STOCK MARKET WATCH, Monday, January 31, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Monday January 31, 2011

AT THE CLOSING BELL ON January 28, 2011

Dow 11,823.70 -166.13 (-1.41%)
Nasdaq 2,686.89 -68.39 (-2.55%)
S&P 500 1,276.34 -23.20 (-1.82%)
10-Yr Bond... 3.34 +0.02
30-Year Bond 4.55 +0.02

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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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Handy Links - Government Issues:
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Handy Links - Videos:
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    William Black: This Economic Disaster    Bill Moyers with Kevin Drum and David Corn

Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren
Dishonorable Mention: former House majority leader, Tom DeLay

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

[Pale Blue Dot]

1. Today's Reports

Jan 31 08:30 Personal Income Dec 0.8% 0.5% 0.3%
Jan 31 08:30 Personal Spending Dec 0.7% 0.6% 0.4%
Jan 31 08:30 PCE Prices - Core Dec 0.1% 0.1% 0.1%
Jan 31 09:45 Chicago PMI Jan 65.0 65.0 66.8 68.6

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

[Pale Blue Dot]

51. Consumer Spending and Income Rise in December

Disposable personal income (DPI) and personal consumption expenditures (PCE) increased in December, the Bureau of Economic Analysis reports. The update marks the sixth straight monthly rise in PCE and the third consecutive gain for DPI. In other words, if you’re looking for a reason to doubt the revival in consumer spending of late, you won’t find it here.

Consumption’s 0.7% jump in December (the second-highest monthly gain in 2010) was largely driven by an acceleration in the purchases of goods rather than services. Goods-related PCE rose 1.2% in December, up from November’s 0.3% gain. Services-related PCE increased by a relatively spare 0.3% last month, about the same as November’s pace. Does the faster pace in goods-related purchases reflect growing consumer confidence? Or is it simply a temporary change bound up with the end-of-the-year holiday shopping?

One reason for thinking that sentiment may be improving for more than seasonal reasons can be found in the rise of private wages, which advanced 0.3% in December, up from November’s 0.1% rise. On an annual basis, private industry wage/salaries continue to increase at a 4% rate, the fastest in three years. That’s still well below the 6%-8% pace set back in 2005-2007, but apparently it’s high enough to keep consumer spending forging ahead.

http://wallstreetpit.com/59638-consumer-spending-and-income-rise-in-december

I'm troubled by the fact that spending rose more than income, but that's just me.

[Pale Blue Dot]

2. Oil extends gains above $89 amid Egypt strife

BANGKOK – Oil prices extended gains above $89 a barrel Monday in Asia as anti-government protests continued to rock Egypt and threatened to spread unrest across the oil-rich Middle East.

Benchmark crude for March delivery was up 33 cents at $89.67 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract shot up $3.70, or 4.3 percent, to settle at $89.34 on Friday.

Amid the instability in Egypt, jittery traders have pulled money from stocks to buy oil, gold and the dollar, which are considered less risky in uncertain times.

The uprising in Egypt follows protests this month that forced out the president of Tunisia, who fled to Saudi Arabia. Anti-government protests have also rocked Lebanon and Yemen.

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

[Demeter]

6. Any Excuse for a Price Rise

Is the House of Saud backing off their price stabilization plan?

Or are the speculators expecting a shooting war and closure of the Suez canal?

[Roland99]

69. Crude oil finishes at best in more than two years

http://www.marketwatch.com/story/crude-oil-finishes-at-best-in-more-than-two-years-2011-01-31?dist=countdown

[Pale Blue Dot]

70. Hooray! "Best" must be good, right?

Right?

[Tansy_Gold]

3. Insomnia and first rec!

Looks like your end of the country is gonna get socked again, PBD. Stay warm, and if you have to drive, drive carefully!




TG

[xchrom]

4. recommend

[Festivito]

5. Debt: 01/27/2011 14,059,409,159,678.42 (DOWN 602,069,877.96) (Thu, DOWN some.)

(Good day.)
Almost feel as though I slept enough.
(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)
= 9,410,276,848,548.23 + 4,649,132,311,130.19
DOWN 4,717,116,457.79 + UP 4,115,046,579.83

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 $3.21 THAT'S 1B$, and $3,213.00 makes 1T$.
A family of three: Mom, Dad, Child: $9.64, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestim ate 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 311,235,392 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,172.91.
A family of three owes $135,518.74. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 31 days.
The average for the last 23 reports is 8,061,256,105.77.
The average for the last 30 days would be 6,180,296,347.76.
The average for the last 31 days would be 5,980,931,949.45.
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$/day.
There were 82 reports in 119 days of FY2011 averaging 6.07B$ per report, 4.18B$/day.
Above line should be okay

PROJECTION:
There are 724 days remaining in this Obama 1st term.
By that time the debt could be between 15.1 and 18.4T$.
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)
01/27/2011 14,059,409,159,678.42 BHO (UP 3,432,532,110,765.34 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,497,786,128,786.70 ------------* * * * * * * * * * * * BHO
Endof11 +1,526,823,000,060.05 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
01/06/2011 -001,749,774,139.62 --
01/07/2011 +000,022,074,863.06 ------------*******
01/10/2011 -000,254,217,892.29 --- Mon
01/11/2011 +000,490,152,520.38 ------------********
01/12/2011 -000,273,054,954.79 ---
01/13/2011 -005,996,045,152.69 --
01/14/2011 +000,146,255,477.48 ------------********
01/18/2011 +038,613,327,669.01 ------------********** Tue
01/19/2011 +000,009,950,983.18 ------------******
01/20/2011 -000,687,286,291.06 ---
01/21/2011 -000,057,867,302.74 ----
01/24/2011 -000,181,687,031.14 --- Mon
01/25/2011 +000,059,189,192.13 ------------*******
01/26/2011 -000,112,154,254.52 ---
01/27/2011 -004,717,116,457.79 --

25,311,747,228.60 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=4713595&mesg_id=4713603

[Festivito]

74. Debt: 01/28/2011 14,056,512,363,629.35 (DOWN 2,896,796,049.07) (Fri, UP some.)

(Good day.)
Two wines and no whining about the wine or the rednesses.
(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)
= 9,412,882,434,158.15 + 4,643,629,929,471.20
UP 2,605,585,609.92 + DOWN 5,502,381,658.99

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 $3.21 THAT'S 1B$, and $3,212.93 makes 1T$.
A family of three: Mom, Dad, Child: $9.64, ABOUT TEN BUCKS for a 1B$ 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 311,242,592 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,162.56.
A family of three owes $135,487.68. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 31 days.
The average for the last 23 reports is 7,794,869,899.84.
The average for the last 30 days would be 5,976,066,923.21.
The average for the last 31 days would be 5,783,290,570.85.
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$/day.
There were 83 reports in 120 days of FY2011 averaging 5.96B$ per report, 4.12B$/day.
Above line should be okay

PROJECTION:
There are 723 days remaining in this Obama 1st term.
By that time the debt could be between 15.0 and 18.2T$.
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)
01/28/2011 14,056,512,363,629.35 BHO (UP 3,429,635,314,716.27 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 +0,494,889,332,737.60 ------------* * * * * * * * * * * * BHO
Endof11 +1,505,288,387,076.87 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
01/07/2011 +000,022,074,863.06 ------------*******
01/10/2011 -000,254,217,892.29 --- Mon
01/11/2011 +000,490,152,520.38 ------------********
01/12/2011 -000,273,054,954.79 ---
01/13/2011 -005,996,045,152.69 --
01/14/2011 +000,146,255,477.48 ------------********
01/18/2011 +038,613,327,669.01 ------------********** Tue
01/19/2011 +000,009,950,983.18 ------------******
01/20/2011 -000,687,286,291.06 ---
01/21/2011 -000,057,867,302.74 ----
01/24/2011 -000,181,687,031.14 --- Mon
01/25/2011 +000,059,189,192.13 ------------*******
01/26/2011 -000,112,154,254.52 ---
01/27/2011 -004,717,116,457.79 --
01/28/2011 +002,605,585,609.92 ------------*********

29,667,106,978.14 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=4716249&mesg_id=4716273

[Demeter]

7. Alpha agrees to buy Massey Energy for about $7.1 billion

http://news.yahoo.com/s/nm/20110130/bs_nm/us_alpha_massey

SERVES MASSEY RIGHT--EXCEPT FOR THE PRICE OFFERED--IT'S WAY TOO HIGH FOR A COMPANY THAT'S GOING TO GO UNDER FROM LAWSUITS.

......The deal -- the latest in a wave of consolidation sweeping the industry -- creates the second largest U.S. coal miner by market value, holding 110 mines and combined coal reserves of 5 billion tons. The deal is expected to be completed in mid-2011.

Massey shareholders will receive 1.025 Alpha share for each Massey share in addition to $10 a share in cash, for a value of about $69.33 a share, the companies said. That represents a 21 percent premium over Massey's closing share price of $57.23 on Friday.

Surging Asian demand for coal to fuel steel mills and power plants has made the sector one of the hottest for dealmaking over the past year. After the acquisition, Alpha will be the largest supplier of metallurgical coal, which is used in steel making, in the United States.

Alpha Chief Executive Kevin Crutchfield said in an interview the deal would create a global player in metallurgical coal -- a commodity the company believes should continue to generate profits for some time....

In the months following the accident, Massey shares lost more than half their value, hitting a low of $25.87 in July. They have since bounced back above pre-explosion levels, helped by reports the company would likely be acquired.

[Demeter]

20. Massey Rejects U.S. Findings in Mine Explosion

http://online.wsj.com/article/SB10001424052748703956604576110222580351088.html?mod=WSJ_myyahoo_module

Massey Energy Co. disputed each of the points federal safety officials made earlier this month about the likely causes of the explosion at a company mine that killed 29 workers last April.

Massey general counsel Shane Harvey said the company doesn't believe that missing water sprays or worn bits on a piece of mining equipment contributed to a methane ignition followed by a massive coal-dust explosion.

Instead he reiterated the company's view that natural gas erupted through the mine's floor, overwhelming the mine's safety procedures, including a ventilation system that was supposed to sweep explosive gases out of the mine.

"We continue to believe there was a massive inundation," said Mr. Harvey, speaking to reporters in a 30-minute telephone briefing Friday.

He cited gas readings taken shortly after the explosion by the government, with a methane content that is more consistent with deep natural-gas reserves. He said a crack in the mine at the site of the explosion is still venting similar concentrations of methane...

[bread_and_roses]

8. Rec here. Thousands back in the Cairo square - great cartoon today!

Not that the cartoons are not usually good -

AJ banner says protesters calling for a nationwide strike -

on edit - worrisome military prescence

[DemReadingDU]

21. ditto. great toon!

[Demeter]

9. Fannie, Freddie Got $21 Billion Back From Banks

http://online.wsj.com/article/SB10001424052748704680604576110143588929796.html

Fannie Mae and Freddie Mac received $20.9 billion over about three years from U.S. banks it forced to buy back shoddy mortgages, according to the Financial Crisis Inquiry Commission. The commission's report, released Thursday, provides the most detailed public accounting to date of the efforts by the government-controlled mortgage-finance giants to recoup losses by forcing banks to buy back loans that don't meet the company's underwriting guidelines.

From 2007 through Aug. 31, 2010, Fannie and Freddie asked banks to buy back nearly 167,000 loans valued at $34.8 billion, according to the report. Fannie received $11.8 billion from banks, while Freddie received $9.1 billion. The report said the sums received were notable because they represent about one-eighth of the total credit losses absorbed by the firms since 2008....When defaults were low, repurchases were viewed as a routine cost of doing business with the mortgage giants. But as foreclosures have mounted, Fannie and Freddie have stepped up efforts to inspect defaulted loans and force banks to buy those found ineligible for sale. That has contributed to the swelling costs of buybacks...Banks have resisted some put-back efforts by Fannie and Freddie, hiring loan auditors of their own to challenge alleged breaches of guidelines or to argue that they weren't responsible for a default. Analysts at Keefe, Bruyette & Woods estimate that industry losses on buy-backs from Fannie and Freddie could ultimately reach $28 billion.

Lawyers for Fannie and Freddie had asked the commission not to make public the repurchase information, which they considered confidential. NOT WITH OUR MONEY, IT ISN'T!

Both firms' largest target for loan put-backs has been Bank of America Corp., which had paid $3.1 billion on repurchases to Fannie through Aug. 31. More than 70% of those put-backs were for loans sold by Countrywide Financial Corp., which BofA acquired in 2008. Freddie received payments of $2.1 billion for Countrywide loans and $594 million for loans originated by BofA...This month, BofA reached a settlement with both firms to resolve additional put-back demands related to Countrywide. The company paid $1.3 billion to Freddie to settle all existing and future buy-back demands, and $1.3 billion to Fannie to cover $2.7 billion in demands as of Sept. 20, 2010.

The Fannie agreement doesn't cover future buy-back demands. Fannie's documents show that Bank of America faces $1 billion in repurchase demands that aren't related to Countrywide. A Bank of America spokesman says that the bank has set aside money for all outstanding and future claims from Fannie and Freddie...At a Senate hearing last month, a Fannie executive said that the company didn't expect the pace of repurchase demands to slow down. "We're about 40% of the way through the process," said Terry Edwards, an executive vice president.
By contrast, a Freddie executive said that the company was well "past the peak of mortgage put-backs," which he expected would be "declining at a fairly significant rate."

[Demeter]

10. WM. K. BLACK ON: Fannie and Freddie.

These entities are twisting slowly in the wind. Private and regulatory leadership have been ineffective and have lacked courage. I'll mention only two areas. Fannie and Freddie used some of the most abusive foreclosure law firms in existence. Citicorp's key mortgage credit guy testified many months ago before the Financial Crisis Inquiry Commission (FCIC) that 80% of Citi's mortgages sold to Fannie and Freddie were sold under false "reps and warranties." The Citicorp official's warnings to his superiors about this extreme incidence of fraud did not lead to corrective action, so the official cc'd Rubin on key correspondence. Naturally, Citi responded by firing the whistleblower rather than the frauds. If Fannie and Freddie put the bad paper back to Citi, then Citi would be insolvent and Rubin would face serious risks. Fannie and Freddie have put only relatively small amounts of Citi's paper back to Citi. (Note that the extreme incidence of fraud, and a similar incidence has been shown in Countrwide mortgage paper, again demonstrates how completely failed the anti-regulatory model is.) I have explained previously why Fannie and Freddie, because of their large holdings of nonprime paper from many originators and their dealings with credit rating agencies, offer unique data bases and opportunities for research to document exactly what wrong and how the fraud epidemic, bubble, and financial crisis grew and spread. This is a more subtle, but enormously important and dangerous regulatory gap.

http://www.huffingtonpost.com/william-k-black/an-economic-philosophy-th_b_810950.html

[Pale Blue Dot]

11. Lonely Analyst Warns of 2015 Bank Crisis Amid `Upbeat' Davos

As politicians, executives and financiers networked at parties and panels last week in Davos, Switzerland, Barrie Wilkinson was in a nearby hotel, warning that a 2015 financial catastrophe may be looming.

“The fundamentals haven’t been addressed at all,” Wilkinson, a London-based partner at consulting firm Oliver Wyman, said in an interview at the Hotel Morosani Schweizerhof. “The things that caused the previous crisis -- loose monetary policy and trade imbalances -- they’re actually bigger now than they were then.”

In the caste system of the World Economic Forum’s annual event in the Swiss ski resort, Wilkinson was at a bottom rung, with an identification badge that denied him access to most sessions and soirees. His message clashed with the optimistic tone of many at the center of the meeting, who were eager to emphasize the progress made after two years of hand-wringing in the wake of the 2008 financial crisis.

“The systemic reforms that have been accomplished are significant,” Canadian Finance Minister Jim Flaherty said as he left a private meeting with finance company chief executive officers on Jan. 29. “We need to communicate better that financial institutions globally are operating on a very different basis today, that they are operating with higher capital and are better regulated.”

http://www.bloomberg.com/news/2011-01-31/lonely-analyst-warns-of-2015-bank-crisis-amid-upbeat-davos.html

[Demeter]

24. Meet Martin Luther--the 2011 Edition

[Demeter]

33. Europe’s banks hint at return to health

Euro overnight bank lending rates have ‘normalised’ while lenders have scaled back the sums held at the European Central Bank above reserve requirements

Read more >>
http://link.ft.com/r/6NPSBB/26NGNQ/EKRAI/D469WP/HD6PG4/RF/t?a1=2011&a2=1&a3=31

THEY ARE RUNNING IT UP THE FLAGPOLE, TO SEE WHO SALUTES.

[Demeter]

34. EXCEPT: Enforced break-up looms for WestLB

The stricken German lender could be broken up as a result of EU demands that it be restructured to avoid a wind-down

Read more >>
http://link.ft.com/r/6NPSBB/26NGNQ/EKRAI/D469WP/9ZUQ32/RF/t?a1=2011&a2=1&a3=31

[Demeter]

36. IMF contests complacency over euro

Deputy head of the UN body tells the FT that rhetoric at Davos was overly confident and warns that rescue loans to Greece and Ireland have no guarantee of success

Read more >>
http://link.ft.com/r/R5WAEE/UUIN77/CWSVD/BMGE5J/FXGNHC/6C/t?a1=2011&a2=1&a3=31

DID SOMEBODY PISS IN THE IMF'S CORNFLAKES, OR ARE THEY PLANNING TO FURTHER SINK THE GREEK AND IRISH SHIPS OF STATE?

[Pale Blue Dot]

12. Stocks Extend Decline on Egypt as U.S. Futures Rebound; Rice, Copper Rally

Stocks fell, with the benchmark index for emerging markets sliding to a six-week low, and Egypt’s bonds dropped as street protests in the country entered a second week. U.S. index futures rose and rice climbed.

The MSCI Emerging Markets Index lost 0.9 percent at 7 a.m. in New York. The Stoxx Europe 600 Index slipped 0.6 percent, paring earlier declines, while Standard & Poor’s 500 Index futures added 0.1 percent. Egypt’s 2020 note yield jumped 44 basis points to a record 7.42 percent. Rice increased 1.2 percent and Brent crude oil traded within 3 cents of $100 a barrel. The New Zealand dollar weakened against all but one of its 16 most-traded counterparts.

Moody’s Investors Service became the first ratings firm to downgrade Egyptian government debt as tens of thousands of protesters rallied against President Hosni Mubarak for a sixth day. U.S. consumer spending probably rose in December, according to economists surveyed by Bloomberg before today’s report, while data later this week may show payrolls increased this month.

“The speed at which North Africa is unraveling has caught many by surprise,” Bill Blain, a strategist at brokerage firm Newedge Group in London, wrote in a research note. “How likely are fundamentalists to seize control across the region? How destabilizing could knock-on effects on oil be? I suspect the risk-on trade will be off for a few days at least.”

http://www.bloomberg.com/news/2011-01-31/asian-stocks-u-s-futures-fall-as-dollar-yen-oil-gain-on-egypt-unrest.html

[xchrom]

25. there they go being 'surprised' again:

“The speed at which North Africa is unraveling has caught many by surprise,” Bill Blain, a strategist at brokerage firm Newedge Group in London,'

and notice how fast the word 'fundamentalists' came up.

you mr blain are part of the problem -- so why are you 'surprised'?

[Demeter]

27. It wasn't part of his business plan

When you have little tinpot fascist/capitalists thinking they run the world, there will always be surprised "elitists" when the People roar back: "I'm mad as hell, and I'm not going to take it any more!"

[xchrom]

29. ...

:spray: indeed!

[Demeter]

13. Solar Firms Frustrated by Permits

http://www.nytimes.com/2011/01/20/business/energy-environment/20permit.html?_r=2&hp

Ken Button, the president of Verengo Solar Plus, a residential solar panel installer in Orange, Calif., says his company — and his industry — are being strangled by municipal red tape. Fifteen Verengo employees, Mr. Button said, are dedicated solely to researching and tailoring permit applications to meet the bureaucratic idiosyncrasies of the dozens of towns in the company’s market. And because most jurisdictions require applications to be submitted in person, Verengo employs two “permit runners” whose only job, Mr. Button said, is to “take those permit packs and physically drive them around, stand in line, and pay the fees. We have 50 different permitting authorities within 50 miles of our office,” Mr. Button said. “They all have different documentation requirements, different filing processes, different fee structures. It’s like doing business in 50 different countries — just in Southern California.”

His lament is being echoed by solar companies across the country.

In a new study, the industry estimates that the permit dance adds an average of $2,500 in costs to each installation, and streamlining things could provide a $1 billion stimulus to the residential and commercial solar power market over the next five years...At a time when the Obama administration has vowed to redouble its efforts to create a green economy — and, more recently, to remove regulatory roadblocks and promote growth — companies that sell and install solar panel systems for residential and commercial customers are clamoring to be among the first in line.

“This is in essence a hidden tax on solar,” Mr. Button said.

The industry’s analysis, which has been shared with officials at the White House and the Energy Department, urges the federal government to create incentive programs that would nudge municipalities to adopt common codes, fee structures and filing procedures. Germany, Japan and some other countries that aggressively promote solar power have already used such streamlined permitting...The analysis suggests that permit standardization could make solar power — still typically an expensive proposition even with various subsidies — competitive for roughly half of the nation’s 128 million homes within just two years. Today, only about 80,000 households have installed solar power in the United States.

The Energy Department has already begun tackling the lack of standardization in the solar industry, in part through its Solar America Board of Codes and Standards, established under the department’s Solar Energy Technologies Program in 2007. The solar ABC’s, as the program is known, links policy makers, solar panel manufacturers, installers and consumers to create a central clearinghouse for information on solar building codes and best practices.

MORE

[Pale Blue Dot]

14. I must go teach - especially as I may have the next 2 days off.

:eyes:

I check in later. Have a great day everyone!

[bread_and_roses]

17. We're scheduled to be socked in from late tonight through Wednesday

(South-Central NY here) - stay safe and warm

[Fuddnik]

19. Let the socking begin.

I'm supposed to drop a friend off at the airport tomorrow. She's either flying into NH or Boston. She has a late afternoon flight, so it's probably going to be touch and go if she departs or not.

She's afraid she'll get diverted to some place like Philly, and get stuck there for days.

[Demeter]

26. "On the Whole, I'd Rather Be in Philadelphia"

This was an epitaph Fields proposed for himself in a 1925 article in Vanity Fair. It refers to his long standing jokes about Philadelphia (his actual birthplace), and the grave being one place he might actually not prefer to be. This is often repeated as "On the whole, I'd rather be in Philadelphia.", or "All things considered, I'd rather be in Philadelphia." which he might have stated at other times. It has also sometimes been distorted into a final dig at Philadelphia: "Better here than in Philadelphia." His actual tomb at Forest Lawn in Glendale, California simply reads "W. C. Fields 1880 - 1946".

http://en.wikiquote.org/wiki/W._C._Fields


We are told that Michigan will disappear in a blizzard from Tuesday 4pm until sometime late Weds--early Thursday. I don't know--the weather maps don't show anything of the kind. And it's too fricking cold to snow anyway--windchill of 6F, air temp of 13F, as I type.

[Fuddnik]

35. It never gets too cold to snow.

If it did, Antarctica would be a tourist trap. It was too cold to go out this morning. I think it was 56 degrees at 6:00am. Brrrr.

The storm is developing right now from NM, and CO, headed for Missouri and points east. It's nothing much now, but with a deepening low and a lot of Gulf moisture, this has blizzard written all over it. All that meteorology I studied learning to fly pays off sometimes. And I thought they were going to teach me about meteors.

[Po_d Mainiac]

50. It will have to warm up to snow here.

Can it be too cold to snow? No, but is gets increasingly difficult the colder it gets.

Warm air can retain more water vapor than cold air. Thus the potential is for more water vapor to be present for producing precipitation in warm air than in cold air. When any air mass reaches the point where it can’t contain any more vapor, it becomes saturated (also called the dew point). When the dew point is reached condensation occurs, clouds form, and the more droplets that form, the greater the chance of them colliding and forming bigger drops. When they get big enough, they fall to the ground as precipitation and if the air is cold enough, they fall as snow. But when the air is really cold, it can’t absorb as much water vapor and therefore has less precipitate content for making snow.

Cold air blowing over warmer water is a different dynamic. (Lake Effect)....But the snowfall is within a relatively short range of the water source.

[rfranklin]

15. Naked Capitalism: Why was there demand for bad mortgages? who profited?

FCIC Report Misses Central Issue: Why Was There Demand for Bad Mortgage Loans?

By Tom Adams, an attorney and former monoline executive, and Yves Smith

In common with other accounts of the financial crisis, the Financial Crisis Inquiry Commission report notes that mortgage underwriting standards were abandoned, allowing many more loans to be made. It blames the regulators for not standing pat while this occurred. However, the report fails to ask, let alone answer, why standards were abandoned.

In our view, blaming the regulators is a weak argument.

A much more sensible explanation can be found by asking: what were the financial incentives for such poorly underwritten loans? Why would “the market” want bad loans?

--snip--

It is remarkable that the FCIC, with its access to industry figures and its subpoena powers, was unable to refine this sort of analysis together to give a clear picture of what was happening in the CDO market. The public deserves to know why Goldman, Paulson, Magnetar, Phil Falcone, Kyle Bass, George Soros, Deutsche Bank and 50 or more others were so eager to make these investments, why they wanted to keep the bad lending machine going, why they wanted to keep their strategies secret (even now), and how they made so much money so quickly. After all, it’s the rest of us wound up holding the bag.

http://www.nakedcapitalism.com/2011/01/fcic-report-misses-central-issue-why-was-there-demand-for-bad-mortgage-loans.html

Go to the link for an explanation of the mechanics. The hedge fund guys were basically creating bets that they couldn't lose and profited from in the billions of dollars.

[Demeter]

18. There was a demand for a Replacement for the Bank Certificates of Deposit

When Greenspan broke the lend-money-for-interest mechanism, people had no way to guarantee any income. Stocks are notorious for volatility, but with savings accounts and CD's at less than 1%, what was the saver to do?

So securitizing mortages was designed to create the illusion of guaranteed income and principle security.

The rest is history.

[rfranklin]

47. that may have created some demand but that's just part of the story...

What the Naked Capitalism story is pointing out is that hedge fund managers wanted more and more bad mortgages bundled because they could bet against them. Their bet was a sure thing. And everyone along the way was making a killing with fees and commissions so they just kept churning them out until the whole thing crashed. But that was perfect because that was exactly what the hedge fund vultures had wanted to happen.

[Demeter]

16. Banks keep close eye on Barclays’ cocos plan: ANOTHER FRAUD COMING?

Big banks on both sides of the Atlantic are weighing whether to follow Barclays as it pushes ahead with a plan to pay bonuses with innovative bonds, dubbed cocos. According to several banks present at last week’s World Economic Forum in Davos, the idea of using contingent convertible notes as a remuneration tool is gaining ground.

Read more >>
http://link.ft.com/r/DHGUVV/M9MYAG/DXJ2Y/RNKB4P/26S4L6/4O/t?a1=2011&a2=1&a3=30

European regulators, particularly in Switzerland, are fans of cocos – instruments that convert into equity in situations of financial crisis – as a way to boost capital
Read more >>
http://link.ft.com/r/6NPSBB/26NGNQ/EKRAI/D469WP/40RKJV/RF/t?a1=2011&a2=1&a3=31

[xchrom]

28. any one know what these 'cocos' are?

and will they be 'surprised' again if things go south?

[xchrom]

40. ok -- i don't really understand this -- but i found this definition:

http://www.fixedincomeinvestments.org.uk/fixed-income-terms-explained-1/what-are-ecns

What are ECNs and CoCos?
ECNs stands for Enhanced Capital Notes. They are, somewhat confusingly also referred to as CoCos or Contingent Convertibles. ECNs are a new form of fixed income security which have arisen out of the need for banks to increase their capital ratios as a result of the banking crisis. The first UK issuer of ECN's has been Lloyds Banking Group plc. This was under an Exchange Offer announced on 3 November to exchange its existing Tier 1 and Upper Tier 2 securities into new ECN's.

The key feature of the Lloyds ECN's is that while they carry mandatory coupon rights they may also be mandatorily converted into ordinary shares if the Core Tier 1 capital ratio of the bank falls below the 5% level (known as the trigger).

[Demeter]

42. Sounds Like Fraud, Smells Like Fraud, Acts Like Fraud...

and quacks.

[xchrom]

43. i LOVE your responses! nt

[AnneD]

52. The 10 Commandments of Investing......

1)It is YOUR money.

2)If it sounds too good to be true, it is.

3)If you can't understand the premises of the investment clearly-don't invest.

4)You can be bearish or bullish but never be piggish.

5)Learn from your mistakes, consider it the price of an education.

6)The more an investment is 'ginned up', the more you stand to lose.

7)Gravity is not a theory, it is the law- what goes up comes down.

8)You can sentimental about you gal or your kids, but not your investments.

9)All cats can look grey at night.

10)Pay attention to the foundation. A bent tree will not grow straight.

I am sure there are others but these are truism I apply to my investing life.

[xchrom]

53. love your list!

i'm just strongly curious about the cocos and using them to pay/reward executives.

i really, don't know what they are -- and like demeter -- i'm suspicious.

[bread_and_roses]

22. GS: "when you already own the US gov't, you don't need to buy any more banks"

Oh, ROFL! Must see! "They're back! Another great, lucid, hilarious video from Omid Malekan, wherein these two guys explain bank bailouts"

http://www.commondreams.org/further/2011/01/28-2

"to the Ben Bernake, if you are not a big bank, you simply don't exist."

[Demeter]

31. That was so sad to hear

is there no way out?

[xchrom]

32. timothy geetner!

do you pay income taxes? yes. then the joke is on you.

hysterical.

[Demeter]

23. A Cross of Rubber By PAUL KRUGMAN

http://www.nytimes.com/2011/01/31/opinion/31krugman.html

By PAUL KRUGMAN

Last Saturday, reported The Financial Times, some of the world’s most powerful financial executives were going to hold a private meeting with finance ministers in Davos, the site of the World Economic Forum. The principal demand of the executives, the newspaper suggested, would be that governments “stop banker-bashing.” Apparently bailing bankers out after they precipitated the worst slump since the Great Depression isn’t enough — politicians have to stop hurting their feelings, too.

But the bankers also had a more substantive demand: they want higher interest rates, despite the persistence of very high unemployment in the United States and Europe, because they say that low rates are feeding inflation. And what worries me is the possibility that policy makers might actually take their advice...First of all, inflation in China is China’s problem, not ours. It’s true that right now China’s currency is pegged to the dollar. But that’s China’s choice; if China doesn’t like U.S. monetary policy, it’s free to let its currency rise. Neither China nor anyone else has the right to demand that America strangle its nascent economic recovery just because Chinese exporters want to keep the renminbi undervalued...

So why the demand for higher rates? Well, bankers have a long history of getting fixated on commodity prices. Traditionally, that meant insisting that any rise in the price of gold would mean the end of Western civilization. These days it means demanding that interest rates be raised because the prices of copper, rubber, cotton and tin have gone up, even though underlying inflation is on the decline...AND IF IT'S ALL SPECULATION, THERE ARE BETTER WAYS TO DEAL WITH THE PRICE INFLATION...


They need to resist this pressure. Yes, commodity prices are up — but that’s no reason to perpetuate mass unemployment. To paraphrase William Jennings Bryan, we must not crucify our economies upon a cross of rubber.

[bentley]

30. Inflation in China May Limit U.S. Trade Deficit

HONG KONG — Inflation is starting to slow China’s mighty export machine, as buyers from Western multinational companies balk at higher prices and have cut back their planned spring shipments across the Pacific.

Markups of 20 to 50 percent on products like leather shoes and polo shirts have sent Western buyers scrambling for alternate suppliers. But from Vietnam to India, few low-wage developing countries can match China’s manufacturing might — and no country offers refuge from high global commodity prices.

Already, the slowdown in American orders has forced some container shipping lines to cancel up to a quarter of their trips to the United States this spring from Hong Kong and other Chinese ports.





http://www.nytimes.com/2011/01/31/business/global/31trade.html?_r=2

[Demeter]

37. Network - Money speech

http://www.youtube.com/watch?v=zI5hrcwU7Dk

A LEFTOVER FROM THE WEEKEND'S THEMATIC MATERIAL

[Demeter]

38. "When dictatorship is a fact, revolution becomes a right." - Victor Hugo

"Those who make peaceful revolution impossible will make violent revolution inevitable." - John F. Kennedy
=
"The seed of revolution is repression." - Woodrow Wilson
=
"The American Revolution was a beginning, not a consummation." - Woodrow Wilson
=
"There's nothing wrong in suffering, if you suffer for a purpose. Our revolution
didn't abolish danger or death. It simply made danger and death worthwhile." -
H. G. Wells
=
"I began revolution with 82 men. If I had to do it again, I do it with 10 or 15
and absolute faith. It does not matter how small you are if you have faith and
plan of action." - Fidel Castro
=

[Demeter]

39. Who's Behind The Uprising In Egypt?

http://www.informationclearinghouse.info/article27383.htm

Clearly, we no longer suffer from short term memory in this country -- we suffer from a total loss of memory.

We tend to forget that well over a year ago, political actors in America and allied nations had full knowledge that Egypt's Hosni Mubarak was terminally ill. Certain that his reign was coming to a close, they devised a plan to compensate the inevitable loss of Mubarak's unconditional support. A plan was put into motion to assist orchestrate an uprising which would benefit their interests. The idea was to support the uprising so that an ally could be placed in Egypt without raising suspicion. Not only would America be seen as a benevolent force acting in good faith, contrary to its hypocritical policies, but perhaps more importantly for the decision makers, Israel's interests would be served - again - at the expense of the Arab world.

Who would be the wiser for it? It seems the public has fallen for the plan.

Media 'pundits' are eager to blame the timing of the protests in Egypt on economic hardships. Citing Egypt's jobless and inordinate poverty, they would have us believe that the American 'social media', Tweeter in particular, has prompted and aided the protests. They would have us believe that in spite of the fact that the Egyptians cry over the price of wheat, they have cell phones and access to social media. We are to accept that the poor, hungry, and jobless Egyptians are revolting against their lot by 'tweeting' in English.

Their access to modern technology aside, we are told to accept that the knowledge of English among 80 million Egyptians is so strong that they can 'tweet' -- fully comfortable with tweeter abbreviations and acronyms. Else, we are to believe that Egypt is busy 'tweeting' in Arabic even if Twitter does not lend itself to Arabic any more than it does to Persian...

I DON'T KNOW--IT'S POSSIBLE--IT'S ALSO POSSIBLE THAT AS WITH IRAN, THE NEOLIBERAL SCHEMERS HAVE A BUSTED FLUSH AND THE EGYPTIAN PEOPLE HAVE A LOADED ASSAULT WEAPON...

AUTHOR DISCUSSES POSSIBLE "CANDIDATES" OF THE WESTERN HEGEMONY AND MORE

[nc4bo]

45. This thought resides in the left, back corner of my mind, in the box labeled "anything is possible"

I certainly hope not. I hope (always seems to boil down to that word) this uprising is coming from the heart and soul of Egypt and the next ruler will *only* have his citizens' best interests in mind.

In reality, no matter the good intentions, rot always manages to creep up to those in high office.

[Po_d Mainiac]

48. Which Egypt?

[AnneD]

54. That map is SO distorted....

It is not even funny. Countries are misplaced or missing. "Threatening" countries are enlarged. What putzs. I guess this map must be for entertainment purposes because it sure isn't factual.

[Po_d Mainiac]

63. Faux's version often deviates from actual n/t

[xchrom]

49. this gives me something to think about:

'Media 'pundits' are eager to blame the timing of the protests in Egypt on economic hardships. Citing Egypt's jobless and inordinate poverty, they would have us believe that the American 'social media', Tweeter in particular, has prompted and aided the protests. They would have us believe that in spite of the fact that the Egyptians cry over the price of wheat, they have cell phones and access to social media. We are to accept that the poor, hungry, and jobless Egyptians are revolting against their lot by 'tweeting' in English.

Their access to modern technology aside, we are told to accept that the knowledge of English among 80 million Egyptians is so strong that they can 'tweet' -- fully comfortable with tweeter abbreviations and acronyms. Else, we are to believe that Egypt is busy 'tweeting' in Arabic even if Twitter does not lend itself to Arabic any more than it does to Persian.'

[Ghost Dog]

56. ... A busted flush and a loaded assault weapon ...

Heh. You Yanks guys do have a way with words ...

:smoke:

[Demeter]

61. It's the Wild West

Ever since the frontier closed in 1800's, it assumed mythical proportions.

Even European families like mine, arriving long after the frontier closed, and never drifting further west than Detroit, were bathed in the legends of the frontier. It's like Spain's Ferdinand and Isabella.

And of course, John Wayne, etc, never let it die...and the street gangs relive it in modern dress.

http://www.landandfreedom.org/ushistory/us17.htm

[Demeter]

62. Remember that Obama Plays Poker

Recently it's leaked out that he's abysmal at it...

[Ghost Dog]

64. I remember that Putin is black belt judo,

and that the game of games is called wei chi, or GO.

(Did you guys see this: http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x585762 ?)

[Demeter]

41. Authoritarian governments start stockpiling food to fight public anger

http://www.telegraph.co.uk/news/worldnews/middleeast/8288555/Authoritarian-governments-start-stockpiling-food-to-fight-public-anger.html

Commodities traders have warned they are seeing the first signs of panic buying from states concerned about the political implications of rising prices for staple crops.

However, the tactic risks simply further pushing up prices, analysts have warned, pushing a spiral of food inflation.

Governments in Asia, the Middle East and North Africa have recently made large food purchases on the open market in the wake of unrest in Tunisia which deposed president Zine al-Abidine Ben Ali.

Resentment at food shortages and high prices, as well as repression and corruption, drove the popular uprising which swept away his government.

Youths reportedly chanted "bring us sugar!" in the demonstrations which toppled his regime....

[xchrom]

44. there have been discussions of the economy going on today

http://english.aljazeera.net/watch_now/

al jazeera live

[Hotler]

46. k&r n/t

[Demeter]

55. Well, Got an Update on My Father

There appears to be no chance of healing to any appreciable degree, due to an adamant refusal to follow medical advice for the last 10 years. The damage is too severe, too widespread, and the total resistance to changing is unyielding.

My sister is preparing to run hospice in her home, in the event he leaves the hospital in any state for transportation, which is looking more unlikely every day...

And I am stuck in this tiny life, providing care for the Kid, helping the Younger Kid, and trying to stay alive. Visiting is futile; I cannot help except by staying out of trouble myself. Not that anyone has asked me to visit, either. Denial is strong in that one...

I'm having a real bad February.

[xchrom]

57. very sorry to hear that. nt

[bread_and_roses]

68. Just read that - so sorry

for these hard times you are going through. But yours is not a tiny life - I know that feeling, but it's not - you are doing the work of the world in your corner of it.

[Fuddnik]

58. So sorry for you.

I know you've tried. I hope everything goes as painlessly as possible for all involved.

:hug:

[Roland99]

59. :-( So sorry to hear that, Demeter.

[Ghost Dog]

65. .

.

[Pale Blue Dot]

66. :-(

I'm so sorry, Demeter. If there's anything I can do, don't hesitate to ask.

[tclambert]

71. Sorry to hear that, neighbor

especially since February doesn't officially start until tomorrow.

[kickysnana]

73. Sorry to hear about your father..

I lost mine July 1st and it doesn't matter if you are by the bedside 24/7 or being supportive from another place it is an earthshaking time.

:pals:

[Roland99]

60. 1:20pm - WHEE!!! Oil heading to $92

Dow 11,883 +60 +0.51%
Nasdaq 2,701 +15 +0.54%
S&P 500 ,286 +10 +0.75%
GlobalDow 2,144 +5 +0.23%
Gold 1,337 -5 -0.36%
Oil 91.93 +2.59 +2.90%

[Ghost Dog]

67. Arab reforms needed to improve sentiment

Arab countries need to reform their markets as well as their financial, monetary, economic sectors to improve their business environment and attract capital which is needed to ensure viable growth, an official regional group has said.

The Inter-Arab Investment Guarantee Corporation (IAIGC), a key Arab League institution, presented a host of proposals to upgrade the business background in the region, covering stocks, taxes, administrative procedures, project start up, land registration, judicial system, credit, transparency, corporate laws, investment incentives and other fields.

The following are some of the proposals:

...

- Tax payment: Arab countries should facilitate payment of taxes through simplifying measures and establishing an online system in this regards. They also should consider cutting all types of taxes mainly profit taxes. This plan should also include unification of taxes and introduction of tax exemption as an incentive for investors.

Transparency: Authorities need to develop an inter-government online system for registering and distributing data for investors. They also should upgrade credit information systems and set up offices for credit information distribution and registration. They also need to strengthen transparency and governance in the local markets with the aim of protecting corporate investors, mainly small investors.

In this respect, companies must be made to reveal all ownerships, including family ownership and indirect shareholdings as part of overall restructuring that should include penalties against firms which are late in disclosing their financial results.

Stock market: Bourse authorities should work to block any loophole...

/... http://www.emirates247.com/business/economy-finance/arab-reforms-needed-to-improve-sentiment-2011-01-31-1.349357

:crazy:

[Demeter]

72. The Banksters Have Spoken