STOCK MARKET WATCH, Friday December 10

[ozymandius]

Source: du

STOCK MARKET WATCH, Friday December 10, 2010

AT THE CLOSING BELL ON December 9, 2010

Dow 11,370.06 -2.42 (-0.02%)
Nasdaq 2,616.67 +7.51 (+0.29%)
S&P 500 1,233.00 +4.72 (+0.38%)
10-Yr Bond... 3.21 -.00 (-0.09%)
30-Year Bond 4.37 -0.04 (-0.86%)

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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
Dishonorable Mention: former House majority leader, Tom DeLay

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

Financial Sector Officials Convicted since 1/20/09 = 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. A Special Message: New Search Tool re: Wikileaks Cables

Snot sent this message and asked that I post it for you to see.

There's a new facility that enables searches of all the cables released by Wikileaks by words or phrases, at http://cablesearch.org .

I'm particularly interested in financial secrets that might be dug out of the cables, and I'm concerned that most reporters don't understand financial stuff well enough even to know what to look for.

But I know no one better than the SMW regulars to come up with fruitful words and phrases and to recognize the significance of what they might find.

Unfortunately, the facility is in beta, and when I tried to use it tonite, although it produced many "matches," it would only show me three; hopefully that will be fixed soon.

Since additional cables are being released every day, we may need to check back regularly for new matches.

I don't know if the facility, or something like it, will also search the expected material on Bank of America -- I hope so!

This sounds like fun!

[Demeter]

19. Exclusive: An Inside Look at the "Hactivist" Takedown of Visa After WikiLeaks Cut Off

http://www.truth-out.org/exclusive-an-inside-look-hacktivist-attack-visacom65804

Web pirates are waging cyberwarfare in defense of WikiLeaks, and I had a rare glimpse into the hacktivists' hidden world of Internet sabotage in a secret chat room as the faceless hackers orchestrated the attack that temporarily shut down www.Visa.com on Wednesday evening....

[DemReadingDU]

22. Thanks for posting

Also eventually hope to find financial info in this tool!

[snot]

44. Thanks Ozy!

(I can't usu. get here to post bef. most of you have to leave)

[ozymandius]

2. Today's Reports

08:30 Trade Balance Oct
Briefing.com -$43.0B
Consensus -$44.5B
Prior -$44.0B

08:30 Export Prices ex-ag. Nov
Briefing.com NA
Consensus NA
Prior 0.7%

08:30 Import Prices ex-oil Nov
Briefing.com NA
Consensus NA
Prior 0.3%

09:55 Mich Sentiment Dec
Briefing.com 72.5
Consensus 72.5
Prior 71.6

14:00 Treasury Budget Nov
Briefing.com -$142.0B
Consensus -$134.0B
Prior -$120.3B

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

[ozymandius]

3. Oil rises to near $89 ahead of OPEC meeting

Benchmark oil for January delivery was up 40 cents to $88.77 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract added 9 cents to settle at $88.37 on Thursday.

Analysts say officials of the 12-nation Organization of Petroleum Exporting Countries will likely leave the group's production quotas unchanged at Saturday's meeting in Ecuador.

OPEC, which is responsible for 35 percent of global oil production, has not changed its output quotas since late 2008. Last month, Saudi oil minister Ali Naimi said that oil between $70 and $90 per barrel was tolerable for consumers.

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

This is interesting. The Saudis think that a price range between $70 to $90 is tolerable for consumers. Goldman Sachs thinks that $100/bbl is okay.

[ozymandius]

4. IEA lifts oil demand forecasts on US, Asian growth

The agency based in Paris raised its 2010 estimate to 87.4 million barrels a day, up 130,000 daily barrels from its previous forecast. It says that demand next year should hit 88.8 million barrels a day, 260,000 daily barrels more than earlier expected.


http://news.yahoo.com/s/ap/20101210/ap_on_bi_ge/iea_oil_demand

[Demeter]

14. Remember $4 Gasoline? Oil Speculators Are Back

http://www.truth-out.org/remember-4-gasoline-oil-speculators-are-back65799

Despite weak demand in the U.S. and Europe, oil prices climbed this week to near $90 a barrel and gasoline prices have passed $3 a gallon on the West Coast and parts of the Northeast.

Why? If demand is down and supplies are plentiful — and they are — why would prices be going up?

Because Wall Street speculators are driving up oil and gasoline prices again — just in time to dampen holiday cheer.

"It's all about investor optimism, and that's been the story about 2010 ... that's the primary reason why we're seeing oil prices at $90 (a barrel) and gasoline making an uncharacteristic climb in December towards $3 a gallon," said Troy Green, a national spokesman for the AAA Motor Club, which monitors gasoline prices...

[happyslug]

43. Because China and India are buying Oil

China has an oil shortage and as long as that is the case it will put pressure on oil prices. The US and Europe has drop some use of oil, but nowhere near the increase in use by China and India.

Right now, that dynamics is what is driving oil prices up, speculators are, at best, anticipating increase use of oil by China and India and thus accelerating the price increase slightly, The Energy Information Agency (EIA) increased its prediction of oil production this month, so that it matches consumption NOT do to any real increase in oil production any where in the world. The EIA has been claiming oil production increase will cover increase oil demand for the next 20 years, but then does NOT claim who will produce this new production (Associates for the Study of Peak Oil, ASPO, claims it is a fudge figure EIA came up with so NOT to recognize an upcoming oil shortage i.e. demand exceeds supply).

Whenever demand exceeds supply, and supply can NOT be increased, you have to destroy demand, and destruction of demand is via increase price. That is what is happening, speculators may be speculating on the increase in price, but are NOT driving that price. The price increase is in the fundamentals of oil production and consumption NOT the speculators and it is the fundamentals that are driving the price of oil up. Speculators may speed up that price increase, but except in rare occasions and then for limited time period when speculators can drive prices higher then the fundamentals, all speculators can do is accelerate the process driven by fundamentals of the market place.

2008 is a good example, the fundamentals had pushed the price of oil up and up from 2000 onward. Speculators, speculated on oil from 2000-2008 (as Speculators did before and since and always do, that is why they are called speculators). The price slowly went up from 2000 till the fall of 2008. Come the fall of 2008, with the US seeing its first ever drop in year to year oil consumption (a 1% drop) and a massive recession (Which also killed off demand for oil) prices started to drop. Speculators were part of the wave to the top, driving the price over what people were willing to pay (i.e. willing to pay means NOT buying oil at that price, and stop using oil, NOT complaining that you can NOT afford Oil, thus complaining of the oil price is unimportant, NOT buying oil is showing an unwillingness to pay).

At peak Speculators place bets the price of oil would go higher, and lost a lot of money when oil started to drop in price to do the drop in demand for oil. At that point speculators step into the market again, but this time betting that the price of oil will drop, driving the price down faster then it would have without them. That is normal for speculators, they accelerate price increases AND price decreases. On the other hand, except for maybe the summer months of 2008 when oil prices were at their peak, speculators had no control over oil price for they could not control production, consumption or distribution (unlike the 1979 oil spike where they was clear evidence of oil being stock piled to keep prices up, that did NOT occur in 2008 or before or since 2008).

Yes, speculators drove up the price of oil, but in the nature of betting on what the price of oil will be in two to three months (as it was shipped to the US and other consuming nations) NOT as an attempt to drive up the price of oil. The problem with oil is we are at world wide peak production AND China and India (and much of the third world) consumption of oil has increased over the last year (as it has over the last 10-50 years). The problem today is NOT speculators, but the fundamentals How can we live using less oil? That is the only way to get the price of oil down, but no one wants to make the hard choices that are needed to accelerate drop in oil consumption (i.e. increase oil taxes to provide funds to built electric driven mass transit systems). Until someone makes such a decision high oil prices will never be addressed and blaming Speculators is the best way to avoid making the necessary choices.

ASPO:
http://www.peakoil.net/

EIA:
http://www.eia.doe.gov/

[CatholicEdHead]

46. And the weakening dollar after QE2

[Demeter]

5. 2nd Rec!

there's this sticky cold white stuff on the ground, almost enough to cover the grass....the weather reports have been threatening us with inches for weeks now....finally maybe almost one whole inch...but predictions are we will be socked in this weekend, which is concert time.

We actually had to cancel a concert due to incredibly bad timing on the weather one Christmas.

I survived Thursday. 18 hours of flat out working in some many directions...and one of my clients is missing. I don't know if she's dead, hospitalized, or just on a family trip.

And then, there's my father....chaos equivalent to the global economic breakdown.

So much for the spirit of the season.

[ozymandius]

7. Good morning, Demeter.

:donut: :donut: :donut: We will share in the breath freezing temperatures forecast for the weekend. It sounds like so much is on your plate. I hope you can find some pause between projects and take these issues one-at-a-time.

[Tansy_Gold]

39. Hang in there, girlfriend.

In SMWLand the weather is always whatever you want it to be, and the folks are friendly and understanding.

:hug: to you, today and everyday.



TG, TT

[Demeter]

51. thanks, Tansy!

I can feel the love, or whatever it is...

We got above freezing, and the inch is gone, or nearly. The weather station says it's 41F! And the sun shone, but my client is still MIA.

And there's a rehearsal tonight, no euchre for me. Blah.

[ozymandius]

6. Americans' wealth grows, lifting hopes for economy

I wonder if Ben Bernanke ghost wrote this article because it's merely lip service to that ridiculous "wealth effect."

Household net worth grew 2.2 percent in the July-September quarter, fueled by a rally on Wall Street that catapulted stock prices. And stocks have risen more since the new quarter began Oct. 1, further boosting wealth.

Those increases are lifting hopes for the economy, especially because Congress seems about to pass a package of tax cuts for most Americans. Both factors help: The stock gains make people feel wealthier. And the tax cuts put more spending money in their pockets.

Net worth is the value of assets such as homes and stocks, minus debts like mortgages and credit cards. It totaled nearly $55 trillion last quarter, the Federal Reserve said Thursday. The increase from July through September occurred even though the value of people's real estate holdings sank 3.7 percent.

more

On a related note: I was sitting in a pub the other day and Bill Gates walked in. Immediately, the average net worth of everyone in that room jumped by hundreds of millions of dollars.

Just like the article says about "most Americans" - the perceived benefits of stocks tax cuts are a matter of perception and a clumsy application of averages.

[ozymandius]

12. U.S. Home Values Poised to Lose $1.7 Trillion in 2010

I like to start my day with a little irony.

The drop in home values pushed more buyers underwater, meaning they owe more on their mortgages than their homes are worth, Zillow said. The percentage of homeowners with mortgages with so-called negative equity reached 23.2 percent in the third quarter, up from 21.8 percent at the end of 2009.

Housing demand has slumped since the start of the year as the government tax credit expired and unemployment hovers near 10 percent. Sales of existing homes in October fell to an annual pace of 4.43 million, compared with 5.98 million a year earlier and an annual average of 5.81 million over the past decade, the National Association of Realtors said Nov. 23. The median price was $170,500, down from $172,000 a year earlier.

more

So much for the stoopid wealth effect. Every person in America just got their pocket picked in the amount of $3,333.00.

[Po_d Mainiac]

20. And money isn't just being printed

[Dr.Phool]

32. There goes that wealth growth.

[jtuck004]

42. I am guessing most people here know that stocks, which went

up, are highly concentrated among the 2% of the population that owns most of the wealth, whereas the housing, which took a dramatic downward turn, is where most of the "wealth" is for everyone else, at least for those fortunate enough to still have one.

I sometimes talk with others about income inequality, but understanding is often bounded, or even limited, by experience. It is also guided by how people learn - some through their hands as they work through problems, some graphically through their eyes. Some people learn best through sound. You may have already seen this, but it's worth keeping the link so you can listen to the

"Sounds of Income Inequality" Here...


Thank you everyone for your continued work. Great place to learn...

[Demeter]

8. AIG strikes deal to repay Treasury

http://www.marketwatch.com/story/aig-sets-plan-to-begin-repaying-treasury-2010-12-08?siteid=YAHOOB

American International Group Inc. said Wednesday it has struck an agreement with the Treasury Department aimed at slashing the government’s 90% stake in the distressed insurer by paying off credit lines and issuing stock.

Treasury officials called it a milestone that could eventually lead to a lucrative exit from AIG for American taxpayers....

TELL ME TRUTHFULLY, WOULD YOU BUY STOCK IN AIG? HOW MANY FOOLS WITH MONEY DO THEY THINK ARE STILL OUT THERE?

[ozymandius]

11. A Fool and His Money

soon parted...

This stock offering will no doubt be played by the high frequency traders.

[ozymandius]

9. PayPal Guards Against Attack From WikiLeaks Hackers (Update1)

From Bloomberg:

PayPal has temporarily strengthened the vetting process for new developers who want to build on PayPal’s software code, the payment-processing company said in an e-mailed statement.

Hackers have taken steps to harm companies, including PayPal, that have cut off WikiLeaks’ access to their services. Supporters of WikiLeaks, which disseminated classified U.S. military and State Department documents over the Web, failed to bring down Amazon.com Inc. this morning and instead turned their attention to PayPal. The attacks may have limited impact, said Scott Kessler, an analyst at Standard & Poor’s.

more

As Demeter says: "Geeks rule!"

[xchrom]

10. Recommend

[Festivito]

13. Debt: 12/08/2010 13,847,884,133,109.61 (UP 9,393,818,611.97) (Wed)

(Up some. Good day.)
Surveyed at a slower than glacial speed.
(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)
= 9,288,916,003,126.37 + 4,558,968,129,983.24
UP 18,541,141,818.10 + DOWN 9,147,323,206.13

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 $3,216.72 makes 1T$.
A family of three: Mom, Dad, Child: $9.65, ABOUT TEN BUCKS for a 1B$ 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 310,875,392 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 $44,544.81.
A family of three owes $133,634.42. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 days.
The average for the last 21 reports is 5,843,684,472.68.
The average for the last 30 days would be 4,090,579,130.87.

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$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 47 reports in 69 days of FY2011 averaging 6.09B$ per report, 4.15B$/day.
Above line should be okay

PROJECTION:
There are 774 days remaining in this Obama 1st term.
By that time the debt could be between 14.9 and 17.8T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
12/08/2010 13,847,884,133,109.61 BHO (UP 3,221,007,084,196.53 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 +0,286,261,102,217.90 ------------* * * * * * * BHO
Endof11 +1,514,279,743,616.43 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
11/17/2010 +000,670,859,874.97 ------------********
11/18/2010 -002,271,166,541.35 --
11/19/2010 +002,392,756,046.31 ------------*********
11/22/2010 +000,068,056,529.55 ------------******* Mon
11/23/2010 -000,022,584,331.05 ----
11/24/2010 +000,282,063,227.86 ------------********
11/26/2010 +003,743,380,701.15 ------------*********
11/29/2010 +000,134,381,143.81 ------------******** Mon
11/30/2010 +065,487,463,946.10 ------------**********
12/01/2010 -005,680,380,232.98 --
12/02/2010 +000,827,003,518.64 ------------********
12/03/2010 -000,051,568,825.48 ----
12/06/2010 +000,077,038,802.53 ------------******* Mon
12/07/2010 +000,178,077,201.68 ------------********
12/08/2010 +018,541,141,818.10 ------------**********

84,376,522,879.84 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=4650406&mesg_id=4650420

[Festivito]

56. Debt: 12/09/2010 13,846,494,847,569.86 (DOWN 1,389,285,539.75) (Thu)

(Up little. Good day.)
The snow has started and the snow machine has not.
(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)
= 9,289,342,021,415.41 + 4,557,152,826,154.45
UP 426,018,289.04 + DOWN 1,815,303,828.79

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 $3,216.65 makes 1T$.
A family of three: Mom, Dad, Child: $9.65, ABOUT TEN BUCKS for a 1B$ 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 310,882,592 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 $44,539.31.
A family of three owes $133,617.92. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 days.
The average for the last 21 reports is 5,683,211,834.82.
The average for the last 30 days would be 3,978,248,284.38.

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$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 48 reports in 70 days of FY2011 averaging 5.93B$ per report, 4.07B$/day.
Above line should be okay

PROJECTION:
There are 773 days remaining in this Obama 1st term.
By that time the debt could be between 14.9 and 17.8T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
12/09/2010 13,846,494,847,569.86 BHO (UP 3,219,617,798,656.78 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 +0,284,871,816,678.10 ------------* * * * * * * BHO
Endof11 +1,485,403,044,107.24 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
11/18/2010 -002,271,166,541.35 --
11/19/2010 +002,392,756,046.31 ------------*********
11/22/2010 +000,068,056,529.55 ------------******* Mon
11/23/2010 -000,022,584,331.05 ----
11/24/2010 +000,282,063,227.86 ------------********
11/26/2010 +003,743,380,701.15 ------------*********
11/29/2010 +000,134,381,143.81 ------------******** Mon
11/30/2010 +065,487,463,946.10 ------------**********
12/01/2010 -005,680,380,232.98 --
12/02/2010 +000,827,003,518.64 ------------********
12/03/2010 -000,051,568,825.48 ----
12/06/2010 +000,077,038,802.53 ------------******* Mon
12/07/2010 +000,178,077,201.68 ------------********
12/08/2010 +018,541,141,818.10 ------------**********
12/09/2010 +000,426,018,289.04 ------------********

84,131,681,293.91 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=4652487&mesg_id=4652512

[Demeter]

15. A Modest Proposal to Transition to a "Cater to the Rich" Economy

This column is marked as satire....how I wish it was satire.

http://www.truth-out.org/a-modest-proposal-transition-a-cater-rich-economy65736

In an article in The New York Times titled "Some Very Creative Economic Fix-Its," New York University economics professor Andrew Caplin calls for workers to put their stakes in a "cater to the rich" economy.(1) According to Caplin, growing inequality is a fact of life in the future of the US and global economy - "some people will succeed and others will not." Rather than judging this to be bad or good, the poor and middle class would do best by trying to "understand the needs" of the wealthy and attempting to provide services to meet their demands.

Rand Paul recently expressed a similar sentiment in the immediate aftermath of his Senate victory. "We're all interconnected in this economy," he told CNN's Wolf Blitzer. "There are no rich, there are no middle class, there are no poor. We all either work for rich people or sell stuff to rich people."(2) For Paul, the "cater to the rich" economy is already here. The key now is to expand it, starting with extending tax cuts for the wealthiest to spur their spending and investment and create more jobs.

From the perspective of someone who is currently unemployed and has worked a variety of low-wage temp jobs over the past year, I think both Caplin and Paul are onto something. Based on my experiences, I want to submit a modest proposal for a "cater to the rich" jobs program that would provide guaranteed jobs, housing and food to millions of Americans...

[bread_and_roses]

37. that is too perfect (n/t)

[Demeter]

16. Nigeria: Halliburton Plans Plea Bargain in Cheney Corruption Case

http://www.truth-out.org/nigeria-halliburton-plans-plea-bargain-cheney-corruption-case65808

I can imagine the bargain Halliburton would make:

"Nice little setup you've got here, in this little country. Be a shame if anything happened to it."

[TalkingDog]

41. Take him. Keep him. Put him to work.

Hard Labor.

[Dr.Phool]

50. He always looked like the kind of guy who would really be good at....

Digging ditches and filling them back up again.

[Demeter]

17. House Democrats Oppose Tax Deal

http://www.truth-out.org/house-democrats-oppose-tax-deal65814

We now wait to see how Pelosi plays it...

[ozymandius]

21. I hope the content of this story is current.

This abominable "deal" deserves to be scuttled. I try to see this with a view toward the positive. Perhaps Americans have reacted so negatively viscerally to this plan because they are tired of getting bribed with their own money.

Maybe.

The French Revolution had similar catalysts.

[Tansy_Gold]

25. I don't think it is. (hopes dashed)

It appears to be dated Thursday and addresses the attitude prior to yesterday's :thumbsdown: vote, NOT what was "negotiated" after that.

IF I WERE PRESIDENT OBAMA, I would say, okay, pukes, I'm gonna go all Eastwood on you and call your bluff. I'm gonna let the tax cuts expire. I'm gonna cut off the unemployment extension -- which does nothing for the 99ers anyway -- and then come back and negotiate with you again after the changing of the guard. And THEN you're gonna show your true colors.

But he's too chickenshit.


I'm not.


TG, TT

[Po_d Mainiac]

28. NPR carried the story yesterday afternoon

Non-binding resolution from the caucus NO to the current outline drafted by WH and Repukes.

[Dr.Phool]

30. The Non-binding Chicken Route.

[Po_d Mainiac]

35. We'll have to see if that bird makes it across the highway,

runs back to the coop, or becomes a road pizza.
Ayuh.

[PassingFair]

31. This is what a Progressive House DOES.

I hope America is watching and knows who
their FRIENDS are.

[Demeter]

18. Ireland Stuck in a Vicious Circle, With No Real Exit in Sight by: Paul Krugman

http://www.truth-out.org/ireland-stuck-a-vicious-circle-with-no-real-exit-sight65790

Clearly, the European Union's bailout of Ireland has not reassured the markets, which are still shaky as the nation's borrowing costs continue to climb.

It's hard to escape the suspicion that the European officials involved in the loan process are completely out of their depth.

They know how to deal with liquidity problems, but it appears they cannot come to grips with the reality that Ireland's financial woes require more than buying the country a little more time...

[Demeter]

23. Big Polluters Freed From Environmental Oversight by Stimulus

http://www.truth-out.org/big-polluters-freed-from-environmental-oversight-stimulus65675

In the name of job creation and clean energy, the Obama administration has doled out billions of dollars in stimulus money to some of the nation’s biggest polluters and granted them sweeping exemptions from the most basic form of environmental oversight, a Center for Public Integrity investigation has found.

The administration has awarded more than 179,000 “categorical exclusions” to stimulus projects funded by federal agencies, freeing those projects from review under the National Environmental Policy Act, or NEPA. Coal-burning utilities like Westar Energy and Duke Energy, chemical manufacturer DuPont, and ethanol maker Didion Milling are among the firms with histories of serious environmental violations that have won blanket NEPA exemptions.

Even a project at BP’s maligned refinery in Texas City, Tex. — owner of the oil industry’s worst safety record and site of a deadly 2005 explosion, as well as a benzene leak earlier this year — secured a waiver for the preliminary phase of a carbon capture and sequestration experiment involving two companies with past compliance problems. The primary firm has since dropped out of the project before it could advance to the second phase.

Agency officials who granted the exemptions told the Center that they do not have time in most cases to review the environmental compliance records of stimulus recipients, and do not believe past violations should affect polluters’ chances of winning stimulus money or the NEPA exclusions...

[Demeter]

24. Factory Farms Decreasing in Number, But Increasing in Size: 20 Percent Growth in 5 Years

http://www.alternet.org/story/149034/factory_farms_decreasing_in_number%2C_but_increasing_in_size%3A_20_percent_growth_in_5_years

A new interactive map illustrates the geographic shift in where factory farms have been concentrated and in how food is raised in the U.S.
November 30, 2010 |

Advertisement


Despite small but significant signs that the country wants to move in a different direction, factory farms across the country are growing at an unprecedented rate—not in number, but in size.

An analysis of census data from the USDA by Food & Water Watch has found that such farms grew by 20 percent in the years between 2002 and 2007 (2007 had the most current census data available). That's faster than either of the two preceding five-year periods.

But it's not that more factory farms are springing up—it's almost the opposite. The growth is measured in total livestock numbers—so although the number of livestock farms in the U.S. has actually decreased, according to Food & Water Watch, the number of livestock has increased, which means the industry has continued on its path away from small-scale farming and toward a monopoly-like concentration.

Specifically, Food & Water Watch says in a press release, "the number of dairy cows and broiler chickens nearly doubled during the same time, making them the fastest-growing population of factory farmed animals."..

THE FACTORY FARM MAP: http://www.factoryfarmmap.org./

[Dr.Phool]

26. Didn't have time to review compliance records?

Then why does your agency exist in the first place. A paycheck haven for hacks?

I'm gonna go out on a limb here. I doubt that it will break. This administration is rapidly becoming worse than the Bush Administration.

So sad, such a blundered opportunity. The old Rope A Hope.

[raouldukelives]

45. Well isn't that special

:puke:

[ozymandius]

53. Jeebus!

This has been a bitter horse pill to swallow. If I "do not have time" to perform duties that are central to my job mission then I will be fired. I would deserve it. Now it sounds as though our federal agencies that are tasked with public safety just cannot be bothered with such petty things.

In the end, what was this "change" we were sold?

[Po_d Mainiac]

27. More on JMP and Ag price gaming

<snip>
Ted Butler of Butler Research has been exposing the official manipulation of Silver for the past 25 years. His research was instrumental in exposing the gold/silver leasing operations and the massive concentrated short positions in both gold and silver. On September 3, 2008 Butler published a report entitled Fact Versus Speculation where he showed how one bank, JP Morgan Chase, took over the Bear Stearns Silver COMEX Short position of 30,000 contracts or 150M oz.

Since this report was published JP Morgan has continued its silver market rigging antics in an effort to get out of this precarious short position. After Butler exposed JPM as the culprit there have been wild orchestrated swings in the price of silver as JPM attempts to cover their massive COMEX short position. The price of silver has risen from $13 to currently over $20 in this time frame and the size of the short position held by JP Morgan has gyrated wildly between 30k and 40k contracts as they desperately try to shake the longs to cover their shorts. But even with this rise in price the short position is STILL above 30k contracts according to the CFTC's latest Bank Participation Report.

Add to this various silver market manipulation tools such as naked shorting silver ETF's, falsifying COMEX warehouse data, unallocated silver, leasing and swapping metal and you have a situation that dwarfs the Hunt brothers case.

<snip>

I'm starting to think my $6,000/oz silver call is too conservative!

http://www.silverbearcafe.com/private/12.10/onebank.html

At $6K/oz a pre-65 Roosevelt Dime in AU (about uncirculated) UNC (uncirculated) or BU (brilliant uncirculated) condition would have a silver content valued at $434.40. (0.0724oz) Melting to bullion grade (99.99%) loses a slight amount. The rule of thumb is 0.715oz recovered per $1 face value. Thus the realistic melt worth would be lowered to a mere $429.00/dime.

Current melt price (0757 EST)is $28.72 = $20.53/$ Face Value = $2.05/ Dime

[Po_d Mainiac]

33. Note from me

Contrary to what many Jewelers and Coin Shops are saying. The market price for pre-65 90% silver coins is ranging between melt to no more than a couple percentage points above.

Bullion bars and rounds (99.99% pure) trade at melt/spot plus $2-3. There is no premium for graded/slabbed recent issues! The only shortage is for 2010 dated current issues from various Gov't mints (US Silver Eagles, Canadian Maple Leafs, Etc.)

Feel free to PM if you have questions.

[Roland99]

38. thanks for that update

[silverlib]

29. I read daily, post seldom, but wanted to share this 'toon.

Thanks to all the regulars for sharing your thoughts!

http://www.facebook.com/photo.php?fbid=138770219511444&set=a.102705369784596.3152.102702636451536&ref=nf

[Po_d Mainiac]

34. +1K n/t

[Demeter]

52. Since he has neither cash nor credibility, it's going to be a skimpy Christmas.

[xchrom]

36. kick -- thanks for the continued good reading. nt

[TalkingDog]

40. Ireland proposes 90% bank bonus tax

http://www.theglobeandmail.com/report-on-business/ireland-proposes-90-bank-bonus-tax/article1831709/

Irish Finance Minister Brian Lenihan said on Thursday he would impose a 90 per cent tax on bankers’ bonuses, in a move to try to silence critics who have said the banking sector drove Ireland into the ground.

“As far as the future is concerned I do propose to introduce the amendment to the finance bill to put this matter beyond any doubt and provide a high rate, a 90 per cent rate of charge on any ... bankers’ bonuses,” Mr. Lenihan told local radio.


Seems we proposed this at some point, but bankers, being demigods and all......

[Dr.Phool]

47. Bernie Sanders "filibuster" on C-span2.

He's really letting them have it, and explaining the tax cut fiasco in detail.

He was joined by Sherrod Brown for a while, but he's been speaking for 2 1/2 hours so far.


:yourock: :applause: :applause: :applause: :kick: :kick: :fistbump: :kick: :kick: :applause: :applause: :applause: :yourock:


:woohoo: :woohoo: :woohoo: :woohoo: :woohoo: :woohoo: :woohoo: :woohoo: :woohoo: :woohoo:

[Dr.Phool]

49. Five hours now.

The more he goes, the more sense he makes.

Infrastructure, rail, children, medicare, SS, Reading how much Pandit the Bandit, Jamie Dimon, and Ken Lewis will SAVE on their taxes next year.

[Ghost Dog]

48. Moody’s Ratings Are Protected Speech, Judge Says

Dec. 10 (Bloomberg) -- Ratings by Moody’s Investors Service Inc., Standard & Poor’s and Fitch Ratings Ltd. are protected speech, a California judge said in a tentative ruling in a $1 billion lawsuit by California Public Employees’ Retirement System against the companies.

Judge Richard Kramer in San Francisco state court said today that the companies’ ratings of three structured investment vehicles that the retirement system lost money on are a form of speech about an issue of public interest that is protected under a California law designed to fend off cases meant to chill public debate.

The law aims to protect “good guys” trying to exercise free speech from their adversaries who seek to quell the speech by filing meritless lawsuits, Kramer said.

...

Calpers sued the three bond-rating companies in July 2009 for losses it said were caused by their “wildly inaccurate” risk assessments on three structured investment vehicles. The so-called SIVs, after receiving the companies’ highest ratings in 2006, collapsed in 2007 and 2008, according Calpers’ complaint.

/... http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=aa9EuFZ5anSw

[kickysnana]

55. Using opinions for rating corporations...I am through the looking glass (sigh). n/t

[Karenina]

54. Keiser Report #102, a must see.

http://maxkeiser.com/