STOCK MARKET WATCH, Tuesday, September 20, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Tuesday, September 20, 2011

AT THE CLOSING BELL ON September 19, 2011

Dow 11,401.01 -108.08 (-0.95%)
Nasdaq 2,612.83 -9.48 (-0.36%)
S&P 500 1,204.09 -11.92 (-0.99%)
10-Yr Bond... 1.98 +0.03 (+1.44%)
30-Year Bond 3.25 +0.03 (+0.90%)

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

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

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

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

Bush Administration Officials Charged = 1
Name(s): Richard Lopez Razo

Financial Sector Officials Convicted since 1/20/09 = 12

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This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

Read more: du

[Pale Blue Dot]

1. Today's Reports

Sep 20 08:30 Housing Starts Aug 575K 590K 604K
Sep 20 08:30 Building Permits Aug 575K 585K 601K 597K

Read more: http://www.briefing.com/investor/calendars/economic/#ixzz1YUPntciz

[Roland99]

9. U.S. housing starts fall 5% in August to 571,000

http://www.marketwatch.com/story/us-housing-starts-fall-5-in-august-to-571000-2011-09-20?link=MW_home_latest_news

[Roland99]

10. Permits for new construction rise 3.2% to 620,000 (highest level since Jan.)

[burf]

19. Looks as though

there is a lot of hope in that the building permit numbers are up, but when it comes to the actual construction of the homes, the numbers aren't so good. I wonder if it has to do with loans that are not getting approved.

But still the futures are up on the news. Go figure.

[Po_d Mainiac]

21. Permits up, actual starts down...hmmmmm n/t

[Pale Blue Dot]

2. Oil rises above $86 ahead of Fed policy meeting

SINGAPORE – Oil prices rose above $86 a barrel Tuesday in Asia as investors looked to a U.S. central bank meeting this week for measures to boost economic growth.

Benchmark oil for October delivery was up 81 cents at $86.51 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude dropped $2.26 to settle at $85.70 on Monday.

In London, Brent crude for November delivery was up 70 cents at $109.84 on the ICE Futures exchange.

Investors will be closely watching the U.S. Federal Reserve's two-day meeting starting later today. Some investors expect the Fed to announce stimulus measures to help spur economic growth.

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

[Demeter]

7. Hope springs eternal

I however, have no hope, and see no future, for "economic growth". All I see is bailouts and jailouts.

[xchrom]

40. Fire affects output of Iraq's largest oil field

http://www.marketwatch.com/story/fire-affects-output-of-iraqs-largest-oil-field-2011-09-20

LONDON (MarketWatch) -- Oil production at Rumaila, Iraq's largest oil field, has been affected by a fire at a neighboring gas compression facility, operator BP PLC /quotes/zigman/247026/quotes/nls/bp BP +0.15% said Tuesday.

The facility that is on fire isn't part of the Rumaila complex and is operated by Iraq's Southern Gas Co., but receives natural gas from the field, a BP spokesman said.

Al Hussein Khudhier, the head of the Southern Gas Co., confirmed that a fire continues to burn at one of its facilities next to Rumaila.

The BP-led joint venture that operates the field, "had to stop feeding gas into that plant. That has had an impact on production," the BP spokesman, without providing further details.

[xchrom]

42. Noble Energy up on buy rating as sector slips

http://www.marketwatch.com/story/noble-energy-up-on-buy-rating-as-sector-slips-2011-09-20

NEW YORK (MarketWatch) — Energy stocks fell into negative territory on Tuesday after moving up at the opening bell, as the broad equities market provided little direction and crude-oil futures edged up.

The NYSE Arca Oil Index /quotes/zigman/6015539 XX:XOI +0.13% fell 0.4% and the NYSE Arca Natural Gas Index /quotes/zigman/6015474 XX:XNG +0.27% shed 0.4%, while the Philadelphia Oil Service Index /quotes/zigman/1470028 OSX +0.17% edged down by 0.1%. The Dow Jones Industrial Average /quotes/zigman/627449/delayed DJIA +0.15% dipped 20 points.

And in energy futures, crude prices rose by 4 cents to $85.85 a barrel.

Among movers in the energy sector, Occidental Petroleum /quotes/zigman/236880/quotes/nls/oxy OXY -0.59% slipped 1.6% and Southwestern Energy Co. /quotes/zigman/241523/quotes/nls/swn SWN -2.82% dropped 2.6%.

[Pale Blue Dot]

3. U.S. stock futures rise on Greece, Fed hopes

LONDON (MarketWatch) — U.S. stock futures rose on Tuesday, buoyed by expectations that Greece will receive the next aid tranche from international creditors as well as hopes that the Federal Reserve may announce fresh measures to stimulate the economy.

Futures on the Dow Jones Industrial Average DJ1Z +0.85% gained 90 points to 11,413 and those on the Standard & Poor’s 500-stock index SP1Z +0.68% advanced 10.1 points to 1,207.90.

Nasdaq 100 futures ND1Z +1.01% climbed 24 points to 2,325.

The blue-chip Dow index DJIA -0.94% sank 0.9% Monday, snapping a five-day winning streak. But it rebounded from its intraday lows following reports that international lenders and Greece were close to an agreement on releasing the next aid tranche to the debt-burdened nation.

http://www.marketwatch.com/story/us-stock-futures-rise-on-greece-fed-hopes-2011-09-20?link=MW_latest_news

[DemReadingDU]

5. Futures rise on rumors

:crazy:

[Pale Blue Dot]

4. Italy downgrade adds to euro-zone turmoil

FRANKFURT (MarketWatch) — Italian government bond yields jumped Tuesday after Standard & Poor’s Ratings Services cut Italy’s credit rating one notch, dealing a blow to an increasingly fragile euro zone as policy makers struggle to contain Europe’s debt crisis.

S&P late Monday night cut Italy’s long-term credit rating to A from A-plus, and cut its short-term rating to A-1 from A-1-plus, citing a weak economic outlook and ongoing political gridlock. S&P said the outlook for Italy’s ratings is negative, meaning a further cut is possible.

The move by S&P took markets somewhat by surprise. All eyes had been on rival ratings firm Moody’s Investors Service, which had announced last week it would take an additional month to decide whether to downgrade Italy’s ratings.

“Just when everyone was waiting for Moody’s to downgrade Italy, S&P gets in first with what is a much more damaging downgrade as its rating of Italy was already the lowest of the three agencies,” said Gary Jenkins, head of fixed income at Evolution Securities in London.

http://www.marketwatch.com/story/italy-downgrade-adds-to-euro-zone-turmoil-2011-09-20?dist=beforebell

[DemReadingDU]

6. euro-zone turmoil

but if there is a good rumor, the markets go up
:crazy:

[Demeter]

8. I'll see your Danziger and raise you one Oliphant

http://cdn.svcs.c2.uclick.com/c2/b3dbf7c0c58a012e2f9000163e41dd5b?width=750.0

[Warpy]

48. The Oliphant one has actually been done

That was the Brooks Brothers riot in Miami in 2000 that shut down the recount, all the Republican staffers (servants) were turned out to pretend they cared about something besides getting fatter.

[Demeter]

11. Lloyds to sell £1bn of bad property loans

Sales is understood to have attracted interest from pension funds, private equity groups and overseas investors

Read more >>
http://link.ft.com/r/5F39HH/ZGCGRO/Z87P0/7AVGHB/VLBJBB/LE/t?a1=2011&a2=9&a3=20

IN HEAVEN'S NAME WHY WOULD PENSION FUNDS BUY BAD PROPERTY LOANS?

[Po_d Mainiac]

60. Open auction

Which means M2M (pennies on the pound)

It will be interesting to see what the market actually values the folio at....It will also be interesting to see how the markets react to the institutions that failed to mark down the toxic shit on their books when compiling #'s for BASIL......Hmmm :popcorn:

[Demeter]

12. Siemens shelters up to €6bn at ECB

German group’s transfer of up to €6bn from a French bank is a sign of how companies are seeking havens amid Europe’s sovereign debt crisis

Read more >>
http://link.ft.com/r/5F39HH/ZGCGRO/Z87P0/7AVGHB/ZGO3OA/LE/t?a1=2011&a2=9&a3=20

YOU CAN RUN, BUT WHERE CAN YOU HIDE THE LOOT?

[Demeter]

13. Credit Suisse strikes tax deal with Germany

Evasion investigations into bank and its employees halted with €150m out-of-court agreement

Read more >>
http://link.ft.com/r/5F39HH/ZGCGRO/Z87P0/7AVGHB/MSFXFU/LE/t?a1=2011&a2=9&a3=20

YOU GOT TO WONDER WHO THE SWISS BANKS TICKED OFF SO BADLY, AND HOW, THAT THEIR SECRECY IS DESTROYED...

[Demeter]

14. Opportunities to hide in murky world of ETFs

Knowledge of the back office could be central to Adoboli trading

Read more >>
http://link.ft.com/r/5F39HH/ZGCGRO/Z87P0/7AVGHB/PFPYPN/LE/t?a1=2011&a2=9&a3=20

[Demeter]

15. Bling Nano worth its weight in gold

Tata unveils what may be the world’s most-expensive car: the jewel encrusted GoldPlus Nano covered in 80kg of 22 carat gold

Read more >>
http://link.ft.com/r/5F39HH/ZGCGRO/Z87P0/7AVGHB/II9M9Q/LE/t?a1=2011&a2=9&a3=20

THIS IS THE KIND OF CRAP THAT HAS TO STOP

[Demeter]

16. Obama offers stark choice to Republicans

President says conservative lawmakers must choose between higher taxes on the wealthy or gutting the education and health systems

Read more >>
http://link.ft.com/r/8P1R88/GD9KFF/EKRAI/B5706P/II9MQO/RF/t?a1=2011&a2=9&a3=20

OH, WELL THEN, THE CHOICE IS OBVIOUS! GUT HEALTH AND EDUCATION! JUST AS THEY'VE BEEN DOING, ALL ALONG!

[Demeter]

17. US states seek to privatise prisons

Pressure to close budget deficits is creating markets for contractors. In Florida alone 29 state prisons are due to be sold off

Read more >>
http://link.ft.com/r/8P1R88/GD9KFF/EKRAI/B5706P/EXY2DH/RF/t?a1=2011&a2=9&a3=20

[Po_d Mainiac]

23. Good thing

This has never lead to judges being bribed so as to keep prison occupancy at optimum levels...oops...I stand corrected :grr:

[AnneD]

55. And mark my words.....

debt will be criminalized and this country will see the beginnings of debtors prisons, all private prisons of course.

Many more innocuous crimes will be criminalized so as to trap more poor folks. Fines will be set so high that the city, county , or state coffers will fill up if the victim can pay. If they can't pay, the state et all get kick backs from the private prison industry.

Our founding fathers are truly spinning in their graves right now.

[Po_d Mainiac]

59. I hope you're wrong...but odds are, u ain't...n/t

[tclambert]

63. Of course, in privatized prisons, the prisoners work as slave labor. Then

you just have to keep expanding the prison population with people incarcerated for made-up crimes (thinking ill of your betters, say) and pretty soon, you have all workers enslaved and working out of prison camps. A Republican Utopia! Free Market Capitalism at its ultimate glory!

BUT: Who's left to shop at Wal-mart?

[AnneD]

66. WalMart gets the contract.....

to run the prison commissary.

Problem solved!

[Demeter]

18. Lenders harden their stance on Athens

Greek authorities have made a fresh attempt to convince international lenders they have a credible plan to close the growing financing gap

Read more >>
http://link.ft.com/r/8P1R88/GD9KFF/EKRAI/B5706P/16CU0G/RF/t?a1=2011&a2=9&a3=20

[Warpy]

49. I think one of the PIIGS will be allowed to fail and it looks like Greece is it

The utter misery of the Greek people, the unrest it generates, and the IMF going in to straighten out their tax system (so people might start paying taxes) by making it as regressive as possible will scare the rest of them into abusing their own people to balance the books, at least in theory.

The one country that won't be allowed to fail is Spain. Their economy is huge and their problems a bit different.

[Demeter]

20. The A-List - Yao Yang: Don't expect China to ride to the rescue

The expectation that China might swoop down and rescue the euro in its hour of need is running high. But those expecting China to offer anything more than symbolic assistance will soon be disappointed.

Read more >>
http://link.ft.com/r/3JFELL/PF1FSK/9MEOW/DW5Z75/KQJXUG/ZH/t?a1=2011&a2=9&a3=20

I NEVER HAVE, AND NEVER WILL. THE CHINESE ARE CONFUCIAN, NOT DO-GOODERS.

[Demeter]

22. This Dragon Businss Has Got Me Draggin'

I need a break somehow.

[xchrom]

24. ...

:yourock: Miss Demeter! --

[xchrom]

25. morning to all!

:donut:

[Tansy_Gold]

35. Morning, x and all the rest of you SMW denizens!

Oh, it's another fine day in paradise here in Central Arizona in the shadow (literally) of Superstition Mountain. It's enough to make you wonder how a paltry few of the human species got so many things so totally fucked up for the rest of us.



TG

[DemReadingDU]

36. Greed, power, money

[Festivito]

26. Debt: 09/16/2011 14,699,021,631,213.05 (UP 2,058,061,430.37) (Fri, UP a little.)

(UNDER the new 2011 debt limit of 14.694-trillion dollars by 405.022-billion dollars. Good day.)
An early double with extra hours of driving, after a week of driving.
(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)
= 10,080,080,631,490.90 + 4,618,940,999,722.12
UP 192,253,298.50 + UP 1,865,808,131.87

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 $3,195.85 makes 1T$.
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 312,905,792 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 $46,975.87.
A family of three owes $140,927.61. (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 4,642,583,285.70.
The average for the last 30 days would be 3,559,313,852.37.
The average for the last 31 days would be 3,444,497,276.49.
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$/day.
There were 239 reports in 351 days of FY2011 averaging 4.76B$ per report, 3.24B$/day.
Above line should be okay

PROJECTION:
There are 492 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)
09/16/2011 14,699,021,631,213.05 BHO (UP 4,072,144,582,299.94 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 +1,137,398,600,321.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,182,764,926,260.04 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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
09/13/2011 -000,041,637,039.50 ----
09/14/2011 +000,269,185,032.20 ------------********
09/15/2011 +011,965,856,345.50 ------------**********
09/16/2011 +000,192,253,298.50 ------------********

91,036,881,149.11 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=4998766&mesg_id=4999086

[tclambert]

64. Just 10 more days to go!

How much can we borrow in 10 days?

[Festivito]

71. There should be an increase, but not likely to be too high.

Those Social Security checks go out and the money has to be in the bank.

[Festivito]

69. Debt: 09/19/2011 14,729,488,947,751.89 (UP 30,467,316,538.79) (Mon, UP a little.)

(UNDER the new 2011 debt limit of 14.694-trillion dollars by 435.489-billion dollars. Good day.)
A sleeply afternoons.
(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)
= 10,080,320,100,313.90 + 4,649,168,847,437.91
UP 239,468,823.00 + UP 30,227,847,715.79

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 $3,195.63 makes 1T$.
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 312,927,392 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 $47,069.99.
A family of three owes $141,209.97. (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 4,297,589,517.98.
The average for the last 30 days would be 3,008,312,662.58.
The average for the last 31 days would be 2,911,270,318.63.
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$/day.
There were 240 reports in 354 days of FY2011 averaging 4.87B$ per report, 3.30B$/day.
Above line should be okay

PROJECTION:
There are 489 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)
09/19/2011 14,729,488,947,751.89 BHO (UP 4,102,611,898,838.73 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 +1,167,865,916,860.10 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,204,155,535,745.58 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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
09/13/2011 -000,041,637,039.50 ----
09/14/2011 +000,269,185,032.20 ------------********
09/15/2011 +011,965,856,345.50 ------------**********
09/16/2011 +000,192,253,298.50 ------------********
09/19/2011 +000,239,468,823.00 ------------******** Mon

90,272,686,771.92 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4999764&mesg_id=4999832

[xchrom]

27. The General Haig school of crisis management

http://www.economist.com/blogs/schumpeter/2011/09/euro-crisis-0

ON WE go. That was the message from Greek politicians at a conference in Athens today put on by The Economist. We believe in the July 21 agreement, insisted Evangelos Venizelos, the Greek finance minister, referring to the deal which will give Greece a second bail-out in return for fiscal and structural reforms.

The troika of institutions monitoring Greek progress under its initial rescue programme, the European Commission, the European Central Bank and the IMF, want proof of that. Bob Traa, the fund's man in Athens, had some pretty blunt words for the Greeks today: implementation of tough reforms had slowed, tax evasion was still a huge issue, public-sector spending needed cutting.

Chances are that the Greeks will just about do enough to unlock the latest tranche of international funding some time next month. The Europeans have shown no sign of developing an alternative strategy to lending Greece more money as a way of staving off default, and the fund can point to the promise of more European cash as a reason not to pull the plug. But the public dialogue between the troika ("do more!") and the Greeks ("we will do more!") looks ever more unconvincing.

First, the effects of austerity are depressingly obvious. Mr Traa said that the fund is now reckoning not just on an economic contraction of more than 5% this year but one of 2% next. Only in 2013 will Greece return to growth, and that's if things go plan. Businesspeople complain of falling revenues, an unstable tax environment and a credit crunch caused by banks unable to fund themselves at economic rates.

[xchrom]

28. Will the Fed Stimulate, Target, Get Explicit, Twist, or Swerve?

http://www.theatlantic.com/business/archive/2011/09/will-the-fed-stimulate-target-get-explicit-twist-or-swerve/245301/

Federal Reserve Chairman Ben Bernanke must yearn for a time when he can reside over a boring, uneventful monetary policy meeting. Unfortunately for the nation's top central banker, he won't get that sort of meeting this week. With unemployment stuck above 9% and job growth struggling, many want to see more aggressive action from the Fed. And the market expects it. What action might the monetary policy committee take this week?

More Stimulus

What would Wall Street really love to see? All of these stimulus-without-stimulus tactics might help nudge the economy in the right direction. But some additional asset purchases would be the Fed's most aggressive option. An additional round of quantitative easing would have the most dramatic effect on interest rates.

But here's the problem: not everyone on the Fed's committee is convinced that additional stimulus is a good idea. Some view hiring as being on the right course. Others worry that inflation is already at the Fed's target rate -- and additional stimulus could send it too high. So this is probably not the most likely action the Fed would take at this time.

An Inflation Target

We have heard Bernanke and others suggest that the Fed could adopt a specific inflation target. Both hawks and doves like this idea, but each group likes it for totally different reasons. Hawks think a target would force the Fed to concentrate on price stability and put it ahead of stimulus. Doves, however, realize that the target actually provides the Fed even more flexibility to affect a weak economy: the target is meant to assure investors that even if inflation is elevated for a short period, eventually the Fed will move it lower to maintain its target.

[Roland99]

30. They're going to explicitly stimulate their target while they twist on their serve.

[xchrom]

32. you sound like you're talkin dirty...

:evilgrin:

[Demeter]

61. Since Ben Can't Dazzle Us With Brilliance (none but Elizbeth ever did)

they will baffle us with bullshit.

[xchrom]

29. europe: Siemens withdrew deposits from SocGen - source

http://uk.reuters.com/article/2011/09/20/uk-siemens-idUKTRE78J21T20110920

Reuters) - German engineering group Siemens (SIEGn.DE) withdrew deposits from Societe Generale (SOGN.PA) in July because of the funds' underperformance and not because of fears over the French bank's financial health, a Paris-based source said on Tuesday.

The Financial Times newspaper had reported Siemens withdrew 500 million euros (434 million pounds) from an unknown large French bank two weeks ago, partly because of worries over its future health, and transferred them to the European Central Bank.

The Paris-based source told Reuters the deposits, while at SocGen, had been placed in an investment vehicle but was unable to say what the amount was.

"Siemens withdrew funds (from Societe Generale) before the publication of the outcome of the stress tests (in July)," the source said. "The withdrawal was for reasons related to performance and not to French bank issues."

[xchrom]

33. RPT-European shares higher as risk appetite improves

http://uk.reuters.com/article/2011/09/20/markets-europe-stocks-idUKL5E7KK2F20110920

FRANKFURT, Sept 20 (Reuters) - European shares rebounded on Tuesday as investors returned to risky assets, shrugging off German investor sentiment dropping to its lowest level in nearly three years and a downgrade of Italy's credit rating by Standard and Poor's.

The pan-European FTSEurofirst 300 index of top shares was up 1.2 percent at 926.81 points at 1134 GMT, following a 2.3 percent fall on Monday.

Traders said euro zone issues had not disappeared and the gains may not reflect a turnaround in sentiment as midday trading volumes were low at 33 percent of the 90-day average.

Europe's main investor fear gauge, the VDAX-NEW volatility index , was down 5.4 percent at 42.52, erasing most of Monday's jump, signaling investors' appetite for risky investments was recovering.

[xchrom]

37. World equities recover from Italy downgrade hit

http://uk.reuters.com/article/2011/09/20/uk-markets-global-idUKTRE78I59120110920

(Reuters) - Negative reaction to Standard & Poor's downgrading of Italian debt was short-lived on financial markets on Tuesday, with European shares up strongly and Wall Street for a solid start.

The euro also recovered from earlier losses.

Investors took some comfort in struggling Greece paying a coupon on its debt and reports that the European Central Bank had been buying Italian debt.

Traders said the relative strength in Europe was also a reaction to falls in the previous session on markets that have been extremely volatile.



*****:shrug:

[xchrom]

38. IMF cuts growth forecasts for UK

http://www.independent.co.uk/news/business/news/imf-cuts-growth-forecasts-for-uk-2357920.html

The International Monetary Fund (IMF) slashed its growth forecasts for the UK today as it warned that the global economy is in a "dangerous new phase".

The UK will see gross domestic product (GDP) grow 1.1% in 2011, compared with the IMF's last World Economic Outlook report in April of 1.7%, and by 1.6% in 2012, compared with 2.3%.

The forecasts for the UK in 2011 fall behind projections for Germany, France, the US and Canada.

The IMF, now led by former French finance minister Christine Lagarde, warned that the forecasts were dependent on the eurozone debt crisis being contained and US policymakers balancing support for the economy with fiscal tightening.

[xchrom]

44. Eurozone debt crisis threatens banks, rest of world: IMF

http://economictimes.indiatimes.com/news/international-business/eurozone-debt-crisis-threatens-banks-rest-of-world-imf/articleshow/10055001.cms

BRUSSELS: The eurozone's debt mountain poses a threat to the world economy, the IMF warned on Tuesday, putting pressure on European banks to boost their capital to survive the crisis.

The IMF sounded the alarm in a world economic report that sharply lowered the IMF's growth projections for the 17-nation eurozone to 1.6 percent in 2011 and 1.1 percent in 2012, down from 2.0 percent and 1.7 percent in a June forecast.

"Should the periphery's debt crisis continue to propagate to core euro area economies, there could be significant disruption to global financial stability," the IMF said in its "World Economic Outlook."

European banks are "heavily exposed" to countries facing rising borrowing costs and lenders should make efforts to increase their capital following holes revealed by recent "stress tests" on the sector, the IMF said.

[xchrom]

31. asia: Bank of China halts FX swaps with some European

http://uk.reuters.com/article/2011/09/20/uk-boc-swaps-idUKTRE78J0SZ20110920

(Reuters) - Bank of China, a big market-maker in China's onshore foreign exchange market, has stopped foreign exchange forwards and swaps trading with several European banks due to the unfolding debt crisis in Europe, three sources with direct knowledge of the matter told Reuters on Tuesday.

Another Chinese bank has also halted interest rate swaps trading with some European banks, a source at the bank said, indicating Chinese lenders have joined the growing ranks of institutions cutting exposure to the crisis-hit euro zone. This source requested that he nor his bank be identified because of the sensitivity of the matter.

While the sources said Bank of China had stopped trading the forwards and swaps with several European banks, they only identified French lenders Societe Generale (SOGN.PA), Credit Agricole (CAGR.PA) and BNP Paribas (BNPP.PA).

Bank of China's decision was made partly because of the downgrade of these entities by Moody's ratings agency, the sources said.

[xchrom]

34. Nikkei falls as Italy downgrade fans euro zone worries

http://uk.reuters.com/article/2011/09/20/markets-japan-stocks-idUKL3E7KK0ED20110920

TOKYO, Sept 20 (Reuters) - The Nikkei average fell on Tuesday after Standard & Poor's cut Italy's debt rating, raising more worries about the global impact of continued financial turmoil in the euro zone, though expectations of stimulus from the U.S. Federal Reserve cushioned the blow.

The fall in the Nikkei was in part a delayed reaction to lack of progress in Greece's debt talks after a Japanese market holiday on Monday, though some players see dwindling selling from foreign investors as a ray of hope.

"Foreign investor selling seems to be tapering off for now. But the market will remain susceptible to headlines from Europe," said a trader at a Japanese brokerage.

The Nikkei dropped 1.6 percent to 8,721.24 after a market holiday on Monday. The broader Topix index declined 1.7 percent to 755.04.

[xchrom]

47. Hong Kong shares finish up 0.5%, telecom companies lead

http://economictimes.indiatimes.com/markets/global-markets/hong-kong-shares-finish-up-0-5-telecom-companies-lead/articleshow/10052774.cms

HONG KONG: Hong Kong shares inched higher on Tuesday in lackluster turnover, led by defensive issues that have outperformed as weak market sentiment has shaved 18 per cent off the Hang Seng Index in the year to date.

The Hang Seng Index closed up 0.51 per cent at 19,014.8. The China Enterprises Index ended up 0.5 per cent at 9,916.23.

The Shanghai Composite Index ended up 0.41 per cent at 2,447.76 as gains in battered financials lifted the benchmark from oversold levels on the charts, but A-share turnover sank to its lowest in 2011 to date.

[xchrom]

39. Obama unveils $3.6 trillion deficit plan

http://www.marketwatch.com/story/obama-unveils-36-trillion-deficit-plan-2011-09-19

WASHINGTON (MarketWatch) — President Barack Obama on Monday rolled out a $3.6 trillion deficit reduction plan that sought to bridge the gap between the two political parties by backing entitlement program reform supported by Republicans with increased taxes on the wealthy favored by Democrats.

Obama’s plan harkened back to the so-called “grand bargain” that he and Speaker of the House John Boehner almost reached earlier this summer that would cut long-term entitlement spending and raises additional tax revenue, though Republicans responded coolly to this fresh proposal. Read related story

“Today I am laying out a set of specific proposals to finish what we started this summer,” Obama said in a speech in the Rose Garden.

Obama said his plan would pay down “the big pile of IOUs” amassed over the last decade with $2 in spending cuts for every $1 in new revenues. The program would allow the country to start reducing its debt level by 2017, the White House said.

[Po_d Mainiac]

70. I'll bet it rains (or snows) at least once between now and 2017 n/t

[Demeter]

74. Are you betting for Texas?

or just anywhere in the world? Or are you referring obliquely (the first time I've EVER used that word!) to the proverbial "Rainy Day"?

[xchrom]

41. Gold futures climb, recoup $1,800 level

http://www.marketwatch.com/story/gold-futures-climb-recoup-1800-level-2011-09-20

SAN FRANCISCO (MarketWatch) — Gold futures climbed Tuesday to recoup the $1,800-an-ounce level as Standard & Poor’s Ratings Services’ downgrade to Italy’s credit rating helped buoy investment demand for the precious metal.

Gold for December delivery /quotes/zigman/661658 GC1Z +1.49% rose $23.70, or 1.3%, to $1,802.60 an ounce on the Comex division of the New York Mercantile Exchange.

The contract had fallen $35.80, or 2%, on Monday to finish at its lowest level in more than three weeks as a stronger U.S. dollar pressured commodity prices.

[Po_d Mainiac]

54. Read a blurb last night about the SNB selling 1500 tonnes of Au

Didn't say when it occured, but if it was to raise the crapital to buy EUD's last week, it explains the drop in Au at the same time the CHF was pegged to the EUD.

[AnneD]

56. Nice catch....

I knew someone had to have been a naughty little monkey. Notice how quickly things snapped back though. That was an artificial bottom.

[Po_d Mainiac]

58. Nuttin naughty about it..It's how "money good" assets are designed to be used

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4986989&mesg_id=4987171

But when a CBer sells off a nations assets, without the popular consent of the people, the FRSP is a just reward!

[tclambert]

67. If one ounce costs $1800, then 1500 tonnes would cost . . . um. let's see,

carry the seven, float the nines, re-wire the eights, and it comes to eleventy bazillion, or possibly $86,400,000,000. That's eighty-six point four billion dollars, if you prefer it in words.

By the way, who's SNB? Sunday Night Baseball? Sacred Name Bibles? Oh, probably Swiss National Bank. That makes more sense.

[Po_d Mainiac]

68. If the blurb was correct

1.5Billion grams hitting the market wood take an edge off the spot price....(It dropped $60/oz in a couple heartbeats on 7/9)

If this was done around the time of the CHF devaluation, Au spot was on the long side of $1850/oz U$D....that wood put the price tag tighter to $90B

A question screaming to be answered, is who or what had $80-90Billion in loose change to take the other side of the transaction?

[AnneD]

72. And the more important question.....

do they need a maid to do some light cleaning. I am good at cleaning out under the sofas. I can be had for cheap....:evilgrin:

[Po_d Mainiac]

73. Check out where DSK is boarding these days

He's always looking for maid service :evilgrin:

[AnneD]

75. Pod....

I may be cheap but even I have standards :evilgrin:

[xchrom]

43. Why the BRICS won't 'save' Europe

http://www.atimes.com/atimes/Global_Economy/MI21Dj04.html

This Thursday, in Washington, finance ministers and central bank governors of the BRICS group of emerging powers - Brazil, Russia, India, China and South Africa - will get together and, in the words of Brazilian Finance Minister Guido Mantega, "Talk about what to do to help the European Union get out of this situation."

Hold your horses. Is this an emerging cavalry to the rescue? Could this be the end of the eurozone (eurotrash?) self-induced liquidity panic? Or is this just the BRICS graphically showing the writing on the wall - pointing to which way the economic wind is blowing?

The basic (Brazilian) idea is for BRICS financial muscle to buy


some extra European sovereign debt. But only "solid" bonds - from Germany or the United Kingdom - would qualify. The rationale is that BRICS will win by diversifying reserves - China at $3.2 trillion, Brazil at over $350 billion, India at over $320 billion - and make more money than investing in US Treasury bonds.

The thing is selected BRICS have been diversifying their reserves for quite a while - especially China, as well as Brazil (which still remains the US's 4th biggest creditor, with over $210 billion).

[xchrom]

45. south asia: Gold down by Rs 310, silver sheds Rs 800 on weak global cues

http://economictimes.indiatimes.com/markets/commodities/gold-down-by-rs-310-silver-sheds-rs-800-on-weak-global-cues/articleshow/10053267.cms

NEW DELHI: Snapping two days of rally, both gold and silver declined on the bullion market today on reduced offtake by stockists and jewellery makers amid a weak trend in overseas markets.

While gold fell by Rs 310 to Rs 28,300 per 10 grams, silver lost Rs 800 to Rs 64,200 per kg on reduced offtake by stockists and jewellers at higher levels.

Trading sentiment turned bearish after gold fell in global markets as concerns about the worsening European debt crisis drove the euro lower against the dollar, dampening demand for commodities and the US currency.

Gold in global markets, which normally sets the price trend on the domestic front, shed 0.5 per cent to USD 1,770.07 an ounce in Singapore.

[xchrom]

46. Inflation key challenge for India as growth slows: IMF

http://economictimes.indiatimes.com/news/economy/indicators/inflation-key-challenge-for-india-as-growth-slows-imf/articleshow/10055040.cms

WASHINGTON: Predicting that India's growth would slow down from 10 percent last year to an average of 7.5 to 7.75 percent during 2011-12, the International Monetary Fund (IMF) has cited inflation as its key challenge.

"A key challenge for policymakers is to bring down inflation, which is running close to double digits and has become generalised," the IMF said in the September 2011 World Economic Outlook (WEO) released here Tuesday.

"Despite policy tightening, real interest rates are much lower than pre-crisis averages, and credit growth is still strong," it noted.

Growth activity is expected to be led by private consumption, the IMF said suggesting "investment is expected to remain sluggish, reflecting, in part, recent corporate sector governance issues and a drag from the renewed global uncertainty and less favourable external financing environment".

[xchrom]

50. Sensex shoots up 354 pts led by IT stocks; regains 17k mark

http://timesofindia.indiatimes.com/business/india-business/Sensex-shoots-up-354-pts-led-by-IT-stocks-regains-17k-mark/articleshow/10053609.cms

MUMBAI: The BSE benchmark sensex today shot up 354 points to cross the 17k mark as funds bought stocks of software exporting companies amid the weakening rupee that would boost their earnings and a firm global trend.

The second heaviest on the sensex, Infosys, rose by 3.22 per cent and Tata Consultancy Services gained 3.94 per cent. Among the sectoral indices, IT index was the star performer and gained 3.23 per cent to 5,216.16.

The market leader and most weighted on the barometer, Reliance Industries shot up 3.73 per cent.

After a strong start, the 30-share BSE index surged further by 353.93 points to 17,099.28 as fag-end buying drove the barometer to regain the psychological 17,000 level.

[xchrom]

51. India to topple Japan as world's 3rd-largest economy

http://timesofindia.indiatimes.com/business/india-business/India-to-topple-Japan-as-worlds-3rd-largest-economy/articleshow/10052481.cms

NEW DELHI: India might become the world's third largest economy in 2011 by overtaking Japan in terms of gross domestic product (GDP) measured according to the domestic purchasing power of the rupee, otherwise called purchasing power parity.

India is now the fourth-largest economy behind the US, China and Japan. Numbers from 2010 show that the Japanese economy was worth $4.31 trillion, with India snapping at its heels at $4.06 trillion. But after March's devastating tsunami and earthquakes, Japan's economy is widely expected to contract while India's economy will grow between 7% and 8% this fiscal. "India should overtake Japan in 2011 to become the third-largest economy in the world at purchasing power parity," said Sunil Sinha, head of research and senior economist at Crisil.

IMF forecasts show India and Japan neck-to-neck in 2011, but the disaster in Japan has brought the event forward. "Were it not for the earthquake and tsunami, India would have overtaken Japan in around 2013-14," said Sinha.

The purchasing power parity (PPP) method measures the size of an economy by levelling price differences between countries that occur in the process of conversion to a single currency.

[xchrom]

52. Airlines profits to drop 29% in 2012, global body says

http://www.bbc.co.uk/news/business-14989529

Profits at airlines will drop by almost a third next year, according to a global airline body.

The International Air Transport Association said the industry's earnings will likely fall to $4.9bn (£3.1bn) in 2012, from $6.9bn this year.

Since it expects revenues to increase, this is mainly due to rising costs.

IATA said profits for European carriers wil drop by 80% to $300m as the debt crisis saps demand.

[xchrom]

53. Mea Culpa to po d mainiac

i did not read the article about whalen -- and i should have.

my bad.

[Po_d Mainiac]

57. One point that seems to be forgotten by those "cherry picking"

Keynes' writings. He also advocated a balanced budget during the good times, so as to not create an overly burdensome debt during recessions.

To deal with our current economy effectively and properly wood create a shitload of heartburn, primarily for the 1%'ers!
YMMV

[RUMMYisFROSTED]

62. Winners win!

The Market

[Demeter]

65. You really have to wait until 3:30

If the PPT takes the foot off the gas too soon, there could be a dramatic drop.