STOCK MARKET WATCH, Friday November 28

[ozymandius]

Source: du

STOCK MARKET WATCH, Friday November 28, 2008

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 53
WHERE'S OSAMA BIN-LADEN? 2591 DAYS
DAYS SINCE ENRON COLLAPSE = 2882
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.
$1 USD = EUR 1.06678
$1 USD = JPY 116.6200

In recognition of those prescient of the Dow's precipitous return of Bush values (9/29/08): JuneBourder and AnneD

AT THE CLOSING BELL ON November 26, 2008

Dow... 8,726.61 +247.14 (+2.83%)
Nasdaq... 1,532.10 +67.37 (+4.60%)
S&P 500... 887.68 +30.29 (+3.53%)
Gold future... 811.30 -9.20 (-1.13%)
30-Year Bond 3.56% -0.07 (-1.90%)
10-Yr Bond... 3.00% -0.09 (-2.94%)






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: Lies, Damned Lies, and Statistics

Unemployment Worse Than Reported
BY CHRIS PUPLAVA

“There are three kinds of lies: lies, damned lies, and statistics.”
- Benjamin Disraeli, later popularized by Mark Twain.

As of October, the unemployment rate has risen to 6.5%, higher than the peak in the last recession and the highest rate since 1994. While the 6.5% rate has increased markedly from its low set two years ago, given the current dynamic in the economy, that rate still doesn’t seem to pass the smell test and “feels” much higher. For more than two decades the relationship between the unemployment rate and the duration of unemployment (median weeks unemployed) showed a very close fit, with a 95% correlation. However, starting in 1994 the two series diverged with the correlation falling to 65%.

-charts-

What happened was that the Bureau of Labor Statistics (BLS) in 1994 redefined how they measure unemployment, excluding discouraged workers. As a result of that and other changes, historical unemployment measure relationships began to diverge markedly. For example, the figure below shows the U3 unemployment rate (most widely used and quoted measure), the U6 unemployment rate, as well as two measures of unemployment duration. Since the early 1990s the two duration measures diverged significantly from the U3 unemployment rate and more closely tracked the broader U6 unemployment rate. The relationship between the median weeks unemployed and the U3 unemployment rate diverged significantly since 1994, and the spread between them tracks with the spread between the U6 and U3 unemployment rates as seen below.

-another chart-

Because the way the BLS calculates the unemployment rate has changed, the widely used U3 rate can not be used for historical comparisons. Since the median weeks of unemployment rate displayed a close relationship with the old measure of unemployment it likely represents a truer picture of the real state of unemployment than revised U3. Currently, the median weeks of unemployment is 9.4 weeks and would correlate to a 9.4% unemployment rate for the old U3 measure, which is almost 3% higher than the reported revised U3 rate and a level of unemployment not seen since the 1981 recession! While a 9.4% unemployment rate is alarming, there’s something even more disturbing, and that is the rate is likely to head much higher heading into 2009. The Conference Board’s “job’s hard to get” index provides a useful leading indicator for the unemployment rate with a one-year lead time, and it is still rising.

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

[ozymandius]

2. no goobermental reports today n/t

[radfringe]

3. Black Friday

could turn out to be Black-EYE Friday...

At dinner yesterday, someone asked if anyone would be shopping on Friday. Of those who have braved the crowds in the past - none are going today. General consensus was it's going to be a very lean Christmas - just buying for immediate family and those purchses are scaled waaaaaay back.

No Big Ticket Items like TV's, Computers, game consoles, IPods etc are anyone's buying list.

[ozymandius]

5. Same song sung around our dinner table.

Items "of need" instead of "of want" are on our very abbreviated list. The adults are agreed that only the kids will receive this year.

[radfringe]

13. my "shopping list"

consists of 3 items

Ipod music gift cards ($25 each) for 2 nieces
1 pair of driving gloves for my partner

total holiday spending about $80

the only other spending I'll be doing is a couple of books for my dad - his birthday is in December.

my partner will be getting her niece 1 gift card, a book for me, and a gift for very old friends in CA. She's expecting to spend less tha $100

this is significantly lower than past years when we bought multiple gifts for each other, and gifts for all immediate family.

[ozymandius]

15. Selectivity among items purchased equals more sentimental value.

That's the way I see it anyway. If someone wants to gift me then I value the selectivity of the item. It's so much better than receiving a pile of "stuff", IMO.

[Hugin]

27. You've given me lots of 'toons this year.

Very generous I'd say. :)

[Tansy_Gold]

28. Ditto here

A little something for the grandsons, a little something for the kids, maybe a little something for the ISO. Mostly hand-made stuff, too. Maybe an extra "cookie" for the dogs, and those may be hand-made too!



Tansy Gold, who doesn't need any more 'stuff' anyway >>>>


Oh, yeah, and edited to add --

Putting in a shameless plug for my fellow artists and crafters -- If you can, support YOUR local artists and artisans. Many of them may very well be in the uncounted unemployed.

[Dr.Phool]

43. I gave my wife a choice

I could either get "her" a 50" plasma TV or a golden retriever.

She hit me with the cranberry sauce.

[Tansy_Gold]

72. Smart wife

Tansy Gold, who does not like cranberry sauce :evilgrin:

[Hugin]

25. If they wanted to hear X-mas Carols they should've gone to the mall the day after Easter.

Oh, great... Now I'm giving people in Editorial Cartoons advice. Should I worry?

In homage to that classic TeeVee show "Married... With Children", I'm going to ask the Kids to thank Wall Street...

"Say thanks to Wall Street, Kids!"


THANKS WALL STREET! :eyes:

[AnneD]

46. Morning Marketeers......

:donut; and lurkers. I am delighted to be "unwrapping" my Christmas gift now. I am in Valencia Ca. today, visiting my daughter and having a wonderful visit. The cost of the trip has come under budget due in part to gas dropping in price and great room rates. I was ripped off in a few places but all in all-we have been under budget and paid for all of the in cash.

I am astounded in the stupidity of today Captains of industry and our leaders. They miss the connection between jobs, wages earned and health of the consumer driven economy :eyes: Guess Mom was right when she maintained that common sense was a misnomer. As far as she was concerned it wasn't common enough.

Only the nieces and nephews get gifts-or should I say gift cards. I still plan to gift my daughter's friend to help her get into our community college. Broke that news to my daughter-she was a bit surprised-but understanding. She is doing well and her friend is not. I told her we will still help her but her friend has no one to help her.

We had to cut the Northern CA trip short because my daughter is expected to work on black Friday. I will give a on the ground report today or tomorrow. She is at Santa Monica Pier.

I have the feeling that this year will be one for the book. Just sign me grateful to have a job and thankful I am nearly out of debt and can hopefully make a positive lasting impact in a kids life.

Happy hunting and watch out for the bears.

[Hugin]

49. Morning AnneD...

:hangover:

Thanks for the update and I hope your visit is a very enjoyable trip.

:hi:

[Wednesdays]

51. Crowds

"Of those who have braved the crowds in the past - none are going today."

Reminds me of a great quote (I think it was by Yogi Berra), "Nobody goes there anymore. It's too crowded."

[Hugin]

52. Haha... Good quote.

How true.

[Roland99]

64. CNBC reporting not great but not as bad as expectations.

I sure wasn't out in it but a friend of mine in Vegas is. But she's buying very low-ticket items. Most expensive was a Ninentdo DS.

[Hugin]

65. So, it'll be spun as 'better than expected'?

There's a whole lot of that out there lately.

[AnneD]

66. It is early here....

but I don't see a lot of early birds or folks with big bulging shopping bags either. I will ask Leila to compare it to a normal day, when she leaves today. Lots of side walk free theatre.

[ozymandius]

4. Uncle Sam's Credit Line Running Out?

This was included in the WrapUp. Even dated to November 11th, it's worth is evergreen.

---

The yield curve and credit-default swaps tell the same story: The U.S. can't borrow trillions without paying a price.

WHAT ONCE WAS UNTHINKABLE has come to pass this year: massive bailouts by the Treasury and the Federal Reserve, with the extension of billions of the taxpayers' and the central bank's credit in so many new and untested schemes that you can't tell your acronyms or abbreviations without a scorecard.

Even more unbelievable is that some of the recipients of staggering sums are coming back for a second round. Or that the queue of petitioners grows by the day.

.....

Trillions are no hyperbole. The Treasury is set to borrow $550 billion in the current quarter alone and $368 billion in the first quarter of 2009. "Near-term pressures on Treasury finances are much more intense than we had thought," Goldman Sachs economists commented when the government announced its borrowing projections last week.

It may finally be catching up with Uncle Sam. That's what the yield curve may be whispering. But some economists are too deaf, or dumb, to get it.

The yield curve simply is the graph of Treasury yields of increasing maturities, starting from one-month bills to 30-year bonds. The slope of the line typically is ascending -- positive in math terms -- because investors would want more to tie up their money for longer periods, all else being equal. Which it never is.

(and this...)

It may come as a shock, but there are credit-default swaps on the U.S. government and they have become more expensive -- in tandem with an increase in the spread between two- and 10-year notes.

http://online.barrons.com/article/SB122633310980913759.html

[ozymandius]

19. Strained Rescue Plan

The entire bailout process from the current team seems terribly ad hoc — not a lot of deep thought or strategic planning went into the design or execution of the rescue plan:

The current Treasury has so far struggled to keep up with the task of hiring enough people to handle the $700 billion financial rescue package passed by Congress in October. The man now in charge of running the Troubled Asset Relief Program, Assistant Secretary Neel Kashkari, said the department’s Office of Financial Stability, with about 40 full-time employees, is operating at half-staff.

Federal banking regulators, who must approve the applications from banks before they go to Treasury, said there is a backlog of unprocessed applications for relief. Outside observers said the difficulty of quickly building a qualified staff may be one reason the Treasury abandoned its original plans to use the TARP to purchase assets from financial institutions, deciding instead to inject capital into the banking system.

Everything has the appearance of being done on the fly . . .

Source article: http://online.wsj.com/article/SB122783187912562983.html

Found at Barry Ritholtz blog

[ozymandius]

6. Oil falls below $54 ahead of OPEC meeting

Oil prices fell below $54 a barrel Friday as a gloomy outlook for global crude demand overshadowed expectations that OPEC might announce a production cut this weekend.

By midday in Europe, light, sweet crude for January delivery was down 88 cents to $53.56 a barrel in electronic trading on the New York Mercantile Exchange. Trading was closed Thursday in the U.S. for the Thanksgiving holiday.

In London, January Brent crude fell 28 cents to $52.85 on the ICE Futures exchange.

....

For the week ended Nov. 21, crude stocks jumped by 7.3 million barrels, the U.S. Energy Department said Wednesday. Analysts had expected a boost of only 400,000 barrels. Gasoline inventories rose by 1.9 million barrels, against estimates of a rise of 300,000 barrels

In other Nymex trading, gasoline futures were down 0.48 cent to $1.1734 a gallon. Heating oil dropped 3.27 cents to $1.7040 a gallon while natural gas for January delivery slid 14.7 cents to $6.731 per 1,000 cubic feet.

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

[ozymandius]

30. Chesapeake Energy may sell $1.8B stock to get cash

Chesapeake Energy is the largest U.S. natural gas producer.

Chesapeake Energy Corp., the nation's largest producer of natural gas, seeks to raise up to $1.8 billion through common stock sales in an effort to fund its drilling and exploration activities and mitigate the impact of lower natural gas prices on cash flow.

In two filings with the Securities and Exchange Commission late Wednesday, the company said it will issue shares worth as much as $1 billion before fees and also registered 50 million shares worth at most $791 million for potential sale.

Oklahoma City, Okla.-based Chesapeake said it will use proceeds from the $1 billion offering for general corporate purposes, including fund exploration, development and other capital expenditures.

The move would dilute holdings of shareholders, who already suffered through a substantial decline in Chesapeake's stock price this year. Shares closed at $20.24 on Wednesday, off 73 percent from the stock's $74 52-week high set this summer.

But the company said cash flow, borrowings and cash on hand have not been enough to pay for capital expenditures.

http://biz.yahoo.com/ap/081127/chesapeake_energy_capital_raise.html

Mish has more on the issue

[ozymandius]

7. Shoppers jam stores for Black Friday deals

NEW YORK – Shoppers, who had snapped their wallets shut since September, flocked to stores and malls before dawn Friday to grab deals on everything from TVs to toys on the traditional start of the holiday shopping season, feared to be the weakest in decades.

Retailers extended their hours — some opening at midnight — and offered deals that promised to be even deeper and wider than even the deep discounts that shoppers found throughout November. Best Buy, which threw its doors open at 5 a.m., offered such early morning specials as a 49-inch Panasonic plasma HDTV for $899.99 and a $189.99 GPS device by Garmin, while Toys "R" Us, which also opened at 5 a.m., was offering up to 60 percent discounts on toys.

But the question remains whether anyone will be spending much money on holiday gifts as a recession nears, credit markets remain frozen, layoffs loom and consumer spending shrinks.

....

Still, while it isn't a predictor of holiday season sales, the day after Thanksgiving is an important barometer of people's willingness to spend for the rest of the season. And particularly this year, analysts will be dissecting how the economy is shaping shoppers' buying habits, including whether they will spring for big ticket items or focus on small purchases like gloves and hats.

http://news.yahoo.com/s/ap/20081128/ap_on_bi_ge/holiday_shopping_black_friday

[ozymandius]

9. For stores, the holiday season may already be over

NEW YORK – The holiday shopping season begins Friday with a blitz of early morning specials. For some merchants, though, it's practically over already.

Piles of jewelry, clothing and electric drills are bypassing store shelves and heading straight to liquidators by the caseload as stores try to save as much cash as they can.

....

It wasn't supposed to be this bad. Stores, which typically place orders about four to seven months in advance, had cautiously planned their holiday inventories about 15 percent below last year's levels.

But because of the free fall in consumer spending, stores are now stuck with about 15 percent to 20 percent excess holiday inventory, estimated Burt P. Flickinger, managing director of Strategic Resource Group.

Richard D. Hastings, a consumer strategist with Global Hunter Securities, says the latest culprit — fear of deflation — is also causing stores to dump inventory. Clothing and other merchandise is worth less now than it was even three months ago.

http://news.yahoo.com/s/ap/20081127/ap_on_bi_ge/holiday_bust

[Hugin]

34. The only good thing to be said about deflation...

It really separates the 'wants' from the 'needs'. As, the price of the 'needs' goes through the roof and the 'wants'
become worthless.

This would seem to be a likely spot for an Anecdote told to me by a Child of the Depression:

One of the hardest things to achieve when the Great Depression had almost run it's course was trying to get people
to buy discretionary items. In fact, this lack of spending caused a recessionary dip all on it's own... This will be true
again.

They've gone and killed the Golden Goose, but, good.

Who needs many of the things people have been buying? Excess electronics... Phone plans... Cars... Home furnishings...
Clothing... Keeping up with the current fad... etc? Once people discover they don't need these things to survive and they
learn the necessity of having liquidity. It's going to be quite the task to get them to go to sleep and return to the
programmed Consumer Culture.

"There's Freedom in Economy." (A long forgotten quote)


Edit: Spelling. "To 'be' or not to 'be'... Or whether it's better to 'be', 'me'". THAT is the question.

[ozymandius]

8. Meltdown far from over, new mortgage crisis looms

WASHINGTON – Black Friday's retail shoppers hunting for holiday bargains won't be enough to stave off what's likely to become the next economic crisis. Malls from Michigan to Georgia are entering foreclosure, commercial victims of the same events poisoning the housing market.

Hotels in Tucson, Ariz., and Hilton Head, S.C., also are about to default on their mortgages.

That pace is expected to quicken. The number of late payments and defaults will double, if not triple, by the end of next year, according to analysts from Fitch Ratings Ltd., which evaluates companies' credit.

.....

Companies have survived plenty of downturns, but economists see this one playing out like never before. In the past, when businesses hit rough patches, owners negotiated with banks or refinanced their loans.

But many banks no longer hold the loans they made. Over the past decade, banks have increasingly bundled mortgages and sold them to investors. Pension funds, insurance companies, and hedge funds bought the seemingly safe securities and are now bracing for losses that could ripple through the financial system.

http://news.yahoo.com/s/ap/20081128/ap_on_bi_ge/meltdown_coming_soon

[burf]

23. In the article there is a statement

that I find curious: "The Securities and Exchange Commission is considering another option that might ease the crisis, one that would change accounting rules so banks don't have to declare huge losses whenever the market declines."

Does that mean what it seems to mean? A loss during a market decline is now not a loss? Seems rather smoke and mirrorish to me. But then again, what do I know.

[ozymandius]

24. Sounds like a rephrasing of mark-to-market rules to me.

One other impression about these terms: Would Citigroup have asked for another bailout even though their stock valuations had plummeted?

[4dsc]

47. But interest rates are falling

I am trying to refinance my home and interest rates keep falling.. That should be a good sign correct??

[Hugin]

48. If your home maintains it's value...

Otherwise, if it's value falls too far you may not qualify to refinance at a lower interest rate.

Kind of a Catch-22 in there somewhere.

[ozymandius]

10. Asia Ends Week On A High

Most key markets rally into the close on hopes that government intervention will help stem the economic slowdown.

Asia's key stock markets managed to rally into their close on Friday, even as Indian shares went through a volatile session following a militant siege in Mumbai that has left more than 143 people dead.

Mumbai's Sensex index of leading Indian shares opened lower, but was up 0.7%, at 9092.72 points, in late trading on Friday. Trading on all major Indian bourses had been suspended on Thursday following militant attacks on two luxury hotels in the country's financial capital. At the time of publication, army activity continued at the Taj Mahal Palace Hotel. The Oberoi Mumbai was freed from militant control, the hotel said in a statement on its website.

....

Japanese stocks also ended the week up strongly on hopes that China's rate cut would help boost the country's economy. The Nikkei 225 index closed up 138.88 points, or 1.7%, at 8,512.27.

....

Australia's benchmark S&P/ASX200 index surged 4.3%, while South Korea's benchmark rose 1.2%.


http://www.forbes.com/markets/2008/11/28/briefing-asia-closer-markets-equity-cx_po_1128markets01.html

[ozymandius]

14. Japan’s Recession Deepens as Factory Output Slumps (Update1)

Nov. 28 (Bloomberg) -- Japan’s recession deepened last month as companies cut production, consumers spent less and fewer people looked for work.

Factory output fell 3.1 percent from September, when it rose 1.1 percent, the Trade Ministry said today in Tokyo. Household spending slid 3.8 percent, the eighth consecutive drop.

....

The Nikkei 225 Stock Average rose 1.7 percent today. That wasn’t enough to stop the sixth monthly decline, the worst losing streak on record. The gauge has lost 44 percent this year, and the broader Topix index has tumbled 43 percent.

....

Companies plan to reduce output 6.4 percent this month, the most dismal outlook since the survey began in 1973, and a further 2.9 percent in December, the Trade Ministry said. The government lowered its assessment of production, saying it’s on a “downward trend.”

http://www.bloomberg.com/apps/news?pid=20601068&sid=aUJDpdwOJrz0&refer=economy

[ozymandius]

11. UBS says finds some US tax fraud cases

LUCERNE, Switzerland (Reuters) - UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) said on Thursday it has discovered a few cases of tax fraud as part of a U.S. inquiry into whether it helped wealthy Americans dodge taxes through accounts in Switzerland.

"Our investigations have uncovered a limited number of cases of tax fraud under both U.S. and Swiss law," Chairman Peter Kurer told 2,400 shareholders gathered to vote on the bank raising 6 billion Swiss francs ($5 billion) with a convertible bond issue to the Swiss state.

.....

UBS is also under pressure from the U.S. tax investigation launched earlier this year, which led to the indictment of the bank's head of global wealth management this month and threatens to weaken Switzerland's precious banking secrecy laws.

But bank-client confidentiality, a pillar of Swiss banking, "is not there to protect cases of tax fraud," Kurer said, suggesting UBS could be ready to hand over some client details to U.S. authorities as part of a possible settlement.

The U.S. authorities are seeking the names of about 17,000 U.S. clients of UBS who have Swiss-based bank accounts. Swiss lawyers representing U.S. clients of UBS have said Switzerland is considering disclosing information on only a few hundred.

http://www.reuters.com/article/euRegulatoryNews/idUSLR50974920081127

[radfringe]

17. Larger Foreign Corrupt Practices Act Fines Ahead

--snip---

HALLIBURTON ACTION?
Other major FCPA cases that have been under investigation for years and could be coming to a head include those of Halliburton Co. and DaimlerChrysler A.G. Halliburton disclosed in 2003 that regulators were probing $2.4 million in payments by one of its subsidiaries for favorable tax treatment in Nigeria. The DaimlerChrysler probe was triggered when a former employee alleged in a now-settled 2004 whistleblower lawsuit that the company had secret bank accounts for bribing foreign officials.

The more aggressive U.S. regulatory actions follow implementation of tougher anti-bribery laws in other countries since the signing of an Organization for Economic Cooperation and Development agreement in 1997. Implementation of new foreign laws has allowed the United States to take more enforcement actions because of better cooperation from other countries, said Peter Clark, a partner in the Washington office of New York's Cadwalader, Wickersham & Taft.

"The United States and other countries are just becoming more skilled at investigating and prosecuting," said Clark, who formerly was deputy director of DOJ's fraud section in the Criminal Division and previously was in the SEC Enforcement Division.

http://www.progressivesplayground.com/dc/dcboard.php?az=show_topic&forum=127&topic_id=15&mesg_id=15&page=

[ozymandius]

21. Nice.

:popcorn: I eagerly await the flying fur.

[ozymandius]

12. Citigroup bailout slammed by New Yorkers

NEW YORK, Nov 26 (Reuters) - The bailout of Citigroup has made people in New York angrier than they were about any of the other government rescues of financial institutions this year.

In a random sample of people inside the Port Authority, the world's busiest bus terminal, only one man backed the government decision to prop up the New York-based bank, even though it is a huge employer in the region.

....

Earlier this week, the U.S. government announced an injection of $20 billion for Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) and a plan to shoulder most of its potential losses on $306 billion of toxic assets, after the bank's shares sank more than 60 percent in the previous week due to concern about its ability to survive.

The $20 billion of government capital comes after a $25 billion injection last month.

In effect, the government has pledged about $1,000 per American to guarantee the bank's assets.

....

In exchange for the bailout, Citigroup slashed its quarterly dividend and cannot raise it for three years without U.S. consent. But taxpayers want more sacrifices from the bank's board and top management.

http://www.reuters.com/article/newsOne/idUSN2636427520081126

[ozymandius]

16. GM Said to Study Shedding Saturn, Saab, Pontiac to Win U.S. Aid

Nov. 27 (Bloomberg) -- General Motors Corp., working to cut costs to win $12 billion in government loans, is studying whether to shed its Saturn, Saab and Pontiac brands in addition to Hummer, people familiar with the matter said.

Selling or dropping brands would save money and reduce overlap as the biggest U.S. automaker struggles to avoid running out of operating cash by year’s end, said the people, who didn’t want to be identified because no decision has been made. GM’s other U.S. brands are Chevrolet, GMC, Buick and Cadillac.

The review of the 82-year-old Pontiac division, one of GM’s earliest, shows the scope of the survival plan being given to Congress on Dec. 2 to show GM can repay federal aid. GM also seeks to cut debt levels and reduce costs for active and retired union workers, people have said.

Chief Executive Officer Rick Wagoner is under a deadline set by House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid. Congress has scheduled a Dec. 5 hearing on a $25 billion auto-industry rescue and may vote the week of Dec. 8.

....

Directors are scheduled to review a proposal Nov. 30 and Dec. 1, people familiar with the plans said. The automaker will prepare a 10- to 12-page public document and a private, more detailed plan of about 80 pages with background material, the people said. GM said Nov. 7 it may be short by year’s end of the $11 billion minimum in cash needed to pay monthly bills.

http://www.bloomberg.com/apps/news?pid=20601109&sid=aG4DMF2aEKWA&refer=exclusive

[ozymandius]

18. LBO Boom’s Last Vestiges Would Disappear With BCE Deal’s Demise

Nov. 27 (Bloomberg) -- The C$52 billion ($42 billion) purchase of BCE Inc. by private-equity firms may collapse, erasing the last vestiges of a leveraged-buyout boom that ground to a halt almost 18 months ago.

BCE said yesterday that the takeover may unravel following auditor KPMG’s opinion that the parent of Bell Canada, the country’s largest phone company, would be insolvent once saddled with $39 billion of new and existing debt. The acquisition, announced in June 2007 and set to close Dec. 11, would have been the second-biggest LBO behind the 2007 purchase of energy producer TXU Corp. by KKR & Co. LP and TPG Inc.

....

“Everything is different now,” said Randal Stephenson, senior managing director at New York-based Pali Capital Inc., which advises companies on mergers and acquisitions. “Bell Canada was a full-value, premium-priced deal. No one’s willing to do the sorts of things they did six months or a year ago.”

Announced private-equity deals have dropped more than 70 percent to $202 billion so far this year, according to data compiled by Bloomberg. The biggest transaction this year was the $7 billion stake bought by investors led by TPG Inc. in Washington Mutual Inc. That investment evaporated five months later when the U.S. government seized Washington Mutual’s assets, wiping out the TPG-led group’s $2 billion in equity.

http://www.bloomberg.com/apps/news?pid=20601109&sid=a8dMgJAPDAv0&refer=exclusive

[ozymandius]

20. Holiday Shopping with Deflated Stocks - HA! HA!

Still feeling shocked by how much your portfolio has fallen in value in the past couple of months? With the holidays upon us, here is a look at the purchasing power those shares still have. After all, a share of Berkshire Hathaway can still buy you a Porsche 911.

This weekend, I was looking through the circulars in my Sunday paper and found some good uses for those "worthless" shares. First, let's consider Thanksgiving dinner. You can buy a nice 10 lb. Butterball Turkey for just one share of Microsoft. One share of AIG can add some nice frozen vegetables and a share of General Motors is worth 5 lbs of yams. Note: All share prices are as of Friday's close.

http://www.cnbc.com/id/27888369

[UpInArms]

41. thanks for that laugh, Ozy!

A single share of Google can still buy a 10-Megapixel camera at bankrupt Circuit City.

[DemReadingDU]

45. Too funny!

No shopping for me today, too crazy out there!

[4dsc]

54. Today's "Today" show is all about BUYING!!!

Buy, buy, buy is the ralling cry on the Today show this morning.. Deal everywhere they are claiming..

Meanwhile it been reported that people arrived early at out local Best Buy and bought up all the good sale item and them proceeded to try and sell them for a profit in the parking lot!! Now that's working capitalism..

[ozymandius]

55. I have haggled at Best Buy and walked out with a good deal.

It was a year ago when my twenty year-old Kenwood receiver/amplifier bit the dust. There were several "open box" items at Best Buy. One Sony unit ideally suited my needs (deemed after doing due diligence) that was "open box". I got the floor manager to drop the price by thirty bucks.

One should never go into a Best Buy for an appliance without doing due diligence first. It is difficult to find knowledgeable floor staff. I've never heard any good comments about their Geek Squad service. Caveat emptor, y'all.

[Hugin]

56. Caveat emptor!

:fistbump:

[Karenina]

61. Wal-Mart Worker Trampled to Death...

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3621368&mesg_id=3621368

[ozymandius]

62. Sickening. Mouth-breathing gimps.

A stock clerk died for a sale.

[Karenina]

67. This has become an annual tradition.

Remember the roll-out of Play Station 3? THAT was a bloody mess. The corps who set loose this "running of the bulls" yearly MUST be held accountable by a decent society.

[radfringe]

22. GM stock purchase plans halted by State Street

GM stock purchase plans halted by State Street

http://www.progressivesplayground.com/dc/dcboard.php?az=show_topic&forum=113&topic_id=233&mesg_id=233&listing_type=read_new

DETROIT, Nov 25 (Reuters) - General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz) said on Tuesday it could not restart a program that allows employees to buy the company's common stock due to restrictions imposed by State Street Bank and Trust Co, the independent overseer of the plans.

GM had planned to reinstate the program which was suspended in September when GM exhausted its authorized shares, but was told by State Street that "it was not appropriate to allow additional investments" by employees in light of GM's financial straits.

As a result, under the U.S. securities law, directors and executive officers of the automaker would remain under indefinite restrictions of trading in GM shares, the company said.

[ozymandius]

26. Basic math stymies this program if the authorized shares are gone.

First, if State Street oversees the employee investment plan (is this another way of saying "pension"?) then this is consistent with many other retirement portfolios. Stock purchases will halt when the value of a stock falls below a certain threshold.

Second: issuance of additional shares would dilute the value of existing shares.

Third: are GM employees allowed to buy company shares in margin? That's completely nuts if true.

[radfringe]

29. pulled the same thing with Polaroid employees

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=364x2392715

also see: http://www.google.com/search?q=corpgovactivist+polaroid+%22state+street%22&hl=en&filter=0

[UpInArms]

31. dollar watch

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

Last trade 86.392 Change +0.845 (+1.09%)

What Will Happen To The Dollar As Fed Cuts Bring Rates Near Zero?

http://www.dailyfx.com/story/special_report/special_reports/What_Will_Happen_To_The_1227746078230.html

The Federal Reserve is running out of options to forcibly turn the fortunes of the US economy and global financial markets. Data over the past few weeks has confirmed that the global economy is indeed tumbling into recession, with the US leading the way. To counter the slide into the abyss, the market expects the FOMC members to continue their pace of deep cuts at the December 16th meeting – though there is little room left to move. Futures show traders are fully pricing in a 50bp rate cut and a significant 36 percent probability for a sharp 75bp reduction at the next meeting. Regardless, considering the benchmark now stands at only one percent, it is obvious that the additional stimulus would add little to present conditions. However, Bernanke and Paulson have realized this. A recent change in focus for the TARP and an additional $800 billion in liquidity from the Fed aimed at the consumer and housing represent steps in the right direction.



...more...

Currency Markets Continue to Move With Dow Jones, Oil, Gold

http://www.dailyfx.com/story/bio2/Currency_Markets_Continue_to_Move_1227736304256.html

US Dollar/Japanese Yen and the
US Dow Jones Industrials Average

The correlation between the US Dollar/Japanese Yen pair and the Dow Jones Industrials Average is currently near its highest in at least 20 years, as increasingly risk-averse markets dominate price action in the USDJPY. Every downward move in global equity indices encourages traders to close short positions in the low-yielding Yen—fully consistent with the broader theme of financial deleveraging. Continued losses in the Dow and other major markets would likely lead to further JPY rallies.



...more...

[UpInArms]

32. Americans shun lotteries in times of trouble

http://www.reuters.com/article/bondsNews/idUSN2636242220081128

NEW YORK, Nov 28 (Reuters) - U.S. lottery tickets are proving not to be the big business they're cracked up to be in times of financial crisis.

Reuters contacted all 42 state lotteries. Of the 27 that responded, 14 said sales were down from last year, 9 said sales were steady and 4 reported an increase.

"It's been kind of an industry notion that lotteries are recession-proof, but I think what we're experiencing right now is a little bit harsher than slow economies in the past," said Chuck Baumann of the Oregon Lottery.

"People are just counting their dollars and cents," he said in a state where sales are down some 2 percent from last year.

Lotteries are the most common form of gambling in the United States, Gallup opinion polls regularly find, showing that almost 50 percent of Americans buy lottery tickets.

Sales have fallen as much as 10 percent in some states -- a reflection of the economic downturn and lack of a big jackpot in the two main games, Powerball and Mega Millions.

...more...

[Hugin]

35. They need to up the rate of 'winners' and reduce the State's take...

The odds of winning aren't favorable to someone who only has a couple of bucks to spend on a lottery scratcher.

It's a rapidly extinguished behavior in hard times, if they don't throw a bone to a player now and then.

Edit: Oh, great... Now I'm giving advice to the Casinos! Somebody stop me! :eyes:

[UpInArms]

37. I was living in Texas when it first got the lottery -

and the payout was decent - but within a few weeks, that changed and the winners became fewer and farther between and the number of losers swelled.

:hi:

[Hugin]

40. I'm not big on the whole idea. But, here part of the proceeds go to higher ed scholarships.

This puts me in a :dilemma: situation.

It may not seem like it... In hard times, $60.00 can put a smile on someone's face for a while.

OTOH... I still say it may be better buying a scratcher than 'investing' these days, at least they print the odds
on the back of the card.

:hi:


Edit: Man, third edit in a row. I think I need to go back to bed.

[UpInArms]

33. From the You Can't Make This Shit Up Dept: Goldman plans FDIC-backed euro debt issue

http://www.reuters.com/article/bondsNews/idUSLS47473720081128

LONDON, Nov 28 (Reuters) - Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) said on Friday it plans to sell a euro benchmark debt issue that will be guaranteed by the Federal Deposit Insurance Corp (FDIC).

Goldman said the maturity of the issue had not yet been decided

we (the taxpayers via FDIC insurance) are now on the hook for european bank accounts?

[UpInArms]

36. Satellite Hedge Fund halts client withdrawals from 3 hedge funds: report

http://www.reuters.com/article/innovationNews/idUSTRE4AQ6VT20081127

(Reuters) - Satellite Asset Management, founded by former employees of billionaire George Soros, stopped client withdrawals from its three largest hedge funds, Bloomberg reported.

The company also eliminated more than 30 jobs, after losses reduced the firm's assets to about $4 billion this year, according to the report.

Satellite Overseas Fund Ltd, Satellite Fund II LP and Satellite Credit Opportunities Ltd have declined as much as 35 percent in 2008, Bloomberg reported, citing a person with knowledge of the funds' performance.

...a bit more...

(edited to correct misconception in title)

[ozymandius]

38. Markets are open for bidness.

9:32
Dow 8,679.22 Down 47.39 (0.54%)
Nasdaq 1,518.95 Down 13.15 (0.86%)
S&P 500 884.01 Down 3.67 (0.41%)
10-Yr Bond 2.983% Down 0.018

[ozymandius]

39. pre-open blather

09:16 am : S&P futures vs fair value: -6.10. Nasdaq futures vs fair value: -16.00. Just a few minutes remain before the opening bell sounds and stock futures continue to suggest a downward start. Volume is expected to be light as many traders extendy their Thanksgiving holiday into a long weekend.

09:02 am : S&P futures vs fair value: -5.80. Nasdaq futures vs fair value: -12.50. Stock futures continue to lag fair value, suggesting the stock market will open with losses. The CRB Commodity Index is down just 0.1% early on as underlying commodities trade in mixed fashion. Oil futures are down 1.7% to $53.50 per barrel, but gold is up 0.3% to $810.80 per ounce.

08:30 am : S&P futures vs fair value: -6.90. Nasdaq futures vs fair value: -14.80. Stock futures continue to indicate a downward start. BHP Billiton (BHP) offered a dour near-term outlook for the metal commodities market, which has been underscored by waning demand. The outlook came after the company recently dropped its takeover bid for Rio Tinto (RTP). On a related note, Reuters reports that Alcoa (AA) will not look to raise its stake in Rio Tinto. Meanwhile, ArcelorMittal (MT) is planning to cut up to 9,000 jobs, affecting approximately 3% of its global workforce, in a move to save on operating expenses. Nokia (NOK) will stop selling many of its mobile phones in Japan, but will continue to market certain luxury brands there. The announcement comes after the company projected a decline in worldwide sales volume this year.

[UpInArms]

42. You Can't Fire Me - I Quit! - JPMorgan suspends Pakistan equities operations

http://www.reuters.com/article/fundsFundsNews/idUSHKG4430620081128

KARACHI/HONG KONG, Nov 28 (Reuters) - JPMorgan said on Friday that it was suspending its equities operations in Pakistan, where share trading has been suspended since August 28, but will maintain its seat on the Karachi bourse and continue to serve clients through third-party brokers.

The U.S. financial giant said some of its roughly 10 or 12 equities staff would be redeployed within the firm, and that its eight-person treasury services business in the country would continue to operate.

"JPMorgan will continue to expand its treasury services business in Pakistan, but at the same time reduce its presence in equities, while keeping its seat on the Karachi stock exchange," bank spokesman Ray Bashford told Reuters.

[Hugin]

44. Citigroup claims NY Times "misleading" on Rubin

By Jonathan Stempel and Robert MacMillan

"NEW YORK (Reuters) - Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) on Wednesday labeled as "misleading and inaccurate" an article in The New York Times that suggested senior executive Robert Rubin bore significant responsibility for the banking giant's woes.

Citigroup is trying to shore up investor confidence as it sells assets and sheds 52,000 jobs after winning a government rescue that should limit potential losses on $306 billion in troubled assets.

Chief Executive Vikram Pandit has blamed Citigroup's problems on prior management's decision to expose the bank too heavily to U.S. real estate.

A November 23 front-page story in the Times called Rubin, a former U.S. treasury secretary in the Clinton administration, "an architect of the bank's strategy" to chase profit by expanding in collateralized debt obligations and other risky products.

The strategy backfired as credit markets tightened and housing prices fell, leading to $20.3 billion in losses in the last year. Many commentators, editorial pages, websites and blogs have taken Rubin to task for problems at Citigroup, the No. 2 U.S. bank by assets, where he is now a director and senior counselor.

In a letter to the newspaper, Citigroup Vice Chairman Lewis Kaden said that in meetings in 2004 and 2005, Rubin said Citigroup could commit more capital to "intelligent risk reward" activities if it employed the right people and technology, careful judgment and appropriate oversight.

At the time, Rubin chaired the bank's now-dissolved executive committee, which also included then-CEO Charles Prince, who resigned under pressure in November 2007."

Much more caterwauling... http://www.reuters.com/article/ousiv/idUSTRE4AP7JA20081126

___________________________________________________________________________

Hmm... Who to believe... The Bank or The Newspaper?

[Wednesdays]

50. In honor of today's cartoon, here's this year's Christmas carol

You can download and play it over and over on your computer. Perfect for the season!

http://www.8notes.com/school/midi/piano/chopin_funeral_march.mid

[Hugin]

53. Which reminds me...

I've spent the last couple of days in introspection and a review of my "Bucket List".

Although, I've accomplished several items on there in the last couple of years... There's still so much to do.

[AnneD]

68. This trip to California had some things on the list.....

Redwood forest (saw a pair of banana slugs getting up close and personal....bonus.)
The Pacific Ocean
San Francisco
Golden Gate Bridge
Haight Ashbury
Back alleys of ChinaTown (closest I could get to an opium den although I did enjoy a hookah pipe in Haight Ashbury)
Trolley Car
Hearst Castle
HWY 101
Mullholland Dr
Sunset Blvd
Santa Monica Pier
Fisherman's Wharf/Pier

and I have 2 more days. We will take on LA tomorrow.

I am not getting the full course California Dinner, but I am getting a tasty sampler. Every one should have a bucket list and keep expanding on it.

[radfringe]

57. Citigroup Should Be Held Accountable, Obama Aide Podesta Says

Citigroup Should Be Held Accountable, Obama Aide Podesta Says
By Edwin Chen
http://www.bloomberg.com/apps/news?pid=20601103&sid=akf_DTv.v8ic&refer=news

Nov. 28 (Bloomberg) -- The U.S. government should demand accountability and changes at Citigroup Inc., as well as from automakers, in exchange for any financial assistance, a top transition official for President-elect Barack Obama said.

“It seems to me that the government ought to demand accountability,” including on executive compensation, John Podesta said in an interview on Bloomberg Television’s “Political Capital with Al Hunt,” scheduled to air today.

“If we’re going to have one rule, we ought to apply it to all of the financial institutions that we’re taking a look at,” Podesta said. “That’s my personal opinion.”

In the case of Detroit, lawmakers are demanding from auto industry executives a concrete plan on going forward while others are asking for management changes. The government hasn’t made those demands of Citigroup.

[Hugin]

59. Does that include Rubin?

Rhetorical question. ;)

[Hugin]

58. ~11:00 ET: Indexes mildly down...

Dow 8,719.13 -7.48 (-0.09%)
S&P 500 884.50 -3.18 (-0.36%)
Nasdaq 1,515.97 -16.13 (-1.05%)
10y bond 2.97% +0.01 (0.34%)

No stampedes there.

'C' is up about a buck.

C 8.01 +0.96 (13.62%) 43.76B

Edit: Damn, that does it, I'm going back to bed.

[Demeter]

60. Happy Lunch. Everyone!

Hope your Thanksgiving was blessed with gratitude. I'm grateful it's over, actually. I gave my last can of cranberry sauce to Daughter #2 to feed her boyfriend. It's been a strange year.

[ozymandius]

63. Hi Demeter.

I hope your holiday helped you get over your illness.

[Demeter]

69. I'm Much Better, Thanks.

Not perfectly healthy yet, but it's been worse.

[Demeter]

70. David Paul: Time to Change the Rules Rather Than Throw More Money at the Banks

http://www.huffingtonpost.com/david-paul/time-to-change-the-rules_b_145907.html


Barack Obama has time to consider how his administration will minister to the ailing auto companies, as their demise will be protracted. In the real economy, failure takes time. Sixty days from now GM will still be there.

But the same cannot be said of Citibank.

Today, after investing almost half of the $700 billion appropriated by Congress to buttress the capital reserves of the banking system, the evidence suggests that the Treasury and the Federal Reserve have not achieved their goal of easing the cost or availability of capital. Instead, the major banks are cutting back credit, increasing fees and looking for ways to further solidify their balance sheets. Unless these trends are reversed, the concerted federal action will have been for naught, the recession will deepen and recovery will be forestalled.

More capital alone is not sufficient to fix the commercial banking sector, and a new injection of funds into Citibank will not allay the fear the continues to grip the system. Like Citibank, all of the commercial banks have problem loans and problem business lines, and, traditionally, new injections of capital would provide banks with the resources necessary to work out those issues. But today, the risks are different, and more dire.

The collapse of AIG two months ago highlighted for all market participants the risks presented by derivative contracts on the books of financial institutions. AIG's demise came in a matter of days--if not hours--once its credit ratings were downgraded from the double-A level to the single-A level. On Friday, September 13th, AIG was in business. On Monday the 15th, AIG was downgraded. On Tuesday the 16th, the global insurance giant was effectively bankrupt.

In the case of AIG, the rating downgrades resulted from write-downs in its holdings of mortgage-backed securities--to comply with mark-to-market accounting rules--which depleted its capital reserves. The downgrades triggered collateralization requirements under the terms of its $450 billion portfolio of credit default swaps. Faced with demands for collateral that exceeded its financial resources, AIG was insolvent.

The lesson for the major commercial banks that face similar risks was simple: Do everything in your power to rebuild your financial strength and stabilize your credit ratings. Cut back lending, reduce outstanding credit facilities, increase fees, conserve capital, and rebuild your balance sheets. In sum, the lesson for the commercial banks is that if you want to survive--if you don't want to be the next AIG--you should not do any of the things--such as increase lending--that the Treasury is trying to get you to do....

(MORE AT LINK)

With the implementation of these two steps--changes in the mark-to-market rules and removing the collateralization provisions from existing derivatives contracts--the Treasury can immediately reduce the pressure on Citibank and on other financial institutions. Then they can focus on the real job of recapitalizing the banking system, and perhaps the banks will get back to the business of lending.

WHAT SAY YOU, MARKETEERS? IS HE DREAMING, DELUSIONAL, DEAD ON?

[Demeter]

71. Robert L. Borosage: Obama's Wall Street Woes

http://www.huffingtonpost.com/robert-l-borosage/obamas-wall-street-woes_b_146511.html


So much for perfect timing. Barack Obama presented his economic team -- Summers, Geithner, Orzag -- all protégés of Robert Rubin -- just as the Treasury Department was pumping out billions to rescue Citibank -- which featured Rubin as chair of its executive committee -- from collapse. Is this the change we need?

Forget about Rubinomics redux. The depth of the crisis we face renders the old arguments irrelevant. Under Bill Clinton, Rubin championed reducing budget deficits, deregulating finance, and opening foreign markets to private investment. Now deficit spending must go up, banks must be re-regulated, trade imbalances must be reduced and manufacturing can no longer be scorned.

Obama gets this. His first initiative will be to pass a substantial and sustained recovery plan based on putting people to work with public investment in areas vital to our future. He's chosen experienced hands to get that done. In his Cooper Union address during the campaign, he laid out clear principles for re-regulating finance, and curbing the excesses that created the mess we are in.

But his appointment of NY Fed Bank head Tim Geithner as Treasury Secretary can't help but raise concern. Geithner has been, along with Fed Chair Ben Bernanke and Treasury Secretary Hank Paulson, at the center of the erratic and secretive Bush administration reaction to the financial collapse. He'll be ready to go from day one, Obama noted. But go where? As the New York Times editorialized today, the Senate better probe whether Geithner has learned anything in the Paulson follies, for after dispensing what Bloomberg News estimates is more than $7 trillion -- yes trillion -- to keep the banking system from collapsing, things aren't getting much better. The big banks still verge on insolvency and they still aren't lending....

[Mind_your_head]

73. Is it customary for the stock market to close at 1:00 pm on the Friday after Thanksgiving?

I wasn't sure whether it would be open or not today, and than saw it was open this morning, then surprised that it all stopped at 1:00 pm.

Is there a story for why this is so? Or was today 'special' somehow?

TIA,
M_Y_H

[Festivito]

74. Debt: 11/25/2008 10,658,356,277,853.80 (UP 4,096,847,123.70) (67% of report-avg)

(Nearly average. Not much happening day after day lately.)

= Held by the Public + Intragovernmental(FICA)
= 6,395,157,193,349.84 + 4,263,199,084,504.05
UP 1,468,316,558.23 + UP 2,628,530,565.49
(NOTE: Excel 2007 cannot handle ten-trillion plus to the penny. It zeroes the penny.)

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: 3 or 4 dollars per billion in a 300-Million person America.
If every American, man, woman and child puts in $3.33 each THAT'S 1B$.
A family of three: Mom, Dad, Child: THEIR SHARE IS TEN BUCKS in 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 a 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)
(I hate those end to end dollars to the moon and back, or years to spend $100/second. Just say'n)
If you read this and have a suggestion or comment, good or bad, I'd love to see it.

ANALYSIS:
There were 22 reports in the last 30 to 32 days.
The average for the last 22 reports is 6,109,132,818.05.
The average for the last 30 days would be 4,480,030,733.24.
The average for the last 32 days would be 4,200,028,812.41.
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$/day.
There were 38 reports in 56 days of FY2009 averaging 16.67B$ per report, 11.31B$/day.

PROJECTION:
GWB** must relinquish the presidency in 56 days.
By that time the debt could be between 10.7 and 11.3T$.
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)
11/25/2008 10,658,356,277,853.80 GWB (UP 4,930,160,481,672.23 so far since Bush took office.)

Fiscal Year ends: Sep 30
Borrowed in FY1993: (Maybe later.)
Borrowed in FY1994: 281,261,026,873.94
Borrowed in FY1995: 281,232,990,696.07
Borrowed in FY1996: 250,828,038,426.34
Borrowed in FY1997: 188,335,072,261.61
Borrowed in FY1998: 113,046,997,500.28
Borrowed in FY1999: 130,077,892,735.81
Borrowed in FY2000: _17,907,308,253.43 Bill alone
Borrowed in FY2001: 133,285,202,313.20 Bill and George
Borrowed in FY2002: 420,772,553,397.10 All George
Borrowed in FY2003: 554,995,097,146.46
Borrowed in FY2004: 595,821,633,586.70
Borrowed in FY2005: 553,656,965,393.18
Borrowed in FY2006: 574,264,237,491.73
Borrowed in FY2007: 500,679,473,047.25
Borrowed in FY2008: 1,017,071,524,650.01
Borrowed in FY2009: 633,631,380,941.40 so far this fiscal year.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
11/04/2008 +000,314,469,904.16 ------------********
11/05/2008 -000,077,530,396.02 ----
11/06/2008 +056,540,493,221.63 ------------**********
11/07/2008 -000,129,624,570.02 ---
11/10/2008 -000,178,876,517.33 --- Mon
11/12/2008 +000,116,562,137.90 ------------********
11/13/2008 -037,830,308,231.82 -
11/14/2008 +039,714,906,312.49 ------------**********
11/17/2008 -001,168,758,314.18 -- Mon
11/18/2008 +035,027,406,490.17 ------------**********
11/19/2008 -000,433,628,717.22 ---
11/20/2008 -000,189,695,810.14 ---
11/21/2008 -000,151,096,322.01 ---
11/24/2008 -000,086,920,504.20 ---- Mon
11/25/2008 +001,468,316,558.23 ------------*********

92,935,715,241.64 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008.
US borrowed $993,724,474,594.73 in last 68 days.
That's 994B$ in 68 days.
More than any year ever, except last year, and it's 98% of that highest year ever only in 68 days.
And it is over 100% of ANY dismal Bush, for any dismal Bush-year, ONLY IN 68 DAYS NOT 365.

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

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) TUESDAY'S POST LINK:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3617309&mesg_id=3617453
Wednesday's:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3618843&mesg_id=3618947

[Festivito]

75. Debt: 11/26/2008 10,647,917,555,364.30 (DOWN 10,438,722,489.50) (-194% of report-avg)

(Public debt up a little. FICA fluctuating.)

= Held by the Public + Intragovernmental(FICA)
= 6,395,807,621,162.60 + 4,252,109,934,201.79
UP 650,427,812.76 + DOWN 11,089,150,302.26
(NOTE: Excel 2007 cannot handle ten-trillion plus to the penny. It zeroes the penny.)

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: 3 or 4 dollars per billion in a 300-Million person America.
If every American, man, woman and child puts in $3.33 each THAT'S 1B$.
A family of three: Mom, Dad, Child: THEIR SHARE IS TEN BUCKS in 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 a 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)
(I hate those end to end dollars to the moon and back, or years to spend $100/second. Just say'n)
If you read this and have a suggestion or comment, good or bad, I'd love to see it.

ANALYSIS:
There were 23 reports in the last 30 to 33 days.
The average for the last 23 reports is 5,389,660,848.16.
The average for the last 30 days would be 4,132,073,316.92.
The average for the last 33 days would be 3,756,430,288.11.
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$/day.
There were 39 reports in 57 days of FY2009 averaging 15.98B$ per report, 10.93B$/day.

PROJECTION:
GWB** must relinquish the presidency in 55 days.
By that time the debt could be between 10.7 and 11.2T$.
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)
11/26/2008 10,647,917,555,364.30 GWB (UP 4,919,721,759,182.73 so far since Bush took office.)

Fiscal Year ends: Sep 30
Borrowed in FY1993: (Maybe later.)
Borrowed in FY1994: 281,261,026,873.94
Borrowed in FY1995: 281,232,990,696.07
Borrowed in FY1996: 250,828,038,426.34
Borrowed in FY1997: 188,335,072,261.61
Borrowed in FY1998: 113,046,997,500.28
Borrowed in FY1999: 130,077,892,735.81
Borrowed in FY2000: _17,907,308,253.43 Bill alone
Borrowed in FY2001: 133,285,202,313.20 Bill and George
Borrowed in FY2002: 420,772,553,397.10 All George
Borrowed in FY2003: 554,995,097,146.46
Borrowed in FY2004: 595,821,633,586.70
Borrowed in FY2005: 553,656,965,393.18
Borrowed in FY2006: 574,264,237,491.73
Borrowed in FY2007: 500,679,473,047.25
Borrowed in FY2008: 1,017,071,524,650.01
Borrowed in FY2009: 623,192,658,451.90 so far this fiscal year.

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
11/05/2008 -000,077,530,396.02 ----
11/06/2008 +056,540,493,221.63 ------------**********
11/07/2008 -000,129,624,570.02 ---
11/10/2008 -000,178,876,517.33 --- Mon
11/12/2008 +000,116,562,137.90 ------------********
11/13/2008 -037,830,308,231.82 -
11/14/2008 +039,714,906,312.49 ------------**********
11/17/2008 -001,168,758,314.18 -- Mon
11/18/2008 +035,027,406,490.17 ------------**********
11/19/2008 -000,433,628,717.22 ---
11/20/2008 -000,189,695,810.14 ---
11/21/2008 -000,151,096,322.01 ---
11/24/2008 -000,086,920,504.20 ---- Mon
11/25/2008 +001,468,316,558.23 ------------*********
11/26/2008 +000,650,427,812.76 ------------********

93,271,673,150.24 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008.
US borrowed $983,285,752,105.23 in last 69 days.
That's 983B$ in 69 days.
More than any year ever, except last year, and it's 97% of that highest year ever only in 69 days.
And it is over 100% of ANY dismal Bush, for any dismal Bush-year, ONLY IN 69 DAYS NOT 365.

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

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) TUESDAY'S POST LINK:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3617309&mesg_id=3617453
Wednesday's:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3618843&mesg_id=3618947