STOCK MARKET WATCH, Wednesday April 29

[ozymandius]

Source: du

STOCK MARKET WATCH, Wednesday April 29, 2009

Bush Administration Officials Under Indictment = 2
Financial Sector Officials Under Indictment = 0
Financial Sector Officials In Prison = 2

AT THE CLOSING BELL ON April 28, 2009

Dow... 8,016.95 -8.05 (-0.10%)
Nasdaq... 1,673.81 -5.60 (-0.33%)
S&P 500... 855.16 -2.35 (-0.27%)
Gold future... 893.60 -14.60 (-1.63%)
30-Year Bond 3.96% +0.12 (+3.05%)
10-Yr Bond... 3.00% +0.08 (+2.77%)

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U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES..............................................S&P FUTURES

Market Conditions During Trading Hours

GOLD, EURO, YEN, Loonie and Silver

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Handy Links

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Read more: du

[ozymandius]

1. Market Observation

On Guard for Phase II of the Storm
by Frank Barbera

In keeping with our update of 4/07/09 and 4/14/09, “The Eye of the Storm” economic data is now showing clear signs of a bounce typified in today’s headlines which showed both an improvement in Consumer Sentiment and in the Housing Markets. Earlier today, the Conference Board announced that its survey for Consumer Confidence experienced its fourth largest monthly gain on record moving up to a reading of 39.20 in April, up from 26.90 in March. Within the sub-components, the Present Situation Index (which always lags a bit at turns) improved to a reading of 23.70, up from 21.90, while the leading Forward Expectations Gauge soared, gaining 19.30 index points to end at 49.50, up from 30.20. For the Forward Expectations Gauge, the 19 point advance in April was the third largest advance in history and comparable to the kind of sharp bounce seen in March of 1991. Back then, the overall Confidence Index bounced for another month or two and then began to reverse to new lows by early 1992 that ultimately represented the final recessionary lows of the 1990 Gulf War contraction which was a mild recession.

....

In an economic hurricane, just like the real deal, the high winds and waves show no mercy to those unprepared. In this case, we look at the Housing market and we begin with the knowledge that looking ahead at 2010 and 2011 there is still another ‘mountain’ left to climb in the chart showing mortgage resets. That’s right, the schedule ahead begins to rise steadily during the second half of 2009 and beyond. Notice also that the first half of 2009 shows a healthy dip, which is presently aiding and abetting the current reprieve. Yet, the current dip is transitory and much higher waves will follow, as in recent months, there has been another tidal surge in New Loan Defaults. In fact, the tenor of defaults has been spreading ever upward into the ‘high end’ with New Loan Defaults surging past 50,000 in March for the first time. In the world of Real Estate, New Loan Defaults are a reliable leading gauge for forthcoming Foreclosures, which actually lag the market by several months. While the creation of TARP along with last year's GSE Moratorium helped stem temporarily the tidal wave of foreclosures, this only bought us a brief window in time, the window in time which has been unfolding over the last few weeks. Going forward, the odds are very high that banks will once again be facing truly severe conditions during the second half of 2009 and beyond. At that time, those banks whose capital is currently in question, may be stress tested beyond their ability to endure, and an even more dramatic banking crisis may unfold.

http://www.financialsense.com/Market/wrapup.htm

[ozymandius]

2. Today's Reports

08:30 GDP-Adv. Q1
Briefing.com -4.0%
Consensus -4.7%
Prior -6.3%

08:30 Chain Deflator-Adv. Q1
Briefing.com 1.7%
Consensus 1.8%
Prior 0.5%

10:35 Crude Inventories 04/24
Briefing.com NA
Consensus NA
Prior +3857K

14:15 FOMC Rate Decision

http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm

[UpInArms]

30. AA-OO-GAH! U.S. 1Q GDP falls 6.1% annual vs. -5.1% expected

05. U.S. 1Q GDP falls 6.1% annual vs. -5.1% expected
8:30 AM ET, Apr 29, 2009

06. U.S. 1Q final sales fall 3.4%
8:30 AM ET, Apr 29, 2009

07. U.S. 1Q consumer spending rises 2.2%
8:30 AM ET, Apr 29, 2009

08. U.S. 1Q business investment falls record 37.9%
8:30 AM ET, Apr 29, 2009

09. U.S. 1Q residential investment falls 38%
8:30 AM ET, Apr 29, 2009

10. U.S. 1Q inventories subtract 2.8% from GDP
8:30 AM ET, Apr 29, 2009

16. U.S. 1Q real disposable income up 6.2%
8:30 AM ET, Apr 29, 2009

17. U.S. 1Q exports fall 30%, imports fall 34.1%
8:30 AM ET, Apr 29, 2009

[UpInArms]

54. Fed Statement: Economy likely to remain weak for a time

41. FOMC: Economic outlook modestly improved
2:17 PM ET, Apr 29, 2009

42. FOMC keeps rate at low level
2:17 PM ET, Apr 29, 2009

43. FOMC announces no new Treasury purchases
2:17 PM ET, Apr 29, 2009

44. FOMC: Economy likely to remain weak for a time
2:17 PM ET, Apr 29, 2009

45. FOMC repeats sees some risk of deflation
2:17 PM ET, Apr 29, 2009

[ozymandius]

3. Oil hovers near $50 amid swine flu concern

SINGAPORE – Oil prices hovered near $50 a barrel Wednesday in Asia as concern that a swine flu outbreak could undermine crude demand offset optimism about an eventual recovery from a global slump.

Benchmark crude for June delivery was up 33 cents to $50.25 a barrel by late afternoon in Singapore, in electronic trading on the New York Mercantile Exchange. The contract Tuesday fell 22 cents to settle at $49.92.

....

Investors are watching for whether fear of the virus will keep travelers at home and hit an already weak global economy.

....

Traders will be eyeing the weekly petroleum inventory data from the Energy Information Agency on Wednesday. Analysts expect a build of 1.8 million barrels in crude stocks, according to a survey by Platts, the energy information arm of McGraw-Hill Cos. Crude stocks already are near 19-year highs.

....

In other Nymex trading, gasoline for May delivery rose 1.23 cents to $1.41 a gallon and heating oil gained 1.33 cents to $1.33 a gallon. Natural gas for June delivery was steady at $3.45 per 1,000 cubic feet.

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

[ozymandius]

10. Oil Floods Rotterdam, Europe's Largest Port, as Demand Drops

April 29 (Bloomberg) -- Rotterdam, Europe’s largest port, may be running out of space to store crude as global oil demand posts its first back-to-back annual drop in a quarter-century.

The harbor is Europe’s largest refinery center and a trading hub for refined products such as gasoline and diesel. Some ships have been diverted or are waiting outside the port until space is available, said Jeroen Kortsmit, manager for commercial affairs at Royal Dirkzwager.

....

Rotterdam can store 11.9 million cubic meters of crude, port data from 2007 show. That’s equal to about 75 million barrels or enough to supply the 27-nation European Union for about five days.

http://www.bloomberg.com/apps/news?pid=20601109&sid=ae.YS7TBN0jY&refer=exclusive

[Ghost Dog]

27. Hmmm. Interesting.

On the other hand, I was in the builders' yard yesterday to buy some more ceramic tiles (we're combining two houses into one). Whereas six months ago there were piles of tiles up to above my head, now those same piles are at or below knee-level now.

[Demeter]

56. Running Out the Inventory

Then going out of business...senseless destruction by the banksters' greed.

[ozymandius]

59. Book and music stores here are doing that.

Inventory is held only on shelving units that are fully accessible to the customer. The "top stock" shelves at the big chains are empty.

[ozymandius]

4. Shell profits plunge 62% with oil prices

LONDON (AFP) – British energy group Royal Dutch Shell said Wednesday that first-quarter net profit plunged 62 percent to 3.488 billion dollars (2.645 billion euros) as oil prices slumped in an economic downturn.

"First quarter 2009 performance was affected by the weaker global economy, with a challenging upstream and downstream business environment," Chief Executive Jeroen van der Veer said in a results statement.

The figure excludes changes in the value of oil held in stock, a key measure for the industry, and compared to net profit totalling 9.083 billion dollars in the first quarter of 2008.

...

Shell's total oil and gas production fell 4.0 percent to 3.396 million barrels in the three months to the end of March, as output was hit by security concerns in Nigeria.

Group revenues nosedived 49 percent to 58.22 billion dollars in the reporting period, from 114.30 billion dollars previously, Shell said.

http://news.yahoo.com/s/afp/20090429/bs_afp/britainenergyoilcompanyearningsshell_20090429091014

[Dr.Phool]

13. Are they going to take out a loan to pay dividends also?

It's getting harder and harder for oilmen to make a dishonest living anymore.

[SeeHopeWin]

5. Good morning Oz, this is the best thread on the Internets!

Thanks. Do you watch Kudlow at 7:00 EST on CNBC?

There was a younger Asian looking guy debating Steve Moore and Kudlow last night - he was awesome, did you happen to see it?

[ozymandius]

7. Good morning!

:donut: :donut: :donut:

Thank you very much for the high compliment. Sadly, I do not have cable. I do occasionally catch these exchanges on web video. Do you know if a video exists?

[SeeHopeWin]

19. I am trying to locate the video, well worth watching...I will look later on

after I get back from the gym.

[Dr.Phool]

22. I love seeing anyone hand it to Kudlow, and especially Stephen Moore.

The guy reminds me of a deranged hyena, with that stupid grin on his face all the time. I guess that's what you get when you mix Valium and methamphetamine.

All you need is the drool.

[SeeHopeWin]

37. Here is the video - gets really good towards the end...Kudlow pays David Min

a compliment...

David Min throws Kudlow/Moore and Co. under the bus, starts at about 7 minutes into the video (sorry, I don't know how edit this).

Here is the link:

http://www.cnbc.com/id/15840232?video=1106294595&play=1

[Dr.Phool]

44. Good clip.

The Three Stooges of the economy. Kudlow, Toomey, and Moore.

[antigop]

46. Thanks for posting that! Min was great! n/t

[ozymandius]

6. GM plans to sell Saturn this year, 2 years early

DETROIT – General Motors Corp.'s Saturn brand will either be sold or phased out by the end of this year, nearly two years faster than previously announced, the brand's top executive said Tuesday.

Saturn General Manager Jill Lajdziak said the brand, once billed as a different kind of car company, most likely will be sold, given the interest of several buyers who have surfaced. She says GM will take other bids for the brand until June 1.

GM has said it wants to sell or get rid of Saturn, Hummer and Saab as it restructures, so it can once again become profitable. It's also getting rid of the Pontiac brand.

....

Among the bidders for Saturn is a group led by Oklahoma City private equity firm Black Oak Partners LLC. The group said in a statement that it would get vehicles from GM initially, but it expects to sell smaller, fuel-efficient vehicles from other global manufacturers using Saturn's well-regarded dealership network.

http://news.yahoo.com/s/ap/20090428/ap_on_bi_ge/us_gm_saturn

[Demeter]

33. I Hope Saturn Thrives

It would serve GM right.

My little Saturn with the rubber bumper, now at 203,400 miles, and still going strong...burns oil, but who doesn't?

[Festivito]

8. Debt: 04/24/2009 11,185,300,192,981.20 (UP 377,530,118.35) (Tiny moves.)

(Less than a billion for both, that's tiny.)

= Held by the Public + Intragovernmental(FICA)
= 6,885,764,355,032.14 + 4,299,535,837,949.06
DOWN 133,239,400.23 + UP 510,769,518.58

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 306-Million person America.
If every American, man, woman and child puts in $3.27 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.8, ABOUT TEN BUCKS for a 1B$ 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 14 seconds we net gain a another American, so at the end of the workday of this report, there should be 306,227,058 people in America.
http://www.census.gov/population/www/popclockus.html
Currently, each of these American's owe $36,526.17.
A family of three owes $109,578.5. (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 6,016,171,129.17.
The average for the last 30 days would be 4,612,397,865.70.
The average for the last 31 days would be 4,463,610,837.77.
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$/day.
There were 66 reports in 94 days of Obama's part of FY2009 averaging 0.20B$ per report, 0.25B$/day so far.
There were 141 reports in 206 days of FY2009 averaging 8.23B$ per report, 5.63B$/day.

PROJECTION:
There are 1,367 days remaining in this Obama 1st term.
By that time the debt could be between 13.1 and 18.9T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
04/24/2009 11,185,300,192,981.20 BHO (UP 558,423,144,068.12 so far since Obama took office.)

Fiscal Year ends: Sep 30
Borrowed in FY1993: (Maybe later.)
Borrowed in FY1994: 281,261,026,873.94
Borrowed in FY1995: 281,232,990,696.07
Borrowed in FY1996: 250,828,038,426.34
Borrowed in FY1997: 188,335,072,261.61
Borrowed in FY1998: 113,046,997,500.28
Borrowed in FY1999: 130,077,892,735.81
Borrowed in FY2000: _17,907,308,253.43 Bill alone
Borrowed in FY2001: 133,285,202,313.20 Bill and George
Borrowed in FY2002: 420,772,553,397.10 All George
Borrowed in FY2003: 554,995,097,146.46
Borrowed in FY2004: 595,821,633,586.70
Borrowed in FY2005: 553,656,965,393.18
Borrowed in FY2006: 574,264,237,491.73
Borrowed in FY2007: 500,679,473,047.25
Borrowed in FY2008: 1,017,071,524,650.01
Borrowed in FY2009: 1,160,575,296,068.80 so far this fiscal year.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
04/03/2009 +028,967,677,130.84 ------------**********
04/06/2009 +000,073,808,356.95 ------------******* Mon
04/07/2009 +000,123,552,400.07 ------------********
04/08/2009 +000,050,639,456.95 ------------*******
04/09/2009 +024,055,285,655.59 ------------**********
04/10/2009 +000,051,156,797.54 ------------*******
04/13/2009 +000,309,440,014.97 ------------******** Mon
04/14/2009 +000,167,862,523.71 ------------********
04/15/2009 +044,205,591,028.33 ------------**********
04/17/2009 -038,696,374,097.81 -
04/20/2009 +000,193,620,436.16 ------------******** Mon
04/21/2009 -000,363,758,089.93 ---
04/22/2009 +000,051,738,680.14 ------------*******
04/23/2009 -012,857,484,009.95 -
04/24/2009 -000,133,239,400.23 ---

46,199,516,883.33 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008.
US borrowed $1,520,668,389,722.13 in last 218 days.
That's 1,521B$ in 218 days.
More than any year ever, including last year, and it's 150% of that highest year ever only in 218 days.
And it is over 100% of ANY dismal Bush, for any dismal Bush-year, ONLY IN 218 DAYS NOT 365.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock

(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=3850387&mesg_id=3850419

[Festivito]

62. Debt: 04/27/2009 11,189,456,636,736.21 (UP 4,156,443,755.01) (UPDATE.)

(Small moves. I posted same report day on Tuesday's and Wednesday's Stock markets' postings. This should be Wednesday's proper post pointing to Tuesday's.)

= Held by the Public + Intragovernmental(FICA)
= 6,886,050,251,524.20 + 4,303,406,385,212.01
UP 285,896,492.06 + UP 3,870,547,262.95

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 306-Million person America.
If every American, man, woman and child puts in $3.27 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.8, ABOUT TEN BUCKS for a 1B$ 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 14 seconds we net gain a another American, so at the end of the workday of this report, there should be 306,245,572 people in America.
http://www.census.gov/population/www/popclockus.html
Currently, each of these American's owe $36,537.53.
A family of three owes $109,612.59. (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 6,852,501,235.59.
The average for the last 30 days would be 4,796,750,864.91.
The average for the last 31 days would be 4,642,016,966.04.
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$/day.
There were 67 reports in 97 days of Obama's part of FY2009 averaging 0.17B$ per report, 0.19B$/day so far.
There were 142 reports in 209 days of FY2009 averaging 8.20B$ per report, 5.57B$/day.

PROJECTION:
There are 1,364 days remaining in this Obama 1st term.
By that time the debt could be between 13.1 and 18.8T$.
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)
04/27/2009 11,189,456,636,736.21 BHO (UP 562,579,587,823.13 so far since Obama took office.)

Fiscal Year ends: Sep 30
Borrowed in FY1993: (Maybe later.)
Borrowed in FY1994: 281,261,026,873.94
Borrowed in FY1995: 281,232,990,696.07
Borrowed in FY1996: 250,828,038,426.34
Borrowed in FY1997: 188,335,072,261.61
Borrowed in FY1998: 113,046,997,500.28
Borrowed in FY1999: 130,077,892,735.81
Borrowed in FY2000: _17,907,308,253.43 Bill alone
Borrowed in FY2001: 133,285,202,313.20 Bill and George
Borrowed in FY2002: 420,772,553,397.10 All George
Borrowed in FY2003: 554,995,097,146.46
Borrowed in FY2004: 595,821,633,586.70
Borrowed in FY2005: 553,656,965,393.18
Borrowed in FY2006: 574,264,237,491.73
Borrowed in FY2007: 500,679,473,047.25
Borrowed in FY2008: 1,017,071,524,650.01
Borrowed in FY2009: 1,164,731,739,823.80 so far this fiscal year.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
04/06/2009 +000,073,808,356.95 ------------******* Mon
04/07/2009 +000,123,552,400.07 ------------********
04/08/2009 +000,050,639,456.95 ------------*******
04/09/2009 +024,055,285,655.59 ------------**********
04/10/2009 +000,051,156,797.54 ------------*******
04/13/2009 +000,309,440,014.97 ------------******** Mon
04/14/2009 +000,167,862,523.71 ------------********
04/15/2009 +044,205,591,028.33 ------------**********
04/17/2009 -038,696,374,097.81 -
04/20/2009 +000,193,620,436.16 ------------******** Mon
04/21/2009 -000,363,758,089.93 ---
04/22/2009 +000,051,738,680.14 ------------*******
04/23/2009 -012,857,484,009.95 -
04/24/2009 -000,133,239,400.23 ---
04/27/2009 +000,285,896,492.06 ------------******** Mon

17,517,736,244.55 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008.
US borrowed $1,524,824,833,477.14 in last 221 days.
That's 1,525B$ in 221 days.
More than any year ever, including last year, and it's 150% of that highest year ever only in 221 days.
And it is over 100% of ANY dismal Bush, for any dismal Bush-year, ONLY IN 221 DAYS NOT 365.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock

(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=3851864&mesg_id=3851905

[Festivito]

63. Debt: 04/28/2009 11,194,339,423,305.97 (UP 4,882,786,569.76) (TWO POSTS, both small.)

(Small moves. I had posted same report day on Tuesday's and Wednesday's Stock markets' postings. I've added a report to Wednesday's, here's the report meant for Thursday's. The link at the bottom should point to Wednesday's proper report. Not much exciting happened on the debt front on either day. I need to go to bed at decent hours.)

= Held by the Public + Intragovernmental(FICA)
= 6,886,205,201,144.77 + 4,308,134,222,161.20
UP 154,949,620.57 + UP 4,727,836,949.19

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 306-Million person America.
If every American, man, woman and child puts in $3.27 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.8, ABOUT TEN BUCKS for a 1B$ 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 14 seconds we net gain a another American, so at the end of the workday of this report, there should be 306,251,743 people in America.
http://www.census.gov/population/www/popclockus.html
Currently, each of these American's owe $36,552.74.
A family of three owes $109,658.21. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 32 days.
The average for the last 22 reports is 6,762,968,750.77.
The average for the last 30 days would be 4,959,510,417.23.
The average for the last 32 days would be 4,649,541,016.16.
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$/day.
There were 68 reports in 98 days of Obama's part of FY2009 averaging 0.15B$ per report, 0.19B$/day so far.
There were 143 reports in 210 days of FY2009 averaging 8.18B$ per report, 5.57B$/day.

PROJECTION:
There are 1,363 days remaining in this Obama 1st term.
By that time the debt could be between 13.1 and 18.8T$.
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)
04/28/2009 11,194,339,423,305.97 BHO (UP 567,462,374,392.89 so far since Obama took office.)

Fiscal Year ends: Sep 30
Borrowed in FY1993: (Maybe later.)
Borrowed in FY1994: 281,261,026,873.94
Borrowed in FY1995: 281,232,990,696.07
Borrowed in FY1996: 250,828,038,426.34
Borrowed in FY1997: 188,335,072,261.61
Borrowed in FY1998: 113,046,997,500.28
Borrowed in FY1999: 130,077,892,735.81
Borrowed in FY2000: _17,907,308,253.43 Bill alone
Borrowed in FY2001: 133,285,202,313.20 Bill and George
Borrowed in FY2002: 420,772,553,397.10 All George
Borrowed in FY2003: 554,995,097,146.46
Borrowed in FY2004: 595,821,633,586.70
Borrowed in FY2005: 553,656,965,393.18
Borrowed in FY2006: 574,264,237,491.73
Borrowed in FY2007: 500,679,473,047.25
Borrowed in FY2008: 1,017,071,524,650.01
Borrowed in FY2009: 1,169,614,526,393.50 so far this fiscal year.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
04/07/2009 +000,123,552,400.07 ------------********
04/08/2009 +000,050,639,456.95 ------------*******
04/09/2009 +024,055,285,655.59 ------------**********
04/10/2009 +000,051,156,797.54 ------------*******
04/13/2009 +000,309,440,014.97 ------------******** Mon
04/14/2009 +000,167,862,523.71 ------------********
04/15/2009 +044,205,591,028.33 ------------**********
04/17/2009 -038,696,374,097.81 -
04/20/2009 +000,193,620,436.16 ------------******** Mon
04/21/2009 -000,363,758,089.93 ---
04/22/2009 +000,051,738,680.14 ------------*******
04/23/2009 -012,857,484,009.95 -
04/24/2009 -000,133,239,400.23 ---
04/27/2009 +000,285,896,492.06 ------------******** Mon
04/28/2009 +6,886,205,201,144.77 ------------************

6,903,649,129,032.37 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008.
US borrowed $1,529,707,620,046.90 in last 222 days.
That's 1,530B$ in 222 days.
More than any year ever, including last year, and it's 150% of that highest year ever only in 222 days.
And it is over 100% of ANY dismal Bush, for any dismal Bush-year, ONLY IN 222 DAYS NOT 365.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock

(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=3853631&mesg_id=3855329

[ozymandius]

9. WSJ: Citi asks Treasury if it can pay bonuses (WTF: says ozymandius)

NEW YORK – Citigroup Inc., which has received $45 billion in federal bailout funds and potentially could have to raise more capital based on "stress test" results, is requesting permission from the Treasury Department to pay out special bonuses to certain workers, The Wall Street Journal said late Tuesday.

Banks that have accepted federal bailout funds are subject to greater government scrutiny and limits on how much they pay their top executives. The restrictions are intended to prevent the outrage that ensued after it was disclosed that insurer American International Group had paid out $165 million in bonuses to employees despite having been bailed out to the tune of more than $180 billion.

But bank employees are chafing at the restrictions, and companies have said the pay caps make them vulnerable to poaching by competitors. Some smaller banks have quickly repaid bailout funds in order to remove themselves from heightened oversight. Several of the biggest bailout recipients — including JPMorgan Chase & Co., Wells Fargo & Co., Morgan Stanley and Goldman Sachs Group Inc. — have said they want to repay the government as soon as possible.

http://news.yahoo.com/s/ap/20090429/ap_on_bi_ge/us_citigroup_bonuses

---

If it is not possible to repay the government, does that mean these banks are insolvent without these government funds?

[Dr.Phool]

14. "The restrictions were intended to prevent the outrage".

Oh. Not to instill good business practices, or to cut out the looting of the companies. Not to make sure the companies are solvent and save them?

It sounds like one last trip to the scene of the crime, before the cops get there.

Dr. Phool sez. "Suck on it".

[ozymandius]

17. Does it become easier to spout these absurdities if one refers to himself in the third person?

I'm thinking of Bob Dole's bizarre avoidance of "I" or "me" in his 1996 presidential campaign. He said some really hateful and strange crap while referring to himself in the third person. Maybe Banksters ease their conscience over this request with the same rhetorical oddity.

[Dr.Phool]

18. "I don't want the money, .... but".

"My employees are threatening to go ruin some other company, if they don't get a bonus".

Maybe they need top shelf liquor, instead of "well brands", to come up with dumb ideas.

[Ghost Dog]

40. It's called "spin control", Doctor. n/t

[Dr.Phool]

42. They always taught me to apply hard right rudder to control a spin.

:evilgrin:

[UpInArms]

21. see post #12 - if you need more capital and more bailout money,

why are they asking this stuuuuppppiiddd question?

[ozymandius]

11. Berkshire’s 31% Decline Spurred by Derivatives Buffett Derided

April 28 (Bloomberg) -- Berkshire Hathaway Inc. shareholders have a chance this year to do something that’s rare among the Sage of Omaha’s followers: count their losses.

Despite Berkshire’s reputation as a bear market bulwark, its stock has been walloped. The Class A shares are down 31 percent since September, to $90,000 as of yesterday, exceeding the 26 percent drop in the Standard & Poor’s 500 Index.

One reason: Chief Executive Officer Warren Buffett’s increasing use of derivatives -- contracts whose value is based on the performance of stocks or bonds or the outcome of a specific event. That Buffett once called derivatives “time bombs” doesn’t calm investors.

....

The final category is the most worrisome, Shanker says. Berkshire has sold contracts that require it to pay when credit losses occur at companies that are included in certain unnamed high-yield-bond indexes. The notional value is $7.9 billion.

Berkshire took in $3.4 billion in premiums on these contracts and has paid losses of $542 million. The company has also recognized a noncash, $3 billion mark-to-market loss. With these contracts, payments are made when a credit event occurs. They expire from September of this year to December 2013.

http://www.bloomberg.com/apps/news?pid=20601109&sid=a_XX1k9rMDnQ&refer=exclusive

[Dr.Phool]

15. Do as I say, not as I do.

Why do I get a picture of a clown, juggling time bombs, saying, "Don't try this at home folks! I'm a professional".

[Demeter]

34. I Think Buffet Gave Up Looking for Safe and Legal Ways To Make Money

because the dervivatives/securitization people totally destroyed the money and asset markets and the functioning of everything went through the looking glass. Throw in the Ponzi guys, and what was an honest investor to do?

When you can't beat them, join them.

But! those who lie down with the big dogs get big fleas.

[ozymandius]

12. Fed Is Said to Seek Capital for at Least Six Banks

April 29 (Bloomberg) -- At least six of the 19 largest U.S. banks require additional capital, according to preliminary results of government stress tests, people briefed on the matter said.

While some of the lenders may need extra cash injections from the government, most of the capital is likely to come from converting preferred shares to common equity, the people said. The Federal Reserve is now hearing appeals from banks, including Citigroup Inc. and Bank of America Corp., that regulators have determined need more of a cushion against losses, they added.

By pushing conversions, rather than federal assistance, the government would allow banks to shore themselves up without the political taint that has soured both Wall Street and Congress on the bailouts. The risk is that, along with diluting existing shareholders, the government action won’t seem strong enough.

....

Along with Bank of America and New York-based Citigroup, some regional banks are likely to need additional capital, analysts have said.

SunTrust Banks Inc., KeyCorp, and Regions Financial Corp. are the banks that are most likely to require additional capital, according to an April 24 analysis by Morgan Stanley.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aweHgQbc9BFI&refer=home

[Dr.Phool]

16. Not financial, but could have an impact.

Report: Toddler is first U.S. swine flu death

http://www.msnbc.msn.com/id/30471035/


Report: Toddler is first U.S. swine flu death
23-month-old child dies in Texas, government official tells Reuters

breaking news
msnbc.com news services
updated 4 minutes ago

WASHINGTON - A government official confirmed the first U.S. death from the new H1N1 swine flu on Wednesday, a 23-month-old child who died in Texas.

It is the first death from swine flu reported outside Mexico, the country hardest hit by the influenza outbreak. The disease is suspected of killing more than 150 people in Mexico and sickening over 2,400 there.

The official gave Reuters no other details on the case. U.S. officials have confirmed 65 cases of swine flu, most of them mild.

Meanwhile, the World Health Organization was holding an emergency "scientific review" of the outbreak to determine exactly what is known about how the disease spreads, how it affects human health and how it can be treated.

Experts will take part via telephone from the United States, Mexico and other countries where people have been infected by swine flu. The U.N. health body said a report will be published shortly after the meeting.

This is a breaking news story. Please check back for updates.

-------------------------------------------------------------

Last night, they reported a possible case in Orlando, the first in Florida. The victim was a tourist at Disney, from Mexico. No confirmation yet.

[Demeter]

57. 4 possibles in Michigan, Up from 2 yesterday

[Ghost Dog]

20. Head of U.S. bank rescue program prepares to exit

WASHINGTON (Reuters) – The head of the $700 billion rescue fund created to restore the U.S. financial system will likely make Friday his last day on the job, The Washington Post reported.

Neel Kashkari has taken the brunt of Congress' criticism of the bailout program but is credited with helping keep the country out of a complete financial meltdown.

...

He was asked to stay on as the Treasury Department's interim assistant secretary for financial stability to ensure a smooth transition when the Obama administration took over.

/.. http://news.yahoo.com/s/nm/20090429/bs_nm/us_financial_bailout_kashkari;_ylt=AlG8qp3O0jolgU.qcnmczj2573QA

[Dr.Phool]

23. Frisk him on the way out.

You don't get a name like Kash & Karry for nothing.

[willing dwarf]

26. Touche!

Didn't see that one coming!

[Ghost Dog]

35. Hey, a person's surname is nobody's fault.

... It does have a certain ring to it, though. :evilgrin:

[Dr.Phool]

39. Actually, we have a supermarket chain in Florida called Kash & Karry.

They've been converting over to the name Sweetbay, and adding more natural, organic, and healthy selections. I shop there all the time.

[UpInArms]

24. dollar watch

http://quotes.ino.com/chart/?s=NYBOT_DX&v=i

Last trade 84.621 Change -0.572 (-0.74%)

Fed Likely To Announce More Quantitative Easing

http://www.dailyfx.com/story/topheadline/Fed_Likely_To_Announce_More_1240956568067.html

The U.S. Federal Reserve is widely expected to keep the Fed Funds rate unchanged at the 0.25%-0% range. “Economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time” and the decision to keep rates at a record low will not surprise. However, this event-risk is a great opportunity for a “Buy the Rumor, Sell the News” type of trade since the release of the FOMC statement has the potential to cause a powerful wave of volatility. The U.S. dollar has been under selling pressure ahead of the rate decision on speculation the Fed will announce fresh measures of quantitative easing.

More Quantitative Easing May Crush the U.S. dollar

Since the last FOMC meeting, the Federal Reserve has been actively purchasing large quantities of government debt, agency debt and mortgage-backed securities to provide support to the mortgage and housing markets. According to the last FOMC statement, “the Committee decided to increase the size of the Federal Reserve’s balance sheet further by purchasing up to an additional $750 billion of agency mortgage-backed securities, bringing its total purchases of these securities to up to $1.25 trillion this year, and to increase its purchases of agency debt this year by up to $100 billion to a total of up to $200 billion. Moreover, to help improve conditions in private credit markets, the Committee decided to purchase up to $300 billion of longer-term Treasury securities over the next six months.” However, because of the very limited short-term benefits of this type of monetary policy, several investors are beginning to express their concern about the long term fiscal sustainability of this plan. So, this Wednesday FOMC statement has the potential to squeeze the U.S. dollar if the Fed decides to implement more quantitative easing.



The U.S. economy continues to face its biggest challenge since the great depression

Despite the recent gains made by major stock market indices and despite the uptick in several economic indicators, the U.S. economy is still facing the largest economic downturn since the 1930s. Since the recession began in December 2007, more than 5 million jobs have been lost and the total number of unemployed persons in the United States is now estimated at 13.2 million. Still, even though a worsening of economic conditions in the United States may lead to further losses in stocks and commodities, it does not imply that the U.S. dollar exchange rate must depreciate against other currencies. In fact, during the last 12 months the U.S. dollar appreciated substantially against several of the world’s most heavily traded currencies because investors were reluctant to take leveraged positions on riskier currencies. In general, periods of severe economic crisis often lead to political instability in certain parts of the world and a sudden increase in investor’s uncertainty towards the future of the world economy may possibly trigger a new wave of flight-to-quality in the form of U.S. Treasuries purchases. Having said that, a strong demand from financial institutions seeking a safe-haven currency is likely to keep the U.S. dollar well supported in the second half of 2009.

...more...

Euro Pushes Higher As Pandemic Fears Ease and Economic Confidence Improves, Will US GDP Add To Bullish Sentiment?

http://www.dailyfx.com/story/bio1/Euro_Pushes_Higher_As_Pandemic_1241000180338.html

The euro reached as high as 1.3240 on the back of improving confidence and increasing risk appetite now that fears from the “swine flu” pandemic have eased. Economic confidence in the region improved to 67.2 from 64.7 which was the highest in almost a year. Government stimulus plans and easing inflation has helped improve consumer’s purchasing power and their outlook. This was evident in the improvement in the Bloomberg retail PMI gauge which rose to 48.4 from 44.1. Although Easter spending helped boost the consumption numbers, there are clear signs that consumers are starting to open up their wallets.

The improving fundamental data will decrease the chances that we will see the ECB embark on quantitative easing measures, as they have been reluctant to take that route. However, we have been receiving conflicting rhetoric from members with Bini Smaghi stating that buying government bonds would be problematic for the central bank. The comments come on the heels of remarks from committee member Nowotny who said that the ECB stands ready to use unconventional measures. Therefore, markets will begin to scrutinize any additional rhetoric the may come from members as the central bank appears to be divided on the issue. Nevertheless, a 25 bps reduction over the next two meetings is very likely but if that is seen as the end of the easing cycle then we could see the Euro start to gain additional support. The EUR/USD has pushed above the 100-Day SMA at 1.3222 but unless we see a clear break of the resistance level, we could see it limit future gains. The April 14th high of 1.3382 is the next level of resistance.

Further evidence of improving risk appetite is the current yen weakness which had been the strongest performing currency during the heightened fears from the health crisis. The dollar/yen has rallied nearly 200 pips from yesterday’s low of 95.62, but the 50-Day SMA at 98.00 is ahead as possible resistance. Meanwhile, the pound has also benefitted from the improving optimism with sterling/dollar breaking above the 20-Day SMA at 1.4739. The pound may continue to find support if we see risk appetite continue as there is very little event risk on the economic docket which could lead to a test of April 16th high 1.5070.

The dollar has been under pressure during overnight trading as markets have started to look past the “swine flu” and bank stress tests and focus on the improving fundamental data. Indeed, yesterday’s jump in consumer confidence was a catalyst to reverse sentiment which has carried through to today as markets prepare for a U.S. GDP report which is expected to show the pace of contraction for the economy has slowed from 6.3% to 4.7%. The slew of stimulus and availability of cheap credit has raised optimism that the economy will regain its footing and return to positive growth by 2010. The FOMC policy decision is also ahead with expectations that the central bank will leave their benchmark rate at 0.25%. However, we could see the Fed announce additional quantitative easing measures or at the very least give an update on the impact of current efforts which will provide potential event risk. A better than expected growth report and an upbeat central bank could add to current risk appetite and dollar weakness.

...more...

[UpInArms]

25. BofA's Lewis may be voted out of chairman role: report

http://www.reuters.com/article/businessNews/idUSTRE53S1EU20090429?feedType=RSS&feedName=businessNews

(Reuters) - Bank of America Corp Chief Executive Kenneth Lewis may be forced to give up his role as chairman but is set to win re-election to the bank's board by a wide margin, the Wall Street Journal said.

Citing people familiar with the preliminary results of shareholder votes ahead of the bank's annual meeting on Wednesday, the newspaper said a proposal that would force Lewis to give up his seat as chairman was too close to call.

The paper said that as of Tuesday, with about 75 percent of shares outstanding counted, slightly more than 50 percent favored splitting the chairman and CEO positions.

"We expect he will be CEO, a director and we hope chairman," BofA spokesman Robert Stickler told the paper adding that the bank would respect the shareholders' decision.

Separately, the Journal said BofA may have to raise billions of dollars of fresh capital after preliminary results of a stress test from U.S. regulators.

...more...

give him the bum's rush

[wordpix]

28. why do people still have confidence in "private-jet-to-hearings" Lewis?

The guy hasn't changed his ways at all with his bonuses to execs that caused the problems, private jets, lavish parties and he bought Merrill when it was going under b/c Paulson told him to. Paulson, who was on his way out in 6 wks. at the time.

Geesh! :puke:

[DemReadingDU]

29. Unemployment to soar in Michigan, Ohio, Indiana

4/28/09 GM Layoffs will Boost Unemployment Through the Roof

From The Economic Populist...
I just has a truly frightening experience. During a conversation about the auto industry one of my colleagues who researches the auto industry told me that according to his calculations, the GM shutdown is going to send 250,000 off the job in Ohio.

This includes only the multiplier effect at auto suppliers, not any macro economic effect. For example, job losses at retail stores resulting from drops in spending are not included, nor are any further drops from other problems.

As it stands now Ohio unemployment stands at 9.7%.

Overall, the Ohio labor force stands at 5.95 million.

Currently, 578,000 are out of work, up from 409,000 in October of 2008.

Adding another 250,000 to those out of work, bumps the total number of unemployed to 838,000.

Divide this number by the labor force, and you get an unemployment rate of 13.9%, a 44% increase over the present rate.

Assuming a 22 to 1 multiplier off of GM employment, that means that Indiana would see unemployment increase by 112,000, and Michigan by 1,089,000.

In Indiana the labor force is 3.22 million. Unemployment currently stands at 10%.

323,000 are currently out of work. If the numbers about GM are right, that will increase to 435,000. Leaving an unemployment rate of 13.5%.

Michigan is much worse. The labor force is 4.84 million. Unemployment is currently at 12.6%.

609,000 are currently out of work, that will increase to 1,698,000. Leaving an eye-popping unemployment rate of 35.1%

Now this is hopefully going to be a limited situation with the GM layoffs, but the shock of those May unemployment numbers coming out at the end of June will undoubtedly not have a favorable impact on the rest of the country.

And this all assumes that an extended swine flu scare doesn't have a negative economic impact. Nor does it account for macroeconomic issues, or any job losses at dealerships.
http://www.economicpopulist.org/?q=content/gm-layoffs-will-boost-unemployment-through-roof

[Demeter]

36. God help Us

Well, If I had some cash, I could pick up that cottage on Lake Michigan I've been hankering for, real cheap, next year. Actually, I could buy one as a real estate investment with the IRA money....rent it out and all that.

[UpInArms]

31. Gold rises on weaker dollar, U.S. GDP number

http://www.marketwatch.com/news/story/Gold-rises-weaker-dollar-US/story.aspx?guid=%7B81633813%2D063B%2D49E7%2D992B%2D35CBED33C3B5%7D

NEW YORK (MarketWatch) -- Gold futures rose Wednesday for the first session in three, climbing above $900 an ounce as a declining dollar and a worse-than-expected gross domestic product report increased gold's investment appeal. Gold for June delivery gained $6.50, or 0.7%, at $900.10 an ounce on the Comex division of the New York Mercantile Exchange.

[UpInArms]

32. Even the rich now fear running out of money

http://www.marketwatch.com/news/story/even-rich-now-worry-about/story.aspx?guid=%7B6F83773D%2D7A0F%2D4478%2D8E14%2D3B2C341DACE7%7D&dist=TNMostRead

BOSTON (MarketWatch) -- If you worry about making money on the way up, you worry about losing it on the way down. So it should come as no surprise that wealthy Americans -- according to several different studies -- are now concerned that they will run out of money as the "Great Recession" will put the pinch on their finances for the foreseeable future.

But psychologists say there are two forms of "worry," the one that involves anxiety and fear, and then "productive worry" where individuals use their concern as a motivational tool to solve their problems.

Current worries have produced lower expectations, increased savings and the unlikely emotional feel-good power of "smart shopping" and being thrifty, if only because those solutions are easier and more realistic than trying to play a fast game of catch-up.

The "Survey of Affluence and Wealth in America," set to be released Wednesday by American Express Publishing and Harrison Group, will show that 53% of the nation's wealthy are now worried that they could run out of money, in large measure because many of the respondents fear the country is headed for an economic depression.
Meanwhile, the 10th annual Phoenix Wealth Survey released Monday showed that America's millionaires have been stripped of their confidence and sense of security. The survey, conducted by The Phoenix Cos., which sell insurance and annuities to high-net-worth consumers, showed that roughly one in four people felt their wealth was "extremely" or "very secure" for the long term; nearly half of the surveyed millionaires felt their wealth was safe as recently as two years ago.

"People who are focused on wealth -- who spend much of their time worrying about making it and how they can better their future financially -- have a greater chance of attaining wealth, but they also feel the pain of loss more acutely," said John Nofsinger, a Washington State University professor who studies behavioral finance and investor psychology. "They're better off after this loss of wealth than most people, but emotionally they are hurting more than people with less wealth but different priorities."

...more...

[Demeter]

38. It All Depends On What Your Definition of "Wealth" Is

If the Greedheads are worried, who cares?

[CatholicEdHead]

41. Hutchinson Technology to lay off another 300 employees

http://www.startribune.com/business/43928247.html

Hutchinson Technology, which reported a $57.7 million second-quarter loss after the market closed Tuesday, said it will lay off another 300 employees, bringing total layoffs since December to more than 2,000.

The company, based in Hutchinson, Minn., makes a key component of computer disk drive storage units that reads and writes data while suspended above a rapidly spinning disk. The firm is reeling from reduced demand due to the economy and the loss of its largest customer, disk drive maker Seagate Technology, which is based in California but has major operations in the Twin Cities. Seagate accounted for nearly 30 percent of Hutchinson's revenue last year.

Analysts had been expecting additional layoffs following the company's announcement earlier this month that Seagate was taking its business elsewhere and that Hutchinson's revenue from Seagate would be phased out over 18 to 24 months.

The second-quarter loss was $2.49 per share on sales of $79 million. A year ago the company lost $6.2 million on revenue of $143.8 million. Excluding one-time costs, the company lost $1.48 per share, slightly better than a Wall Street consensus of a loss of $1.52 a share. But analysts had already slashed their estimates after the firm's disclosure that it was losing Seagate.
....

[burf]

45. Mornin' fellow Minnesotan !

In other news Minntac, the taconite plant at Mountain Iron is laying off 250. The hits just keep on comin'.

[Demeter]

43. Looks Like They're Running Up the Market Today

Must have some really bad news to dump tomorrow that can't wait for the weekend.

Does anybody think that closing 4 banks on one weekend was Sheila showing she's up to the task of seizing and liquidating Citi or BoA?

After Citi has the gall to try for awarding bonuses, they may have sealed their fate.

Congress refused to fund another TARP giveaway, even though Obama asked for it. I can only think this is a good thing. I wonder if this was a wink, wink, nudge, nudge, say no more moment...or if Obama really is that economically clueless.

It appears that 8000 is the protection level, as well. If GM goes bankrupt, I expect that to fall shortly thereafter.

http://www.youtube.com/watch?v=ona-RhLfRfc&feature=player_embedded

[burf]

47. Good morning Demeter,

Sometimes its amazing close how the Python Players' humor comes to real life situations. Thanks for the post.

[Tansy_Gold]

49. Obama? Economically clueless? What makes you think that?

:sarcasm:

[Dr.Phool]

50. The 3 blind mice in charge.

Geithner, Summers, and Rubin.

See how they run.

[Tansy_Gold]

52. I'd pay to watch them run

so long as they run far far far away from the current administration, do not pass Go, do not collect $200.

[Tansy_Gold]

53. replying to my own post -- the flip side of the coin is that he's not clueless

and he's done all this flimflamming in order to continue to reward the filthy rich on the backs of the working and the poor.

The offshoring of manufacturing jobs hasn't stopped -- see above about American Axle -- and in fact Obama never promised that it would. He only said he'd stop the tax breaks for the offshorers

This all makes me sick.





TG

[bagrman]

48. Your not here unless your into finance or money. Have you ever heard of a CAFR report?

Interesting read and web site, read the whole post hear.

http://cafr1.com/JoeSixPack.html

also Cafr1.com




Since 2001, events have been staged to transfer wealth in unprecedented proportions. Millions have been killed by intent for wealth transfer. Regulations have been implemented to lock down the entire American population at the whim of the players. The carefully designed controlled sound-bites continue, the illusion is reinforced, and the beat for the inside players goes on virtually without a hitch or of no consequence. The Joe six-pack's are given sound-bites of new TV shows such as cops and jail to be conditioned into "shut up and do as you are told" or countless court room shows of "Judge XXXX" for sound-bite conditioning of "this is how it will be done!"

[Jack Sprat]

51. Anyone have advice on municipal funds?

In particular, I'm looking at a Florida tax exempt LT Bond fund. It is now majority AA bonds due to risk. Is this a bad time for buying munis with interest rates so very low as now?

[SeeHopeWin]

55. I would buy the ones you mention...

the best place to be right now...how much are they paying?

[ozymandius]

58. Dear Jack Sprat,

Thank you for asking this question. However, it is against our code here at the Stock Market Watch to issue any investment advice. That should be directed to a professional. You may occasionally read personal experiences with particular investment avenues here on the thread. These, however, should only be inferred as experiences posted by the author rather than advice.

Should you wish to learn more about this particular investment then I would recommend that you inquire about resources that can lead you to solid, certified advice.

Thank you.

[Jack Sprat]

60. I understand, ozymandius, and apologize

I am sorry I broke the code here. Was not intentional at all and I will not ask specific advice. Someone gave me a great general overview of these investment instruments in another thread. Thanks.

[Roland99]

61. Asian Shares Up; Taiwan Jumps On China-Linked Hopes

http://www.marketwatch.com/news/story/Asian-Shares-Up-Taiwan-Jumps/story.aspx?guid=%7BBF1368CB%2D1E46%2D470D%2DB067%2D7C92990F1BFC%7D

Asian shares were strongly higher Thursday, cheered by an upbeat session in the U.S., with automotive and technology stocks leading in Japan after better-than-expected industrial output data and Taiwan shares surging on hopes for improved ties with China.

The Nikkei 225 - shut Wednesday for a holiday - was playing catchup with a 4.0% rise, with Australia's S&P/ASX 200 up 2.1% and South Korea's Kospi Composite up 2.8%. New Zealand's NZX-50 was 2.4% higher with Singapore's Straits Times Index up 2.3%.

Taiwan shares jumped 6.8%, spurring markets in Hong Kong (up 3.5%) and mainland China (a 0.9% gain for the Shanghai Composite Index), after the Taiwan Supervisory Commission said it would let China's qualified domestic institutional investors apply to invest in the island's stock market.

Goldman Sachs JBWere institutional trader Tim Aurel-Smith in Australia said the cross-strait hopes were boosting sentiment across the region. "There's talk of this being a precursor to a significant thawing. It's definitely causing some support to our market."