STOCK MARKET WATCH, Monday December 14

[ozymandius]

Source: du

STOCK MARKET WATCH, Monday December 14, 2009

Bush Administration Officials Convicted = 1
Name(s): David Safavian

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

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

AT THE CLOSING BELL ON December 11, 2009

Dow... 10,471.50 +65.67 (+0.63%)
Nasdaq... 2,190.31 -0.55 (-0.03%)
S&P 500... 1,106.41 +4.06 (+0.37%)
Gold future... 1,120 -6.60 (-0.59%)
10-Yr Bond... 3.54 +0.05 (+1.32%)
30-Year Bond 4.50 0.00 (-0.04%)

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

Market Conditions During Trading Hours

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

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This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

Read more: du

[ozymandius]

1. Market Observation

On Allocation
BY BRIAN PRETTI | DECEMBER 11, 2009

A while back on our subscriber site, we penned a discussion trying to put the whole “mountain of money” thesis into perspective. The bottom line is that there is less than meets the eye, especially as that applies to households and corporations. Simply put, the private sector does not appear to have meaningful cash resources when the data is looked at relative to both current asset values (of equities) and relative to historical behavior of households and corporations to be a hugely powerful force in terms of moving financial asset prices. Yes, this is the same US private sector now engaged in deleveraging of a magnitude whereby the year over year change in private sector credit balances has entered negative territory - a first in the sixty years of available data! Of course we all know that at the moment, the mountain of money that is influencing markets and the economy is coming from none other than the Fed/Treasury/Administration. And quite the mountain it is.

Only one little problem though. Once you’ve “taught” investors you’ll provide the money, and keep on providing it in spades at even the first sign of trouble, how do you stop doing that at ever increasing rates without risking market values themselves in big way? Start to take away the money candy and the terrorist banks (commercial and investment) will tell the Fed the world is about to come to an end. They’ll pull the pin on themselves and supposedly take everyone else with them unless the Fed comes across. It will be fascinating to watch the Fed ultimately be forced to stop the free money game. But that’s a story for “tomorrow”. Unfortunately, at least as per the current numbers, there will be no mountain of money at the household or corporate level to pick up the slack when that day arrives.
.....

FOREIGN SECTOR

A while back I touched on foreign buying of US assets that has really been in net aggregate decline for over a good year now. Important why? It’s the sign of less foreign capital flowing into the US that has been a key source of support for US financial markets and the real economy as a whole for decades now. Near term, this decline in foreign flows has had very little impact on price of US financial assets as the deterioration in foreign flows to the US markets has been masked by the unprecedented monetary largesse of the Fed.
.....

2009 is the first time since 1999 that we have seen foreign holdings of Treasuries fall as a percent of total Treasuries outstanding. So just who have been the buyers if not the foreign community? The banks, households in a very minor way (as we described), private pension funds (a rounding error in terms of buying, but positive nonetheless), and of course the good old Fed - all of which are unsustainable longer term.

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

[Demeter]

22. Good Article--All Too True!

[ozymandius]

2. no goobermental reports today n/t

[ozymandius]

3. Oil near $69 as OPEC signals no output cut

SINGAPORE – Oil prices fell to near $69 a barrel Monday in Asia amid signs OPEC doesn't plan to cut crude output when it meets next week.
.....

Kuwait's oil minister Sheik Ahmed al-Abdullah al-Sabah told state news agency KUNA on Sunday that the 12-member Organization of the Petroleum Exporting Countries probably won't change its production levels at its next meeting in Angola on Dec. 22.
.....

In other Nymex trading in January contracts, heating oil rose 1.20 cents to $1.91 while gasoline gained 1.61 cents to $1.85. Natural gas fell 12.8 cents to $5.29 per 1,000 cubic feet.

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

[ozymandius]

4. Economist Samuelson, Nobel laureate, dead at 94

NEW YORK – Economist Paul Samuelson, who won a Nobel prize for his effort to bring mathematical analysis into economics, helped shape tax policy in the Kennedy administration and wrote a textbook read by millions of college students, died Sunday. He was 94.

Samuelson, who taught for decades at Massachusetts Institute of Technology, died at his home in Belmont, Mass., the school said in a statement announcing his death.
.....

Samuelson was a liberal, and like many of his generation a follower of British economist John Maynard Keynes, who proposed that a nation needs an activist government that could foster low unemployment by steering tax and monetary policies, even if it meant deficit spending at times.

"In the old-fashioned laissez-faire economy, prosperity was indeed a fragile blossom," he wrote in a 1970 article for The New York Times. "But for a modern 'mixed economy' in the post-Keyensian era, fiscal and monetary policies can definitely prevent chronic slumps, can offset automation or under-consumption, can insure that resources find paying work opportunities."

http://news.yahoo.com/s/ap/20091213/ap_on_bi_ge/us_obit_samuelson

[ozymandius]

5. US jobless rate 'could rise further'

WASHINGTON (AFP) – President Barack Obama's top economic aide Christina Romer said Sunday the US jobless rate could rise further and that the improving US economy is not yet out of recession.

Asked if the 10 percent unemployment rate could go higher, Romer, who heads up the White House Council of Economic Advisers, told NBC: "It could well."
.....
Obama and his Democratic allies, facing deep US public worry over unemployment running at a quarter-century high, have redoubled their efforts to tackle the problem ahead of the November 2010 mid-term elections.
.....

Speaking to CNN television Sunday, Lawrence Summers, director of the White House Economic Council, said jobs creation and the recovery were inextricably linked.

http://news.yahoo.com/s/afp/20091213/ts_afp/useconomyunemploymentrecession

---

Summers says something that I agree with, for once. Without specific data - I wonder if Summers means real jobs, as in careers, or Mc Jobs.

[CatholicEdHead]

23. From what I see around the Greater Twin Cities

is that there are some real jobs, though mostly it is younger workers displacing recently laid off older workers. There are also many who were laid off who ended up in new startups who knows how long those will lase. Otherwise I see more temp jobs being created and not much in the full time area.

[ozymandius]

6. Tokyo Shares End Tad Down; Trim Losses As Dubai Concerns Ease

TOKYO (Dow Jones)--Tokyo shares ended slightly lower Monday on profit-taking after Friday's sharp rise, however easing concerns over Dubai's debt situation helped the market erase almost all of its early losses.

The Nikkei 225 Stock Average fell 2.19 points, or 0.02%, to 10,105.68, recovering from its intraday low of 10,009.60. News that Dubai has received $10 billion in financing from Abu Dhabi, which will pay part of the debt held by conglomerate Dubai World and its property unit Nakheel, helped to mollify investor sentiment.

The Topix index of all the Tokyo Stock Exchange First Section issues closed down 3.49 points, or 0.4%, to 885.08, with 21 of 33 Topix subindexes ending lower and brokerage and banking stocks looking particularly weak.
.....

Profit-taking prevailed after the Nikkei surged 2.5% Friday on buying related to the settlement of December Nikkei 225 futures and options. The Bank of Japan's tankan survey of business sentiment, released just before Monday's opening bell, provided mixed signals as the better-than-expected headline diffusion index and weak capital expenditure gauge offset each other, said Daiwa Securities SMBC market analyst Yumi Nishimura.

General contractors with exposure to the Dubai debt quagmire were among the most immediate beneficiaries of the brightening situational outlook, as they trimmed losses or turned higher after falling in the morning. Shimizu closed up 1.9% at Y314 after falling to Y301, while Obayashi ended down 1.6% at Y301 after falling as low as Y288.

http://online.wsj.com/article/BT-CO-20091214-700801.html

[ozymandius]

7. Stocks Rise Around World on Dubai Bailout; Nakheel Bonds Surge

Dec. 14 (Bloomberg) -- Stocks rose from Shanghai to London as Abu Dhabi provided $10 billion to avert a default by Dubai’s Nakheel PJSC. The euro rose as the bailout eased concern that Europe’s biggest banks would write down loans to the emirate.

The MSCI World Index climbed for a third day, gaining 0.4 percent at 10:13 a.m. in London. Dubai’s equity index jumped 10 percent, the most in 14 months, and Nakheel’s $3.52 billion Islamic bond maturing today doubled to 109.5 cents on the dollar. The euro strengthened against 14 of the 16 most-traded currencies, while copper climbed for a second day.
.....

Europe’s Dow Jones Stoxx 600 Index advanced 0.6 percent as the region’s banks rallied. The measure declined last week after Fitch downgraded Greece and Standard & Poor’s Ratings Services cut its outlook for Spain, sparking concern there will be more debt-grade reductions. The Stoxx 600 had plunged the most in seven months on Nov. 26, the day after Dubai said it was seeking to delay payments on its debt.
.....

Futures on the S&P 500 Index gained 0.5 percent, indicating the benchmark gauge for U.S. equities may extend last week’s advance. The S&P 500 added less than 0.1 percent to 1,106.41 after rising the final three days of the week as data on jobless claims and retail sales signaled the economic recovery is strengthening.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a2EUteOgYN7k&pos=2

[ozymandius]

8. Beijing Autos to buy Saab car, engine technology

Beijing Autos has agreed to buy technology from GM's Saab Automobile, a breakthrough for the Chinese automaker that could clear the way for General Motors Co. to sell the rest of Saab to another buyer.

An announcement Monday from state-owned Beijing Automotive Industry Holdings gave no details about the cost or timing of the acquisition of car and engine technology.
.....

GM is also in talks with another buyer to sell the entire Saab brand, a person familiar with the negotiations said Sunday.

The sale of the technology to Beijing Autos will help Saab financially but won't hinder a deal to sell the Saab brand and its current production lines to another buyer, said the person, who spoke on condition of anonymity because they were not authorized to speak about the deals.

http://www.businessweek.com/ap/financialnews/D9CJ150O0.htm

[ozymandius]

9. Goldman Fueled AIG Gambles (repost from WEE)

This found at The Big Picture.

Excerpt from WSJ article:

“Goldman Sachs Group (GS) played a bigger role than has been publicly disclosed in fueling the mortgage bets that nearly felled American Insurance Group (AIG).

Goldman was one of 16 banks paid off when the U.S. government last year spent billions closing out soured trades that AIG made with the financial firms. A Wall Street Journal analysis of AIG’s trades, which were on pools of mortgage debt, shows that Goldman was a key player in many of them, even the ones involving other banks.

Goldman originated or bought protection from AIG on about $33 billion of the $80 billion of U.S. mortgage assets that AIG insured during the housing boom. That is roughly twice as much as Société Générale and Merrill Lynch, the banks with the biggest exposure to AIG after Goldman, according an analysis of ratings-firm reports and an internal AIG document that details several financial firms’ roles in the transactions.

In Goldman’s biggest deal, it acted as a middleman between AIG and banks, taking on the risk of as much as $14 billion of mortgage-related investments. Then Goldman insured that risk with one trading partner—AIG, according to the Journal’s analysis and people familiar with the trades.

Now, would someone explain to me why Goldman got 100 cents on the dollar as a counter-party to AIG via the Bailouts?

If Ron Paul wants to show he has balls, why not go after GS? The Fed is a soft target, and I believe there is almost no one in Congress with the testicular fortitude to demand repayment, and/or threaten a lawsuit on behalf of taxpayers.

more at The Big Picture....

[Festivito]

10. Debt: 12/10/2009 12,092,672,900,402.34 (UP 12,933,548,271.21) (Thu)

(Debt seems to jump up then drop slowly maybe up a little and down for days--repeat. Good day all.)

= Held by the Public + Intragovernmental(FICA)
= 7,722,301,552,725.35 + 4,370,371,347,676.99
UP 12,264,233,958.36 + UP 669,314,312.85

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

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 308-Million person America.
If every American, man, woman and child puts in $3.24 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.73, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 10 seconds we net gain another American, so at the end of the workday of the report, there should be 308,167,518 people in America.
http://www.census.gov/population/www/popclockus.html ON 11/07/2009 08:19 -> 307,879,272
Currently, each of these Americans owe $39,240.58.
A family of three owes $117,721.75. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 days.
The average for the last 21 reports is 5,034,231,756.28.
The average for the last 30 days would be 3,523,962,229.39.

There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 49 reports in 71 days of FY2010 averaging 3.73B$ per report, 2.58B$/day.
Above line should be okay

PROJECTION:
There are 1,137 days remaining in this Obama 1st term.
By that time the debt could be between 13.7 and 18.0T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
12/10/2009 12,092,672,900,402.34 BHO (UP 1,465,795,851,489.26 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +0,182,843,896,890.60 ------------* * * * BHO
Endof10 +0,939,972,145,986.90 ------------* * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
11/19/2009 -021,100,228,230.36 -
11/20/2009 -000,090,793,748.95 ----
11/23/2009 -000,049,087,609.27 ---- Mon
11/24/2009 +000,322,336,139.24 ------------********
11/25/2009 +000,525,986,426.45 ------------********
11/27/2009 +003,712,180,392.83 ------------*********
11/30/2009 +096,793,151,824.92 ------------********** Mon
12/01/2009 -005,135,833,471.71 --
12/02/2009 -000,337,841,945.81 ---
12/03/2009 +002,787,837,042.67 ------------*********
12/04/2009 +000,210,551,232.36 ------------********
12/07/2009 -000,125,073,651.86 --- Mon
12/08/2009 +000,060,968,077.60 ------------*******
12/09/2009 +000,189,524,372.49 ------------********
12/10/2009 +012,264,233,958.36 ------------**********

90,027,910,808.96 Total of 15 above reports.

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

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

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4180014&mesg_id=4180170

[ozymandius]

12. I really appreciate the information presented here.

This is ideal for those looking for insight into the relationship between bond auctions and the national debt. Now if we could just audit the Federal Reserve...

[Festivito]

14. I'd just be happy to have people acclimate to large numbers.

Having Dems aware of the numbers so we are not blindsided at water coolers is important to me for some inexplicable, deeply internal reason. I like being on top of it, and I'm especially pleased that the linear projection shows that we seem to be heading for a leveling of the deficit, not a huge increase despite the mess Bush left us.

And an audit of the Fed would be a dream. Returning it to the people again, wet.

Thanks back at ya.

[DemReadingDU]

16. I thank you too

People get all bent out of shape hearing about big bonuses for the banksters (and rightly so). But really, those amounts are nowhere near the amounts used in the bailouts.

[Festivito]

32. Debt: 12/11/2009 12,081,709,382,532.35 (DOWN 10,963,517,869.99) (Fri)

(Debt seems to jump up then drop slowly maybe up a little and down for days--repeat. Good day all.)

= Held by the Public + Intragovernmental(FICA)
= 7,722,342,580,493.49 + 4,359,366,802,038.86
UP 41,027,768.14 + DOWN 11,004,545,638.13

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

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 308-Million person America.
If every American, man, woman and child puts in $3.24 each THAT'S 1B$.
A family of three: Mom, Dad, Child: $9.73, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 10 seconds we net gain another American, so at the end of the workday of the report, there should be 308,176,158 people in America.
http://www.census.gov/population/www/popclockus.html ON 11/07/2009 08:19 -> 307,879,272
Currently, each of these Americans owe $39,203.91.
A family of three owes $117,611.72. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 31 days.
The average for the last 22 reports is 4,307,061,318.72.
The average for the last 30 days would be 3,158,511,633.73.
The average for the last 31 days would be 3,056,624,161.67.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 50 reports in 72 days of FY2010 averaging 3.44B$ per report, 2.39B$/day.
Above line should be okay

PROJECTION:
There are 1,136 days remaining in this Obama 1st term.
By that time the debt could be between 13.6 and 17.9T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
12/11/2009 12,081,709,382,532.35 BHO (UP 1,454,832,333,619.27 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +0,171,880,379,020.60 ------------* * * * BHO
Endof10 +0,871,338,032,534.99 ------------* * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
11/20/2009 -000,090,793,748.95 ----
11/23/2009 -000,049,087,609.27 ---- Mon
11/24/2009 +000,322,336,139.24 ------------********
11/25/2009 +000,525,986,426.45 ------------********
11/27/2009 +003,712,180,392.83 ------------*********
11/30/2009 +096,793,151,824.92 ------------********** Mon
12/01/2009 -005,135,833,471.71 --
12/02/2009 -000,337,841,945.81 ---
12/03/2009 +002,787,837,042.67 ------------*********
12/04/2009 +000,210,551,232.36 ------------********
12/07/2009 -000,125,073,651.86 --- Mon
12/08/2009 +000,060,968,077.60 ------------*******
12/09/2009 +000,189,524,372.49 ------------********
12/10/2009 +012,264,233,958.36 ------------**********
12/11/2009 +000,041,027,768.14 ------------*******

111,169,166,807.46 Total of 15 above reports.

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

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

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4183295&mesg_id=4183310

[ozymandius]

11. Large Apartment Developer Files for Bankruptcy

From the WSJ: Fairfield Files for Chapter 11

Fairfield, which has built some 64,000 apartments, condominiums and off-campus student-housing units throughout the country, failed amid an inability to refinance debt or sell investment properties.

Their main two lenders were Wachovia (now part of Wells Fargo) and Capmark Financial (now in bankruptcy). This is also another hit to a Morgan Stanley real estate fund and others.....

Found at Calculated Risk

[fasttense]

13. Time to kick this very useful thread and post.

Thanks for being there, er, here, er somewhere out in the internets.

[bread_and_roses]

15. "Cleaners 'worth more to society' than bankers - study "

(shamelessly stollen from another poster in LBN)

http://news.bbc.co.uk/2/hi/business/8410489.stm?lsf

Hospital cleaners are worth more to society than bankers, a study suggests.

The research, carried out by think tank the New Economics Foundation, says hospital cleaners create £10 of value for every £1 they are paid.

It claims bankers are a drain on the country because of the damage they caused to the global economy.

They reportedly destroy £7 of value for every £1 they earn. Meanwhile, senior advertising executives are said to "create stress".

The study says they are responsible for campaigns which create dissatisfaction and misery, and encourage over-consumption.

Hell, I knew that. The real work of the world is done in over-alls, jeans, smocks, and steel-toed boots. Too bad we worship the suits.

[Demeter]

24. Mothers and Fathers Don't Get Paid at All

and that's the most important, least valued work.

[DemReadingDU]

17. TAE: Obama and Rubin at the Bada Bing!

12/13/09 Obama and Rubin at the Bada Bing!

Ilargi: Let’s take a look at what Obama says versus what he does, and what he has done since becoming president. For that last part we can turn to this week’s "Obama's Big Sellout" by Matt Taibbi in Rolling Stone, for the first let's take a look at this Agence France Presse article, "Obama slams 'fat cat bankers'".

"I did not run for office to be helping out a bunch of fat cat bankers on Wall Street," Obama said Friday in excerpts of an interview with CBS television to be aired on Sunday. With unemployment still hovering at around 10 percent, amid a recession triggered in part by the excesses of financial institutions, Obama voiced frustration that "some people on Wall Street still don't get it."


Excuse me, Mr. President, but I'm pretty sure it’s either you who still doesn't get it, or it's the American people who still don't get it. I think the bankers do get it. And the lowest approval rating in history for a president after 1 year might just indicate that the American people are starting to get it too. According to Mr. Taibbi and me, ALL you’ve done since assuming office is help out a bunch of fat cat bankers.

much more...
http://theautomaticearth.blogspot.com/2009/12/december-13-2009-obama-and-rubin-at.html

[UpInArms]

18. dollar watch

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

Last trade 76.500 Change -0.085 (-0.11%)

US Dollar Making Progress on a True, Bullish Reversal

http://www.dailyfx.com/forex/fundamental/forecast/weekly/usd/2009-12-12-0327-US_Dollar_Making_Progress_on.html

There is a trend developing. The US dollar has produced notable rallies at the end of each of the past four weeks. The past two advances are the most notable. Both have come on the back of exceedingly strong economic data – the drive on the 5th was the product of strong NFPs and a drop in the unemployment rate; while the rally on the 12th would come through the merits of a strengthening consumer on sentiment and spending. This would seem a straightforward reaction to data, right? Actually, this would contradict the normal pace that the market has carved for the greenback for the past nine months where strong economic data has bolstered risk appetite and directly weighed on the dollar as a safe haven currency. So, what does this mean? Is the dollar’s role in the risk appetite backdrop changing? Is sentiment actually weaker than just the US data would suggest? Both are likely true. With the dollar looking for strength through various market conditions, the currency may be developing a meaningful bullish trend. However, playing on the well-established, fundamental roles that have been in control for over a year; a collapse in broad investor sentiment is still the most accessible catalyst for a true dollar bull trend.

As has been the case for the full year, the primary fundamental concern for the US dollar going forward is the general bearing and force of risk appetite. From this, there are two concerns. As always, identifying and measuring the influence of potential catalysts is of primary importance; but now, we also have to gauge the currency’s relationship to risk appetite itself. In the past few weeks, while the dollar’s advance has been somewhat choppy and more prominent in certain pairs (EURUSD being the most remarkable example); it has come on strong local data and developed despite stability in other key risk-sensitive markets. This is a natural development considering markets held to congestion for nearly two months now at the top of an unprecedented rally; and the dollar has carried the brunt of the burden in funding this drive. Beyond just a general dissolution of correlations, though; there are fundamental reasons for the dollar to move up the yield spectrum. The United State’s economic recovery is among the strongest in the industrialized world, the Federal Reserve is actively reducing its stimulus and the financial stability in the US markets is comparable (if not more established) to its global counterparts. All that being said, a collapse in risk appetite that balances speculative interests through profit taking is still the most capable driver for the dollar. Not only would capital return to the safety of US Treasuries and money market funds; but it would be drawn out of emerging markets and other risky areas and put into the more liquid but yield-bearing instruments in the US.

For the more definable sense of risk in this coming week’s economic docket; there is plenty of data to feed the more established fundamentals trends. For interest rate forecasts, the market is targeting the Fed’s first hike around the middle of the year – in line with Governor Bernanke’s time frame. However, such projections are not set in stone by policy makers and traders know this. The FOMC rate decision on Wednesday will offer an update on how close a hike may be. Also, interesting in this event will be any mention of more measured changes to policy like the slow withdrawal of stimulus. Realistically, stimulus and interest rates can be adjusted separately. If financial aid is maintained and rates raised, it could support the economy, help dampen any inflation that may pop up and revive the dollar. Other noteworthy indicators on deck included the CPI stats, industrial production, housing starts and the vote to lift the deficit limit.



...more...

Euro Struggles Against Dollar's Strength, Looks to Heavy Data

http://www.dailyfx.com/forex/fundamental/forecast/weekly/eur/2009-12-12-0516-Euro_Struggles_Against_Dollar_s_Strength_.html

The euro’s biggest fundamental driver is the health of the US dollar. This past week, the greenback forged ahead and the euro suffered for it across the board. As the primary alternative to the US currency, there has been a frenzied demand for the euro as the need for return and stability sent capital into the large market. However, when the tides turn and the expectations for return in the United States improves and the irrational fear that the benchmark currency will not just loose prominence but completely fall off; speculative capital will reverse course. At the same time, there are also factors for a fundamental weakening of the Euro Zone itself. The economic and interest rate outlook are cooling, especially when compared to the region’s industrialized counterparts. And then there is also the instability that member default and/or possible withdrawal from the union may bring.

Over the past few weeks, fear has gained traction among the speculative crowd. With the markets bound to general congestion for the better part of two months, traders are naturally going to grow weary of potential reversal threats. Initially, panic was sparked by Dubai World’s default/debt restructuring. Now, the focus is turned to mainland Europe. In quick succession, we have saw Greece’s sovereign credit rating downgraded and the outlook for Spain reduced to ‘negative.’ This speaks to the economic troubles that exist outside of Germany and France and the lack of flexibility that policy makers have in stabilizing individual economies and markets. Finance Ministers cannot take on more debt than the Union allows, devalue their currency or adjust interest rates to help their economies along. This leaves restrictive parameters on nations that perhaps cannot recover naturally and must either seek bailouts (which will take many years to work off) or consider withdrawal from the regional collective. Either outcome could severely undermine the stability of the euro.

Another gradual shift against the euro is its perceived fundamental strength. Six to nine months ago, speculators expected the Euro Zone would be the first of the major economies to recovery from the global recession and its policy authority would usher in the revival of yields. However, as the months passed; it became more and more clear that the European economy was seen falling further and further back in the pack for growth and the ECB maintained a solid front against raising interest rates until a recovery was certain. Today, growth for the region is expected to trail that of the US and Japan; and there isn’t even a clear outlook for a return to hawkish policy by the middle of the year (which is the time frame the Fed is working with). So, gradually, the fundamental advantages are slipping away from the euro; and fresh data is now gauged for its ability further throw the breaks or perhaps increase competitiveness. On this front, we have plenty of key indicators to work with over the coming week. For growth, the December PMI indicators for Germany and the Euro Zone will offer key benchmarks for 4Q activity. For the ECB, regional inflation indicators will tell officials whether they should start responding with measured rate hikes to compliment other efforts to rein in policy. Altogether, expect these indicators to offer short-term volatility and fine-tune adjustment to larger fundamental bearings; but meaningful trends will fall to the dollar and potential crisis.



...more...

[DemReadingDU]

19. "Whack a Banker"

12/13/09 "Whack a Banker"

Bankers 'whacked' in arcade game

An arcade game that allows people to vent their anger at bankers has proved so popular the owner keeps having to replace worn out mallets.

Inventor Tim Hunkin introduced "Whack a Banker", which is based on the older "Whack a Mole" game, at his arcade on Southwold pier in Suffolk.

Instead of players hitting pop-up moles with a mallet, within a set time, the target is pop-up bald figures.

Mr Hunkin said the game was "proving very popular".

"I keep having to replace worn-out mallets," he said.

"The bankers are bald and all look the same because that's how I think people see bankers, as faceless."

Players, who are promised a "truly rewarding banking experience", pay 40p to hit as many bankers as they can in 30 seconds.

When a customer wins a voice says: "You win. We retire. Thank you very much to the taxpayer for paying our pensions."

click link for picture
http://news.bbc.co.uk/2/hi/uk_news/england/suffolk/8410453.stm

[Dr.Phool]

20. Who's Santa's Carrier?

I need to call them. State Farm just jacked my rates up FORTY percent!

[DemReadingDU]

21. FORTY percent!

:wow:

[Dr.Phool]

26. If I gave you the actual numbers.

:wtf: You would shit! :wtf:


:wow: :wow: :wow: :wow: :wow: :wow: :wow: :wow: :wow: :wow: :wow: :wow: :wow: :wow: :wow:

[hamerfan]

28. FWIW,

We are very happy with Geico.
And no, I do not work for them nor do I have any affiliation with them, other than writing a check to them every six months.

[Dr.Phool]

29. I'm talking about homeowners insurance.

I'm trying to move everything away from State Farm, house, 2 cars, and motorcycle.

I priced car and mototcycle insurance with Geico. For the same coverage, It would cost me double what State Farm charges. Ditto with Progressive.

[ozymandius]

31. Jeebus in a gunny sack!

Forty damn percent?!? For what?

[DemReadingDU]

25. Andrew Cockburn co-producer of the documentary "American Casino" talks about the sub-prime crash

12/13/09 video
appx 15 minutes

http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=4598

[Robbien]

27. Goldman, Morgan Stanley And Citi "Demonstratively" Delayed For Obama Meeting Due To Fog

From Dow Jones

Executives from Goldman Sachs Group Inc. (GS), Morgan Stanley (MS) and Citigroup Inc. (C) are delayed as they try to make it to a meeting Monday with President Barack Obama at the White House, Fox Business Network reports. Flights for Goldman Chief Executive Lloyd Blankfein, Morgan Stanley CEI John Mack and Citigroup Chairman Richard Parsons are being delayed by fog. The executives could still participate in the meeting through teleconference if they can't get to Washington, Fox Business reported.

http://www.zerohedge.com/article/goldman-morgan-stanley-and-citi-demonstratively-delayed-obama-meeting-due-fog

IMO, if these guys really wanted to be there, they'd be there. They have the best resources in the world to get wherever they want, whenever they want. Earlier this year these guys also didn't bother attending another big meeting where Obama made a presentation to Wallstreeters about US financial condition. Appears banksters have stopped trying to hide who is really in charge.

[Demeter]

30. The Banks Are Pushing Their Luck

Their power is all on paper.