STOCK MARKET WATCH, Tuesday, September 13, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Tuesday, September 13, 2011

AT THE CLOSING BELL ON September 12, 2011

Dow 11,061.12 +68.99 (+0.62%)
Nasdaq 2,495.09 +27.10 (+1.09%)
S&P 500 1,162.27 +8.04 (+0.69%)
10-Yr Bond... 1.95 -0.01 (-0.31%)
30-Year Bond 3.25 -.00 (-0.09%)

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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:
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Brad DeLong      Bonddad    Atrios    goldmansachs666    The Stand-Up Economist

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

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

Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren
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 13 08:30 Export Prices ex-ag. Aug NA NA 0.5%
Sep 13 08:30 Import Prices ex-oil Aug NA NA 0.4%
Sep 13 14:00 Treasury Budget Aug -$132.0B -$132.0B -$90.5B

Read more: http://www.briefing.com/investor/calendars/economic/2011/09/12-16/#ixzz1XpUIl47X

[Demeter]

9. Import prices (ex-oil) up .2%, last month cut in half to .2%

Export prices (ex-ag) up .3%, last month also cut to .1% from .5%

[Pale Blue Dot]

2. Oil hovers above $88 amid mixed global equities

INGAPORE – Oil prices hovered above $88 a barrel Tuesday in Asia as global stock markets were mixed amid worries about Europe's debt crisis.

Benchmark oil for October delivery was down 1 cent to $88.18 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude rose 95 cents to settle at $88.19 on Monday.

In London, Brent crude for October delivery was up 19 cents at $112.44 on the ICE Futures exchange.

A late surge pushed the Dow Jones industrial average up 0.6 percent Monday and most Asian stock markets gained Tuesday. However, markets in Europe opened lower Tuesday. Oil traders often look to equities as a barometer of overall investor sentiment.

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

That sure was a fascinating "miracle" finish yesterday...

[Po_d Mainiac]

4. China, lira's, and Greece...must be a movie there somewhere? n/t

[Demeter]

7. My Big Fat Dim Sum?

"My Life in Ruins" has already been used. It was pretty funny, too! Would make an interesting theme, had we need for a touch of humor...not musical, though. It would be more of a cult thing, you'd have to see it to get the jokes.

[Demeter]

21. Talking About an Inside Joke...

If you need an explanation, I will give it...

[Warpy]

40. I actually used that line on my techie ex many years ago

He was not amused.

[Pale Blue Dot]

3. U.S. Stock-Index Futures Slide; S&P 500 May Retreat for Third Day in Four

U.S. stock-index futures dropped amid mounting speculation that European leaders are failing to contain the region’s debt crisis.

Futures on the Standard & Poor’s 500 Index expiring in December slid 1.2 percent to 1,143.3 at 11:07 a.m. in London. Dow Jones Industrial Average futures lost 118 points, or 1.1 percent, to 10,871.

The S&P 500 has fallen for all but one of the past seven weeks as economic data from the U.S. and Europe trailed forecasts and S&P downgraded America’s AAA sovereign-debt rating, citing political failure to reduce record deficits. The losses dragged the gauge’s valuation to 11.2 times estimated profits last month, the cheapest since March 2009, according to data compiled by Bloomberg.

“The norm these days is the uncertainty and angst that comes with the unresolved problems of Europe’s debt crisis,” said Larry Hatheway, the head of macro strategy at UBS AG in London. “Policy appears to be impotent.”

http://www.bloomberg.com/news/2011-09-13/u-s-stock-index-futures-slide-s-p-500-may-retreat-for-third-day-in-four.html

[DemReadingDU]

5. #5, off to the greatest

[Demeter]

6. That Cartoon Is Too True For Humor

It's ghastly, and so is the "jobs program" which is nothing of the kind.

Well, you know what will happen once all the "jobs" have gone through the economic grinder....

all the wealthy and powerful will be next, and the ordinary people will see to it.

Just think, for mere crumbs of economic resources to the majority, the rich and powerful could have stayed that way. But no, they had to have more, and More and MORE!

[Fuddnik]

14. A con job is a jobs program.

We're the marks.

[burf]

18. Yes indeed.

With all the talk of the "shovel ready" jobs that are going to start any day now, the blathering idiots forget one thing. Freeze up is coming pretty soon. This morning it is in the 40s and there is a freeze warning out for tonight. Road construction, one of the major components of this so called jobs program, will have to be pushed back until around May when weight restrictions are lifted.

I know this does not affect many areas of the country, but it certainly will matter to the northern tier states.

[Demeter]

20. Like Washington Cares about the Northern Tier!

We are just cash cows for the Red States, the darlings of DC.

It takes a sick country to treat its productive members like shit.

Uncle Sam Does(n’t) Want You

http://www.tomdispatch.com/post/175439/tomgram%3a_fraser_and_freedman%2c_taps_for_the_unemployed/#more


America's Reserve Army of Labor Marches Through Time
By Steve Fraser and Josh Freeman

Not long ago, the city council of Ventura, California, passed an ordinance making it legal for the unemployed and homeless to sleep in their cars. At the height of the Great Recession of 2008, one third of the capital equipment of the American economy lay idle. Of the women and men idled along with that equipment, only 37% got a government unemployment check and that check, on average, represented only 35% of their weekly wages.

Meanwhile, there are now two million ”99ers” -- those who have maxed out their supplemental unemployment benefits because they have been out of work for more than 99 weeks. Think of them as a full division in “the reserve army of labor.” That “army,” in turn, accounts for 17% of the American labor force, if one includes part-time workers who need and want full-time work and the millions of unemployed Americans who have grown so discouraged that they’ve given up looking for jobs and so aren’t counted in the official unemployment figures. As is its historic duty, that force of idle workers is once again driving down wages, lengthening working hours, eroding on-the-job conditions, and adding an element of raw fear to the lives of anyone still lucky enough to have a job.

No one volunteers to serve in this army. But anyone, from Silicon Valley engineers to Florida tomato pickers, is eligible to join what, in our time, might be thought of as the all-involuntary force. Its mission is to make the world safe for capitalism. Today, with the world spiraling into a second “Great Recession” (even if few, besides the banks, ever noticed that the first one had ended), its ranks are bound to grow...MUCH MORE HISTORY OF LABOR IN US AT LINK
*******************************************************

Steve Fraser is Editor-at-Large of New Labor Forum and co-founder of the American Empire Project (Metropolitan Books). He is, most recently, the author of Wall Street: America’s Dream Palace. He teaches history at Columbia University.

Joshua B. Freeman teaches history at Queens College and the Graduate Center of the City University of New York and is affiliated with its Joseph S. Murphy Labor Institute. His forthcoming book, American Empire, will be the final volume of the Penguin History of the United States.

[burf]

33. Thanks for bringing that up.

It reminded me of something I saw on CNN yesterday. One of their newsreaders was interviewing Bobby Jindal on his announcement supporting Perry. No matter what question was asked of Jindal, his standard reply seemed to be how great a job creator Perry was and the usual blah, blah, blah. Where was the question of "If the jobs programs of Perry are soooo wonderful, why is the food stamp program participation so high in Texas?". The the news presenter could maybe have asked Jindal about the poverty and food stamps rates in his own state.

But, I guess that would be expecting too much from the corporate media these days.

[DemReadingDU]

36. This American Life & Planet Money - How are jobs created

5/13/11 How To Create a Job
Originally aired 05.13.2011

It seems like every politician has a plan for putting people back to work. But we and the Planet Money team couldn’t help but wonder…how do you create a job? Can politicians truly create many jobs? Is it possible the whole thing is just well-intentioned hot air?

Act One. Can the Government Move My Cheese?
Chana Joffe-Walt visits a governor who first became famous for promising his state he'd create jobs: Scott Walker of Wisconsin. (Yes, he's famous for some other things since.) Walker promised 250,000 new jobs and 10,000 new business in his state by the end of his first term. Chana tries to figure out how he's doing. And whether he can really take credit for the new jobs that've been created in Wisconsin. (19 minutes)


From the transcript

Governor Scott Walker
Today I want to make a first of its kind campaign announcement that I think is going to be earth-shattering. Today I announce in front all of you here today and everybody else who is going to be listening on the news and reading in tomorrow's newspaper, that if you elect me as your next governor, I pledge to you here today, and to all the other citizens of the state of Wisconsin, that by the end of my first term we will create 250,000 new jobs in the state and 10,000 new businesses by the end of that first term.

Chana Joffe
Walker's pledge to create jobs wasn't earth-shattering in and of itself. But what was interesting about it was that he was so specific. If we're going to look at how a politician creates jobs, this guy named a number, and not just once.
.
.
Chana Joffe
Governor Scott Walker is not behind these jobs. He's not aging people or making them crave LED lighting. These jobs are created on their own. In fact, before Walker was elected, before he did anything in office, the Wisconsin Department of Revenue protected that the state would add about 190,000 jobs by 2015, Walker's deadline. So 190,000 jobs if Walker stepped into his fancy governor's office day one, and proceeded to do exactly nothing all four years. If he played FarmVille on Facebook his entire term, jobs would still be created. So another way to think about the 250,000 jobs man, is that he's got 190,000 that are freebies, which means he's actually going for 60,000 to reach beyond what would happen anyway.

click to read rest of transcript...
http://www.thisamericanlife.org/radio-archives/episode/435/transcript


This was an amazing segment. Several additional segments, click link to read summaries.
Note: The audio is no longer free to download, but can be purchased for 0.99 cents
http://www.thisamericanlife.org/radio-archives/episode/435/how-to-create-a-job

Edit: listen here directly
http://www.thisamericanlife.org/play_full.php?play=435

[Festivito]

8. Debt: 09/09/2011 14,711,737,198,477.91 (UP 26,186,812,564.66) (Fri, UP a little.)

(UNDER the new 2011 debt limit of 14.694-trillion dollars by 417.737-billion dollars. Good day.)
Hillsville BK Lounge chicken and internet.
(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)
= 10,067,728,635,010.60 + 4,644,008,563,467.24
UP 79,600,651.10 + UP 26,107,211,913.56

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 $3,196.36 makes 1T$.
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 312,855,392 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $47,024.08.
A family of three owes $141,072.24. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 31 days.
The average for the last 23 reports is 5,206,334,737.04.
The average for the last 30 days would be 3,991,523,298.40.
The average for the last 31 days would be 3,862,764,482.32.
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$/day.
There were 234 reports in 344 days of FY2011 averaging 4.92B$ per report, 3.34B$/day.
Above line should be okay

PROJECTION:
There are 499 days remaining in this Obama 1st term.
By that time the debt could be between 15.4 and 17.3T$.
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)
09/09/2011 14,711,737,198,477.91 BHO (UP 4,084,860,149,564.76 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 +1,150,114,167,586.20 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,220,324,625,491.17 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------**********
09/02/2011 +000,182,220,803.10 ------------********
09/06/2011 -000,290,117,782.20 --- Tue
09/07/2011 +015,583,261,687.60 ------------**********
09/08/2011 -006,211,008,386.30 --
09/09/2011 +000,079,600,651.10 ------------*******

115,118,615,118.81 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=4991676&mesg_id=4992799

[Festivito]

52. Debt: 09/12/2011 14,688,259,374,281.24 (DOWN 23,477,824,196.64) (Mon, DOWN a little.)

(UNDER the new 2011 debt limit of 14.694-trillion dollars by 394.259-billion dollars. Good day.)
Sue's internet still here.
(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)
= 10,067,694,973,854.20 + 4,620,564,400,427.00
DOWN 33,661,156.40 + DOWN 23,444,163,040.24

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 $3,196.14 makes 1T$.
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 312,876,992 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 $46,945.8.
A family of three owes $140,837.39. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 to 31 days.
The average for the last 21 reports is 4,812,690,659.93.
The average for the last 30 days would be 3,368,883,461.95.
The average for the last 31 days would be 3,260,209,801.89.
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$/day.
There were 235 reports in 347 days of FY2011 averaging 4.79B$ per report, 3.25B$/day.
Above line should be okay

PROJECTION:
There are 496 days remaining in this Obama 1st term.
By that time the debt could be between 15.4 and 17.2T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
09/12/2011 14,688,259,374,281.24 BHO (UP 4,061,382,325,368.12 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 +1,126,636,343,389.50 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,185,078,574,458.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------**********
09/02/2011 +000,182,220,803.10 ------------********
09/06/2011 -000,290,117,782.20 --- Tue
09/07/2011 +015,583,261,687.60 ------------**********
09/08/2011 -006,211,008,386.30 --
09/09/2011 +000,079,600,651.10 ------------*******
09/12/2011 -000,033,661,156.40 ---- Mon

95,192,128,441.27 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=4992748&mesg_id=4992803

[Mojorabbit]

10. Merkel warns on Greece, Obama voices U.S. alarm

Reuters) - German Chancellor Angela Merkel sought on Tuesday to quash talk of an imminent Greek default as the United States voiced fresh concern at the euro zone's inability to master its debt crisis.

Merkel said in radio interview that Europe was doing everything in its power to avoid a Greek default and urged politicians in her own coalition to weigh their words carefully to avoid creating turmoil on financial markets.

Asked by RBB inforadio whether a Greek default would doom the euro, she answered: "We are using all the tools we have to prevent this. We need to avoid all disorderly processes with regards to the euro."

Calling Europe's challenge "historic," Merkel added that everything must be done to keep the euro zone intact "because we would see domino effects very quickly."

http://www.reuters.com/article/2011/09/13/us-eurozone-idUSTRE78B24R20110913

[Mojorabbit]

11. Italian Bond Sale Gets Tepid Response as Debt Crisis Festers

LONDON — An Italian bond sale got a tepid response from buyers Tuesday despite the disclosure of official talks between Rome and China’s sovereign wealth fund, helping to push borrowing costs up and stock markets down again across Europe.

Amid a growing sense that Europe’s response to the debt crisis lacks coordination and conviction, the United States Treasury Secretary Timothy Geithner will make a rare if not unprecedented appearance at a meeting of European finance ministers, to be held Friday in Wroclaw, Poland. The trip will be his second across the Atlantic in a week, following the Group of 7 session in France last weekend.

“Clearly the U.S. Treasury is disappointed with the direction of the European debt crisis and is looking for action, before further sections of the banking system are drawn in and a global financial crisis is re-visited,” Chris Turner and Tom Levinson, strategists at ING, said in a research note.

President Barack Obama, in a meeting with Spanish-speaking journalists in Washington, reportedly called on euro-zone leaders to show markets that they are taking responsibility for its debt crisis.

http://www.nytimes.com/2011/09/14/business/global/italian-bond-sale-gets-tepid-response-as-debt-crisis-festers.html

[Mojorabbit]

12. Stocks: More European misery

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were mostly lower, gyrating on either side of breakeven ahead of the opening bell. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.

snip

Futures briefly turned higher after Reuters reported that French President Nicolas Sarkozy and German Chancellor Angela Merkel were going to make a joint statement about Greece later in the day. The two leaders reportedly spoke by phone and said they were "determined" to do whatever was needed.

"It is more of the same," said Mark Luschini, chief investment strategist at Janney Montgomery. And it will continue to be more of the same. "Almost regardless of what we see, all eyes are going to be focused on what news is coming from Europe and the market is largely going to be trading off of that."

http://money.cnn.com/2011/09/13/markets/premarkets/?source=cnn_bin

[Fuddnik]

15. And they're sending Geithner to show them how to do it right?

:rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl:

[Demeter]

17. That alone tells you that it's gonna blow, sooner rather than later

Smacks of collusion.

[Demeter]

16. I'm not sure what China would get out of Italy

The regime isn't much into good will. And Italy isn't much into gratitude. The Chinese diet and the Italian one have little in common, aside from the pasta that originated in China....

Italy's most prominent export is corruption in all forms: Mafia, Church, Berlusconi....and cheese and wine.

[Demeter]

13. Well, it's Tuesday, and Already It's a Total Cluster

On advice of my ex-California neighbor, I drank myself to sleep Sunday, and it worked. My sleep patterns had been so disturbed that some outside sedative was necessary to reset the circadian rhythm.

Last night I attended a committee meeting where the board members outnumbered the ordinary residents, and the leader was an old fart convinced that solar panels only last 5 years (not the 35 that is industry standard nowadays, which is about how long the horrible, ugly, useless and failing streetlights have lasted),

and a really truly bitch who believes that fiberglass poles for streetlights will become plow magnets during snowfalls. The insult to our diligent and hardworking staff aside, who have never hit a streetlight,

I'm trying to think what these people get from stopping progress. They know the constraints, and their only solution seems to be double the monthly rent, or condo fee, which is already averaging $300/month.

In my opinion, the job of a board member, or any kind of leader, is to figure out what needs doing and to find ways to get it done expeditiously and economically, for the benefit of ALL the people.

A "leader" who stands in the way is no leader, but a supporter of the status quo, when not a siphon of common funds into private pockets; a force to maintain inequality and freeze everyone and everything in their present positions while the situation deteriorates. I'll leave you to draw the conclusions on the national scene from this little vignette....

(It was truly appalling, like arguing with my father, who has been an old fart for as long as I've been alive. Dad probably has Aspergers, or close to it, which hasn't improved with age and the demise of my mother, who kept his excesses in check...)

AND the policy this committee has, is "see if the solar streetlight survives the winter and never runs out of charge" which is ridiculous because that's what engineering does...design for the situation and crunch the numbers, which DON'T randomly vary. And do it right, because otherwise, the liability from dissatisfied customers means the company goes out of business....

It's not even remotely rocket science. A solar streetlamp is like a big flashlight. Not even remotely possible to get electrocuted. I want to scream.

"The only places that solar works are Orlando, and Dubai, and..." Another specious argument that resulted from the bitch "researching" the internet. I've seen how she researches. I'd sooner trust the Koch brothers.

I'm really hoping at least one of them is voted out or retires in January. I don't want it to take another 7 years of increasing dysfunction to drive out incompetence.

[InkAddict]

37. Copper Thieves Target Street Lights

http://www.click2houston.com/news/28980638/detail.html

BAYTOWN, Texas -- Copper thefts in Baytown have raised public safety concerns.
Baytown officials said 42 street lights from Interstate 10 to state Highway 146 were recently targeted by thieves.
Police said they think the thieves dressed up as repairmen and used official-looking work trucks to steal copper out of the lights.

To fight the thefts, police put up large, mobile digital signs with a message asking people to call them if they saw anything suspicious. Last week, the four batteries used to operate the signs, estimated at $600, were stolen.

[Demeter]

19. Markets are in the green in Europe, Tending Down in Asia

and futures are -18 for DOW, from a previous +6 minutes before.

[Demeter]

22. French lenders fall on eurozone fears

French bank shares tumble amid concerns about the eurozone sovereign debt crisis, with Société Générale falling 10% and BNP Paribas down 12%

Read more >>
http://link.ft.com/r/19JYUU/R3L7JC/204L2/QNRV0C/16CMT6/VU/t?a1=2011&a2=9&a3=13

[Mojorabbit]

23. CANADA STOCKS-TSX may open lower on European fiscal fears

CANADA STOCKS-TSX may open lower on European fiscal fears


Sept 13 (Reuters) - Toronto's main stock index was set to open lower on Tuesday, tracking global markets, after reports cast doubt on a possible deal for China to buy Italian debt, heightening concerns about the fiscal crisis in Europe.

FACTORS TO WATCH

* Canadian and U.S. equity futures pointed to a lower open. <0#SXF:> <.N>

* European shares briefly turned positive helped by bank shares and news that French president Nicolas Sarkozy and German Chancellor Angela Merkel were set to make an announcement on Greece later in the day. But the French President's office then denied that report. <.EU>

* Japan's Nikkei rose almost 1 percent as short-covering emerged after a tumble the day before, but traders said gains may be short-lived.
http://www.reuters.com/article/2011/09/13/markets-canada-stocks-idUSS1E78C0AA20110913

I wonder what is going on in the background re SaRkozy and Merkel. First they are going to speak and now it seems not. Something going on behind the scenes? mojo

[Demeter]

24. Manager’s $5m for Buffett lunches pay off

A hedge fund manager who paid more than $5m in charity auctions to have lunch with Warren Buffett has been hired as part of a team to oversee Berkshire Hathaway’s investments after the “Oracle of Omaha” leaves

Read more >>
http://link.ft.com/r/19JYUU/R3L7JC/204L2/QNRV0C/XH82PG/VU/t?a1=2011&a2=9&a3=13

[Demeter]

25. US sales of Botox continue to increase

Wrinkle-erasing drug up 91% over the year as ageing US citizens increasingly turn to the medicine to preserve their youthful appearances

Read more >>
http://link.ft.com/r/19JYUU/R3L7JC/204L2/QNRV0C/5VZX82/VU/t?a1=2011&a2=9&a3=13

[Demeter]

26. Airport to test 'facial' lie detector

System, which will analyse expressions, eye movements, blood flow and temperature changes, will be 'complete step change' from traditional polygraph lie detector

Read more >>
http://link.ft.com/r/ZE9K33/NJ32MY/LSLXF/62C9ER/SPL6E2/OS/t?a1=2011&a2=9&a3=13

AND THIS IS A GOOD IDEA WHY?

PS: DON'T FLY WITH TOURETTE'S SYNDROME!

[AnneD]

48. The new no fly list...

blood flow...well that excludes Dick Cheney, the Twilight cast, Ron Reagan and Lenin.

In fact the only two people that CAN fly are Laura Bush and Michelle Bachman.

[Demeter]

49. That must be behind the popularity of botox

It all begins to make sense.....

....I'm very frightened by that.

[AnneD]

51. Believe it of not....

I had the same thoughts.

[Demeter]

27. Republican candidates unite on Fed attack

The party’s presidential contenders continued to squabble over domestic policy but agreed on the need to rein in central bank powers

Read more >>
http://link.ft.com/r/9ULF66/QN1ZOU/EKRAI/08BKWA/MSFLDE/VU/t?a1=2011&a2=9&a3=13

[Demeter]

28. Merkel chief whip set on profound EU reform

Peter Altmaier is adamant he can persuade sceptical rebels in his own Christian Democratic Union to vote for the latest package to rescue Germany’s debt-laden partners in Europe’s monetary union

Read more >>
http://link.ft.com/r/9ULF66/QN1ZOU/EKRAI/08BKWA/VLBCNZ/VU/t?a1=2011&a2=9&a3=13

[Demeter]

29. Residency reforms favour China’s wealthiest

Few issues resonate across China as much as the need to reform the residency system, which makes second-class citizens of more than 200m people

Read more >>
http://link.ft.com/r/9ULF66/QN1ZOU/EKRAI/08BKWA/HYQN4L/VU/t?a1=2011&a2=9&a3=13

[Demeter]

30. Libya in power struggle over oil group

Job creation and regional prestige appear to be the forces driving a tussle between Benghazi and Tripoli to host the powerful state-owned National Oil Company

Read more >>
http://link.ft.com/r/9ULF66/QN1ZOU/EKRAI/08BKWA/EXYJ7J/VU/t?a1=2011&a2=9&a3=13

[Demeter]

31. "Most people would sooner die than think; in fact, they do so." - Bertrand Russell

[Demeter]

32. Al Jazeera Deletes Content that Disturb US Government

A confidential US cable from US embassy in Doha reveals that Al Jazeera Managing Director Wadah Khanfar has agreed to US government request to delete and altar website content that "disturbs" the US government.

http://www.informationclearinghouse.info/article29104.htm
<http://r20.rs6.net/tn.jsp?llr=iqnuv6bab&et=1107599169698&s=62166&e=001qt_rE1VDwVooKSvDhhcEqsXpX_OXeXhdUY-NG687K0aQezd7PdqtyMe6f702R3H3XAYQqZq1qsr4njD6MLJR8Tcmp-tdzTrCEk18QfGS56NqrrfIGQ_4IDiPzNw-CS6VfWeQMm0qJ-f9T681dOctNRT_hkf52Xfw>

[Demeter]

34. 'Culturomics' Predicted The Arab Revolutions—And Now It Predicts Global Unrest

Through a computerized analysis of news reports, researchers claim they can forecast major human events (via @_alea).

The online peer reviewed journal First Monday reports that by analyzing 30-years worth of news "culturomics" could have predicted the revolutions in Tunisia, Egypt and Libya; the stability of Saudi Arabia through May 2011; and the location of Osama bin Laden's bunker to a 200-kilometer radius in north Pakistan.

For instance, here's how culturnomics predicted Egyptian unrest:

On 25 January 2011, popular dissent with the Egyptian state culminated in mass protests that continued through President Mubarak’s resignation on 11 February. Figure 2 shows the average tone by month from January 1979 to March 2011 of all 52,438 articles captured by SWB mentioning an Egyptian city anywhere in the article. Only articles explicitly mentioning an Egyptian city were included to filter out casual references to Egypt to return only articles reporting on the country in more detail. To normalize the data, the Y axis reports the number of standard deviations from the mean, with higher numbers indicating greater positivity and lower numbers indicating greater negativity. January 2011 reports only the tone for 1 January through 24 January, capturing the period immediately preceding the protests. Only twice in the last 30 years has the global tone about Egypt dropped more than three standard deviations below average: January 1991 (the U.S. aerial bombardment of Iraqi troops in Kuwait) and 1–24 January 2011, ahead of the mass uprising. The only other period of sharp negative moment was March 2003, the launch of the U.S. invasion of neighboring Iraq.

Looking at the world, the study concluded that "news is becoming more negative"—which seems to predict global unrest.

The below map shows the Summary of World Broadcasts content from 1979-2010. Green is positive and red is negative...SEE LINK

Read more: http://www.businessinsider.com/culturomics-predict-revolution-2011-9#ixzz1XqAnHVAF

[InkAddict]

38. Better keep these Culturomics analyses out of the hands of the

Extreme Couponers of the world, LOL. Just think what a little distributed computing could do to the free markets - Oh wait/too late...the equivalent of flash trades?

[Demeter]

35. Euro exit could cost €45,000 for each family IRELAND

http://www.independent.ie/business/european/euro-exit-could-cost-euro45000-for-each-family-2873059.html

THE cost of Ireland leaving the euro could be as much as €45,000 per family in the first year, according to research report for clients of giant Swiss investment bank UBS.

The threat of a break-up of the euro mounted last week when the Dutch prime minister, Mark Rutte, and his finance minister, Jan Kees de Jager, dropped a bombshell by suggesting that countries that persistently break eurozone budget rules should be chucked out of the currency. With the latest Greek bailout deal on a knife-edge, the possibility of Greece leaving the euro has increased dramatically in recent weeks.

Analysts believe the departure of Greece would lead to major problems for the other bailed-out countries, Ireland and Portugal, as markets smell blood. Ireland's massive bank debt is like catnip for sharp-suited hedge-fund bosses and institutional investors looking to "short" our bonds.

This could lead to a domino effect, with the weaker countries being forced out the door. Spain, Italy and France would also come under enormous pressure from speculators...

[InkAddict]

39. Oh boy: Global domino effect - see #8

Yes, I'm probably comparing apples and oranges, but by our own Festivito's US DEBT ANALYSIS:

A family of three owes $141,072.24. (And that is IN ADDITION to their mortgage.)

Q: And the way to solve it is...? A: Lowest-paying prison labor leading to bigger corporate bonuses, good value for stockholders, and reduced corporate taxation, all of which would then create additional minimum-wage GeorgiaWorks temp jobs in the as yet unprisoned population which would then chisel away at this by the Apocalyse or 2014, whichever comes first, no?

Even a mere data entry office slug can figure out this won't work out well, timeline notwithstanding.

[Demeter]

41. World Markets Tumble as Clouds gather over Eurozone By Mike Whitney

Growing fears of a default in Greece sent markets in Europe and Asia plunging on Monday while yields on "safe haven" US Treasuries and German bund fell to record lows. Nearly 3 years after Lehman Brothers collapsed in 2008, the global economy is now facing a second and more lethal financial crisis that threatens to tear-apart the battered eurozone and drag the world economy back into recession. Indications that the Greek government will not be able to meet its austerity targets has caused rumblings in Germany where the finance minister is working on a bank recapitalisation plan in case Greece defaults. German, UK and French banks hold hundreds of billions in Greek sovereign debt that will lose significant value if Greece cannot secure new loans from the ECB.

How bad will the fallout be? Here's a clip from Bloomberg that explains:

"BNP Paribas SA, Societe Generale and Credit Agricole SA (ACA), France’s largest banks by market value, are trading at levels that imply a 100 percent loss on Greek, Irish and Portuguese holdings, according to Barclays. In the case of Paris-based Societe Generale, the share price even implies full writedowns on Italian and Spanish debt, according to Barclays." (Bloomberg)

"100 percent loss on Greek, Irish and Portuguese holdings", a total wipeout. Hundreds of billions in sovereign bonds have been converted into toilet paper overnight. If Greece goes under, it could take the EU banking system and a good part of the world's financial system along with it.

Here's more from Bloomberg:

"The 90 banks that underwent European stress tests would face an estimated capital shortfall of 350 billion euros ($479 billion) if Greek, Portuguese, Irish, Italian and Spanish government bonds were written down to market values, according to Nomura analysts led by Jon Peace.

No “practical” amount of capital can prepare them for a large sovereign debt impairment or default, Nomura said in a note on Sept. 7." (Bloomberg)

Where are EU banks going to lay their hands on "350 billion euros"? Their stocks are falling like stones, they've already sold a good portion of their liquid assets, and they don't have a "rainy day" fund they can draw from when the shitstorm hits. So they have no place to turn except the European Central Bank (ECB), and there's no way the ECB can go on a bond-buying binge big enough to keep the banks afloat. The ECB is not the Fed; it would need to get the green light from other the eurozone members to launch a bailout of this magnitude. Angela Merkel wants to give Greece more time to whittle down its budget deficits, but the German Chancellor is swimming against the tide. 80 percent of the German public oppose more bailouts and want a change in policy. The ECB and EU's austerity measures have only accelerated the pace of Greece's decline.

It didn't have to end this way. EU leaders could have restructured Greece's debts and provided fiscal stimulus to help the struggling country grow its way back to health. But the right-wingers prevailed and demanded belt tightening instead of Keynesian remedies. Their failed judgement has only intensified debt deflation dynamics. Now the window of opportunity has closed and default is unavoidable...The cost of insuring the sovereign debt of EU governments against default is skyrocketing as panic spreads across global markets. Bank funding costs are also rising sharply while interbank lending slows to a trickle. The liquidationists have won the policy-battle, but lost the war. A Greek default will send the dominoes tumbling across southern Europe. It's only a matter of time before the eurozone splinters and breaks up.

[Demeter]

42. Why was the S&L Crisis not a Systemic Economic Crisis? By William K. Black

http://econintersect.com/wordpress/?p=12970

Some of the most important examples of criminogenic behavior and control fraud in our history were encountered and eventually resolved during the S&L crisis era. And yet we went on to repeat the same behavior patterns in the immediately following twenty years. Before trying to answer the title question, a historical timeline is necessary for reference. The major events and dates are outlined in the first section which follows...

LENGTHY, HISTORICAL MUST READ

[Demeter]

43. Barney Frank Working On Legislation To Overhaul The Federal Reserve

http://www.huffingtonpost.com/2011/09/12/barney-frank-federal-reserve_n_959120.html

According to Bloomberg and The Hill, Frank plans to submit a bill that would remove the votes of the five regional Federal Reserve presidents from the 12-member Federal Open Markets Committee (FOMC), which sets interest rates, and replace them with five appointees that would be nominated by the president and confirmed by the Senate. Frank is concerned that the process is undemocratic because the regional Fed presidents are not elected or appointed by elected representatives, and he believes that regional Fed presidents are overly likely to focus on guarding against inflation at the expense of more adequately tackling the country's unemployment crisis.

Traditionally, seven governors of the Federal Reserve are appointed to the FOMC in such a way, while the president of the Federal Reserve Bank of New York has a permanent seat on the committee, and four of the 11 presidents of the other regional banks have one-year rotating terms on the committee...The new legislation will be a revision of legislation that Frank originally proposed in May.

Frank said in a statement on Monday that the current structure of the FOMC allows for a "self-perpetuating group of private citizens" to keep "skewing policy" at the Fed, according to The Hill. Frank's committee analyzed the voting patterns of the FOMC in 2009 and found that 90 percent of the committee's dissenting votes were made by the five regional presidents. That public naysaying has hurt the Fed's ability to influence the economy, Frank said....Frank has called the issue "a matter of democratic principle," since the regional Fed presidents "are not elected and not appointed by people who are elected making important decisions."

MUCH MORE AT LINK

[Demeter]

44. 'People Are Close to Revolt': Views From Afar

http://www.theatlantic.com/politics/archive/2011/09/people-are-close-to-revolt-views-from-afar/244731/

[RUMMYisFROSTED]

45. "Raw, Raw, Raw!"

[Demeter]

46. "Reality" at 3:30, film at 11

Too good to be true.

[hamerfan]

47. At the close

DOW... +45
NASDAQ... +37
S&P 500... +11

So when the sky does fall, it's really gonna fall!

[Demeter]

50. It's a Jobs Program

Rebuilding and rehanging the sky....