STOCK MARKET WATCH, Wednesday December 23

[ozymandius]

Source: du

STOCK MARKET WATCH, Wednesday December 23, 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 22, 2009

Dow... 10,464.93 +50.79 (+0.49%)
Nasdaq... 2,252.67 +15.01 (+0.67%)
S&P 500... 1,118.02 +3.97 (+0.36%)
Gold future... 1,087 -9.30 (-0.85%)
10-Yr Bond... 3.75 +0.08 (+2.26%)
30-Year Bond 4.61 +0.05 (+1.18%)

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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

[Tansy_Gold]

1. Sleepin' in, Ozy? You had me worried!

[ozymandius]

3. Sorry to worry you, Tansy.

I sure did sleep in. School is out and I do not set an alarm. Bu still - I tend to rise early, but not today.

I'm here, though, and rushing a bit. I have to retrieve my car from the mechanic this morning at 8:30. I gifted myself a new set of rear brakes for the holidays.

:hi:

[Demeter]

41. Sleep In Ozy! That Lets Me Do It, Too!

I've got a massive sleep deficit to make up. Probably 5 years' worth...

Sis is gone home, ahead of the monster storm heading our way. It was 15F this morning, now up to 25F and sunny as it can be (compared to the gloomy Solstice, when the street lights never went off that day).

I'm working on the last of the mending, and forging on with the cleaning and repairs. The Kid is doing so much better, now that we've figured out how to get her out of her digestive dilemmas...life is better. Not great, but definitely better.

[ozymandius]

2. Market Observation

The Message of the Yield Curve
BY GARY DORSCH

The yield curve can tell a lot about investors’ expectations for interest rates and whether they predict the economy is going to expand or contract, and also, express its opinion about the direction of the stock market. When short-term interest rates are lower than long-term rates, the yield curve is sloping upwards, and it often precedes a significant economic recovery. In this instance, traders are anticipating a tighter central bank policy in the future, in order to tackle inflationary pressures in the commodity markets and the economy.

Last week, the yield spread between 30-year Treasury bonds and 2-year notes rose to as high as +374-basis points, its highest level ever, signaling that bond traders are expecting a stronger economic recovery in 2010. A year ago, the yield spread was +170-basis points when the Dow Jones Industrials traded 2,000-points lower, near the 8,500-level, as traders sought the safety of government bonds.

The yield spread between 2-year and 10-year notes reached +280-basis points and was last near these levels in 1992 and 2003. In both instances the economy was pulling out of a nasty recession and staged a sustained recovery. However, on both occasions, the Federal Reserve wasn’t bullied by the yield curve traders and waited for about a year before it grudgingly began to hike the federal funds rate.
.....

The Fed is in no hurry to hike the fed funds rate in the months ahead, pointing to the low capacity utilization rate for factories and mines and the high jobless rate, which in turn is expected to keep inflation in check. However, the message of the yield curve signals a different story, anticipating a stronger economy and the emergence of inflation in the year ahead. Such notions of faster inflation are buttressed by the sharp upturn in the commodity price indexes from levels seen a year ago.

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

[ozymandius]

4. Today's Reports

08:30 Personal Income Nov
Briefing.com 0.6%
Consensus 0.5%
Prior 0.2%

08:30 Personal Spending Nov
Briefing.com 0.8%
Consensus 0.7%
Prior 0.7%

08:30 PCE Prices Nov
Briefing.com 1.7%
Consensus 1.6%
Prior 0.2%

08:30 PCE Prices - Core Nov
Briefing.com 0.1%
Consensus 0.1%
Prior 0.2%

09:55 Mich Sentiment-Rev Dec
Briefing.com 74.5
Consensus 73.8
Prior 73.4

10:00 New Home Sales Nov
Briefing.com 420K
Consensus 438K
Prior 430K

10:30 Crude Inventories 12/18
Briefing.com NA
Consensus NA
Prior -3.69M

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

[rfranklin]

20. Wage growth accelerates in November

Wage growth accelerates in November
Real consumer spending rises 0.2%Story

By Rex Nutting, MarketWatch

WASHINGTON (MarketWatch) - Compensation earned by U.S. workers rose 0.3% in November, another signal that labor markets are slowly improving, the Commerce Department estimated Wednesday.

The increase in wages and salaries was the best since April, and helped to push up total personal incomes by 0.4% in November to an annual rate of $12.2 trillion, the biggest gain since May and in line with expectations of economists. See Economic Calendar.

Income earned by owners of small businesses increased 1.2% after a 1.4% gain in October, reversing several quarters of declines.

After inflation, after-tax disposable incomes rose 0.2% in November for the third straight month. Real incomes had fallen for much of the recession.

http://www.marketwatch.com/story/us-wage-growth-accelerates-in-november-2009-12-23-83100

[rfranklin]

21. As the owner of a small business, I wonder where my 1.2% went...

Every small business owner I talk to has experience 40-50% reductions in sales. So I would hardly call this a recovery.

[Tansy_Gold]

25. Maybe they found a way to calculate GS in with "small businesses"

to skew the averages?

:shrug:

I'm self-employed but not really a "small business." Nonetheless, I've seen much of my business drop off, too.

it's just plain sucky out there.


TG

[UpInArms]

28. iirc - a "small" business

(under the dimson admin) was calculated to have $5 million in gross receipts per year

:shrug:

maybe they are still using that model (along with all the other failed models)

[mbperrin]

40. Hmm, we got a $500 step raise this year, and our contribution to our

family health plan through the district went up $632.

Something went up, but it didn't feel like income!

[UpInArms]

27. line items:

8:30a U.S. Nov. employee compensation up 0.3%

8:30a U.S. Nov. nominal incomes rise 0.4%

8:30a U.S. Nov. savings rate steady at 4.7%

8:30a U.S. Nov. core inflation up 1.4% in past year

8:30a U.S. Nov. real disposable incomes up 0.2%

8:30a U.S. Nov. real consumer spending up 0.2%

[UpInArms]

32. New-home sales sink 11% in November

http://www.usatoday.com/money/economy/housing/2009-12-23-new-home-sales_N.htm

WASHINGTON (AP) — Sales of new homes plunged unexpectedly last month to the lowest level since April, a sign the housing market recovery will be rocky.

The Commerce Department says November sales fell 11.3% to a seasonally adjusted annual rate of 355,000 from a downwardly revised 400,000 in October. Economists surveyed by Thomson Reuters had expected a 440,000 annual rate.

READ: The home sales report
THE GOOD NEWS: Personal incomes, spending rose


The report reflects a slump in demand following the extension of a deadline for first-time buyers to qualify for a tax credit. The incentive was set to expire at the end of November, but Congress pushed back the date to April 30 and expanded the program to include current homeowners who relocate.

"Buyer traffic is likely to be flat until spring," predicted Mark Vitner, senior economist with Wells Fargo Securities.

First-time buyers will still be able to save up to $8,000, and homeowners who have lived in their current properties for at least five years can now claim a tax credit of up to $6,500. To qualify, buyers must ink a deal by the end of April and complete the transaction by the end of June.

November's median sale price of $217,400 iwas down nearly 2% from $221,600 a year earlier, but up about 4% from October's level of $209,400.

The only strong region was the Midwest, where sales rose 21%. Sales fell 21% in the South, 9% in the West and 3% in the Northeast.

Builders had 235,000 new homes for sale nationwide at the end of November. That was down 2% from October and the lowest inventory since April 1971. At the current weak sales pace, that still represents nearly eight months of supply.

...more...

[UpInArms]

33. U.S. consumer sentiment 72.5 vs. 74.0 expected

9:57a U.S. consumer sentiment 72.5 vs. 74.0 expected

[ozymandius]

5. Oil rises to near $75 amid US crude supplies fall

SINGAPORE – Oil prices rose to near $75 a barrel Wednesday in Asia after a report showed U.S. crude inventories fell last week and a jump in housing sales suggested the world's biggest economy is picking up speed.
.....

The contract rose 68 cents to settle at $74.40 on Tuesday after the Organization of Petroleum Exporting Countries said the 12-nation cartel won't change production quotas, a move widely expected by investors. OPEC leaders called on group members to adhere more closely to current quotas and reduce cheating.

Prices were boosted by signs U.S. oil demand may be picking up. U.S. crude inventories fell more than expected last week, the American Petroleum Institute said late Tuesday. Crude stocks fell 3.7 million barrels while analysts had expected a drop of 2.0 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
.....

In other Nymex trading in January contracts, heating oil rose 1.04 cents to $1.96 while gasoline gained 0.87 cent to $1.90. Natural gas fell 4.5 cents to $5.67 per 1,000 cubic feet.

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

[Roland99]

18. Going to make us all Scrooges with the furnace this winter, are they?

[ozymandius]

6. Taxpayer Burden Eases to $8.2 Trillion as Obama Supplants Fed

Dec. 23 (Bloomberg) -- Congress and the Obama administration are taking a bigger role in the rescue of the economy from the Federal Reserve, shifting the strategy to stimulus spending from central bank lending.

The amount the Fed and U.S. agencies have lent, spent or guaranteed has fallen 15 percent since September to $8.2 trillion, the lowest in a year, based on data compiled by Bloomberg. Spending on infrastructure, tax breaks and other fiscal measures account for 52 percent of the total, up from 39 percent in March, as central bank loan programs are phased out.

The change marks a new phase of public intervention in the economy. Congress and the administration's $4.2 trillion portion, which amounts to 30 percent of everything produced in the country this year, also complicates any future exit strategy. It may be tough for elected officials to quit spending, prolonging the bailout and adding to the federal budget deficit.
.....

The Fed’s plan to buy $1.25 trillion of mortgage-backed securities is its largest spending program. The Fed holds $901.2 billion of the securities and is scheduled to complete the purchases in the first quarter.

That will leave the central bank “walking a tightrope” between blocking economic recovery and sparking a rise in prices, according to Dan Greenhaus, chief economic strategist at Miller Tabak & Co. in New York.

http://news.yahoo.com/s/bloomberg/20091223/pl_bloomberg/ac8_ssgoo5v4

---

This story correlates to this post from yesterday.

[ozymandius]

7. UPDATE: Ford Aims To Complete Volvo Sale To Geely In 2Q '10

DETROIT (Dow Jones)--Ford Motor Co. (F) said Wednesday that it aims to complete the sale of its loss-making Volvo Cars unit to a privately held Chinese auto maker in the second quarter of 2010.

The company said it had settled "substantial commercial terms" of the proposed sale to Zhejiang Geely Holding Group Company Ltd. Financing and government approvals have yet to be completed, though Ford expects a definitive agreement to be signed in the first quarter.

Geely plans to finance a Volvo bid of around $2 billion with a combination of cash, bank loans and funds from a small number of investors, according to people familiar with the discussions. Investors include a government-owned fund based in Tianjin, China.

A Volvo deal would preserve part of Sweden's auto industry with the future of Saab still in the balance as General Motors Co. evaluates last-ditch offers for a brand that it said last week would be closed.

http://online.wsj.com/article/BT-CO-20091223-704010.html

[ozymandius]

8. Holiday Cliffhanger: Stores Pin Hopes on Last-Minute Shoppers

The storm that battered the East Coast over the weekend pushed already-delayed holiday shoppers even later, leaving retailers still uncertain about how well the season will end up.

More than 40% of consumers still have holiday shopping left to do, nearly double the share of a year ago and the highest in 10 years, according to a survey taken over the weekend and released Monday by America's Research Group and UBS Investment Research.

http://online.wsj.com/article/SB20001424052748703344704574610491705349938.html

---

Rupert Murdoch wants your money to read more of this article.

[ozymandius]

9. Why Aren’t Banks Lending? They Are Being Rational.

President Obama met with a dozen small banks yesterday, urging them to keep lending.

He did not have to tell that to this group — about 6500 mostly AAA rated, regional and community banks — who have been happily lending away. Its how they earn their money.

The larger banks, on the other hand, are the ones who have cut back lending dramatically. This is especially true of the 10 biggest banks.

Why?

Its the rational thing to do.

These banks STILL have to much debt, too little capital. They books are festooned with bad loans, which, thanks to our corrupt Congress, they no longer have to disclose appropriately. Thanks to Mark-to-Make-Believe, they can pretend these assets are worth near what they paid for them. In reality, they cannot sell them even at 50% off.

http://www.ritholtz.com/blog/2009/12/why-arent-banks-lending-they-are-being-rational/

[Warpy]

13. They've gone from being wildly reckless to being overly cautious

especially when it comes to commercial lending.

People with stable jobs can still get mortgages and car loans, but they have to jump through considerably more hoops to get them. In other words, the banks are still giving consumer loans but they're doing what they should have done all along: their homework.

Construction in my own town is starting to pick up a little, from absolutely nothing to rehab work. New construction is still halted.

Money is moving. It's just not moving the way it was back in the go-go GOP years, and that's a good thing.

[ozymandius]

10. “Body Count From Goldman Actions Crosses Into Criminal Territory”

Posted at Naked Capitalism:

By Thomas Adams, at Paykin Krieg and Adams, LLP, and a former managing director at Ambac and FGIC.

Readers may have noticed Janet Tavakoli’s recent article at Huffington Post on Goldman Sachs and AIG. While much of it covers territory that Yves and I already wrote about previously, Ms. Tavakoli stops short of telling the whole story. While she is very knowledgeable of this market, perhaps she is unaware of the full extent of the wrongdoings Goldman committed by getting themselves paid on the AIG bailout. The Federal Reserve and the Treasury aided and abetted Goldman Sachs in committing financial and ethical crimes at an astounding level.

She notes, accurately, that Goldman used AIG to hedge its bet on CDO’s, either for itself with the Abacus deals, or for its clients, with the Davis Square deal. Had AIG failed, Goldman would have been on the hook for the losses: to execute the CDO with synthetic mortgage bonds, Goldman went “long” the CDS and then turned around and went “short” with AIG, effectively taking the risk of the mortgage bonds defaulting and then transferring it to AIG.

But Ms. Tavakoli fails to note that the collapse of the CDO bonds and the collapse of AIG were a deliberate strategy by Goldman. To realize on their bet against the housing market, Goldman needed the CDO bonds to collapse in value, which would cause AIG to be downgraded and lead to AIG posting collateral and Goldman getting paid for their bet. I am confident that Goldman Sachs did not reveal to AIG that they were betting on the housing market collapse.
.....

In addition, the Federal Reserve and the Treasury, by helping Goldman Sachs to profit from homeowner and investor losses, conceal their misrepresentations to shareholders, destroy insurers by stuffing them with toxic bonds that they marketed as AAA, and escape from the consequences of making a risky bet, committed a grave injustice and, very likely, financial crimes. Since the bailout, they have actively concealed their actions and mislead the public. Goldman, the Fed and the Treasury should be investigated for fraud, securities law violations and misappropriation of taxpayer funds. Based on what I have laid out here, I am confident that they will find ample evidence.

Goldman Sachs has hedged its position against prosecution by placing its sycophants in key government positions. If I were in a key government position - we might remember GS fondly just as we do Arthur Andersen.

[DemReadingDU]

62. Update 12/23, 1:00 PM

Update 12/23, 1:00 PM: Yves here. Some readers in comments are dismissing this post as mere Goldman bashing, when its behavior was far more pernicious. I was remiss in not adding a critical bit of Tom’s argument, which he provided in a separate post:
( see http://www.nakedcapitalism.com/2009/12/spitzer-partnoy-black-call-for-aig-open-source-investigation-and-goldman-implications.html )

While the subprime deals and CDOs were obviously going bad, an argument was made by many people at the time that the aggressive mark downs by AIG acelerated the death spiral for the market. It is pretty clear, here and elsewhere, that Goldman was the one that initiated the mark downs of collateral value. it would be interesting to explore this all the way through. Though not discussed in this article, Goldman shorted subprime through the Abacus deals, and perhaps elsewhere. this gave them an incentive to force mark downs. the intermediation deals described in the article, combined with AIG’s collateral posting, gave them another incentive to be agressive with mark downs. they were acting like they wanted to grab the money before anyone else could get their hands on it. this would have raised some issues in an AIGFP bankruptcy. (note – Hank Greenberg suggested that this was going on in his october 2008 testimony but there was a chorus of attacks on him for being a crook and unreliable, thanks to his problems with Spitzer.)

So here we have the pattern:

1. Goldman creates or sells $23 billion (or more) of CDOs and stuffs them into AIG.

2. Goldman proclaims to the world they have no exposure to CDOs and warns that banks and insurers with CDO exposure will get downgraded.

3. Goldman initiates the mark downs of CDOs with AIG and others, acelerating the market’s downward spiral.

4. Huge mark to market losses lead insurer and bank credit to freeze, short term markets to lock up, ABCP to collapse.

5. AIG posts as much collateral as it has to Goldman, who has more aggressively marked down the exposure.

6. Bond insurers are downgraded, banks begin commutations with them.

7. AIG fails, Fed steps in, Goldman gets bailed out at par.

http://www.nakedcapitalism.com/2009/12/body-count-from-goldman-actions-crosses-into-criminal-territory.html

[ozymandius]

11. Back later today.

Gotta give my mechanic his holiday money.

[Festivito]

12. Debt: 12/21/2009 12,099,243,026,724.56 (UP 1,259,865,357.91) (Mon)

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

= Held by the Public + Intragovernmental(FICA)
= 7,733,428,598,990.61 + 4,365,814,427,733.95
DOWN 155,813,757.66 + UP 1,415,679,115.57

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 308,262,558 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 $39,249.8.
A family of three owes $117,749.39. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 to 31 days.
The average for the last 21 reports is 4,222,918,309.97.
The average for the last 30 days would be 2,956,042,816.98.
The average for the last 31 days would be 2,860,686,597.07.
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$/day.
There were 56 reports in 82 days of FY2010 averaging 3.38B$ per report, 2.31B$/day.
Above line should be okay

PROJECTION:
There are 1,126 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)
12/21/2009 12,099,243,026,724.56 BHO (UP 1,472,365,977,811.48 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 +0,189,414,023,212.80 ------------* * * * BHO
Endof10 +0,843,123,396,008.20 ------------* * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------*******
12/14/2009 -012,123,818,214.95 - Mon
12/15/2009 +058,799,676,220.27 ------------**********
12/16/2009 +000,348,253,057.33 ------------********
12/17/2009 -036,492,539,788.22 -
12/18/2009 +000,710,260,980.35 ------------********
12/21/2009 -000,155,813,757.66 --- Mon

21,041,411,879.36 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=4194790&mesg_id=4194831

[Festivito]

59. Debt: 12/22/2009 12,095,072,597,209.16 (DOWN 4,170,429,515.40) (Tue)

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

= Held by the Public + Intragovernmental(FICA)
= 7,736,047,177,964.39 + 4,359,025,419,244.77
UP 2,618,578,973.78 + DOWN 6,789,008,489.18

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 308,271,198 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 $39,235.17.
A family of three owes $117,705.51. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 32 days.
The average for the last 22 reports is 3,841,402,499.72.
The average for the last 30 days would be 2,817,028,499.80.
The average for the last 32 days would be 2,640,964,218.56.
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$/day.
There were 57 reports in 83 days of FY2010 averaging 3.25B$ per report, 2.23B$/day.
Above line should be okay

PROJECTION:
There are 1,125 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)
12/22/2009 12,095,072,597,209.16 BHO (UP 1,468,195,548,296.08 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 +0,185,243,593,697.40 ------------* * * * BHO
Endof10 +0,814,625,442,163.27 ------------* * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------*******
12/14/2009 -012,123,818,214.95 - Mon
12/15/2009 +058,799,676,220.27 ------------**********
12/16/2009 +000,348,253,057.33 ------------********
12/17/2009 -036,492,539,788.22 -
12/18/2009 +000,710,260,980.35 ------------********
12/21/2009 -000,155,813,757.66 --- Mon
12/22/2009 +002,618,578,973.78 ------------*********

28,795,824,324.85 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=4196196&mesg_id=4196223

[bread_and_roses]

14. hey, party hearty everyone! Timmy says no more crisis!

Happy Days are Here Again! I heard it on NPR! he should know, right? right???????

[DemReadingDU]

16. Extend and pretend

until it hits the brick wall.

[UpInArms]

22. Timmeh's comedic act continues - Geithner: Job growth should resume by springtime

http://news.yahoo.com/s/ap/20091223/ap_on_bi_ge/us_geithner_economy?_ylt=Ar1ErBMlwwUnOS7I3gD7k0ouQE4F?_ylu=X3oDMTM4bGlkYzByBGFzc2V0A2FwLzIwMDkxMjIzL3VzX2dlaXRobmVyX2Vjb25vbXkEY2NvZGUDbW9zdHBvcHVsYXIEY3BvcwM1BHBvcwM1BHNlYwN5bl90b3Bfc3RvcmllcwRzbGsDZ2VpdGhuZXJqb2Jn

WASHINGTON – Treasury Secretary Timothy Geithner says he believes it's reasonable to expect "positive job growth" by spring and that people should have confidence about an improving economic climate.

In an interview broadcast on ABC's "Good Morning America," Geithner (GYT'-nur) also said he believes many banks around the country still have work ahead of them to regain the public's faith. He said, "They need to work very hard to shore it up" and said he wasn't certain that "all banks get it."

Geithner's stewardship of the Treasury has come in for criticism on occasion. He said Wednesday, "I think most people would say the economy actually is strengthening now going into the end of the year," but that the key is to regain lost jobs.

what a loser

[AnneD]

15. Morning Marketeers...

:donut: Well friends, I am on the road and have been for the last 2 days. I left Houston at a little after 12 noon and made it to Kerrville the first day. I made it to Wilcox Az. yesterday evening. The fact that the speed limit is 75-80 helps. Anyone that strenuously objects to and 80 MPH speed limit has never had to travel though West Texas.

I have my daughter's dog with me which has given the trip another dimension. She will be so happy. And speaking of happy...we were worried about paying this month's tuition. Her dad does remodeling and December is always a slow month. He has some business in January but Dec. is dry. Her mentor at Cal Arts got wind that she might have to drop out, and put in a departmental grant. SHE GOT IT!!!!!! It was for 8K and will pay for the rest of the year. She was so happy and it is such a relief. I hope she get on work study or an internship at Pixar. We are thrilled-that was the best Christmas gift we could get.

Well I have to hit the road and surprise Mom.

Happy hunting and watch out for the bear.

[DemReadingDU]

17. Congratulations for your daughter!

The grant is awesome, a great Christmas present!

May you have a good trip, and a Merry Christmas!

[UpInArms]

23. that's terrific news AnneD! Congratulations to your daughter!

and have a great and safe trip!

:grouphug:

[Tansy_Gold]

24. wow! that's terrific news!

As the mother of a daughter who got big surprises like that, I know EXACTLY how you feel!

Drive careful, and watch out for the "birds."


TG

[bread_and_roses]

30. such good news! so glad for you! (n/t)

[Karenina]

35. GOOOOO BABYKINS!!! You GO, girl!!!

:bounce: Oh Anne this is SUCH delightful news!!! :bounce:

[mbperrin]

43. AnneD, I'm glad you enjoyed your sojourn through West Texas!

I know that every time we drive 10 to the Gulf Coast that it is amazing how close together everything is! Hope you have a safe return as well!

Try the Sutton County Steakhouse in Ozona if you get a chance on the way back. Nice people, good food, and I'm not related to them in any way.

[ozymandius]

60. Amazing news!

That's something we all can cheer about. I am so very happy for your daughter Anne! And for you and your family, too. Thanks for sharing. :toast:

[TheWatcher]

63. Wonderful News Anne!

:hug:

My Best Wishes to you and your Family. :)

[UpInArms]

19. dollar watch

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

Last trade 78.099 Change -0.151 (-0.19%)

USD Graphic Rewind

http://www.dailyfx.com/forex/fundamental/article/usd_graphic_rewind/2009-12-23-0720-USD_Graphic_Rewind.html



...more...

British Pound Consolidates at Two-Month Low Ahead of Bank of England Minutes

http://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2009-12-23-0648-British_Pound_Consolidates_at_Two_Month.html

The British Pound consolidated losses below 1.60 to the US Dollar, the lowest level in over two months, as the Bank of England prepared to release the minutes from December’s monetary policy meeting.

Key Overnight Developments

• New Zealand Gross Domestic Product Disappoints in Third Quarter
• Euro, British Pound Consolidate in Narrow Ranges Through Asian Trade

Critical Levels



The Euro and the British Pound consolidated in narrow ranges through Asian trading hours as Japanese markets closed for the Emperor’s Birthday holiday and overall liquidity thinned out ahead of the Christmas holiday that will shut down most major exchanges later in the week. We remain short EURUSD at 1.4881 and short GBPUSD at 1.6648.

Asia Session Highlights



New Zealand Gross Domestic Product figures disappointed, revealing the economy grew 0.2% in the third quarter. Economists had predicted a 0.4% expansion ahead of the release. Looking at the report’s details, consumption growth accelerated to add 0.7% after gaining 0.4% in the second quarter, but the pace of contraction in business investment accelerated to -0.9% versus -0.4% in the three months to June. The external sector also yielded lackluster results as exports failed to grow for the first time this year. The New Zealand Dollar declined to test a low of 0.6973 against its US counterpart after the data crossed the wires, but any significant follow-through seems unlikely considering the market’s yield expectations look virtually unchanged in the aftermath of the announcement. Indeed, a Credit Suisse gauge of the priced-in interest rate outlook has called for borrowing costs to rise 203 basis points over the next 12 months since last Friday.

Euro Session: What to Expect



The publication of minutes from December’s Bank of England policy meeting may prove of little interest with traders widely expecting the central bank to remain in wait-and-see mode until it completes and assess the impact of November’s 25 billion pound expansion of its quantitative easing (QE) program in February. Recent inflation figures have supported projections of a near-term upswing made in the latest quarterly inflation report, so there seems little reason to change gears for the time being. Still, traders will keep an eye out for any discussions about cutting the interest rate it pays on bank deposits as an additional avenue to boost lending, a proposal that surfaced in November’s minutes. An article from the Daily Mail crediting "authoritative sources" as saying that the BOE’s rate-setting committee is leaning towards expanding QE by another 25 billion at some point in 2010 may also contribute to volatility surrounding the release.

...more...

[DemReadingDU]

26. Charles Hugh Smith: "Monetary Policy" Transfers Your Children's Future Earnings to Financial Elite

12/23/09 "Monetary Policy" Transfers Your Children's Future Earnings to the Financial Elite
Charles Hugh Smith

The bail-out of Wall Street and the banking and mortgage industries is not monetary policy; it is a massive transfer of wealth from future taxpayers to the Financial Power Elite.

The monetary-policy terminology of "quantitative easing" and "bail-out" is a masterstroke of propaganda, for it purposefully masks an unprecedented transfer of wealth from future taxpayers to the Financial Power Elite.

I want to be crystal-clear here: what Bernanke & Co. represent as "monetary policy" is in fact a massive transfer of wealth from future generations of U.S. taxpayers to Wall Street and the banking/mortgage industries.

The propaganda is purposefully designed to distract our attention from the fact that "monetary policy" has fiscal consequences for future taxpayers--unprecedented mountains of Federal debt which must be serviced over a generation in which interest rates will rise.

Various SIFPs (standard-issue financial pundits) are trotted out as shills to support "quantitative easing" and "bail-outs" as "sound monetary policy" to ward off Depression. Yet what did squandering $1.2 trillion on toxic mortgage-backed securities actually gain the nation? What did squandering several trillion dollars on bailing out AIG, Wall Street, the banks, Fannie and Freddie, GMAC, etc. etc. etc. actually gain the nation?

Perhaps the only "depression" that was averted was the depression the Financial Power Elite would have experienced had their empires of leverage and derivatives been allowed to fall, eradicating their ill-gotten wealth in the process.

The goal of propaganda is to redirect attention away from the truth via misinformation and the construction of plausible, emotionally appealing facades--simulacra in the Survival+ analysis.

Thus the transfer of trillions from your childrens' future earnings is masked behind the seemingly harmless and cost-free facade of "monetary policy."

Another Survival+ concept in play here is complexity fortress. Bernanke and Co. have constructed a complexity fortress, hiding their actions behind veils of secrecy (all "for the good of the nation," heh, as if transparency was the enemy of democracy and free speech), obfuscated transactions (purchasing futures contracts via proxies, and so on) and the sheer complexity of structures such as TARP.

If the web is too tangled for anyone but insiders to understand, then the complexity fortress is complete and invulnerable.

This was of course a favored strategy of Wall Street--derivatives so complex that only those who wrote them understood the risks.

There is another facet to this propaganda campaign of masking fiscal burdens on citizens behind the bland mask of "monetary policy": the complete destruction of integrity and ethics in the halls of power.

Ethics receives lip service in the U.S., of course, along with other fictions such as "fiscal responsibility," but that faint bleating is itself a sort of veil over the bleaker reality that integrity and ethics have been entirely marginalized in the public culture of the nation.

Were anyone to actually resign in protest or disgust, they would be cynically castigated for throwing away wealth and power in a needless gesture. As for ethical breaches-- everyone knows a phony apology ("I am sorry I hurt my family and my wife, I take full responsibility, blah blah blah") is all that's needed. After a brief pause to allow the news cycle to wander past, they can resume the pillaging of the public coffers, the fraud, embezzlement and legerdemain that have been raised to a state of perfection in the halls of power.

In other words: integrity is for chumps. This marginalization of integrity, both institutional and individual, is a key element in the Survival+ analysis.

Thus we have Bernanke & Co. stand before us with straight faces, even as they know their policies are enriching the few at the cost of the many taxpayers who are safely in the future. That we as a nation are stealing from our children and grandchildren to avoid any housecleaning now--that doesn't bother Bernanke & Co., nor does it bother the senators who are biding their time, awaiting the moment where they rubber-stamp the pre-approved apparatchiks.

This marginalization of integrity in the halls of power has infected the entire nation; those below look up and see fraud, corruption, lies, propaganda and self-serving aggrandizement, and they conclude that ripping off the taxpayer, pursuing fraudulent claims and mortgage documents, etc. etc. is in essence the "officially approved" manner to get ahead.

True to the high standards of propaganda which now pass as "normal," this erosion of truth and integrity in official statements, statistics and policies is vehemently denied by those in power.

The costs of this erosion cannot be tallied easily, but we can predict they will be paid out over many years, if not a generation and beyond.

http://www.oftwominds.com/blogdec09/monetary-fraud12-09.html


Charles Hugh Smith Expanded free eBook now available (85,300 words, 136 pages):
in HTML: Survival+
http://www.oftwominds.com/Survival/survival-plus-free.html

in PDF: Survival+
http://www.oftwominds.com/Survival/SP-free.pdf

[DemReadingDU]

29. Yellow Freight in Violation of ERISA

12/22/09 Yellow Freight in Violation of ERISA

Kansas City, MO: An ERISA class action suit has been filed against YRC Worldwide Inc., alleging violations of ERISA statutes. "We represent people who are either retired or still working for Yellow Freight ," says attorney Diane Nygaard. "This class is on behalf of all plan participants whose 'Defined Contributions' and 'Individual Account' plans invested in Yellow Freight stock from April 6, 2009 until the present."

In a nutshell, the Yellow Freight Pension Plan invested in Yellow Freight stock and the stock took a big tumble, potentially affecting tens of thousands of truck drivers. By the end of 2007, Yellow Freight had over 22,700 employees on its payroll, mostly long distance truck drivers nationwide as well as employees of Roadway Express, which was acquired by Yellow Freight. The company also bought New Penn, Holland, and Reddaway—all transportation companies.

"Participants who are members of the plans should contact my office ASAP," Nygaard advises. "I realize it is difficult to attend to this kind of unhappy business over the holidays but it is in participants' best interest to call us sooner than later. And we want potential class members to call us particularly if they have documents relating to the plan and have experienced losses in the plan."

Nygarrd explains that Yellow Freight was "on the ropes" when it bought Roadway Express a few years back. It took on a lot of debt and servicing that has led one of the largest transportation service providers in the world into imminent bankruptcy. "It is now considered to be on death row," says Nygaard.

YRC recently announced that bondholders will now become stockholders. "The company is trying to eliminate their corporate debt to investors to improve their balance sheet and reduce the amount of interest they have to pay the bondholders," explains Nygaard. "This plan may or may not be approved by a vote of the bondholders—the deadline has been extended to the end of this year.

"The trustees of the ERISA plan have continued to buy and hold the YRC stock in the plan, despite the fact that the financials of the company have deteriorated inexorably over the last 18 months and thereby reducing the value of the retirement savings accumulated for members of the plan.

"The company made matching contributions to the employees' plan accounts equal to 50 percent of each participant's pre-tax contribution every year and all those matching contributions were invested in stock of the company."

Cases are on file in federal court in Kansas City Kansas because YRC headquarters is located in Overland Park, a suburb of Kansas City. The defendants are Bill Zollars, CEO and Chairman of the Board for Yellow Freight, as well as the members of the committee who are responsible for the plan.

http://www.lawyersandsettlements.com/articles/13319/erisa-plan-employee-stock-9.html

[DemReadingDU]

31. Most Americans Believe US Economy Is Still in Recession and Fear the Worst Is Yet to Come

12/17/09 Despite Forecasts, Most Americans Believe US Economy Is Still in Recession and Fear the Worst Is Yet to Come


- 53% say the economy is in trouble, while 45% expect it to get worse, according to new StrategyOne survey -


NEW YORK, Dec. 17 /PRNewswire-USNewswire/ -- Despite some signs and predictions that the U.S. economy is rebounding, most Americans' opinion of the economy has remained steady since the summer, with 53% saying they believe the economy is in trouble, and 45% feeling the economy has not yet bottomed out and will still get worse (vs. 49% in July). The survey conducted by StrategyOne also indicates that the recession is taking an emotional toll, with two-thirds of Americans saying the recession has significantly changed their general outlook on life.

When asked to describe the current state of the US economy, 41% say it is in a deep recession and another 12% believe the economy is in a 1930's-style economic depression. Just over one-third (34%) say the economy is in a mild recession, while only 5% of Americans say the economy is doing fine.

"Despite some indications suggesting the economy is strengthening, Americans are as concerned as they were in July that the current slowdown will become a protracted problem that doesn't have an immediate end in sight," said Bradley Honan, Senior Vice President of StrategyOne. "With consumer spending accounting for two thirds of the economic activity in the country, these feelings could turn into a self-fulfilling prophecy."

Less than one-third (30%) today say the economy has bottomed out and is getting better, with 28% feeling that way in July 2009. Lastly, while 18% today believe the economy is at the bottom and is getting neither better nor worse, 21% felt that way in July.

To the extent some believe the economy is recovering, it is a feeling that is particularly pronounced among high income earners and households.

Only 25% of those living in households making less than $50,000 annually believe the economy has hit bottom and is getting better. By contrast, 36% of those in households making $100,000 or more report the economy has hit bottom and is now getting better.

Regardless of current sentiment about where the economy stands today, it is clear that the downturn has altered our national outlook and psyche. Thirty percent report that the current recession has changed their general outlook on life very significantly and another 38% say it has done so somewhat significantly. By contrast, just 29% report that the economic recession has either not very significantly or not significantly at all changed their general outlook on life.

"There clearly will be psychological implications from the economic downturn in terms of how consumers behave," said Honan. "How quickly businesses adapt to these new realities will go a long way towards determining how fast we recover economically from this most recent recession."

click to see poll questions and methodology
http://www.prnewswire.com/news-releases/despite-forecasts-most-americans-believe-us-economy-is-still-in-recession-and-fear-the-worst-is-yet-to-come-79562147.html

[Tansy_Gold]

34. You sure wouldn't know it to read some of the stuff here on DU n/t

[Zenlitened]

56. To the extent some believe the economy is recovering...

...To the extent some believe the economy is recovering, it is a feeling that is particularly pronounced among high income earners and households.

Imagine that. :eyes:

[Robbien]

36. Awful way some truckers found out their employer Arrow Trucking is out of business

The Tulsa, Okla., trucking company stopped payment on the gas cards of its drivers, leaving some of them stranded Tuesday around the United States, miles from home. No explanation on the website. No one at the company answering phones.

The 200 or so employees at Arrow Trucking's headquarters were told to pack up their belongings and go home Tuesday morning, according to the Tulsa World.

The only acknowledgement was a brief recorded message on the company's main phone number, asking drivers of its Freightliner and Kenworth trucks to turn their rigs in to the nearest dealer and to call a special hotline to arrange for a bus ticket home. Drivers of the company's Navistar trucks were told to call back for mroe information.

http://www.csmonitor.com/Money/2009/1222/Arrow-Trucking-Is-this-any-way-to-lay-off-workers


At the gas pump with their trucks almost out of gas, truckers are having their gas cards denied and are being told to drive around to the nearest dealer and turn in the truck. Then truckers are supposed to arrange a bus ticket home. What are the odds any cross country bus has empty seats during Christmas week. Some happy holiday.

[Dr.Phool]

37. I'd leave the truck sitting right where it's at.

[Robbien]

39. Appears you aren't the only one with that thought

Arrow's recorded message was very short with very limited info but they made sure to add the statement "if the trucks aren't turned in by Thursday, theft charges will be filed".

Another article said that truckers from other companies are trying to get the stranded truckers home for the holidays. There is supposed to be over a thousand truckers working for Arrow.

[mbperrin]

45. Theft charges? Company issues a truck with insufficient resources

to ensure its return, and that's theft by the driver?

I think they might have a hard time getting a DA to file that. Truck companies don't vote, but truckers, friends, and families do.

[Tansy_Gold]

46. It's Arrow's responsibility to get those trucks back, not the drivers'

If the driver doesn't have possession of the truck, he can hardly be said to have stolen it. If he leaves it where it was when it ran out of fuel and the company gave him no way to fuel it, that's not his fault either.

The company is responsible for the load, too, not the driver. And once he's no longer an employee. . . all bets are off.

Leave the thing where it is and let Arrow execs trudge out to get 'em. I have a feeling THEY got paid. . . . .




TG

[Hugin]

48. "... truckers from other companies are trying to get the stranded truckers home for the holidays."

Good on them. :)

[dixiegrrrrl]

57. So who picks up the slack in all those deliveries that are not being made?

Can we afford to have 22,000 drivers/trucks ( as stated in prior article above)
not working?

[skoalyman]

58. yeah me to f'm

I'd leave the truck on side of the road.

[Robbien]

38. Stanford is in danger of suffering “a complete nervous breakdown” if he is not released from prison

say his psychiatrist.

“I can guarantee you that my dad will go nowhere if released on bail,” one of his sons wrote.

Stanford again seeks bail
Lawyers say he risks 'breakdown'
http://www.chron.com/disp/story.mpl/business/stanford/6783165.html

<snip>

The physical and mental strains of imprisonment have taken a heavy toll on Stanford, according to court filings: He has lost 40 pounds in the last 90 days, and has been prescribed medications for elevated and irregular heartbeats, ulcers and depression.

Victor Scarano, a Houston psychiatrist and lawyer who examined Stanford in jail, concludes that his “physical and mental state is continuing to deteriorate” and he is suffering “major depression.”

“If the present set of circumstances persist, Mr. Stanford's spiraling downhill course will continue to the point where he will suffer further serious physical disorders and, more likely than not, a complete nervous breakdown,” Scarano says, according to the court documents.

Scarano doubts that anti-depressants would be enough to treat the condition but giving Stanford the freedom “to work with his attorneys in creating a strong and formidable defenses, is the treatment that will do the most to enhance his physical and mental recovery,” according to the filing.

It says the limited visiting hours and security measures at the detention center make it “sheer sophistry” to assume Stanford would be able to review even a fraction of the more than 7 million documents involved in the case to prepare for his trial, now scheduled for January 2011.

more . . .



Basically his lawyer is complaining that other rich guys don't have to wait it out in jail so the court is being unfair with Stanford. Being rich is his defense I guess.

[Tansy_Gold]

42. DU doesn't have a violin tiny enough n/t

[Demeter]

44. Let's See. Do I Care? Nope

Can't work up a shred of sympathy for this fraudster. For his victims, many of whom are facing REAL reasons for despair and insanity, yes. For him? How about we throw his kids in jail with him, as family support? They could spend Christmases together, as well as the other 364 days of the year....

[mbperrin]

49. Lost 40 pounds in 90 days? Get this program on the TV?

"Tired of weight-loss programs that don't work? That promise but don't deliver? Try the only program that is certified to work by COURT DOCUMENTS! Yes, try Don't Stan For It! Lose it! Call 1-800 right now and get free shipping to the Texas participating facility nearest you now!"

Yes, I know that I will probably burn in hell for it, but I cannot raise a sliver of sympathy for those who put a smear on my beloved state of Texas with their grimy ways...

[UpInArms]

51. I'm reminded of an old saying: If you can't do the time - don't do the crime.

:nopity:

[Hugin]

52. In the much used words of a former flame of mine...

Pobrecito!

[ozymandius]

61. He's suffering?

Please stop me before I say something inappropriate.

[PeaknikB]

47. Almost time to

Pull out of the market now that this dead cat bounce is nearing it's peak.

[Demeter]

54. Did Somebody Mention Dead Cats? See Next Post!

[Demeter]

50. Only Positive Statistic Of Year Announced

http://www.theonion.com/content/news_briefs/only_positive_statistic_of?utm_source=onion_rss_daily

WASHINGTON—Amid a growing list of domestic and international concerns such as skyrocketing fuel prices, the slumping dollar, massive recalls of tainted food, the housing market collapse, and an increase in obesity, the American Society for the Prevention of Cruelty to Animals delivered the country's only positive statistic Tuesday when officials announced that cases of feline leukemia had stabilized. "In this current climate, we were all waiting for some good news," said Brad Gambrell, 37, an unemployed census worker. "With more infants perishing during childbirth, fewer citizens covered by health insurance, and air quality steadily worsening, it's a huge relief that the number of cats dying from this horrible disease is staying the same." Additional data showed that, upon hearing the news, hundreds of Americans who were being evicted from their homes or learning that they had colon cancer briefly experienced a glimmer of hope—a once-common sensation that has declined by 250 percent since 2002.

[Robbien]

53. When Tavern on the Green went into bankruptcy I thought it would emerge and keep going

File for bankruptcy protection, dump the debt and then reopen for business.

Guess not.

Tavern on the Green LP Wants an Auction for Assets
http://www.businessweek.com/news/2009-12-23/tavern-on-the-green-lp-wants-an-auction-for-assets-update1-.html

Dec. 23 (Bloomberg) -- Tavern on the Green LP, the operator of the 75-year-old restaurant in New York’s Central Park, wants to hold an auction for virtually all of its assets.

The company is seeking court approval to hold an auction Jan. 13 to Jan. 15 to sell assets including chandeliers and fine art work, according to court documents filed yesterday in U.S. Bankruptcy Court in Manhattan.

The company said in court papers the auction “is in the best interest of creditors” because it will cease its restaurant operations after Dec. 31



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[Demeter]

55. They Must Be on the Outs With Golden Sacks

or maybe they know that GS is going down! One can hope...