STOCK MARKET WATCH, Friday October 1

[ozymandius]

Source: du

STOCK MARKET WATCH, Friday October 1, 2010

AT THE CLOSING BELL ON September 30, 2010

Dow 10,788.05 -47.23 (-0.44%)
Nasdaq 2,368.62 -7.94 (-0.33%)
S&P 500 1,141.20 -3.53 (-0.31%)
10-Yr Bond... 2.51 0.00 (0.00%)
30-Year Bond 3.68 -.00 (-0.08%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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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

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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

[Demeter]

1. First Rec!

Insomnia--flaunt it if you've got it.

That was some epic battle yesterday, eh Ozy? I'm so proud of our PPT, keeping the Index safe for Plutocracy.

[ozymandius]

3. Good morning, Demeter.

:donut: :donut: :donut:
I'm sorry - didn't catch the battle. What was that about? I take that we saw some index volatility.

[Demeter]

6. It Was About 200 Points

and amounted to nothing. Rather like WWI.

[Festivito]

9. I'm number ... 3. Good morning.

I'm off to work at the bell tower in your town. Should be a pretty day for it.

[Demeter]

12. Which One? There are 4 that I know of

http://imgsrv.gocomics.com/dim/?fh=5e2046b95b9a09f622ce45a5186b3985

[Festivito]

55. Old professor Burton's, on the campus.

Nice view from the top.

[Demeter]

56. Someday I Must Go Up and See

Been in this town 14 years now, done precious little but work. We used to come for the carillon concerts when I was a kid. there's a new one on North Campus, too. And Kerrytown and St Francis Assisi.

If you're bats, we got the belfries. Probably a whole colony of vampires to go with it, too. It would explain the number of Goths on the street...

[ozymandius]

2. Eight goobermental reports today

08:30 Personal Income Aug
Briefing.com 0.3%
Consensus 0.3%
Prior 0.2%

08:30 Personal Spending Aug
Briefing.com 0.3%
Consensus 0.3%
Prior 0.4%

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

09:55 U Michigan Consumer Sentiment - Final Sep
Briefing.com 67.0
Consensus 67.0
Prior 66.6

10:00 Construction Spending Aug
Briefing.com -0.7%
Consensus -0.5%
Prior -1.0%

10:00 ISM Index Sep
Briefing.com 55.0
Consensus 54.8
Prior 56.3

14:00 Auto Sales Sep
Briefing.com NA
Consensus 3.8M
Prior 3.7M

14:00 Truck Sales Sep
Briefing.com NA
Consensus 4.9M
Prior 4.96M

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

[Roland99]

24. U.S. Aug. personal income up 0.5% vs.0.3% expected

[Roland99]

25. Aug. consumer spending up 0.2% vs 0.4% expected

[Roland99]

33. UMich Sept. consumer sentiment 68.2

whoa...WAY higher



or something.


And I guess that counts as "unexpectedly higher"?

[Roland99]

37. ISM index drops in September, though sector still expanding

U.S. manufacturing activity tapers off
ISM index drops in September, though sector still expanding
http://www.marketwatch.com/story/us-manufacturing-growth-cools-in-september-2010-10-01

Business at the nation’s manufacturers was still expanding in September, but activity tapered off and signs pointed to a further slowdown in the final three months of 2010, according to closely watched industry survey released Friday.

The Institute for Supply Management said its index of factory activity fell to 54.4% in September from 56.3% in August. ISM was expected to decline to 54.0%, according to economists surveyed by MarketWatch. See MarketWatch calendar of major U.S. indicators.

After the report’s release, the day’s stock-market gains were curbed, and gold futures rose. See Market Snapshot

Readings over 50% indicate that more firms are growing than contracting. The index peaked this year at 60.4% in April — the highest level in six years - as many U.S. companies restocked inventories or made other purchases that were delayed during the recession.

[TexasObserver]

4. Let's hope this is another good month for the markets.

Our economy needs all the good news it can get, especially in the run up to the election.

Thanks, Mr. President, for leading the country back to this point in its recovery in only 20 months.

[ozymandius]

10. I urge caution in getting distracted by the headlines.

Markets are completely irrational. Also, I suggest that you bear in mind how the Dow 30 evidence little reflection of overall economic health. The S&P is better suited for that job as an aggregate meter.

Each company listed in the Dow index acts like a mutual fund - each an aggregate in itself. Very unreliable.

While I share your enthusiasm in hoping that nothing drastically awful happens in the next month with the markets -and the electoral damage such developments may inflict- a reasonable price floor for many overvalued stocks remains elusive and sorely needed. Irrationality rules Wall Street.

[hamerfan]

15. "Irrational exuberance"

I dunno why, this phrase just popped into my head.
Onward......

[tclambert]

17. I hope so, but it seems like elections tend to confuse the markets,

and the big money that moves the markets takes a little while to digest the election results. I'm expecting a lot of fluctuation in the next few months whithout a more or less sideways trend, followed by a period of irrational exuberance, and then a long stretch of calmer behavior punctuated by moments of panic and elation.

Meanwhile, in real business news, the Chevy Volt will finally go on sale, and the Nissan Leaf. A few months later, the Ford Focus EV will go on sale. Lithium batteries, niobium magnets for motors, and commercial charging stations should see an explosion in demand. Been looking forward to this for years.

[girl gone mad]

21. Was it a good month for the markets..

or just a really bad month for the dollar vs equities?

Here's the recent "rally" priced in gold, for example:

[CatholicEdHead]

39. CNBC kept pushing the "best since 1939" line alot

the last couple of days. Kind of they think the next bull is around the corner as 1939 was near the end of the depression.

[Demeter]

47. Wishful Thinking

One would hope that 14 TRILLION in giveaways got some response from a dying system...or at least one dead cat bounce.

[ozymandius]

5. Oil rises to near $81 on US economy, demand signs

SINGAPORE – Oil prices rose to near $81 a barrel Friday in Asia as traders bet improving signs from the U.S. economy signal a growing appetite for crude.

Oil investors took heart from a decline in first-time claims for jobless benefits and an improvement in Chicago region manufacturing activity. The government Thursday also raised its second-quarter estimate of gross domestic product growth to 1.7 percent from 1.6 percent.

A drop in commercial crude inventories of 500,000 barrels last week, announced by the Energy Information Administration on Wednesday, also boosted investor optimism. Analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos., had forecast an increase of 2.2 million barrels.

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

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Huh? What? Am I missing something here? Crude prices rise by four dollars because the initial UE numbers drop by 16K? GDP estimates rise by 1/10%? That's it? Jeebus! these people are dumb. OIl drawdowns give traders a fever because refineries are beginning to switch to their winter formulations.

[Roland99]

23. Must be something else going on. Supply dropped a bit yesterday, eh? but oil didn't rise.

:wtf:

No hurricanes.

Something happen in Nigeria we don't know about?


Or perhaps, and I'm going WAAAY out on a limb here, it's maybe just some greedy speculators??

[Roland99]

26. Dollar taking a hit...that's part of it

http://www.marketwatch.com/story/us-stock-futures-rise-after-china-data-2010-10-01?dist=beforebell

Oil futures gained, while the U.S. dollar fell against other major currencies.

The dollar index /quotes/comstock/11j!i:dxy0 (DXY 78.31, -0.41, -0.52%) dropped 0.5% to 78.288; the euro rallied 0.7% to $1.3723. The British pound gained 0.7% to $1.5837.

[ozymandius]

7. Fed's Bernanke, Pianalto say recovery disappointing

NEW YORK (Reuters) – The economic recovery remains disappointingly slow with unemployment too high, two top Federal Reserve officials said on Thursday, as they discussed the role of the U.S. central bank in spurring a stronger economy.

Federal Reserve Chairman Ben Bernanke, in remarks at a town hall event held by the Fed, commented on the pain still felt by many Americans, but spoke only in generalities about the Fed's commitment to stimulate growth.

The president of the Cleveland Fed, Sandra Pianalto, said growth is currently too slow to significantly reduce the "stubbornly high" unemployment rate. She said she is currently assessing the effectiveness of the tools that the central bank could employ if the Fed were to decide the economic recovery needs an extra boost.

With economic growth expected to be weak in the second half of 2010 and unemployment high, most analysts expect the Fed to start a new round of bond purchases, or quantitative easing, when it meets in early November.

http://news.yahoo.com/s/nm/20101001/bs_nm/us_usa_fed

[54anickel]

28. The chopper idea didn't work out as planned, ay Ben? Whodathunk them

banksters would have set up a net to snare all that loose dough! :evilgrin:

So, now that we're supposedly on the tipping point of a deflationary spiral (according to the article) what's the plan? More easy money from the looks of it.

[Demeter]

48. I'm Hoping They All Plan to Retire, including Uncle Ben and the O man

and that people like Elizabeth Warren get to come in and FINALLY fix up a new, functional economy.

[Festivito]

8. Debt: 09/29/2010 13,466,272,411,365.62 (DOWN 6,488,672,392.26) (Wed)

(Up a little. Year end to-the-penny-amounts appear today around 3PM if as usual. I hope to get a chance to update it. Off to Ann Arbor. Good day.)
Finished the containment.
(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)
= 8,963,900,445,439.19 + 4,502,371,965,926.43
UP 391,315,850.35 + DOWN 6,879,988,242.61

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 $3,223.88 makes 1T$.
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 310,184,854 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 $43,413.7.
A family of three owes $130,241.1. (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 3,958,682,625.24.
The average for the last 30 days would be 3,034,990,012.69.
The average for the last 33 days would be 2,759,081,829.72.
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$/day.
There were 250 reports in 364 days of FY2011 averaging 6.23B$ per report, 4.28B$/day.
NOTE: Fiscal year end reporting needs a manual update that has not happened yet.

PROJECTION:
There are 844 days remaining in this Obama 1st term.
By that time the debt could be between 14.6 and 17.8T$.
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)
09/29/2010 13,466,272,411,365.62 BHO (UP 2,839,395,362,452.54 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 +1,556,443,407,853.90 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,560,719,351,282.07 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ----
09/23/2010 -008,701,405,875.05 --
09/24/2010 +000,034,117,767.19 ------------*******
09/27/2010 -000,066,407,812.28 ---- Mon
09/28/2010 +001,463,391,855.14 ------------*********
09/29/2010 +000,391,315,850.35 ------------********

30,196,162,295.87 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=4559073&mesg_id=4559088

[Festivito]

54. Debt: 09/30/2010 13,561,623,030,891.79 (UP 95,350,619,526.17) (Thu, fiscal year end)

(Up big, and yet under last year's borrowing. Good job Obama. Good day.)
Climbed to the top of Burton Tower.
(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)
= 9,022,808,423,453.08 + 4,538,814,607,438.71
UP 58,907,978,013.89 + UP 36,442,641,512.28

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 $3,223.81 makes 1T$.
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 310,191,500 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 $43,720.16.
A family of three owes $131,160.49. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 31 days.
The average for the last 23 reports is 8,338,307,095.54.
The average for the last 30 days would be 6,392,702,106.58.
The average for the last 31 days would be 6,186,485,909.59.
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$/day.
There were 251 reports in 365 days of FY2011 averaging 6.58B$ per report, 4.53B$/day.
NOTE: Fiscal year end reporting needs a manual update that has not happened yet.

PROJECTION:
There are 843 days remaining in this Obama 1st term.
By that time the debt could be between 14.7 and 18.8T$.
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)
09/30/2010 13,561,623,030,891.79 BHO (UP 2,934,745,981,978.71 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 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
Endof10 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Linear Projection

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ----
09/23/2010 -008,701,405,875.05 --
09/24/2010 +000,034,117,767.19 ------------*******
09/27/2010 -000,066,407,812.28 ---- Mon
09/28/2010 +001,463,391,855.14 ------------*********
09/29/2010 +000,391,315,850.35 ------------********
09/30/2010 +058,907,978,013.89 ------------**********

80,290,566,848.97 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=4560429&mesg_id=4560448

[ozymandius]

11. AIG Repaying Uncle Sam? Not By a Long Shot

From Ritholtz:

Today’s AIG announcement has generated some surprisingly naive headlines. The company may have announced U.S. bailout exit plan, but that does not make it so. (Citi’s numbers don’t look any better).

Let’s take a closer look at the numbers and separate the facts from fiction:

Total Bailout: $182.3 billion dollars

Amount Still Owed: $132.1 billion (as of June 30, 2010)

Shares Outstanding: ~700 million

Current price: $39.10 (+$1.65)

Market Capitalization: ~$27 billion dollars

For valuation purposes, let’s imagine a hypothetical company that has myriad valuable parts worth about $30 billion dollars. But the company also owes over $130 billion dollars to creditors. We would describe that firm as insolvent, and heading towards bankruptcy.

more here...

[Demeter]

13. Thanks for That

I was reading the NYT article to my sister over the phone...every sentence was like another explosion...

[girl gone mad]

20. I just don't get why they keep rolling out this particular piece of propaganda..

over and over.

Why even bring it up? It's just another opportunity for well-versed critics to pounce.

[Demeter]

29. All Three of Them

Well-versed is just not on for the duration. They do it because it works.

[girl gone mad]

32. I don't know if it really works.

It just reminds people of the bailouts, and most people are still pretty angry about them. Even if we truly did turn an honest profit in the end, people would still be angry because the crooks who wrecked our economy were never held accountable and were instead further enriched by this act of corporate communism.

[AnneD]

44. If you tell a lie long enough loud enough ....

and often enough the people will believe it. First credited to Adolph Hitler in Mein Kemph (also known as The Big Lie).

Sounds like WS and the Feds are using that as their play book when it comes to reporting the economic report.

And I too think saluting Barry Schwartz this weekend is a great idea. I will never look at snails and oysters the same way again.

[Demeter]

49. I hope you'll drop by tonight and explain that

He made over 100 movies--I doubt if I've seen more than 10.

[Tansy_Gold]

57. It's Bernie Schwartz, not Barry, but can we add Stephen J Cannell

to the WEE agenda?


http://www.youtube.com/watch?v=4dhpSp3sG20&feature=related




TG, believer in second chances because she's had a few herself.

[Demeter]

66. You Will Be the ToastMaster Then

Want to take a weekend? (hint, hint)

Demeter, who's dragging, with a trip to Cleveland in 60 hours to look forward to...

[AnneD]

62. That was from a scene that I think was cut from Spartacus....

for being too suggestive ( and very clever). I think Spartacus was one of the few 'Hollywood' picks that Stanley Kubrick ever directed.

The scene was between Lawrence Olivier as the Roman lord and Tony Curtis as the Greek slave (tutor). It caused me to raise my eyebrow last year when I saw it for the first time and I am sure in was even more risque then. If I can find it on YouTube I will post it.

[ozymandius]

14. Gone for the day -

I hope you have a wonderful Friday. BTW, Demeter, I love the idea of commemorating Tony Curtis on the WE. :hi:

[DemReadingDU]

16. Thanks for the start-up every morning!

Have a nice day!

[Dr.Phool]

22. Well, somebody has to console Jamie Lee.

I volunteer.:evilgrin:

[AnneD]

45. I don't know about your wife....

but Sara strikes me as a jelous mistress.

[tclambert]

18. Rate board denies Postal Service price hike plea

Rate board denies Postal Service price hike plea
By NATASHA T. METZLER (AP) – 16 hours ago

WASHINGTON — The independent panel that oversees the U.S. Postal Service voted Thursday to deny the agency's request to increase the cost of mailing a letter by 2 cents, keeping first-class stamps at 44 cents.

Ruth Goldway, chairman of the Postal Regulatory Commission, suggested at a news conference that the problem with the proposal was more in the packaging than the plea.

In July, the Postal Service proposed raising first-class postage from 44 cents to 46 cents as part of a strategy for dealing with a worsening financial crisis. The request required the commission's approval, because the margin of increase was higher than the existing rate of inflation. But the five-member panel unanimously said no.


more at: http://www.google.com/hostednews/ap/article/ALeqM5iqbZ05-vr6nAfjJzyIXr_d1k26DwD9IIDJ4O0?docId=D9IIDJ4O0
__________________________________________________________________

So do they want the Postal Service to fail financially? I heard a panel of Republican bloviators tried to make a case for privatizing the Postal Service. Of course, they say the Postal Service is horribly inefficient. Private enterprise can always do it better and cheaper. Except if they try, it will cost $14 to send a letter across country, and they won't deliver to any rural areas. As it is, FedEx and UPS send many of their parcels by US mail, for what they call "the last mile" of delivery. Why? Because it's cheaper.

I don't know what they're gonna do on this one. Congress doesn't seem interesting in helping the Postal Service, either. If the USPS runs out of cash, do they shut down for a few days, or a week? What effect would that have on commerce?

[Demeter]

50. I think the plan is more union busting

I am truly disgusted with this Congress, administration and economy in general.

[Demeter]

19. Models Versus Slogans

http://krugman.blogs.nytimes.com/2010/09/30/models-versus-slogans/

When it comes to commenting on economics, there are two kinds of people: people who divide people into two kinds and people who don’t people who think in terms of models, and people who think in terms of slogans.

If you think in terms of slogans like “free trade good; protectionism evil”, you find it outrageous that a credentialed economist might actually consider trade sanctions on China justified. Sacrilege!

If you think in terms of models, however, you know that the case for free trade is profound, but also conditional: it depends, among other things, on having sufficient policy levers to achieve more or less full employment simultaneously with free trade. Without that, the picture is very different. As Paul Samuelson wrote long ago,

With employment less than full and Net National Product suboptimal, all the debunked mercantilist arguments turn out to be valid.

So what I’ve been saying about China comes out of the same model I’ve been using to make sense of our broader economic problem. That doesn’t mean I’m necessarily right about the policy, since we are talking about political economy rather than straight economics. But if you just start yelling “Protectionist!”, you’re demonstrating that you don’t understand what economics is about.

[Roland99]

27. Futures

S&P 500 1,143 +6.20 +0.55%
DOW 10,773 +50.00 +0.47%
NASDAQ 2,010 +14.50 +0.73%

[Demeter]

30. US banks and regulators 'fail' to cut money laundering

http://www.bbc.co.uk/news/business-11426166

One of the US's top fraud investigators is warning that America's policing of money laundering is wide open to abuse.

Eric Lewis will tell a Congressional hearing on terrorist financing that billions of dollars are slipping through the US banking system.

In a testimony ahead of the hearing on Tuesday he says that only international action can stop the laundering.

The US Committee on Financial Services is taking evidence on "trends in terrorism financing"...

[54anickel]

31. Hey Marketeers, I've been outta the loop for a while. Could someone help me catch up

on where we are with this Corporate personhood idea? We used to post items giving the history of how that misunderstanding came about and how it just never was "true" in the legal sense.

Now I just came across this thread link to the Colbert piece lastnight where he talks about Scalia and some Citizens United group granting Corporate Personhood? Is that true? I mean did they actually give corps personhood? I thought the defined money as speech? (Which, ironically, actually raises them above persons)

Here I thought we were starting to make some serious progress in at least questioning this notion of corporate personhood. WTF has just happened?


http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9234687

[Tansy_Gold]

34. Google Citizens United

Lawsuit, heard by SCOTUS, determined corps have "free speech" rights to contribute unlimited amounts to political campaigns. They're people, after all.

It's pretty disgusting.


TG, NTY

[54anickel]

35. Thanks TG. Funny how that came up just as the notion of addressing this

artificial corporate personhood was catching on. Guess it's not artificial anymore....disgusting!

[Loge23]

36. It buys a lot of tea.

This SCOTUS ruling is the reason we are seeing right-wing candidates from relatively small states/districts going national.
There is oodles and oodles of cash flowing into right-wing causes and candidates and we'll never know from where this cash is coming from. Welcome to the United Corporations of America!
Think this election is bad?? Wait until 2012! We'll be seeing progressives (like myself) rafting FROM our shores!

[54anickel]

38. Yes, I caught Rachel the other night about this national vs local campaigning. I guess I was struck

with Colbert actually calling it Corporate Personhood...I mean, ya I know it's that and more. Guess it's just using the phrase that gave me such a visceral response. It's now out in the open, being flaunted and abused and our fight against it has be preempted and basically negated before it ever got off the ground. :puke:

[AnneD]

40. Morning Marketeers.....

:donut: and lurkers. And speaking of being out of the loop, I finished the big project but the mop up (paperwork) will be a few days of work but I can do it at a more leisurely pace. I don't know how many of you have done a sweat lodge-but that is exactly how I feel-like I am coming out of a sweat lodge-weak kneed and drained. The bad news, this has been such a toxic, draining project. I will be taking this up in consultation. The good news, the principal has seen how hard I worked to make this happen and feels much more comfortable with me as her Nurse and as Union Building Steward. My 'supervises' however should be afraid, very afraid. They nailed one Nurse over this and before it is over I will have my pound of flesh and I hope to help this Nurse get hers too. My anger over this is not my typical blowing off steam angry. I am on the warpath over this as is the rest of us.

But enough of that. It is a beautiful day in Houston and the weather is finally cooling and the season of festivals is beginning. I will be enjoying the Greek festival again this year. It is the biggest, oldest and most profitable of all our festivals. It will be this weekend. All the yayas have been baking and freezing all those pastries, the children have been practicing their folk dancing, and their moms and aunts have been sewing the costumes. The dads are firing up the grills and seasoning the meat and prepping the kabobs. Ompah.

Happy hunting and watch out for the bears.

[Demeter]

51. I Think It's "Opa"

The Greeks do know how to party. We have one here in the summer at the otrthodox church.

[AnneD]

63. You're right...

I was rushed but should have caught it.

[girl gone mad]

41. Rumors Grow That Michael Bloomberg Is Going To Be The Next Treasury Secretary

Larry Kudlow just insisted on a rumor we've heard several times: Michael Bloomberg is going to be treasury secretary.

Kudlow says he heard from "deep insiders" that the pick has been made and it's Bloomberg.

Of course this also confirms rumors that Tim Geithner, currently the Treasury Secretary, is gone after November.

Read more: http://www.businessinsider.com/clusterstock#ixzz117l7DjfZ

:wtf:

Bloomberg is pretty far to the right on economic issues.

[Roland99]

43. Bloomberg's Wiki entry on Economic Issues

http://en.wikipedia.org/wiki/Michael_Bloomberg#Economic_issues

[girl gone mad]

46. He also tried to charge rent to homeless people staying in shelters.

I hope this rumor turns out to be false, since a Bloomberg appointment would indicate that Obama plans to make cutting the deficit a priority, which would be a tragic mistake.

[Demeter]

52. I don't think that's going to be an improvement

and why would Timmy go? He's finally starting to see the light, and supports Elizabeth Warren....oh, I get it.

[Roland99]

42. SEC, CFTC blame algorithm for flash crash

SEC, CFTC blame algorithm for flash crash
Two liquidity crises caused flash crash of May 6
http://www.marketwatch.com/story/sec-cftc-blame-algorithm-for-flash-crash-2010-10-01-1246290

WASHINGTON (MarketWatch) -- The Securities and Exchange Commission and Commodity Futures Trading Commission on Friday blamed two liquidity crises caused by a computer trading algorithm as the source of the “flash crash” on May 6 that rattled markets and investor confidence worldwide.

...

Specifically, the report points to a large fundamental trader, which the report does not identify, that executed a large sell order using an automated execution algorithm at a time in the afternoon while the markets were already very stressed.

...

According to the report, the combined selling pressure from the order drove high-frequency traders to drive down the price of the E-Mini S&P 500 futures market at the same time as it drove the liquidity providers and market makers to withdraw from individual stocks. See external link to the flash crash report

“(High Frequency Traders) in the equity markets, who normally both provide and take liquidity as part of their strategies, traded proportionally more as volume increased, and overall were net sellers in the rapidly declining broad market along with most other participants,” the report said.

[Demeter]

53. Is that the Explanation, or the Excuse?

and is anything going to be done about it? :rofl:

[TexasObserver]

58. Today was a good day.

The powers that be and the PPT must have taken the day off, after working so hard the last quarter to "rig" the markets. They're probably sipping champagne while riding in their yachts. Ponzi scheming has to be exhausting work.

Gold! Ammo! Ayn Rand books! Old Soldier of Fortune magazines! These are the investments of the shrewd investor.



:rofl:

[Zenlitened]

59. A gap up at the open, followed by the usual 10am drop-off...

... and a finish below the highs of the day and less than half a percent above yesterday's close.

A good day for traders, I suppose. But crowing about it with ROTFL smilies seems a bit... uh, silly, no?

:shrug:

[TexasObserver]

60. "Today was a good day" is part of a lyric.

A lyric which alludes to a good day being one which the artist "didn't have to use" his AK-47.

The :rofl: is for the silly memes that Ayn Rand fans and other fringers embrace, including that one should liquidate stocks, buy gold, guns, and ammo, and head to the hills for the fall of civilization.

It was an ordinary day on the market, with a slight uptick. I made the point that today must be a day the alleged co-conspirators of the alleged market rigging took off after a hard quarter of fixing. You see, these crazy memes break down when looked at rationally. If one wishes to believe in fairy tales, one can invent all sorts of goblins.

[Zenlitened]

61. AK-47s and fairy tales. Ayn Rand, goblins and memes in them thar hills.

Well, at least now your post makes sense. :crazy:

[Dr.Phool]

64. Yep, kool-aid damages the brain.

[TexasObserver]

65. The "stock market is rigged" Kool Aid appears to be very strong.

Thanks for your testimonial.

[Name removed]

67. Deleted message

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