STOCK MARKET WATCH, Wednesday, November 23, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Wednesday, November 23, 2011

AT THE CLOSING BELL ON November 22, 2011

Dow 11,493.72 -53.59 (-0.47%)
Nasdaq 2,521.28 -1.86 (-0.07%)
S&P 500 1,188.04 -4.94 (-0.42%)
10-Yr Bond... 1.93 +0.01 (+0.47%)
30-Year Bond 2.89 +0.01 (+0.31%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Handy Links - Market Data and News:Economic Calendar    Marketwatch Data    Bloomberg Economic News    Yahoo! Finance    Google Finance    Bank Tracker    
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Handy Links - Economic Blogs:
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Handy Links - Government Issues:
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Handy Links - Videos:
The Coming Collapse of the Middle Class    Charlie Rose talks with Roubini    Charlie Rose talks with Krugman
    William Black: This Economic Disaster    Bill Moyers with Kevin Drum and David Corn

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

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

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

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

Read more: du

[Pale Blue Dot]

1. Millions of reports today

Nov 23 07:00 MBA Mortgage Index 11/19 -1.2% NA NA -10.0%
Nov 23 08:30 Initial Claims 11/19 400K 391K 388K
Nov 23 08:30 Continuing Claims 11/12 3650K 3620K 3608K
Nov 23 08:30 Personal Income Oct 0.3% 0.3% 0.1%
Nov 23 08:30 Personal Spending Oct 0.5% 0.3% 0.6%
Nov 23 08:30 PCE Prices - Core Oct 0.1% 0.1% 0.0%
Nov 23 08:30 Durable Orders Oct -1.0% -0.9% -0.6% -0.8%
Nov 23 08:30 Durable Orders -ex Transportation Oct 0.3% 0.0% 1.8% 1.7%
Nov 23 09:55 Michigan Sentiment - Final Nov 63.5 64.2 64.2
Nov 23 10:30 Crude Inventories

Read more: http://www.briefing.com/investor/calendars/economic/2011/11/21-25/#ixzz1eWtYh9pk

[Roland99]

21. Duirable-goods orders fall 0.7% in October

[Roland99]

22. Personal income up 0.4%, spending 0.1% in October

[Roland99]

23. Weekly U.S. jobless claims rise 2,000 to 393,000

[Roland99]

28. Four-week claims average falls 3,250 to 394,250

[Roland99]

29. Continuing claims rise 68,000 to 3.69 million

[Roland99]

24. Core PCE index increases 0.1%

[Roland99]

25. PCE price index falls 0.1% last month

[Roland99]

26. Core capital goods orders drop 1.8%

[Roland99]

27. Orders minus transportation rise 0.7% last month

[Roland99]

44. Nov. UMich consumer sentiment 64.1 vs 60.9 Oct.

good enough for a bounce?

[Pale Blue Dot]

2. Oil falls below $97 amid weak US economic growth

SINGAPORE – Oil prices fell to below $97 a barrel Wednesday in Asia as investors eyed weaker U.S. economic growth and fresh sanctions against Iran over its nuclear program.

Benchmark crude for January delivery was down $1.23 at $96.78 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.09 to settle at $98.01 in New York on Tuesday.

Brent crude for January delivery was down $1.08 at $107.95 a barrel on the ICE Futures Exchange in London.

The Commerce Department said Tuesday that the U.S. economy grew 2 percent in the third quarter, less than the preliminary result of 2.5 percent it announced last month.

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

[Tansy_Gold]

3. Hi!

(first rec!)

I think it's gonna be a wild day. Don't ask me why I think that; it's just a hunch, a feelin' in my bones. . . . . .

[Roland99]

4. a wild turkey of a day!

gobble gobble

[Ghost Dog]

7. Yup. World stocks hit six-week lows. China, Germany hard landing intimations.

LONDON, Nov 23 (Reuters) - World stocks hit their lowest in six weeks on Wednesday and oil prices fell after China's November factory activity shrank at its sharpest pace in 32 months, reviving fears of an abrupt slowdown for the world's second largest economy.

Adding to global growth concerns, manufacturing in European heavyweight Germany contracted for a second straight month, and at a faster rate, as export demand slumped.

...

"The souffle we hoped we were going to eat is collapsing in front of us. We had hoped for a soft landing in China, better figures out of the United States and progress in Europe," Justin Urquhart Stewart, director at Seven Investment Management, said.

The evidence of weakening in China, whose rapid growth has provided a major prop for the world economy, came a day after the United States cut its third quarter growth figure.

/... http://uk.reuters.com/article/2011/11/23/markets-global-idUKL5E7MN0OZ20111123


European shares hit 7-week lows; miners fall

LONDON, Nov 23 (Reuters) - European shares fell on Wednesday, after muted demand for a German bond auction heightened worries about the euro zone crisis, and weak data from China intensified concerns about a global economic slowdown.

Germany sold 3.65 billion euros of new 10-year government bonds on Tuesday, in an auction which was technically uncovered after Berlin offered the lowest coupon on record for this maturity.

Banks, exposed to euro zone peripheral debt, were among the fallers. The STOXX Europe 600 Banking Index fell 0.7 percent.

Miners were also among the biggest fallers, as any slowdown in China, the world's biggest consumer of metals, is likely to hurt demand.

/... http://uk.reuters.com/article/2011/11/23/markets-europe-stocks-idUKL5E7MN1HC20111123

[Demeter]

8. Mercury retrograde, too

[DemReadingDU]

17. Check out the toon!

and the words in the lower right hand corner of the toon
:evilgrin:




edit to add some wild turkey

[DemReadingDU]

31. another toon

[xchrom]

37. +1

[Pale Blue Dot]

5. Stock futures drop on economy worries, Europe

FRANKFURT (MarketWatch) — Worries about global-growth prospects and the ability of European leaders to rein in the euro zone’s debt crisis weighed down U.S. stock-index futures on Wednesday, pointing to a lower start for Wall Street after five losing sessions.

Futures on the Dow Jones Industrial Average DJ1Z -0.46% fell 96 points to 11,351. S&P 500 Index SP1Z -0.66% futures dropped 10.4 points to 1,172.40, while Nasdaq 100 futures ND1Z -0.50% dropped 15.75 points to 2,198.50.

Trading may be thin ahead of the Thanksgiving Day holiday on Thursday, analysts said.

A report in Belgium’s De Standaard newspaper that a previously agreed Franco-Belgian bailout of troubled lender Dexia SA BE:DEXB +8.37% was proving unworkable sparked a selloff in U.S. stock-index futures during Asian trading hours, analysts said, while serving to undercut overall risk appetite.

http://www.marketwatch.com/story/stock-futures-drop-on-economy-worries-europe-2011-11-23

[Roland99]

6. Futures pointing much lower

S&P 500 1,175.00 -7.75 -0.66%
DOW 11,373 -74.00 -0.65%
NASDAQ 2,201 -13.50 -0.61

[Tansy_Gold]

10. That's not "much" in my book.

"Much" to me would be, oh, a Dow drop of 2,500. You know, a nice "Happy Thanksgiving, assholes!" to the speculooters.


TG

[Roland99]

30. heh. Well, they're a bit more down after the morning reports

DJIA INDEX 11,359.00 -106.00
S&P 500 1,172.60 -10.20
NASDAQ 100 2,197.75 -16.50

[Roland99]

9. Fitch warning of French downgrade

FITCH: FRANCE CAN'T ABSORB MORE SHOCKS WITHOUT UNDERMINING AAA
FITCH: FRENCH AAA WOULD BE AT RISK IF CRISIS INTENSIFIES
FITCH: ADDED MEASURES LIKELY NEEDED FOR FRANCE '13 DEFICIT GOAL
FITCH PROJECTS FRANCE DEFICIT IN '13 ABOUT 4% OF GDP

[Roland99]

11. German Bund Auction a "complete and utter disaster"

http://www.zerohedge.com/news/contagion-shakes-euro-core-10-year-german-bund-auction-complete-and-utter-disaster

[xchrom]

12. morning!

:donut:

[xchrom]

13. europe: Turkish lira on the slide

http://www.atimes.com/atimes/Middle_East/MK24Ak02.html

MONTREAL - The Turkish lira has accelerated its decline against the US dollar, recovering so far only marginally this week from Monday's 1.5% drop, to the level of 1.85 lira to the dollar. This level is also down 4% in the last month and 16% this year, the second-worst performance of all emerging market currencies.

While this depreciation has helped to decrease Turkey's trade deficit, the Central Bank of the Republic of Turkey (CBRT) has published a policy document indicating that it is now concerned with minimizing the impact on inflation. The CBRT decided a month ago to make its rates more flexible, setting then on a daily basis between within an interval running from 5.75% to 12%.

However, it risks finding itself in a difficult situation between the unexpectedly high inflation rate and the weakening domestic and


international environment.

Inflation in October over September was the highest month-on-month rate in nine years, at 3.3%, while year-on-year increased to 7.7%. Year-on-year inflation will probably approach 10% in the first few months of 2012. Last month, the CBRT upgraded its year-end inflation forecast to 8.3% from 6.9%, well above the bank's annual inflation target of 5.5%. Consensus international estimates for Turkish inflation for 2012 hover in the range between 7.5% and 8%.

Statements by Finance Minister Mehmet Simsek suggest less of an anti-inflation focus and more of an accent on maintaining conditions for healthy economic growth. The success of that policy so far led Standard & Poor's in September to raise Turkey's debt rating by two notches, from "BB" to "BBB-" (the lowest investment-grade rating). Turkey's economy grew at an 8.9% rate in 2010 and 11% for the first four months of 2011, although this has slowed to such a degree that the projected rate for the whole of calendar year 2011 is 7.2%, taking also into account the likelihood of a global slowdown.

[xchrom]

14. An Irish village says no to the banks

http://www.presseurop.eu/en/content/article/1198841-irish-village-says-no-banks


The invitation to the first march came on an A4 sheet, eight months ago, and it was the essence of civility. "Short, sharp, silent," it said, "No placard, no chant." Those who felt angry about what was happening should gather in the church car park and march to the speed limit sign on the edge of the village. No speech-making. "Bring only your anger."

And, last Sunday in the north Cork village of Ballyhea, after the second Mass, the 38th weekly march was scheduled to take place. A 10-minute walk from St Mary's car park to the speed limit sign on the edge of the village, and back. Over the months, the march has acquired a banner: "Ballyhea Says No! To Bond-Holder Bail-Out." A small upsurge of spirit in a frightened, diffident country.

It began with a local man, Diarmuid O'Flynn, a sports journalist with the Irish Examiner. He wrote to TDs, protesting about the bailout of bondholders, and got form letters in reply. Last March, O'Flynn rang around friends and relatives. A dozen people turned up in the church car park, and they had their quiet, dignified march, and the rest of us didn't notice.
ECB instructs the citizens to pay

O'Flynn saw the bailout of bondholders as central to what has been done to the country. Tens of billions of private business debts, transferred to the citizens, breaking the State's ability to borrow at sustainable levels of interest. He reckons the total cost of bailing out the bondholders, with interest over the years to come, will be a hundred billion. "The ECB is allowing us borrow a hundred billion, so we can spend a hundred billion paying off bondholders."

[Ghost Dog]

50. Tens of billions of private business debts, transferred to the citizens,

breaking the State's ability to borrow at sustainable levels of interest.

That's it in a nutshell.

[xchrom]

15. Brussels to put bad pupils under tutelage

http://www.presseurop.eu/en/content/news-brief-cover/1199081-brussels-put-bad-pupils-under-tutelage

“Europe seeks power to place weak states in ‘administration’", leads the Irish Times. Reporting that “the Commission wants the Brussels authorities to be given the power to place distressed eurozone countries in a form of EU ‘administration’”, the Dublin daily notes that “Germany has resisted for months.”

For Dutch daily De Volkskrant, this may lead to increasingly stringent recommendations, to mandatory reports, stress tests for banks, inspections by the men from the Commission and, in severe cases, an obligatory loan from the European Financial Stability Facility (EFSF) and placement under trusteeship, or even the stripping of subsidies. De Volkskrant sums it up in one line with: “Sinners in the eurozone will lose their subsidies."

Observing that “the idea that irresponsible policies are to be sanctioned by Brussels stepping in has been welcomed by the Netherlands,” the Dutch newspaper adds that “Prime Minister Mark Rutte and Finance Minister Jan Kees de Jager have been lobbying their counterparts in recent months for a ‘tiered response’ that would see a country lose more and more power as a function of the deterioration in its financial position.”

Once financial discipline is achieved, the issuing of the famous “Eurobonds”, or bonds from the European treasury, can be considered, the Irish Times explains. The Commission’s projects, “which will meet with resistance from various countries in the south, especially France,” will be presented on November 23 and discussed by European leaders on December 9, De Volkskrant concludes.

[xchrom]

16. Europe Short on Cash as Bond Fears Deepen

http://www.spiegel.de/international/europe/0,1518,799397,00.html

Josef Ackermann is a busy man this autumn. Hardly a day goes by that the Deutsche Bank chief, despite his impending departure from the bank, doesn't hold a speech on the current financial crisis that has gripped Europe. And more often than not, his talk centers on the immense problems faced by the sovereign bond market. Nobody, it would seem, wants state bonds anymore.

Germany's top banker is not alone with his concern about the problem. The entire financial world is in turmoil this autumn. Once seen as iron-clad investments, state bonds are no longer seen as secure -- particularly since the European Union agreed to a 50 percent debt haircut for Greece in October. It can, warned Andreas Schmidt, president of the Association of German Banks, earlier this week, no longer be taken for granted that countries can turn to the capital markets to finance their budgets.

The truth of Schmidt's statement became readily apparent this week. On Tuesday, Spain auctioned off three-month and six-month bonds, a sale that in normal times would be quick and easy. Interest rates of 3 to 4 percent on such sales are normal. But this week, Madrid had to pay 5.11 percent and 5.23 percent respectively, the highest it has had to pay on such bonds in 14 years -- and up significantly from the 3.30 percent it paid on six-month paper as recently as October 25. Even Greece didn't have to pay as much on a similar offering recently.

And the problem isn't just limited to indebted euro-zone countries. Banks too have run into difficulties as a result of the sudden aversion to sovereign bonds. Most of them, after all, have significant amounts of sovereign bonds on their balance sheets -- making other banks extremely wary of lending to them. Indeed, the European Central Bank said on Tuesday that 178 banks borrowed €247 billion in one-week loans from the ECB -- the most since early 2009 when the last financial crisis was at its peak.

[xchrom]

18. Eurozone crisis: "Worst ever" German debt auction sends euro sliding {live}

http://www.guardian.co.uk/business/blog/2011/nov/23/eurozone-crisis-eurobonds-recession-fears

1.06pm Dynamite! EC president José Manuel Barroso just told the press conference that the euro will probably collapse unless his proposals -- or similar measures to bolster the single currency union -- are accepted.

He said:

Without stronger economic governance in the eurozone it will be difficult if not impossible to sustain the common currency.

The EC president, who sounds both desperate and exasperated to our ears, is admitting that the euro is under water -- and appealing to the 17 governments, especially Berlin, to get their act together and save it...

The euro itself has fallen today, hovering around $1.339 against the dollar.

The press conference finishes, with Barroso delivering a ringing defence of the ECB's independence and its "non-standard measures" - buying up sovereign bonds in the secondary market. He says:

We should not expect the ECB to do what our member states, our governments, should do, they are not in a position to replace the work our governments should do in terms of fiscal consolidation and structural reforms...

[Demeter]

35. I wish they would put the Euro out of our misery

and admit that the beta test is a failure....they can start over, or throw in a big patch, but as it is, it's garbage.

[xchrom]

20. Bank of England calls for less owner occupation. The Treasury wants more…

http://www.guardian.co.uk/business/economics-blog/2011/nov/22/bank-of-england-owner-occupation

Britain is on course for a lower level of owner occupation – and that would be no bad thing. So said David Miles, one of the nine members of the Bank of England's monetary policy committee in a speech in York today.

This came just 24 hours after the Treasury announced that it would be spending £400m to kickstart private-sector housebuilding and provide a mortgage indemnity scheme so that those buying new-built homes can get a home loan worth 95% of the property's value.

So, we have Threadneedle Street saying that it would be a good idea were housing to play a less prominent part in the economy and we have the Treasury doing its best, within its limited means, to reflate the property market. Clearly, this is one of the occasions when the left hand doesn't know what the right hand is doing.

Miles makes a good argument. He notes that first-time buyers currently have to find a bigger deposit when they are buying a homes, and admits that this causes "transitional problems" – particularly for homebuilders. But in the longer term, a smaller owner-occupied sector and a larger private rented sector would increase labour mobility, make the economy more stable and make it easier for the Bank of England to calibrate interest-rate policy.

[Roland99]

32. European Union unveils euro bond proposals

http://www.marketwatch.com/story/european-union-unveils-euro-bond-proposals-2011-11-23?link=MW_home_latest_news

European Commission President Jose Manuel Barroso on Wednesday unveiled proposals for jointly-guaranteed euro bonds to serve as part of a solution to the euro zone's deepening debt crisis. Calls for joint issuance of bonds by euro-zone governments still face heavy opposition from Germany, Europe's largest economy. "Implemented in the right way, the joint issuance of debt in the euro area could bring tremendous benefits," Barroso said. "It could lead to greater financial integration and to the creation of a much larger and more liquid bond market - comparable to that which exists" for U.S. Treasurys, he said. Barroso added that euro bonds won't solve the the region's immediate problems and must be accompanied by stronger economic governance.

[xchrom]

42. Pressure builds on Rajoy to reveal plans

http://www.elpais.com/articulo/english/Pressure/builds/on/Rajoy/to/reveal/plans/elpepueng/20111122elpeng_11/Ten

Prime Minister-elect Mariano Rajoy on Tuesday came under increasing pressure from the markets and the international community to unveil how he plans to get Spain's financial house back in order and avoid the fate of Greece, Ireland and Portugal in having to go cap in hand to the European Union and the IMF.

Just two days after the opposition Popular Party won an absolute majority in Sunday's general elections, Fitch Ratings urged the incoming government to come up with new measures to tackle the public deficit.

"The government's fresh mandate, following the victory, with an outright majority, of the Popular Party in Sunday's parliamentary election, provides a window of opportunity," Fitch said. "If it is to improve market expectations of its capacity to grow and reduce debt within the confines of the euro zone, it must positively surprise investors with an ambitious and radical fiscal and structural reform program."

In an editorial published Tuesday, the Financial Times said: "Rajoy has no time to lose. He must not miss the window of opportunity that his weekend election has opened."

[xchrom]

43. Catalonia to cut public sector wages next year

http://www.elpais.com/articulo/english/Catalonia/to/cut/public/sector/wages/next/year/elpepueng/20111122elpeng_9/Ten

Catalonia is to cut public sector wages and increase taxes to reap savings of one billion euros next year as it struggles to tame its deficit, regional premier Arturo Mas said Tuesday.

Mas urged civil servants at all levels to gear themselves for sacrifices, adding that higher tax revenues would come from levies on fuel, water and transport. The measures are to be included in the regional budget for next year, which is expected to be approved in February.

He insisted social services would be spared the ax, although cuts in education and healthcare budgets this year have sparked widespread street protests.

The government has set the regions a combined target of reducing their public deficit to 1.3 percent of GDP this year as part of the country's effort to reduce the combined shortfall of all administrations to 6 percent from 9.2 percent last year. Catalonia, which represents about a fifth of GDP, is expected to miss the target. Fitch Ratings said Tuesday the regions represent the biggest risk to the target.

[xchrom]

56. Nokia Siemens to cut 17,000 jobs, 23% of its workforce

http://www.bbc.co.uk/news/business-15858081

The struggling telecoms equipment maker Nokia Siemens Networks is cutting 17,000 jobs, 23% of its workforce.

The cuts from its 74,000-strong workforce should help reduce costs by some 1bn euros ($1.35bn; £860m), the company said in a statement.

The loss-making venture, owned by Finland's Nokia and Germany's Siemens, has faced stiff competition from rivals such as Huawei and Ericsson.

The owners are considering listing the venture as a separate company.

[xchrom]

19. Eurozone surveys and Chinese factory slowdown add to global economic woes

http://www.guardian.co.uk/business/2011/nov/23/eurozone-surveys-china-slowdown

A worsening slump among the eurozone's services firms and factories, coupled with a sharp decline in Chinese manufacturing, has fuelled fears of a global recession.

Economic data released on Wednesday morning showed that the eurozone is teetering on the brink of recession, with its private sector contracting for a third month in November.

A series of purchasing managers' index (PMI) surveys indicated that the eurozone shrank by 0.5% or 0.6% in the fourth quarter, following 0.2% growth in the third quarter, said survey compiler Markit.

While the service industries contracted less than anticipated this month, manufacturing was worse than expected, with output hitting its lowest levels since mid-2009.

[Hotler]

33. k&r n/t

[bread_and_roses]

34. "Nearly Half of Americans Struggling to Stay Afloat"

http://www.commondreams.org/headline/2011/11/23-0

Published on Wednesday, November 23, 2011 by Reuters
Nearly Half of Americans Struggling to Stay Afloat

WASHINGTON — Nearly half of all Americans lack economic security, meaning they live above the federal poverty threshold but still do not have enough money to cover housing, food, healthcare and other basic expenses, according to a survey of government and industry data.

A homeless man asks for donations during a rainy day in Washington, DC, March 2011. (AFP Photo/Jewel Samad) The survey, released on Tuesday by the advocacy group Wider Opportunities for Women (WOW), found that 45 percent of U.S. residents live in households that struggle to make ends meet.

That breaks down to 39 percent of all adults and 55 percent of all children, the group found.

... and not to mention that probably many of those families are also trying to help adult children/elders/grandchildren in worse shape than they are .... I keep repeating Demeter's mantra: "what cannot endure, will not endure...."

I've been getting in my AM recs here but not much else ...

[Demeter]

36. The only question is--what comes to replace it?

And since these idiots haven't even admitted error, failure, or need for change, the answer is: nothing planned or well-thought-out, or even imagined.

Hence OWS. It is the only force for change we have left, besides the pirates, who don't want change, they want everything!

[xchrom]

38. cities with budget woes sell out to the highest bidder

http://www.commondreams.org/headline/2011/11/22-3

CHICAGO — Seven vinyl banners draped this month along one of Chicago's most iconic bridges, advertisements some have dubbed "a visual crime" and "commercial graffiti," are reviving a debate about how governments raise money in tough economic times.

In the aftermath of the Great Recession, a public school district in Colorado is selling ads on report cards and Utah has a new law allowing ads on school buses. Chicago Mayor Rahm Emanuel's administration, straining to fill a $600 million budget hole, is looking to raise $25 million from ads on city property — including bridges, electrical storage boxes and garbage cans.

The effort kicked off this month with Bank of America ads on the 81-year-old Wabash Avenue Bridge, which crosses the Chicago River and has appeared in movies including "About Last Night" and "The Dark Knight."

"I think it's disgusting," Chicago resident Linda Rosenthal said recently, shaking her head as she surveyed the signs. "The architecture in Chicago is stunning. To see this awful advertisement angers me.

[Roland99]

39. Hold onto your hats folks...might be a rough ride today.

everything is in the red except the USD.

[xchrom]

40. JPMorgan Said to Buy MF Global Stake in London Metal Exchange

http://dealbook.nytimes.com/2011/11/23/jpmorgan-said-to-buy-mf-global-stake-in-london-metal-exchange/

LONDON — JPMorgan Chase has agreed to buy a 4.7 stake in the London Metal Exchange for £25 million, or $38.9 million, from the bankrupt brokerage MF Global, according to people with knowledge of the deal.

JPMorgan purchased MF Global’s holdings in the London-based company through an auction run by accountancy KPMG. The deal is expected to be announced by early next week.

The deal values the London Metal Exchange between £530 million and £560 million, although JPMorgan bought the position at a discount, according to a person with the knowledge of the deal.

[xchrom]

41. Congressional Panel Seeks to Question Corzine

http://dealbook.nytimes.com/2011/11/22/congressional-panel-seeks-to-question-corzine/?src=dlbksb

A Congressional panel has asked Jon S. Corzine to testify about the downfall of MF Global, and the hundreds of millions of dollars in customer money that went missing in the brokerage firm’s final days.

The hearing, scheduled for Dec. 15, will be a role reversal for Mr. Corzine, who spent five years on Capitol Hill as a Democratic senator from New Jersey. As a Congressional witness, Mr. Corzine is expected to come under fire for presiding over MF Global as it caused the futures industry’s first major breach of customer money. A spokesman for Mr. Corzine declined to comment on Tuesday.

The hearing, organized by the oversight unit of the House Financial Services Committee, could present the first public grilling of Mr. Corzine about his risky bets on European sovereign debt, wagers that ultimately doomed the firm.

[Roland99]

45. 10:05am - ain't nobody happy

Dow 11,342 -152 -1.32%
Nasdaq 2,486 -36 -1.42%
S&P 500 1,171 -17 -1.44%
GlobalDow 1,709 -24 -1.39%
Gold 1,686 -16 -0.95%
Oil 95.59 -2.39 -2.44%

[Tansy_Gold]

46. I am.

:evilgrin:

[Roland99]

47. ...

:toast:

[bread_and_roses]

48. I'm with you, Sister (n/t)

[Demeter]

49. Me too

All the chickens, turkeys, geese, pigeons coming home to roost. Hope they **** all over the 1%er's Thanksgiving.

[InkAddict]

74. Re-framing a sad day -

My pup developed severe postoperative complications overnite and passed away this morning. You always think you're prepared to let them go over the rainbow bridge, and yet...He was a great and loyal companion who kept the yard, when there was one, free of squirrels and tried very hard to be master over the vacume cleaner.

I am thankful he won't suffer further. I am also thankful for my friends here. Your compassionate thoughts, I'm sure, helped pull him through the surgery, but nature reclaimed some of its very best today.

[Demeter]

75. My dear friend, condolences

There is no greater pain than losing the one who loves you best....know that you did your utmost, and you were well loved for it.

[Hotler]

80. Sorry for your loss.

One of the worst pains in the world is to lose a loving dog. Dogs love you no matter what.. A toasat to our four-legged friends. :toast:

[Demeter]

51. Closing Wall Street’s casino David Cay Johnston

http://blogs.reuters.com/david-cay-johnston/2011/11/18/closing-wall-streets-casino/

A superb example of a sound rule in law and economics that needs reviving, because it can halt the rampant speculation in derivatives, is the ancient legal principle that gambling debts are not enforceable through court action. Not so long ago — before casinos, currency and commodities speculation, and credit default swaps became big business — U.S. courts would not enforce gambling debts. Restoring this principle offers a simple way to shrink the rampant speculation in derivatives that was central to the 2008 meltdown on Wall Street.

Professor Lynn Stout, a deeply principled Republican capitalist who teaches corporate law at the University of California, Los Angeles, raised this issue at a conference where we both spoke about the 2008 Wall Street meltdown.

“Derivatives are gambling,” she said, referring to credit default swaps, at the University of Missouri-Kansas City law school conference on the financial crisis. “They are a zero-sum game in which one side loses the bet and one side wins,”Stout said. Actually they are worse than that, since the hefty fees Wall Street pockets for arranging the bets result in a less-than-zero-sum game.

As Wall Street fights meaningful financial regulations, and draft regulations remind us how complex and unfathomable regulations can be, this is a good time to remember the basic principles that served society so well until Chicago School theorists, and casino corporations, together with commodities and currency traders convinced us we were too modern to need them.

TODAY'S MUST READ AND BOOKMARK

[Roland99]

52. 11:13am - new daily low. Might bounce soon as Moody's maintains AAA rating for U.S.

Dow 11,306 -187 -1.63%
Nasdaq 2,470 -51 -2.02%
S&P 500 1,166 -22 -1.82%
GlobalDow 1,702 -31 -1.81%
Gold 1,684 -19 -1.10%
Oil 96.10 -1.91 -1.95%

[Demeter]

55. Moody's Isn't Going to Maintain Anything

that's not how a squeeze play is executed.

[Demeter]

53. Five Ways that Financial Elites are Destroying Democracy

http://www.alternet.org/story/153169/five_ways_that_financial_elites_are_destroying_democracy_?page=entire

1. Billionaires replace one person, one vote.

2. The stock market exercises an instant veto.

3. Governments are not permitted to create full employment economies.

4. Hedge fund speculative raids replace elected leaders with technocrats.

5. Financial markets are vetoing Social Security.

DETAILS AT LINK

[Demeter]

54. A PITHY QUOTE

"The Wall Street casino crash killed 8 million jobs in a matter of months. It will now take more than 20 million jobs to get us back to full-employment (defined as an unemployment rate of 5 percent or lower.) At the current rate of recovery, it will take nearly a generation to get there. This is intolerable."

[Hotler]

59. I have no hope. I see no future. eom.

[DemReadingDU]

60. Recovery not going to happen

Edit
That pithy quote didn't include all those millions of jobs that were sent offshore, forever.

I'm with Hotler "I have no hope. I see no future."

[Demeter]

57. Immortal Technique on Occupy Wall Street: "Some of You Billionaires Are Going to Have to Go Bankrupt

http://www.alternet.org/story/152715/immortal_technique_on_occupy_wall_street%3A_%22some_of_you_billionaires_are_going_to_have_to_go_bankrupt%22?page=entire

first person account and analysis

[Demeter]

58. Cyrus Mistry to lead Tata Group

Cyrus Mistry has been selected as head of India’s powerful Tata Group of companies. The 42-year-old will shadow Ratan Tata, who chairs the business and is recognised as one of the world’s most important industrialists, for a year in the role of deputy chairman. He is expected to take over as chairman in December 2012.

The choice of Mr Mistry, who was educated at London’s Imperial College and at the London Business School, is likely to surprise some observers. Mr Tata’s half-brother, Noel, was seen as a frontrunner.

Lord Bhattacharyya, a British peer who is a member of
the selection committee, said that Mr Mistry was “eminently suitable”. He is the younger son of construction tycoon Pallonji Mistry, who owns 18 per cent of Tata Group. He is a member of Tata Sons, a key group holding company.

Read more >>
http://link.ft.com/r/9ULF66/GDFO7A/XBAN6/PF3KBT/XHVNYA/XL/t?a1=2011&a2=11&a3=23

[Demeter]

61. A Personal Observation from a 99%er in this Christmas Season of Failure

In this past year, I have seen 3 businesses I patronized, big and/or long established, collapse and shut their doors for ever.

The first was Borders Books, which collapsed under an unbearable amount of debt imposed by a buyout sham/scam artist to pay 1% people off, instead of to compete with Amazon and other competitors, or even pay its employees. A 40 year, local retailer, gone. I have no idea where I will shop for presents, sudoku puzzles, videos, the annual Star Trek calendar....the alternatives are grim and far away, on the other side of town, or cold and unwelcoming Barnes and Noble, which never inspired any interest in me.

The second was Blockbuster. The Kid LOVES movies, as anyone who has been reading here knows. The nearest Blockbuster was 2 miles up the road. Now it's 10 miles, across town, two campuses and a major hospital complex, or 15 miles by highway. I really hate going that far on a regular basis, and they F****ed with their fee schedules, and we used to go several times a week, and there's been nothing good in theaters and then release for nearly a decade, save for the occasional Harry Potter or Harrison Ford or Jackie Chan....and while we have an extensive collection at home, she wants to keep them all in her room, which would mean we'd have to move out. Literally. I have the majority locked up to prevent a video takeover of what little part of my life I still can control...Netflix has had its travails, and Blockbuster is now in the mail-order business, but the Kid simply cannot open the return envelope without destroying it (hand/eye/motor difficulties, plus sheer willfulness). The amount of stress this has imposed on a daily basis is incredible.

The third was a greasy spoon, 30 years in business, killed by BFEE, Pfizer, and the current do-nothing technocrats who can't be bothered to do anything about the economy. We've been in Depression since 9/11, and it isn't going away anytime soon. Oh sure, the franchises are all over the place, but the local restaurants with handmade food are dying away. People cannot afford to eat out, and I don't consider McDonalds "eating". Refueling, at best.

And that's the way it is, Christmas, 2011. Goodnight, and good luck, America. We are going to need it.

[Demeter]

62. I'm Wishing All the Best Thanksgiving Possible

sorry to be so depressing and depressed. Hotler and I should go out drinking...

[Hotler]

63. ....

:toast: Happy Thanksgiving everyone.

[DemReadingDU]

65. and wishing you a good turkey day tomorrow

I'd like to come drinking with you and Hotler too
:)

[Demeter]

76. We could do a cross-country drinking tour

from Maine to Texas, at least. That's kind of cross-country, especially when one is 3 sheets to the wind.

We could say we are looking to Occupy America's Bars, or something.

[hamerfan]

66. Indeed!

Happy Thanksgiving to everyone here.
At least we're all still vertical and sucking air.
I am indeed thankful for the SMW and WEE for some of the only truths out there.
hamerfan

[Roland99]

64. 90 min. to close and at new daily lows

Dow
Dow 11,271 -223 -1.94%
Nasdaq 2,466 -56 -2.21%
S&P 500 1,165 -23 -1.97%
GlobalDow 1,698 -35 -2.03%
Gold 1,691 -11 -0.67%
Oil 96.35 -1.66 -1.69%
Euro /$1US 1.3329 -0.0176
$1US / Yen 77.3700 0.4050
Pound / $1US 1.5502 -0.0132
Dollar Index 79.13 0.91
10yr T-note 1.90 -0.03
$1US/Aussie 0.9688 -0.0149

[Roland99]

67. oh, the Thanksgiving Faeries are trying something

[Roland99]

68. And they failed. Fell off a cliff at the close!

Dow 11,258 -236 -2.05%
Nasdaq 2,460 -61 -2.43%
S&P 500 1,162 -26 -2.21%
GlobalDow 1,697 -37 -2.12%
Gold 1,696 -6 -0.35%
Oil 96.44 -1.57 -1.60%

[Roland99]

69. And a Happy Thanksgiving to you all!

[RUMMYisFROSTED]

70. Is 11,000 the new 12,000?

I'm leaning "Yes."

[alterfurz]

72. remember "Dow 36,000"?

[Fuddnik]

73. This Black Friday you can get it for 12,000.

I'm going to Dollar General and getting canned veggies instead.

[wordpix]

79. hey but "I didn't say WHEN it would hit 36,000"

:rofl:

[Fuddnik]

71. Not only has my Butterball been recalled, it's part of a Muslim plot!

It's bad enough they got recalled because someone forgot to butter the balls, but according to Michelle Gellar, The American Family Association, and others, butterballs are certified Hallal, similar to kosher. Damned Sharia buzzards will probably blow up my oven!

What next? They're going to tell me my turduckhen is part of the International Communist Conspiracy?

Well, it's still safer than the stock market!

[Demeter]

77. Are you kidding?

They are recalling turkeys? Whatever next?

[Fuddnik]

78. It's a Butterball joke.

They forgot to butter the balls.

But, in serious news, chicken jerky dog treats (from China, of course) are sickening and killing our dogs again. They also happen to be Sara and Rosco's favorite treat.