STOCK MARKET WATCH - Monday, 12 March 2012
[font size=3]STOCK MARKET WATCH, Monday, 12 March 2012[font color=black][/font]
SMW for 9 March 2012
AT THE CLOSING BELL ON 9 March 2012
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Dow Jones 12,922.02 +14.08 (0.11%)
S&P 500 1,370.87 +4.96 (0.36%)
Nasdaq 2,988.34 +17.92 (0.60%)
[font color=black]10 Year 2.03% 0.00 (0.00%)
30 Year 3.18% 0.00 (0.00%)
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[font size=2]Market Conditions During Trading Hours[/font]
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[font size=2]Euro, Yen, Loonie, Silver and Gold[center]
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[font color=black][font size=2]Handy Links - Market Data and News:[/font][/font]
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Economic Calendar
Marketwatch Data
Bloomberg Economic News
Yahoo Finance
Google Finance
Bank Tracker
Credit Union Tracker
Daily Job Cuts
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[font color=black][font size=2]Handy Links - Economic Blogs:[/font][/font]
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The Big Picture
Financial Sense
Calculated Risk
Naked Capitalism
Credit Writedowns
Brad DeLong
Bonddad
Atrios
goldmansachs666
The Stand-Up Economist
The Automatic Earth
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[font color=black][font size=2]Handy Links - Government Issues:[/font][/font]
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LegitGov
Open Government
Earmark Database
USA spending.gov
[/center][font color=black][font size=2]Handy Links - Videos:[/font][/font]
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Charlie Rose talks with Roubini
Charlie Rose talks with Krugman
William Black: This Economic Disaster
Bill Moyers with Kevin Drum and David Corn
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Financial Sector Officials Convicted since 1/20/09 = [/font][font color=red]12[/font]
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
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[font size=3][font color=red]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.[/font][/font][/font color=red][font color=black]
= new reply since forum marked as read
What's mud?
STOLE THIS FROM OWLET, WHO DOESN'T SEEM TO LIKE US WELL ENOUGH TO POST HERE
http://charleshughsmith.blogspot.com/2012/03/money-from-nothing-primer-on-fake.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+google%2FRzFQ+%28oftwominds%29
"Only God can create… value out of nothing"—Justice Martin V. Mahoney in First National Bank of Montgomery vs. Jerome Daly.
"
I’m) doing God’s work." – Goldman Sachs CEO, Lloyd Blankfein
Introduction:
What is fraud except creating “value” from nothing and passing it off as something?
Frauds interlink and grow upon each other. Our debt-based money system serves as the fraud foundation. In our debt-based money system, debt must grow in order to create money. Therefore, there is no way to pay off aggregate debt with available money. More money must be lent into the system to make the payments for old debts. This causes overall debt to expand as new money for actual people (vs. banks) always arrives at interest and compounds exponentially. This process is called financialization.
Financialization: The process of making money from nothing in which debt (i.e. poverty, lack) is paradoxically considered an asset (i.e. wealth, gain). In current financialized economies “wealth expansion” comes from the parasitic taxation of productivity in the form of interest on fiat lending. This interest over time consumes a greater and greater share of resources, assets, labor, and livelihood until nothing is left.
Only in a debt-based money system could debt be curiously cast as an asset. We’ve made “extend and pretend” a quaint phrase for a burgeoning market for financial lying and profiteering aimed toward preventing the collapse of a debt- (or lack-) based system that was already doomed by its initial design to collapse. This primer will detail the major components and basic evolution of fake wealth creation, accelerating debt expansion, hollowing out of the economy, and inevitable financial implosion.
SEE LINK FOR DEVELOPMENT OF THE FOLLOWING:
Stage one—Fiat money origination, multiplication, and distribution
The U.S. Federal Reserve System (“The Fed”):
Fractional reserve:
Stage two—Delusional, unregulated value assignment, manipulation, and expansion
Leverage:
Over the counter (OTC) derivatives:
Rehypothecation:
Stage three—Usurping democracies and cannibalizing functioning capitalism
A cartel of international wealth counterfeiters have boldly made claims on Greece’s national wealth through super-national entities like the European Central Bank...
Disaster capitalism:
Stage four—Implosion of the body politic or necessary transformation and redirection?
As the 1% reap 93 percent of the income gains from the recovery, we’re rapidly returning to pre-New Deal levels of inequality.
March 11, 2012 "New Deal 2.0" --- There was a brief debate focused on the following question: would the gains of the economy continue to accrue to the top 1% once the recovery started, or would they have a weak post-recession showing in terms of raw income growth as well as income share of the economy? The top 1% had a rough Great Recession. They absorbed 50 percent of the income losses, and their share of income dropped from 23.5 percent to 18.1 percent. Was this a new state of affairs, or would the 1% bounce back in 2010?
We finally have the estimated data for 2010 by income percentile, and it turns out that the top 1% had a fantastic year. The data is in the World Top Income Database, as well as Emmanuel Saez’s updated “Striking it Richer: The Evolution of Top Incomes in the United States” (as well as the excel spreadsheet on his webpage). Timothy Noah has a first set of responses here. The takeaway quote from Saez is, “the top 1% captured 93% of the income gains in the first year of recovery.”
First off, let’s get some absolute numbers here. Here is income by important percentiles, as well as the change from 2009-2010. I include the change with and without capital gains to make it clear that this is a phenomenon both in and independent of a strong stock market (click through for larger image):
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Welcome To The 1% Recovery
By Mike Konczal
As the 1% reap 93 percent of the income gains from the recovery, we’re rapidly returning to pre-New Deal levels of inequality.
March 11, 2012 "New Deal 2.0" --- There was a brief debate focused on the following question: would the gains of the economy continue to accrue to the top 1% once the recovery started, or would they have a weak post-recession showing in terms of raw income growth as well as income share of the economy? The top 1% had a rough Great Recession. They absorbed 50 percent of the income losses, and their share of income dropped from 23.5 percent to 18.1 percent. Was this a new state of affairs, or would the 1% bounce back in 2010?
We finally have the estimated data for 2010 by income percentile, and it turns out that the top 1% had a fantastic year. The data is in the World Top Income Database, as well as Emmanuel Saez’s updated “Striking it Richer: The Evolution of Top Incomes in the United States” (as well as the excel spreadsheet on his webpage). Timothy Noah has a first set of responses here. The takeaway quote from Saez is, “the top 1% captured 93% of the income gains in the first year of recovery.”
First off, let’s get some absolute numbers here. Here is income by important percentiles, as well as the change from 2009-2010. I include the change with and without capital gains to make it clear that this is a phenomenon both in and independent of a strong stock market (click through for larger image):
The bottom 90 percent of Americans lost $127, the bottom 99 percent of Americans gained $80, and the top 1% gained $105,637. The bottom 99 percent is net positive for the year due to around $125 in average capital gains. They can take comfort in efforts by the right to set the capital gains tax to 0 percent, which would have netted them an additional couple dozen bucks. (Also, just to show “the top 1% captured 93% of the income gains in the first year of recovery” isn’t some sort of stats juke, you can take $105,637 and divide it by the the number you get when you add $80 times 99 to $105,637 times 1. That number is 93 percent, which is the share of income gains the 1% took home.) MORE
Protestors demonstrating against the government's labor reforms pass through Plaza de Cibeles on Sunday. / ÁNGEL DÍAZ (EFE)
“The strike set for March 29 is not the end of anything – let Mariano Rajoy understand that the mobilization will continue,” said Ignacio Fernández Toxo, the leader of the CCOO labor union, at the end of a protest march through Madrid on Sunday against the government’s labor reform bill.
“Mr Rajoy, you have the month of March to start up a dialogue and to present a reasonable budget, and the unions will be there,” continued Toxo, who, accompanied by the leader of the UGT union, Cándido Méndez, also said that the measures put in place by the Popular Party government to drag Spain out of recession were not temporary but “for the rest of our lives.”
Spain’s two biggest labor unions organized 60 demonstrations across Spain on Sunday, partly to set in motion a concerted series of protests against the government’s plans for labor reform, and partly as a show of strength ahead of a general strike planned for March 29. The unions put the figure of attendees in the capital at half a million, a number slashed to 25,000 to 35,000 by police estimates.
Méndez criticized those who have sought to paint the protests in the light of a confrontation between the unions and the government, “when the unions are the democratic and constitutional finger pointing to the serious problems that this labor reform will create. The government has taken immoral advantage of the crisis. The strike will not be carried out in a minor way.”
the Environment & Energy group.
There should folks there who have some knowlege of the issue.
http://www.democraticunderground.com/?com=forum&id=1127
and/or
Frugal and Energy Efficient Living Group.
http://www.democraticunderground.com/?com=forum&id=1128
