STOCK MARKET WATCH, Friday, May 27, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Friday, May 27, 2011

AT THE CLOSING BELL ON May 26, 2011

Dow 12,402.76 +8.10 (+0.07%)
Nasdaq 2,782.92 +21.54 (+0.77%)
S&P 500 1,325.69 +5.22 (+0.39%)
10-Yr Bond... 3.07 +0.01 (+0.29%)
30-Year Bond 4.24 +0.01 (+0.33%)

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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    
Credit Union Tracker    Daily Job Cuts

Handy Links - Economic Blogs:
The Big Picture    Financial Sense    Calculated Risk    Naked Capitalism    Credit Writedowns
Brad DeLong      Bonddad    Atrios    goldmansachs666    The Stand-Up Economist

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

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

Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren
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 = 12

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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

May 27 08:30 Personal Income Apr 0.5% 0.4% 0.5%
May 27 08:30 Personal Spending Apr 0.5% 0.5% 0.6%
May 27 08:30 PCE Prices - Core Apr 0.2% 0.2% 0.1%
May 27 09:55 Michigan Sentiment - Final May 72.6 72.4 72.4
May 27 10:00 Pending Home Sales Mar 1.0% -1.4% 5.1%

Read more: http://www.briefing.com/investor/calendars/economic/#ixzz1NY2gJfhF

[westerebus]

2. First rec.

Where's my pony? lol

[Demeter]

18. Congratulations Westerebus!

YOU'RE A WINNER! YOU GET TO PICK A TOPIC/THEME/COMPOSER FOR THIS WEEKEND ECONOMISTS THREAD, STARTING TONIGHT IN EDITORIAL FORUM!

We've done all kind of things: history, culture, favorites....pick something you'd like to explore/celebrate/inflict upon the readers of WEE.

Even Memorial Day, although that may have been done before, it's not been recently...(I just can't remember).

[westerebus]

39. OK here we go..

Education and technology.

Years ago there was a debate on home schooling children and its affect on everything from the tax base to the religious connections of the parents in that movement. Now, we debate the merits or lack of same, of charter schools and the broad based public educational system, going full circle on the tax and religion question in a technologically advance world.

Where we are we headed?

I think the implications are equivalent to a cultural shift in thinking. The economics, as far as resources are concerned, are more than enough rewrite tax-educational policy in states that are mired in depression. Fooling some of the people some of the time is entrenched policy in Washington DC.

Higher education is rapidly becoming un-affordable while the demand for educated people becomes higher. Is on line the answer? Or will the fellowship and institutional prowess of brick and mortar university hold sway in the real world?

These are very big questions. So feel free to narrow it down as you see fit. You time is valuable and I do appreciate all you do.

That goes for the rest of the morning market mayhem crew in all their glorious color and opinion. Thank you all.

[Demeter]

75. oOOH! Good Topic! And I can Find Ditties to Match!

So, join us tonight, folks for Weekend Economists Skool Daze!

[Papa Boule]

79. Crap.

I was hoping for '60s one-hit wonders.

;)

[Demeter]

82. Lots of '60's school-themed songs

You can certainly add them to the thread...

[Papa Boule]

87. Oh goodness, I hope you realize I was joking

I did put a wink in the reply. Maybe I should have put it on the same line to make it more clear.

[Pale Blue Dot]

3. Oil rises to near $101 on weaker US dollar

SINGAPORE – Oil prices crept higher to near $101 a barrel Friday in Asia as a weaker dollar overrode signs of tepid U.S. economic growth.

Benchmark oil for July delivery was up 49 cents to $100.72 a barrel at afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $1.09 to settle at $100.23 on Thursday.

In London, Brent crude for July delivery was up 20 cents at $115.25 a barrel on the ICE Futures exchange.

The euro rose to $1.4247 on Friday from $1.4135 late Thursday while the dollar fell to 81.01 yen from 81.37 yen. A weaker U.S. currency makes dollar-based commodities such as oil cheaper for investors with other currencies.

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

[xchrom]

29. Brent at $115 as dollar falls, euro zone concerns

http://www.reuters.com/article/2011/05/27/us-markets-oil-idUSL3E7G601S20110527

(Reuters) - Brent crude hovered around $115 a barrel on Friday, paring earlier gains, as a softer dollar tempered demand worries triggered by euro zone debt concerns and weak U.S. economic data.

The dollar fell across the board, hitting a record low against the Swiss franc and a three-year low versus the New Zealand dollar, while the yen fell against the dollar after ratings agency Fitch revised Japan's outlook to negative.

"The immediate factor impacting crude's trade direction is the U.S. dollar, which is helping to support prices," Victor Shum, an analyst at Purvin & Gertz, said in Singapore.

A softer dollar makes commodities priced in the greenback more attractive to consumers using other currencies.

[xchrom]

66. Oil Rises on World Economy Outlook, Dollar; JPMorgan Sees OPEC Quota Gain

http://www.bloomberg.com/news/2011-05-26/oil-trades-near-two-day-low-on-signs-of-slowing-u-s-economic-expansion.html

Oil headed for a weekly gain in New York on speculation that the global economic recovery will sustain demand for fuel.

Crude rose as much as 0.8 percent after Group of Eight leaders said the world economy is gaining strength and as a weakening dollar boosted the appeal of commodities. Futures narrowed their gains after a report showed European confidence in the economy weakened for a third straight month in May. The Organization of Petroleum Exporting Countries may raise output quotas to meet global demand, according to JPMorgan Chase & Co.

“High commodity prices are starting to take their toll on growth,” Christophe Barret, a London-based oil analyst at Credit Agricole SA, wrote in a report today. “Oil demand data is weak, in particular for gasoline demand.”

Crude for July delivery on the New York Mercantile Exchange was at $100.48 a barrel, up 25 cents, at 12:35 p.m. London time, after rising as much as 80 cents to $101.03. Futures yesterday fell $1.09 to $100.23, the lowest settlement since May 24. Prices are up 1 percent this week and 10 percent this year.

[xchrom]

4. morning!

:donut:

[Pale Blue Dot]

5. Stock-Index Futures Are Little Changed; LinkedIn, OmniVision Shares Drop

U.S. stock-index futures were little changed before a report that may show consumer confidence rose in the world’s largest economy.

LinkedIn Corp., the first social-media company to list its shares in the U.S., fell 0.5 percent in German trading. OmniVision Technology Inc., the maker of image sensors for camera phones, slid after saying profit may miss analysts’ estimates.

Futures on the Standard & Poor’s 500 Index expiring in June fell 0.1 percent to 1,324.7 at 10:32 a.m. in London. Dow Jones Industrial Average futures fell 26 points, or 0.2 percent, to 12,383 today.

“Economic data is a bit patchy at the moment,” said Markus Irngartinger, a strategist at UBS Wealth Management in Zurich. “If sentiment data comes down from high levels, it won’t be surprising.”

http://www.bloomberg.com/news/2011-05-27/stock-index-futures-are-little-changed-linkedin-omnivision-shares-drop.html

[Pale Blue Dot]

6. So, I VOLUNTEERED to let the Principal bring the new Superintendent to my room today.

Wish me luck and have a great day!

[xchrom]

9. good luck!

:thumbsup: :fistbump:

[Demeter]

20. Glad to Know I'm not the Only Insane Person Around Here

Volunteering for stuff....what were you thinking? Or me, for that matter.

[Hugin]

42. Luck!

:fourleafclover:


(:

[xchrom]

7. asia: Tired Asian bourses catch breath

http://www.atimes.com/atimes/Asian_Economy/ME28Dk01.html

MONTREAL - Volatility in Asian stocks reached its highest in a month this week, but traditionally stable markets in relation to their more volatile neighbors in Hong Kong, Mumbai and Shanghai were able to catch breath.

While losses continued from last week, volatility was uncorrelated with percentage moves or, if stratified by dominant economic sector, actually positively correlated (+0.44). That means higher volatility was associated with smaller negative moves, and this would be a favorable augury but for the fact that generalized strength is absent overall and none of the individual markets betrays any specific power.

The group performer was the singleton in Australia, where the All


Ordinaries Index had fallen 1.1% on the week to 4,757 by mid-afternoon Friday local time, trying to recover above the tenuous 4,750 support that had broken its decline last week after violating it into the mid-4,670s intraday for three days running in the middle of the week, including a 4,661 close on Wednesday.

[xchrom]

8. Japan's private sector split on nuclear switch

http://www.atimes.com/atimes/Japan/ME28Dh01.html

TOKYO - Softbank president Masayoshi Son is not waiting for entrenched utilities and the government to get their act together on shifting Japan's economy away from depending on nuclear reactors that are located on dangerous fault lines.

Son, who is ethnically Korean and perhaps Japan's wealthiest man, last week said Softbank would shoulder most of the 80 billion yen (US$980 million) cost of building 10 massive solar power plants in Japan.

Other corporations and state organizations are making their own moves to save power or create new energy technologies, after the March disaster at the Fukushima nuclear power plant forced


Japan to break out of its malaise of recent years.

Son says prefectures including Hokkaido, Nagasaki and Saitama (a suburb of Tokyo) will join his project to build solar power plants to wean Japan off nuclear energy. They will set up a council to coincide with a meeting of the National Governors' Association in July.

[Demeter]

22. So, why can't we have Fat Cats Like that?

And where are all the wealthy in Japan? That's not so much money. Of course, the Japanese didn't go in for golden parachutes, golden handcuffs, and looting the companies...

[xchrom]

23. once again...

:thumbsup: :spray:

[xchrom]

10. Rupiah Posts Weekly Drop as Overseas Funds Trim Share Holdings

http://www.thejakartaglobe.com/business/rupiah-posts-weekly-drop-as-overseas-funds-trim-share-holdings/443577

The rupiah recorded its biggest weekly decline since January after overseas investors reduced holdings of the nation’s shares for a fourth day yesterday. Bonds advanced this week.

Global funds sold $257 million more local stocks than they bought this week through yesterday, exchange data show. The Jakarta Stock Exchange fell 1.1 percent this week, the most since March.

The currency, which rallied for a third month in April, weakened 0.1 percent this month after Bank Indonesia left its benchmark interest rate unchanged at 6.75 percent during a review on May 12. Consumer spending in the U.S. eased more than previously estimated in the first quarter, data showed yesterday.

“There’s overall risk aversion not just because of Europe’s debt crisis but there’s also concern about U.S. growth,” said Johanna Chua, Hong Kong-based head of Asian economic research at Citigroup Inc. “In the near term there could be a little bit of bounce to go because of all the uncertainties.”

[xchrom]

13. Govt Plans on Projects Worth Rp 190 Trillion

http://www.thejakartaglobe.com/home/govt-plans-on-projects-worth-rp-190-trillion/443522

The government announced plans for 17 new infrastructure projects across four provinces, the Coordinating Minister for Economic Affairs said Friday.

The projects, estimated at Rp 190 trillion, will take place in four locations: Sei Mangke, North Sumatra; Cilegon, Banten; East Lombok, West Nusa Tenggara and Timika, Papua.

“The 17 projects are officially part of the overall infrastructure project, which will run until 2014 worth Rp 4,000 trillion,” Minister Hatta Rajasa said on Friday, referring to the Master Plan for the Acceleration and Expansion of Indonesia’s Economic Development (MP3EI)

[xchrom]

14. Kan sets 20% target for renewable energy

http://search.japantimes.co.jp/cgi-bin/nn20110527a1.html

PARIS — Japan will radically change its energy policy to lessen dependence on fossil fuels and nuclear power by setting a new goal of generating 20 percent of its electricity from renewable resources in the 2020s, Prime Minister Naoto Kan said Wednesday.

"Japan will now review its basic energy plan from scratch and is set to address new challenges," Kan said at a forum dedicated to the 50th anniversary of the Organization for Economic Cooperation and Development in Paris.

His remark came ahead of the two-day Group of Eight summit in Deauville, which kicked off Thursday with a working lunch that was dominated by Japan's nuclear crisis.

At the Paris forum, Kan said Japan will try to meet the new target, which is 10 years ahead of the original schedule, by undertaking "drastic technological innovation" due to the Fukushima No. 1 nuclear plant crisis triggered by the March 11 disasters.

[xchrom]

15. S. China Sea Oil Rush Risks Clashes as U.S. Bolsters Vietnam

http://www.businessweek.com/news/2011-05-27/s-china-sea-oil-rush-risks-clashes-as-u-s-bolsters-vietnam.html

(Adds report on China clash in fifth paragraph.)

May 27 (Bloomberg) -- Vietnam and the Philippines are pushing forward oil and gas exploration projects in areas of the South China Sea claimed by China, risking clashes in one of the world’s busiest shipping corridors.

State-owned PetroVietnam’s partner Talisman Energy Inc. aims to begin drilling next year in a block that China awarded to a U.S. rival and has protected with gunboats. Ricky Carandang, a spokesman for President Benigno Aquino, said the Philippines plans to exploit a field in an area of the sea where Chinese patrol boats harassed a survey vessel in March.

The neighbors of China, which has Asia’s largest military, were emboldened after the U.S. asserted interest in the waters last year, said James A. Lyons Jr., a former U.S. Pacific Fleet commander. A surge in crude prices to near $100 a barrel also spurred Vietnam and the Philippines to pursue the oil needed to meet economic growth targets of at least 7 percent this year.

“With the economic situation in the Philippines and Vietnam, the exploration for oil and gas makes good economic sense,” said Lyons, who led the Pacific Fleet from 1985 to 1987 and is now president of Lion Associates LLC, a Warrenton, Virgina-based business advisory company. “They depend on the United States to provide the overarching security umbrella.”

[xchrom]

62. Atomic Industry Too Close to Government for Comfort

http://www.spiegel.de/international/world/0,1518,764907,00.html

It was a Friday morning, and Yukio Yamaguchi had left his gray cardigan at home and was wearing his good, dark-brown suit instead. He had boarded the Shinkansen, Japan's high-speed train, to travel to Kashiwazaki-Kariwa on the west coast, home to the world's largest nuclear power plant.

The reserved physicist with horn-rimmed glasses and a gray goatee is an anti-nuclear activist with the Citizens' Nuclear Information Center. He was on his way to attend the meeting of a commission that addresses earthquake safety for power plants. This meeting, together with TEPCO, the operator of the Kashiwazaki plant, was being held to discuss the subject of earthquake and tsunami safety.

It was the morning of March 11, 2011.

Shortly after 1 p.m., Yamaguchi sat down in his usual seat, the second from the left in the first row, in a wood-paneled conference room at the Niigata Prefecture administration building. But what good was it to warn people about the dangerous tidal waves? "It was the same as always," says Yamaguchi. "One man against a dozen TEPCO people. And they said that everything was in perfect order." Until 2:46 p.m., that is, when TEPCO's "perfect order" was destroyed.

[Demeter]

76. In my peripheral vision, that looked like : "Tired Asian Horses"

I really need a nap.

It's finally gotten up to 50F, and hasn't rained...yet. The waters are beginning to recede, at least, temporarily.

We had a mudslide (in MIchigan!) shut down a major road and Amtrak. The rain tracks are just dangling in the air where the rail bed washed away...

[xchrom]

11. africa: Ivory Coast says needs 15-20 bln euros recovery funds

http://af.reuters.com/article/topNews/idAFJOE74Q05820110527

PARIS (Reuters) - Newly inaugurated Ivory Coast President Alassane Ouattara said on Friday his country needed between 15 billion and 20 billion euros in funding to recover from the violent political turmoil of recent months.

"Ivory Coast needs 15 to 20 billion euros to escape from poverty and economic pain. And I count on the G8," Ouattara told France's Europe 1 radio, as Group of Eight leaders meeting in the northern French seaside town of Deauville pledged financial support for Egypt and Tunisia.

Ouattara, who was due in Deauville on Friday with other African leaders, said French President Nicolas Sarkozy had already promised Ivory Coast 2 billion euros in debt relief and said he would ask U.S. President Barack Obama for "a little bit more."

[xchrom]

47. Gaddafi Invested Heavily in Wall Street and U.S. Bonds

http://www.allgov.com/US_and_the_World/ViewNews/Gaddafi_Invested_Heavily_in_Wall_Street_and_US_Bonds_110527

Once the United States removed Libya in 2006 from its list of states sponsoring terrorism, American banks and investment houses jumped at the chance to handle some of the country’s lucrative oil revenue.

An internal document produced by the Libyan Investment Authority and leaked to the media detailed $53.3 billion in assets around the world as of June 30, 2010. Goldman Sachs has held $182 million in Libyan assets and JPMorgan Chase 171 million. The U.S. hedge fund Och-Ziff received $329 million to take care of.

More than $290 million of Libyan state money was on deposit in various HSBC accounts and another $275 million was in an HSBC hedge fund. The Royal Bank of Scotland has managed $110 million in private equity funds for the regime of Muammar Gaddafi, and the French bank Société General has handled $1.8 billion in three investment funds.

Gaddafi’s government also owned major holdings in such American companies as General Electric ($217 million), Pfizer ($143 million), AT&T ($135 million), Occidental Petroleum $80 million), Caterpillar ($34 million), Halliburton ($34 million), ExxonMobil ($24 million), United Technologies ($20 million), Citigroup ($20 million) and Honeywell ($13.5 million).

[tclambert]

12. PBD, what are you doin' up so early?

I'm not used to seeing SMW in the morning before work any more. I still check it after work every day, though I haven't added to the discussion much lately (it's plantin' time).

So anyway, thanks for setting this up. I do appreciate it being here every day.

[xchrom]

16. G-8 Says Pickup in Global Growth to Spur Faster Debt Reduction

http://www.businessweek.com/news/2011-05-27/g-8-says-pickup-in-global-growth-to-spur-faster-debt-reduction.html

May 27 (Bloomberg) -- Group of Eight leaders said a strengthening global economy will pave the way to cuts in the debt built up during the recession that followed the 2008 financial crisis.

Europe vowed to fight its fiscal woes with “determination,” while President Barack Obama promised a “clear and credible” U.S. deficit-reduction strategy. Japan was allowed to put off savings measures until its economy rebounds from the March earthquake and tsunami.

“The global recovery is gaining strength and is becoming more self-sustained,” according to a statement after a two-day summit in Deauville, France. Without mapping out binding targets, the leaders pledged to “remain focused on the action required to enhance the sustainability of public finances.”

The harshest economic crisis since the Great Depression drove debt in the U.S., Japan and the 17-nation euro region past the mark of 90 percent of gross domestic product that economists Kenneth Rogoff and Carmen Reinhart say can weigh on long-term grow

[xchrom]

17. Tony Hayward Gets His Life Back

http://www.businessweek.com/magazine/content/11_23/b4231043710741.htm

As chief executive officer of BP (BP), Tony Hayward presided over the worst oil spill in U.S. history, which led the company to take $41 billion in charges. Now he's preparing to immerse himself in the energy industry again.

Hayward stepped down as BP's CEO on Oct.1 , 2010, after being roundly attacked for comments he made the previous spring, as the Macondo well in the Gulf of Mexico was still spewing oil. "No one wants this thing over more than I do," he said. "You know, I would like my life back." The N.Y. Daily News called Hayward "the most hated—and the most clueless—man in America."

That was not to be his last turn running an energy company. Hayward, 54, and financier Nathaniel Rothschild, 39, are launching a new company, Vallares, to acquire a stake in an oil or gas field. They are modelling the company on Vallar, a company Rothschild founded in 2010. Rothschild used Vallar, which trades on the London Stock Exchange, to acquire stakes in two Indonesian coal mining companies for $3 billion in cash and shares in November.

Credit Suisse (CS) and JPMorgan Chase (JPM) are advising Hayward on an initial public offering for Vallares. Hayward hopes to raise at least £1 billion ($1.6 billion), according to three people with knowledge of the matter, who declined to be identified because the plans are not public. The offering could take place in late June or July, according to one of the people.





me: he should be getting his life back in JAIL! shameful title.

[Demeter]

77. Too Bad the People and Animals and the Gulf of Mexico Don't

[xchrom]

19. Jack in the Box isn't springing back from downturn

http://www.latimes.com/business/la-fi-jack-in-the-box-20110527,0,2097088.story

What ails Jack in the Box?

The nation's fifth largest burger chain has upgraded its food, remodeled its stores and trained its employees in the fine art of customer service.

But even though consumers forked over $3 billion for sandwiches, tacos, churros and other food last year, sales are still way below pre-recession levels. Jack in the Box Inc.'s stock remains sluggish and last week the company said its profit in the three months ended April 17 dropped 62% from the same period last year.

Customers are starting to return to its stores, but it's a trickle, with same-store sales up 0.8% over the second quarter of 2010.

[Fuddnik]

43. Gee, you'd think all their customers are broke or something.

I think a depression mindset has taken over. In these times, you just don't want to spend money that you don't have to.

I caught myself doing the exact same thing yesterday. I was out running errands, doctors appointment, etc. and had planned on stopping somewhere for breakfast or lunch. Before I decided where to go, I said "the hell with it. I have plenty of food at home". I came back home, fixed a bowl of oatmeal, and continued.

[DemReadingDU]

70. I've been that way forever. But spouse

He is addicted to all those fast food places and restaurants, or maybe it is the cute waitresses that work there.
:eyes:

[hamerfan]

44. I likes me some JITB!

Especially when they offer the blackberry milkshake. Killer!
Last year's raspberry milkshake was meh....

[DemReadingDU]

71. In Ohio, we don't have JITB. We have Steak&Shake

And S&S does have thick yummy milkshakes!

[AnneD]

84. Maybe folks are saying no to corporate America.....

I discovered a small Mexican grocery store/ kitchen. They sell eggs beans and rice with homemade tortillas for $3.45. The store helps supports 2 families. Hubby and I can eat a great dinner for under $14- it is $25 anywhere else. They treat us like welcomed family.

We have gone local. And the money stays here longer.

[xchrom]

21. PRECIOUS-Gold rises on Greece debt fears, silver gains 2 pct

http://www.reuters.com/article/2011/05/27/markets-precious-idUSL3E7GR04Z20110527

SINGAPORE, May 27 (Reuters) - Gold rose on Friday as
mounting worries about a Greece debt default prompted buying
from investors, while silver gained more than 2 percent after
tumbling from a two-week top in the previous session.

Gold may revisit a recent three-week top before profit
taking kicks in, while silver -- which has outpaced gold and is
heading for its best weekly gain since late April at more than 7
percent -- will continue seeing volatile price movements,
analysts said.

Spot gold added $5.60 to $1,523.70 an ounce by 0517
GMT as Greece fights to avoid a debt restructuring. Gold touched
a record around $1,575 in early May.

"It's still the expectation that there's a possibility for a
Greece default and greater safe-haven buying coming to the
precious metals such as gold and silver," said Ong Yi Ling,
investment analyst at Phillip Futures in Singapore.

[DemReadingDU]

38. Greece ‘Cheated’ to Join Euro: Issing

5/27/11 Greece ‘Cheated’ to Join Euro: Issing

Greece was only able to join the euro through deception and the currency bloc’s leaders have been “too polite” ever since to deploy adequate sanctions that could have averted the region’s debt crisis, former European Central Bank Chief Economist Otmar Issing said.

“When I worked for the ECB, I suffered every time countries didn’t meet the criteria,” Issing, 75, said in an interview in Copenhagen yesterday. “Greece cheated to get in, and it’s difficult to know how we should deal with cheaters.”

more...
http://www.bloomberg.com/news/2011-05-26/greece-cheated-to-join-euro-sanctions-since-were-too-soft-issing-says.html


So it's all Greece's fault???
What about the big banks who setup Greece with fraudulent scams?


edit to add article from last year...

2/14/10 Wall St. Helped to Mask Debt Fueling Europe’s Crisis
As worries over Greece rattle world markets, records and interviews show that with Wall Street’s help, the nation engaged in a decade-long effort to skirt European debt limits. One deal created by Goldman Sachs helped obscure billions in debt from the budget overseers in Brussels.

Even as the crisis was nearing the flashpoint, banks were searching for ways to help Greece forestall the day of reckoning. In early November — three months before Athens became the epicenter of global financial anxiety — a team from Goldman Sachs arrived in the ancient city with a very modern proposition for a government struggling to pay its bills, according to two people who were briefed on the meeting.

The bankers, led by Goldman’s president, Gary D. Cohn, held out a financing instrument that would have pushed debt from Greece’s health care system far into the future, much as when strapped homeowners take out second mortgages to pay off their credit cards.

It had worked before. In 2001, just after Greece was admitted to Europe’s monetary union, Goldman helped the government quietly borrow billions, people familiar with the transaction said. That deal, hidden from public view because it was treated as a currency trade rather than a loan, helped Athens to meet Europe’s deficit rules while continuing to spend beyond its means.

more...
http://www.nytimes.com/2010/02/14/business/global/14debt.html?ref=business

[xchrom]

46. good find.

i remember there doubts about greece before joining the EU.

[Demeter]

24. I'm with Dilbert

[Demeter]

26. Picture of the International Rapist

[ret5hd]

32. edited 'cause i don't need to talk like that in this particular forum.

[DemReadingDU]

35. No, you may not touch my wife!

[Po_d Mainiac]

57. Dude, save it for the cleaning staff. n/t

[xchrom]

27. put them is a text to your self. awesome! nt

[DemReadingDU]

37. There's something perverse about this

[Demeter]

78. Perversity Is Our Middle Name

United Perversity of America

[xchrom]

25. Former Nasdaq executive pleads guilty to insider trading

http://latimesblogs.latimes.com/money_co/2011/05/a-fox-in-the-nasdaq-hen-house.html

A former Nasdaq executive pleaded guilty Thursday to trading stocks based on inside information he gained while working for the stock exchange.

Donald Johnson admitted in a Virginia federal court that he made trades on eight occasions between 2006 and 2009 using information he received as part of his work for Nasdaq's Market Intelligence Unit in New York.

"This case is the insider-trading version of the fox guarding the henhouse,” Robert Khuzami, director of enforcement at the Securities and Exchange Commission, said in a statement.

The SEC announced it was filing a civil suit against Johnson at the same time that Johnson pleaded guilty to one count of securities fraud. The SEC pegged Johnson's gains from his illegal trades at $755,000.

[Demeter]

28. Fed balance sheet hits another record size

http://news.yahoo.com/s/nm/20110526/bs_nm/us_usa_fed_discount

The Federal Reserve's balance sheet expanded to a record size in the latest week, as the central bank bought more bonds in an effort to support the economy, Fed data released on Thursday showed.

The purchase was part of its $600 billion program, dubbed QE2, aimed at stimulating investment and economic activity.

The balance sheet -- a broad gauge of Fed lending to the financial system -- expanded to $2.759 trillion in the week ended May 25 from $2.742 trillion the prior week.

The central bank's holding of U.S. government securities grew to $1.519 trillion on Wednesday from last week's $1.495 trillion total....

[Demeter]

30. Goldman restructures $1.42 billion hotel debt: report

http://news.yahoo.com/s/nm/20110527/bs_nm/us_goldman_debt

Goldman Sachs Group's (GS.N) Whitehall Real Estate Funds restructured $1.42 billion of debt due April 2012 on one of its largest hotel portfolios, the Wall Street Journal reported, citing people familiar with the matter.

The terms of the deal include the Abu Dhabi Investment Authority, a sovereign wealth fund, investing $475 million in the portfolio for a preferred equity stake, and Deutsche Bank (DBKGn.DE) refinancing the debt with a $975 million loan...

The refinancing eliminates impending due dates for debt on a portfolio of 138 hotels that Whitehall bought from North Dakota hotelier Gary Tharaldson in 2006. It also covers 30 midscale hotels bought by Whitehall in 2007 from the former CNL Hotels & Resorts Inc, the paper reported.

In total, the fund has restructured about $18 billion of debt on its commercial real estate holdings since January 2010, the Journal said.

[Demeter]

74. The People vs. Goldman Sachs PART 5

http://www.rollingstone.com/politics/news/the-people-vs-goldman-sachs-20110511?page=5

Here is where the supporters of Goldman and other big banks will stand up and start wanding the air full of confusing terms like "scienter" and "loss causation" — legalese mumbo jumbo that attempts to convince the ignorantly enraged onlooker that, according to American law, these grotesque tales of grand theft and fraud you've just heard are actually more innocent than you think. Yes, they will say, it may very well be a prosecutable crime for a corner-store Arab to take $2 from a customer selling tap water as Perrier. But that does not mean it's a crime for Goldman Sachs to take $100 million from a foreign hedge fund doing the same thing! No, sir, not at all! Then you'll be told that the Supreme Court has been limiting corporate liability for fraud for decades, that in order to gain a conviction one must prove a conscious intent to deceive, that the 1976 ruling in Ernst and Ernst clearly states....

Leave all that aside for a moment. Though many legal experts agree there is a powerful argument that the Levin report supports a criminal charge of fraud, this stuff can keep the lawyers tied up for years. So let's move on to something much simpler. In the spring of 2010, about a year into his investigation, Sen. Levin hauled all of the principals from these rotten Goldman deals to Washington, made them put their hands on the Bible and take oaths just like normal people, and demanded that they explain themselves. The legal definition of financial fraud may be murky and complex, but everybody knows you can't lie to Congress.

"Article 18 of the United States Code, Section 1001," says Loyola University law professor Michael Kaufman. "There are statutes that prohibit perjury and obstruction of justice, but this is the federal statute that explicitly prohibits lying to Congress."

The law is simple: You're guilty if you "knowingly and willfully" make a "materially false, fictitious or fraudulent statement or representation." The punishment is up to five years in federal prison.

MORE AT LINK!

[xchrom]

31. europe: Annual retail sales fall 3.9%

http://www.irishtimes.com/newspaper/breaking/2011/0527/breaking23.html

Retail sales continued to decline in April, falling 3.9 per cent compared to a year earlier, new data from the Central Statistics Office showed today.

On a monthly basis, sales were down 0.8 per cent compared to March.

The motor trade continued to play a large part in trends. Excluding vehicle sales from the figures saw the annual decrease deepen to 5 per cent, and 1 per cent month on month.

On a yearly basis, fuel, furniture and pharmaceuticals were among the categories that saw the sharpest decline. The volume of fuel sales was down almost 12 per cent, while furniture and lighting sales declined by 16.2 per cent. Pharmaceuticals, medical and cosmetic articles saw sales slump 7.4 per cent.

Gains were moderate, with clothing and footwear sales rising by 1.6 per cent compared to 2010, and deaprtment store sales increasing by 1.4 per cent. In all, only three categories showed any growth, while 10 contracted.






me: this is ireland.

[xchrom]

33. Eircom warns over loan agreements

http://www.irishtimes.com/newspaper/breaking/2011/0527/breaking17.html

Telecoms company Eircom has warned it is likely to breach its covenants within three months as revenue and earnings continued to fall.

The group has been warning for some time that it was in danger of breaching the agreements with its lenders. In December last year, ratings agency Moody's downgraded Eircom's debt and suggested that it could breach its financial covenants by the end of June.

Today, the company said it was in full compliance with financial covenants as of March 31st, 2011.

"However it is likely that the group will breach its financial covenants with its lenders within the next three months," it said. "The group is in discussions with its shareholders and intends that discussions will take place with its relevant lenders with respect to the overall financial position of the group and the response to any covenant breach."

[xchrom]

48. Majority of employers now want graduates with 2:1 degree or higher

http://www.thejournal.ie/majority-of-employers-now-want-graduates-with-21-degree-or-higher-144395-May2011/

MOST EMPLOYERS ARE now seeking graduates with a 2:1 honours degree or higher and cite a lack of communication and writing skills in new recruits as being two of the “serious shortfalls” in graduates, according to a new survey.

Gradireland, a graduate careers service, surveyed 79 leading employers including almost all of the major accounting and consulting companies in Ireland as well as well known brands such as Intel, Diageo, Marks and Spencer and Facebook.

The survey found that 51.4 per cent of employers now insist that graduates they intake must expect to receive a 2.1 or higher when they graduate from university or college.

[xchrom]

49. IMF ‘may delay Greek bailout loans’ over political opposition to cutbacks

http://businessetc.thejournal.ie/imf-may-delay-greek-bailout-loans-over-political-opposition-to-cutbacks-144184-May2011/

THE IMF MAY withhold its next tranche of bailout loans to Greece amid ongoing political turmoil in the country – potentially raising the prospect of Greece having to default on its loans.

The Eurogroup’s president, Luxembourg prime minister Jean-Claude Juncker, said this afternoon that the IMF might not proceed with the scheduled €12bn loan payment next month – on the back of statements by Greece’s opposition parties refusing to support the latest round of government spending cutbacks.

The IMF had previously said that while cross-party support for its moves was not a prerequisite for its loans, it would be welcomed – but the apparent decision of opposition parties not to support the latest austerity measures may now lead to a reexamination.

Juncker said the IMF could only be active “when there is a refinancing guarantee for 12 months” – a guarantee the ‘troika’ would probably find was no longer in place.

[xchrom]

63. German Inflation Unexpectedly Slowed in May, Led by Retreating Oil Prices

http://www.bloomberg.com/news/2011-05-27/german-inflation-unexpectedly-eased-in-may-as-price-of-crude-oil-declined.html

Inflation in Germany, Europe’s largest economy, unexpectedly eased in May after oil prices dropped from a 2 1/2-year high.

The harmonized inflation rate fell to 2.4 percent from 2.7 percent in April, the Federal Statistics Office in Wiesbaden said today. Economists had expected inflation to hold at the highest level since September 2008, the median of 17 forecasts in a Bloomberg News survey showed. On the month, consumer prices declined 0.2 percent.

Oil prices have dropped 11 percent this month after breaching $114 a barrel in April, leaving households with more money to spend. European Central Bank officials have signaled they are ready to raise borrowing costs further to curb price pressures after increasing the benchmark interest rate to 1.25 percent last month, even as peripheral nations such as Greece, Portugal and Ireland remain mired in a sovereign-debt crisis.

[xchrom]

64. European Confidence Worsened in May

http://www.bloomberg.com/news/2011-05-27/european-confidence-in-economy-dropped-this-month-on-sovereign-debt-crisis.html

European confidence in the economic outlook weakened for a third straight month in May as the region’s worsening debt crisis and surging commodity costs clouded growth prospects.

An index of executive and consumer sentiment in the 17- member euro region slipped to 105.5 from 106.1 in April, the European Commission in Brussels said today. Economists had forecast a drop to 105.7, the median of 27 estimates in a Bloomberg survey showed.

The euro-area economy is showing signs of a slowdown as governments toughen austerity measures to lower budget gaps as investors grow increasingly concerned that Greece may default, while oil-driven inflation squeezes household incomes. European manufacturing growth slowed this month and money supply expanded at a weaker pace in April, easing pressure on the European Central Bank to raise borrowing costs further.

[xchrom]

65. European Stocks Climb; HSBC, BNP Paribas, Lloyds Rise as Bank Shares Rally

http://www.bloomberg.com/news/2011-05-27/european-stock-index-futures-rise-tate-lyle-financial-shares-may-move.html

European stocks climbed, with the benchmark Stoxx Europe 600 Index paring this week’s drop, as the Group of Eight said the global economy is strengthening. Asian shares and U.S. index futures rose.

Banking shares gained 1.4 percent as a group after Citigroup Inc. raised its recommendation on the sector to “overweight.” Lloyds Banking Group Plc jumped 3 percent, while BNP Paribas (BNP) SA rose 2.7 percent. Xstrata Plc, the largest exporter of coal used by power stations, and Rio Tinto Group, the third-biggest mining company, led gains in basic-resource companies as metal prices rallied in London.

The Stoxx 600 increased 0.6 percent to 278.92 at 1:41 p.m. in London, trimming this week’s decline to 0.3 percent. The gauge has risen 6.4 percent from this year’s low on March 16 amid optimism that company profits and government stimulus measures will sustain the economic recovery. Standard & Poor’s 500 Index futures expiring in June advanced 0.3 percent, while the MSCI Asia Pacific Index climbed 0.7 percent.

[xchrom]

69. House prices up by 0.3% in May

http://www.guardian.co.uk/money/2011/may/27/house-prices-up-may

UK house prices rose very slightly by 0.3% in May, reversing the previous month's fall, according to the UK's biggest building society.

The figures, which still cover the month even though they have come out a few days before the end of May, took house prices to an average of £167,208, compared with £165,609 in April, but they remain 1.2% down over the year.

Robert Gardner, Nationwide's chief economist, pointed out that the three-month measure of house prices, up 0.6%, was very similar to the 0.7% measured last month, and added: "Overall, the modest pace of house price growth in May suggests that the property market is continuing to mirror the lacklustre trends evident in the wider economy."

He said the small improvement in economic conditions since the beginning of the year had "been insufficient to pull the housing market out of its torpor, as the headwinds facing households remain strong". These include high debt levels and inflation rising almost twice as fast as wages.

[Fuddnik]

34. Has everyone seen this yet? Lifting the Veil.

http://www.youtube.com/watch?v=AzULm4d8h8w

It's two hours long, so bookmark it and watch it over the holiday week-end. A very good film about our Masters. And, don't watch it before the burgers come off the grill. You'll want to puke.

The best part is the last 8 minutes. Chris Hedges gives an awesome speech.

[DemReadingDU]

36. Not yet, bookmarking for later

[xchrom]

45. +1

[Fuddnik]

40. Efforts to undermine new consumer agency amateurish, dangerous

By Bob Sullivan

Just how many cities will burn to the ground before we decide it's OK to enforce some building codes?

In case anyone hasn't noticed, the U.S. is stuck in the worst economic downturn in 80 years. Why this happened is important: It wasn't caused by a debilitating depletion of raw materials, a devastating natural disaster or even a slow, steady decline in competitiveness. No, the recession’s cause is entirely artificial -- runaway bank greed, irresponsible decisions by plenty of people who should have known better and, most important, by the deflation of a financial bubble and its massive fallout.

It seems incredible to argue that, after all this, nothing should change. And yet, that's the feeling you get from opponents of Elizabeth Warren, who have made it their cause celebre to dismantle the most tangible effort since 2008 to stop the financial madness. A handful of bills have been proposed that would defang the new Consumer Financial Protection Bureau, or turn it into a commission so temporary director Warren can't be in charge. We'll get to these in a moment, but suffice to say the legislative efforts are very thinly veiled attempts to close the agency before it opens.

This week's very public childish exchange between Republican Rep. Patrick McHenry, R-N.C., and Warren over a scheduling disagreement was a rare, unscripted moment in congressional hearings. If you haven't watched it, you should. McHenry wanted the hearing to continue; Warren said she has other commitments that were scheduled around the agreed-upon time, and instead offered to submit other answers later in writing. McHenry said there was no agreed upon time, telling Warren she is "making this up." The meeting devolved from there.

The spat provides a window into how Washington, D.C., really works and Congress’ lack of urgency in working to rescue our nation's economy and prevent another meltdown. McHenry was engaging in one of the oldest tricks in the book -- the equivalent of arguing about the size of the negotiating table during peace talks. He might as well be yelling about the best way to rearrange the deck chairs on the Titanic.

(snip) more

http://redtape.msnbc.msn.com/_news/2011/05/26/6725546-efforts-to-undermine-new-consumer-agency-amateurish-dangerous

[Fuddnik]

41. Obama, in Europe, signs Patriot Act extension

http://www.msnbc.msn.com/id/43180202/ns/politics-capitol_hill/

TRAITOR!

[bahrbearian]

54. What message is he sending us by doing that in Europe?

[Demeter]

80. A Hearty American FU

with bird attached.

And indecent speed. It won't keep until he gets home? Why? So he can assassinate Gaddaffi?

[bahrbearian]

86. Gotcha, I thought it was just a Hearty American FU..

or FU America.. I can see Russia from my window.

[xchrom]

50. U.S. Consumer Spending Rose Less Than Forecast in April

http://www.bloomberg.com/news/2011-05-27/consumer-spending-in-u-s-climbs-less-than-estimated-on-food-fuel-prices.html

Consumer spending in the U.S. climbed less than forecast in April as food and fuel prices rose, a sign that faster income gains are necessary to boost the biggest part of the economy.

Purchases rose 0.4 percent after a revised 0.5 percent gain the prior month that was smaller than previously estimated, Commerce Department figures showed today in Washington. The increase compared with the 0.5 percent median estimate of economists surveyed by Bloomberg News. Incomes climbed 0.4 percent, matching the median forecast.

Retailers like Wal-Mart Stores Inc. are feeling the pinch as higher grocery and energy bills force households to cut back on less essential items. Federal Reserve Chairman Ben S. Bernanke is among central bankers who predict the acceleration in commodity prices will be temporary, providing some relief for Americans whose spending accounts for 70 percent of the economy.

“When you account for higher food and energy prices there’s barely anything left for consumers” to buy, said Mark Vitner, a senior economist at Wells Fargo Securities LLC in Charlotte, North Carolina, who accurately forecast the April gain in spending. “We need to see job growth pick up and we need to see commodity prices continue to cool.”

[xchrom]

51. south asia: Recruiting the right Managing Director for the IMF

http://www.firstpost.com/blogs/recruiting-the-right-md-for-the-imf-16784.html

The recruitment of the IMF MD has turned into quite a controversy. For an interesting set of views, see this page on the website of The Economist. In a remarkable development, the EDs of India, China, Russia, Brazil and South Africa came out with a clear joint statement on the silliness that is afoot.
There are four perspectives on this question which are worth noting:

1. There is an obvious gap between the power structure at the IMF, which reflects the structure of the world economy after the Second World War, as compared with the present reality. As an example, at present, the Netherlands has 2.08% of the votes while India has 2.35%. But Indian GDP is now $1.6 trillion while Netherlands is at half that.
2. The world would benefit from a competent and capable IMF. The best man (or woman) for the job will not be obtained by having any restrictions on nationality. As an example, in today’s world, a name that leaps out to me is Stan Fischer. But he’s not European, and hence was never even considered for the top job in the last decade. (As with Montek, he is now over age 65 and is hence not eligible for the job today). Given that a large fraction of the top economists of the world are not European, this rule yields a less capable IMF.

[xchrom]

53. Inflation has eaten up half the returns on the Sensex

http://www.firstpost.com/economy/inflation-has-eaten-up-half-the-returns-on-the-sensex-16200.html

There’s money in the stocks, say the experts. But the daily pyrotechnics of the Sensex should not blind you to one big downer: inflation. In 2010-11, the Sensex posted 21% returns. Not bad? Adjust for inflation and it’s down too 11.7%. Nothing exciting.

When inflation is chipping away at the real value of your money, paper wealth goes up in smoke faster than ever.

Rising inflation in 2010-11 has not only seriously diluted returns on the Sensex, it has also negatively impacted an already lopsided performance of the 30 individual Sensex stocks. This is particularly disappointing compared with the far healthier performance at both the index and individual stock levels in 2009-10 on account of a combination of lower inflation and recovery from a recessionary environment.

[xchrom]

58. sensex ends up 221 on global firming trend

http://timesofindia.indiatimes.com/business/india-business/Sensex-up-221-pts-on-firming-global-trend/articleshow/8604865.cms

MUMBAI: The Bombay Stock Exchange benchmark Sensex today advanced by 221 points as investors bought stocks at attractive low levels amid a firming global trend.

The Sensex, which had gained 197 points in the previous session, climbed 221.46 points to 18,266.10, led by a rally in blue chips Reliance Industries (RIL) and the largest private sector lender ICICI Bank.

The broad-based National Stock Exchange index Nifty also advanced by 63.75 points to 5,476.10.

RIL, the most valuable scrip on the 30-share gauge Sensex, picked 1.40 percent to Rs 946.30 a share while ICICI Bank gained 4.23 pc to Rs 1069 a share. IT bellwether Infosys, too, jumped by 0.31 per cent to Rs 2,787.95.

[xchrom]

56. Oil cos threaten to stop jet fuel supplies to Air India

http://www.moneycontrol.com/news/business/oilcosthreatentostopjetfuelsuppliestoairindia_547231.html

State-owned oil companies have threatened to stop jet fuel supplies to Air India after the cash-strapped national carrier repeatedly defaulted on payment of fuel bills.

Air India was put on cash-and-carry from December, but the airline has not been able to pay for even its daily fuel purchases. Oil companies last week sent a notice for stopping aviation turbine fuel (ATF) supplies to Air India at some airports like Calicut and Jaipur, officials said here.

Air India owes Indian Oil Corp (IOC) about Rs 1,900 crore. IOC meets 63% of Air India's jet fuel needs. The national carrier has run up an outstanding bill of over Rs 300 crore with Bharat Petroleum Corp Ltd (BPCL), while its dues to Hindustan Petroleum Corp Ltd (HPCL) are relatively small.

Officials said Air India buys jet fuel worth Rs 18.5 crore per day from the three state oil firms, but it pays only Rs 13.5 crore. This led the oil firms to threaten to stop supplies of ATF beyond what Air India pays for.

[xchrom]

61. State-run banks pile up bad debts

http://timesofindia.indiatimes.com/business/india-business/State-run-banks-pile-up-bad-debts/articleshow/8593888.cms

NEW DELHI: It isn't just the State Bank of India that has large pools of bad debt. Other public sector lenders too face a similar situation with the pressure arising from the priority sector - the government's pet project.

According to data compiled by the finance ministry in 2009-10, at least 41% of net credit of state-owned lenders of Rs 8.65 lakh crore was extended to priority sectors such as agriculture, small-scale industry (SSI) and to the weaker sections.

Highest non-performing assets (NPAs) were reported from the agriculture and SSI, while comparatively smaller proportion of loans to the weaker sections turned bad.

During April-December 2010, at least Rs 12,733 crore of bad debt came from the farm sector alone, a 70% rise over the year ago. And this came on top of the 2009-10 performance, when Rs 8,330 crore of farm loans had turned sticky. This represented a 41% increase over 2008-09.

[xchrom]

52. Storm warning: Equity markets are in for a rough ride

http://www.firstpost.com/world/storm-warning-16497.html

If the recent slide in global equity markets has unnerved you, you probably need a strong dose of a tranquilliser to face what lies ahead.

Analysts are warning of rough weather ahead, the effect of which could lead to a “global deflationary bust” and spiralling trade tensions (and perhaps even geopolitical friction). All of this will lower investors’ capacity to embrace risk assets, and in such a scenario, they reason, equity markets could get pummelled, with US equities falling by – hold your breath – nearly 70%.

“We expect a global deflationary bust to reverse the clear inflationary pressures building from monetary debauchment around the world,” cautions Societe Generale’s global strategist Albert Edwards, who has a well-reputation for saying it like it is.

“If, as last year, we see a severe economic slowdown… this could rekindle geopolitical tensions,” he adds. The trigger for that, in his estimation, would be heightened trade tension, particularly between the US and China, given that the US is currently experiencing a “record seasonally adjusted trade deficit with China”.

[Fuddnik]

55. For your entertainment. Rosco T. Stinkweasel vs The Sprinkler

http://www.youtube.com/watch?v=2QLjgtarK10

[xchrom]

59. what fun! those two are great together. nt

[Demeter]

81. The Kid Enjoyed That--Me too!

Reminds me of when she was little and did that...

Put Roscoe in the Ballet--the new Nijinsky!

He's a hog with the water, though. At first, I thought he was trying to teach Sara how to drink from the hose, but then, he was shutting her away from the sprinkler..

[xchrom]

60. Fed kept 2008 loans to top banks secret

http://timesofindia.indiatimes.com/business/international-business/Fed-kept-2008-loans-to-top-banks-secret/articleshow/8597545.cms

Credit Suisse Group AG, Goldman Sachs Group and Royal Bank of Scotland Group each borrowed at least $30 billion in 2008 from a Federal Reserve emergency lending program whose details weren't revealed to shareholders, members of Congress or the public.

The $80 billion initiative, called single-tranche open- market operations, or ST OMO, made 28-day loans from March through December 2008, a period in which confidence in global credit markets collapsed after the Sept. 15 bankruptcy of Lehman Brothers Holdings Inc. Units of 20 banks were required to bid at auctions for the cash. They paid interest rates as low as 0.01% that December, when the Fed's main lending facility charged 0.5%.

"This was a pure subsidy," said Robert . Eisenbeis, former head of research at the Federal Reserve Bank of Atlanta and now chief monetary economist at Sarasota, Florida-based Cumberland Advisors Inc. "The Fed hasn't been forthcoming with disclosures overall. Why should this be any different?"

The Federal Reserve Bank of New York, which oversaw ST OMO, posted aggregate data about the program on its website after each auction, said Jeffrey V Smith, a New York Fed spokesman. By increasing the availability of short-term financing when private lenders were under pressure, "this program helped alleviate strains in financial markets and support the flow of credit to U.S. households and businesses," he said.

[Demeter]

83. Blessed St. Omo, patron saint of the Banksters

[xchrom]

67. australia: Bargain hunters push up market

http://www.couriermail.com.au/business/market-up-in-early-trade/story-e6freqmx-1225844189730

THE Australian stock market recovered from early softness to end the week higher, as bargain hunters moved in to recover value in a heavily sold-down bourse.

At 1615 AEST, the benchmark S&P/ASX200 index was up 23.8 points, or 0.51 per cent, at 4684, while the broader All Ordinaries index was up 25.2 points, or 0.53 per cent, at 4760.3.

On the ASX 24, the June share price index futures contract was 17 points higher at 4686, with 27,543 contracts traded.

Macquarie Private Wealth advisor Lucinda Chan said investors were buying into the market after heavy losses earlier in the week.

[xchrom]

68. Floods spark rush on central Queensland gem fields

http://www.couriermail.com.au/news/queensland/floods-spark-rush-on-central-queensland-gem-fields/story-e6freoof-1226064389503

AS weary Queenslanders battle through the aftermath of summer's disasters, a speck of hope has been unearthed on the gem fields of central Queensland.

The silver lining to the state's disastrous floods has emerged more than 900km northwest of Brisbane, sparking a rush of gem prospectors.

The fierce floods cleaned out creek beds and gullies in gem towns west of Emerald, exposing new troves of treasure and sending fossickers flocking to Rubyvale, Sapphire, Anakie and Willows.

Pat Vine who has run Pat's Gems fossicking park at Sapphire for 34 years said it had fuelled "a mini gem rush".

[Festivito]

72. Debt: 05/25/2011 14,345,436,174,196.44 (DOWN 12,446,545.36) (Wed, UP a lot.)

(OVER the old debt limit of 14.294-trillion dollars by 51-billion dollars. Good day.)
How do we get rid of the mutants?
(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)
= 9,722,806,787,651.37 + 4,622,629,386,545.07
UP 10,640,781,539.65 + DOWN 10,653,228,085.01

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 312-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,204.26 makes 1T$.
A family of three: Mom, Dad, Child: $9.61, ABOUT TEN BUCKS for a 1B$ 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 312,084,992 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 $45,966.44.
A family of three owes $137,899.32. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 days.
The average for the last 23 reports is 2,022,006,673.82.
The average for the last 30 days would be 1,550,205,116.60.

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$/day.
There were 162 reports in 237 days of FY2011 averaging 4.84B$ per report, 3.31B$/day.
Above line should be okay

PROJECTION:
There are 606 days remaining in this Obama 1st term.
By that time the debt could be between 15.2 and 17.5T$.
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)
05/25/2011 14,345,436,174,196.44 BHO (UP 3,718,559,125,283.36 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 +0,783,813,143,304.70 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,207,138,385,258.29 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
05/05/2011 -017,721,236,989.45 -
05/06/2011 +000,087,184,054.82 ------------*******
05/09/2011 +000,429,272,774.96 ------------******** Mon
05/10/2011 +000,237,893,268.24 ------------********
05/11/2011 +000,200,317,592.65 ------------********
05/12/2011 -015,508,101,950.43 -
05/13/2011 +000,162,115,757.85 ------------********
05/16/2011 +051,422,548,961.68 ------------********** Mon
05/17/2011 -009,024,423,933.79 --
05/18/2011 +009,842,715,417.27 ------------*********
05/19/2011 -002,359,793,261.41 --
05/20/2011 +001,132,579,417.77 ------------*********
05/23/2011 -001,060,800,214.98 -- Mon
05/24/2011 -004,058,498,841.79 --
05/25/2011 +010,640,781,539.65 ------------**********

24,422,553,593.04 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=4863816&mesg_id=4864182

[Festivito]

88. Debt: 05/26/2011 14,345,440,513,979.37 (UP 4,339,782.93) (Thu, DOWN some.)

(OVER the old debt limit of 14.294-trillion dollars by 51-billion dollars. Good day.)
Four wheeling fun. Ouch! Wow! Opps.
(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)
= 9,717,578,735,257.76 + 4,627,861,778,721.61
DOWN 5,228,052,393.61 + UP 5,232,392,176.54

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 312-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,204.18 makes 1T$.
A family of three: Mom, Dad, Child: $9.61, ABOUT TEN BUCKS for a 1B$ 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 312,092,192 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 $45,965.39.
A family of three owes $137,896.18. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 days.
The average for the last 23 reports is 1,783,913,315.36.
The average for the last 30 days would be 1,367,666,875.11.

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$/day.
There were 163 reports in 238 days of FY2011 averaging 4.81B$ per report, 3.29B$/day.
Above line should be okay

PROJECTION:
There are 605 days remaining in this Obama 1st term.
By that time the debt could be between 15.2 and 17.5T$.
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)
05/26/2011 14,345,440,513,979.37 BHO (UP 3,718,563,465,066.29 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 +0,783,817,483,087.60 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,202,073,030,785.61 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
05/06/2011 +000,087,184,054.82 ------------*******
05/09/2011 +000,429,272,774.96 ------------******** Mon
05/10/2011 +000,237,893,268.24 ------------********
05/11/2011 +000,200,317,592.65 ------------********
05/12/2011 -015,508,101,950.43 -
05/13/2011 +000,162,115,757.85 ------------********
05/16/2011 +051,422,548,961.68 ------------********** Mon
05/17/2011 -009,024,423,933.79 --
05/18/2011 +009,842,715,417.27 ------------*********
05/19/2011 -002,359,793,261.41 --
05/20/2011 +001,132,579,417.77 ------------*********
05/23/2011 -001,060,800,214.98 -- Mon
05/24/2011 -004,058,498,841.79 --
05/25/2011 +010,640,781,539.65 ------------**********
05/26/2011 -005,228,052,393.61 --

36,915,738,188.88 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=4865021&mesg_id=4865268

[mrdmk]

73. k & r

:smoke:

[Demeter]

85. ditto