STOCK MARKET WATCH, Tuesday October 19

[ozymandius]

Source: du

STOCK MARKET WATCH, Tuesday October 19, 2010

AT THE CLOSING BELL ON October 18, 2010

Dow 11,143.69 +80.91 (+0.73%)
Nasdaq 2,480.66 +11.89 (+0.48%)
S&P 500 1,184.71 +8.52 (+0.72%)
10-Yr Bond... 2.51 -0.01 (-0.28%)
30-Year Bond 3.95 -0.01 (-0.25%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Handy Links - Market Data and News:Economic Calendar    Marketwatch Data    Bloomberg Economic News    Yahoo! Finance    Google Finance    Bank Tracker    
Credit Union Tracker    Daily Job Cuts

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

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

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

Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren

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

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

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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

08:30 Housing Starts Sep
Briefing.com 550K
Consensus 579K
Prior 598K

08:30 Building Permits Sep
Briefing.com 550K
Consensus 565K
Prior 571K
Revised from 569K

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

[ozymandius]

2. Oil falls to near $81 as US dollar rebounds

Oil prices fell to near $81 a barrel Monday as a monthlong rally lost momentum as the U.S. dollar recovered some ground.

The euro fell to $1.3914 on Monday from $1.3963 on Friday while the British pound slipped slightly to $1.5887 from $1.5985. All major Asia stock markets were down Monday, while mostly rising slightly in Europe.

In other Nymex trading in November contracts, heating oil fell 0.09 cent to $2.2299 a gallon and gasoline rose 0.91 cent to $2.1129 a gallon. Natural gas slid 5.1 cents to $3.484 per 1,000 cubic feet.

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

[ozymandius]

3. Japan says economy at standstill

TOKYO (Reuters) – Japan's government said on Tuesday that the economy was now at a standstill, highlighting the growing gulf between developed and emerging countries at the heart of global currency tensions.

In a monthly report, the government downgraded its assessment of the economy for the first time since February 2009. A senior Japanese official said further pressure on the economy, which is mired in stubborn deflation, could tip it into recession.

Faltering recoveries from the global financial crisis in developed economies have pushed global investors into emerging markets in search of higher returns, driving up their currencies.

Japan's policymakers have grown increasingly concerned by a slowdown in growth in the export-reliant economy, prompting the government to draw up a supplementary budget and the central bank to offer cheap loans and to promise to buy assets.

http://news.yahoo.com/s/nm/20101019/bs_nm/us_japan_economy_report

[ozymandius]

4. World Bank blames U.S. for unruly capital flows

TOKYO/ PALO ALTO, California (Reuters) – Surging capital inflows threaten Asia's economic stability, the World Bank warned on Tuesday, a day after Treasury Secretary Timothy Geithner sought to draw the venom from a global row over currencies by vowing not to devalue the dollar.

The World Bank buttressed the argument made by China and others that U.S. policies are sending a wave of cash flowing into higher-yielding emerging markets, undermining their export competitiveness and pumping up inflation and asset bubbles.

Strains over the constellation of exchange rates needed to put global growth on a more solid, sustainable footing are likely to dominate a meeting of finance ministers of the Group of 20 major economies in South Korea starting on Friday.

http://news.yahoo.com/s/nm/20101019/bs_nm/us_global_economy

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Geithner says that we are in no danger of having a currency war. Odd that Geithner would make that assertion when rhetorical darts are being thrown between nations over currency valuations and the balance of trade between countries and trading blocks define the concept of 'currency war'. Now - beyond me saying that Geithner is incompetent for making these claims - his actions evidence a distinct lack of political brinksmanship. He withheld a report about China devaluing its currency prior to the G20 conference when everyone already knew its contents.

[ozymandius]

5. Geithner must be playing stupid for his own amusement.

Read this:

Geithner vows U.S. will not devalue dollar

PALO ALTO, Calif./WASHINGTON (Reuters) – Treasury Secretary Timothy Geithner vowed on Monday that the United States would not devalue the dollar for export advantage, saying no country could weaken its currency to gain economic health.

Geithner broke his silence on the dollar's protracted slide ahead of this weekend's meeting of finance leaders from the Group of 20 wealthy and emerging nations in South Korea, where rising tensions over Chinese and U.S. currency valuations are expected to take center stage.

"It is very important for people to understand that the United States of America and no country around the world can devalue its way to prosperity, to (be) competitive," Geithner added. "It is not a viable, feasible strategy and we will not engage in it."

more of this drivel here...

Jeebus! Where to begin...? Does Geithner not see how China has become an export powerhouse partly through currency manipulation? What about Japan? Is he unaware of his own government's plan to weaken the dollar to boost exports?

Such buffoonery!

[ozymandius]

6. Geithner again. Always the out-to-lunch clown.

Geithner Weak Dollar Seen as U.S. Recovery Route

Oct. 19 (Bloomberg) -- For U.S. Treasury Secretary Timothy F. Geithner, a weaker dollar may now be in the national interest.

The dollar has dropped more than 7 percent since Aug. 27, when Chairman Ben S. Bernanke signaled the Federal Reserve is prepared to ease monetary policy. Where once such a decline may have been met with resistance from the U.S., Geithner may now be tolerating it as a way of bolstering the recovery.

Geithner said yesterday that the U.S. will preserve confidence in a “strong dollar.” Speaking at an event in Palo Alto, California, he said the U.S. “will not engage” in currency devaluation.

What a difference a day makes. First he says that no nation would ever resort to devaluation for economic growth ... and the United States never would do such a thing. The 180º spin is giving me the vapors.

[Dr.Phool]

12. Gotta keep exporting that waste/recycled paper.

It's not going to be a pretty sight or a painless transition when this empire collapses under it's own weight, as all empires do.

How fitting that a clan of Wall Street clowns and born-gain generals to oversee it.

Sorry folks, but Obama and the rest of this administration are a bunch of incompetent, clueless clowns. Congress is even worse. And Republicans are just a bunch of evil, ideological, buffoons.

America is a dead man walking, and doesn't even know it.

[Demeter]

14. Geithner vowed on Monday that the United States would not devalue the dollar for export advantage

Well of course we won't. You can't export what you don't make.

[Po_d Mainiac]

42. What we do export is dollars

Via the trade deficits.

As the U$D weakens, that figure rises accordingly.

How can that be offset with exports of manufactured goods? Not easily when just about every piece of production machinery that can dismantled and shipped overseas has already left port. :grr:

[Roland99]

50. Dollar jumps 1.4% after China, Geithner remarks

http://www.marketwatch.com/story/dollar-regains-ground-but-stays-in-recent-ranges-2010-10-19

[Demeter]

10. He Did What?

:rofl:

If Timmy were a dog, he wouldn't be housebroken. Nor any competition for Lassie.

[ozymandius]

13. I wonder too much about Secretary Goomer.

Will his handlers try to spin his 180º policy reversal as a misstatement?

[Demeter]

16. Timmy's not important enough to have handlers

Those are puppetmasters. Or leash-holders.

[Dr.Phool]

15. These two are smarter, for sure.

[Demeter]

17. Awww!

Do you have to keep softening me up like that? How am I going to survive today's board meeting with images of warm cuddly puppies dancing before my eyes?

[Dr.Phool]

18. Think of his sharp little needle teeth.

And with his digging skills, he could have had those Chilean miners out in a week.

[ozymandius]

19. Pretty!

The cat has been conspicuously absent. Has the feline been exiled?

[Dr.Phool]

20. Found the cat a new home about a month ago.

[tclambert]

21. Ohai. Dis big goggie gotz into yur likker. But I iz takin care ub her.

I iz dezignated dribbler.

[Joe Chi Minh]

78. And there was me, until I found DU, thinking I was the only one to speak

on behalf of our dogs and cats in some crazy kind of patois. I think they appreciate, by the way.

[ozymandius]

7. Apple Tumbles After Forecast Miss; Jobs to Use Cash for Future

Oct. 19 (Bloomberg) --

Apple dropped 3.9 percent to the equivalent of $301.97 as of 10:49 a.m. in Frankfurt. The company predicted profit of $4.80 a share for the current quarter, missing the $5.03 average of 36 analyst estimates compiled by Bloomberg.

The forecast, coupled with a drop in new contracts reported by International Business Machines Corp., pushed down technology stocks in Asia and Europe. While Apple’s profit climbed to a record last quarter, Chief Executive Officer Steve Jobs said the company will save its cash for deals as it repels threats from Google Inc. and Research In Motion Ltd.

Jobs spoke after Apple reported that fourth-quarter profit rose 70 percent to $4.31 billion, or 4.64 a share, on sales of $20.3 billion.

Gross margin, the percentage of sales left after deducting production costs, will be about 36 percent, compared with 36.9 percent last quarter and 41.8 percent a year before that, Chief Financial Officer Peter Oppenheimer said on the call.

http://noir.bloomberg.com/apps/news?pid=20601010&sid=ah_MJ5LPr_u8

[tclambert]

22. But just yesterday I saw this headline: "IPhone helps Apple dial 4Q net income up 70 pct"

And this article says, "Apple’s profit climbed to a record last quarter." So the stock price goes down?

Personally, I wouldn't invest in Apple because it's market cap is about $290 Billion. I would be hard would to double that.

[Demeter]

8. Now That Cartoon Just Isn't Funny

I never liked the game either. I think now I know why.

[ozymandius]

11. G'morning.

:donut: :donut: :donut: Nope. Not really funny - but some cartoons are not meant to be funny. It speaks to the heart of the matter.

[DemReadingDU]

28. That toon speaks to reality

The banksters win

[ozymandius]

9. I wonder if BoA's 'oh shit!' plan is ready for action.

Federal Home Loan Bank of Chicago sues B of A, others

(Crain's) — The Federal Home Loan Bank of Chicago has sued several of the nation’s largest banks, including its biggest shareholder, Bank of America Corp., alleging that their failure to disclose lax mortgage underwriting standards led the Home Loan Bank to suffer losses after purchasing poor-quality mortgage-backed securities from them.

The Home Loan Bank’s lawsuit, filed in Cook County Circuit Court, asks the court to void the sales of the securities and direct the banks to reimburse the Home Loan Bank plus 10% annual interest, according to Bloomberg News.

In addition to Bank of America, defendants include Citigroup Inc., Goldman Sachs Group Inc. and Wells Fargo & Co. Representatives of the banking giants either declined to comment or couldn’t be reached immediately by Bloomberg.

In case you missed the 'oh shit!' plan of action - here it is.

[Roland99]

55. What a clusterf.......

[Po_d Mainiac]

58. Part of the 'reform' bill (so-called)

requires the TBTF to write there own obituaries (a plan to unwind themselves). I wonder how that's coming along?

[Dr.Phool]

64. I see some 4-leaf clovers in their futures.

Reference to "Rubicon", a new AMC series, whose season finale was Sunday.

The final words of the show. "Nobody gives a shit".

[Po_d Mainiac]

70. Hopefully the clovers will be growing around their tombstones

As for your reference to AMC: It's an advantage living in the boondocks, along with being on the East side of a hill at 45Deg North Lat. The dish is inop till the foliage is off the trees (another week or so)..No Faux News messin with the head either!

[Demeter]

23. Is Your Bank One of the 437 in Immediate Danger of Failure?

http://www.investinganswers.com/next-banks-that-could-fail

"Note to Readers: We originally posted this article mid-day on June 9, 2010. By September 20, 2010, 41 of the banks on the list, including eight on Andy's original Top 10 Banks in Danger of Failure list, were seized by the FDIC.

We've updated Andy's list with second-quarter data filed by all the nation's banking institutions. And because your hard-earned savings depend on it, we are committed to updating this article and list regularly so that you can have the most timely and relevant information at your fingertips.

Please bookmark this page and check back often to see the updated status of the banks on the list."...

The Top Ten Banks in Danger of Failure as of September 21, 2010 are:

1. Montgomery Bank & Trust, Ailey, GA
2. The Gordon Bank, Gordon, GA
3. Hillcrest Bank, Overland Park, KS
4. North Georgia Bank, Watkinsville, GA
5. American Trust Bank, Roswell, GA
6. Habersham Bank, Clarkesville, GA
7. The First State Bank, Stockbridge, GA
8. First Bank of Jacksonville, Jacksonville, FL
9. Sterling Savings Bank, Spokane, WA
10. Family Federal Savings of Illinois, Cicero, IL

[Demeter]

24. Companies in appeal for US tax amnesty

US multinational companies are clamouring for a tax holiday to repatriate billions of dollars “trapped” overseas but are being rebuffed by Barack Obama’s administration.

JPMorgan research estimates that 30-40 per cent of the almost $1,000bn in cash held by non-financial S&P 500 companies is in foreign jurisdictions.

Read more >>
http://link.ft.com/r/R5WAEE/6VJLEN/SUO9T/D4LWUK/QF84OV/28/t?a1=2010&a2=10&a3=18

[Demeter]

25. BP links bonuses to safety performance

Bonuses for the fourth quarter for BP staff will be based solely on how employees perform in terms of safety and risk management, Bob Dudley, the UK oil group’s new chief executive, has told staff.

Read more >>
http://link.ft.com/r/WDI4RR/FXTCY4/LSLXF/BMUMPU/IYPC3V/9A/t?a1=2010&a2=10&a3=18

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WELL, ISN'T THAT SPECIAL!

[Demeter]

26. Federal Reserve urged to act on economy

A senior member of the Federal Reserve has warned that the US economy is in a “liquidity trap” and signalled support for more action to boost the recovery. Charles Evans, president of the Chicago Fed, said that “in my opinion, much more policy accommodation is appropriate today” because “the US economy is best described as being in a bona fide liquidity trap”, a point where ultra-low interest rates and high savings rates conspire to make monetary policy ineffective.

Read more >>
http://link.ft.com/r/R5WAEE/3OQRLZ/Z87P0/5CSOTL/HD3BN1/GX/t?a1=2010&a2=10&a3=17

CAPTAIN OBVIOUS SPEAKS. CHICAGO, WHY IS IT ALWAYS CHICAGO?

[Demeter]

27. The Credit CARD Act Is No Match for Wall Street's Ingenuity

THIS SHORT BUT TROUBLING REPORT SHOULD BE CAREFULLY READ AND MEDITATED UPON...

http://www.huffingtonpost.com/donna-flagg/the-credit-card-act-is-no_b_758595.html

...These young men and women were handpicked from top schools and selected because they had already proven to be the best and the brightest. And that they were. It was obvious. Collectively, they vibrated with intelligence, sparkled with charisma and exploded with confidence. But more than any of that, it was clear that they were determined to win. Of course they were; this was the face of the financial sector's future. Smart. Driven. Outgoing. Competitive. But now with the financial industry being in the shape that it's in, something about that day comes back to haunt me.

At the time, it was intriguing, mind-boggling and even a bit entertaining. However, now in retrospect, it smacks of a disheartening reality. What happened was we put groups of graduates through a circuit of specially-designed exercises that we'd vetted many times over, looking for, and anticipating, whatever loopholes they might find and try to jump through. We knew that most team building exercises were not difficult enough for this bunch, so we made up our own, and then added on layers and layers of rules to complicate them as much as we could. Otherwise, we also knew from experience that they would solve each challenge in two seconds flat. To avoid that, each exercise had a long list of conditions, all of which the analysts said they understood, which was apparent in their execution as well.

As a whole, the teams didn't do anything that they were not supposed to do. It's what they did do that was so alarming, and might I add that they still managed to do it in two seconds flat. All of those rules? Out the window. They were no deterrent at all. Not one bit. They figured out a way around them in the amount of time it takes me to breathe in and out once. Then they somehow twisted what they could do by altering the meaning of our instructions to gain an advantage, which in many cases was a substantial one. We looked on in awe, and when we called them on it, their response was, "You didn't say we couldn't do it." And with that, someone turned to me and said, "Great, these guys are going to be running our financial system someday." Little did we know that "someday" was right around the corner when a different class, but the same type of thinking would bring the market -- and economy -- to its knees...

[Demeter]

29. How 2 civilian sleuths brought foreclosure problems to light

...Epstein helped draft a letter challenging the foreclosure because, as in Redman's case, it was unclear from court papers who owned the home's mortgage.

After arriving at the summary judgment hearing in her nurse's uniform, an emotional Epstein, 45, watched as the ill woman read their letter aloud in court. When the opposing attorneys never showed, the judge refused to finalize the foreclosure. The woman remains in her home as the legal wrangling continues.

For Epstein, who often helped her patients navigate disputes with their health insurance companies, the role of advocate wasn't new — but the thrill of a courtroom victory was.

"It was like something struck inside me, like this is what I'm compelled to do. I can be a nurse for people caught in this foreclosure crisis," Epstein said. "I remember thinking, 'I'm not an attorney, and there are definite obstacles, but maybe there's a role for me.' And I ran back to the hospital like I had wings. I felt like this is my purpose."


Read more: http://www.mcclatchydc.com/2010/10/13/101997/civilian-cops-take-on-beleaguered.html#ixzz12nrgmnpP

[Demeter]

30. EVICTED FAMILY RECLAIMS FORECLOSED HOME WITH ATTORNEY! 10-13-2010

http://www.youtube.com/watch?v=3biQwMTW-1Y&feature=player_embedded

[Demeter]

31. Debt market strips U.S. of triple-A rating

http://finance.fortune.cnn.com/2010/10/12/debt-market-strips-u-s-of-triple-a-rating/



The United States has lost its gold-plated triple-A rating -- in the eyes of credit traders, at least.

U.S. sovereign debt was the third-worst performer in a closely watched derivatives market during the third quarter, CMA said Tuesday in its quarterly review of global sovereign credit risk.



Not a vote of confidence



The cost of insuring against a default on U.S. government bonds via so-called credit default swaps rose 28% in the quarter ended Sept. 30, the firm said.

That puts the United States' third-quarter performance behind only two other nations, both of which are struggling with the early stages of sovereign debt crises: Ireland, whose CDS prices rocketed 72% to a record amid growing questions about the costs of a massive bank bailout, and Portugal, whose costs jumped 30%...

[Demeter]

32. ALTERNATE OPINION: Why Printing Money Makes Sense By Dean Baker

MY OWN OPINION--IT'S MORE THE PROBLEM OF WHAT IS DONE, OR NOT DONE, WITH THE DOLLAR....AND WHO IS GETTING AND HOARDING IT.

http://www.informationclearinghouse.info/article26584.htm

President Reagan once famously quipped that everyone who is supports abortion has already been born. In the same vein, it is worth noting that all the policymakers who don't think we should worry about 9.6% unemployment have jobs.

This simple fact cannot be repeated enough times because it explains a huge amount about current economic policy. For the tens of millions of people who are unemployed, underemployed or have given up looking for work altogether, we are in a crisis. The economy is an absolute disaster, ruining their lives and also jeopardising the futures of their children and grandchildren.

But that is not the way that the people paid to contemplate economic policy in Washington see things. This gang is busy congratulating themselves because things could have been worse. They point out that if they had been even more incompetent that we could be in a second Great Depression with unemployment staying in the double digits for a decade.

Instead of worrying about the millions of unemployed workers today, they are worried about their deficit projections for the years 2018, 2020 or even 2025. This crew, which could not even see the $8tn housing bubble that was about to wreck the economy, wants the whole country to genuflect before their projections of deficits for 10-15 years into the future. This situation really would be funny if it did not lead to so much unnecessary suffering.

[Tansy_Gold]

34. Your comment is crucial

Printing money to put it into the economy is one thing, but if it doesn't STAY "in the economy," it's not doing its job.

The item you posted downthread, too, is important. The tea partiers have been set up -- deliberately, of course -- to rail against tax programs because everyone hates paying taxes and hates seeing their tax monies spent on the undeserving. The problem is, the masterminds of the tea party have craftily directed that anger at "the undeserving poor," and no one notices that the proposals would benefit the even less deserving rich.



Tansy Gold, who sometimes wishes she had never read Altemeyer because he makes everything so perfectly clear and that clarity is sometimes very, very, very painful

[Demeter]

35. Morning, Tansy

Unfortunately, this knowledge ISN'T power. Power is power, and won't share. Nor will it take in new information that violates its inherent selfishness.

[Po_d Mainiac]

36. Some parent wasted good money on an education. Dumb article. n/t

[Tansy_Gold]

38. I tend to agree with Baker on most things, but on this I'm with you

At the risk of sounding like a broken record (or scratched CD???), NOTHING they do will have any significant effect unless and until they address the manufacturing jobs issue. NOTHING.

If they print money and it all gets spent on cheap crap manufactured in China and Honduras and Bangladesh and Vietnam and Turkey, on apples from Chile and Australia, on green peppers from the Netherlands, etc., etc., etc., then that money will leave "the economy."

If they print it and they don't fix the financial regulations to prevent HFT and other non-productive activities that contribute NOTHING to the economy and only serve as devices to pull more money out of it and into the hands of the already filthyfuckingrich, then that money has left "the economy."


I don't think they're all that stupid that they don't understand this. They don't WANT to understand it. They, and their leader at 1600, have lost all touch with reality. One of these days reality will come down on them like a hammer. . . . .or the blade of a guillotine. It's their choice.

As noted earlier, history does seem to like repeating itself.


TG, NTY

[Demeter]

33. Washington at Work--for the Wealthy

http://www.informationclearinghouse.info/article26577.htm

Scroll through the right-wing blogosphere, or listen in at a tea party rally, and you'll find angry people ranting about an out-of-control federal government that's redistributing the nation's wealth to the undeserving poor.

Those rants do have one point right: The federal government is shoveling hundreds of billions of dollars into programs that redistribute wealth. But these "wealth-building" programs aren't redistributing wealth from the top to the bottom. They're actually shifting more wealth to the top....Most federal asset-building programs, the study explains, deliver their benefits through the tax code, an approach that almost guarantees that the wealthy will score, by far, the biggest benefits...Low-income households that "don't make enough money to itemize deductions or even to accrue much tax liability," notes Upside Down, "receive next to nothing from these strategies."

And middle-income families don't see much benefit either. The typical household making $50,000 a year, the study relates, received in 2009 only $500 in benefits from the federal government's mortgage and property tax deductions and investment tax breaks. Taxpayers making over $1 million a year, on the other hand, averaged $95,820 last year from these same subsidies.

...Of course, alternatives do exist. We could, notes Upside Down, easily alter how we "deliver" asset-building assistance. We could, for instance, replace tax deductions with "refundable tax credits," a move that would funnel actual checks to Americans who don't have tax bills big enough to benefit from tax deductions.

And to end the windfalls for the wealthy our current system encourages, we could place "caps on the value of homes and other assets that can be deducted." That would mean no more tax breaks for mansions and palatial beach retreats.

[Roland99]

37. But...but...but...those benefits to the rich are creating jobs!

or something.

[Tansy_Gold]

39. Ah, there you are, Grandpa.

All okay with new grandbaby? Or did I miss an earlier report?



Tansy Gold

[Roland99]

44. All is very well...I'll post some stats/pics in a min.

:)

Had a sick day yesterday so I wasn't around so much.

[Po_d Mainiac]

40. Today looks to be a bloodbath for equities and PM's

The currency charts tell all.

The move started about 11:30pm and has been on a tear for the last 11 hours.

This sure looks like a major intervention by a CB, or perhaps more than one. Question will be 'how many hours will it last'
:popcorn:

[Tansy_Gold]

41. I'll have butter on mine, thank you.

:popcorn: indeed.

[Po_d Mainiac]

48. Good thing these interventions have become commonplace

Otherwise I'd be having chest pains

[Demeter]

53. I Expect the 3 PM Miracle Will Be On Time

Mussolini runs the markets, these days.

[Po_d Mainiac]

57. Look for the opposite today.

When the equity and PM markets move in near lock-step with the DX, the USD has become a funding currency. That's all you need to know.

[antigop]

43. Morning, Marketeers -- ITYS

Remember when I posted about securities lending a while back?

See this thread as one example:
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3699499#3699914

The New York Times recently had an article about this little-known practice:
http://www.nytimes.com/2010/10/18/business/18advantage.html

Sorry, I can't stay...I won't be able to respond to any posts.

Hope you can all weather the storm.

All the best..

[Po_d Mainiac]

46. +100 This is a gr8 post!

What a neat swindle...

[Dr.Phool]

56. Yep, I remember that.

Heads Wall Street wins, Tails you lose.

I need some happy talk from over in Jonestown. Otherwise I'm going to think we're on the verge of collapse.

[DemReadingDU]

79. Hey! Hope you are well, we have missed your postings

Drop by again soon

[Roland99]

45. This thread needs more cuteness!!

Here she is...all 20in, 6lbs 12oz of her:






Mom and baby are safe at home as of yesterday and all is well (and I turned another year older Sunday but sure as heck don't feel it!) :)

[Tansy_Gold]

47. Well, Happy Birthday and Happy Birth Day!

Good folks is born in October, dontcha know? :evilgrin:

[Roland99]

49. Good (and humble) folks, indeed

:)

[Dr.Phool]

51. She's a cutie!

Happy birthdays to all.

At first scan, I misread it and said to myself "TWENTY POUNDS"!!!!!?????

[kickysnana]

52. Me2 n/t

[ozymandius]

75. Congratulations!

She is adorable. Thank you for brightening the day with these pictures. :toast:

[DemReadingDU]

81. Ahhh!

It won't be long, and she'll be crawling.
:)

[Roland99]

54. 1:38 - No propping yet

Dow 11,021 -122 -1.10%
Nasdaq 2,450 -30 -1.23%
S&P 500 1,172 -13 -1.07%
GlobalDow 2,013 -23 -1.11%
Gold 1,337 -35 -2.53%
Oil 80.58 -2.50 -3.01

[Dr.Phool]

60. But, we have some dropping.

2:00 pm Dow -160.

Below 11,000.

[Dr.Phool]

61. Ooops..2:05 pm Dow minus 212

[Roland99]

66. Guess I shoulda kept my trap shut

[Dr.Phool]

59. Foreclosure law firm chief replaced as chairman at his company

Foreclosure law firm chief replaced as chairman at his company

Advertisement | ad info
By Shannon Behnken
Tampa Bay Online Tampa Bay Online
updated 11 minutes ago


TAMPA — David J. Stern, whose foreclosure law firm is under investigation for fraud, has been replaced in his role of chairman of one of his companies, DJSP Enterprises Inc, which handles legal work for the law firm. Stephen J. Bernstein, the company's lead independent director, has been appointed as interim chairman, DJSP said this morning. Stern will remain chief executive officer.

"Initially, Mr. Bernstein's role as non-executive chairman will be a full time position as he provides board support to the company as it develops and executes plans to respond to recent developments impacting the company and the industry," according to the company's news release. The company would not say whether those developments include an ongoing investigation by the Florida Attorney General's office. Chris Simmons, director of investor relations for DJSP, said the company will not comment on any of the allegations.

DJSP is a publicly traded company whose stock has taken a beating. Shares are down 83 percent to $1.49 from a high of $13.50 in April.

The Attorney General has recently released two statements from former employees at the law offices of David J. Stern. The employees allege that attorneys and staff members forged signatures, changed dates and passed around notary stamps.


http://www.msnbc.msn.com/id/39744167

[TheWatcher]

62. It's All Good, Good, Good. It's All So GOOD.

Oh, Wait....

[Dr.Phool]

63. Good afternoon, Watcher.

[TheWatcher]

65. Good Afternoon, Doc.

:hi:

I agree with what you said upthread.

We are INDEED near a collapse.

It's amazing to see the delusion out there. It's absolutely breathtaking at this point. So many people simply do not get that the "Recovery" they have put all their faith in has been one of the most elaborate illusions ever constructed.

When future history Books are written, assuming that actual reality and facts are still allowed to be written, this period in history will go down as one of the most disturbing examples of mass delusion and cognitive dissonance in the history of man.

And we were witnesses to it all.

Hopefully the writers of those Books will be more than witnesses.

They will be part of the generation that said:

ENOUGH

[hamerfan]

67. Spot on!

As always, Watcher. Thank you for the post.
hamerfan

[Demeter]

80. I Don't Think Cockroaches Can Write

and the rats and fleas just don't care.

[TheWatcher]

68. The Recovery Cult needs to look at the correlation in the way The Dollar Trades to The Dow

And realize they have basically two choices, neither that are for their own benefit.

Do they want an Artificially High Stock Market, the Illusion of Recovery, A Silent Depression With high Unemployment as "The New Normal" and no purchasing power because of a collapsed, devalued Currency.

Or do the want a Collapsed Stock Market, A more Visible Depression with High Unemployment, and a Higher Dollar that won't be anywhere near an ideal level, but still something they can point to and bleat as a sign of "Recovery" (while everyone else not as delusional suffers from the reality they can't face?)

Gotta Love the Recovery Cultists.

It must be nice to be so unaffected by everything and reap the benefits of a life full of perfect decisions and live blissfully in a clueless, incurious cocoon, safe and snug anything that resembles reality.

Have I Mentioned Today......

Nah, I'll leave that line to Malloy.

He Does It So Much Better Than Me.

:evilgrin:

[Po_d Mainiac]

76. I'd prefer to be able to afford a few spoonfuls of oil with my coffee, thanks n/t

[Festivito]

69. Debt: 10/15/2010 13,665,926,643,255.96 (UP 58,979,549,154.06) (Fri)

(Up a lot again. Good day.)
Fixed a ceiling fan.
(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)
= 9,059,271,396,291.56 + 4,606,655,246,964.40
UP 53,297,374,376.50 + UP 5,682,174,777.56

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 310-Million person America.
If every American, man, woman and child puts in $3.22 THAT'S 1B$, and $3,220.75 makes 1T$.
A family of three: Mom, Dad, Child: $9.66, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 310,486,592 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $44,014.55.
A family of three owes $132,043.64. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 days.
The average for the last 22 reports is 7,631,804,278.15.
The average for the last 30 days would be 5,596,656,470.65.

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$/day.
There were 261 reports in 380 days of FY2011 averaging 6.73B$ per report, 4.62B$/day.
Above line should be okay

PROJECTION:
There are 828 days remaining in this Obama 1st term.
By that time the debt could be between 14.8 and 18.3T$.
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)
10/15/2010 13,665,926,643,255.96 BHO (UP 3,039,049,594,342.88 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,104,303,612,364.20 ------------* * BHO
Endof11 +40,193,654,666,246.70 ------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | per 1B Too much to predict at this time.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
09/24/2010 +000,034,117,767.19 ------------*******
09/27/2010 -000,066,407,812.28 ---- Mon
09/28/2010 +001,463,391,855.14 ------------*********
09/29/2010 +000,391,315,850.35 ------------********
09/30/2010 +058,907,978,013.89 ------------**********
10/01/2010 -005,585,417,177.51 --
10/04/2010 +000,259,208,393.70 ------------******** Mon
10/05/2010 +000,697,809,032.26 ------------********
10/06/2010 +000,102,633,566.23 ------------********
10/07/2010 -010,581,200,428.89 -
10/08/2010 -000,047,594,597.51 ----
10/12/2010 -002,308,905,840.19 -- Tue
10/13/2010 +004,079,531,881.58 ------------*********
10/14/2010 -003,450,466,367.69 --
10/15/2010 +053,297,374,376.50 ------------**********

97,193,368,512.77 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=4578540&mesg_id=4578674

[Festivito]

71. Debt: 10/18/2010 13,668,894,473,093.42 (UP 2,967,829,837.46) (Mon)

(Up a little, not a lot, for this day's report. Good day.)
And found the home internet problem.
(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)
= 9,060,113,086,608.79 + 4,608,781,386,484.63
UP 841,690,317.23 + UP 2,126,139,520.23

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 311-Million person America.
If every American, man, woman and child puts in $3.22 THAT'S 1B$, and $3,220.53 makes 1T$.
A family of three: Mom, Dad, Child: $9.66, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 310,508,192 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $44,021.04.
A family of three owes $132,063.13. (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 9,578,533,462.41.
The average for the last 30 days would be 6,704,973,423.69.
The average for the last 31 days would be 6,488,683,958.41.
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$/day.
There were 262 reports in 383 days of FY2011 averaging 6.71B$ per report, 4.59B$/day.
Above line should be okay

PROJECTION:
There are 825 days remaining in this Obama 1st term.
By that time the debt could be between 14.8 and 19.0T$.
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)
10/18/2010 13,668,894,473,093.42 BHO (UP 3,042,017,424,180.34 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,107,271,442,201.70 ------------* * BHO
Endof11 +33,494,712,221,872.20 ------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | per 1B Too much to predict at this time.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
09/27/2010 -000,066,407,812.28 ---- Mon
09/28/2010 +001,463,391,855.14 ------------*********
09/29/2010 +000,391,315,850.35 ------------********
09/30/2010 +058,907,978,013.89 ------------**********
10/01/2010 -005,585,417,177.51 --
10/04/2010 +000,259,208,393.70 ------------******** Mon
10/05/2010 +000,697,809,032.26 ------------********
10/06/2010 +000,102,633,566.23 ------------********
10/07/2010 -010,581,200,428.89 -
10/08/2010 -000,047,594,597.51 ----
10/12/2010 -002,308,905,840.19 -- Tue
10/13/2010 +004,079,531,881.58 ------------*********
10/14/2010 -003,450,466,367.69 --
10/15/2010 +053,297,374,376.50 ------------**********
10/18/2010 +000,841,690,317.23 ------------******** Mon

98,000,941,062.81 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=4579608&mesg_id=4580129

[Dr.Phool]

72. Denninger: NY Fed, PIMCO request BAC repurchase mortgages.

Tick
.
.
Tick
.
.
Tick
.
.
.
.
.
http://market-ticker.org/akcs-www?post=169659

[Po_d Mainiac]

73. Ain't this the same Pimpco

that wanted the Treasury to insure all REMIC's all month ago?

And the same Pimpco that just sucked a ton of money out of the FED by dumping T's in exchange for MBS for well under face value?

Yup BAC should repurchase, but any difference between face value and what Pimpco paid in the secondary market should go to the hosed. Wow!

[tclambert]

74. More about that banker whose body was found in Lake St. Clair.

Apparently the autopsy has not revealed a cause of death. There was no evidence of blunt force trauma or shooting or stabbing. The state of decomposition may make it impossible to tell if he drowned or had a heart attack and fell in. He was found along the shore of Lake St. Clair about 3 miles from his bank. But the bank is only about a block from the Clinton River, which flows into the lake. If he jumped in or fell in, his body may have floated out into the lake. It could travel a long way in a month.

They can't rule anything out at this point, but it's looking to me like it may have been a tragic accident. Plante and Moran is doing an audit of the bank, but has not released any results yet.

[DemReadingDU]

82. Thanks for the update

This is indeed puzzling.

[Joe Chi Minh]

77. The cartoons just get better and better. Well, no. That's not fair on the earlier

ones, which were also hilarious.

I think cartoonists are exceptionally gifted. Not only do they have this brilliantly dark(!) humour, but with just a few lines they characterise public figures we're all familiar with from the media, unmistakeably.