STOCK MARKET WATCH, Tuesday December 14

[ozymandius]

Source: du

STOCK MARKET WATCH, Tuesday December 14, 2010

AT THE CLOSING BELL ON December 13, 2010

Dow 11,428.56 +18.24 (+0.16%)
Nasdaq 2,624.91 -12.63 (-0.48%)
S&P 500 1,240.46 +0.06 (+0.00%)
10-Yr Bond... 3.29 +0.01 (+0.34%)
30-Year Bond 4.41 -0.01 (-0.14%)

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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
Dishonorable Mention: former House majority leader, Tom DeLay

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

[ozymandius]

1. Today's Reports

[ozymandius]

2. Oil hovers below $89 ahead of US supply figures

Crude inventories likely fell 3 million barrels last week, according to analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos. The American Petroleum Institute is scheduled to announce its inventory numbers later Tuesday while the Energy Department's Energy Information Administration reports its weekly supply data Wednesday.

Goldman Sachs said investors were overly pessimistic this year about global crude demand because most of the consumption growth happened in developing economies.

"This misperception has largely been driven by the fact that the recovery has been led by emerging market countries, with the U.S. oil market lagging," Goldman said in a report. "Inventories outside the U.S. have largely returned to more normal levels while U.S. oil inventories have only recently begun to draw."

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

It's a new twist on "Follow the Leader".

[ozymandius]

3. woops

wrong place

[Hugin]

32. whoops... Me too.

Something odd is going on here, I know I tried to post lower in the thread. :crazy:

[ozymandius]

4. Fed to review $600B bond-buying program at meeting

This article is a bit painful to read because of its serendipitous parroting of Fed fairy tales.

WASHINGTON – After launching a much-criticized $600 billion bond-buying program last month to bolster the economy, the Federal Reserve is now taking stock of how it's working.

Instead, Fed policymakers will examine the effectiveness of the unfolding program and discuss the implications of a tax-cut plan emerging from Congress.

Since the Fed announced its second round of stimulus on Nov. 3, stocks have risen. That's encouraging for the economy because larger stock portfolios make people, especially the wealthy, more inclined to spend.

more

If I had $600 Billion in my bank account, I would spend more. But when I look at the numbers on my bank statement, subtract the moths that flew out of my wallet and ascertain the meaning of the empty jangling sound in the coin jar, spending more is the last of my priorities.

[dixiegrrrrl]

31. they are still trying to use the "trickle down" theory of money, I see.

How does the millions of dollars that some rich guy has pay MY rent?
Or buy MY food?
Or create ANY job at living wages in MY town?

What they are saying is that instead of having a manufacturing or production company in this country providing jobs, ,
we should depend on a few crumbs from a millionaires wallet falling in the vicinity of our laps.

[xchrom]

5. Recommend

[Hugin]

...

I for one, want to thank you for your steady support of the SMW xchrom. :fistbump:

[xchrom]

39. i can't really respond in an educated fashion -- but there are goo-gobs

to learn here and i enjoy it tremendously.

[Festivito]

6. Debt: 12/10/2010 13,846,685,751,077.18 (UP 190,903,507.32) (Fri)

(Up little. Good day.)
Snow froze, so did the beans.
(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)
= 9,289,427,992,748.62 + 4,557,257,758,328.56
UP 85,971,333.21 + UP 104,932,174.11

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 311-Million person America.
If every American, man, woman and child puts in $3.22 THAT'S 1B$, and $3,216.57 makes 1T$.
A family of three: Mom, Dad, Child: $9.65, ABOUT TEN BUCKS for a 1B$ 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 12 seconds we net gain another American, so at the end of the workday of the report, there should be 310,889,792 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $44,538.89.
A family of three owes $133,616.67. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 days.
The average for the last 21 reports is 6,054,193,682.41.
The average for the last 30 days would be 4,237,935,577.69.

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$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 49 reports in 71 days of FY2011 averaging 5.82B$ per report, 4.01B$/day.
Above line should be okay

PROJECTION:
There are 772 days remaining in this Obama 1st term.
By that time the debt could be between 14.9 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)
12/10/2010 13,846,685,751,077.18 BHO (UP 3,219,808,702,164.10 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
FY2011 +0,285,062,720,185.40 ------------* * * * * * * BHO
Endof11 +1,465,463,279,826.35 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
11/19/2010 +002,392,756,046.31 ------------*********
11/22/2010 +000,068,056,529.55 ------------******* Mon
11/23/2010 -000,022,584,331.05 ----
11/24/2010 +000,282,063,227.86 ------------********
11/26/2010 +003,743,380,701.15 ------------*********
11/29/2010 +000,134,381,143.81 ------------******** Mon
11/30/2010 +065,487,463,946.10 ------------**********
12/01/2010 -005,680,380,232.98 --
12/02/2010 +000,827,003,518.64 ------------********
12/03/2010 -000,051,568,825.48 ----
12/06/2010 +000,077,038,802.53 ------------******* Mon
12/07/2010 +000,178,077,201.68 ------------********
12/08/2010 +018,541,141,818.10 ------------**********
12/09/2010 +000,426,018,289.04 ------------********
12/10/2010 +000,085,971,333.21 ------------*******

86,488,819,168.47 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=4656525&mesg_id=4656533

[Festivito]

58. Debt: 12/13/2010 13,848,017,156,749.09 (UP 1,331,405,671.91) (Mon)

(Down little. Good day.)
Smelling cats.
(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)
= 9,289,287,583,176.89 + 4,558,729,573,572.20
DOWN 140,409,571.73 + UP 1,471,815,243.64

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 311-Million person America.
If every American, man, woman and child puts in $3.22 THAT'S 1B$, and $3,216.35 makes 1T$.
A family of three: Mom, Dad, Child: $9.65, ABOUT TEN BUCKS for a 1B$ 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 12 seconds we net gain another American, so at the end of the workday of the report, there should be 310,911,392 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $44,540.08.
A family of three owes $133,620.23. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 to 31 days.
The average for the last 21 reports is 6,001,794,812.56.
The average for the last 30 days would be 4,201,256,368.79.
The average for the last 31 days would be 4,065,731,969.80.
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$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 50 reports in 74 days of FY2011 averaging 5.73B$ per report, 3.87B$/day.
Above line should be okay

PROJECTION:
There are 769 days remaining in this Obama 1st term.
By that time the debt could be between 14.9 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)
12/13/2010 13,848,017,156,749.09 BHO (UP 3,221,140,107,836.01 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
FY2011 +0,286,394,125,857.30 ------------* * * * * * * BHO
Endof11 +1,412,619,674,836.69 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
11/22/2010 +000,068,056,529.55 ------------******* Mon
11/23/2010 -000,022,584,331.05 ----
11/24/2010 +000,282,063,227.86 ------------********
11/26/2010 +003,743,380,701.15 ------------*********
11/29/2010 +000,134,381,143.81 ------------******** Mon
11/30/2010 +065,487,463,946.10 ------------**********
12/01/2010 -005,680,380,232.98 --
12/02/2010 +000,827,003,518.64 ------------********
12/03/2010 -000,051,568,825.48 ----
12/06/2010 +000,077,038,802.53 ------------******* Mon
12/07/2010 +000,178,077,201.68 ------------********
12/08/2010 +018,541,141,818.10 ------------**********
12/09/2010 +000,426,018,289.04 ------------********
12/10/2010 +000,085,971,333.21 ------------*******
12/13/2010 -000,140,409,571.73 --- Mon

83,955,653,550.43 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=4658075&mesg_id=4658085

[ozymandius]

7. Summers pushes tax deal, warns of Japan's experience

This man knows not the meaning of 'irony'.

Summers, who is stepping down at the end of this year, said lackluster spending by consumers and businesses was a major constraint on the U.S. economy and the government needed to help offset that shortfall through fiscal measures.

"There cannot be any question that the constraint on our economy now and for the next several years will be the lack of demand," Summers told the Economic Policy Institute. "We must do everything we can to ensure that this recovery is as rapid as possible."

Summers said it was important to tackle long-term deficits, calling the imbalance between spending and revenues a "tax on our future." But he said the current focus should be on reviving growth, adding that it was "right and necessary for government to counteract private-sector deleveraging."

more

Honestly, I would appreciate it greatly if Summers were to specify where these tax cuts have spurred the kind of "growth" he believes took place. To his credit, Summers gives a nod to the unemployment benefits extension as a driver for sustaining momentum.

The irony that stands proud here rests with the exchange of the Making Work Pay tax credit for the Payroll Tax holiday. The former put more money into the hands of people earning $20K to $40K per year than will the latter. The Making Work Pay tax credit will be allowed to expire under this agreement between Obama and Republicans.

The payroll tax holiday, as it relates to the fiscal fitness of Social Security, is the subject of a different screed.

[Tansy_Gold]

29. This makes what Demeter posted yesterday worth another look

http://www.truth-out.org/reconsidering-japan-and-reconsidering-paul-krugman65796

<snip>
Reopening the case of Japan raises some important questions. How do economists such as Krugman (TG: or Summers, for that matter) decide what to value and prioritize, or what to measure? What is an economy for? To produce the prosperity, security and services that people need? Or to satisfy economists and their equations, theories and models? For too many economic Cassandras, if their spreadsheet columns don't add up, if the surplus nations don't balance the deficit nations and the supply doesn't meet the demand, then disaster surely awaits.

Krugman has gone on the attack again recently, this time in a debate over fiscal stimulus versus deficit reduction as a strategy toward economic recovery. As a stimulus hawk, he has written that the Germans - one of the few economic bright spots in a struggling global economy - "seem to be getting their talking points from the collected speeches of Herbert Hoover." He is criticizing Germany for the same reason he criticizes Japan; he says the country is not spending or consuming enough to stimulate its economy.

But what exactly are the Germans or the Japanese supposed to buy more of? Surely Krugman has visited both countries, and it's plainly evident that neither are lacking in any material goods or modern trinkets to speak of. Americans are the only ones who seem to think they need three refrigerators, four televisions and a car for everyone in the household. Too many economists have yet to figure out that it is this consumer-driven economic model that has crashed and burned.

<end snip, my emphasis>

And then there are the Americans who think they need two, three, or more homes.

Someone yesterday on another thread made the remark that they didn't have a TV, which was nice because it kept them from being tempted to buy all the shit advertised on it.

An acquaintance of mine recently said she needed to find a part time job so she could buy shoes. I looked at her and said, "WHAT????" I've known her for three years and I honestly do not think I've ever seen her wear the same pair of shoes twice. I asked her why she needed more shoes and her answer was, "I don't know."


Tansy Gold, who has a TV but never watches it

[Demeter]

37. I have TV and no Cable

I couldn't stand the horrible programs the Kid was watching...and given that her judgment is impaired, this was the best way to go. I can rent or buy stuff that won't give the autistic bad programming.

[Demeter]

38. I have 2 Japanese Exchange Students

One in Japan, one in SF area....I will have to ask them what Japanese think of Japanese economy...I am really beginning to doubt everything and everyone (with the exception of the regulars on SMW)

[ozymandius]

8. Fresh News on Fraudclosure

From Pro Publica:

False Attorney Signatures Cast New Doubts on Foreclosures

Many foreclosures have been thrown into question because of flawed documentation such as inaccurate affidavits describing a mortgage's history. But three recent court cases point to another type of flaw in foreclosure filings that could place thousands more cases in doubt: false attorney signatures on court documents.

Experts said that foreclosures that relied on court documents with the signatures of attorneys who in fact neither signed nor reviewed them are vulnerable to being thrown out in the 23 states in which foreclosures must be approved by a judge.

False attorney signatures are different from robo-signing, in which mortgage company officials sign large numbers of foreclosure documents without checking the accuracy of the details. Bob Davis Jr., a Pennsylvania lawyer who concentrates on the defense of attorney ethics cases, said that falsified signatures from lawyers on case pleadings can void a foreclosure by rendering key documents invalid before the court.

The issues raised here are:

• An attorney working for the Bank of New York has admitted to the falsified signatures, indicating a lack of due diligence;
• This is not the same as using either a 'name stamp' or someone authorized to sign the attorney's name to the document. Lack of 'due diligence' means that the attorney never reviewed the foreclosure paperwork;
• the widespread nature of this abuse;
• knowing what we know about the nature of "fraudclosure" - this leads to outright fraud or, otherwise, theft of people's homes.

Attorneys who are involved in this practice can face fines and sanctions. I think they should risk losing their license to practice law should they be found culpable. For the banks: class action lawsuits are just the beginning of their troubles.

[DemReadingDU]

12. False attorney signatures on court documents!

There are going to be so many lawsuits from this housing mess for years and years to come.

[Demeter]

15. IT GETS BETTER: Bank of America Re-Remics Cut Mortgage Debt as Basel Rules Loom

http://www.bloomberg.com/news/2010-10-14/bank-of-america-re-remics-reduce-mortgage-debt-as-basel-capital-rules-loom.html

Bank of America Corp., seeking to reduce risk and meet new capital standards, upgraded billions of dollars of distressed mortgage bonds by repackaging them into new securities using a variation of a Wall Street technique that failed during the credit crisis.

The transactions, known as re-remics, are designed to add a layer of protection to residential mortgage-backed securities that sustained losses, enabling them to regain investment-grade ratings. The strategy helped the bank pare its RMBS holdings by $5.2 billion in the second quarter, or about 15 percent, according to a company filing.

With bank stocks mired near historic lows in relation to book value, firms such as Bank of America and JPMorgan Chase & Co. are searching for alternative ways to meet rules set by global regulators since the 2008 financial crisis. By turning junk-rated securities into investment-grade bonds, Bank of America will need to hold less capital under rules agreed to by the Basel Committee on Banking Supervision.

“The larger banks are going to do anything and everything they can to create capital other than issuing stock,” said Matthew Pieniazek, president of Darling Consulting Group Inc., a Newburyport, Massachusetts, firm that provides asset-liability management advice to banks. “The most punitive way of raising capital is by issuing highly dilutive common equity in the current marketplace.” ...MORE

[Demeter]

19. Bank of America admits fraud in US antitrust case

http://www.google.com/hostednews/afp/article/ALeqM5hsGzxZqNM7OlNjk43MxJMLFLZeZQ?docId=CNG.a35172d22b0338261a9ae31edf8cfa03.2d1

US banking giant Bank of America has admitted it committed fraud in the municipal bond derivatives market and will pay 137.3 million dollars in damages, the government said Tuesday LAST WEEK...

[Tansy_Gold]

35. "Turning junk-rated securities into investment-grade bonds. . . "

El ojo que ves no es ojo porque tú lo veas. Es ojo porque te ve.


Or, junk is junk is junk is junk.




TG, TT

[AnneD]

56. Rapunzel....

was suppose to do that but that was a fairy tale. Then of course there were the wizards that transmute iron into gold.

WS has succeeded where others have failed.

[Tansy_Gold]

57. Rumpelstiltskin spun straw into gold for the miller's daughter, but

Rapunzel only had her long hair.


Tansy Gold, who has long hair too

[AnneD]

59. Thanks......

for the correction-don't know what I was thinking, but the analogy was too good to pass up. I will say 3 hail Marys and re read my Grimms. Oh the pain.

[Demeter]

16. Foreclosure Fiasco’s Trail Leads to Washington: Jonathan Weil

http://www.bloomberg.com/news/2010-10-14/foreclosure-fiasco-s-trail-leads-to-washington-jonathan-weil.html

What were banking regulators doing while some of the biggest U.S. lenders routinely filed false foreclosure documents in local courthouses around the country? In the case of IndyMac Federal Bank, it turns out the Federal Deposit Insurance Corp. was running the joint.

This may help explain why the mortgage-servicing industry got away with such misbehavior for so long. The government, in one form or another, was doing it, too....

YET ANOTHER MUST READ--WHO LET THE DOGS OUT?

[Demeter]

18. Banks Resisting Fannie, Freddie Demands to Buy Back Mortgages

http://www.bloomberg.com/news/2010-11-30/banks-in-u-s-resisting-calls-to-repurchase-fannie-mae-freddie-mac-loans.html

Fannie Mae and Freddie Mac are facing growing resistance as they attempt to push failed home loans off their books and onto the balance sheets of banks including Bank of America Corp. and JPMorgan Chase & Co.

The two government-owned mortgage companies are enforcing contracts that require lenders to buy back loans that didn’t meet underwriting standards. At the end of September, the companies reported, banks hadn’t responded to $13 billion in buyback requests. A third of those were at least four months old and Freddie Mac has begun to assess penalties for the delays.

Lenders say they are resisting buybacks because McLean, Virginia-based Freddie Mac and Washington-based Fannie Mae are unfairly second-guessing old appraisals, accusing originators of failing to verify income, or pinning failed loans on minor technical errors. Larger banks say they can handle the potential losses. Some smaller lenders say the strain could sink them.

About 40 percent of repurchase requests are rescinded after lenders provide additional paperwork, said John A. Courson, chief executive officer of the Mortgage Bankers Association, a Washington trade group...

CUSTOMIZED FAKE PAPERWORK? WHO KNOWS?

[Po_d Mainiac]

22. Sign the petition...Link is at the bottom

Tomorrow, a group of homeowners is meeting with Iowa’s attorney general Tom Miller, who is leading the 50-state effort which is investigating foreclosure and mortgage lending abuses.

This group is presenting a letter to Miller asking them to prosecute bank executives for mortgage fraud and wants to show broad-based support for this idea via having concerned citizens sign it.

Here is the text of their letter:

Dear Attorneys General,

We, the undersigned thank you for investigating fraudulent and illegal foreclosure practices by the nation’s biggest banks.

Your investigation is the best hope for homeowners and communities since this crisis began. Americans are watching. Our expectations are high that we will see justice for the millions of families who have lost their homes, the millions more who are at risk of foreclosure, and the neighborhoods across the country devastated by falling housing values and vacant properties as a result of widespread mortgage fraud.

The bank executives who committed fraud should be prosecuted. Any settlement needs to go beyond fixing paperwork, fully addressing ongoing abuse and ending the flood of unnecessary foreclosures.

We demand that any overarching settlement agreement contain mandatory loan modification programs, including principal reduction for owner-occupant families facing foreclosure and remedies for those families who have already lost their homes.

Now is the time for bold leadership from the nation’s Attorney Generals to hold big banks accountable for the damage they have done to families, communities and the nation’s economy.

www.crimeshouldntpay.com

[Hugin]

34. Hmph... "Fraudclosure", my enemy has a name.

To see it's face just lift the tail of any horse.

[Demeter]

9. WikiLeaks cables: (DRIPS ON BANKS)

http://www.guardian.co.uk/uk/2010/dec/13/wikileaks-madeleine-mccann-british-police

A number of other cables released by the whistleblowers' website shed new light on aspects of the financial crisis. Revelations include:

• RBS chairman Sir Philip Hampton said the board of the bank breached their "fiduciary responsibilities" by allowing the takeover of the Dutch bank ABN Amro.

• The Bank of England governor, Mervyn King, was so worried about the health of the banks that he proposed a secret international fund to recapitalise them six months before the collapse of Lehman Brothers.

• US officials expressed doubts in October 2008 over whether Ireland appreciated how much trouble its banks were in.

[Demeter]

10. 6 Companies That Haven't Wussed Out of Working with WikiLeaks

http://www.alternet.org/story/149142/6_companies_that_haven%27t_wussed_out_of_working_with_wikileaks?page=entire

1. Xipwire:

The Philly online payment company has announced that unlike PayPal they welcome customer donations to WikiLeaks. According to their site, they're even waiving fees and charges so that 100% of the money goes to the whistleblower site. "While people may or may not agree with WikiLeaks, we at XIPWIRE believe that anyone who wishes to support the organization through a donation should be able to do so," they say on their site. While the publicity advantages are obvious, there's also the threat of backlash. One of the founders told the tech blog BaltTech, "We're fully aware that not everyone likes what Wikileaks is. But we are prepared to accept the consequences."

(For the moment the money goes to an escrow account because they haven't been able to reach WikiLeaks.)

2. Flattr

Flattr, which was started by one of the founders of Pirate Bay, has also been funneling money to WikiLeaks. The site lets users put money into accounts; when they run into a website they want to support, they can click on their "flattr" button to donate money to site. According to TechCrunch, WikILeaks has used Flattr since August and received over 3,000 Flattr donations when they released the Afghanistan war diary.

3. Datacell

The Icelandic company processes debit and credit card donations to WikiLeaks, so Visa and Mastercards' recent decision to cut all donations to the site has not done great things for their business.

In a statement published on their site, CEO Andreas Fink slammed Visa for letting political considerations get in the way of customer service: "The suspension of payments towards Wikileaks is a violation of the agreements with their customers. Visa users have explicitly expressed their will to send their donations to Wikileaks and Visa is not fulfilling this wish."

Founder Ólafur Sigurvinsson pointed out in an interview with an Icelandic news channel, "I've got confirmed today that I am capable of supporting Al-Qaeda, Ku Klux Klan, buy weapons, drugs and all sorts of pornopraphy with a VISA card. But that's not being investigated. Instead I can not support a humanitarian organisation fighting for the freedom of speech."

4. OVH

WikiLeaks moved to the French data server OVH after getting kicked off Amazon. This did not sit well with French Industry Minister Eric Besson, who demanded that the site be purged from all French servers. Rather than instantly boot WikiLeaks offline, the company asked the courts to clarify Besson's order. Earlier this week a judge ruled that the French government had to actually prove that WikiLeaks broke the law, instead of just saying so and then trying to intimidate private companies. A company spokesperson said, "OVH is neither for nor against this site. Now that it’s with us, we will fulfill the contract. That’s our job.”

5. Twitter

WikiLeaks relies on Twitter to communicate, and their account seems to be safe for now. The micro-blogging site has been accused of blocking #WikiLeaks and #Cablegate from the trending topics though, a claim they dispute.

6. Facebook

Facebook recently released a statement saying that they have no plans to delete the WikiLeaks account, which has 1,187,990 fans.

[DemReadingDU]

14. I'm a follower of Wikileaks

on both Twitter and Facebook

[Demeter]

11. No, The Big Banks Have Not "Paid Back" Government Bailouts and Subsidies

http://georgewashington2.blogspot.com/2010/12/no-big-banks-have-not-really-paid-back.html

The big banks claim that they have paid back all of the bailout money they received, and that the taxpayers have actually made money on the bailouts.

However, as Barry Ritholtz notes:

Pro Publica has been maintaining a list of bailout recipients, updating the amount lent versus what was repaid.

So far, 938 Recipients have had $607,822,512,238 dollars committed to them, with $553,918,968,267 disbursed. Of that $554b disbursed, less than half — $220,782,546,084 — has been returned.

Whenever you hear pronunciations of how much money the TARP is making, check back and look at this list. It shows the TARP is deeply underwater...

MUCH MORE, MUST READ!

[Demeter]

13. Report criticizes TARP contracts to Fannie and Freddie

http://www.reuters.com/article/idUSTRE69D0Q620101014

The Treasury Department has relied heavily on private companies and troubled mortgage giants Fannie Mae and Freddie Mac to manage the $700 billion Wall Street bailout, a report released on Thursday said.

The report by the congressional panel overseeing the Troubled Asset Relief Program (TARP), said that the $437 million in Treasury contracts to Fannie Mae, Freddie Mac and private companies to manage critical aspects of the bailout program raised a number of concerns about public oversight and conflicts of interest.

"Treasury may be less likely to expedite meaningful reforms of Fannie Mae and Freddie Mac when it has employed them for combined arrangements of $240.5 million and when these firms agreed to provide their services at cost, receiving no profit from the deals," the report said.

The oversight panel is now headed by Senator Ted Kaufman who took the seat vacated by Elizabeth Warren, who left the panel to oversee the set up of the government's new Consumer Financial Protection Bureau...

ANOTHER MUST READ

[Demeter]

17. Computerized trades in EU face tougher rules

http://www.reuters.com/article/idUSTRE6AO25N20101125

Britain and France flagged on THANKSGIVING a looming crackdown on ultra-fast share trading that featured in May's brief "flash crash" freefall on Wall Street, alarming regulators and investors globally.

French Economy Minister Christine Lagarde said a form of computerized trading known as high-frequency trading (HFT) may need banning in some cases.

"My natural tendency would be at least to regulate, to oversee it very strictly and after a cost-benefit analysis of these methods, maybe to forbid it," Lagarde told a parliamentary commission hearing on financial speculation.

"Or at least give market authorities the power to forbid it in circumstances that are considered exceptional," she added...

[Demeter]

25. EC accused of covering up report into effect of hedge funds on Greek debt crisis

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8184860/EC-accused-of-covering-up-report-into-effect-of-hedge-funds-on-Greek-debt-crisis.html

The European Commission has been accused of covering up a report that concluded that hedge fund trading did not exacerbate the Greek sovereign debt crisis, as some politicians had maintained.

The document, which was expected to be published months ago, was withheld until a Dutch newspaper demanded its release as a request under Freedom of Information rules.

The report, seen by The Daily Telegraph, found "no conclusive evidence" that traders of Credit Default Swaps were causing further problems for the indebted European countries. But rather that "the CDS market seems to facilitate risk sharing".

[Demeter]

48. ECB Lets Words Calm Debt Markets

http://online.wsj.com/article/SB10001424052748703727804576017400648263450.html?mod=dist_smartbrief

The European Central Bank and national central banks in the euro zone stepped up purchases of euro-zone government bonds last week but the total amount fell short of expectations, underlining the ECB's reluctance to vastly expand support for the bond market.

ECB said Monday that the Eurosystem settled €2.67 billion ($3.53 billion) of bond purchases last week, up from €1.97 billion the previous week. Central bank watchers and investors had expected a sum larger than €5 billion.

"This highlights the ECB's underlying discomfort with the bond-purchasing program," said Martin van Vliet, an economist at ING Bank.

The ECB doesn't break down the debt-purchase figures by country or maturity, but bond dealers say that the ECB bought Greek, Irish and Portuguese government debt. The ECB said that as a consequence of its purchases it will drain €72 billion from the market at its weekly auction of one-week deposits on Tuesday...

[Demeter]

20. Allied Irish Bank bondholders to sue Irish government

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8182703/Allied-Irish-Bank-bondholders-to-sue-Irish-government.html

Bondholders in Allied Irish Bank are preparing to sue the Irish state over losses they expect to be forced to take, in a move that may imperil attempts by the government to raise fresh funds next year.

The investors, who include some of the world's largest fixed-income pension and insurance funds, held talks on Friday about taking the Irish government to court if it forces a second round of "haircuts" on the value of subordinated debt issued by Allied Irish.

Anglo Irish Bank and Irish Nationwide have already been the subject of legal action from subordinated debt investors, but so far without success.

What makes the latest bondholder group's action particularly significant is that it is dominated by "long-only" investors and not so-called "speculators" like hedge funds. Investors' anger may prompt fears of a "buyers' strike" when Ireland, and other indebted euro area countries, come to the market next year to refinance hundreds of billions of euros of maturing sovereign debt.

[Demeter]

21. World Bank graft chief calls for more action

http://www.reuters.com/article/idUSTRE6B603S20101207

The World Bank's top anti-corruption official on Monday called for a strengthened global alliance to fight corruption to ensure more wrongdoers are prosecuted.

More than 250 corruption fighters, including attorney generals and heads of corruption agencies from 134 countries, gather at the World Bank from Tuesday for a high-level meeting of the Corruption Hunters Alliance on how to advance the battle against graft.

In an interview, Leonard McCarthy, the World Bank's vice president for integrity, told Reuters he hoped the meeting would agree to a global mechanism to track major corruption cases to ensure more firms and individuals involved in fraud or corruption are held accountable.

This could be done by sharing more information, conducting parallel investigations, and trying to get countries to adopt similar anti-corruption practices...

[Demeter]

23. Truth is the Greatest Enemy of the State. By Paul Craig Roberts

MAX KEISER INTERVIEWS ROBERTS---SECOND SEGMENT IS ESPECIALLY CHILLING AND THREATENING...

http://www.informationclearinghouse.info/article27054.htm

[DemReadingDU]

33. Parody: Grandma Got Molested At The Airport

12/6/10 Grandma Got Molested At The Airport
Hilarious TSA Parody, Sung to the tune "Grandma Got Ran Over by a Reindeer". An original song parody by Donny Aldridge. Singer/songwriter, political satirist.

http://www.youtube.com/watch?v=2Qdb6wC0Iz4&feature=player_embedded


First time I had heard this video
:)

[Demeter]

24. Fed (RESERVE) Emails Are Sought

http://online.wsj.com/article/SB10001424052748703471904576003733510408212.html?mod=dist_smartbrief

Sen. Bernie Sanders (I., Vt.) has a slew of questions for Federal Reserve Chairman Ben Bernanke in the wake of new emergency-lending data the central bank released last week.

In a letter Monday to Mr. Bernanke, the senator who played a leading role in getting the Fed to unveil the loan data is demanding access to more information—including certain Fed officials' emails and phone logs as well as new details on the securities banks pledged in exchange for cheap loans.

Mr. Sanders asked about potential conflicts of interest between bank executives and Fed officials, and he asked the Fed to explain its rationale for lending to foreign banks.

He also wants to know exactly how much money the Fed lent to millionaires and billionaires during the financial crisis. He specifically asked for information on loans given to businessman H. Wayne Huizenga, billionaire hedge-fund manager John Paulson, Dell Inc. founder Michael Dell and Christy Mack, the wife of former Morgan Stanley chief executive John Mack and dozens of other borrowers.

[Dr.Phool]

36. Fed to Senate.

Buzz off!

"We're a law unto ourselves now. Didn't you get the message?"

[Demeter]

26. Firms, Funds Feel Squeeze of Low Rates

http://online.wsj.com/article/SB10001424052748703471904576003880782571372.html?mod=dist_smartbrief

Historically low interest rates are starting to take a toll throughout the financial industry, presenting a potential downside to the Federal Reserve's aggressive efforts to reignite growth in the sluggish economy.

Rock-bottom rates are squeezing profit margins at banks that rely on the gap between what they charge borrowers and pay depositors. They also are hurting returns at pension funds already under mounting pressure to meet obligations to retirees, while making certain kinds of insurance more expensive as firms try to recoup earnings that are likely to shrink if the ultralow rates linger.

Two years of generally falling interest rates, along with the Fed's plan to buy as much as $900 billion of U.S. Treasurys through mid-2011 to keep bond rates low, have delivered a much-needed lift to borrowers such as companies, consumers, cities and states.

Still, "it is clear that there are costs," says Michael Cloherty, head of U.S. interest-rate strategy at RBC Capital Markets. "The question is whether the good done by low interest rates is enough to justify forcing people and institutions to incur these costs."

[Demeter]

27. House approves $1.1T to fund government through Sept. 30 MUST READ

READ THAT HEADLINE AGAIN PLEASE: House approves $1.1T to fund government through Sept. 30

WE HAVE NO FEDERAL BUDGET--WE ARE GOING TO RUN ON LAST FISCAL YEAR'S BUDGET. FOR AN ENTIRE YEAR!

http://thehill.com/homenews/house/132811-house-approves-11-trillion-to-fund-government-until-sept-30

The House on Wednesday approved a $1.1 trillion continuing resolution (CR) funding the government through Sept. 30.


The bill, which passed 212-206 on a largely party-line vote, freezes 2011 discretionary appropriations at the current level, providing $45.9 billion less than President Obama requested for the year.

It also contains food-safety legislation, which passed the Senate last month but had to be reconsidered because of a technical error.

The vote was timed to force Republicans backing tax cuts for the wealthiest individuals, which will increase the national debt, to come to the floor to blast deficit spending....

[Demeter]

28. Strauss-Kahn Says Euro Will Still Be There Five Years From Now

http://www.businessweek.com/news/2010-12-08/strauss-kahn-says-euro-will-still-be-there-five-years-from-now.html

International Monetary Fund Managing Director Dominique Strauss-Kahn said that the euro isn’t jeopardized and will still be there in five years...

WHENEVER I SEE SUCH A PUBLIC STATEMENT, MY FIRST IMPULSE IS TO YELL "FIRE" AND RUN FOR THE EXIT....

[xchrom]

30. ...

:spray: indeed. one wonders at the need to make such a proclamation!

[Ghost Dog]

47. It doesn't really sound that way in most of Europe, it sounds realistic,

I think, from what I can see from here.

Realistic because, for example:

· It is indeed a new currency. And one associated with a not-so-new-by-now political experiment. It's survival in the present form certainly can not, realistically, be lackadaisically taken for granted in the same way or to the same degree as, say, that of Sterling and USD can.

· The Euro has been coming under targetted attack from certain quarters. And indeed there are no doubt powerful interests alongside whose plans a strong EU would not easily sit (but I do not think this latter category represents by any means a majority in the world).

Mr. Strauss-Kahn's assertion should be taken at face value but also symbolically, as it were in the image of an Asterix the Gaul, if you like, or a Castillian bullfighter - or even John Bull himself, when pushed - facing up to a dangerous enemy, as Yamamoto Tsunetomo's samurai would say, with certainty.

[DemReadingDU]

50. I've read elsewhere that our dollar currency

could be in jeopardy also, some years down the road.

[Demeter]

40. George Soros: Europe should rescue banks before states (OH REALLY?)

The architects of the euro knew that it was incomplete when they designed it. The currency had a common central bank but no common treasury – unavoidable given that the Maastricht treaty was meant to bring about monetary union without political union. The authorities were confident, however, that if and when the euro ran into a crisis they would be able to overcome it. After all, that is how the European Union was created, taking one step at a time, knowing full well that additional steps would be required.

With hindsight, however, one can identify other deficiencies in the euro of which its architects were unaware. A currency supposed to bring convergence has produced divergences instead. That is because the founders did not realise that imbalances may emerge not only in the public sphere but also in the private sector.

Read more >>
http://link.ft.com/r/FG6LAA/HDOAB1/PNGIU/40FN5T/PRVRJ6/HK/t?a1=2010&a2=12&a3=14

ONE WORLD ORDER PNAC-ERS ALL OVER?

[Demeter]

43. Living to disorderly default another day

http://www.economist.com/blogs/freeexchange/2010/12/europes_debt_crisis_0

TALK of a European default continues to rumble around the market ahead of the European Council's December 16-17 meeting.

For now the European Central Bank has held the euro zone together by purchasing members’ bonds and providing liquidity to beleaguered banks. Although such stopgap solutions, like case-by-case bail-outs, are the path of least political resistance, the effort to avoid defaults at all costs could prove calamitous...

[Demeter]

44. Banks Reduced Greek, Irish Holdings in Second Quarter

http://www.bloomberg.com/news/2010-12-12/banks-reduce-greek-irish-portuguese-holdings-in-second-quarter-bis-says.html

...Lenders cut the amount they had at risk to the nations by $107 billion to $2.28 trillion, the Basel, Switzerland-based BIS said in its latest quarterly report. Virtually all major banking systems reduced their exchange-rate adjusted holdings in Greece during the period, the BIS said....

[Demeter]

45. Portugal asks China to buy its government bonds

http://www.bbc.co.uk/news/business-11987147

...The visit by Fernando Teixeira dos Santos comes as Portugal continues to try to sort out its finances without needing a European Union-led bail-out.

Mr Teixeira dos Santos made a similar trip to Brazil in recent days.

China is already a major buyer of European government bonds and has vowed to continue to do so.

Portugal has an extensive public deficit. So much so that many economic commentators continue to say it will likely have to follow Greece and the Republic of Ireland and seek emergency loans from the European Union and International Monetary Fund...

[Demeter]

46. Default Swaps Jump Most Among BRICs as Inflation Breaches 5%: China Credit

http://www.bloomberg.com/news/2010-12-12/default-swaps-climb-most-among-brics-on-inflation-china-credit.html

Investor perceptions of China’s credit are worsening at the fastest pace among the largest emerging markets on concern policy makers will slam the brakes on economic growth to curb inflation.

The cost to insure against default on Chinese government debt in the past month advanced 13.5 basis points, more than in any of the so-called BRIC markets, according to CMA prices. Brazil’s similar five-year contracts increased 10 basis points, while those for Russia climbed 4 basis points. Bond risk for the State Bank of India, the benchmark for the nation’s sovereign risk in the absence of sovereign dollar securities, rose 1 basis point. The derivatives are used to speculate on market performance as well as hedge against non-payment. ..

[Demeter]

41. Regulators carve into bank profits and trading bets (NEWS!)

http://uk.reuters.com/article/idUKTRE6BD0RF20101214

Rules that have the potential to slash banks' debit card profits and stop traders from excessive speculation in oil and other commodity markets will be unveiled by U.S. regulators this week...

[Demeter]

42. Credit cards? Nah! Americans moving to cash, debit cards.

http://www.csmonitor.com/Business/2010/1213/Credit-cards-Nah!-Americans-moving-to-cash-debit-cards

Adam Baker shed no tears when he and his wife closed the last of their three credit-card accounts in 2008. "It was a really cool experience," says the Shelbyville, Ind., resident. "We don't need credit cards. And a 2 percent cash back reward" for using one "is not enough enticement."...

Since 2005, consumers have used debit cards more often than credit cards, says The Nilson Report, a payment-systems newsletter in Carpinteria, Calif. By 2016, it forecasts, they'll spend more on debit cards, too... hard economic times and tight lending conditions have forced card issuers to pare risky accounts and consumers to trim card balances. The shift is especially evident among young adults, many of whom seem to prefer a pay-as-you-go approach. But such a move could hurt retailers, even as reforms could spawn new card fees.

New fees coming?

For example, depending on the debit-card rules that the Federal Reserve adopts, consumers could have to pay – or pay more – for checking accounts tied to debit cards and "get fewer benefits associated with debit-card use," says Shawn Miles, head of global public policy at MasterCard Worldwide, based in Purchase, N.Y.

Since the recession, consumers have been paring credit-card use. In September, the level of revolving debt (mostly from credit cards) was down nearly 18 percent compared with December 2008, Fed data show.By the end of September, the number of open credit-card accounts was down 24 percent from its 2008 peak, the Federal Reserve Bank of New York said...

[Roland99]

53. How about one from.....GOLDMAN SACHS?!?! hehehe

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x7107

[Demeter]

49. As muni bonds slump again, Bill Gross buys for himself

http://latimesblogs.latimes.com/money_co/2010/12/muni-bonds-funds-selloff-bab-program-expires-congress-bill-gross-pimco.html

Tax-free municipal bond prices took another pounding on Monday as investors continued to retreat from the market after more than a month of turmoil.

Popular muni mutual fund share prices fell to their lowest levels of the year as rising market yields on munis devalued older bonds.

The annualized yield on the Bond Buyer index of 40 long-term muni bonds nationwide (charted below) jumped to 5.59%, up from 5.51% on Friday and the highest since August 2009.

Munidec13 Monday’s sell-off stemmed in part from expectations that the federally subsidized Build America Bond program, which for the last two years has allowed state and local governments to issue taxable muni bonds with interest partly paid by Uncle Sam, will die for good on Dec. 31.

The Obama administration wanted to extend the program but Republicans opposed it. The extension didn’t make it into the tax-cut bill advanced by the Senate on Monday...

[raouldukelives]

51. Sad cartoon

Reminds me of why I had to close out my 401. Just couldn't stand the thought of softening my retirement on the backs of exploited workers, child labor, big oil & pharma or the MIC. Of course what little investments I have aren't doing much but at least I can sleep at night.

[TalkingDog]

52. My cartoon offering for today. Xpost from GD

[DoBotherMe]

54. Kick

Thank you all for keeping this wonderful forum going all these years! Salute! Dana ; )

[Demeter]

55. India, China May Sign Banking Accord During Wen Jiabao’s Visit

http://www.bloomberg.com/news/2010-12-13/india-china-may-sign-banking-accord-during-wen-visit-easing-icbc-s-entry.html

IF I WERE GOLDMAN SACHS, I'D BE VERY WORRIED RIGHT NOW