath before they can resume dividend payments.

[Demeter]

12. Why Not Just Nationalize Them?

why the kabuki exercising?

If they can nationalize GM, they can nationalize anything. Of course, for AIG, they should just liquidate it, that turkey will never fly again.

[Tansy_Gold]

15. Which reminds me -- Regarding the GM IPO or whatever it is

Can someone explain to me -- and to any curious bystanders -- just how this is gonna work?

Didn't all of GM's stock go worthless at the time of the bailout? Or didn't the US buy a bunch of GM stock? Or it all got converted to unpreferred junk bonds? Or something like that? What happened to the old stock? Is it just garbage and now GM gets to sell new stock? What will the new stock "own"?


Just wonderin'......




TG, as usual

[Dr.Phool]

17. The old stock was wiped out.

Worthless. New stock was issued. The government got a boatload of that in exchange for the bailout.

http://www.tampabay.com/news/business/autos/article1134458.ece

[Demeter]

35. The Original Stock is trading at a Quarter (25 Cents) They Said on NPR this morning

although it has absolutely no value whatsoever.

Maybe the certificates are unusually pretty? Or make good fire starters?

[Dr.Phool]

59. After LTV filed bankruptcy the second time, I bought shares for $0.50.

Every member of the union was awarded 1 share when they emerged the first time. I offered a half buck for some, just so I could wallpaper my family room bathroom with them.

Most guys gave them to me for free.

[Demeter]

45. Fed paves way for banks to resume buy-backs

The Federal Reserve paves the way for the largest US banks to increase dividends and share buy-backs next year with the announcement of what it described as “a common, conservative” set of regulatory guidelines

Read more >>
http://link.ft.com/r/9ULF66/5CRGM2/K91WR/JI0Q5H/YH541I/1G/t?a1=2010&a2=11&a3=18

[ozymandius]

8. FDIC Watchdog Weighs Criminal Charges Against Bank Officials

Bloomberg:

The Federal Deposit Insurance Corp.’s internal watchdog and the FBI are cooperating on about 50 cases of possible criminal violations involving former and current bank employees and customers, an official said.

The criminal investigations are being conducted independent of the previously confirmed civil lawsuits the bank regulator is pursuing against officers and directors of failed lenders, FDIC Deputy Inspector General Fred W. Gibson said today in a telephone interview.

The FDIC board has so far authorized civil lawsuits against more than 80 officers and directors of failed banks during closed-door sessions, FDIC spokesman Andrew Gray said today.

more

The Federal Bureau of Investigation is working with FDIC on nearly all the cases. These charges cover issues related to both residential and commercial loans that precipitated the banks' collapse.

[ozymandius]

9. Good morning, all.

:donut: :donut: :donut: I hope the day goes easily. Time to prepare for work.

:hi:

[tclambert]

10. GM's IPO is today.

They hope to offer shares at around $33 per.

It's good news that GM has survived, but I can't decide if the IPO is good/bad/indifferent. It's big news here in Southeast Michigan.

[Tansy_Gold]

16. Please see my post #15 above.

:hi:

You stayin' warm up there?




TG

[Dr.Phool]

18. See post #17 right below it.

But, you already knew that.
:hi:

[Tansy_Gold]

19. I did.

:hi:

But the linked article, while interesting, didn't completely answer my question.

What happens to the "new" stock the gubmint owns? Is it now worth ~$33/share, same as the new "new" stock?

Basically, the way I understand it (which could be totally out in far left field) is that when GM went bust, all their stock value went poof! but the gubmint came in and bought up a bunch of "new" stock to keep GM going. I'm not sure who bought the rest of the "new" stock, or if the gubmint bought it all.

Now GM's put their act together by slashing wages and benefits and so on, and now they're making money again. Did they buy back the "new" stock they sold to the gubmint? What happened to that "new" stock? And how will its value -- if any -- be affected by the couple billion new "new" shares being offered now?


TG, the ever curious even when she doesn't completely understand the answers

[Dr.Phool]

23. Da Gubmint can sell it back at market price at any time.

[tclambert]

69. OK, as I understand the GM stock situation . . .

The "old" GM, consisting of Pontiac, Hummer, and Saturn--all going away--sold stock under the legal entity called Motors Liquidation Corpation (MTLQQ). The fact that this stock holds any value at all is irrational. It only exists as a necessity of the bankruptcy court, until it liquidates all the holdings of the old divisions.

The "new" GM--Chevrolet, Buick, GMC, and Cadillac--has not sold stock for almost 18 months. You couldn't invest in it if you wanted to. This part of GM has returned to profitability, and will use the proceeds of this IPO largely to buy itself back from the government. President Obama said the government will actually make a profit on its investment in GM. So apparently GM will no longer be "Government Motors," and has become a "normal" corporation once again.

They predict they will have their first profitable year in a long time. Still, I have no idea if $34 per share makes any sense or not, if it has good growth potential or not.

[Demeter]

26. It's been cold, damp, gray--but no snow yet.

A picture perfect November. I saw a rainbow through the rain yesterday, in my rear view mirror, no less, and suddenly the world was full of color again.

I have never seen so bright and colorful a rainbow!

[xchrom]

13. recommend

[bread_and_roses]

25. Listened to Matt Taibbi on Financial Corruption on Alternative Radio

yesterday - didn't quite catch the entire program - there's a repeat today on my local public radio. Here's the website - http://www.alternativeradio.org/ Title is "Corruption: From Russia to Wall Street."

The thing is - we are all so screwed - it just doesn't matter - not what we know, can/could prove,invest/don't invest, elect/throw out.

[Demeter]

27. Congress must act quickly to save jobless benefits Robert Reich

http://www.salon.com/news/feature/2010/11/17/reich_lame_duck_congress/index.html

America’s long-term unemployed — an estimated 4 million or more — constitute the single newest and biggest social problem facing America. Now their unemployment benefits are about to run out, and the lame-duck Congress may not have the votes to extend them. (You can forget about the next Congress.)

The long-term unemployed can’t get work because there are still five people needing work for every job opening. And the long-term jobless are often at the end of the job line: Either they don’t have the right skills or enough eduction, or have been out of work so long prospective employers are nervous about hiring them.

They’re also a big problem for the economy. Without enough money in their pockets, they and their families can’t pay their mortgages, which keeps fueling the mortgage crisis. Nor can they replace worn-out cars and clothing, or buy much of anything else, which is a drag on the economy.

Republicans and many blue-dog Dems say we can’t afford another extension.
But these are many of the same people who say we should extend the Bush tax cuts for the wealthy for at least another two years...Extending the Bush tax cuts for the top 1 percent would cost an estimated $120 billion over the next two years. That’s more than another unemployment benefit extension would cost.

The unemployed need the money. The rich don’t...A Labor Department report shows that for every $1 spent on unemployment insurance, $2 are spent in the economy. If you don’t believe the Labor Department, maybe you’ll believe Goldman Sachs analyst Alec Phillips, who estimates that if unemployment benefits are allowed to expire, the American economy would slow by a half a percent.

[Zenlitened]

49. FACT: "The unemployed need the money. The rich don’t."

Also fact: Money in the hands of people who need it will help the economy far, far more than tax cuts for the rich.

Sooooo... what are the Very Serious People discussing these days?

:puke:

[hamerfan]

29. DOW is way up this AM

+175 at 10:16.
So I'm guessing the USD is tanking, or perhaps some other calamity to cause this rise.
hamerfan

[Ghost Dog]

30. Indicators are looking a bit, um, spooked, yeah. n/t

[Ghost Dog]

31. Stocks, Commodities Rise on Irish Rescue Talks, Economic Data

(Or, un-spooked?)

Nov. 18 (Bloomberg) -- Stocks rose around the world, the euro strengthened and commodities snapped two days of losses as Ireland moved closer to a European Union-led financial bailout and reports on jobless claims and manufacturing bolstered optimism in the U.S. economy.

The MSCI World Index gained 1.7 percent at 10:10 a.m. in New York and the Standard & Poor’s 500 Index jumped 1.5 percent. The euro climbed 0.6 percent against the dollar. The yield on the Irish 10-year bond slid three basis points and the cost of insuring Ireland’s bonds sank. The drop in Treasuries sent the yield on the 10-year note up five basis points to 2.93 percent. Silver increased 3.8 percent and oil added 1.5 percent.

Stocks are recovering from a rout that wiped more than $2 trillion off the value of global equities since the start of last week. Irish Finance Minister Brian Lenihan said the government could accept an aid package after talks with the EU and International Monetary Fund conclude. Fewer workers than forecast filed claims for U.S. jobless benefits, while Philadelphia-area manufacturing topped estimates and General Motors Co. returned to the stock market.

“The euro zone is not going to be a bankruptcy, a disaster, a contagion,” said Hank Smith, chief investment officer at Haverford Trust Co., which manages about $6.5 billion in Radnor, Pennsylvania. “In the U.S., any improvement in the jobs picture is going to be very well received by the market. In addition, there was high demand for GM’s IPO, which is a good reflection that capital markets are in better shape.”

/... http://noir.bloomberg.com/apps/news?pid=20601087&sid=azxBGP6KP9jU&pos=1

[TalkingDog]

34. I credit the GM public offering. Miracle company saves universe.... n/t

[TalkingDog]

32. Zero Hedge says: I'm taking my ball and going home. Game OVER

http://www.zerohedge.com/article/knight-research-stunning-call-game-over

From Knight Research. Presented without commentary.

The Game Is Over

The simple story is this: We believe the structural and cyclical terms of global trade have finally reached their tipping point. This will catalyze a wholesale change in sentiment and a historic repositioning of risk assets. The emerging market global growth story is over.

snip

We believe that the end of the Great Consumer Credit Cycle and the vast structural differences in the terms of trade between the United States, the EU, and China, have finally caught up with the secular bull thesis on Emerging Market and Commodities. Quite ironically, the Fed’s aggressive policies will likely prove to be the catalyst which breaks China’s unbridled expansion of credit and non-economic growth, ushering in a wholesale rebalancing of risk assets.


/snip

If by rebalancing of risk assets you mean everybody ends up in the crapper, I'd pretty much agree.

[Demeter]

38. I Truly Hope the Game Is Over

because at that point, prosecutions will begin. There will be no excuses left.


It sure sounds ugly in the global sense, though.

It also sounds like he's betting Bernanke wins.

[TalkingDog]

33. who cares what it says.... lookit the pretty colors and fun shapes

[Demeter]

37. Ohh, a Pentagram! Black Magic

although it is done in red ink....

[TalkingDog]

54. oh, I thought that was the sweat and blood of the common man

ink, blood... it's all good

[Roland99]

36. wow....

http://www.godlikeproductions.com/forum1/message1246551/pg1

[TheWatcher]

51. I have to admit visitng that forum as a guilty pleasure.

You will NOT find a more blushingly entertaining forum on The Web.

I STRESS ENTERTAINING here, by the way.

[TheWatcher]

52. Delete.

Wrong Place.

[Demeter]

39. Settling With S.E.C., Rattner Is Sued by Cuomo

http://dealbook.nytimes.com/2010/11/18/rattner-is-sued-by-cuomo-settles-with-s-e-c/

Andrew M. Cuomo, the attorney general of New York, sued Steven L. Rattner on Thursday over his role in kickbacks to secure investment business from the New York State pension fund.

The attorney general filed two lawsuits, seeking at least $26 million from Mr. Rattner and a lifetime ban from the securities industry in New York. Mr. Rattner was also added to a forfeiture action against Hank Morris, a top adviser to a former New York State comptroller, Alan G. Hevesi...

The lawsuits came as the Securities and Exchange Commission announced a settlement with Mr. Rattner in which he agreed to pay $6.2 million in disgorgement and penalties. He will also be banned from “associating with any investment adviser or broker dealer” for two years.

Mr. Rattner, the former auto czar, had appeared on CNBC on Thursday to talk about the General Motors’ I.P.O.

[Demeter]

40. BP board to exert tougher control

BP’s board will tighten its oversight of the company’s day-to-day operations in the wake of the Gulf of Mexico oil spill, its chairman has said in his first major interview since the accident.

Read more >>
http://link.ft.com/r/XYEWFF/5CRBPD/JQU4J/GK8Y1Y/18XK79/OS/t?a1=2010&a2=11&a3=17

UNTIL ENGINEERS HAVE THE FREEDOM TO WHISTLEBLOW OR OTHERWISE DETERMINE SAFETY ISSUES, IT DOESN'T MAKE ANY DIFFERENCE WHAT THE BOARD DOES.

[Demeter]

41. India requires ‘quantum step’ in investment 

India’s central bank governor has told FT readers that the country needs a "quantum step" in investment to achieve the ambitious double-digit economic growth rate forecast by Manmohan Singh, the Indian prime minister

Read more >>
http://link.ft.com/r/19JYUU/ZBIPXB/PNGIU/0GQ65J/ZB4W23/36/t?a1=2010&a2=11&a3=17

REALLY BAD TIMING THERE

[Demeter]

42. Inflation scare will hurt China’s economy

The unexpected rise of inflation in October in China – 4.4 per cent on a year-on-year basis – spooked global equity and commodities markets. As soon as Chinese authorities announced the unpleasant news and declared measures to contain further acceleration of price hikes (a 50 basis points increase in interest rate and possible price controls), investors around the world sold off equities and commodities in anticipation of a significant slow down of growth in China.

Official Chinese data show that rising prices of food, commodities, and housing fuelled the inflation spiral. Some Chinese
analysts even blamed recent natural disasters for reducing harvest and adding to price increases. But China’s inflation scare is being drive by more fundamental and powerful forces than uncooperative weather.

Read more >>
http://link.ft.com/r/DHGUVV/8A3CI0/4VXHZ/9ZU5GH/GKUB26/W1/t?a1=2010&a2=11&a3=18

[Demeter]

43. Don’t blame the euro for Ireland’s mess

Sceptics of the euro see the Irish crisis as proof of the single currency’s folly. But while the eurozone needs reform, the notion that the euro is to blame for Ireland’s travails is simplistic.

Even many euro supporters now regret that in the boom years the currency permitted huge capital flows from Germany and other surplus countries to Spain, Portugal, Greece, and Ireland. These imbalances, conventional wisdom has it, are unhealthy – and the European Union is now drafting rules to limit them.

Read more >>
http://link.ft.com/r/TWK799/PRZYDB/MJTKN/XTYHGA/JITTDO/RF/t?a1=2010&a2=11&a3=17

----------

[Demeter]

44. Barclays offloads buy-out arm to managers

The managers of Barclays Private Equity have agreed to acquire the business in return for paying the bank a share of future profits but without making an upfront payment

Read more >>
http://link.ft.com/r/9ULF66/5CRGM2/K91WR/JI0Q5H/RNCVJ4/1G/t?a1=2010&a2=11&a3=18

[Demeter]

46. TAKE THAT, COMCAST! Viewers pull plug on US cable television

The number of people subscribing to US cable television services has suffered its biggest decline in 30 years as younger, tech-savvy viewers lead an exodus to web-based operations, such as Hulu and Netflix

Read more >>
http://link.ft.com/r/9ULF66/5CRGM2/K91WR/JI0Q5H/M9G8I4/1G/t?a1=2010&a2=11&a3=18

[jtuck004]

48. I wonder where they are getting their internet connection, since

many homes get theirs from cable. DSL?

[hamerfan]

57. Could be DSL

I had an old DSL modem that I sold yesterday to someone who is going to use it for Netflix.
DirecTV user here. The wife really likes it.

[Demeter]

47. BofA ordered to return $500m plus interest

The court’s decision is a significant victory for the Lehman estate, which has been aggressive in pursuing litigation against its clearing agents to return held funds and pay damages

Read more >>
http://link.ft.com/r/9ULF66/5CRGM2/K91WR/JI0Q5H/PRO09Y/1G/t?a1=2010&a2=11&a3=18

[TheWatcher]

53. So Today the Dow Is Up because of.....

Full Employment, and complete, liquid financial Recovery for ALL of the working class, and Unemployment is now something that our President can safely switch to the Back Burner now that everyone has a job.

Also, QE 2 has been a monster success, and proves that all one need do to solve a problem is monetize it. The Dollar will no doubt rocket to the heights where the Euro is now, and once again, this proves that no matter how reckless, irresponsible, and criminal our Monetary policy is, we are immune from any consequences, so if it feels good, do it.

The Real Estate Market is back on the move again, sleek, refined, and looking so strong that you would not have dreamed in a thousand years that just 2 scant years ago, the bottom fell out and nearly drove us into a mild recession.

Inflation continues to be a non-issue, proving that Infinite Printing is the way to go.

Homelessness and poverty have been all but eradicated, and the fact that Helo Ben has not been given the Medal of Freedom for his single-handed efforts in accomplishing this, or at least Knighted, continues to be one of our country's most glaring, puzzling, shameful, and tragic oversights.

Let me STRESS that today's miracle Ramp & Camp has ABSOLUTELY NOTHING TO DO with TPTB wanting to roll out their new toy, The GM IPO, without a hitch, in an effort to put the hapless meadow of sheep in this country back to sleep, and giving them another heroin high intravenous injection of false comfort.

So Stop Saying That.

In other news, if you wondered when the day would come when our beloved leader would do his best Impression of the Fonz, and were morbidly wondering that after the TSA defense threads, if there was truly any limit to the insanity of what would be defended around here, then you OWE it to yourself to read this thread:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9583134

Welcome to the United States Of Stockholm.

Enjoy Your Stay.

[bread_and_roses]

55. O.M.F.G (ess). Words fail me (n/t)

[TheWatcher]

56. I don't know what words one could use at this point.

We have crossed so far across the Rubicon, we cannot even see the previous horizon we departed from.

Here's another one for you:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9568506

If too many people start subscribing to this mentality, we are absolutely screwed.

Goebbels would have adored him.

[Dr.Phool]

62. We've jumped so many sharks, I've lost count.

I don't recognize this country anymore. Orwell would be so proud. They've followed his instruction manual to a "T".

I'm reminded of on passage in "1984", where Winston is having a conversation with a co-worker, who tells him, "It's fantastic. We're rewriting the language. Revolution in the future will be impossible, because there will be no words left in the dictionary or the language to describe it".

Some people will eat any shit you feed them.

[truedelphi]

77. I try a lot harder these days to just not think of the overall

Picture.

I mean, when I do, my head comes close to exploding.

I am so grteful taht I grew upin a time and place when it was life was easy, and you could say the word "democracy" with a smile on your face.

It's not at all possible to do that now. The Borg controls far too much, and I do give Orwell a lot of credit - hew as only off by twenty years.

[Po_d Mainiac]

78. I just checked the pig wallow down the road..

The swine didn't sprout wings over night.......FUCK!

[Demeter]

63. I'll Have Some of Whatever Watcher Is Drinking

[Demeter]

64. Please Tell Me It's the Onion

Is there any clearer way to announce that you are a wholly-owned poodle of the BFEE?

I can't even read the second one, as I have that person on ignore, doubtless for very good reasons.

[TheWatcher]

66. Me dear Demeter, I don't know if you could read the second one without flying into a blind rage.

Some of the posts in that thread are right out of 1984.

Hell, ORWELL couldn't have come up with some of the rationalizations in that thread.

Creepiest thing I have seen in quite sometime.

It is AMAZING the level of sheer mental illness and cognitive dissonance that has savaged this nation.

[soryang]

68. Max Keiser predicts $500 an ounce silver

Says JP Morgan is short 3.3 billion ounces many times the world annual supply. Facing roll over tomorrow after unsuccessful attempt to keep price below $25. $25 is now the floor per Keiser.

I read the article he is using to source his opinion. I think he is off by a factor of ten. He is using the $50 price from the last silver craze to make his calculations. I would use the average $5 an ounce figure from before the spike as the more meaningful base. Even if you allowed for greater industrial use, the outrageous short positions, less above ground silver, and "peak silver" in the world reserve picture you might get to $100 in a short squeeze which would ultimately be addressed with margin rule changes and stop trade tactics by the exchanges and ultimately the governments involved. The powers that be tried to put a top in last week in metals markets with margin rule changes. I expect more in the future. A major lawsuit is pending against JP Morgan for silver market manipulation.

http://www.maxkeiser.com/

[Demeter]

71. I do NOT believe in 100+ point gains in one trading session

These are lies--not market pricing. It's just blowing bubbles.

[TheWatcher]

72. It's the GM IPO Rally. Da Boyz had to have a strong environment to roll out their new toy.

I imagine the Hangover will be quite telling.