STOCK MARKET WATCH, Friday, September 2, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Friday, September 2, 2011

AT THE CLOSING BELL ON September 1, 2011

Dow 11,493.57 -119.96 (-1.04%)
Nasdaq 2,546.04 -33.42 (-1.31%)
S&P 500 1,204.42 -14.47 (-1.20%)
10-Yr Bond... 2.13 +0.0030 (+0.14%)
30-Year Bond 3.51 +0.01 (+0.29%)

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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:
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

Sep 02 08:30 Nonfarm Payrolls Aug 16K 70K 117K
Sep 02 08:30 Nonfarm Private Payrolls Aug 55K 110K 154K
Sep 02 08:30 Unemployment Rate Aug 9.2% 9.1% 9.1%
Sep 02 08:30 Hourly Earnings Aug 0.2% 0.2% 0.4%
Sep 02 08:30 Average Workweek Aug 34.3 34.3 34.3

Read more: http://www.briefing.com/investor/calendars/economic/2011/08/29-02/#ixzz1WnEyCQGH

[Po_d Mainiac]

30. big misses

nfp=0
nfpp=17k
earnings=(-1%)
workweek=34.2hrs

[DemReadingDU]

33. nfp=0

:eyes:

[westerebus]

35. Stacking the precious. n/t

[Po_d Mainiac]

37. nope

It's nice and secure

Just gettin ready pull out a bunch of random rounds and go punch some holes in paper....:evilgrin:

edit to add...PM's are the only market acting rational with all the shit hitting the wires since last night YMMV

[burf]

38. But, if you don't hit the target,

you won't wear it out!

Happy punching!!

[westerebus]

56. You may be off the grid next week.

We are invading Canada on Sunday. Not to worry. The plan is to surrender to them next Friday. Terms of surrender as follows:

War crimes trials, nationalizing the banks, single payer health care, upgrade to the educational system, and a domestic energy plan.

True, they are not perfect, at least it gets most of us out from under our corporate sponsors.

Texas is going it alone. The cows didn't get to vote.

[Po_d Mainiac]

69. I was off the grid the better part of the week..Thank you Irene.

As for the terms of surrender, U left out handing over the keys to Old Orchard Beach.

:ROFL:

[AnneD]

101. The cows don't get to vote in Texas...

but the fetus can vote via the new sonagram law.

[tclambert]

103. How many times do we have to say the economy is ALL ABOUT JOBS before Washington gets it?

How long did it take Clinton to learn that? 2 years?

Sadly, I think the Republicans may have remembered it, and will intentionally try to keep unemployment high.

[Pale Blue Dot]

2. Oil falls to near $88 ahead of key US jobs report

SINGAPORE – Oil prices fell to near $88 a barrel Friday in Asia as investors awaited a key jobs report later in the day for evidence about the strength of the U.S. economy.

Benchmark oil for October delivery was down 91 cents to $88.02 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude rose 12 cents to settle at $88.93 on Thursday.

In London, Brent crude for October delivery was down 48 cents at $113.87 on the ICE Futures exchange.

Crude was bolstered by signs industrial production in the U.S. continues to expand. The Institute for Supply Management said Thursday that U.S. manufacturing grew for the 25th straight month while analysts had expected a contraction.

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

[FarCenter]

57. WTI at $88.93 only applies to midwest US refineries; the rest pay the $113.87 Brent price

Oil on the east, west and gulf coasts pays world prices similar to Brent, adjusted for sulfur content, etc.

The WTI contract for oil at Cushing OK is lower, due to the glut of Canadian and North Dakota oil there that can't get to world markets.

[Pale Blue Dot]

3. S&P 500 Stock Futures Drop as U.S. Unemployment Rate Seen Steady in August

U.S. stock futures retreated before a report that may show unemployment in the world’s largest economy remained greater than 9 percent last month.

Bank of America Corp. (BAC) decreased 1.4 percent in early New York trading following a report that the largest U.S. lender may be sued by the U.S. Federal Housing Finance Agency. Netflix Inc. (NFLX) plunged 9.6 percent in German trading after the Starz LLC cable network walked away from contract-renewal talks in a standoff over pricing.

Futures on the Standard & Poor’s 500 Index expiring this month fell 0.9 percent to 1,190.8 at 6:45 a.m. in New York. Contracts on the Dow Jones Industrial Average retreated 85 points, or 0.7 percent, to 11,380. The S&P 500 sank 5.7 percent in August, its biggest monthly decline since May 2010.

“The jobs report will be quite important to market direction and we’ve seen markets selling off in nervous anticipation despite the better than expected U.S. data,” said Matt Riordan, who helps manage almost $6.6 billion in Sydney at Paradice Investment Management Pty.

http://www.bloomberg.com/news/2011-09-02/u-s-u-k-stock-futures-retreat-before-u-s-jobs-data-as-asia-shares-drop.html

[xchrom]

8. US jobs data puts markets on recession alert

http://www.guardian.co.uk/business/2011/sep/02/us-jobs-data-recession

Fears are mounting that key US unemployment data will show the world's biggest economy is teetering on the brink of re-entering recession.

US non-farm payroll data – due out at lunchtime on Friday – is expected to show an increase of about 60,000 jobs in August, far below a 117,000 increase in July. Economists at Goldman Sachs warned investors on Thursday that they expect an increase of just 25,000 jobs, compared with an earlier estimate of 50,000. There have even been suggestions that the figure could be negative, which would send further shockwaves through global markets.

Reflecting those fears, gold, the traditional safe haven in troubled times, jumped more than 1% to $1853.

The expected slowdown in job creation is worrying because the US generally needs to add about 150,000 jobs each month just to keep up with the growth in the working-age population.

[Loge23]

24. ...if a tree falls

It's getting to be like the "tree falling in the forest" riddle: if we're in a recession how would we know? It's like swimming blindly: Is the shore just ahead or are we hopelessly adrift?

[DemReadingDU]

29. I don't think we ever got out of the recession

:(

[InkAddict]

31. Wow, did you notice from Daily Job?

Priscilla of Boston is closing all shops forever - luxury wedding gowns

Steuben Glass is closing - fine art glass gifts and decor often commissioned by POTUSs

Jim Beam plant in Cincinnati is closing - Bye-bye open bar; we'll be waiting for THE MAN to turn water to wine.

Has the music/dancing gone missing too?...(sigh).


How will the Middle Class ever make a memorable wedding party now? Wait, I know, we can arrange for a drone fly-over: To celebrate the Til Death You Do Part line?

[Po_d Mainiac]

34. And Steuben was the last in the US doing chrystal

We need more of the upper class drinking fine wines from leaded gobblets:evilgrin:

[Demeter]

76. I'll drink to that

from a paper cup (or a paper bag?)

[philly_bob]

66. I'm assuming this is your source:

http://www.dailyjobcuts.com/

Let me know if you have a different source.

[InkAddict]

72. Yup - right hand column of announcements eom

[xchrom]

40. No New Jobs Created in August, Unemployment Rate Stuck at 9.1%

http://www.theatlantic.com/business/archive/2011/09/no-new-jobs-created-in-august-unemployment-rate-stuck-at-91/244477/

In yet another bit of bad summer economic news, the United States added no jobs overall in August and unemployment held steady at 9.1 percent, revealing a stalled labor market.

Economists predicted the Labor Department's monthly report would show a modest gain of about 75,000 jobs with the unemployment rate holding steady at 9.1 percent.

The report said that the number of new jobs roughly equaled the number of jobs lost. It takes about 125,000 new jobs per month to keep the unemployment rate steady. An increase of 200,000 jobs per month would bring the rate down a percentage point over a year.

The reports for June and July were also revised downward to 20,000 and 85,000, respectively, indicating that the labor market was weaker than previously thought.

[xchrom]

45. Online jobs index gains in August: Monster

http://www.reuters.com/article/2011/09/02/us-usa-economy-monster-employment-idUSTRE7810XX20110902

(Reuters) - A monthly gauge of online labor demand in the United States rose 2.1 percent in August, helped as retailers needed more workers for the back-to-school season, a private research group said on Friday.

Monster Worldwide Inc, an online careers and recruiting firm, said its employment index rose to 147 points last month from 144 in July. The index was also up 8.1 percent from a year ago.

"We're seeing continued measured growth. It's encouraging," said Jesse Harriott, a senior vice president at Monster.

Harriott said there was no evidence of companies paring hiring due to recent economic jitters, but it could take one to two months for that impact to show up.

[Demeter]

77. The Great State of Michigan Is About to Defund My Daughter's Home Care

and about half the household income, counting my elderly clients, if they are disqualified...sigh.

[xchrom]

4. a very good morning to all

:donut: i hope everyone is doing something fun for the weekend.

[DemReadingDU]

28. Big picnic at my sister's in Indiana

She lives at a private lake community. Sunday is the annual community picnic, so I'm taking the grandkids. I think the highlight will be cardboard boat races.
:)

Happy holiday to all!

[xchrom]

39. that sounds Divine. nt

[xchrom]

5. asia: Capitalism confined

http://www.economist.com/node/21528262

IN 1992 two Chinese cities, one just south of Beijing, the other just north of Hong Kong, were in desperate shape even by the standards of a desperately poor country. Their municipally run companies were in danger of bankrupting not only themselves but the cities too. Zhucheng, near Beijing, was best known as the birthplace of Jiang Qing, Mao Zedong’s despotic, doctrinaire fourth wife, who died in jail in 1991. Two-thirds of its revenues were being eaten by corporate losses. Shunde, a small city in Guangdong, was buried in debt.

Meanwhile, the authorities in Beijing were becoming concerned that the state banking system, already creaking under the weight of bad debt, would be unable to bear even more. With the quiet acquiescence of the central government, Zhucheng and Shunde ignored doctrine, old laws and 40 years of failed policies in search of a better approach.

In a carefully constructed phrase subsequently endorsed, in 1993, by the all-powerful State Council, the two cities engaged in gaizhi, which means “changing the system” and implies the diversification of ownership. Put more simply, in words that even now the Chinese government cannot bring itself to utter, they started to privatise many of their companies. They thus began one of the Chinese state’s first attempts to change its relationship with its enterprises. Jiang Qing would not have approved.

At first Shunde and Zhucheng turned their firms over to employees. In 1997, again before a broader shift in national policy, the two began selling companies directly to existing managements. Shunde, in particular, thrived. Two of the companies that emerged, a maker of bottle caps and a trader of duck feathers, are now among the world’s largest appliance manufacturers, Midea and Galanz. Other factories have spread like wild flowers among what were once rice fields and fish farms.

[xchrom]

14. Failure of Biggest Intervention in Seven Years Pressures BOJ: Japan Credit

http://www.bloomberg.com/news/2011-09-02/failure-of-biggest-intervention-in-seven-years-pressures-boj-japan-credit.html

The yen’s third monthly gain against the dollar means the Bank of Japan may decide next week to boost injections of funds into the financial system, as policy members seek ways to stem the currency’s strength and spur growth.

The BOJ has eased policy at least five times since December 2009, all following yen advances in the prior month. The yen posted a 0.1 percent gain versus the greenback last month and reached a post-World War II record of 75.95 per dollar on Aug. 19 even as Japan conducted its biggest currency-market intervention in seven years. The BOJ’s key interest rate is the lowest in the world at a range of zero and 0.1 percent, and hasn’t been above 0.5 percent since 1995.

A report this week showing a slowdown in Japanese factory output was the latest sign that the yen’s strength is impeding economic recovery from three quarters of contraction. Net exports, or shipments less imports, in the second quarter were the biggest drag on gross domestic product since 2009. The Bank of Japan will hold a two-day policy meeting on Sept. 6, ahead of a Federal Reserve gathering that starts Sept. 20.

[xchrom]

15. Asian Stocks Snap Six-Day Winning Streak Ahead of U.S. Employment Reports

http://www.bloomberg.com/news/2011-09-02/asia-stocks-snap-six-day-win-streak-ahead-of-u-s-jobs-report-honda-falls.html

Asian stocks snapped a six-day streak of advances ahead of reports expected to show the U.S. jobless rate remained above 9 percent last month, adding to signs growth in the world’s largest economy is weakening.

Sony Corp. (6758), Japan’s biggest exporter of consumer electronics, declined 4.3 percent in Tokyo on speculation exports to the U.S. will fall. Toyota Motor Corp (7203) and Honda Motor Co. fell at least 1.6 percent after both the companies’ share of the U.S. vehicle market shrank last month. Esprit Holdings Ltd. (330), the Hong Kong-based clothing retailer that counts Europe as its biggest market, slumped by most in two years after cutting its profit outlook.

The MSCI Asia Pacific Index dropped 1 percent to 124.22 as of 7:34 p.m. in Tokyo, paring this week’s advance to 3.2 percent. About two stocks fell for each that rose on the gauge. The measure slumped 8.6 percent last month, the most since May 2010, amid concern global economic growth is slowing as Europe’s sovereign debt crisis spreads and after Standard & Poor’s cut the U.S. credit rating.

[xchrom]

20. UBS Cuts Target for Asia Stocks as Data Signals Regional Economies Slowing

http://www.bloomberg.com/news/2011-09-02/ubs-cuts-asia-stock-target-on-slowdown.html

UBS AG cut its estimate for a gauge of Asian stocks, excluding Japan, as equities remain “broadly out of favor” amid slowing economic growth and a lack of easier monetary policies.

The MSCI Asia excluding Japan Index’s year-end target was cut to 580 from 670, Niall MacLeod and Aakash Rawat, analysts at UBS, wrote in a report dated today. They said they prefer China and India because global growth weakness should help ease inflation concerns, while they kept an “underweight” rating on Taiwan and South Korea.

“We still expect weak data, little relief from central banks in terms of major fresh policy action, but that ultimately the weak patch in data will ease into the fourth quarter,” the analysts wrote.

MSCI’s Asia ex-Japan measure lost 0.9 percent to 510.76 at 11:32 a.m. in Hong Kong, snapping a four-day, 5.5 percent increase. The gauge slumped 10 percent last month, the most since October 2008, amid concern global economic growth is slowing as Europe’s sovereign debt crisis spreads and after Standard & Poor’s cut its rating on U.S. debt.

[JDPriestly]

59. Did the two cities also sell their roads, their parking meters,

their health care system, their schools and their police and fire departments to private companies?

Because that is what the US and Greece are doing. And I don't think the outcome will be the same as selling bottle cap, duck feathers and appliance companies to private owners.

That is because the users/consumers buy bottle caps, duck feathers and appliances with discretionary income, while those who use the services of the schools, police and fire departments, roads, etc. can't really chose whether to buy those items or services or not. They are necessities.

It's fine to have private ownership of things we can have or not have and still survive in our society, but it is not at all OK to allow people to do without fire department services. That is a life or death matter. The fabric of trust that holds society together will be torn if we deny good education, public library, police and fire department protection, use of roads and freeways, etc. to people because they are poor.

Private ownership is great, but in the US, we have too much of it, especially in our media and in our health care, not too little.

[xchrom]

61. Asian markets mostly fall ahead of US jobs report

http://timesofindia.indiatimes.com/business/international-business/Asian-markets-mostly-fall-ahead-of-US-jobs-report/articleshow/9832924.cms

Click Here
SEOUL, South Korea: Asian stock markets mostly fell on Friday after a decline on Wall Street and ahead of the release of closely watched US employment figures.

Japan's Nikkei 225 index, Asia's biggest market, fell 1.2% to 8,955.30, while Hong Kong's Hang Seng index declined 1.3% to 20,313.99.

The U.S. Labor Department announces figures for employment and the jobless rate in August later Friday. Employers are expected to have added 93,000 jobs. Such a figure would not significantly dent the current unemployment rate of 9.1%.

Fears that the U.S. economy is in danger of falling back into recession have dogged the markets, though recent indicators _ including gains in auto sales, manufacturing and consumer spending _ point to steady, though not strong, growth.

[xchrom]

6. Bourgeois and proud

http://www.economist.com/blogs/dailychart/2011/09/middle-class

The ever-expanding middle class in developing countries

THE past four years have seen a sharp contrast between recession-hit rich countries and buoyant emerging giants. Estimates from the Asian and African Development Banks, using a rather broad definition of middle class as living on $2-20 a day, confirm the picture. On this measurement, which includes many people who are only just above the poverty line, a third of Africans and three-quarters of Latin Americans were middle class in 2008. Meanwhile, the evidence that this progress will bring political demands that will reshape the develping world is mounting.

[Demeter]

78. It's Time To Kill The Electric Car

A long rant, but here's the heart of it:

http://seekingalpha.com/article/289828-it-s-time-to-kill-the-electric-car-drive-a-stake-through-its-heart-and-burn-the-corpse

...I believe we are in the early stages of a new industrial revolution, the Age of Cleantech. The cleantech revolution will be different from all prior industrial revolutions because the IT revolution forever changed a dynamic that has existed since the dawn of civilization. It gave the poor and the ignorant access to the global information network, proved that there was more to life than deprivation and sparked a burning desire for something better in billions of people who were once content with mere subsistence. Its long-term significance will be more profound than the discovery and settlement of North America.

The inescapable new megatrend is that six billion people have been awakened to opportunity and are striving to earn a small slice of the lifestyle that 600 million of us enjoy and typically take for granted. If the six billion are even marginally successful and attain a paltry 10% purchasing power parity, global demand for everything must double. Therefore, the most important challenge of our age will be finding new ways to satisfy insatiable demand for water, food, construction materials, energy and every commodity you can imagine.

The first and easiest step will be to eliminate waste in all its pernicious forms to make more room at the economic table. After that, the challenges become far more daunting...

GOOD READ

[tclambert]

104. John Petersen does not understand new technology.

I make my son, a nephew, and a few other engineers laugh by quoting this idiot. In one article, he claimed lead acid batteries would make a comeback, because "size and weight are irrelevant in most battery applications." Before they laugh, every engineer I've quoted that to splutter angrily, "That's ridiculous! Size and weight matter in EVERY battery application. No exceptions!"

Electric cars are here to stay. More and more models will roll out in the next few years. Not many have sold yet. That's only because they have to ramp up production. A friend looked into buying a Chevy Volt and was told the waiting list is one year long. They can't make them fast enough.

Here's my prediction: Everything he predicted is wrong.

[Demeter]

106. He may not be good at specifics, but the trends are there to see already

More people, wanting a middle-class existence, limited earth and limited resources, have to excel at preventing waste, recycling, and first and foremost: defining the difference between necessities, consumer goods and luxury goods to ensure everyone has the necessities and can strive for the consumer goods.

As for the luxury goods, that's a total waste. Unless you want to hand-craft something, that market shouldn't exist at all. It means people starve.

[xchrom]

7. US authorities to sue big banks over sub-prime crisis

http://www.guardian.co.uk/business/2011/sep/02/us-authorities-sue-banks-subprime

US authorities are preparing to sue more than a dozen big banks over claims they misrepresented the quality of mortgages sold during the 2006-7 housing bubble.

The US Federal Housing Finance Agency (FHFA), which is overseeing the remains of failed mortgage giants Fannie Mae and Freddie Mac, is reportedly planning to argue that America's biggest banks failed to check the health of mortgages before they sold them on to investors. The collapse of hundreds of thousands of sub-prime mortgages triggered the 2008 credit crisis and the collapse of Fannie and Freddie.

The New York Times said the FHFA is expected to file the lawsuit against the banks, including Bank of America, JP Morgan, Goldman Sachs and Deutsche Bank, as early as Friday. The agency, which is seeking billions of dollars in compensation, claims the banks failed to notice that borrowers were taking on mortgages that they could not afford.

The FHFA lawsuit, which follows a subpoena issued to the banks last year, demands that the banks pay compensation to cover some of the $30bn (£18.5bn) Fannie and Freddie lost on mortgage-backed securities. Most of Fannie and Freddie's losses were borne by US taxpayers after the government was forced to step in and bailout the pair to the tune of $141bn.



***doesn't this side step pressing charges for activities like fraud, theft, etc?

[Po_d Mainiac]

13. Holder is still AWOL

Hard to imagine this getting legs with number of banksters drawing paychecks within the regulatory community:popcorn:

This could be enough to cause a run on BAC, and perhaps the other 'dirty dozen' as the contagion spreads.

[xchrom]

16. i suppose a run would have to stand in for criminal prosecution? nt

[Po_d Mainiac]

major chaos

FDIC ain't got enough money

[xchrom]

21. it would be chaos. i thought they should have been nationalized, broken up & sold off. nt

[Fuddnik]

51. Eric Cantor sez we can take it from Social Security and FEMA.

This is a natural disaster, after all, and we have to share the sacrifice.

[Demeter]

79. Nationalize, Liquidate, Start Strict New Banks

at the state level, not federal. And put the Fed REserves out of our misery...

[Po_d Mainiac]

17. the times broke this first link below

Besides the angry investors, 50 state attorneys general are in the final stages of negotiating a settlement to address abuses by the largest mortgage servicers, including Bank of America, JPMorgan and Citigroup. The attorneys general, as well as federal officials, are pressing the banks to pay at least $20 billion in that case, with much of the money earmarked to reduce mortgages of homeowners facing foreclosure.


http://www.nytimes.com/2011/09/02/business/us-is-set-to-sue-dozen-big-banks-over-mortgages.html?pagewanted=1&_r=2&hp

[xchrom]

22. +1

[DemReadingDU]

27. about time

[Po_d Mainiac]

36. I ain't holdin me breath

Something very odd is happening.

Did the GSE's just leave the reservation, without Tiny Turbo's permission?

[DemReadingDU]

49. and Regulators Seek Secret HFT Codes

9/1/11 Goodbye High Frequency Trading - Regulators Seek Secret HFT Codes
The crusade against High Frequency Trading which Zero Hedge started well over two years ago, is now coming to an end. Reuters reports that U.S. securities regulators have "taken the unprecedented step of asking high-frequency trading firms to hand over the details of their trading strategies, and in some cases, their secret computer codes." As everyone knows, the only thing of value within the sub-penny scalping HFT universe are the odd nuances in computer code. Which is why its supreme and undisputed secrecy is sacrosanct. As soon as anyone, especially a regulator, has a whiff of understanding how any given algorithm works, it becomes the equivalent of collapsing the wave function: observing the HFT theft-scalping duality in action eliminates the Schrodinger equation associated with any simplistic algo and collapses its "wave function" to a worthless series of ones and zeros. Said otherwise, this is the end for HFT.

Luckily once the HFT scourge is over, it will finally return the market to a normal state of liquidity and volume, not the current churn of rebate paying stocks (all 10 of them in a universe of 5000). Yes, some liquidity may be lost. But what remains will set the basis for a return to true efficiency. After this momentuous victory against the "robots", the only event that could possibly top it, would be extrication (by force or otherwise) of the Chairsatan and his globalistic central planning cohort from capital markets. At that point the stage for restoration of normalcy will finally be set. In the meantime we will take it: one day at a time... until the war is finally won.

http://www.zerohedge.com/news/goodbye-high-frequency-trading-regulators-seek-secret-hft-codes


Why go after the banks and HFT computers now? Why not 2 years ago? Why not after Labor Day?

[Demeter]

81. Yay! We Need Fireworks!

[Demeter]

80. Timmy's in the well

:hide: :rofl:

He shoulda quit when he was ahead....

[Fuddnik]

86. I blame Lassie.

[Po_d Mainiac]

18. dupe..delete

[florida08]

54. I don't get it

We just heard that the administration is doing a deal through the AG's on the foreclosure scam and now they're going to sue for fraud because of F&F? The neolibs sure are quiet.

[Po_d Mainiac]

70. A few AG's

New York and Nevada in particular don't appear to be team players with Miller.

IMHO, Miller has shown he deserves to get the soaked rope treatment along with his bankster buddies.

[florida08]

82. Yeah. Am with ya there

Just seems like the suit would be stronger with duel charges. I guess a bird in the hand...

[JDPriestly]

62. This accusation against the banks is absolutely true, and that

is where the ratings agencies will eventually come under scrutiny if the investigation is conducted properly.

Small mortgage companies profited by getting people into homes and taking their fees and commissions. The incentive was great to give everybody a pass.

[xchrom]

9. europe: UK construction new orders suffer biggest fall since 1980

http://www.guardian.co.uk/business/2011/sep/02/uk-construction-new-orders-fall

The chancellor, George Osborne, is expected to come under renewed pressure from opposition politicians and business leaders to stimulate the economy after official figures revealed the sharpest fall in new orders for the construction industry since 1980.

The Office for National Statistics found that new orders were 16.3% lower in the second quarter on the previous three months and 23.2% lower than in the same period last year.

Analysts said they had been expecting the figures to show a slowdown across the construction sector – but were shocked by the sheer scale of the slump.

Cuts to government school building along with other infrastructure projects were partly to blame, according to experts, though private sector housebuilding remains muted and the building of retail outlets and shopping centres has almost ground to a halt.

[xchrom]

10. Ed Miliband calls for 'global plan B' to kick-start economic recovery

http://www.guardian.co.uk/politics/2011/sep/01/ed-miliband-global-plan-b

The Labour leader, Ed Miliband, has said the "world has to come together" to get the economic recovery back on track.

Miliband called for an early G20 summit to develop a "global plan B" to deal with financial crises.

He outlined the case for the international community to speak with "one voice" in an article in the Financial Times, in which he accused the prime minister, David Cameron, of "standing on the sidelines" instead of showing leadership for an internationally co-ordinated response.

Miliband also expressed concern that banking reforms could be delayed following reports of splits within the government and industry-wide lobbying from banks seeking leniency ahead of the 12 September publication of the Independent Commission on Banking report.

The Labour leader said: "What I'm saying in the article today, and I think what most fair-minded people across the country will think, is let's not have special interest lobbying by the banks to stop happening what needs to happen.

[xchrom]

23. Zapatero offers Passos Coelho full support in tackling crisis

http://www.elpais.com/articulo/english/Zapatero/offers/Passos/Coelho/full/support/in/tackling/crisis/elpepueng/20110831elpeng_15/Ten

Portuguese Prime Minister Pedro Passos Coelho was in Madrid Wednesday for his first official visit abroad after being elected in June as his government unveiled another batch of draconian budget measures to attack the country's deficit and debt mountain.

His meeting with his Spanish counterpart José Luis Rodríguez Zapatero focused understandably on the economic and financial situation in the euro zone and in particular that of the two Iberian neighbors.

Zapatero offered Passos Coelho Spain's "unconditional support" in "difficult circumstances" as both countries implement "painful but necessary" measures on the economic front. Spain's is trying to ward off having to follow Portugal in asking for a European bailout.

One of the main casualties of those "painful" measures in relations between the two countries is a delay in the planned high-speed train link between Madrid and Lisbon.

[xchrom]

26. So arrogant and stupid they might bring us all down: Darling's verdict on Britain's bankers

http://www.independent.co.uk/news/uk/politics/so-arrogant-and-stupid-they-might-bring-us-all-down-darlings-verdict-on-britains-bankers-2347916.html

Alistair Darling feared the bank chiefs at the heart of the financial crisis were "so arrogant and stupid that they might bring us all down".

In his memoirs, the former Chancellor delivers a damning verdict on the leadership skills of the most senior figures in the High Street banks that had to be bailed out at the cost to the taxpayer of £50 billion.

According to a leak from his forthcoming book published by the Labour Uncut website yesterday, he is withering about the attitude displayed by Sir Fred Goodwin, former chief executive of the Royal Bank of Scotland, to the emergency. Mr Darling complains that Sir Fred behaved as if he was "off to play a game of golf" rather than confronting the threat of a collapse in the banking sector. He even says that "Goodwin deserved to be a pariah" when he later refused to reduce his pension payments after being forced to resign.

Mr Darling accuses Andy Hornby, the former chief executive of HBOS, of "looking like he was about to explode" when confronted with the gravity of the crisis that had developed under his leadership. Mr Darling writes: "My worry was that they were so arrogant and stupid that they might bring us all down."




***seems to me that years ago britain put all of it's eggs in the banksters basket -- now one of the establishment complains about the outcome.
ironic, no?

[Demeter]

83. That was Thatcherism's Ultimate Endgame, All Along

You can't build anything by shooting holes in it.

[xchrom]

65. US jobs data drags European shares lower

http://economictimes.indiatimes.com/markets/global-markets/us-jobs-data-drags-european-shares-lower/articleshow/9838140.cms

LONDON: European shares fell further in afternoon trading on Friday afternoon as US employment growth ground to a halt in August, raising further concerns that the world's largest economy is heading towards recession.

By 1346 GMT, the FTSEurofirst 300 index of leading European shares was down 2.8 percent at 945.93 points after trading as low as 943.82 points earlier.

"The job figures are a disappointment, although the market had started to anticipate a bad number earlier in the session. At current level, the market is already pricing in a double-dip recession, only a systemic crisis like in 2008 has not been priced in yet," Natixis strategist Benoit Peloille said.

Worries that weaker global growth would crimp demand weighed on European automakers, with the sector down 4.6 percent, while banks , which are also closely correlated to economic growth, fell 3.7 percent.

[xchrom]

11. View: Market, Politicians Split on Climate Change

http://www.bloomberg.com/news/2011-09-01/market-politicians-going-separate-ways-on-climate-change-view.html

Hurricane Irene’s residue is likely to include a confusing debate over whether insurers or property owners are responsible for storm-caused water damage. There’s no lack of clarity, however, over whether the insurance industry believes in climate change and its ties to lethal weather: It does.

As Bloomberg Businessweek reports in its Sept. 5 issue, the industry has absorbed many lessons from Sept. 11 about anticipating risk. One is that the recent spate of weather extremes is likely to continue -- and the insurance market must reflect that.

Interestingly, this puts the industry at odds with a number of Republican candidates who have made questioning climate change a not-insignificant part of their campaign strategy. Rick Perry and Michele Bachmann dispute whether global warming is man-made. Perry suggests that climate is affected by many variables, which scientists can manipulate “so that they will have dollars rolling into their projects.” Mitt Romney is on the fence. Only Jon Huntsman Jr. has declared definitively that he trusts scientists on global warming.

Politicians have been known to dissemble about risk because voters generally don’t like to hear bad news. The insurance industry makes its money telling it to you straight -- how long you’ll probably live, what price your home will fetch, whether to repair or trade in your car.

[xchrom]

12. U.S. Payroll Gains Probably Slowed in August on Outlook

http://www.bloomberg.com/news/2011-09-02/u-s-payroll-gains-probably-slowed-in-august.html

Hiring probably slowed in August as American companies became less optimistic about the strength of the recovery, economists said before a report today.

Payrolls climbed by 68,000 workers after a 117,000 increase in July, according to the median forecast of 86 economists surveyed by Bloomberg News before a Labor Department report. The unemployment rate probably held at 9.1 percent, marking 26 out of the last 28 months where it has been at or above 9 percent.

The first credit downgrade in U.S. history, political squabbling over debt reduction and fear of a default in Europe caused the Standard & Poor’s 500 Index to plummet 17 percent from July 22 to Aug. 8, probably prompting companies to cut back. The lack of hiring is one reason Federal Reserve Chairman Ben S. Bernanke last week said the central bank still has tools available to stimulate growth.

“We’ve seen employers ratchet down the pace of hiring,” John Herrmann, senior fixed-income strategist at State Street Global Markets LLC in Boston, said before the report. “We’re concerned about the possibility of unemployment drifting higher. We’ve had a choppy and uneven recovery.”

[xchrom]

19. south asia: Dollar Bonds Plunge Most in 15 Months as Turmoil Hits Market: India Credit

http://www.bloomberg.com/news/2011-09-02/dollar-bonds-plunge-most-in-15-months-as-turmoil-hits-market-india-credit.html

Dollar-denominated bonds sold by Indian companies handed investors the worst returns in 15 months in August and money managers said the debt will rally only once the global economy shows signs of recovery.

The notes lost 2.2 percent last month, the biggest decline since May 2010, when concern first arose that Greece’s debt crisis may spread to other European nations, indexes compiled by JPMorgan Chase & Co. show. Chinese corporate dollar debt fell 3.6 percent in the same period, while notes from Russia and Brazil slumped more than 1 percent, the indexes show.

International bond sales by Indian companies plunged 80 percent last month to $200 million from July, after a record first half helped fuel growth in Asia’s third-largest economy, according to data compiled by Bloomberg. Clariden Leu AG and Aberdeen Asset Management Plc say evidence of improvement of the U.S. economy and European debt crisis is needed to revive the market after the yield premium of Indian debt over Treasuries widened to the most since 2009.

[xchrom]

42. India's Great Middle-Class Moment

http://www.theatlantic.com/international/archive/2011/09/indias-great-middle-class-moment/244424/

NEW DELHI, India -- What should the world make of the remarkable political churning in India this year? People around the world are braving bullets for the right to vote but here we were, turning out in the streets in large numbers, supporting demands made by such self-appointed leaders of civil society as the hunger-striking Anna Hazare for a draconian anti-corruption law.

Parallels with an "Arab Spring" in India don't fit, not least because we last did that kind of anti-regime business in August 1942, when Indian nationalists mobilized non-violent protests to get the British to quit India. And when Indira Gandhi dispensed with constitutional niceties and assumed dictatorial powers in the mid-1970s, we threw her regime out in 1977 not by shouting her down in the town square but by voting her out at the polling booth. Her return to power a couple of years later, again through the electoral route, proved the regime changing power of India's electoral democracy.

India's political churning this year probably heralds a new phase in Indian politics, with the urban middle-class joining the political process. For a long time, this group has seen politics as a spectator sport, to be watched on television in between cricket and Bollywood. Repulsed by the choices on offer in the political menu, unenthused by the anachronistic agenda of mainstream parties and therefore unwilling to spend the time to go out and vote, the middle class Indian has, in terms of political involvement, practically seceded from the Indian republic. Meanwhile, economic growth has propelled ever-greater numbers of people into the middle class, inflating its numbers and amplifying its expectations from the Indian state.

[xchrom]

60. Rupee at one-week high against dollar; gains 29 paise

http://timesofindia.indiatimes.com/business/india-business/Rupee-at-one-week-high-against-dollar-gains-29-paise/articleshow/9837013.cms

MUMBAI: The rupee on Friday gained 29 paise to close at the one-week high of 45.79/80 against US currency on renewed capital inflows and a weak dollar overseas.

Fresh dollar selling by exporters too boosted the rupee sentiment.

At the Interbank Foreign Exchange (Forex) market, which opened after two days holiday on August 31 and September 1, the domestic unit opened higher at 45.98/99 a dollar from last close of 46.08/09. Later it fell to the day's low of 46.00.

However, smart rally in local equities amid dollar selling by exporters helped the rupee to rebound to settle the day at 45.79/80, exhibiting a rise of 0.62 per cent.

[xchrom]

63. Domestic manufacturing growth hits 29-month low

http://economictimes.indiatimes.com/news/economy/indicators/domestic-manufacturing-growth-hits-29-month-low/articleshow/9837762.cms

NEW DELHI: Growth in domestic manufacturing sector skidded to a 29-month low in August, a survey showed on Friday, hit by a string of interest rate hikes and a plunge in export orders.

The widely watched HSBC India Manufacturing PMI, or purchasing managers' index, fell for a fourth straight month to 52.6, a shade below the previous low of 53.2 registered during the global financial crisis in April 2009.

"The moderation in growth is clearly not just a blip and is set to continue over the next several months," said HSBC chief India economist Leif Eskesen. "The driver of this is the lagged effect of monetary tightening."

[hamerfan]

25. "I am not a robot. I am a Unicorn."

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

This makes about as much sense to me as anything coming out of D.C. or Wall Street.

[TalkingDog]

32. I'd vote for either of them. Since technically they were born in this country.

The Indian Lady was a bit surly. And the Englishman a bit befuddled, but look at our other choices.

[xchrom]

41. The Freelance Surge Is the Industrial Revolution of Our Time

http://www.theatlantic.com/business/archive/2011/08/the-freelance-surge-is-the-industrial-revolution-of-our-time/244229/

It's been called the Gig Economy, Freelance Nation, the Rise of the Creative Class, and the e-conomy, with the "e" standing for electronic, entrepreneurial, or perhaps eclectic. Everywhere we look, we can see the U.S. workforce undergoing a massive change. No longer do we work at the same company for 25 years, waiting for the gold watch, expecting the benefits and security that come with full-time employment. We're no longer simply lawyers, or photographers, or writers. Instead, we're part-time lawyers-cum- amateur photographers who write on the side.

Today, careers consist of piecing together various types of work, juggling multiple clients, learning to be marketing and accounting experts, and creating offices in bedrooms/coffee shops/coworking spaces. Independent workers abound. We call them freelancers, contractors, sole proprietors, consultants, temps, and the self-employed.

And, perhaps most surprisingly, many of them love it.

This transition is nothing less than a revolution. We haven't seen a shift in the workforce this significant in almost 100 years when we transitioned from an agricultural to an industrial economy. Now, employees are leaving the traditional workplace and opting to piece together a professional life on their own. As of 2005, one-third of our workforce participated in this "freelance economy." Data show that number has only increased over the past six years. Entrepreneurial activity in 2009 was at its highest level in 14 years, online freelance job postings skyrocketed in 2010, and companies are increasingly outsourcing work. While the economy has unwillingly pushed some people into independent work, many have chosen it because of greater flexibility that lets them skip the dreary office environment and focus on more personally fulfilling projects.

[Demeter]

84. BS They DON"T Love It

Ask any one of them, ask them all. If 10% love it, that would be the tops.

[Tansy_Gold]

97. That's me! That's me!

Except I can't necessarily say I'm lovin' it. Some days are better than others, some are worse.


TG, part time a lotta things

[xchrom]

43. Fed asks BofA to list contingency plan: report

http://www.reuters.com/article/2011/09/02/us-bofa-fed-idUSTRE7811EQ20110902

(Reuters) - The Federal Reserve has asked Bank of America Corp to show what measures it could take if business conditions worsen, the Wall Street Journal said, citing people familiar with the situation.

BofA executives recently responded to the unusual request from the Federal Reserve with a list of options that includes the issuance of a separate class of shares tied to the performance of its Merrill Lynch securities unit, the people told the paper.

Bank of America and the Fed declined to comment to the Journal. Both could not immediately be reached for comment by Reuters outside regular U.S. business hours.


***that's the whole article for right now.

[xchrom]

44. News Corp shuffles board, Murdoch pay rises to $33.3 million

http://www.reuters.com/article/2011/09/02/us-newscorp-board-idUSTRE78133220110902

(Reuters) - News Corp (NWSA.O) said on Friday directors Kenneth Crowley and Thomas Perkins will step down from its board and Silicon Valley venture capitalist Jim Breyer was nominated to the board.

The board shuffle comes as a regulatory filing showed that Chief Executive Rupert Murdoch's total compensation rose by 47 percent to $33.3 million in the fiscal year 2011.


***that's all the info from reuters.

[xchrom]

46. Retailers' August sales just miss Wall St view

http://www.reuters.com/article/2011/09/01/us-usa-retail-sales-idUSTRE7800QM20110901

(Reuters) - U.S. retailers reported mixed August sales results after Hurricane Irene drove away business at some chains and boosted it at others.

The final tally on Thursday, based on reports from 23 retailers, showed that sales at stores open at least a year rose 4.4 percent in August, just shy of the 4.6 percent rise analysts expected.

The results raise the possibility that certain back-to-school sales are lost for good.

Chains were evenly split between those that beat expectations and those that missed. For a graphic on same-store sales, click r.reuters.com/hep53s

[xchrom]

47. i hope Miss Demeter is slaying dragons left and right. nt

[Fuddnik]

50. I wouldn't want to be in that dragon's shoes.

[xchrom]

53. ^

:thumbsup:

[Demeter]

88. Every time You Call me that

I see Miss Demeanor (misdemeanor)

I'm gonna have dragonhide boots, dragonhide cloak, dragonhide jumpsuit....

[Fuddnik]

99. Sounds like Miss High Crimes!

[Demeter]

107. (((shhhh!)))

don't even go there

[jtuck004]

48. Interactive Map of Industry Job changes 2007-2011

You can find it here.

Give it a little time to load, it's worth the wait.

His writings sometimes make Teabaggers look like saints in comparison, but the data is worth studying. First place I ran across, back a couple years ago, that dissected unemployment reports and suggested that we should ready ourselves for a decade or two of unemployment.

[Fuddnik]

52. Roseann said it best. From 1992.

http://www.youtube.com/watch?v=lrectdcH81U

[Viva_La_Revolution]

55. thanks for that!

:)

[DemReadingDU]

67. +++

[Hotler]

58. k&r n/t

I have no hope. I see no future.

[Demeter]

85. Then, You're Gonna LOVE the Weekend Thread!

[Hotler]

105. Save my seat. I'm going over to editorials and have a look.

I'll be right back.

[xchrom]

64. Experts, business leaders downbeat on global economy

http://economictimes.indiatimes.com/news/international-business/experts-business-leaders-downbeat-on-global-economy/articleshow/9838483.cms

CERNOBBIO, ITALY: Business leaders and finance experts gathered in Italy offered a downbeat assessment of the global economy on Friday, with several predicting another recession due to a calamitous cocktail of sluggish growth, eurozone dysfunction, and financial market volatility.

The year's events, from natural disasters and violent uprisings to fears of debt defaults, have not only sent shock waves through the financial world but also caused a slump in confidence among consumers and industry.

``There is a significant probability of a double-dip recession,'' pronounced New York University economist Nouriel Roubini, in opening remarks that lived up to his nickname of ``Dr. Doom'', earned for forecasting a financial crisis years before the 2008 crash, even as many reveled in the boom times.

On this occasion Roubini seemed to reflect prevailing sentiment at the annual Ambrosetti Forum on the shores of an overcast Lake Como, although some felt that at least the emerging economies and a few countries in northern Europe would do fine.

[Festivito]

68. Debt: 08/31/2011 14,684,292,994,743.93 (UP 61,648,057,166.96) (Wed, UP a lot.)

(UNDER the new 2011 debt limit of 14.694-trillion dollars by 390.293-billion dollars. Good day.)
Oh, no. An accident that is my fault. My fake tooth falls out.
(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)
= 10,024,253,354,407.00 + 4,660,039,640,336.86
UP 34,126,581,560.14 + UP 27,521,475,606.82

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 313-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,197.03 makes 1T$.
A family of three: Mom, Dad, Child: $9.59, ABOUT TEN BUCKS for a 1B$ 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 312,790,592 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 $46,946.08.
A family of three owes $140,838.25. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 24 reports in the last 30 to 33 days.
The average for the last 24 reports is 14,246,821,189.51.
The average for the last 30 days would be 11,397,456,951.61.
The average for the last 33 days would be 10,361,324,501.46.
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$/day.
There were 228 reports in 335 days of FY2011 averaging 4.92B$ per report, 3.35B$/day.
Above line should be okay

PROJECTION:
There are 508 days remaining in this Obama 1st term.
By that time the debt could be between 15.4 and 19.9T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
08/31/2011 14,684,292,994,743.93 BHO (UP 4,057,415,945,830.78 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 +1,122,669,963,852.20 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,223,207,572,555.38 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
08/11/2011 +004,850,153,175.74 ------------*********
08/12/2011 +000,032,128,181.66 ------------*******
08/15/2011 +025,439,150,731.40 ------------********** Mon
08/16/2011 -000,111,149,424.58 ---
08/17/2011 -000,155,359,363.72 ---
08/18/2011 +006,258,648,233.06 ------------*********
08/19/2011 +019,892,825,521.14 ------------**********
08/22/2011 -000,213,053,000.99 --- Mon
08/23/2011 +000,814,357,949.50 ------------********
08/24/2011 +000,495,517,849.57 ------------********
08/25/2011 +015,444,082,130.78 ------------**********
08/26/2011 +001,003,663,200.19 ------------*********
08/29/2011 -000,073,220,970.90 ---- Mon
08/30/2011 +000,152,580,275.78 ------------********
08/31/2011 +034,126,581,560.14 ------------**********

107,956,906,048.77 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=4981369&mesg_id=4981456

[Festivito]

95. Debt: 09/01/2011 14,697,414,789,563.40 (UP 13,121,794,819.52) (Thu, UP a lot.)

(UNDER the new 2011 debt limit of 14.694-trillion dollars by 403.415-billion dollars. Good day.)
The new toot has a hump.
(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)
= 10,058,384,678,037.30 + 4,639,030,111,526.08
UP 34,131,323,630.30 + DOWN 21,009,528,810.78

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 313-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,196.95 makes 1T$.
A family of three: Mom, Dad, Child: $9.59, ABOUT TEN BUCKS for a 1B$ 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 312,797,792 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $46,986.95.
A family of three owes $140,960.86. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 24 reports in the last 30 to 31 days.
The average for the last 24 reports is 14,794,014,524.76.
The average for the last 30 days would be 11,835,211,619.81.
The average for the last 31 days would be 11,453,430,599.82.
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$/day.
There were 229 reports in 336 days of FY2011 averaging 4.96B$ per report, 3.38B$/day.
Above line should be okay

PROJECTION:
There are 507 days remaining in this Obama 1st term.
By that time the debt could be between 15.4 and 20.5T$.
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)
09/01/2011 14,697,414,789,563.40 BHO (UP 4,070,537,740,650.30 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 +1,135,791,758,671.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,233,821,404,509.44 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
08/12/2011 +000,032,128,181.66 ------------*******
08/15/2011 +025,439,150,731.40 ------------********** Mon
08/16/2011 -000,111,149,424.58 ---
08/17/2011 -000,155,359,363.72 ---
08/18/2011 +006,258,648,233.06 ------------*********
08/19/2011 +019,892,825,521.14 ------------**********
08/22/2011 -000,213,053,000.99 --- Mon
08/23/2011 +000,814,357,949.50 ------------********
08/24/2011 +000,495,517,849.57 ------------********
08/25/2011 +015,444,082,130.78 ------------**********
08/26/2011 +001,003,663,200.19 ------------*********
08/29/2011 -000,073,220,970.90 ---- Mon
08/30/2011 +000,152,580,275.78 ------------********
08/31/2011 +034,126,581,560.14 ------------**********
09/01/2011 +034,131,323,630.30 ------------**********

137,238,076,503.33 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=4982458&mesg_id=4982707

[AnneD]

71. Morning Marketeers.....

:donut: and lurkers.

Today is a magic day for me. First it is my birthday, which is ok. But more importantly...today I make 80. No I am not 80, but my age plus my years of service equals the magic number of 80...AND I CAN RETIRE!!!!!!!

Not like I am planning to any time soon but it is nice to know I have reached that point.

[Fuddnik]

73. Happy Birthday!

Even if you ain't 80, we still love you.

[AnneD]

91. You and my daughter....

She sent me a card. It has 100 on the card in gold glitter. When you open it up it talks about your special birthday......your 100th birthday.

Her personal note-her only regret is not being able to see my face when I open it. And she signed it Love Your Little Shit.

Of course I texted her that she wasn't a little shit...She was an EVIL little shit.

Can you feel the love. :spray:

[Demeter]

87. Many Happy Returns of This Day

you made it! Now you can sneer at the rest of us.

[AnneD]

92. We are in the same life boat.....

only those in first class can sneer.

[Roland99]

90. HAPPY BIRTHDAY! (and retiring day! lol)

[AnneD]

94. At last....

I found something that takes the sting out of getting older.

[hamerfan]

93. Congrats!

A great milestone to reach, AnneD. Good on you.

[AnneD]

96. I had to teach ...

a hygiene class to the middle school girls today. There is a joke in there some where and when I find it, I'll let you know.:rofl:

[MadinMo]

102. Congratulations

On the birthday and making the "80" mark!

[Hawkowl]

74. Greece almost 100% certainty of default

"The NFP print of 0 today is clearly big news, but Greek 1 year bonds trading at 63 imply an almost 0% chance that they don't default. 2 year bonds are trading at 53. Certainly at those prices, default and recovery are the drivers. If you give any benefit for shorter maturities (which often do get slightly higher recoveries in sovereigns as opposed to corporates) it is hard to see that default isn't being priced in with almost100% certainty.

On a quick glance, it looks like for recent stress test purposes, banks had to stress 1 year Greek bonds with a 4.5% loss in their bank books. Now the market is saying it is at least 45%. If you don't think Greece is going to default, you might as well buy the 1 year paper. A 65% return. You really think any other asset will provide a return like that? At these prices it is actually getting hard not to own some Greek bonds. They are trading very close to what would seem like reasonable recovery rates. At the same time, it seems hard to go home long the SPX up here with such clear signs that Greece default seems imminent.Will there be another hopeful yet bogus announcement out of Europe next week that solves this problem? I think that is highly doubtful. And if there is, the risk reward seems skewed to owning something European."

http://www.zerohedge.com/news/focusing-wrong-zero

[Demeter]

75. 19th rec!

I am halfway to being able to park in the garage....I hope it was worth it. It's 90F again, the last hurrah for the summer.

Our pool heater died, and we will replace it in the spring, but the water's hot enough without it, and Monday is the last day...sob...summer came to wild and left too fast.

So, I've been slaying dragons all morning...and have them lined up for this evening, tomorrow, and Sunday. Take a number, you reptiles!

I need a theme long enough for 3 days, and since today is a Reality
Day, I think we will go apocalyptic. Anything Relating to the End Times, any culture, any time, will be grist for the mill, tonight and all weekend long. Even that cheesy series of novels...after all, know thy nutcases!

[Roland99]

89. ooops...markets not happy heading into Labor Day. Daily lows.

[RUMMYisFROSTED]

98. For Anne D:

[AnneD]

100. One of my favs.......

Thanks Rummy. Everytime I see the market circling the drain...I think of your pic and smile a Mona Lisa smile.