STOCK MARKET WATCH, Tuesday March 23

[ozymandius]

Source: du

STOCK MARKET WATCH, Tuesday March 23, 2010

Bush Administration Officials Convicted = 2
Name(s): David Safavian, James Fondren

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

Financial Sector Officials Convicted since 1/20/09 = 11

AT THE CLOSING BELL ON March 22, 2010

Dow... 10,785.89 +43.91 (+0.41%)
Nasdaq... 2,395.40 +20.99 (+0.88%)
S&P 500... 1,165.81 +5.91 (+0.51%)
Gold future... 1,101 -6.30 (-0.57%)
10-Yr Bond... 3.66 -0.04 (-0.95%)
30-Year Bond 4.57 -0.01 (-0.26%)

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Market Conditions During Trading Hours

GOLD, EURO, YEN, Loonie, Silver and US$

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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

[ozymandius]

1. Today's Reports

10:00 Existing Home Sales Feb
Briefing.com 4.75M
Consensus 5.00M
Prior 5.05M

10:00 FHFA Home Price Index Jan
Briefing.com -1.2%
Consensus -0.9%
Prior -1.6%

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

[ozymandius]

2. Oil drifts near $81 as traders eye stronger dollar

SINGAPORE – Oil prices drifted above $81 a barrel Tuesday in Asia as the U.S. dollar strengthened, making crude more expensive for investors with other currencies. ...

Crude has wavered in the low $80s for the past week as investors look for clues about the strength of the U.S. economy and consumer demand. ....

Traders will also be mulling U.S. oil supply data from the American Petroleum Institute late Tuesday and the Energy Department's Energy Information Administration on Wednesday.

In other Nymex trading in April contracts, heating oil fell 0.6 cent to $2.077 a gallon, and gasoline dropped 0.9 cent to $2.276 a gallon. Natural gas rose 1.5 cents to $4.094 per 1,000 cubic feet.

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

[ozymandius]

3. Health overhaul promises pain, gain for businesses

-excerpt-

The bill headed for Obama's desk offers insurers both opportunities and challenges:

• Insurers will gain customers because the bill requires most Americans to carry health insurance. Roughly 32 million more Americans will be covered under Obama's plan, either through buying private policies or an expansion of Medicaid. The poorest will get subsidies, and Americans who don't comply with the insurance requirement will be fined. But with annual penalties totaling just $695 per person, insurers argue that many healthy people will pay the fine rather than buy coverage. Insurers need healthy people in their plans to balance out patients who require more care.

• The bill bans insurers from denying coverage to people with pre-existing conditions such as diabetes or cancer, limits how much premiums can go up based on age and allows people to stay on their parents' health plan up to age 26.

• Payment rates will be immediately frozen for insurers who offer Medicare Advantage, the privately run arm of Medicare, meaning they will bring in $200 billion less
over 10 years.

• Starting in 2014, the bill imposes fees on insurers totaling $74 billion over 10 years. Most experts say companies will raise prices to accommodate increased taxes, fees and regulations once the new system is in place. For all the talk of lowering Americans' health care costs, experts say the bill doesn't regulate premium increases or reform a medical system that focuses more on expensive diagnostics and treatment rather than prevention. ....

http://news.yahoo.com/s/ap/20100322/ap_on_bi_ge/us_health_overhaul_business

[ozymandius]

4. Wanted: User manual for health care overhaul

WASHINGTON – President Barack Obama and the Democrats have overcome their doubts and divisions to pass landmark health care legislation affecting every family and one-sixth of the economy. The president will sign the main bill at a White House ceremony scheduled for Tuesday, and a companion package of fixes is expected to be on its way to his desk soon.

That leaves Americans with a burning question: How's this all going to work?

"A key element to these reforms is that options that weren't available to people will become available now," said DeAnn Friedholm of Consumers Union. The publishers of Consumer Reports supported Obama's effort. ....

To what degree adult children would have to be financially dependent on their parents remains to be clarified in regulations. However, congressional staffers involved in writing the legislation said lawmakers did not intend to require that parents have to support their kids to keep them on their coverage.

http://news.yahoo.com/s/ap/20100323/ap_on_bi_ge/us_health_care_overhaul_consumer_q_a

---

Overall, this is a good Q&A that addresses less prominent aspects of this legislation.

[ozymandius]

7. Hospital companies jump in response to healthcare bill (yesterday's roundup)

US stocks rebounded after a weak opening yesterday following the passage of the healthcare bill but threatened to snap their recent rally as an agreement on aid for Greece at the European Union summit later in the week looked increasingly unlikely. ....

Standard & Poor's healthcare sector index outperformed the broader market, climbing 9.2 per cent. The legislative overhaul has been interpreted by some people as helping healthcare companies by adding more insured customers. ....

Healthcare insurers broadly were mixed after a rally last week. Aetna was up 0.5 per cent to $34.64, UnitedHealth Group lost 3.3 per cent to $33.25 and WellPoint fell 1.1 per cent to $64.39.

Pharma stocks gained. Pfizer rallied 1.4 per cent to $17.15, Merck rose 0.6 per cent to $38.30; Eli Lilly added 1 per cent to $36.54. Generic drugmaker Teva Pharmaceuticals was up 2.2 per cent to $64.43 and peer Mylan rallied 1.7 per cent to $22.91. Hospital companies were some of the biggest gainers of the session. Health Management rose 11.3 per cent to $9.05 and Tenet Healthcare rallied 9 per cent to $6.27.

http://www.ft.com/cms/s/0/43546964-361a-11df-aa43-00144feabdc0.html

[ozymandius]

8. More information on this legislation

....
But the law's impact will be more profound for the health-care industry in a country where one in six dollars is spent in that sector. Every part of the industry will be affected, with pharmaceutical companies, hospitals and makers of devices subject to new rules, billions of dollars in fees and relinquished reimbursements in return for the business growth that expanded coverage will bring.

By far, the most direct effect will be on insurers. Over the next several years, health insurance will evolve into something more closely resembling a publicly regulated utility: It will have a guaranteed base of customers, thanks to the coverage requirement, but it will be bound by much tighter restraints than today's individual insurance market, where regulations vary widely from state to state. ....

Starting this year, insurers will no longer be able to cap lifetime benefits, which will scramble the actuarial formulas many insurers use and potentially lead them to raise prices for individual policies. But their ability to raise rates sharply for individual insurance plans will be limited by a rule, to take effect next year, requiring insurers in the individual market to spend 80 cents of every premium dollar on claims, a higher "medical loss" ratio than many now adopt. ....

Taking a particularly big hit to their business model would be insurers who rely heavily on selling Medicare Advantage policies. The legislation sharply reduces federal subsidies for those plans, which analysts say will probably lead many smaller insurers to stop offering them.

Overall, industry analysts say that the growth in customers could come close to balancing the cost of the new regulations for insurers, with smaller profit margins on a broader base of business. Ana Gupte, an analyst with Sanford Bernstein, said insurance stocks held up Monday because most of the negative impact of the legislation had been priced in long ago. Insurers "come out a net negative, but not severely net negative," she said.

http://www.washingtonpost.com/wp-dyn/content/article/2010/03/22/AR2010032203613.html

---

How the federal government plans to monitor the 80% rule is not explained. This point has been a source of contention since this overhaul debate began.

[mbperrin]

17. Yep, and the 80% rule does not take effect until NEXT year.

Very nice for insurers between now and then.

[ozymandius]

5. Fed to keep pro-growth policies: Chicago Fed chief

SHANGHAI (Reuters) – Unacceptably high unemployment and well-contained inflation make it likely that U.S. monetary policy will remain accommodative for at least several months more, a top U.S. Federal Reserve official said on Tuesday.

Speaking to reporters in Shanghai, Chicago Federal Reserve Bank President Charles Evans said he strongly supported maintaining the current loose monetary stance as long as inflation remained under control. ....

The U.S. central bank reiterated at its March policy-setting meeting that it would keep interest rates extraordinarily low for an "extended period" -- a phrase that Evans said he took to cover 3-4 meetings of the rate-setting Federal Open Market Committee.

As the FOMC meets about every six weeks, that would mean about six months, said Evans, who is not a voter on the panel this year.

He said he expected economic conditions to warrant substantial monetary accommodation for the rest of 2010. Unemployment would continue to be high and "unacceptable' for a period of time.

http://news.yahoo.com/s/nm/20100323/bs_nm/us_fed

[ozymandius]

6. Greek crisis may hit US economy: Fed regional chief

WASHINGTON (AFP) – The Greek debt crisis may directly affect the US economy by hitting American exports and the financial system, Atlanta Federal Reserve regional chief Dennis Lockhart warned Monday. ....

The crisis could also lead to currency flows from the euro into "safe-haven" US dollar assets, causing an appreciation of the greenback and hurting American export competitiveness, Lockhart said. ....

In addition, Lockhart said, the possibility that the Greek fiscal crisis might lead to a broad shock to financial markets "could play out in the banking system or in the form of a general retreat from sovereign debt." ....

According to the Congressional Budget Office, the US federal budget deficit rose from an average of about 2.4 percent of gross domestic product (GDP), a key measure of the country's output, in the 1970-2008 period to a 10 percent ratio in 2009.

"No budget path currently under consideration would keep the public debt from growing relative to gross domestic product. Clearly, an ever-rising debt-to-GDP ratio is unsustainable and a matter of great concern," Lockhart said.

http://news.yahoo.com/s/afp/20100322/ts_alt_afp/eueurozonefinanceeconomygreeceusbank

[CatholicEdHead]

27. Apparently a strong dollar is bad

:crazy:

Enough of this dollar dilution. A strong economic base and strong dollar are what we had in better times not long ago.

[ozymandius]

9. New Health-Care Taxes Help Obama ‘Spread the Wealth’ (Update1)

March 22 (Bloomberg) -- President Barack Obama said on the campaign trail in October 2008 that he wanted to “spread the wealth around.” With Obama on the verge of signing sweeping health-care overhaul legislation, he’s about to do just that.

If the final version of the legislation passes the Senate, high-income investors will pay higher Medicare taxes, tax breaks for out-of-pocket medical deductions will be curtailed, and it will cost insurance companies more to pay executives millions of dollars. Those levies will help fund expansion of Medicaid services for the poor and subsidize health insurance to cover millions who don’t currently have benefits. ....

In all, the bill would generate $409.2 billion in additional taxes by 2019, according to an analysis by the congressional Joint Committee on Taxation, a nonpartisan agency. The bill also imposes about $69 billion more in penalties for individuals and businesses who don’t meet mandates to buy insurance, according to the Congressional Budget Office, another nonpartisan agency. ....

Obama’s budget proposes to allow the existing 15 percent tax rate on dividends and capital gains to rise to 20 percent in 2011 for the same high-earners. Layering a 3.8 percent Medicare tax on top of that would mean a new top rate on dividends and capital gains of 23.8 percent. The top tax rates on interest and rental income would rise to as high as about 44 percent, assuming other Obama tax increases on high-earners are enacted.

http://www.bloomberg.com/apps/news?pid=20601010&sid=apU2CQDSEG9g

[Tansy_Gold]

18. Okay, folks, here's my question, multi-part

1. If this bill is so wonderful that it has thousands of DUers alternately dancing in their cyber streets and beating the cyber crap out of anyone who says it's not, why do they want it fixed?


1a. If it needs fixing, then it must not be wonderful.

1b. If it's not wonderful, why are they cheering for it?


Okay, let that sink in for a while.


2. If the bill is not wonderful but it's the best that could be passed in the current political climate, how will any improvements be possible? Is it "the best possible" or isn't it "the best possible"? Depending on what the definition of "is" is, it can't be both.

2a. If it's not "the best possible" that could have been passed by this congress, why didn't they pass "the best possible" that could have been passed by this congress?

2b. If it's not "the best possible" that could have been passed by this congress, what IS "the best possible" that could have been passed by this congress?

2b.1. Given that "this congress" has now pretty much moved on to other issues and a new congress will be in session before any reforms can be made to the current reform, what will be "the best possible" reforms to come out of any subsequent congress and how will that be effected?


3. If this is not "the best possible" bill that could have been passed by this congress, who is responsible for its being less than "the best possible"? Obama? Pelosi? Reid? Baucus? Emanuel?

3a. What if anything can be done to either change the mind of or replace anyone and everyone who was responsible for this not being "the best possible" bill to pass the current congress?



I guess my point is that I understand some of the political expediency involved, and therefore I understand even if I don't agree with the political cheering going on. Yes, "our" team has scored a touchdown and even maybe made a two-point conversion, but we're still down about 105-8. It's like, okay, you filled one sandbag and that's an accomplishment, but the river is 28 feet above flood stage and we've got 2,000,000 empty bags yet to fill. . . .. . .



Tansy Gold, who probably should check the weather forecast because there are cloudy skies outside her window

[Festivito]

22. Okay, I'll bite.

Can something be filled with more wonderment than we could imagine, yet still need some work in other areas. 1a. Yes, it can be wonderful and need fixing.

1b. One persons threshold of wonder might be smaller than others.

2. IIWII. It is what it is. A better bill could have been passed. A better U.S. Constitution could have been passed as well. (without, say, 3/5 persons) This Health Insurance Reform is a compromise between loose socialism and loose capitalism, and it's a mess because of it. As we have over time adjusted our Constitution over time, we will have to adjust this bill. So, is stands as the transient form of is, rather than the eternal definitional version.

2a. They did not pass the best possible because of campaign financing. Monied interests do not want single-payer, just as slave holders did not want all men being equal.

2b. IMHO, single-payer is the best they could have passed. Medicare Part E, E for everyone. Cheaper by far along with being better coverage of both everyone and everything. But, the percentage sucking insurance companies are cut out completely and they don't like that so they hired lobbyists and put up extra TV commercials for Cialis or whatever drug to keep the good-hair endowed from speaking too clearly at 6 and 11PM.

2b.1. People will come to realize that this is good, and more good by far than they realized or were told. However, the monied interests will continue the class war they've been waging for decades. So, future reforms will be effected with huge fights.

3. I think some of those and many more got their campaign money for representing our health badly. Did they, however, represent us badly since they had to fight rich corporations? 3a. The answer to that is in the psyche of the American voter, who either will hit the primaries and do some good or won't hit the primaries and will be left with the final decision of a lousy rotten despicable Democrat or an incredibly worse Republican.

In other words: Media reform and Campaign Finance Reform, are the necessary moves our nation must take. But, I'm a dreamer.

[Tansy_Gold]

23. I think your concluding line is the most important

media reform and campaign finance reform, or rather the lack of either, has created this churkendoose.

I don't hold out much hope, at this point, for a peaceful revolution via primary victories for progressive Democrats. We've seen how even a breath of scandal can bring down the innocent, and I don't think there are many innocents out there. I'm sure not one of them.

Here's the thing, and probably a core point to my questions above -- I don't think a "better" bill could have been passed, nor do I think meaningful improvements are pending in the near future. I think the health insurance crisis is going to get worse, MUCH worse, before it gets better. But I don't think congress, as currently constituted, is capable of improving it. If anything, I think their tweaks and twitches in, say, the next 10 years will continue to make it worse.

There is no incentive to improve it. The congresscritters have no personal incentive, and we've seen the reversal of the old personal/political metaphor. Politics has become all about the personal, about ignoring the hoi polloi and grabbing what's to be grabbed. Booosh ruled by imperial edict, and he made it possible for any successor to do likewise. Worse, however, he set an example by which anyone who does NOT rule by imperial edict will be considered weak. The hoi polloi has lost all power.


Tansy Gold, who needs to get back to Hofstadter

[DemReadingDU]

26. Won't insurance premiums continue to increase?

We pay several hundred dollars out-of-pocket for our health insurance, every month. I don't see these premiums decreasing, but increasing, probably a lot, to help pay for those millions who will be getting the government plan.

Say in a couple years, our premiums double, and we can't afford private insurance anymore. So we stop, but then we'd have to pay a penalty for not having insurance.

But if we pay the penalty, probably couple thousand (and much cheaper than private insurance), then wouldn't we then be able to get the government plan of insurance?

Could it be that this is the intent of the Obama plan...to make private insurance prohibitively expensive so only the wealthy can afford it. The rest of us will be forced into the government plan.

[Tansy_Gold]

38. WHAT government plan?

There's a pool of private insurers, but no real government plan that I can see. You either buy the insurance provided by a for-profit insurance company or you pay the fine, and your fine only covers a few basic health issues and that's about it.

I was talking with friends this morning, friends who are reasonably liberal and more or less somewhat kind of well-informed. (Okay, they watch news other than faux and sometimes read a newspaper.)

1. They thought everyone was now eligible to buy insurance, today, this minute. They had no clue the "mandate" doesn't go into effect until 2014.

2. They thought children were all automatically "insured" from date of birth, regardless of pre-existing conditions, with no cost. They had no idea there were still premiums to be paid, and co-pays and deductibles.

3. They had no idea that there is little idea how much the mandated insurance will cost in terms of premiums, co-pays, deductibles.

4. They did not know insurance companies can still deny claims or raise rates/co-pays/deductibles.


YET ALL OF THEM HAVE CLOSE FAMILY MEMBERS WHO ARE CURRENTLY UNINSURED AND BELIEVE THEY ARE GOING TO BE COVERED BY THE END OF THE WEEK.

When I asked them how much they thought a family of four would be paying for the new mandated insurance, the consensus was "Oh, probably about $500 a month." When asked if they thought most uninsured people they knew would be able to afford even that much, they suddenly said "not without severe hardship." One then pointed out that her self-employed son-in-law currently pays about $2500 a month to insure himself, his wife, and three children, none of whom have any pre-existing conditions. Gasps went around the table.

Here's my worst fear -- That the majority of Americans out there really do not know what this thing is really going to do and/or what it is really going to cost them on a personal basis, and when they finally do get the picture they will be so pissed off that they will BLAME THE DEMOCRATS AND ESPECIALLY OBAMA FOR FORCING IT DOWN THEIR THROATS.

A lot of us here on DU are pissed enough as it is over the many broken (or miserly kept)campaign promises. What's it gonna be like when the one big campaign promise that's been "kept" turns out to be nothing at all like what these people think they're getting?

Call me a doom and gloomer and I won't care. I'd be delighted to be proven wrong. Unfortunately, I have that rubber stamp for a very good reason: I use it.



Tansy Gold

[DemReadingDU]

40. Obama's plan

Got this email from the Obama distribution list...


I'm writing to you on a great day for America.

This morning, I gathered with members of Congress, my administration, and hardworking volunteers from every part of the country to sign comprehensive health care reform into law. Thanks to the immeasurable efforts of so many, the dream of reform is now a reality.

The bill I just signed puts Americans in charge of our own health care by enacting three key changes:

It establishes the toughest patient protections in history.

It guarantees all Americans affordable health insurance options, extending coverage to 32 million who are currently uninsured.

And it reduces the cost of care -- cutting over 1 trillion dollars from the federal deficit over the next two decades.

To ensure a successful, stable transition, many of these changes will phase into full effect over the next several years.

But for millions of Americans, many of the benefits of reform will begin this year -- some even taking effect this afternoon. Here are just a few examples:

Small businesses will receive significant tax cuts, this year, to help them afford health coverage for all their employees.

Seniors will receive a rebate to reduce drug costs not yet covered under Medicare.

Young people will be allowed coverage under their parents' plan until the age of 26.

Early retirees will receive help to reduce premium costs.

Children will be protected against discrimination on the basis of medical history.

Uninsured Americans with pre-existing conditions can join a special high-risk pool to get the coverage they need, starting in just 90 days.

Insured Americans will be protected from seeing their insurance revoked when they get sick, or facing restrictive annual limits on the care they receive.

All Americans will benefit from significant new investments to train primary care doctors, nurses, and public health professionals, and the creation of state-level consumer assistance programs to help all patients understand and defend our new rights.

As I've said many times, and as I know to be true, this astounding victory could not have been achieved without your tireless efforts.

So as we celebrate this great day, I want to invite you to add your name where it belongs: alongside mine as a co-signer of this historic legislation. Organizing for America will record the names of co-signers as a permanent commemoration of those who came together to make this moment possible -- all of you who refused to give up until the dream of many generations for affordable, quality care for all Americans was finally fulfilled.

So, if you haven't yet, please add your name as a proud health care reform co-signer today:

http://my.barackobama.com/cosigner

Please accept my thanks for your voice, for your courage, and for your indispensable partnership in the great work of creating change.

History, and I, are in your debt.

President Barack Obama
**********************


It seems like good stuff (for now), but he isn't telling what it is going to cost us. And that's a big no-no because most people are going to think that this plan isn't going to cost them much at all. This is such a dis-service. Makes me feel all yucky. Spouse can't understand why I'm not jumping for joy.

[Demeter]

24. Creeping Incrementalism

rather like Vietnam. It worked so well there....

Although in the hard reality business of building machines that work, this would be called kludging...and a kludge is neither elegant, efficient, nor reliable.

Hell, it isn't even an 80% solution.

[ozymandius]

10. New York Fed Warehousing Junk Loans On Its Books: Examiner's Report

As Lehman Brothers careened toward bankruptcy in 2008, the New York Federal Reserve Bank came to its rescue, sopping up junk loans that the investment bank couldn't sell in the market, according to a report from court-appointed examiner Anton R. Valukas.

The New York Fed, under the direction of now-Treasury Secretary Tim Geithner, knowingly allowed itself to be used as a "warehouse" for junk loans, the report says, even though Fed guidelines say it can only accept investment grade bonds.

Meanwhile, the Fed and Geithner both strongly oppose a congressional measure to authorize an independent audit of the central bank and its lending facilities. The provision passed the House but is under attack in the Senate, where Banking Committee Chairman Chris Dodd (D-Conn.) says he hopes to stop it.

Without an audit, the Fed is able to conceal the specifics of what it holds on its balance sheet. If the Lehman deal is any indication, the Fed is hiding billions of dollars in toxic loans on its books. .....

A Fed spokesman told the New York Times that a "third party" valued the assets and found they met the standards. Yet the Fed, after accepting the assets, "reduced prices to limit the risk" -- an immediate concession that they were, in fact, over-priced. Otherwise, why reduce their price?

http://www.huffingtonpost.com/2010/03/22/new-york-fed-warehousing_n_508443.html

---

So Geithner's Fed appears to have breached its fiduciary duty. How is this asshole still allowed to cast a shadow on the Treasury Department threshold?

[ozymandius]

11. Alan Grayson Shreds Bernanke on Lehman Toxic Debt

From DailyKos diarist badabing:

Now that Senator Dodd has officially requested that Attorney General Eric Holder conduct an investigation into the raging scandal of Lehman Bros., I have been wondering who will pick up the 'gauntlet' and lead the way to insure that this investigation 'actually occurs.'

I believe our Congressman With Guts, Alan Grayson may end up being that leader, that person who will not rest until the massive 'cover up' known as the great Heist of 2008 and been fully exposed.

As I pointed out in my diary yesterday, (Cooking The Books Is Now Endemic: Geithner/Bernanke Are Liars) Senator Dodd has indeed opened up a huge can of worms, a virtual 'Pandora's Box,' that can only lead to the beginning of the end of the 'controlled fraud' that has fully encompassed most of our key financial markets.

"The Fed's balance sheet is a cartoon version of what's actually inside," said Grayson. "We only get to basically do autopsies on the carcasses of the Fed's failures, but what we don't find out is when they show favoritism to companies that do not end up in bankruptcy."

In other words - we still do not know exactly how much 'toxic debt' or how much 'help' the big FIVE Remaining Banks/Investment houses, such as Goldman Sachs and JP Morgan received from the Federal Reserve, nor are we 'privy' to information as to just how much toxic debt the Federal Reserve has purchased and where that toxic debt is being hidden. Which, as Congressman Grayson says: "Has made the American Taxpayer the 'Suckers of Last Resort.'"

http://www.dailykos.com/story/2010/3/22/17461/3774

[wordpix]

20. ya'know, I'm not investing one red cent until this mess is cleaned up

Why should I invest in ANYTHING when there is no regulation or investigation of offshore account cheaters, accountants who cook books, banks perpetuating toxic assets and basically, cover up upon cover up, all of which is then piled on innocent taxpayers to pay for?

I am putting my extra money into house renovation. At least I'll create a few honest jobs that way for a few months, make my home more beautiful and increase its value if I ever sell. Now THAT's a good investment, I think.

[Demeter]

25. As you do renovations--Consider the Future

Make it the easiest to move around, lowest maintenance, lowest energy hog place you can. And enjoy it.

[AnneD]

28. It's like the.....

wild wild west without the sheriff. And until the sheriff shows up-you are doing the right thing.

[Po_d Mainiac]

14. Major questions that have been hidden as well

Who were the recipients of the loans/bonds that are now trash? Are they foreign or domestic?

Are scam artists going to run away with "free" ill gotten gains?

How were they rated?

Why is Dodd in such a lather to conceal the details?

The time to get into the Fuds books is long overdue!

[Demeter]

16. He's Got a Fairy Godfather

or maybe just a Godfather--all in the Family, doncha know?

I wash my hands of this unnecessarily corrupt regime. I coulda had a V8 President. Howard Dean.

[tclambert]

12. Sorry, but I heard something much funnier than that cartoon today.

Sen. McCain announced he would stop cooperating with the Obama administration.

[ozymandius]

13. stop?

BWAHAHAHA! :spray: :woohoo:

Jeebus! That's so mavericky of him.

Gotta run. Have a wonderful day.

:hi:

[wordpix]

21. bwahhhhhaaaa (spilled coffee)

[UpInArms]

15. dollar watch

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

Last trade 80.957 Change +0.306 (+0.39%)

Oil Clings to Risky Assets, Gold Pressured by Inflation Outlook

http://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2010-03-23-1127-Oil_Clings_to_Risky_Assets_.html

Crude oil losses have been stalled amid a rebound in risk appetite while gold and silver continue to be pressured by fading US inflation expectations.

Commodities - Energy

Crude Oil Rebounds, Risk Sentiment Remains Top Catalyst

Crude Oil (WTI)       $81.37       -$0.23       -0.28%

Prices recovered above the $80 figure after testing support in the $78.06-79.33 congestion region but bullish momentum has stalled ahead of the $82 level for the time being. The economic calendar offers competing catalysts, with US Existing Home Sales expected to decline for the third consecutive month in February while the Richmond Fed’s manufacturing index rises to the highest level since October of last year. Weekly crude inventory numbers from the American Petroleum Institute (API) are also on tap. On balance, prices are likely to fall in with the trajectory of risk appetite as the 21-day percent-change correlation between crude and the MSCI World Stock Index continues to hold the formidable reading of 0.85. This may bode well for bulls in the near term with Asian and European shares moving higher, although US equity index futures betray an apparent lack of conviction with prices essentially flat ahead of the opening bell on Wall St. A push above $82 will target the 03/12 high at $83.16, while a break of current support will expose the $77.00 figure.



Commodities - Metals

Gold, Silver Remain Under Pressure on Fading Inflation Outlook

Gold       $1098.10       -$4.15       -0.38%

Prices continue to tread water above the $1100 figure having turned lower after a test of resistance at support-turned-resistance marked by a rising trend line set from the swing low in early February. The spread between 10-year US Treasury yields and those on equivalent-maturity TIPS closed at a two-week low yesterday, pointing to downward pressure on the perennial inflation hedge amid fading price growth expectations. A break below current support targets $1088.13.

Silver $16.84 -$0.14 -0.80%
Silver has found near-term support at a rising trend line set established from the 03/05 swing low. In a similar fashion to its more expensive counterpart, ebbing inflation expectations may continue to weigh on prices. A push below trend line support (now at $16.81) will expose the $16.00 figure, followed by a horizontal barrier at $15.69.



...more...

Opening Comment 03.23

http://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/opening_comment/2010-03-23-0519-Opening_Comment_03_23.html

We have seen a potential shift in sentiment towards the major currencies after the Euro once again failed to break to fresh 2010 lows on Monday, stalling just shy of 1.3435 and reversing to close in positive territory on the day.

The Greek bailout topic remains at the forefront of investor minds and many are now speculating as to whether or not Germany will in fact move to rescue Greece. Risk appetite had been weighed down early Monday on the back of some hard criticism from Greece’s deputy PM that Germany’s Merkel was allowing the local banks to make bets against Greece with the hopes for a weaker Euro. However, reassurances from ECB President Trichet that Greece would not be leaving the EMU, some upbeat comments from China’s Wen on US-China relations, and the passage of the Obama healthcare plan were all seen reinfusing investor appetite and helping to bolster the bid in currencies.

Elsewhere, the Bank of Japan Minutes were released and were less than clear on the central bank’s desire to adopt a more accommodative easing policy as had been vocalized by many officials in recent days. Nevertheless, the release failed to materially influence price action. The New Zealand Dollar has found some fresh bids over the past few hours after local think tank NZIER announced that it expects the economy to grow at a faster pace. On the topic of reserve currencies, Fed Lockhart has come out with a rather neutral stance on the USD after saying that while the US has had the privilege of being the reserve currency of choice, this should not be taken as something permanent.

Fed Evans has also been out in recent hours with his outlook on the economy, saying that he expects the US economy to grow by 3-3.5% this year but also warns that the impact of the stimulus will ease in the second half of 2010. Evans has come out on the dovish side after also saying that current market conditions still warrant substantial accommodation. Meanwhile, China’s Wen has been going to great efforts to try and defuse the possibility of a currency war as more pressure builds in the US on citing China as a currency manipulator.

Looking ahead, data in the European session is all about the UK. UK CPI (0.5% expected) is slated for release at 9:30GMT, along with the retail price index (219.1 expected) and BBA loans for house purchases (36500 expected). UK CBI distributive trades data then caps things off at 10:00GMT. US equity futures and commodity prices are not that much moved on the day with both markets trading mixed. All currencies are near daily opening levels, with the Canadian Dollar slightly outperforming, while Yen lags.

...more...

[Festivito]

19. Debt: 03/19/2010 12,661,039,727,506.65 (DOWN 256,328,800.60) (Fri)

(Up very little. Good day all.)

(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 8,174,432,602,282.13 + 4,486,607,125,224.52
UP 244,805,712.35 + DOWN 501,134,512.95

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 309-Million person America.
If every American, man, woman and child puts in $3.24 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.71, ABOUT TEN BUCKS for a 1B$ 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 10 seconds we net gain another American, so at the end of the workday of the report, there should be 309,022,878 people in America.
http://www.census.gov/population/www/popclockus.html ON 11/07/2009 08:19 -> 307,879,272
Currently, each of these Americans owe $40,971.21.
A family of three owes $122,913.62. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 to 28 days.
The average for the last 21 reports is 12,332,613,900.86.
The average for the last 30 days would be 8,632,829,730.60.
The average for the last 28 days would be 9,249,460,425.64.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 116 reports in 170 days of FY2010 averaging 6.48B$ per report, 4.42B$/day.
Above line should be okay

PROJECTION:
There are 1,038 days remaining in this Obama 1st term.
By that time the debt could be between 14.1 and 22.3T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
03/19/2010 12,661,039,727,506.65 BHO (UP 2,034,162,678,593.57 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +0,751,210,723,994.90 ------------* * * * * * * * * * * * * * * * * * BHO
Endof10 +1,612,893,613,283.17 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
03/01/2010 +088,256,071,194.67 ------------********** Mon
03/02/2010 +000,051,419,206.42 ------------*******
03/03/2010 +001,678,102,940.09 ------------*********
03/04/2010 +034,416,128,156.63 ------------**********
03/05/2010 -000,074,542,156.87 ----
03/08/2010 +000,260,238,586.47 ------------******** Mon
03/09/2010 +000,542,827,835.74 ------------********
03/10/2010 +000,295,703,179.30 ------------********
03/11/2010 +029,692,666,288.30 ------------**********
03/12/2010 +000,363,901,611.09 ------------********
03/15/2010 +060,487,338,970.60 ------------********** Mon
03/16/2010 +000,241,513,784.66 ------------********
03/17/2010 +000,318,864,879.69 ------------********
03/18/2010 +020,986,560,998.86 ------------**********
03/19/2010 +000,244,805,712.35 ------------********

237,761,601,188.00 Total of 15 above reports.

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

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

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4315070&mesg_id=4315149

[Festivito]

39. Debt: 03/22/2010 12,663,372,436,835.10 (UP 2,332,709,328.45) (Mon)

(Up a little. Good day all.)

(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 8,175,095,386,996.26 + 4,488,277,049,838.84
UP 662,784,714.13 + UP 1,669,924,614.32

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 309-Million person America.
If every American, man, woman and child puts in $3.24 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.71, ABOUT TEN BUCKS for a 1B$ 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 10 seconds we net gain another American, so at the end of the workday of the report, there should be 309,048,798 people in America.
http://www.census.gov/population/www/popclockus.html ON 11/07/2009 08:19 -> 307,879,272
Currently, each of these Americans owe $40,975.32.
A family of three owes $122,925.95. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 to 28 days.
The average for the last 21 reports is 12,397,393,199.04.
The average for the last 30 days would be 8,678,175,239.33.
The average for the last 28 days would be 9,298,044,899.28.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 117 reports in 173 days of FY2010 averaging 6.44B$ per report, 4.36B$/day.
Above line should be okay

PROJECTION:
There are 1,035 days remaining in this Obama 1st term.
By that time the debt could be between 14.1 and 22.3T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
03/22/2010 12,663,372,436,835.10 BHO (UP 2,036,495,387,922.02 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +0,753,543,433,323.40 ------------* * * * * * * * * * * * * * * * * * BHO
Endof10 +1,589,845,972,040.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
03/02/2010 +000,051,419,206.42 ------------*******
03/03/2010 +001,678,102,940.09 ------------*********
03/04/2010 +034,416,128,156.63 ------------**********
03/05/2010 -000,074,542,156.87 ----
03/08/2010 +000,260,238,586.47 ------------******** Mon
03/09/2010 +000,542,827,835.74 ------------********
03/10/2010 +000,295,703,179.30 ------------********
03/11/2010 +029,692,666,288.30 ------------**********
03/12/2010 +000,363,901,611.09 ------------********
03/15/2010 +060,487,338,970.60 ------------********** Mon
03/16/2010 +000,241,513,784.66 ------------********
03/17/2010 +000,318,864,879.69 ------------********
03/18/2010 +020,986,560,998.86 ------------**********
03/19/2010 +000,244,805,712.35 ------------********
03/22/2010 +000,662,784,714.13 ------------******** Mon

150,168,314,707.46 Total of 15 above reports.

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

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

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4316432&mesg_id=4316606

[sabra]

29. Stocks near 18-month highs

Source: CNN Money

NEW YORK (CNNMoney.com) -- Stocks rallied Tuesday, with the Dow, Nasdaq and S&P 500 hitting new 18-month highs following the release of a better-than-expected existing home sales report.

The Dow Jones industrial average (INDU) rose 47 points, or 0.4%, with over two hours left in the session. The S&P 500 index (SPX) gained 2 points or 0.2%. The Nasdaq composite (COMP) rose 6 points or

Stocks initially struggled out of the gate Tuesday but turned higher following the release of the housing report, which showed existing home sales fell in February from January levels, but still topped estimates.

The report was consistent with other recent readings that show the economy is improving, but at a slow pace. Investors are looking for signs of increased growth in the aftermath of a rally that pushed the Dow 65% off its lows of a year ago to 2010 highs hit on Monday. In that same period, the S&P 500 has gained 72% and the Nasdaq has gained 89%.

Read more: http://money.cnn.com/2010/03/23/markets/markets_newyork/index.htm

[Indi Guy]

30. Wall St. & Main St. have been on separate paths...

...for quite some time now.

[SpiralHawk]

31. Take that, you nattering nabobs of Republicon negativity

The natterinly negative nabob republicon FAIL Freaks were wrong, wrong, wrong again. As usual.

At least they are consistent.

[leftygolfer]

32. Meanwhile, i have no idea if i can afford to eat

next week. thanks Geithner and friends.

[kestrel91316]

33. 1 lb rice, 1 lb beans, 1 or 2 onions. You can make it. Ask me how I know this.

[TerribleLarryDingle]

35. Yet you can still afford internet access?

And you Golf to?

[leftygolfer]

36. i log on from work at club...where i clean carts when weather allows

thanks for the support.

[postulater]

34. That's just great for those with stocks.

Maybe a tax on stock values could subsidize unemployment checks or pay back the bailouts.

[Demeter]

37. I'm Sensing Irrational Exuberance

in the greenspanian mode.

Maybe he signed that botched bill just for GS?

[TheWatcher]

41. WOW. Some Interesting "Blue Pill" posts near the end of the thread.

And AMAZING restraint by the "fascist" regulars. :) (I kid, I kid.)

Perhaps it is a good path to take at this point though.

The Matrix is not something that can be explained.

You have to see it for yourself.

Now, everyone write this Post 100 times:

"I Will Believe in The Bubble Or I am A REPUBLICON." :rofl: