STOCK MARKET WATCH, Thursday September 23

[ozymandius]

Source: du

STOCK MARKET WATCH, Thursday September 23, 2010

AT THE CLOSING BELL ON September 22, 2010

Dow 10,739.31 -21.72 (-0.20%)
Nasdaq 2,334.55 -14.80 (-0.63%)
S&P 500 1,134.28 -5.50 (-0.48%)
Gold future... 1,292 +0.30 (+0.02%)
10-Yr Bond... 2.56 -0.02 (-0.85%)
30-Year Bond 3.74 -0.05 (-1.19%)

---

Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

---

Handy Links - Market Data and News:Economic Calendar    Marketwatch Data    Bloomberg Economic News    Yahoo! Finance    Google Finance    Bank Tracker    
Credit Union Tracker    Daily Job Cuts

Handy Links - Economic Blogs:
The Big Picture    Financial Sense    Calculated Risk    Naked Capitalism    Credit Writedowns
Brad DeLong      Bonddad    Atrios    goldmansachs666    The Stand-Up Economist

Handy Links - Government Issues:
LegitGov    Open Government    Earmark Database    USA spending.gov

Handy Links - Videos:
The Coming Collapse of the Middle Class    Charlie Rose talks with Roubini    Charlie Rose talks with Krugman
    William Black: This Economic Disaster    Bill Moyers with Kevin Drum and David Corn

Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren

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

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

---

---

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. Today's Reports

08:30 Initial Claims 09/18
Briefing.com 440K
Consensus 450K
Prior 450K

08:30 Continuing Claims 09/11
Briefing.com 4450K
Consensus 4450K
Prior 4485K

10:00 Existing Home Sales Aug
Briefing.com 3.80M
Consensus 4.10M
Prior 3.83M

10:00 Leading Indicators Aug
Briefing.com 0.1%
Consensus 0.1%
Prior 0.1%

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

[Dr.Phool]

32. New claims at 465,000

More unexpected shit.

http://www.msnbc.msn.com/id/39303294/ns/business-eye_on_the_economy/

[TheWatcher]

58. "That pile of dogshit on the ground there is actually a delicious bar of Godiva Chocolate."

Form the Article:

Chan said expectations for the housing market were "so dire" that any signs of growth is considered positive.

The Conference Board, a private research group, said its index of leading economic indicators increased more than expected in August. The gauge is designed to predict future growth, so a jump in the index means the economy will likely continue to expand in the coming months.

"We keep getting confirmation that things are not getting worse," said Tim Harder, chief investment officer at Peak Capital. The actual numbers aren't great, but relative to a few months ago they indicate the economy is moving in the right direction, he said.

"Bad is better than awful," Harder said.

So you have a gunshot wound to the chest, and you're on life support. At least you weren't beheaded!

:rofl:

[AnneD]

66. You try that Godiva chocolate first...

:rofl:

Looks like an OH SHIT BAR to me.

[TheWatcher]

68. But it's not DECAPITATION is it? You've still got a fighting CHANCE!

Get your priorities in line, Citizen!

Crumbs, not Change!

Propaganda, not Truth!

Perception, not Reality!

Fear, not Freedom!

KNEEL BEFORE ZOD!



:rofl:

[AnneD]

70. A nurse friend once said ....

he was getting a chest tatoo in bright bold red....

NO CPR.

Well that started a discussion that the tatoo could be missed. One Nurse recommended tatooing that to the forehead. It would be visible and if it was missing, well then you couldn't do CPR. :spray:

Nurses are such a tough crowd.:evilgrin:

[tclambert]

72. Baby Ruth

http://www.youtube.com/watch?v=Th_aBzrV37M

"It's no big deal."--Carl Spackler

[TheWatcher]

79. One of the GREATEST Movies Ever Made.

"Don't be obsessed with your desires Danny. The Zen philosopher Basha once wrote, 'A flute with no holes, is not a flute. A donut with no hole, is a Danish.' He was a funny guy."

:rofl:

[AnneD]

86. In this part of the country....

a donut without holes is a beignet. Far better than ANY Danish could ever hope to be. In fact our kolaches are better than any Danish could hope to be.

[Roland99]

43. Existing-home sales rebound from record low (Aug. level still at second lowest level on record)

http://www.marketwatch.com/story/us-existing-home-sales-rebound-76-2010-09-23

[ozymandius]

2. Oil hovers below $75 as US crude supplies grow

SINGAPORE – Oil prices hovered below $75 a barrel in Asia on Thursday, as rising crude inventories in the U.S. suggest demand remains weak.

The Energy Department's Energy Information Administration said Wednesday that crude inventories increased by 1 million barrels for the week ending Sept. 17. Analysts had expected a drop of 1.5 million barrels, according to Platts, the energy information arm of McGraw-Hill.

Inventories of gasoline and distillates also rose, the administration said.

In other Nymex trading in October contracts, heating oil fell 0.66 cent to $2.1064 a gallon and gasoline rose 0.23 cent to $1.9037 a gallon. Natural gas gained 1.5 cents to $3.981 per 1,000 cubic feet.

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

[ozymandius]

3. Stock index futures retreat; eyes on data

PARIS (Reuters) – Stock index futures pointed to a lower open on Wall Street on Thursday, with futures for the S&P 500 down 0.6 percent, Dow Jones futures down 0.4 percent, and Nasdaq 100 futures down 0.2 percent at 5.08 a.m. EDT.

European stocks fell 0.7 percent in early trade as investors fretted about the region's economy after data showed the pace of growth in the euro zone's services and manufacturing sectors slowed more than expected this month.

Economic data on tap on Thursday include weekly initial jobless claims, existing home sales for August and leading economic indicators for August, while companies expected to release quarterly results included Nike (NKE.N) and Rite Aid (RAD.N).

The benchmark Euro STOXX 50 (.STOXX50E), the euro zone's blue chip index, pierced its 200-day moving average and fell below a key support level, the 50 percent retracement of the index's drop to a May low from an April high.

http://news.yahoo.com/s/nm/20100923/bs_nm/us_markets_stocks

---

Asian countries are celebrating holidays this week. So expect news from this region to be very light.

[ozymandius]

4. New swaps market needs to be like stock market: SEC

WASHINGTON/NEW YORK (Reuters) – The top securities regulator says the new market for swaps trading would benefit from the "competition, access, liquidity and transparency" already established in the cash equities market.

Securities and Exchange Commission Chairman Mary Schapiro's comments on Wednesday gave an early indication of how her agency wants to construct a derivatives market that will be under far more scrutiny in the wake of the 2007-2009 financial crisis.

The regulators will need to decide how to define so-called swap execution facilities, or SEFs, and how the new market will function once far more of the complex products are forced through transparent venues and clearinghouses. The legislation ramps up oversight of the $615 trillion over-the-counter derivatives market and saddles banks with additional regulations.

Last week, CFTC Chairman Gary Gensler said 20 to 30 new entities were likely to register as SEFs or designated contract markets. This week, Gensler said real-time reporting of swaps trades could begin as early as September.

http://news.yahoo.com/s/nm/20100922/bs_nm/us_financial_regulation_schapiro

[Festivito]

5. Debt: 09/21/2010 13,476,661,616,652.10 (UP 7,319,158,517.93) (Tue)

(Up a little. Good morning, good day.)
I need a diet of 1500 cal/day.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 8,970,801,454,312.80 + 4,505,860,162,339.30
UP 509,875,602.04 + UP 6,809,282,915.89

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 310-Million person America.
If every American, man, woman and child puts in $3.22 THAT'S 1B$, and $3,224.44 makes 1T$.
A family of three: Mom, Dad, Child: $9.67, ABOUT TEN BUCKS for a 1B$ 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 13 seconds we net gain another American, so at the end of the workday of the report, there should be 310,131,685 people in America.
http://www.census.gov/population/www/popclockus.html ON 04/09/2010 15:49 -> 309,034,742
Currently, each of these Americans owe $43,454.64.
A family of three owes $130,363.93. (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 5,223,713,875.71.
The average for the last 30 days would be 3,830,723,508.85.
The average for the last 32 days would be 3,591,303,289.55.
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$/day.
There were 244 reports in 356 days of FY2010 averaging 6.42B$ per report, 4.40B$/day.
Above line should be okay

PROJECTION:
There are 852 days remaining in this Obama 1st term.
By that time the debt could be between 14.6 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)
09/21/2010 13,476,661,616,652.10 BHO (UP 2,849,784,567,739.02 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,566,832,613,140.40 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,606,443,549,989.46 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
08/31/2010 +077,584,457,403.73 ------------**********
09/01/2010 -002,618,329,750.58 --
09/02/2010 +008,773,043,668.95 ------------*********
09/03/2010 +000,065,447,919.59 ------------*******
09/07/2010 +000,022,960,425.76 ------------******* Tue
09/08/2010 +000,399,922,819.12 ------------********
09/09/2010 +008,813,573,460.79 ------------*********
09/10/2010 -000,055,297,184.77 ----
09/13/2010 +000,091,299,524.00 ------------******* Mon
09/14/2010 +000,150,853,245.21 ------------********
09/15/2010 +064,417,149,283.94 ------------**********
09/16/2010 -036,646,694,679.28 -
09/17/2010 -000,203,034,896.34 ---
09/20/2010 +000,019,446,813.89 ------------******* Mon
09/21/2010 +000,509,875,602.04 ------------********

121,324,673,656.05 Total of 15 above reports.

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

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

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4548876&mesg_id=4548887

[Festivito]

85. Debt: 09/22/2010 13,471,094,170,316.20 (DOWN 5,567,446,335.90) (Wed)

(Down a little. Good day.)
Biopsies hurt.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 8,970,779,433,653.84 + 4,500,314,736,662.36
DOWN 22,020,658.96 + DOWN 5,545,425,676.94

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 310-Million person America.
If every American, man, woman and child puts in $3.22 THAT'S 1B$, and $3,224.37 makes 1T$.
A family of three: Mom, Dad, Child: $9.67, ABOUT TEN BUCKS for a 1B$ 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 13 seconds we net gain another American, so at the end of the workday of the report, there should be 310,138,331 people in America.
http://www.census.gov/population/www/popclockus.html ON 04/09/2010 15:49 -> 309,034,742
Currently, each of these Americans owe $43,435.76.
A family of three owes $130,307.28. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 33 days.
The average for the last 23 reports is 4,754,532,996.94.
The average for the last 30 days would be 3,645,141,964.32.
The average for the last 33 days would be 3,313,765,422.11.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ 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$/day.
There were 245 reports in 357 days of FY2010 averaging 6.37B$ per report, 4.37B$/day.
Above line should be okay

PROJECTION:
There are 851 days remaining in this Obama 1st term.
By that time the debt could be between 14.6 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)
09/22/2010 13,471,094,170,316.20 BHO (UP 2,844,217,121,403.12 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,561,265,166,804.50 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,596,251,501,074.63 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
09/01/2010 -002,618,329,750.58 --
09/02/2010 +008,773,043,668.95 ------------*********
09/03/2010 +000,065,447,919.59 ------------*******
09/07/2010 +000,022,960,425.76 ------------******* Tue
09/08/2010 +000,399,922,819.12 ------------********
09/09/2010 +008,813,573,460.79 ------------*********
09/10/2010 -000,055,297,184.77 ----
09/13/2010 +000,091,299,524.00 ------------******* Mon
09/14/2010 +000,150,853,245.21 ------------********
09/15/2010 +064,417,149,283.94 ------------**********
09/16/2010 -036,646,694,679.28 -
09/17/2010 -000,203,034,896.34 ---
09/20/2010 +000,019,446,813.89 ------------******* Mon
09/21/2010 +000,509,875,602.04 ------------********
09/22/2010 -000,022,020,658.96 ----

43,718,195,593.36 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/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4550279&mesg_id=4550286

[ozymandius]

6. Obama still mulling Summers replacement: White House

ABOARD AIR FORCE ONE (Reuters) – President Barack Obama is considering a broad group of candidates with a wide range of backgrounds to replace White House economic adviser Larry Summers, the White House said on Wednesday.

He declined to name any possible successors to Summers, who will leave before the end of the year, but said Obama was not at the beginning of the process of reviewing possible candidates.

Gibbs was asked about whether Americans might be concerned about the exodus among Obama's top economic advisers, but said only that it was "understandable" that, given the intense pace of life on the campaign trail and in the White House, people would begin to leave the administration about 18 months after the inauguration.

http://news.yahoo.com/s/nm/20100922/ts_nm/us_obama_summers_obama

---

Yesterday, I posted a list of possible replacements for Summers. While it is by no means definitive - it does offer some insight into the type of person the White House will consider for the post. The maddening part is that the list is comprised mainly of industrialists, very few economists, many Clinton administration re-treads and -worst of all- DLC veterans, the quintessential Blue Dogs, who share blame for the failed economic policies which grew from Reagan's tainted seed.

[ozymandius]

7. Summers' successor to set tone on economic policy

WASHINGTON (Reuters) – Republicans on Wednesday urged President Barack Obama to pick a more business-friendly successor to economic adviser Larry Summers, a move that would signal a shift to the center.

SHIFT TO THE CENTER?

With the personnel decisions he is weighing, Obama faces a choice of either going toe to toe with Republicans and facing policy gridlock or signaling a move to the center, said William Galston, a former policy adviser to President Bill Clinton.

"In recent days there have been indications that the White House is contemplating the beginnings of the second option, with a new economic approach focused on reducing the long-term budget deficit and getting private capital off the sidelines," Galston wrote in an opinion piece in the Financial Times.

Former Fed Chairman Paul Volcker, an outside adviser who has Obama's ear, told a conference in New York that what Obama needs most in a Summers replacement is "an honest broker," who can take in views from inside and outside the administration.

http://news.yahoo.com/s/nm/20100923/ts_nm/us_obama_economy_summers

[nc4bo]

9. Shift to the center?? Seriously? Center from where?

:yoiks: :shrug: :wtf:

Sorry for laziness. The smilies can do all the talkin' for me.

[ozymandius]

11. WTF, indeed.

Today's center is what remains of the right-wing approach fifteen years ago. The right-wing conservatives were wrong in their approach to economic expansion then. The "center" is wrong today. Of course, it has found a new home, that "center." The DLC types are what we would call Republican fifteen years ago minus the religious insanity.

[boomerbust]

38. Didn't you hear

Rick Santelli said and I quote "The Tea Party is the new middle".:evilgrin:

[zogofzorkon]

13. I think it is a mispelling

of shift to centaur, where more weight is given to a horse's ass speaking with a man's mouth.

[DemReadingDU]

26. that's a good one

and welcome to SMW!
:hi:

[Po_d Mainiac]

34. +1 n/t

[Papa Boule]

44. It's the new village paradigm

Everything shifted way to the right. So villagers who are in all respects on the right totally think they are way progressive and liberal and a move farther to the right is a move to the "center."

I know, right? :shrug:

[Roland99]

24. Perhaps they want Ayn Rand's body exhumed?

[Demeter]

51. Only for a Bonfire

[Roland99]

71. Given the right-wingnut proclivity for odd sexual behaviour.....

ok...'nuff said!

[Loge23]

27. The Party of Perpetual Hopelessness

That the Republicans are still considered a legitimate and present threat to once again set the legislative tone in this country is all we need to know about America in 2010.
A shift to the right!! A shift any further to the right in the economic direction of this nation can ONLY indicate a further erosion of power and assets from the lower 90% - indeed the lower 95%. There have been many alarming comparisons to the rise of the new fascism - not to be confused with the Nazi's twisted version, but a more textbook version that places both power and "patriotism" in the hands of a few ruling elite (read corporations and their paid enablers).
This is the agenda of the Republican: Repeal Health Care for all, lower taxes. Repeat when necessary and next time add in Social Security. This pattern of fear-baiting, obstruction, and a hopelessly ineffective economic agenda virtually guarantees the Republicans' survival. Any opposing views or attempts at an alternate, fairer agenda becomes more futile and unattainable as the ditch gets deeper during each Republican reign.
The American people, increasingly hopeless, undereducated, and impatient have become a en masse example of a Stockholm syndrome victim - they are imprisoning us, but we like the bread.

[Caretha]

31. Since it's an either/or choice

I PICK TOE TO TOE!!!

[Demeter]

65. Alan Blinder's Name Came Up on NPR Today

Never been a man who lived up to his name more...

[ozymandius]

8. Bonds Advance, Stocks Decline on Reports of Weakening Growth

Sept. 23 (Bloomberg) -- Bonds rallied around the world for a second day and stocks declined on reports of slowing growth while Germany cut its borrowing needs.

German 10-year bond yields dropped 5 basis points to 2.3 percent as of 10:23 a.m. in London after falling 11 basis points yesterday, the biggest decline in a month. The Irish 10-year yield widened to a record 411 basis points over German bunds. The Stoxx Europe 600 Index lost 0.7 percent to 259.32 points, retreating for a third day. Futures on the Standard & Poor’s 500 Index fell 0.5 percent. The euro snapped a three-day advance against the dollar, declining 0.4 percent to $1.3348.

Growth in Europe’s services and manufacturing industries weakened more than economists forecast in September, dropping to 53.8 from 56.2, Markit Economics said today. Germany, Europe’s largest economy, will sell 60 billion euros ($80.4 billion) of bonds and bills in the fourth quarter, 29 billion euros less than forecast in December, the Federal Finance Agency said. Portuguese, Italian and Spanish 10-year bond yields rose relative to similar-maturity benchmark German bunds.

Dollar Index

The Dollar Index, a measure of the currency against six trading partners, added 0.3 percent to 80.036. The euro dropped 0.5 percent to 112.7 yen, while the Japanese currency was little changed at 84.43 a dollar. The New Zealand dollar slipped versus all 16 of its major peers, losing 1.5 percent against the yen.

http://noir.bloomberg.com/apps/news?pid=20601087&sid=aK74vliemnds&pos=1

[Ghost Dog]

14. Central Banks Struggle for Exit as Recovery Weakens

Sept. 22 (Bloomberg) -- The world’s major central banks are having a tough time exiting crisis mode, prolonging aid or raising the prospect of reviving unconventional stimulus tools as the global recovery loses momentum.

The U.S. Federal Reserve said Sept. 21 it’s prepared to ease monetary policy further if needed and has highlighted asset purchases as an option. The Bank of England yesterday signaled policy makers are moving closer to adding stimulus. The European Central Bank extended liquidity support for banks into 2011 on Sept. 2 ... Also on Sept. 16, the Swiss National Bank kept borrowing costs close to zero while lowering its inflation forecast. Top Bank of Japan officials yesterday flagged rising risks to the nation’s growth as the yen climbed in the aftermath of the Fed’s statement. The remarks came a week after Japan sold yen for the first time in six years in response to a strengthening currency that threatened to derail the economy’s recovery.

...

Recent data suggest the economy of the Group of Seven nations could grow at an annualized rate of about 1.5 percent in the second half, below the 1.7 percent previously envisaged and the 3 percent rate of the first six months of the year, the Paris-based OECD said Sept. 9. The International Monetary Fund said in July, while raising its global growth forecast for this year, that “downside risks have risen sharply.”

Central banks are weighing the potential inflationary costs of further stimulus against the prospect of deflation, or a broad-based decline in prices, and may see benefits from more aid, said Jay Bryson, global economist at Wells Fargo Securities LLC in Charlotte, North Carolina. The risk “of not putting too much stimulus into the economy is potentially deflation, and that’s not a good thing to do,” said Bryson, a former Fed economist. “On the other hand, what happens if you overstimulate the economy? You may end up down the line with a little bit higher inflation rate than you would like, but we can deal with that later.”

/... http://www.bloomberg.com/news/2010-09-22/central-banks-have-trouble-finding-exit-from-stimulus-as-recovery-weakens.html

Long article full of data on central bank bond purchases and other 'unconventional monetary easing', and the deflationary conundrum they/we face.

[ozymandius]

10. Goldman, Morgan Stanley Diverge on Junk Bonds: Credit Markets

Sept. 23 (Bloomberg) -- Morgan Stanley says investors should buy the lowest-rated corporate debt, while Goldman Sachs Group Inc. says stay away, underscoring the dilemma faced by investors as junk-bond prices rise to the highest since 2007.

Bonds graded CCC in the U.S. are the “cheapest” high- yield securities with “economic data once again beginning to surprise to the upside,” Morgan Stanley told clients yesterday in a report. Goldman Sachs says higher-rated speculative-grade debt is the way to go as the economy decelerates.

Bondholders faced with near-zero interest rates and record low yields are turning to higher-risk notes to boost returns, betting growth will be strong enough to keep defaults in check. Investors poured $480.2 billion into mutual funds that focus on debt in the two years ended June 30, more than went into stock funds during the Internet bubble, helping companies sell a record amount of junk bonds in 2010 with three months still left in the year, according to data compiled by Bloomberg and the Washington-based Investment Company Institute.

The lowest-ranked debt, rated CCC and lower, has done even better, rising to 89.2 cents from 31.6 cents. The securities have returned 3 percent this month, with relative yields averaging 10.9 percentage points more than Treasuries, the index data show.

http://noir.bloomberg.com/apps/news?pid=20601087&sid=avhip4iWSf_4&pos=2

---

The economic expansion -which is really an expansion on paper but of little substantive value elsewhere- is hanging by a thread. 1.6% growth is anemic at best. If that growth slows any further then the lowest rated corporate bonds will take the first hit.

[ozymandius]

12. Analyst Who Called Recession End Sees Durable Rebound

Sept. 22 (Bloomberg) -- Economist Thomas Lam, who accurately forecast 16 months ago when the worst U.S. recession since the Great Depression would end, now says chances of a renewed slump in the coming year are no more than 20 percent.

Lam’s May 2009 call that the U.S. would emerge from recession the following month -- confirmed this week by the National Bureau of Economic Research -- drew “quite a bit of heat because it was a time when things were still uncertain,” the 35-year-old analyst said in a telephone interview with Bloomberg News today. “Some thought the call too optimistic.”

NBER Followed

The NBER, which is charged with dating business cycles, said Sept. 20 that the U.S. recession ended in June 2009 even as a slowdown in economic growth stokes speculation of the possibility of another downturn.

Stephen Roach, chairman of Morgan Stanley Asia, told Bloomberg television from New York today that the U.S. economy is in a “very sluggish anemic recovery” and remains vulnerable to fresh shocks.

http://noir.bloomberg.com/apps/news?pid=20601109&sid=a69liOBxEXOY&pos=12

[Demeter]

15. Last Week the Odds Were 5%

Next week it will be---35%? 50=65% ?

And how soon before the conclusion that the slide continued?

[ozymandius]

17. one Friedman Unit from now

These people operate on six month timeframes.

[ozymandius]

16. Bailouts: Here is what the political "center" gave us versus one alternative

Ritholtz: "We Should Have Gone Swedish . . ."

In light of the Summer’s resignation, its worth looking at the question I still hear from time to time.

This article, Stopping a Financial Crisis, the Swedish Way, published exactly 2 years ago today, provides an answer:

Sweden did not just bail out its financial institutions by having the government take over the bad debts. It extracted pounds of flesh from bank shareholders before writing checks. Banks had to write down losses and issue warrants to the government.

The result of the Swedish method? They spent 4% of GDP ($18.3 billion in today’s dollars), to rescue their banks. That is far less than the $trillions we have spent — somewhere between 15-20% of GDP.

---

As always with the people who made these decisions - the decision was so familiar to events past in that it focused on funneling huge sums of money infused with panic. Remember then? Rational minds said the banks needed to be nationalized. Funny how every step of the way in making policy decisions about banks - losses are socialized, profits are privatized and losses are paid not by those who made the stupid bets.

[florida08]

23. yet

Sweden's politics are changing...moving far right
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Sweden elections end in hung parliament, rise of far-Right

Swedish elections on Sunday night ended in a hung parliament after the rise of a far-Right group narrowly prevented the conservative-liberal coalition government from winning an outright majority in Sweden’s parliament.

Guess why?

Before polling opened, Mr Reinfeldt had pleaded for a clear majority amid fears that in the event of a hung vote far-Right MPs from the SD party could play a “kingmaker” role in forming a new government.

Don’t expose Sweden to this experiment. Make sure they don’t get any power,” he said of the far-Right...

His inconclusive victory has been overshadowed by the rise of the SD, a previously marginal group, which entered the mainstream by demanding cuts to immigration and by describing Islam as Sweden’s biggest national security threat since the Second World War.

Its election broadcasts, showing burka-clad Muslim women jumping the queue to take benefits from white Swedish pensioners, fuelled resentment over waves of immigration which have changed the make-up of Sweden, a once-homogenous Scandinavian country, where one in seven residents is now foreign-born.

“The immigration policy is the most important issue in this election and we want that to be debated and we want the other parties to change their policy,” said Jimmie Akesson, the group’s leader.

Success for the Swedish far-Right has followed a string of electoral gains for the far-Right across Europe in countries including the Netherlands, France, Austria, Hungary, Slovakia and Britain.

http://www.telegraph.co.uk/news/worldnews/europe/sweden/8012411/Sweden-elections-end-in-hung-parliament-rise-of-far-Right.html

[Demeter]

18. Siemens promises workers jobs for life

Read it and weep if you're in U.S. manufacturing. Daniel Schäfer at the Financial Times reports, Siemens promises workers jobs for life:

Siemens’ German workers have struck a deal that will see their jobs secured indefinitely, in an arresting move that highlights how the financial crisis has triggered a fresh consensus between labour and management in corporate Germany.

The engineering group said it had sealed an agreement with its works council and the IG Metall workers’ union that includes a pledge not to make any forced redundancies among its 128,000 German workforce.

The move is unusual even in Germany, known for its cosy relationships between workforce and management. ...

Other industrial groups such as carmakers also have job guarantees at their main plants, but even the longest – at Daimler’s Sindelfingen plant – is limited to 10 years. ...

The deal also grants the works council information rights if Siemens sells parts of its business, effectively giving the workers a say in the selection of a bidder.

Of course, the Siemens arrangement does not apply to its U.S. operations. No small wonder, the mere suggestion of giving U.S. workers at any major corporation a real say in how their employer runs things would be enough to spur Homeland Security to initiate another red scare.

http://www.dailykos.com/storyonly/2010/9/22/904361/-Open-thread-for-night-owls:-Permanent-jobs?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+dailykos%2Findex+%28Daily+Kos%29&utm_content=My+Yahoo

[Ghost Dog]

19. German Union Mobilizes Over Pay to Avert `One-Leg' Recovery

Sept. 23 (Bloomberg) -- German workers are mobilizing to fight for a bigger share of the export-driven recovery, arguing that wage raises are necessary to spur consumer spending in Europe’s biggest economy, an IG Metall union leader said.

So-called warning strikes by steelworkers at ThyssenKrupp AG and Salzgitter AG that began yesterday will “definitely” continue unless employers meet demands for 6 percent more pay, Helga Schwitzer, an IG Metall board member responsible for wage negotiations said in a Sept. 21 interview in Frankfurt.

While exports give Germany a “very strong leg to stand on,” increases are justified because the recovery is at risk without consumer spending, Schwitzer said. “If you’re only standing on one leg, you start to limp,” she said. “The second leg, domestic spending, has to be strengthened.”

Pressure is building for pay raises in Germany after years of belt-tightening.

/... http://www.bloomberg.com/news/2010-09-22/german-strikes-mark-mobilization-for-higher-pay-to-avert-one-leg-rebound.html

That's the way to do it.

[InkAddict]

50. However:

BRIEF: Siemens confirms 4,200 jobs to be lost at software unit

Siemens, the German engineering group, confirmed Sunday it was downsizing a troubled software subsidiary by 4,200 jobs around the world as of October 1.

The struggle of Siemens IT Solutions
and Services (SIS) in the face of agile competitors from India has contrasted with the recovery to health of Siemens' major divisions which export turbines, trains and hospital equipment.

The layoffs had been announced before, but the new announcement confirmed they were unavoidable. In Germany, 2,000 jobs will go.

http://www.tradingmarkets.com/news/stock-alert/si_brief-siemens-confirms-4-200-jobs-to-be-lost-at-software-unit-1177522.html

[Demeter]

20. Blockbuster to slash debt by $900 million via bankruptcy

http://news.yahoo.com/s/nm/20100923/bs_nm/us_blockbuster


"Currently, all 3,000 of the company's stores in the United States will remain open," it said.

Blockbuster said it will no longer provide funding to support its operations in Argentina, which have experienced continued shortfalls in operating cash flow.

In a separate statement, Blockbuster Canada said it was not included in the Chapter 11 filing and all its operations were conducting business as usual.

Earlier this year, the Dallas-based retailer said it would close nearly 10 percent of its stores. Customers have moved away from renting films through its outlets in favor of online services such as Netflix (NFLX.O).

Blockbuster rival Movie Gallery Inc (MVGRQ.PK) filed for bankruptcy in February. Though the operator of the Hollywood Video rental chain initially planned to reorganize, by May it had decided to liquidate entirely.

[Ghost Dog]

21. UK housing market faltering

U.K. mortgage approvals fell to a 16-month low in August as the housing market weakened, a report by the British Bankers’ Association showed.

Home loans granted by lenders to buy properties dropped 7.2 percent from July to 31,767, the London-based group said in an e-mailed statement today. The reading is down 22 percent from a year earlier.

Property values may fall further after the small size of declines caused by the financial crisis surprised people, Bank of England Chief Economist Spencer Dale said yesterday. The housing market is showing signs of faltering as Britain braces for the biggest public-spending squeeze since World War II and banks restrict access to credit.

/... http://www.bloomberg.com/news/2010-09-23/mortgage-approvals-declined-to-16-month-trough-in-august-u-k-banks-say.html

[Ghost Dog]

22. European Services, Manufacturing Growth Slows Again

Growth in Europe’s services and manufacturing industries weakened more than economists forecast in September, adding to evidence the recovery in the region is losing steam.

A composite index based on a survey of euro-area purchasing managers in both industries declined to 53.8 from 56.2 in August, London-based Markit Economics said today. Economists expected a reading of 55.7, according to the median of 15 forecasts in a Bloomberg News survey. A reading above 50 indicates expansion.

Growth in Europe is slowing as the global economy cools and austerity measures aimed at reducing budget deficits and reining in borrowing costs undermine the recovery. Europe’s expansion will slow to a more “moderate” pace in the second half, the European Commission projected last week.

“It’s clear that cracks are emerging in the recovery story,” said Martin van Vliet, a senior economist at ING Bank in Amsterdam. “People were hoping that domestic demand would offset the drag from slower exports, but fiscal tightening is limiting the scope for domestic demand to pick up the baton.”

/... http://www.bloomberg.com/news/2010-09-23/european-september-services-manufacturing-growth-slows-more-than-forecast.html

[florida08]

25. In case anyone missed this

The Ryan Budget's Radical Priorities:
Provides Largest Tax Cuts in History for Wealthy, Raises Middle Class Taxes, Ends Guaranteed Medicare, Privatizes Social Security, Erodes Health Care

http://www.cbpp.org/cms/index.cfm?fa=view&id=3114

[fasttense]

28. A recipe for disaster. n/t

[florida08]

35. they want a democratic republic gone

in favor of an aristocracy which is already in place. This attack on the middle-class was their way of taking away the little bit of power we had to contribute to our candidates. It's quite obvious when they hate unions,ss,healthcare or unemployment. Tax cuts for the most elite and corporate america. It's also why they back the tea party types whose ignorance is alarming but easily manipulated. But I am just amazed at how bold they've gotten since Obama.

Thomas Jefferson Feared an Aristocracy of Corporations

Jefferson might not have wanted a lot of government, but he wanted enough government to assert the sovereignty of citizens over corporations. To his view, nothing was more important to the health of the republic.

In the early years of the 19th century, as banks and corporations began to flex their political muscles, he announced that: “I hope we shall crush… in its birth the aristocracy of our moneyed corporations, which dare already to challenge our government to a trial of strength and bid defiance to the laws of our country."

There are those who would have us believe that the founders intended for corporations to control our elections – and, tragically, five of these Tories sit on the U.S. Supreme Court, where they recently ruled that the nation’s biggest businesses may spend whatever they like to buy the results that best serve their bottom lines.

http://www.thenation.com/blog/37038/thomas-jefferson-feared-aristocracy-corporations

The Constitution…is a mere thing of wax in the hands of the judiciary which they may twist and shape into any form they please.” — Thomas Jefferson Sept 1819

You seem to consider the judges as the ultimate arbiters of all constitutional questions; a very dangerous doctrine indeed, and one which would place us under the despotism of an oligarcy...The Constitution has erected no such single tribunal...knowing that to whatever hands confided, with corruptions of time and party, its members would become despots." ~Sept 28, 1820 letter to William Jarvis

[Roland99]

30. One would think that 30 years of an experiment that proved to be a disaster would be proof enough

but NOOO....these fucking greedy idiots need to keep trying and now they actually want to be even bolder?


:banghead:

[florida08]

36. I know

am amazed as well..but explains why they are pushing out the moderates in their party. Looks like they're going for the push to overthrow democracy

[Demeter]

52. but it was a tremendous success for SOME people!

[Loge23]

33. Let 'em drink tea

What's so baffling and infuriating at the same time is that so many negatively affected people will support this moron.

[Roland99]

29. Futures - Swing low....sweet chariot

S&P 500 1,122 -7.60 -0.67%
DOW 10,622 -51.00 -0.48%
NASDAQ 1,972 -7.25 -0.37%

[Tansy_Gold]

37. How LOW can she GO??

I was thinkin' about this last night, and the more I think about it, the more I believe there will be a crash and it will be so sudden and so catastrophic and so truly unforeseen in its suddenness that even the SMW regulars and denizens will be taken by surprise.

There is something we aren't seeing, something that is making the whole Ponzi scheme defy gravity.

Oh, I could be totally wrong, in every aspect of my thinking.

But there's something in my gut that tells me the whole scenario isn't quite right.

Do I still believe TPTB are siphoning as much of the wealth of nations into their hot little hands? Of course. Do I still believe TPTB don't give a rat's ass about the working people who create that wealth? Of course. Do I still believe there are sufficient noodle-heads to elect more of the rightwing batshit crazies into office so that obscene absurdities like this scheme/scam of Paul "give EVERYTHING to the rich!" Ryan will become the law of the land? Yes, I do.

None of which makes sense. Oh, I suppose it does in a Bob Altemeyer-style analysis, but I still have this gut feeling that something else is at work. And it's something so secret and so powerful that it's also very very vulnerable.

I think it's struggling right now. It has pulled off some massive wealth-shifts over the past few years via not only the real estate and commercial real estate bubbles, but through TARP and the various industry and banking bail-outs.

As the BF said the other night, China has to be congratulated on their masterful take-over of the U.S. economy. They've served their masters well, whoever those masters are, because they've devastated our country without firing a shot. They've demonstrated how sublimely and supremely powerful economic destruction can wrought with a smile and a handshake and an appeal to the simple ugly greed of the targeted victim.

But these empires always over-reach. Rome did. Baghdad did. Spain and France and Britain did. Germany did, and Russia (USSR) did. The U.S. certainly has, but has China also?

Maybe, maybe not. But again, I think there's something out there, some unknown unknown (to coin a phrase ha ha ha) that's poised to do some serious and somewhat unexpected damage. And we won't know what it is/was until afterward.

Or it could be I'm just not getting enough sleep.



Tansy Gold, anticipating the first arts & crafts show of the season on Saturday and I'M NOT READY!!

[DemReadingDU]

41. You are not wrong

We are living in Ponzi world.

All Ponzis grow, and this global Ponzi we are living in is now growing exponentially.

All Ponzis eventually implode too. Remember Bernie Madoff's Ponzi? It imploded, leaving its hundreds of victims nearly pennyless.

This global financial Ponzi will eventually implode too. The whole world will be impacted. Millions of people will become pennyless, overnight, just like Madoff's victims. It is not going to be pretty.


The stock market could collapse, but what I fear most is that the entire global financial systems will be frozen. I truly fear people will not be able to get out money from the banks, nor perform electronic banking, nor use credit cards, nor debit cards. Pensions, mutual funds, IRAs and 401(k)s will become worthless because of the thousands of trillions of toxic investments will collapse.

However, the optimist in me, sees that after a few days, the governments worldwide, will open the banks on a limited basis, perhaps allowing a few hundred dollars to be withdrawn by the people. I see the governments trying to calm people and not panic. Otherwise, there would be instant chaos, as people would get their guns, ropes and pitchforks.

The American Empire is winding down, but I doubt it will be in my lifetime to see who will become the next global power country.

Edit: If people remember 2 years ago, countries around the world decided to use their taxpayer money to bailout banks to keep the global financial systems propped up. This year we are bailing out countries to continue to keep the global financial systems propped up. But eventually, this scheme will fail. It is only a matter of time.


2/8/09 How The World Almost Came To An End At 2PM On September 18, 2008
http://zerohedge.blogspot.com/2009/02/how-world-almost-came-to-end-at-2pm-on.html

another video here with Brad Sherman talking about martial law
http://www.zerohedge.com/article/national-security-apparatus-has-been-hijacked-serve-needs-big-business

[Demeter]

53. It's Hard to See Any ORGANIZED Collusion

It may be a case of "honor" among thieves. Figure out a way to split their ranks, and the whole thing will come tumbling down.

The gold price fixing/paper gold bubble will eventually burst, but I think that the wealthy are the idiots buying the paper. I can't see them taking possession. For one thing, it's expensive to protect. For another, it's not portable, and they are packed and ready to flee on a moment's notice.

When one's assets are mostly on paper, what does one do? That's why 401K's are such bad deals for Americans.

A real good "tell" will be who Obama replaces Summers with. That's organized collusion on a national level...

[Po_d Mainiac]

55. Gold does not require much space

$100K in gold is pretty close to the same size as 4 rolls of Kennedy halves

[Tansy_Gold]

57. It's hard to make change.

Using your comparison, a half-dollar roll is 20 coins, so 80 coins = $100,000. Each "coin" is give or take $1250. Who's gonna make change for that, and in what? Or if you've got it in solid bars, how does that work when trying to put gas in the car or pick up a gallon of milk?

I mean, obviously, that's not going to be the scenario, but I just don't think gold is really all that portable/useful in its raw form.

Remember what happened to Jurgin when he tried to change the $100 bill at the end of "The Jungle"?




TG, NTY

[Po_d Mainiac]

61. lots of ways to make change

One argument (which I like) for holding hard metal is that it can/could be exchanged for whatever currency that is in fashion.
or
Gold coins can be as light as a gram and recent US mint issues have been 1/10, 1/4, 1/2 and 1 oz...some are 99% Au some are 90%.

US Pre-1965 90% Silver could be used also.
For melt purposes, $1 face value of circulated coins have approx .715 oz Ag..Silver dollars have .77oz Ag...So at today's spot, a dime can be exchanged for $1.50/US

The US mint still issues 90% and 99% silver coins.

[Tansy_Gold]

62. That presumes a mint, which presumes a functioning government,

which mitigates the need for raw gold.



TG, NTY

[Po_d Mainiac]

67. Why a gov-mint?

We already have several private mints pounding planchettes into coins and bars.

[Tansy_Gold]

69. Because of people like my friend NYP

NYP -- you don't need to know what it stands for -- buys stuff off the TV. She likes to show off her "bargains." Up until a couple of years ago, she bought every pretty coin commemorating 9/11. You know, the ones that look like they're "real gold" but if you read the fine print it's like 1 mil thick on a base metal blank. We tried to explain all this to her, and she came back with arguments like, "But it came from the XXXXX Mint! It's real gold!!!"

She was spending a lot of money on this shit, until someone finally handed her something from the interwebtube that showed how severely she'd been hoodwinked, and how LITTLE gold she had bought.

If I were a merchant, or just someone who had goods to sell in the post-apocalypse, no way would I be taking gold coins. They're too easily adulterated, made from base metal, whatever. Most people can't tell the difference, and even a slight adulteration with copper or some other metal would be difficult to detect without expensive equipment and specialized knowledge.

That's what makes governments/mints work: they establish a reality that everyone can believe in and trust. If the government/mint collapses, would you trust coins someone handed you from the Murchison Mint or the Oscaloosa Mint or the Apache Junction Mint?

I wouldn't.



TG, NTY

[Dr.Phool]

76. You can't even trust some governments or banks.

In my younger days I used to wear a 1oz Krugerrand on a chain around my neck. I was talking to a girl in a bar, and she had a coin that she bought from a bank in Nicaragua. It was light as a feather.

I told her to get it checked. It was gold plated aluminum.

[Tansy_Gold]

80. Well, there you go.

Ha ha, Doc. You're no "phool"! :hi:

[DemReadingDU]

83. no gold for me

Instead, I've stocked some extra canned food (and can opener!), toilet paper, water and soap, etc., and a few cash dollars. These things should really be stashed in everyone's home, just in case of emergencies.

[Po_d Mainiac]

81. I have silver bullion from several different private mints

It's real... real handsome too!



And yes, there are fake coins being produced..Chinese Pandas in particular are notorious for being counterfeited.

I also have a racketeer nickel..In 1883, the U.S. Treasury released a new Liberty Head coin into circulation. Soon it was being spent in general stores and saloons, where merchants cheerfully handed back change for the new gold coin with a big Roman numeral "V" on it. Unfortunately, it wasn't a $5 gold piece at all, but a nickel! The government had neglected to put the denomination on the coin, allowing con men to gold plate it and pass it off as the similar-sized U.S. $5 gold piece. Just months after it was released, the government halted production and replaced the coins. Today, the 1883 Racketeer Nickel is a unique, one-year-only issue. In fact, less than 1% of ALL Liberty Nickels are the scarce and highly prized No Cents "Racketeer" variety!

http://www.govmint.com/item/The-Racketeer-Nickel/1801433/11

With a scale, caliper, neodymium magnet, and a graduated cylinder: fraud coins are pretty easy to detect...Archimedes figured it out over 2K years ago.
..........
Prior to the SF mint, gold flakes were used as barter...Drinks went for a pinch...Bartenders with large fingers were in high demand during the gold rush.
..........
Bulk pre-65 junk coins are available for as little as 5% over melt...WTSHTF they will likely be the common barter medium.

[Demeter]

64. But It's Heavy

[Po_d Mainiac]

82. an ounce of gold weights about the same as an ounce of feathers.

$100,000 in gold is about 5 pounds. A gallon of milk weights 8lb.

[Demeter]

78. and what would they do for dinner?

100K doesn't buy much for the wealthy

[florida08]

54. I'm with you Tansy

Wall Street is a direct line to our money. Everything was invested in that unholy place. The IMF is pushing again for a global currency and so is the UN. The dollar is weakening. http://www.dailymarkets.com/forex/2010/09/22/has-the-us-dollar-collapse-begun/

The republicans are pushing austerity. Imagine that? Now that the banksters and Wall Street are back to hiring and giving out nice salaries. If the republicans get in..it's going to get uglier.

You don't have to overthrow a government to usurp her people. John Perkins can attest to that.

[DemReadingDU]

39. Superrich Americans Driving Income Inequality

9/23/10 Superrich Americans Driving Income Inequality
The 400 people on Forbes magazine's list of the richest Americans saw their combined net worth climb 8 percent this year. The good news for the wealthy comes as the poverty rate has reached a 15-year high and unemployment remains stuck near 10 percent.

The Forbes 400 list makes clear that a huge amount of wealth in this country is controlled by a very small number of people. Timothy Noah, who reported a 10-part Slate magazine series on the growth of income disparity in the U.S., says the last time the country experienced a similar kind of distortion was in the 1920s.

"It ended of course in 1929 with the crash, and after that we had a very long period in the United States where incomes grew more and more equal. That reversed itself at the end of the 1970s, and ever since then incomes have been growing more and more unequal," Noah tells NPR's Linda Wertheimer.

For his series, Noah defines the wealthy in three categories: the sort-of rich are those who make more than $100,000; the rich — those in the top 1 percent — earn more than $360,000; and stinking rich — those in the .01 percent — make more than $1 million.

"It's really that top 1 percent and .01 percent — the rich and the stinking rich — who at least since the early '90s have really been driving this inequality trend," Noah says. And despite these economically rough times, the rich got 8 percent richer.

"Wall Street caused this recession and yet Wall Street recovered from it while the rest of the country is suffering from unemployment that's close to 10 percent," Noah says.

So why, as the rich have gotten richer, does everyone else seem to be sinking? "Obviously there are inequalities related to gender and race, but the increase since 1979 has nothing to do with gender or race," he says.

Education appears to have played a very big role, as did the decline of labor. But the notion of the American dream persists even though, he says, dreams of making it rich aren't fulfilled as often as they used to be.

"A lot of people say, 'So what if we have unequal incomes? We have a great deal of mobility in the United States. Anybody can grow up to be president.' But in truth, social mobility has actually decreased over the last 40 years," Noah says. "There's still a fervent belief that that is what defines the United States, but it is less true now than it used to be."

http://www.npr.org/templates/story/story.php?storyId=130052776 includes link to audio


9/3/10 The United States of Inequality Timothy Noah
Previously, Timothy Noah looked at whether race, gender, or the breakdown of the nuclear family affected income inequality, and then he examined immigration, the technology boom, federal government policy, the decline of labor unions, international trade, whether the ultra wealthy are to blame, and what role the decline of K-12 education has played. In conclusion, Noah explains why we can't ignore income inequality.

http://www.slate.com/id/2266025/entry/2266026 includes links to the entire 10-part series

The series is also available as a PDF.
http://img.slate.com/media/3/100914_NoahT_GreatDivergence.pdf
40 pages

[Dr.Phool]

40. Nice rant from The Automatic Earth.

(snip)

When 77% of your population lives paycheck to paycheck, as David DeGraw writes, up from 43% when the recession started in 2007 and 61% when it supposedly ended, it's high time to consider dignity and respect when publishing cold statistics. How good of a thing is it for a president to tout his achievements in front of TV cameras while fast increasing numbers of those who voted him into office see no way out of their misery anymore, when for many the recession's just started instead of ended? Who does a president represent, exactly?

Just like the GDP is a perverse standard of "wellness" as long as people suffering in hospitals from long term ailments, and those who get severely injured or die in traffic accidents, count as positive contributions to that standard, the NBER’s definition of recessions isn’t just one of those 1300 in a dozen lies politicians love to tell in order to win votes. It’s a bright red flashlight warning of deep rooted cynicism. The fact that nobody's watching it, or recognizing it for what it is, makes no difference. A mentally healthy society would simply and bluntly refuse to accept these cynical offerings handed down from above.

Still wondering why the tea parties are so popular? It's easy. They’re cynicism cubed. They give people what they’ve become used to, only much more so.

Special White House economic adviser Larry Summers will leave and return to Harvard. Yes, granted, that may well be the most cynical one of them all. First off, Harvard shouldn’t want him back. He proved himself to be a sexist pig while there, and moreover provided investment advice that cost the institution tens of billions of dollars. Second, Summers was at the Treasury under Clinton and as such instrumental in repealing Glass-Steagall, kicking out Brooksley Born (once a sexist pig, ...) and making sure there would be no limits on the new “creative” financial instruments the banking sector was busy unleashing on the country’s financial system.

Now Larry’s helped the US economy miles further down into the gutter, and he gets to leave just like that? Let’s give him a medal, why don’t we? Chief of Staff Rahm Emanuel will go his way as well, to further collapse the city of Chicago. My money would be on Tim Geithner bailing out also, for a nice banking job. Morgan Stanley? Goldman would raise too many questions. It’s all more cynicism, power horny middle aged men dropping their pants to moon the American people. leaning out of the windows of their limos, humming along to MC Hammer’s “Can’t touch this".

Whoever replaces this cast of clowns, the damage has long been done. And a president who decides to tackle a plunging economy with the same guys who made it plunge in the first place shouldn’t in an ideal world get away with merely easing them out halfway through his term. That can’t be where the buck stops, not in a properly functioning society. Such a president should admit his failures and leave too. That would be dignified, respectful of the people.

It's not going to happen, men of principles are nowhere to be found in Washington anymore, and if they would pop up, they'd be found sleeping with the fishes in the Potomac tomorrow morning.

(snip)

http://theautomaticearth.blogspot.com/

[raouldukelives]

49. Sounds about right nt

[Dr.Phool]

42. ***BREAKING*** Obama pardons Bernie Madoff, named as Summers replacement.

He's the only guy who can make heads or tails out of the economy. He can turn the deficit and the national debt into a surplus and an "asset" in a matter of weeks.

Dow jumps 4,000 points on news.

In an unrelated story, Brooksley Born and Elizabeth Warren were found at the bottom of the Potomac River, where they were apparently trying to swim across with manhole covers strapped to their backs. Robert Gibbs, in an exclusive interview with Jeff Guckert of Pajamas Media, said that they were apparently training for the Olympics.

[Papa Boule]

45. Don't DO that! :)

Because the surreal way things have been going (right is now the "center"), for a second there I believed it!

[florida08]

46. lolol

omg.."training for the olympics"..hahahaha..good Dr.

[TheWatcher]

59. You know what's so horrifying about your jest, Doc, as funny as it is?

There is no way any of us could honestly look each other in the eye at this point, and guarantee that such a tongue-in-cheek jest couldn't ACTUALLY HAPPEN.

We are THAT FAR across the Rubicon. :(

[Dr.Phool]

73. I thought about that when I was posting it.

Somebody would not understand my warped sense of humor and actually believe it. And it wouldn't be their fault.

[Po_d Mainiac]

84. I bow to the master n/t

[TalkingDog]

47. All I 've got to say is: Soylent Green is People.

http://edition.cnn.com/2010/BUSINESS/09/22/un.food.security.poverty/index.html?hpt=C1

"The most urgent issue confronting humanity in the next 50 years is not climate change or the financial crisis, it is whether we can achieve and sustain such a harvest," said Julian Cribb, scientist and author of "The Coming Famine."

The UN predicts that by the year 2050 the globe will be home to more than 9 billion people. In a recent presentation to The World Congress of Soil Science, Cribb said global demand for food is going to more than double over the next half century.

[TalkingDog]

48. Video of Swiss Finance Minister Hans Rudolph Merz on the humor of imported meats.

http://www.youtube.com/watch?v=E5agWxzWTsc

From the Video Page

In his old days Bundesrat Hans-Rudolf Merz still quite funny and has a regular fit of laughter when it comes to the growth of import quantity of sausage meat.

After his retirement from the Federal Council could Hans-Rudolf Merz yes still trying times as a comedian, because it is very much to produce a complete set of such a boring laughing stock:

"In reference to Note 6a to Chapter 2 of the CN, the customs administration also has published so-called Swiss Notes to the Customs Tariff. After that, some products still classified in Chapter 2, which have been added during manufacture condiments, provided that the character of goods of this chapter do not change (for example, dried beef). Excluded from this chapter, however, is meat that has divided the seasonings on all surfaces of the product with the unaided eye are perceived. "



It's very cute.

[florida08]

60. dang wish I understood

but he was cute just with his reactions.

[TalkingDog]

74. From what I could gather

He's reading a report on meat imports. But he didn't prepare the report and some of the notations make no sense to him, so he begins to struggle. Which tickles him because he is required to finish the report and it will make absolutely no sense.

[tclambert]

75. And it's nutritious. Soylent Green contains ALL the vitamins and minerals people need.

All other so-called "health" foods invariably lack some crucial ingredient.

[TalkingDog]

56. jobs and US mfg. right HERE!!!! xpost from GD

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=9187882&mesg_id=9187882

[Robbien]

77. PBS is interviewing the unemployed and said these times are unusually disturbing

for the first time ever many of the interviewees are crying. Busting out in tears during the interview:

The striking thing -- one striking thing -- and actually, a somewhat disturbing thing when you're ...doing the interviewing, is how many of them are now -- or have been in the last six months months, let's say -- crying on camera. It's just happening spontaneously. Now, I've been doing reporting on TV about business and economics for 33 years -- I swear to you, in the last six months I've had more people cry on camera than in the entire thirty-two-and-a-half years before that.

http://www.pbs.org/newshour/rundown/2010/09/paul-solman-on-the-emotions-of-job-loss-foreclosure-and-the-meaning-of-the-hat.html


Media elite finding out that it is truly scary out here in the real world.

[Roland99]

63. At the close - Fear, uncertainty, and bears. Oh my!

Dow 10,662 -77 -0.72%
Nasdaq 2,327 -7 -0.32%
S&P 500 1,125 -9 -0.83%
GlobalDow 1,923 -10 -0.50%
Gold 1,293 +1 +0.10%
Oil 74.87 +0.16 +0.21%
Euro /$1US 1.3319 -0.0073
$1US / Yen 84.3300 -0.1900
Aud / $1US 0.9503 -0.0049
Pound / $1US 1.5682 +0.0036
10yr T-note 2.55 -0.01
2yr T-note 0.42 -0.0