STOCK MARKET WATCH, Tuesday September 11

[ozymandius]

Source: du

Tuesday September 11, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 499 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2440 DAYS
WHERE'S OSAMA BIN-LADEN? 2152 DAYS
DAYS SINCE ENRON COLLAPSE = 2113
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 10
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

---

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

---

AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.

AT THE CLOSING BELL ON September 10, 2007

Dow... 13,127.85 +14.47 (+0.11%)
Nasdaq... 2,559.11 -6.59 (-0.26%)
S&P 500... 1,451.70 -1.85 (-0.13%)
Gold future... 712.20 +2.50 (+0.35%)
30-Year Bond 4.64% -0.05 (-1.11%)
10-Yr Bond... 4.32% -0.04 (-1.01%)






GOLD, EURO, YEN, Loonie and Silver

---

PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact [e-mail]

For information on protests and other actions Citizens For Legitimate Government

---

Read more: du

[ozymandius]

1. Market WrapUp

Show Me the Money
BY ROB KIRBY

The terms liquidity and liquidity add have been widely bandied about in the mainstream financial press in recent weeks. So I thought it might make a whole lot of sense to review exactly what constitutes liquidity injections.

When the Fed conducts Open Market Operations, they are classified under 2 broad headings:

TOMO – Temporary Open Market Operations

These purchase and resale agreements typically range in duration from 1 – 14 days. A one day Repo would have the Fed purchase collateral from the dealer’s inventories TODAY and have them sell it back to them tomorrow. This provides the dealer with temporary cash to fund their businesses.

POMO – Permanent Open Market Operations

These are outright purchases of bills, bonds and/or notes from the dealer’s inventories and constitute permanent additions to money supply.

-cut-

The turmoil we are currently experiencing in global financial markets has primarily arisen from market players FIRST being unable to ‘sell’ their mortgaged backed debt paper and has SUBSEQUENTLY spread to other form of asset backed debt instruments. In other words, debt paper that was formerly ‘readily fungible’ quickly became illiquid.

This is also commonly referred to as the financial / credit markets ‘seizing up.’

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

[Hissyspit]

2. Tuesday, September 11...

[ozymandius]

4. six years to the day

Think of all the manners of hell created from one hour six years ago.

[UpInArms]

19. from the Charleston, NC Gazette - Quagmire: Stuck in Iraq

http://www.wvgazette.com/section/Opinion/Editorials/200709101

TODAY marks the sixth anniversary of a grotesque U.S. horror — the day when 19 fanatical “martyrs” killed themselves in a heinous massacre of 3,000 Americans, supposedly for crazed religious purposes.

The 9/11 suicide attack had profound effect on America. The worst result was that it enabled President Bush to divert the ensuing wave of patriotism into support for his long-desired invasion of Iraq. Although Iraq had no connection to the Sept. 11 strike, the White House fanned war fever by falsely declaring that Iraq was in league with Muslim terrorists and was making awesome weapons for them.

Thus the 9/11 tragedy led to the Iraq tragedy. All the administration’s pretexts for invading the little Mideast nation turned out to be baseless. The war has killed nearly 4,000 young Americans and mutilated thousands more. Taxpayers have lost a half-trillion dollars. The U.S. occupation plunged Iraq into a vicious civil war between Sunni and Shiite Muslims, wrecking their country and slaughtering their children.

The Iraq mess defies solution. No satisfactory cure is possible. Any decision Washington makes now is sure to be calamitous. In other words, the White House sucked America into an impossible dilemma.

This quagmire was spotlighted Monday when top military commander David Petraeus gave his much-awaited assessment to Congress. All he could offer is more of the same — continuation of the U.S. occupation.

...more...

[Dr.Phool]

21. I can't get the link to work

But, I believe that's the Charleston, West Virginia Gazette. They have a very progressive freethinker for an editor.

[54anickel]

24. Works now, be it ever so slowly.....n/t

[ozymandius]

3. Today's Report

8:30 AM Trade Balance Jul
Briefing Forecast -$58.0
Market Expects -$59.0B
Prior -$58.1B

http://biz.yahoo.com/c/e.html

[ozymandius]

5. Oil prices near $78 ahead of OPEC meet

SINGAPORE - Oil prices extended gains from a late rally in the previous session, driven by expectations OPEC will maintain current output at a meeting later Tuesday.

Light, sweet crude for October delivery added 22 cents to $77.71 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore, after rising earlier Tuesday as high as $78.32. Monday, the Nymex crude contract gained 79 cents to settle at $77.49 a barrel.

"The drive to the $78-level, near the record $78.77 high, has been short-covering ahead of the OPEC meeting," said Victor Shum of Purvin & Gertz in Singapore. Short-covering refers to buying by investors who had bet prices would fall. Crude futures hit a record $78.77 a barrel on the New York Mercantile Exchange in early August.

Shum said that while the general expectation was for the Organization of Petroleum Exporting Countries to keep output steady at its meeting in Vienna Tuesday, there was speculation that Saudi Arabia is trying to persuade other OPEC ministers to increase production.

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

[mojavekid]

50. AP: OPEC to Boost Crude Output

http://biz.yahoo.com/ap/070911/opec_meeting.html?.v=6

VIENNA, Austria (AP) -- OPEC agreed late Tuesday to boost its crude output by 500,000 barrels a day in an effort to calm markets roiled by high oil prices and worried that supplies could grow tight by the end of the year.

The surprise move would take effect Nov. 1, the cartel said.

Omar Farouk Ibrahim, spokesman for the Organization of Petroleum Exporting Countries, said the increase would be based on the group's current production -- meaning the 12-nation group was adding actual oil to the market.

Ibrahim said OPEC agreed to "vigilantly monitor" fluctuations in the volatile global crude market.

OPEC Secretary General Abdalla Salem El-Badri told reporters the move was based in part on the effects of the crisis in the U.S. subprime mortgage market, where defaults have prompted lenders to tighten loan standards.

more...

[ozymandius]

6. Wal-Mart lowers 2Q profit by $153M

BENTONVILLE, Ark. - Wal-Mart Stores Inc. reduced its reported second-quarter profit by $153 million due to expenses from selling its German retail operations, the world's largest retailer reported Monday.
ADVERTISEMENT

In a regulatory filing, Wal-Mart said the added cost reduced its earnings per share for the quarter that ended July 31 to 72 cents from the 76 cents it originally reported Aug. 14. That compares with 50 cents per share in the year-ago quarter.

Wal-Mart said the late charge came after "recent nonbinding discussions with Metro at the end of August 2007." Germany's Metro AG agreed last year to buy Wal-Mart's German operations.

Wal-Mart called the new charge a "post-closing adjustment."

Metro bought Wal-Mart's 85 sites in Germany last year for an undisclosed sum as Wal-Mart quit Germany and South Korea after losses in both markets.

http://news.yahoo.com/s/ap/20070911/ap_on_bi_ge/earns_wal_mart_charge

[ozymandius]

7. Billionaire Lewis buys Bear Stearns stake

NEW YORK (Reuters) - Reclusive billionaire Joseph C. Lewis, who made his fortune trading currencies, has taken a 7 percent stake in Bear Stearns Cos Inc (BSC.N), snapping up $860.4 million worth of the investment bank's sagging stock to become one of its largest shareholders in less than a month.

Bear Stearns' shares were up 0.6 percent at $106.03 in midday trading on the New York Stock Exchange after moving as high as $109.55 earlier.

Lewis disclosed the stake on Monday in a filing with the U.S. Securities and Exchange Commission. His stock purchases - between August 6 and September 4 -- make him one of Bear Stearns' biggest shareholders, if not the largest.

Lewis owns 8.1 million shares of Bear Stearns, according to the SEC filing. That's more than what any other shareholder reported at the end of June. At that time, Putnam Investment Management was Bear's largest institutional shareholder with 7.03 million, or 6 percent, of Bear's outstanding shares.

http://news.yahoo.com/s/nm/20070910/bs_nm/bearstearns_investor_dc

[whistle]

14. 7% of zero is still zero

[ozymandius]

8. Survey: Companies plan to add jobs

MILWAUKEE - Employers are predicting another stable quarter of hiring, with 27 percent of companies expecting to add positions in the last three months of the year, according to a survey of 14,000 companies being released Tuesday.

Nine percent of companies said they expect to reduce employment, according to the survey by Milwaukee-based global staffing firm Manpower Inc.

The numbers are on par with hiring intentions from the same quarter last year, when 28 percent of employers predicted they'd increase hiring and 8 percent expected a decrease.

-cut-

In the latest report, the majority of employers — 58 percent — expected no change in hiring between October and December, while 6 percent of companies were unsure of their plans.

http://news.yahoo.com/s/ap/20070911/ap_on_bi_ge/jobs_outlook

[Roland99]

15. That's what they said a couple months ago too.

How many jobs added last month? Oh yeah! NEGATIVE 4000!

[Viva_La_Revolution]

26. 27%. lemme guess...

that would be the retail sector. :(

[Hugin]

27. Yup, potato chip jobs...

Ya can't just have one. :/

[AnneD]

46. That's a good one

:spray: that gets added to my vocabulary. :hi:

[Hugin]

48. Thanks... and Morning AnneD.

:hangover:

[ozymandius]

9. Growth in consumer credit slows slightly

WASHINGTON - Consumers kept charging at a rapid pace on their credit cards in July although their overall borrowing slowed a bit.

The Federal Reserve reported that consumer credit rose at an annual rate of 3.7 percent in July, down from a 5.9 percent growth rate for consumer debt in June.

The slowdown reflected a big drop in borrowing in the category that includes auto loans. The category that includes credit cards saw an increase as consumers continued to turn to their credit cards to finance purchases now that home equity lines of credit are becoming harder to obtain.

During the housing boom, when sales of both new and existing homes set records for five consecutive years and prices were rising sharply, many homeowners tapped the rising value of their homes to finance their spending by taking out home equity lines of credit.

However, now with home sales plunging and home prices stagnant, home equity lines of credit have become less available. That has pushed consumers back to relying more on their credit cards to finance purchases.

http://news.yahoo.com/s/ap/20070910/ap_on_bi_go_ec_fi/consumer_credit

[ozymandius]

10. Chances of recession rise in Blue Chip forecast

WASHINGTON (Reuters) - The chances of an economic recession are increasing as troubles in the housing sector and credit markets take their toll, according to a survey of economists released on Monday.

Forecasts from economists put the odds of a recession in the next 12 months at one-in-three, according to the Blue Chip Economic Indicators newsletter.

A month earlier, the odds were at one-in-four.

The survey of about 50 private-sector economists was taken Wednesday and Thursday, just ahead of the government's release of August employment data on Friday, which showed the first decline in payrolls four years.

The newsletter stated that this dismal employment picture did not impact an already-weak growth outlook but it did solidify expectations for an interest rate cut from the Federal Reserve.

http://news.yahoo.com/s/nm/20070910/bs_nm/usa_economy_recession_forecast_dc_1

[ozymandius]

11. Still wary on Wall Street

NEW YORK (CNNMoney.com) -- U.S. stocks appeared poised for a weak opening Tuesday as investors remained wary about the outlook of the economy ahead of a speech by Federal Reserve Chairman Ben Bernanke.

At 6:20 a.m. ET, Nasdaq and S&P futures were higher, with a comparison to fair value pointing to a flat opening for Wall Street.

Stocks have been trading in volatile fashion ahead of the Fed's meeting on Sept. 18. Investors are expecting the central bank to lower rates by at least a quarter of a percentage point, but are also hoping for as much as a half percentage point cut.

Attention will be focused on a speech Bernanke is due to give Tuesday in Berlin. As usual, investors will be on the lookout for any hints about what the Fed intends to do with interest rates next week.

-cut-

On the economic front, the July trade balance report is due at 8:30 a.m. ET. The trade gap is expected to have widened to $59 billion from $58.1 billion in the previous month, according to a consensus of economists surveyed by Briefing.com.

http://money.cnn.com/2007/09/11/markets/stockswatch_ny/index.htm?postversion=2007091106

[JNelson6563]

12. Yesterday, at half hour till close

I saw the DOW up some 70+ pts. I told the kids to just wait, this would drop dramatically in the last half hour. Imagine how impressed they were when we checked the markets after closing and it had played out as I predicted. I can only hope this helps them to change their belief that I know absolutely nothing about anything. haha

Ah, kids. ;-)

Julie

[AnneD]

47. Sorry Julie

When I was a boy of fourteen, my father was so ignorant I could hardly stand to have the old man around. But when I got to be twenty-one, I was astonished at how much the old man had learned in seven years.
-Mark Twain

It's the way of the world. It isn't til you get out in it that you realize how smart you parents were.:evilgrin:

[FooFootheSnoo]

68. great quote

I love Mark Twain!!

[ozymandius]

13. "Housing Heading for a Near Perfect Storm"

from Bonddad at DailyKos

Are those the words of an alarmist, lefty blogger, calling for the sky to fall? No. They are the words of Washington Mutual's CEO in a conference call. I guess he now either hates America or is in fact a lefty blogger calling for the sky to fall.

WaMu (WM - Cramer's Take - Stockpickr - Rating) dropped 3% after CEO Kerry Killinger said at a Lehman Brothers conference in New York that the housing industry is headed for a "near perfect storm."

He said the lender, which has already boosted its provision for loan losses this year, may have to sock away an added $500 million as housing markets continue to weaken.

First, it's important to remember that Wamu is by far the biggest publicly traded S&L. It has a market capitalization of 30 billion. The next largest company by market cap is Sovereign Bancorp with a market cap of $8.4 billion. In other words, Washington Mutual is the big kid on the block by a fairly wide margin.

Secondly, CEOs are well aware of their status. They know their words can move markets. As such, they are very good at being perma-bulls. No matter what the news, they usually try and spin it in a positive way. That's one of the reasons this statement is news. The CEO of the largest S&L in the US is saying housing is in really bad shape.

-cut-

So we have:

1.) The largest total amount of existing homes available for sale ever
2.) Declining home prices
3.) Tightening credit standards, and
3.) A huge wave of mortgage resets coming down the pike.

This translates into the following simple economic formula.

Massive supply (record existing home inventory) = declining prices
Shrinking demand (tighter credit) = declining prices

[DemReadingDU]

16. USD $79.64 8am

http://www.kitco.com/market/index.html



Last trade 79.746 Change -0.108 (-0.14%)

Settle Time 15:17 Open 79.809

Previous Close 79.854 High 79.936

Low 79.655 2007-09-11 07:56:41, 30 min delay

52wk High 87.3 52wk High Date 2006-10-13

52wk Low 79.788 52wk Low Date 2007-09-10

Open Time 19:00 Close Time 15:00

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

[UpInArms]

17. dollar watch

(I'll just tag in the articles - those numbers are good to go :hi: )

US Dollar: Nervous Market Leads to Nervous Price Action

http://www.dailyfx.com/story/bio1/US_Dollar__Nervous_Market_Leads_1189459176022.html

The price action in the financial markets indicates that traders are nervous. Last Friday’s non-farm payrolls number was horrid, paving the way for a minimum of 25 basis points of easing on September 18. At this time, the market has even priced in a greater than 50 percent chance of a half point cut and the probability that the Fed will lower interest rates by 75bp is now greater than the probability that they will leave rates unchanged. Yet, Fed officials continued to do what they know best, which is attempt to pacify the market’s fears. Atlanta Fed President Lockhart indicated that even though the labor market is weakening, consumer spending remains strong while Dallas Fed Fisher said the US economy is weather the storm thus far. Surprisingly, there is still a minority that believes the Fed will not cut interest rates, which may be part of the reason why the stock market and carry trades have been so volatile today. An article by Reuters is arguing that the Fed may forgo cutting the Fed Funds rate completely and cut the discount rate instead. We think that this is unlikely, but at the same time, this could also be the driver behind today’s wild swings in the Dow. The index was down as much as 75 points intraday before reversing up 75 points and then giving back those gains to end positive by only 14 points. Although the central bank is still optimistic, many other agencies are not. The National Association of Business Economics and the Blue Chip Economic Indicators newsletter are both seeing an increased chance of a recession. These people help companies plan their spending in the months to come which is extremely important for the economic outlook. Although the trade balance will be released tomorrow, the big US release this week is retail sales on Friday. As long as there are no blowouts in the trade number, we could see a bit more recovery in the US dollar before Friday. The overall trend however is still bearish and we do not expect last Friday’s losses to be recovered. Bernanke is scheduled to speak tomorrow but don’t expect any particularly market moving comments from the Fed Chairman. His topic is Global Imbalances: Recent Developments and Prospects. He will be reading from prepared text and there will be no question and answer session.

...more...

Dollar Range Bound as Fed Signals Hawkish Stance

http://www.dailyfx.com/story/bio2/~Dollar_Range_Bound_as_Fed_1189504566809.html

The greenback was essentially range bound during Asian and early European trade as speeches from a number of Fed officials signaled a reluctance to aggressively ease monetary policy despite the softening tone of the US economy. Dallas Fed President Richard Fisher cautioned against placing too much weight on the employment data, noting that, “It is fair to say that I am encouraged by what I have heard against a background of constant negative speculation and the occasional discordant note, such as last week's employment numbers.”

San Francisco Governor, Janet Yellen, one of the more influential Fed members noted that that while market turmoil has the potential to hurt the economy, rate policy should not bail out investors. Clearly the Fed wants to keep all of its options open and does not wish the markets to pre-suppose its actions before the FOMC meet on September 18th. Inflation remains a major concern of US monetary authorities as gasoline prices once again creep towards $3/gallon while news out of China suggests that pricing pressures in the world’s fourth largest economy are accelerating at a dangerous pace. Tonight’s report that Chinese inflation skyrocketed by more that 6% helped to send the Shanghai index tumbling more than 240 points. More importantly, China which for the past decade has acted as major deflationary force on the US economy, through persistently low cost exports, may no longer provide that benefit to US consumers. Given the fact prices for Chinese made goods which constitute a significant portion of US consumer spending, are likely to go up, the Fed must remain mindful of the inflationary pressures of this new dynamic.

At best US monetary policy makers hope that capital markets may stabilize as global growth offsets the negative impact of the collapse of the US housing sector. Furthermore, the Chinese who are extremely concerned about the PR value of the 2008 Olympics may act as the lender of last resort to calm the turmoil in financial markets and assure that global economic growth does not contract until after the Olympics are over. In short this leaves the markets in an uneasy equilibrium between the bulls and the bears, as each camp watches for the next big shock to the system. For the time being the equity market continues to dominate FX flows and should stocks rally the carry trade will as well.

...more...

[54anickel]

29. When's B-B-B-Bennie due to chatter today?

Hey kids, shake it loose together
The spotlight's hitting something
That's been known to change the weather
We'll kill the fatted calf tonight
So stick around
You're gonna hear a lot of bullshit
Solid walls surround
(Chorus)

Hey kids, plug into the faithless
Maybe they're blinded
But Bennie makes them ageless
We shall survive, let us take ourselves along
Where we fight our parents out in the streets
To find who's right and who's wrong

Bennie, Bennie, Bennie, Bennie and the Feds......

[Roland99]

31. Probably 99% of the reason why the trade deficit narrowed slightly as exports were up.

The dollar is all but worthless.

[54anickel]

34. Never completely worthless....Now I can save my old newspapers for the Scouts'

paper drives, and use the greenbacks instead. That special paper they're printed on is much more absorbent.

[Roland99]

37. .

:rofl:

[54anickel]

33. Dollar Trades Near Record Low Versus Euro on Fed Rate Cut Bets

http://www.bloomberg.com/apps/news?pid=20601101&sid=agigyonCkSIM&refer=japan

Sept. 11 (Bloomberg) -- The dollar traded near a record low against the euro after Federal Reserve officials signaled the need for interest-rate cuts, eroding demand for dollar- denominated assets.

The U.S. currency fell for a fifth day, its longest slide in three months. Fed Governor Frederic Mishkin and Fed Bank of San Francisco President Janet Yellen said yesterday credit-market losses may slow growth, while a government report last week showed the economy unexpectedly lost jobs in August.

``The market is still shell-shocked,'' said Paul Bednarczyk, currency strategist at 4Cast Ltd. in London. ``The dollar will weaken a bit more.''

The dollar traded at $1.3814 per euro by 7:51 a.m. in New York, from $1.3802 late yesterday. It reached a record low of $1.3852 on July 24. The U.S. currency was little changed at 113.72 yen.

Mishkin said yesterday there's an ``important downside risk'' to the world's biggest economy and Yellen highlighted ``significant downward pressure.''

snip to "nuttin to worry 'bout">

U.S. Trade Deficit

A government report today may show the U.S. trade deficit widened to $59 billion in July, from $58.1 billion the month before, according to the median estimate of 70 economists surveyed by Bloomberg News. A bigger shortfall signals the dollar may need to weaken to bolster exports and limit imports.

Losses in the dollar may be limited, according to UBS AG. The currency is ``oversold'' and will rally 4.3 percent against the euro in the next three months, as risk-aversion prompts U.S. investors to return money home, the Swiss bank predicts. The U.S. currency will end the year at $1.36 per euro, according to the median estimate of 43 strategists surveyed by Bloomberg.

Central Banks

Central banks around the world are also unlikely to sell significant holdings of Treasuries while yields remain higher than those in Germany and Japan, said Mansoor Mohi-uddin, head of currency strategy at UBS. That will stoke demand for the dollar. Investors last month bought U.S. government bonds, considered amongst the world's safest assets, on concern the crisis caused by subprime mortgage defaults is slowing the economy.

``Repatriation flows should support the dollar,'' Zurich- based Mohi-uddin wrote in a research note yesterday.``Foreign reserve managers are unlikely to start dumping their dollar assets en masse.''

more...

[DemReadingDU]

40. USD $79.603

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

[w8liftinglady]

53. explain -in a nutshell-what this means...

Please :)

[fedsron2us]

57. I-N-F-L-A-T-I-O-N

It is going to cost the US government and US citizens far more to cover those deficits.

[DemReadingDU]

65. What a sagging dollar means

11/10/04 Weak dollar 101

Low dollar affects everything from mortgage rates to consumer prices to the job market. Here's how.

If the weak dollar continues to hinder foreign investment in the United States, that could force up yields on government bonds, because higher rates would be needed to attract investors. And bond yields have a direct impact on a wide variety of interest rates paid by consumers and businesses, including mortgage rates.

The weak dollar also means many goods produced overseas with little domestic competition -- such as clothing or electronics -- could end up costing more here. And if Americans keep buying higher-priced imports, that could lead to an even larger trade deficit, which in turn would put further pressure on the dollar.

One of the most direct effects: Americans traveling abroad would find prices for just about everything higher.

more...
http://money.cnn.com/2004/11/10/news/economy/weakdollar/

[UpInArms]

18. Beazer receives notice of default from bond trustee

http://www.reuters.com/article/businessNews/idUSWNAS377320070910?feedType=RSS&feedName=businessNews

NEW YORK (Reuters) - Beazer Homes USA Inc (BZH.N: Quote, Profile, Research),said on Monday it has received a notice of default from the trustee of one of its convertible notes and that it has filed for a relief from a federal court that would stop trustee's action.

Beazer, whose mortgage unit is the subject of a federal investigation, said that on Friday, its received a purported default notice from U.S. Bank National Association, the trustee governing Beazer's outstanding 4 5/8 percent Convertible Senior Notes due 2024.

[Buttercup McToots]

20. Good Morning All...

What's cookin` today?
:donut:

[AnneD]

44. Morning Marketeers.....

:donut: and lurkers. Love the toon and sadly enough-most moms can identify with it.

What's cooking today....I am sure some where in New York some books are being cook. In DC reports are being cooked.

What's cooking here in the D/K household-well, not much. I am still in a bit of shock. Kids never cease to amaze and shock me. Yesterday my daughter left me as close to speechless as I have been for a while. We are discussing colleges and universities in our household. She goes to the high school for the preforming and visual arts here and her instrument is the oboe. She has been in a band, formed her own band (keyboard, drums, guitar and composing-just knocking around kid stuff).

She said she was wanting to get into post movie music production. She said that if she couldn't get into movie music studio-she could do music production. So, in our looking about we checked the North Texas University (my alma mata), University of Texas, Berkley in Boston. I told her to check outside the US-like Canada (I'm thinking of a favourable exchange rate here). We have been talking about back up plans and a dizzying array scholarships and grants applications.

Yesterday she called to tell me that there was one more school she wanted to send an application. She told me she had been reading an biography of John Williams (at that point my knees started to buckle because I KNEW what was coming next). 'Mom', she says very casually,'I am going to apply to the Royal College of Music in London. Long pause on my end. 'The worst thing they could do is tell you no' I said. My hands were shaking a bit. 'That's what I figured' she said so nonchalantly. Mr Crawford (her music director) was so excited that he said he would help me with the paperwork and grants and scholarship papers. It doesn't cost much once your there-it's just getting in. I am a bit behind on the application but I can get it done this month and still make it. Oh, and the tryouts are in Boston-so T can try out at Berkly at the same time' she says-like it is another community college or University interview.

I had moxie at that age-but not that much moxie. Well, we are on an adventure now and who knows where this road will lead. I am still in shock.

Happy hunting and watch out for the bears.

[Hugin]

49. Good luck to her... AnneD.

:thumbsup:

[DemReadingDU]

22. Mike Whitney: Are the Banks in Trouble?

9/7/07

How Did We Get into this Mess?

More than 20 years of dogged lobbying from the financial industry paid off with the repeal of the Glass-Steagall Act which was passed by Congress following the 1929 stock market crash. The bill was written to limit the conflicts of interest when commercial banks are permitted to underwrite stocks or bonds.

The financial industry whittled away at Glass-Steagall for years before finally breaking down its regulatory restrictions in August 1987, Alan Greenspan -- formerly a director of J.P. Morgan and a proponent of banking deregulation -- became chairman of the Federal Reserve Board.

“In 1990, J.P. Morgan became the first bank to receive permission from the Federal Reserve to underwrite securities, so long as its underwriting business does not exceed the 10 percent limit. In December 1996, with the support of Chairman Alan Greenspan, the Federal Reserve Board issues a precedent-shattering decision permitting bank holding companies to own investment bank affiliates with up to 25 percent of their business in securities underwriting (up from 10 percent).

This expansion of the loophole created by the Fed's 1987 reinterpretation of Section 20 of Glass-Steagall effectively rendered Glass-Steagall obsolete.” (“The Long Demise of Glass Steagall, Frontline, PBS)

In 1999, after 25 years and $300 million of lobbying efforts, Congress aided by President Bill Clinton, finally repealed Glass-Steagall. This paved the way for the problems we are now facing.


much more...
http://www.informationclearinghouse.info/article18335.htm

[DemReadingDU]

23. Mike Whitney: So, who’s to blame?

continued...
http://www.informationclearinghouse.info/article18335.htm

The finger-pointing has already begun and more and more people are beginning to see how this massive economy-busting equity bubble originated at the Federal Reserve--- it is the logical corollary of former Fed-chief Alan Greenspan's “easy money” policies.
Economist and author Henry C K Liu sums up Greenspan’s tenure at the Fed in his article “Why the Subprime Bust will Spread”:

“Greenspan presided over the greatest expansion of speculative finance in history, including a trillion-dollar hedge-fund industry, bloated Wall Street-firm balance sheets approaching $2 trillion, a $3.3 trillion repo (repurchase agreement) market, and a global derivatives market with notional values surpassing an unfathomable $220 trillion.

On Greenspan's 18-year watch, assets of US government-sponsored enterprises (GSEs) ballooned 830%, from $346 billion to $2.872 trillion. GSEs are financing entities created by the US Congress to fund subsidized loans to certain groups of borrowers such as middle- and low-income homeowners, farmers and students. Agency mortgage-backed securities (MBSs) surged 670% to $3.55 trillion. Outstanding asset-backed securities (ABSs) exploded from $75 billion to more than $2.7 trillion.”( Henry Liu, “Why the Subprime Bust will Spread”, Asia Times)

"The greatest expansion of speculative finance in history". That says it all.

more...
http://www.informationclearinghouse.info/article18335.htm


edit to add last paragraph:
Greenspan’s own words are the most powerful indictment against him. They show that he played a central role in our impending disaster. The effort on the part of media pundits, talking heads, and so-called experts to foist the blame on the rating agencies, predatory lenders or gullible mortgage applicants (who may have lied on their loans) misses the point entirely. The problems began at the Federal Reserve and that’s where the responsibility lies.

[fasttense]

25. So that little ditty from the 1930s may be more appropriate than you think.

Mellon pulled the whistle,
Hoover rang the bell,
Wall Street gave the signal,
And the country went to hell

Updated:

Greenspan(?) pulled the whistle,
Bush rang the bell.
Wall Street gave the signal,
And the country went to hell.

I found this quote from a year ago to be interesting.

http://www.clivemaund.com/article.php?art_id=1212

Death Knell of the US Dollar...
originally published November 26th, 2006

"What will happen to the dollar if it breaks below the immensely important support at 80? The prospect is an all-out panic and a rout, and its anyone’s guess where it will finally bottom out."

We live in interesting times.

Edited to account for time travel (I originally wrote 2006 was a couple of years ago) ;)

[DemReadingDU]

28. And the country went to hell.

That about sums it up nowadays.


And the dollar has broken support at 80. It has been hovering around 79.8, and was down to a low of 79.655 this morning.
http://quotes.ino.com/chart/?s=NYBOT_DX&v=i

[Roland99]

52. Google Video: Money as Debt

Check it out

[AnneD]

58. I have watched it numerous times...

and it never gets old. An excellent primer for financial newbies.:thumbsup:

[Roland99]

61. And here's a link >>>>>>>>>>>>

http://video.google.com/videoplay?docid=-9050474362583451279

[antigop]

30. Morning! Did you see what Carlyle Group is up to these days-- thought you might be interested

Carlyle Beefs Up Financial Services Team
http://www.msnbc.msn.com/id/20680313/

>>
Carlyle is gearing up for a round of dealmaking in the financial services industry by hiring one former US Treasury official and five banking executives including Sandy Warner, the former chairman of JPMorgan Chase.

The employees will join the US private equity group's financial services group, which was formed only a few months ago and is considering raising a fund dedicated to investments in the sector.

The mix of backgrounds among the six, including both banking industry expertise and regulatory know-how, signals that Carlyle may be looking to take advantage of troubles in parts of the financial services industry hit by the mortgage meltdown.
>>

Oh, those Carlyle boys....

[54anickel]

35. Hmmm, would that be the "Robber Barron Fund" or the "Vulture Fund"? n/t

[kineneb]

39. vultures, hovering over the dying carcase

or out here in NorCal, turkey buzzards, all shiny black with naked red heads, riding the thermals above the dead and dying... waiting, waiting...

[AnneD]

45. They really are

bottom feeders. Looking for bargins.

[olddad56]

62. "Market gains on rate cut hopes"...

So now that a 1/2 point rate cut is priced into the market, guess what will happen if the rate cut is only 1/4.

[Roland99]

32. 30-year fixed mortgage rate: 5.93%

Dropping like a stone the last couple of weeks.

[fasttense]

36. If it goes to 4.0, I'm refinancing my fixed rate mortgage....maybe. n/t

[Roland99]

38. I bet you could get an adjustable down there!

;-)



But, the 30-year fixed is down .4% in just the last 3 weeks or so. Was 6.33% in mid-Aug.

[Roland99]

43. Mortgage Meltdown. Some NPR shows discussing the housing bubble bursting

May 2007
http://www.npr.org/templates/story/story.php?storyId=10545668

Sept. 2007
http://www.npr.org/templates/story/story.php?storyId=14154847
http://www.npr.org/templates/story/story.php?storyId=14204632
http://www.npr.org/templates/story/story.php?storyId=14210771
http://www.npr.org/templates/story/story.php?storyId=14261578

Sept. 2007
http://www.onpointradio.org/shows/2007/09/20070906_a_main.asp

[TrogL]

41. Loonie Watch

Highlights

Current:



30-day and 90-day vs.greenback:



30-day vs. Euro, Yen, UK Pound and Swiss Franc




Currency Comparison: http://members.shaw.ca/trogl/looniewatch.html

Detailed analysis: http://quotes.ino.com/exchanges/?r=CME_CD

Up-to-the-minute graph: http://quotes.ino.com/chart/?s=CME_CD.Y%24%24&v=s&w=5&t=l&a=1

Historical values http://www.x-rates.com/d/USD/CAD/data30.html

2007-08-10 Friday, August 10 0.948947 USD
2007-08-13 Monday, August 13 0.951656 USD
2007-08-14 Tuesday, August 14 0.940291 USD
2007-08-15 Wednesday, August 15 0.930579 USD
2007-08-16 Thursday, August 16 0.929887 USD
2007-08-17 Friday, August 17 0.940291 USD
2007-08-20 Monday, August 20 0.94518 USD
2007-08-21 Tuesday, August 21 0.943307 USD
2007-08-22 Wednesday, August 22 0.94162 USD
2007-08-23 Thursday, August 23 0.946432 USD
2007-08-24 Friday, August 24 0.950119 USD
2007-08-27 Monday, August 27 0.951022 USD
2007-08-28 Tuesday, August 28 0.941974 USD
2007-08-29 Wednesday, August 29 0.944109 USD
2007-08-30 Thursday, August 30 0.946342 USD
2007-08-31 Friday, August 31 0.94697 USD
2007-09-03 Monday, September 3 0.94697 USD
2007-09-04 Tuesday, September 4 0.953016 USD
2007-09-05 Wednesday, September 5 0.951656 USD
2007-09-06 Thursday, September 6 0.949307 USD
2007-09-07 Friday, September 7 0.948227 USD
2007-09-10 Monday, September 10 0.949487 USD


Current values

Loonie:

Last trade 0.9580 Change +0.0076 (+0.80%)
Previous Close 0.9500 Open 0.9552
Low 0.9552 High 0.9594


Other combinations:

AS.M07 AUSTRALIAN $/CANADIAN $ Sep (NYBOT) 0.86830 -0.00355
HY.M07 CANADIAN $/JAPANESE YEN Sep (NYBOT) 93.540 -0.485
RA.M07 EURO/AUSTRALIAN $ Sep (NYBOT) 1.67395 +0.00760
GB.M07 EURO/BRITISH POUND Sep (NYBOT) 0.6815 +0.0002
EP.M07 EURO/CANADIAN $ Sep (NYBOT) 1.45370 +0.00115
EJ.M07 EURO/JAPANESE YEN Sep (NYBOT) 157.640 +1.065
EU.M07 EURO/US$ (LARGE) Sep (NYBOT) 1.30875 +0.00275


Blather (from http://quotes.ino.com/exchanges/?r=CME_CD)

The December Canadian Dollar was higher overnight as it extends Monday's rally. Stochastics and the RSI are turning neutral to bullish hinting that sideways to higher prices are possible near-term. Closes above the reaction high crossing at .9578 are needed to confirm that a short-term low has been posted. Closes below the reaction low crossing at .9385 would confirm that a short-term top has been posted while opening the door for a possible test of August's low crossing at .9226. Overnight action sets the stage for a higher opening in early-day session trading.

Analysis

I haven't posted in the last few days because, frankly, nothing's been going on. The loonie's been sitting around doing nothing, there's nothing much happening politically either. It's gained a cent just on today's value alone so I thought I'd better give a heads up (pun intended).

[TrogL]

60. Update

I can't remember the last time I needed an update.

Current values

Loonie:

Last trade 0.9595 Change +0.0091 (+0.96%)
Previous Close 0.9500 Open 0.9552
Low 0.9552 High 0.9605


Analysis:

Yep, it's gonna close (if it hasn't already) well above .9578 and it broke through the magic .96 for the first time in awhile. I'm not gonna do too much cheerleading 'cause other threads tell me it's probably the greenback in trouble, but that usually means good things for the loonie anyway.

[Buttercup McToots]

42. USD $79.63 @ 11:58 am

:crazy:

[mojavekid]

51. MW: Gold futures gain on trader jitters, dollar decline

http://www.marketwatch.com/news/story/gold-gains-supported-weaker-dollar/story.aspx?guid=%7BE3C1D674%2DA1E3%2D4418%2DAD9A%2D4806AC7DDC1E%7D

SAN FRANCISCO (MarketWatch) -- Gold futures climbed Tuesday, with caution over the anniversary of the Sept. 11 terrorist attacks as well as weakness in the dollar setting prices up to mark a four-session winning streak.
Meanwhile, copper prices climbed to a more than one-week high on the heels of a rally in the U.S. stock market.
Gold for December delivery rose to $716 an ounce, up $3.80, on the New York Mercantile Exchange.
On Monday, gold futures closed $2.50 an ounce higher, and the contract has gained more than $21 as of Monday, from Wednesday's close of $690.70.
"Geopolitical risk, the re-emergence of an Osama Bin Laden video and jitters on the Sept. 11 anniversary should provide safe-haven support and bids to gold," said Mark O'Byrne, director at Gold & Silver Investments Ltd., in emailed comments.
He also cited the impact of oil prices trading at "a fraction off all-time record highs" and a resumption of "serious pressure" on the dollar.

more...

[54anickel]

54. I am so pissed!!! Here we go, my SS# soapbox again......

Just got a call from the insurance agency. American Family is adding your credit rating in determining your rates (at least regarding homeowners - not sure on others - too pissed to ask!) Anyway, they don't have a SS# on file for hubby or myself so their system is giving us it's own rating and it looks like our rates will go up a couple of bucks. I gave the poor woman my usual speech, and convinced her to "spill the beans". Seems they have 50, yes FIFTY, different ratings and if we came in at the absolute highest rating our annual premium would go down $187.00 a 30% savings!!!!!

Now, I'm not sure if we'd get the absolute highest, what with 50 freakin' tiers and all, but I'm pretty sure we'd be right up there (from the last time I checked a couple of years ago).

This credit checking before you are able to freaking "take a pooh" has gone way too far! Protect your credit, protect your identity from theft by protecting your SS# meanwhile they make it impossible to DO anything without giving the damned thing out, not to mention the freaking State of WI advertising ours by giving them to the printing company they outsourced the forms to. :grr: :nuke: :grr: :nuke: :banghead:

Thank you, carry on.....
Have a nice day!

[Hugin]

55. ...

:patriot:

I've been wondering why the Fundies aren't all over this credit rating stuff. Seems kind of immoral
to me.

[AnneD]

59. If you have good credit....

then you don't need to worry about giving us your SS#...

look into my eyes, look very deeply into my eyes...

you are getting sleepy, very sleepy......







All I can say is meadow muffins. Just another way to hose us. That credit score is an I love debt score. I would think less debit and solid job but a low score would be the best. The guy I listen to-Dave Ramsey did this funny show once where he checked his FICO score-they said he must be dead. He pays cash for everything and has for 20 years. He has a national radio show and is a multimillionaire. I wish I could be that dead.

[54anickel]

64. Seems to me they are attempting to wash their hands of the credit risks before

the brown matta hits the fan. Hell, folks might be driven to arson or sumptin. It's pre-emptive, sort of like they'd have dropped all them folks in NOLA before Katrina if they had the chance. Don't want to get caught like that again so driving them risky folks to another carrier.

[w8liftinglady]

56. Market gains on techs and rate cut hopes

http://news.yahoo.com/s/nm/20070911/bs_nm/markets_stocks_dc;_ylt=ApUTGF1dXLwOxkLv3azdkJkT5LIF

I have a question.If the Fed doesn't cut rates-what will happen to the market?I'm new at this...just curious..

[ozymandius]

63. quittin' time fluffery from Bernanke

Dow 13,308.39 Up 180.54 (1.38%)
Nasdaq 2,597.47 Up 38.36 (1.50%)
S&P 500 1,471.49 Up 19.79 (1.36%)
10-Yr Bond 4.364% Up 0.04
NYSE Volume 3,015,319,000
Nasdaq Volume 1,794,790,000

4:20 pm : The stock market had a good day on Tuesday with the major indices scoring sizable gains in a low volume rally that saw 1.3 billion shares change hands at the NYSE.

The low volume reflected a sense of reserve ahead of next week's FOMC meeting, but nontheless, profits are just as green on a low volume day as they are on a high volume day. They were all the more pleasing today, too, considering it was the sixth anniversary of the 9/11 attacks.

The bullish outing was marked by participation from all ten economic sectors, each of which gained more than 1.0% thanks to an added buying push in the last 15 minutes of trading.

The energy sector (+1.8%) played a key role in the surge as stocks in that space, which were sluggish early in the day, surged in the afternoon as crude futures closed at a new record high ($78.23) after OPEC agreed to raise its production levels by 500,000 barrels per day.

While the increase might normally be construed as bearish for oil prices, it was spun as a disappointing increase relative to whisper estimates among traders that called for an increase of at least 1 million barrels per day.

The uptick in energy prices, however, didn't disrupt the broader market which was driven by the prevailing view today that the global economy should hold up fine despite the problems in the U.S. housing market. An upbeat sales report from McDonald's (MCD 51.76, +1.61), an encouraging third quarter outlook from Ericsson (ERIC 38.26, +2.01), and a narrowing trade deficit for July contributed to that view.

With volume as light as it was, though, we'd caution against reading too much into today's rally. To be sure, if the market trades down on Wednesday, the prevailing excuse will be that participants are concerned about the pace of global economic growth because of the U.S. housing market and the jump in oil prices.

For the time being, though, the emphasis on Tuesday was on the positives. That's why the market all but looked past a New York Post report that indicated Countrywide Financial (CFC 16.88, -0.33) is seeking another cash infusion that rivals the $2 billion investment made by Bank of America (BAC 49.45, +0.49) last month.

Countrywide was a weak spot in an otherwise solid financial sector (+1.3%) which performed in line with the broader market.

Separately, Fed Chairman Bernanke gave a speech today on global imbalances. His remarks didn't touch on the current economy or the interest rate outlook, so the market managed to take his comments in stride. Sticking to his appointed topic, Bernanke noted that the U.S. current account gap can't last forever and that there is still a global savings glut.

Looking to Wednesday there aren't any key earnings reports scheduled. A mid-quarter update tonight from Texas Instruments (TXN 35.72, +0.50), however, should act as a trading catalyst. The economic calendar, meanwhile, is bare with the exception of the Dept. of Energy's weekly inventory report at 10:30 ET. DJ30 +180.54 NASDAQ +38.36 SP500 +19.79 NASDAQ Dec/Adv/Vol 926/2077/1.78 bln NYSE Dec/Adv/Vol 883/2402/1.30 bln

[roamer65]

66. Will China finally float the Renminbi and export their inflation?

I think we just may me getting real close close to a Renminbi float.

China's inflation surges to 6.5%

http://www.bloomberg.com/apps/news?pid=20601089&sid=a7phqay1MUic&refer=china

[DemReadingDU]

67. Renminbi? I thought China's currency was the yuan.

What is the Renminbi, and what advantage is to float it? Thanks,