STOCK MARKET WATCH, Friday December 31

[ozymandius]

Source: du

STOCK MARKET WATCH, Friday December 31, 2010

AT THE CLOSING BELL ON December 30, 2010

Dow 11,569.71 -15.67 (-0.14%)
Nasdaq 2,662.98 -3.95 (-0.15%)
S&P 500 1,257.88 -1.90 (-0.15%)
10-Yr Bond... 3.37 +0.00 (+0.12%)
30-Year Bond 4.43 +0.00 (+0.05%)

---

Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

---

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

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

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

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

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

---

---

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

[maddezmom]

1. Happy New Year, ozy!!!

:toast:

[ozymandius]

3. And Happy New Year to you, maddezmom!

:toast:

[ozymandius]

2. Swan Song

This is my last day as your SMW author. I will clean out old files that have proven useful and fun over the years. Please take what you want.

[Hugin]

8. I'm here!

:hi:

[ozymandius]

14. Thank you for being here.

I am overwhelmed with the kindness everyone has shown. :hi:

[Hugin]

24. I hope you enjoy your "retirement".

As much as I've enjoyed mine.

[rfranklin]

12. Thanks for all your work...

It was always a pleasure to fire up the computer and go directly to SMW first thing in the morning.

[ozymandius]

15. rfranklin, I hope you will keep doing the same.

Pale Blue Dot will keep this going after my departure. Thank you for being part of my fond memories of this place.

[Pale Blue Dot]

27. I want your magic eight ball!

Thank you ozy. Please stop by and visit anytime. :thumbsup:

[ozymandius]

37. I've lost my Magic-8 Ball.

I will stop by after you have had time to settle into your role. In the meantime, I will be working on other things.

[Tansy_Gold]

66. We will miss you, Ozy.

*I* will miss you terribly.

And it has nothing to do with PBD being able to capably take over SMW. Seriously, I think just about any of us could have, with help from the others, done a pretty good job of posting the daily front page, updating the charts, etc., etc., etc.

But none of us can be you, just as none of us can be each other. Whatever our contributions to this thread, whether lots of posts like Demeter, or the complex computations like Festivito's debt watch, or the glimpses into personal challenges like AnneD's, or xchrom's daily rec, each of us contributes to the whole. It's a salad in which some are lettuce, some are tomatoes, some are cucumbers, and some are that twist of freshly ground pepper. It's never exactly the same from one day to the next, but it's always fresh, and it's always good, and it's always good for you.

I don't even remember when it was that I first came to SMW, but I ventured in with the sure and certain knowledge that I knew absolutely nothing about markets, about economics, about anything. All of you welcomed me, listened to and answered my questions, enlightened me, put up with me. We've shared stories of children and grandchildren, parents and partners, dogs and cats and weather and jobs and hopes and fears and joys and sorrows.

Yesterday morning I was chatting with some friends and the conversation shifted to the sometimes horrific relationships we've had with family members -- siblings, cousins, parents, etc. And everyone agreed that while we sometimes expect better treatment from family than from friends or strangers, we don't choose our families. We're stuck with what we get and sometimes they're just plain assholes. One friend told of buying her mother a pair of earrings that she wore everyday, and when she ultimately entered a nursing home still showed off the earrings as a treasured gift from her daughter -- and then the "evil sister," as my friend called her, showed up for a rare visit to the nursing home and brazenly stole the earrings from their dying mother's ears. Another told of being given by her father, before he died, an antique table he had inherited years before. She had loved the table since childhood and had decorated her home in a style inspired by the table, hoping that someday she might have it. When he gave her the table, she put it on proud display in her home, letting her dad know how much she loved the table and loved him for having given it to her while he was still alive and both of them could enjoy it. Shortly after his death, her "evil sister" came to her and begged and begged and begged for the table as a memento of their dad. She had done nothing in terms of caring for their father in his final months and weeks and days, rarely even paid him a visit. She had no place to put the table and it did not match any of her other furniture, but she begged and begged and begged for it. Finally but with reluctance my friend gave in and gave her sister the table. A week later, it was for sale on craigslist.

None of us choose our families, but we do choose our friends. All of us here, Ozy, have followed your leadership/guidance/mentoring/instigation and formed a community of friends. I think, to paraphrase the last Crusader, we have chosen wisely.

Best wishes to you, Ozy, in all your endeavors. You will always be welcome here, at least if *I* have anything to say about it. :hi: But know, too, that a part of you can never leave SMW because of what you have shared with all of us. And, I hope, you will take a part of us with you wherever you go and whatever you do.

Peace and prosperity to you and yours, sir.

Happy New Year!



Tansy Gold

[ozymandius]

77. I really don't know what to say.

Your words fill me up and leave me with some profound sense of loss. I suppose the loss comes from the anticipation that I will miss your company here and the personal, undefinable enrichment this place has brought me.

I remember 2004 after Bush defeated Kerry. I posted the SMW thread the next morning and the effect was like shouting into the void. The basic elements of the thread were assembled but not much happened beyond that. There was nobody here until someone, I forget who, spoke up asking 'is anyone here?' I responded. Then Maeve joined the conversation, expressing her thanks for the persistence of this thread, "marching through the fog," she said to break the static numbness from the election results. My departure is certainly not the slow motion tragedy that the 2004 election delivered. The point of this missive is that persistence will carry us forward and smooth over the rough spots that endings and beginnings bring.

So we keep marching.

This thread is larger than any one person. Tansy, you have succinctly expressed the depth and breadth of that idea. The intellectual capacity of all productive members of this thread are the engine of the SMW's success. When I temporarily disappear at the end of the day, I know that you folks who remain will continue what started long before this became my daily ritual.

We have each been altered by what has transpired here over the years. Nothing can change that.

[DemReadingDU]

52. Thank you for all your time and dedication

:applause:

[ozymandius]

63. It has been a pleasure and an honor.

Thank you for your energetic and kind participation. Your presence here has made the experience very fulfilling. :toast:

[burf]

64. Thanks Ozy for all the hard work.

May you have a happy and prosperous new year.

[ozymandius]

68. Thank you, burf.

I wish you, too, a happy 2011 full of positive boons and progress.

[wovenpaint]

110. Thank you

I'm a long time lurker (as I have lots more to learn than to contribute-but I do K&R, lol)
and have enjoyed reading this thread daily. Thank you so much for your stewardship.
We'll all miss you and hope you make guest appearances.
Good luck to PBD and thanks for continuing the SMW thead.
Happy New Year! :hi: :toast:

[Viva_La_Revolution]

130. I brought cake!

Thank you Ozy

[ozymandius]

132. A gold watch cake!

That's amazing. Thank you!

[mbperrin]

134. Great work in this place of refuge! May I offer:

May the saddest day of your future be no worse

Than the happiest day of your past.




Only wishes for great things! Thank you, ozy!

[ozymandius]

135. And to you mbperrin,

your contributions here have been and always will be of tremendous value. Thank you for the toast. :toast:

[Roland99]

136. Godspeed, ozy!

May 2011 and beyond bring you nothing but joy.

[ozymandius]

141. Thank you, Roland.

As usual, your brevity carries a great deal of meaning. Thank you for being here on this day.

[Maeve]

140. You have performed the service well, my friend!

And for a looong time! :thumbsup:

Thank you for all you've done and enjoy a rest well earned :hug:

[ozymandius]

142. I wondered if you would drop by.

I am so glad you did, my old friend. Happy trails and great stories yet to be told. Thank you for being here. :hug:

[girl gone mad]

145. Thank you, ozy!

I hope this means you get to sleep in once in a while.

:)

eta: When I'm first to rec. the SMW thread, it's only because I haven't gone to bed yet.

[nc4bo]

152. Goodbye Ozy and thank-you..

Had to put a dear friend to sleep yesterday and well.......

In any case - SMW is the best thread on the DU - it doesn't lie, coverup or push any BS. Straight, no chaser and I very much appreciate that one large fact.

Take care and don't be a stranger!!

[ozymandius]

4. I have some graphics to give away.

Starting with small signs:



Either capture these or download to your local drive. They will soon be deleted from my image account.

[ozymandius]

5. Here is something that is still relevant.

[wordpix]

121. those tea baggers & repugs don't want to look at facts like these

ANGER and emotions! That's what they go on.

[ozymandius]

7. Magazine Covers: come and get 'em

[ozymandius]

13. Come take some odds and ends I've collected.

[ozymandius]

17. If you want to look at the code that drives the thing: here it is.

[font size=3][b]STOCK MARKET WATCH, Friday December 31,
2010[/b][/font]

[div
class="excerpt"][b][link:/finance.yahoo.com/?u|AT
THE CLOSING BELL ON December 30, 2010][/b]
[font color=red][b]
Dow	 	 11,569.71	 -15.67	 (-0.14%)
Nasdaq		 2,662.98	 -3.95	 (-0.15%)
S&P 500	1,257.88	 -1.90	 (-0.15%)	
10-Yr Bond... 	3.37	+0.00	(+0.12%)
30-Year Bond  	4.43	+0.00	(+0.05%)
[/b][/font][/div]
[HR width=85%]
[div class="excerpt"][font size=2][b]Market
Conditions During Trading Hours[/font][/b]
[center]http://cdn.images.bloomberg.com/r06/homepage/HP_INDU.png
http://cdn.images.bloomberg.com/r06/homepage/HP_UKX.png
http://images.bloomberg.com/r06/homepage/HP_NKY.png[/div]

[b][font color=blue][font size=2][link:www.kitco.com/|Euro,
Yen, Loonie, Silver and Gold][/b][center]
http://www.weblinks247.com/exrate/24hr-euro-small.gif
http://www.weblinks247.com/exrate/24hr-jpy-small.gif
http://www.weblinks247.com/exrate/24hr-cad-small.gif
http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif
http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif

[div
class="excerpt"]http://www.kshitij.com/graphgallery/nymex%20crudecandle_files/Nymex%20crude%20ohlc_30784_image001.gif[/div][/center]
[HR width=95%]
[blockquote][div class="excerpt"][font
color=black][font size=2][b]Handy Links - Market Data and
News:[/font][/font][/b][center][link:www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm|Economic
Calendar]    [link:cbs.marketwatch.com/tools/marketsummary/default.asp?siteid=mktw|Marketwatch
Data]    [link:www.bloomberg.com/news/economy/|Bloomberg
Economic News]    [link:finance.yahoo.com/|Yahoo!
Finance]    [link:finance.google.com/finance|Google
Finance]    [link:banktracker.investigativereportingworkshop.org/banks/|Bank
Tracker]    
[link:banktracker.investigativereportingworkshop.org/credit-unions/|Credit
Union Tracker]    [link:www.dailyjobcuts.com|Daily
Job Cuts][/div][/center]
[div class="excerpt"][font color=black][font
size=2][b]Handy Links - Economic
Blogs:[center][/font][/font][/b]
[link:www.ritholtz.com/blog/|The Big
Picture]    [link:www.financialsense.com|Financial
Sense]    [link:www.calculatedriskblog.com/|Calculated
Risk]    [link:www.nakedcapitalism.com/|Naked
Capitalism]    [link:www.creditwritedowns.com/|Credit
Writedowns]
[link:delong.typepad.com/sdj|Brad
DeLong]      [link:www.bonddad.blogspot.com/|Bonddad]    [link:atrios.blogspot.com/|Atrios]    [link:www.goldmansachs666.com/|goldmansachs666]    [link:www.standupeconomist.com/|The
Stand-Up Economist][/center][/div]
[div class="excerpt"][font color=black][font
size=2][b]Handy Links - Government
Issues:[/font][/font][/b][center]
[link:legitgov.org/action.html|LegitGov]    [link:www.fpds-ng.com|Open
Government]    [link:www.earmarks.omb.gov|Earmark
Database]    [link:usaspending.gov/|USA
spending.gov][/center][/div]
[div class="excerpt"][font color=black][font
size=2][b]Handy Links - Videos:[/font][/font][/b][center]
[link:www.youtube.com/watch?v=akVL7QY0S8A|The Coming Collapse
of the Middle
Class]    [link:www.charlierose.com/view/interview/9310|Charlie
Rose talks with
Roubini]    [link:www.charlierose.com/view/interview/10433|Charlie
Rose talks with Krugman]
    [link:www.informationclearinghouse.info/article23243.htm|William
Black: This Economic
Disaster]    [link:www.pbs.org/moyers/journal/01082010/watch.html|Bill
Moyers with Kevin Drum and David Corn]
[/div][/center][/blockquote][div
align="center"][font color=black]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 =
[b][/font][font color=red]11[/font][/b][/div]
[HR width=95%]
[center]
http://d.yimg.com/a/p/uc/20101231/largeimagecrmlu101230.gif
[/center]

[HR width=95%]
[font size=3][font color=red][i]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.[/font][/font][/i]

[Hugin]

20. I'm grabbing this.

I'll have it on file if needed.

[DemReadingDU]

25. Thank you for all these goodies!

I don't know anything about this kind of code, looks cool though!

[ozymandius]

42. You're welcome. The code is HTML adapted to the DU script.

I have lobbied the admins to make allowances for javascript to be embedded since that is where online graphics are moving.

[ozymandius]

34. bookmarks

These are the most used resources for assembling the daily thread. Pale Blue Dot has this list. If you wish to populate your bookmarks with some new resources, here it is.
SMW
Market Indexes - start here to get latest index numbers. Click on 'Investing' to get bond prices.

cartoons
Yahoo! - my first choice for cartoons through the sheer number and quality of the artists. 
Creators Cartoons - 2nd choice. 
PoliticalCartoons
Washington Post
Danziger 

the day's first order of business

Economic Calendar - This is briefing.com's daily roundup. I format the data for easy reading.

Oil Prices - I had adopted this as my "beat" some years ago. The price of oil often acts a very good corollary to forecasting economic downturns. Following the oil price report, I click on 'U.S. Economy' for a survey of macroeconomic stories. Yahoo is a good portal. I will occasionally use this interchangeably with Google Finance. 

News
ProPublica - I've been using them more frequently these past few weeks.
Google Finance 
Bloomberg.com - They have deeply embedded resources and offer thoroughly written pieces.
CNN Money - I tend to look at them as the 'cheerleader' website. CNN tends to be the first to scream "The bull is back!" just before a precipitous broad-based decline. Nevertheless, they occasionally carry interesting stories and graphics. 

Econ blogs

macroindex - This is my blog. Take what you want. I have started to rely more heavily on the news stories (left-hand column) there. I have assembled keywords that will sift through a number of context items.
The Big Picture - Ritholtz is really good. His comments are frequently scathing when necessary and he delivers good chart porn.
naked capitalism - Yves Smith, et al. She is the go-to person for banking issues, audits and contracts
Calculated Risk} - Bill McBride's place. It skews toward real estate. He is also very upbeat about most things, often contrary to my read on them. However, I consider CR the gold standard.
Calculated Risk Chart Gallery - Just wonderful! Just be sure to give Bill credit when you link to his stuff.[br />zero hedge - It is referenced frequently at the SMW. 'Tyler Durden' is any one of twenty people who post under this name.
Credit Writedowns - Ed Harrison occasionally visits DU
Global Economic Trend Analysis - "Mish" is a libertarian. He and I might come to blows if we were in the same room together. I respect his opinions, though, especially on The Fed
Brad DeLong - the antidote to "Mish"
Paul Krugman Blog
Rortybomb - This guy posts infrequently, but when he does, it's usually something good.
Law.com - Prowl around this place. It's full of surprises. This is where I have found solidly written news about lawsuits against banks.

market numbers

Market Overview - Yahoo is very good for live intraday and end-of-day numbers. This site also uses Briefing.com's bather, which is sometimes laughable. If you've ever read the quip, "investors did not want to hold stocks over the weekend," after a brutal Friday pommeling - this is where that quote originated.
Pre-Market numbers - CNN
Nymex Crude Oil Chart - candles and line charts.
Chicago Fed Activity Index - the best damned aggregate indicator of economic activity
FDIC: Press Releases - bank failure news

[JNelson6563]

86. I may borrow this

And may kick off a daily stock thread elsewhere.

All the best Ozy. I'll never forgot our time together here.

Julie

[ozymandius]

89. Nor will I forget our times here.

My fond memories of you will endure. Good fortune with 2011!

[Tansy_Gold]

114. I don't think that would be "borrowing."

I think it's called taking. But you will of course give credit where credit is due, won't you?


TG

[Roland99]

138. Thanks, ozy

[Demeter]

6. For Ireland, a Question of Scale by: Paul Krugman

http://www.truth-out.org/for-ireland-a-question-scale66391

...For the United States, the T.A.R.P. was only 5 percent of gross domestic product, so even if a large part of the money had been lost - which it was not - it would not have been a major contributor to the federal debt.There have been other losses in the United States, largely due to the rescue of Fannie Mae and Freddie Mac, the nation’s two largest mortgage buyers. But those losses were not disastrous for the United States.Also, in October 2008, the United States faced the risk that the entire world financial system would freeze up, but this was not the problem the government in Ireland was grappling with.

In Ireland, by contrast, the bailout made a potentially manageable debt situation catastrophic. Putting taxpayers on the hook for 5 percent of G.D.P. is one thing; putting them on the hook for 60 or 70 percent of G.D.P. is quite different...Morgan Kelly, a professor of economics at University College Dublin, explained the difference earlier this year in an op-ed piece for The Irish Times: Ireland’s bank bailout added up to a commitment that was about 15 percent the size of T.A.R.P.’s, but its economy is about one-hundredth the size of the United States’s. Mr. Kelly shows that economists cannot compare "the leviathan that is America to the minnow that is Ireland."


Wolfgang Schäuble, Germany’s finance minister, told the Financial Times in a Dec. 5 interview that "deficits were one of the main reasons for the crisis."
In what universe? Ireland and Spain were running surpluses on the eve of the crisis, and the situation in the United States was clearly driven by private-sector debt, not public-sector debt. It was the runaway banks and the private-sector bubbles that caused the crisis.

The governments of Ireland and Spain began running deficits only after the bust.

Unless you define the crisis entirely in terms of Greece’s situation and ignore all examples to the contrary, statements like Mr. Schäuble’s make no sense at all.

WHILE I'M NOT AS SANGUINE ABOUT THE UNITED STATES' SITUATION AS MR. KRUGMAN, HE HAS DESCRIBED IRELAND'S BEAR TRAP TO A "T".

I WISH HE WERE AS PERCEPTIVE ABOUT THE US'S UNBEARABLE BURDENS...

[Demeter]

9. Serfing USA: Corporate America Is Robbing American Workers

http://www.truth-out.org/serfing-usa-corporate-america-robbing-american-workers66399


...American companies have also been picking the pockets of workers more directly.

This second round of paycheck theft has come in the form of stolen productivity gains.

Historically, the relatively high and rising standard of living of American workers--both blue and white-collar--which once gave the US one of the highest standards of living in the world, has come courtesy of rising productivity, which has allowed US companies to produce more goods with less labor, and to then pass some of the enhanced profits on to workers in the form of higher wages, without having to raise prices. That has been important because, when higher wages are financed by higher prices, it tends to be a kind of zero-sum game: higher wages cancelled out by inflation.

But beginning in 2000, the old system already creaky, broke down. (It must be noted that this system was never the result of the capitalists' largesse, but rather was because of a tighter labor market and, critically, a powerful labor movement.)

The corporate onslaught against trade unions and against the minimum wage, which began with the Nixon administration in 1968, combined with so-called “free-trade” deals that allowed US companies to shift production overseas and then to freely import the products of their overseas production facilities back for sale to Americans at home, by weakening the power of workers to demand higher wages, has led to a situation where companies can just pocket all the profits from productivity gains, leaving wages stagnant, or even driving them down....

[Demeter]

10. William K. Black 2011 Will Bring More de Facto Decriminalization of Elite Financial Fraud

http://www.huffingtonpost.com/william-k-black/the-role-of-the-criminal_b_802115.html

REPOST FOR SMW

[Demeter]

11. CHINA: Destination Inflation

http://english.caing.com/2010-11-24/100201385.html

Inflation has become a threat to social stability. The government is responding with a combination of monetary tightening and price controls. While these measures may calm inflation fears among the masses for the time being, the fear may come back with a vengeance if the measures fail to achieve the stated purposes.

China has entered an era of inflation. How high inflation averages over the next five years will be mostly determined by the rippling effects of monetary expansion in the past decade. It is too late to try to push inflation back. What is needed is action to safeguard stability during this inflation era.

The necessary policies for maintaining stability are (1) to increase interest rates to the expected average inflation rate over the next five years, (2) to increase allowances for the population on fixed payments (e.g., pensioners and students), (3) to accommodate market forces for wage increases, and (4) to decrease personal income tax rates to prevent rising tax burdens on inflation impact on nominal income.

China's economy is usually inflation prone. As a large developing economy, the need for money is constant. The system tends to accommodate such needs through monetary expansion. That is why China was full of high inflation episodes in the 20th century....

CLEAR AND COMPREHENSIVE ANALYSIS OF WORLD ECONOMIC TRENDS FOR PAST 40 YEARS...FROM A NON-US POINT OF VIEW!

[Demeter]

16. Next Up: a "Flat Tax" for the Rich By MICHAEL HUDSON

http://www.counterpunch.org/hudson11252010.html

The danger the United States faces today is that the government debt crisis scheduled to hit Congress next spring (when Republicans are threatening to vote against raising the federal debt limit as the government deficit soars) will provide an opportunity for the wealthy to give a coup de grace on what is left of progressive taxation in this country. A flat tax on wage income and consumer sales would “free” the rentiers from taxes on their property.

All governments have to levy taxes – that is, they have to tax somebody. Naturally, the super-rich would like this tax to be shifted off their shoulders onto those who have to work for a living. In diametric opposition to Adam Smith and other putative “founding fathers” of “free market” neoliberalism, the super-rich want to shift taxes off “free lunch” economic rent – off interest, dividends, rents and capital gains – onto wage-earners.

This tax shift already has been underway for the past thirty years. It has doubled the proportion of the returns to wealth (interest, dividends, rents and capital gains) enjoyed by the wealthiest 1 per cent, from a reported one-third in 1979 to an estimated two-thirds of the U.S. total today.

This regressive tax shift off wealth onto wage earners has occurred in three ways. The largest and most egregious was the Greenspan Commission’s ploy of moving the cost of Social Security and Medicare out of the general budget (where it would have to be financed by taxpayers in the higher brackets) onto the bottom of the scale in 1982....

[xchrom]

21. demeter -- can you give some background info on michael hudson?

i've been reading his stuff and listening to some vids -- but i don't know anything about him.

[DemReadingDU]

28. Six Minutes with the Renegade Economist - Michael Hudson Special...

2/27/09 Six Minutes with the Renegade Economist - Michael Hudson Special...

http://www.youtube.com/watch?v=3pwAFohWBL4 10 minute video


This is one of the first videos I had seen with Michael Hudson. I've always liked how he explains things in a way that I can mostly understand what is going on.


edit to correct date on the video

[Demeter]

29. Sure!

http://en.wikipedia.org/wiki/Michael_Hudson_%28economist%29

Michael Hudson (born in 1939, Chicago, Illinois, USA) is research professor of Economics at University of Missouri, Kansas City (UMKC). He is also a Wall Street analyst and consultant as well as president of The Institute for the Study of Long-term Economic Trends (ISLET) and a founding member of International Scholars Conference on Ancient Near Eastern Economies (ISCANEE).

Hudson previously taught at the New School in New York City, and he is currently a research professor at the University of Missouri at Kansas City. He also lectures and publishes in association with UMKC at The Berlin School of Economics.

Hudson served as Chief Economic Advisor for Dennis Kucinich’s 2008 presidential campaign and holds the same position in Kucinich’s Congressional campaign. He has been economic advisor to the U.S., Canadian, Mexican and Latvian governments, to the United Nations Institute for Training and Research (UNITAR), and he is president of the Institute for the Study of Long-term Economic Trends (ISLET).

Hudson is a former balance-of-payments economist for Chase Manhattan Bank and Arthur Andersen, and economic futurist for the Hudson Institute (no relation). For Scudder, Stevens & Clark in 1990, he established the world’s first Third World sovereign debt fund, which became the second best performing international fund in 1991....author of several books, contributor to several blogs...official website:

http://michael-hudson.com/

[xchrom]

31. awesome! thank you! nt

[Demeter]

18. The Haves and Have-Nots -- Why the Wealthy Tend to Keep Getting Richer at Our Expense

http://www.alternet.org/story/149309/the_haves_and_have-nots_--_why_the_wealthy_tend_to_keep_getting_richer_at_our_expense?page=entire

Economist Branko Milanovic explains why the middle class inevitably fails to reap the benefits of fiscal redistribution.


The following is an excerpt from Branko Milanovic's new book, The Haves and the Have-Nots: A Brief and Idiosyncratic History of Global Inequality (Basic Books, 2010).

....Obviously, people with very low market income will be people who either are unable (or unwilling) to sell their labor services and lack property from which they could derive some income. Oftentimes, in developed countries, they are the unemployed. Incidentally, state-funded pensions (like social security) or private pensions are considered equivalent to wage payments (only delayed) and thus included in market income....

[xchrom]

19. Happy New Year -- and my thanks for smw. nt

[ozymandius]

22. Happy New Year to you, xchrom!

Thank you for your enduring support. :yourock:

[Demeter]

23. Vision: How We Can Mobilize the Unemployed for a Massive Economic Movement

http://www.alternet.org/story/149367/vision%3A_how_we_can_mobilize_the_unemployed_for_a_massive_economic_movement?page=entire

The recession has created the perfect environment for a new social movement, but the unemployed have to combine a proud and angry identity with concrete targets...So where are the angry crowds, the demonstrations, sit-ins and unruly mobs? After all, the injustice is apparent. Working people are losing their homes and their pensions while robber-baron CEOs report renewed profits and windfall bonuses. Shouldn't the unemployed be on the march? Why aren't they demanding enhanced safety net protections and big initiatives to generate jobs?

It is not that there are no policy solutions. Left academics may be pondering the end of the American empire and even the end of neoliberal capitalism, and--who knows--in the long run they may be right. But surely there is time before the darkness settles to try to relieve the misery created by the Great Recession with massive investments in public-service programs, and also to use the authority and resources of government to spur big new initiatives in infrastructure and green energy that might, in fact, ward off the darkness..

...The problem of how to bring people together is sometimes made easier by government service centers, as when in the 1960s poor mothers gathered in crowded welfare centers or when the jobless congregated in unemployment centers. But administrators also understand that services create sites for collective action; if they sense trouble brewing, they exert themselves to avoid the long lines and crowded waiting areas that can facilitate organizing, or they simply shift the service nexus to the Internet. Organizers can try to compensate by offering help and advocacy off-site, and at least some small groups of the unemployed have been formed on this basis.

Second, before people can mobilize for collective action, they have to develop a proud and angry identity and a set of claims that go with that identity. They have to go from being hurt and ashamed to being angry and indignant. (Welfare moms in the 1960s did this by naming themselves "mothers" instead of "recipients," although they were unlucky in doing so at a time when motherhood was losing prestige.) Losing a job is bruising; even when many other people are out of work, most people are still working. So, a kind of psychological transformation has to take place; the out-of-work have to stop blaming themselves for their hard times and turn their anger on the bosses, the bureaucrats or the politicians who are in fact responsible...

[xchrom]

26. +1

[Festivito]

30. Debt: 12/29/2010 13,870,949,681,979.42 (DOWN 6,280,673,953.58) (Wed)

(Up little. Go with joy ozy. Good day.)
Tire blew emergecy gas shutoff. Sobered at a party.
(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)
= 9,327,651,808,773.26 + 4,543,297,873,206.16
UP 165,778,043.38 + DOWN 6,446,451,996.96

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 $3,215.16 makes 1T$.
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 311,026,592 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 $44,597.31.
A family of three owes $133,791.93. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 days.
The average for the last 23 reports is 3,506,414,293.63.
The average for the last 30 days would be 2,688,250,958.45.

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$/day.
There were 62 reports in 90 days of FY2011 averaging 4.99B$ per report, 3.44B$/day.
Above line should be okay

PROJECTION:
There are 753 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)
12/29/2010 13,870,949,681,979.42 BHO (UP 3,244,072,633,066.34 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 +0,309,326,651,087.70 ------------* * * * * * * BHO
Endof11 +1,254,491,418,300.12 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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
12/14/2010 +000,270,507,131.41 ------------********
12/15/2010 +035,075,952,728.32 ------------**********
12/16/2010 -002,942,603,716.29 --
12/17/2010 +002,071,215,295.43 ------------*********
12/20/2010 -000,083,147,973.47 ---- Mon
12/21/2010 +000,210,432,562.88 ------------********
12/22/2010 +000,569,620,034.56 ------------********
12/23/2010 +001,962,709,844.10 ------------*********
12/24/2010 -000,001,321,466.66 -----
12/27/2010 -000,059,144,170.26 ---- Mon
12/28/2010 +001,124,227,282.97 ------------*********
12/29/2010 +000,165,778,043.38 ------------********

38,735,805,646.89 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=4675957&mesg_id=4676352

[Festivito]

154. Debt: 12/30/2010 13,871,130,353,817.40 (UP 180,671,837.98) (Thu)

(Up little. Good day.)
Up north again, but I cannot fix computers.
(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)
= 9,327,743,778,364.03 + 4,543,386,575,453.37
UP 91,969,590.77 + UP 88,702,247.21

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 $3,215.08 makes 1T$.
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 311,033,792 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 $44,596.86.
A family of three owes $133,790.58. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 days.
The average for the last 23 reports is 450,286,730.39.
The average for the last 30 days would be 345,219,826.63.

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$/day.
There were 63 reports in 91 days of FY2011 averaging 4.91B$ per report, 3.40B$/day.
Above line should be okay

PROJECTION:
There are 752 days remaining in this Obama 1st term.
By that time the debt could be between 14.1 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)
12/30/2010 13,871,130,353,817.40 BHO (UP 3,244,253,304,904.32 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 +0,309,507,322,925.70 ------------* * * * * * * BHO
Endof11 +1,241,430,471,075.61 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
12/10/2010 +000,085,971,333.21 ------------*******
12/13/2010 -000,140,409,571.73 --- Mon
12/14/2010 +000,270,507,131.41 ------------********
12/15/2010 +035,075,952,728.32 ------------**********
12/16/2010 -002,942,603,716.29 --
12/17/2010 +002,071,215,295.43 ------------*********
12/20/2010 -000,083,147,973.47 ---- Mon
12/21/2010 +000,210,432,562.88 ------------********
12/22/2010 +000,569,620,034.56 ------------********
12/23/2010 +001,962,709,844.10 ------------*********
12/24/2010 -000,001,321,466.66 -----
12/27/2010 -000,059,144,170.26 ---- Mon
12/28/2010 +001,124,227,282.97 ------------*********
12/29/2010 +000,165,778,043.38 ------------********
12/30/2010 +000,091,969,590.77 ------------*******

38,401,756,948.62 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=4678199&mesg_id=4678245

[Demeter]

32. The Economy Is In the Trash Can, While the Power Bankers Keep Raking It In

http://www.alternet.org/story/149366/the_economy_is_in_the_trash_can%2C_while_the_power_bankers_keep_raking_it_in?page=entire

...Don't be fooled by the gyrations of the stock market, where optimism is mostly a reflection of the ability of financial corporations -- thanks to massive government largesse -- to survive the mess they created. The basics are dismal: unemployment is unacceptably high, the December consumer confidence index is down, and housing prices have fallen for four months in a row. The number of Americans living in poverty has never been higher, and a majority in a Washington Post poll said they were worried about making their next mortgage or rent payment.

In a parallel universe lives Peter Orszag, President Barack Obama's former budget director and key adviser, who even faster than his mentor, Robert Rubin, has passed through that revolving platinum door linking the White House with Wall Street. The goal is to use your government position to advance the interests of your future employer, and Orszag and Rubin's actions in the government and then at Citigroup provide stunning examples of the synergy between big government and high finance.

As Bill Clinton's treasury secretary, Rubin presided over the dismantling of Glass-Steagall, the New Deal legislation that would have prohibited the creation of the too-big-to-fail Citigroup. He was rewarded with a $15-million-a-year job at Citigroup, where he became a leader in the bank's aggressive move into high-risk ventures. An SEC report in September claimed that Rubin as Citigroup chairman was aware that the bank failed to disclose $40 billion it held in subprime mortgages before the collapse.

During those years at Citigroup, Rubin financed the Brookings Institution's Hamilton Project, an economic policy program, and named Orszag, a Clinton economic adviser, as its director. The Hamilton Project continued to celebrate Rubin's deregulation philosophy up to the point of utter embarrassment. Clearly, Orszag is not easily embarrassed, for upon taking his new job recently he boasted "I am pleased to be joining Citi, with its unmatched global platform and dedication to providing clients with service and advice."

MORE AT THE LINK, IF YOU CAN STOMACH IT

[Demeter]

33. CICC head of investment banking quits

The head of investment banking at China International Capital Corporation has become the latest and most senior in a string of top executives to abandon China’s oldest and most respected investment bank.

The imminent departure of Ding Wei, head of CICC’s investment banking department, comes less than a month after the Chinese government approved Morgan Stanley’s sale of its 34.3 per cent stake in the company to a consortium led by TPG Capital and KKR, the US private equity groups.

Read more >>
http://link.ft.com/r/KC2844/S3XSGB/DXJ2Y/8A19KC/YHKK8G/D5/t?a1=2010&a2=12&a3=31

[Demeter]

35. China increases state company pay-outs

Most of largest state-owned enterprises to be required to pay larger dividends to the state next year to help rebalance the economy and funnel more money into underfunded public services

Read more >>
http://link.ft.com/r/BLH300/EW8A3G/WH2F8/YHQMPM/LQOBY8/QR/t?a1=2010&a2=12&a3=31

[Demeter]

44. PayPal plans China expansion

Planned expansion by world’s largest online payment platform could strengthen its parent Ebay in booming market

Read more >>
http://link.ft.com/r/A1TNOO/C5B0PI/1O51V/BMHSLN/A73QKD/MQ/t?a1=2010&a2=12&a3=30

[Demeter]

56. China manufacturing eases, but tightening fears remain

http://www.marketwatch.com/story/china-manufacturing-cools-but-policy-fears-remain-2010-12-29

Chinese manufacturing expanded further in December, although the pace of growth slowed to a three-month low, according to data released Thursday by HSBC.

But with input prices continuing to rise and manufacturers raising prices to pass on the higher costs to customers, the data still underscore the need for further interest rate hikes to keep expectations for price increases in check, economists at HSBC said...

[Demeter]

36. Western cash inflows trouble Asia

Emerging Asia’s central banks are imposing fresh controls on local banks as fears rise of volatile currency movements and asset price bubbles caused by loose US monetary policy

Read more >>
http://link.ft.com/r/BLH300/EW8A3G/WH2F8/YHQMPM/5CSI6F/QR/t?a1=2010&a2=12&a3=31

[Demeter]

38. Higher VAT raises fear of cross-border fraud

Value added tax rises come into force across Europe next month as governments turn to indirect tax to shore up public finances, sparking concerns about cross-border fraud

Read more >>
http://link.ft.com/r/BLH300/EW8A3G/WH2F8/YHQMPM/YHK51Y/QR/t?a1=2010&a2=12&a3=31

[Demeter]

39. Bolivian leader tries to quell unrest

Evo Morales, Bolivia’s leftwing president, has announced agricultural subsidies, a minimum wage increase and a public sector pay rise in an effort to quell nationwide protests over Christmas fuel price rises

Read more >>
http://link.ft.com/r/BLH300/EW8A3G/WH2F8/YHQMPM/GKHU46/QR/t?a1=2010&a2=12&a3=31

[Po_d Mainiac]

40. Ozy....Don't ferget there's a glass here with your name on it .

:toast:

Bon Chance!

[ozymandius]

49. Thank you. Such a gracious offer.

I have wanted very much to visit Maine. Where are you?

[Demeter]

41. Eurozone banks raise corporate lending

European Central Bank data show loans to companies rose €11bn in November, the third rise in four months, spurring hopes of continued economic recovery

Read more >>
http://link.ft.com/r/ZE9K33/YHQFZI/WH2F8/5C3D1B/8AFI4U/B7/t?a1=2010&a2=12&a3=30

[Demeter]

43. Vatican to tackle money laundering

The Vatican will establish a new authority to combat money laundering as it seeks the blessing of international regulators for its bank

Read more >>
http://link.ft.com/r/ZE9K33/YHQFZI/WH2F8/5C3D1B/UU5CBY/B7/t?a1=2010&a2=12&a3=30

WHY DOES THE VATICAN NEED A BANK, ANYWAY? OR MAYBE, WHY DOES IT WANT A BANK?

[Demeter]

45. US consultant charged with insider trading

Federal prosecutors charged a California consultant at an ‘expert network’ firm with allegedly passing inside information about two technology groups to hedge fund traders

Read more >>
http://link.ft.com/r/A1TNOO/C5B0PI/1O51V/BMHSLN/5CSKMC/MQ/t?a1=2010&a2=12&a3=30

[Demeter]

46. WPP closes in on Blue State Digital purchase

The world’s largest marketing holding company is close to acquiring the digital agency that led Barack Obama’s groundbreaking online fundraising campaign in the 2008 US presidential election

Read more >>
http://link.ft.com/r/A1TNOO/C5B0PI/1O51V/BMHSLN/XTXAOG/MQ/t?a1=2010&a2=12&a3=30


DEVELOPMENTS THAT MAKE ONE GO "HMMM..."

[Demeter]

47. Liquidnet in talks with 13 exchanges

The move by the largest independent operator of ‘dark pools’ is aimed at boosting volumes for both types of trading venue, as fierce competition prompts former rivals to co-operate

Read more >>
http://link.ft.com/r/A1TNOO/C5B0PI/1O51V/BMHSLN/V14V8L/MQ/t?a1=2010&a2=12&a3=30

[Demeter]

48. UK banks seek to speed up flotation process

UK investment banks are planning to cut by more than half the amount of time it takes to list companies on the London Stock Exchange after volatile markets scuppered billions of pounds of deals in 2010

Read more >>
http://link.ft.com/r/A1TNOO/C5B0PI/1O51V/BMHSLN/NSCHPN/MQ/t?a1=2010&a2=12&a3=30

[Demeter]

50. Dodd-Frank: Moving from theory to practice

http://www.futuresmag.com/Issues/2011/January-2011/Pages/DoddFrank-Moving-from-theory-to-practice.aspx

Both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) were given monumental tasks by Congress in promulgating rules that will shape the Dodd-Frank Wall Street Reform and Consumer Protection Act, the largest overhaul of the financial markets since the Great Depression. Along with the list of rules to write (see "Financial reform from A to Z"), they were both given very tight timetables for actually completing the job. Some rules, such as those pertaining to retail forex, had deadlines as little as 90 days after the passage of the Act. Most have a one-year deadline from enactment.



While some of the recent rules are areas the CFTC already has been studying, Dodd-Frank gave the Commission direction to bring an entire class of previously unregulated products under their rule. "They have an enormous job. They have been asked to create a regulatory system for a whole series of market participants and regulatory categories that didn’t exist before," says Daniel Waldman, partner at Arnold & Porter LLP. "They have to figure out what to require to be cleared, what to be exchange-traded, what new forms of exchange trading really mean and how trades will actually be executed in this new market paradigm."

MORE

[Demeter]

51. Hey, Who Stole the Snow?

It appears that the January thaw came early in your honor, Ozy. Let us hope that this is a GOOD omen...

I hate to think where I'd be if it weren't for SMW. Still drowning in ignorance, no doubt. SMW is the best feature of DU, and under your captainship, it has made the difference for many people, including my little condo community. Truly News You Can Use!

[ozymandius]

65. Mother Nature a fan?

That would be something to crow about. Thank you, Demeter, for your enthusiasm. Please check your PM box.

:hug:

[burf]

70. I dunno who stole your snow,

but they left it in our neck of the woods. We got about a foot so far with more coming in later today. There are some drifts that are waist deep. Temp is currently 0 and the wind chill about -25. Looks like a good day to stay inside and watch football. I got the tractor plugged in so it will start and we can blow snow when this is finally over.

Happy New Year!!!

[DemReadingDU]

72. Heat wave in SW Ohio

55 degrees!
Snow has melted
:)

[Tansy_Gold]

87. No hard freeze here, but still damn cold at 32

We usually get a few nights below freezing every year, so this is not unusual, but I STILL DON'T LIKE IT.

Enjoy your heat wave! :hi:

[Demeter]

53. Bank Law Designed to Avoid `Too Big to Fail' Scenario, German Agency Says

WHATEVER. YOU JUST KEEP TELLING YOURSELVES THAT...


http://www.bloomberg.com/news/2010-12-29/new-bank-law-aims-to-avoid-too-big-to-fail-scenario-german-agency-says.html

A new German law will help the state to restructure lenders and avoid having to bail out banks whose collapse may hurt the industry and wider economy, the Federal Agency for Financial Market Stabilization said.

Beginning in 2011, the FMSA will oversee a restructuring fund and collect a bank levy that’ll enable it to reorganize lenders and protect systemically relevant parts of struggling banks, according to an e-mailed statement today.

Under the new law, German authorities can transfer systemically relevant parts of a bank to another lender or place those activities in a newly created “bridge bank” to allow the continuation and restructuring of operations, the FMSA said. The remaining assets may be wound down in insolvency proceedings. The restructuring fund can provide capital or guarantees to the bridge bank using money from the levy.

Germany passed a law in November that includes a levy on the country’s lenders to set up a 70 billion-euro ($92 billion) fund for future bailouts and measures to help wind down lenders, as the country seeks to reduce the risk of taxpayers footing the bill for financial crises...

[Demeter]

54. DOMINO EFFECT: Italy's debt costs approach red zone

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8230413/Italys-debt-costs-approach-red-zone.html

Italy's borrowing costs have jumped to the highest level since the financial crisis over two years ago, raising concerns that Europe's biggest debtor may slip from the eurozone's stable core into the high-risk group on the periphery...

Yields on 10-year bonds rose 10 basis points to 4.86pc after a poor auction of short-term debt in Rome. The Italian treasury had to pay 1.7pc to sell €8.5bn (£7.2bn) of six-month bills in a thin post-Christmas market, up from 1.48pc a month ago.

The spike in rates came as money supply data released by the European Central Bank showed that real M1 deposits have collapsed at a rate of 2.8pc over the last six months in the EMU bloc of Italy, Spain, Greece, Ireland and Portugal, even though they are rising in northern Europe.

"This is comparable with the decline in early 2008 just ahead of the plunge into recession," said Simon Ward from Henderson Global Investors. "The eurozone periphery is locked into a 'double dip' that will undermine fiscal consolidation."

Italy's M1 contraction began later than elsewhere in southern Europe but is now accelerating. M1 typically gives advance warning of economic shifts by six to nine months...

[Demeter]

55. Investors look back on a decade of grim stock returns

http://www.usatoday.com/money/perfi/stocks/2010-12-30-worstdecadeever30_CV_N.htm

Stock investors will look back on the first decade of the 21st century with the same degree of nostalgia they have for their first root canal.

"I've lived a long time, been through a lot of decades," says Hugh Johnson, chairman and chief investment officer of Hugh Johnson Advisors. "Some were real good, some were real bad, but this one was miserable."

How bad was this decade? The Standard & Poor's 500 stock index ended 2010 about 5% below its level 10 years earlier, only slightly better than the returns from 1930 through 1939, when the Great Depression devastated the economy. The Dow Jones industrial average was up about 7%...

LOTS OF INIMITABLE USA TODAY GRAPHIC PORN..

[Demeter]

57. Argentine Borrowing Costs Fall to Lowest Since February 2008

http://www.bloomberg.com/news/2010-12-29/argentine-borrowing-costs-fall-to-lowest-since-february-2008.html

Argentine borrowing costs fell to the lowest level in almost two years as the government moves to renegotiate about $7 billion of debt it owes the Paris Club of creditors.

The extra yield investors demand to hold the Argentine government’s dollar bonds instead of U.S. Treasuries declined for a seventh straight day, dropping 18 basis points, or 0.18 percentage point, to 463 at 10:46 a.m. New York time, according to JPMorgan Chase & Co. That’s the lowest level since February 2008. The sovereign spread is down from 716 basis points on Sept. 8. ...

[Pale Blue Dot]

58. Matterhorn Closes The Year In Style: "Hyperinflation Will Drive Gold To Unthinkable Heights"

We now live in a world where governments print worthless pieces of paper to buy other worthless pieces of paper that combined with worthless derivatives, finance assets whose values are totally dependent on all these worthless debt instruments. Thus most of these assets are also worth-less.

So the world financial system is a house of cards where each instrument’s false value is artificially supported by another instrument’s false value. The fuse of the world financial market time bomb has been lit. There is no longer a question of IF it will happen but only WHEN and HOW. The world lives in blissful ignorance of this. Stockmarkets remain strong and investors worldwide have piled into government bonds in a perceived flight to safety. Due to a century of money creation (and in particular since the 1970s) by governments and by the fractal banking system, investors believe that stocks, bonds and property can only go up. Understanding risk and sound investment principles has not been necessary in these casino markets with guaranteed payouts for anyone who plays the game. Maximum leverage and derivatives have in the last 10-15 years driven markets to unfathomable risk levels, with massive rewards for the participants.

In the meantime central banks are cranking up the printing presses but as Bernanke recently said quantitative easing is an “inappropriate” description of what should be called “securities purchases”! Who is he kidding? What the Fed is buying has nothing to do with “securities”. There is no security whatsoever in the rubbish the Fed is purchasing. They are buying worthless pieces of paper with worthless pieces of paper. This is the Ponzi scheme of all Ponzi schemes.

Let us be very clear, this financial Shangri-La is now coming to an end. The financial system is broke, many western sovereign states are bankrupt and governments will continue to apply the only remedy they know which is issuing debt that will never ever be repaid with normal money.

http://www.zerohedge.com/article/matterhorn-closes-year-style-hyperinflation-will-drive-gold-unthinkable-heights

[Demeter]

83. Well, If the Printing Continues, So Will the Inflation of Paper Assets

It's when the first person or thing steps off the paper treadmill that everything comes to a screeching halt. And people get to start picking up the pieces, and fighting over the scraps, and righting wrongs, and misappropriating, and the beat goes on....

[JNelson6563]

88. An interesting study in contrasts

Note the knowledgeable reaction to this nonsense in GD ( http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x96635 ) and that here in the SWT. Just that it even got posted in this thread confirms my fears of the direction of this thread. With Ozy leaving it really is the end of an era. Ah well, glad I was in from the beginning and up to this point. It was an honor to have ridden the rollercoaster with Radfringe and Ozy, 54anickel, UpInArms and so many others over the years.

Over and out.

Julie

[Pale Blue Dot]

99. You are always welcome to post your own articles and opinions.

I'm apologize that my posting makes you afraid to express yourself here. That is not my intent.

[JNelson6563]

126. You misunderstand

I am not "afraid" to post here, I am not interested in the discussion as it is currently running. It was more interesting before.

Julie--who knows that 2 years ago no Marketeer would've posted a hyperbolic article about investing in gold by a company selling gold as a serious contribution to the thread

[Name removed]

137. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Demeter]

59. $A soars to record against $US, euro

http://www.smh.com.au/business/markets/a-soars-to-record-against-us-euro-20101230-19ant.html

The Australian dollar's record-breaking run continued today, with the currency touching a fresh high against the greenback and the euro.

The dollar hit 101.98 US cents at 12.45pm eastern daylight time, the highest level since the currency was floated in the early 1980s...

THEIR TIME WILL COME...THE AUSTRALIAN BUBBLE HASN'T BURST YET.

[Demeter]

60. GOP Shifts on Fannie, Freddie Overhaul

http://online.wsj.com/article/SB10001424052970204467204576048062199771064.html?mod=dist_smartbrief

Earlier this year, leading House Republicans proposed to privatize mortgage giants Fannie Mae and Freddie Mac or place them in receivership starting in two years.

Now, as Republicans prepare to assume control of the House next week, they aren't in as big a rush, cautioning that withdrawing government support in the housing market should be gradual...

TEA TIME!

[Demeter]

61. Mortgage Modifications in U.S. Decline as Fewer People Qualify for Program

http://www.bloomberg.com/news/2010-12-29/mortgage-modifications-in-u-s-decline-as-fewer-people-qualify-for-program.html

The number of delinquent borrowers who started U.S. home loan modifications declined in the third quarter as fewer people qualified for easier payment terms, according to the Treasury Department.

Loan servicers started 470,321 modification or payment plans in the three months ended Sept. 30, down 17 percent from the previous quarter and 32 percent from a year earlier, the Treasury Department’s Office of the Comptroller of the Currency and Office of Thrift Supervision said in a report today...

[Demeter]

62. G20 and EU 'posturing' could exacerbate future banking crises

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8230091/G20-and-EU-posturing-could-exacerbate-future-banking-crises.html

The efforts of the G20 and European Union to overhaul financial regulations have been lambasted for being "disingenuous political posturing" that are "increasing the likelihood of future meltdowns", an influential think-tank has warned...

[Caretha]

67. Adios Amigo

and a Happy & prosperous New Year to you Ozy!

A loyal lurker,

Caretha

[ozymandius]

78. I am so glad you came off the sidelines.

Thank you, Caretha, for caring enough about the community here to express your visible support. Your sentiment touches me greatly.

[DemReadingDU]

69. As Euro Struggles, Estonia Readies for Entry in Currency

12/31/10 As Euro Struggles, Estonia Readies for Entry in Currency

On Saturday, Estonia completes its trip from Soviet republic to full-fledged member of the euro zone.
In the first minutes of the new year, Prime Minister Andrus Ansip will slide a bank card into an automated teller machine installed for the occasion in front of the opera house here in the capital. He will withdraw some euro bills, and Estonia will officially become the 17th member of the zone.

To outsiders, it may seem curious that this Baltic nation of 1.3 million is tying itself to the euro just as the common currency is struggling. But in fact, Estonia has been a de facto member for some time, pegging its kroon to the German mark and then the euro after giving up the Russian ruble in 1992.

“Whatever happens, our currency is tied to the euro,” said Riho Unt, chief executive in Estonia of Skandinaviska Enskilda Banken, or S.E.B., a Swedish bank that is one of the Scandinavian institutions that dominates banking in the country. “Being inside is better than being outside.”

Economic arguments aside, in Estonia, the euro is still a symbol — tarnished, perhaps — of hope and prosperity.

more...
http://www.nytimes.com/2010/12/31/business/global/31euro.html?_r=1&src=busln




http://www.zerohedge.com/article/estonia-welcomes-euro

[DemReadingDU]

71. Euro has 1-in-5 chance of lasting decade

12/31/10 Euro has 1-in-5 chance of lasting decade: UK think-tank

The euro currency area has only a one-in-five chance of surviving in its current form over the next 10 years because of competitive imbalances between its members, a leading British think tank said on Friday.

The Center for Economics and Business Research said Spain and Italy would have to refinance over 400 billion euros ($530 billion) of bonds in the spring, potentially sparking a fresh crisis within the 16-nation euro area.

"The euro might break up at this point, though European politicians are normally able to respond to a crisis," said CEBR Chief Executive Douglas McWilliams in a list of 10 forecasts for 2011.

Sovereign debt crises in Greece and Ireland have rocked euro nations this year, leading some commentators to speculate that Germany could eventually lose patience with bailing out its more profligate neighbors, triggering a split in the currency bloc.

more...
http://www.reuters.com/article/idUSTRE6BU0QI20101231

[DemReadingDU]

73. Interesting stock graph

Postby Higgenbotham » Thu Dec 30, 2010 11:44 am




Summary by Higgenbotham
This is a conceptual illustration of the stock market rally from the March 2009 low. The 2 sets of heavy black curves and lines represent the effects of QE1 and QE2 on the stock market. The heavy red curve represents the combined effects. Similarity can be noted in the patterns and is labeled ABCD for each of the 3 patterns.

The theory behind the construction of this chart is that QE creates an asymptotic price relationship, as the stock market has a theoretical limit that will not be exceeded as infinite liquidity is thrown at it. This is due to the fact that liquidity is not the fundamental problem or solution and cannot raise stock prices in the same way economic growth can.

The ratio of AD to AB in the first pattern is 1.145, which is close to a fibonacci 1.14589. If the overall pattern were to adhere to this relationship, the S&P would rise to:
666.79 + (1219.80 - 666.79)* 1.14589 = 1300.48 (approximately).
If the second black pattern were to adhere to this relationship, the theoretical high is 1258 or so, which was slightly exceeded this week and the market has closed at 1257.88 today.
http://generationaldynamics.com/forum/viewtopic.php?f=14&t=2&start=2960

[UpInArms]

74. A hearty Thank You, Ozy - for all that you have done

the SMW and DU have been a better place because of your steadfastness in the dark. You are a treasure and I - an many others - are so fortunate to be on this planet at the same moment.

:grouphug:

Wish this mode of communication could burst into appropriate music -

at the moment, I'm thinking

Auld Ang Syne

Should auld acquaintance be forgot,
And never brought to mind?
Should auld acquaintance be forgot,
And auld lang syne!

Chorus.-For auld lang syne, my dear,
For auld lang syne.
We'll take a cup o' kindness yet,
For auld lang syne.

:toast:

[ozymandius]

80. My old friend -

Your presence here over the years expressed through your intelligence, good counsel and wit have been treasures beyond measure. Know that your influence has beneficially altered the course of at least one life.

[Loudmxr]

75. I have never posted here but I don't know what I am going to do with out you.

I love you.

I have followed you from around the world and I just want to say thank you. You have been a close advisor to me in ways you shall never know.

My good wishes to you for the rest of your life and your family and... you don't know me but I am a "really powerful person" to quote Toby Ziegler not in gobermental things but... in good things. Really.

I have always loved your work,

John Brady

[ozymandius]

81. Your sentiments are so profoundly touching.

I am reaping in this moment what has been unknowingly planted over the years. Thank you. Thank you. Thank you.

I wish you a wonderful 2011 and good fortune on the turning of the wheel.

Winston

[DemReadingDU]

76. Bloomberg interview with Howard Davidowitz

12/30/10 Howard Davidowitz Destroys The Recovery Illusion, Debunks The Consumer Renaissance
video at link

Today's must see TV comes from the following interview of Pimm Fox on the consumer and the economy with retail expert Howard Davidowitz, who in 10 minutes provides more quality content and logical thought than we have seen from CNBC guests in probably all of 2010 (except of course for that one time when Erin Burnett kicked out Mike Pento, but that's a different story).

Where does one start? Probably at the end: "I am not surprised by the strength of retail sales, because i knew that 30% of consumers are responsible for retail sales, and these 30% did much better because of the performance of capital markets. I don't think it is indicative of anything going forward. I don't think the economy is going to get any better. If you look at our fiscal and monetary policy, we went two trillion in the hole last year. Two trillion... to produce this... and unemployment went up to 9.8%! We've spent two trillion we're printing money we're going bananas. Our balance sheet, we've got $2.6 trillion on there, and what;s on there government securities, and MBS."

And here is the kicker for the world's biggest hedge fund, which at least one person besides Zero Hedge appears to get: "If interest rates go up a point Bernanke's bankrupt. Everything he's bought is underwater. All the MBS are underwater, the whole country is underwater." Does anyone see the issue now with why rising interest rates, aside from predicting a "recovery", may also, courtesy of its now $2 billion DV01, "predict" the insolvency of the Federal Reserve?

video at link, and more text
http://www.zerohedge.com/article/must-see-howard-davidowitz-destroys-recovery-illusion-debunks-consumer-renaissance

[DemReadingDU]

79. Charles Hugh Smith: If We Close Our Eyes, The Monster Will Go Away

12/30/10 Charles Hugh Smith: If We Close Our Eyes, The Monster Will Go Away
.
.
.
The Titanic offers us a timeless analogy for denial and a frantic, too-late acceptance of grim reality. Had the doomed ship's leadership actively accepted the challenge to save as many lives as possible, then lifeboats would not have been sent off half-full. The sea was calm; boats could have been safely loaded beyond their designed capacity, and crude life-rafts might have been lashed together. As poor a solution as a lashed-together assemblage of buoyant materials would have been welcomed as a better alternative than certain death.

But instead, the "plan" was to maintain a veneer of normalcy: the band played on, even as the bow sank lower into the unforgiving icy water.

Fed chairman Bernanke, Treasury Secretary Geitner, President Obama and Congress are all ordering the band to play spritely tunes of rising holiday spending, endless borrowing, and the carefully crafted propaganda of Fed manipulation, statistical legerdemain and happy-talk about how the Monster will be gone when we open our eyes.

Since we are feeding the Monster with our very denial and derangements, then that is impossible. The longer we keep our eyes closed, hoping we can avoid any meaningful change, any meaningful adaptation and any meaningful sacrifice, the more fearsome and powerful the Monster becomes.

If we insist--childlike, petulant, resentful of reality--on keeping our eyes closed in 2011, then we are dooming ourselves to facing a much fiercer and more powerful Monster in 2012. We can't escape the confrontation, and the longer we put it off, hiding under our bed, wishing it all away, the more likely our panicky collapse when reality forces our eyes open.

http://www.oftwominds.com/blogdec10/close-our-eyes12-10.html
or
http://www.zerohedge.com/article/guest-post-if-we-close-our-eyes-monster-will-go-away

[MsLeopard]

82. Best wishes, Ozy, and thank you

Another loyal lurker here, have been reading the thread since 2001 and have learned a lot. Thank you for the years of service you gave this forum, it has been a pleasure and you will be missed. :toast:

[ozymandius]

84. Although it has been said frequently -

I will carry your sentiments with me. Thank you for your kind words, MsLeopard. I hope you will lend your support to Pale Blue Dot on Monday. :hi:

[Demeter]

85. Looks like the Market's Crashing on News of Ozy's Retirement

So, now we know who has been holding up the world on his shoulders....

[Cerridwen]

90. Another lurker checking in to say...awww, geez, Ozy.

I'm so gonna miss ya as SMW author.

Enjoy your "retirement"!

Thank you for all the wonderful information you've provided over the years and for the work you've done with SMW.

I think my favorite part of the SMW threads has been your sense of humor and compassion even when you were posting some of the ugliest information. You set a great tone for the thread and all who posted here.

Thank You!

[ozymandius]

96. Very kind of you, Cerridwen.

The macroeconomic bent of this thread needs some levity on occasion since gravity comes standard with the information posted here. Thank you very much for your sweet sentiment.

[some guy]

91. Thank you.

for all your efforts over the years with this thread.

I often read, rarely post.

Best wishes for a great 2011 to you (and to all the others who read and post here.)

:hi:

:toast:

[ozymandius]

97. And kind wishes for 2011 to you.

Blessings to you for your support through the years. I hope you will lend your enthusiasm to PBD on Monday. :hi:

[kickysnana]

92. Here's to you yesterday, today and tomorrow. Thanks.

http://www.youtube.com/watch?v=CpvYoY4juLc

[UpInArms]

93. ahhhh....

:grouphug:

[ozymandius]

98. That's beautiful.

Thank you!

[jotsy]

94. So the new year waits on the morn.

The shape it holds as a big picture is chocked full of previews and formed anticipations. Breadcrumbs and buoys I hope to better recognize on the road of economically dictated existence, like a cub scout on the survival trail.

Thanks to a certain eclectic group of excellent troop leaders.

Happy new year. :party:

[ozymandius]

100. Thank you very much!

BTW - I passed on your sentiments to Ms. Weekend Economist. I hope 2011 brings you everything you hope for.

[jotsy]

112. It's cheesy but...

A little holiday leftover is what I'd like, tyvm.

<http://www.youtube.com/watch?v=i-kHleNYIDc>

[MilesColtrane]

95. Thanks for all the work you've done on SMW, Ozy.

You deserve this virtual retirement watch.

[ozymandius]

101. Lovely!

Your sentiment is a profound gift, MilesColtrane. :hi:

[kgnu_fan]

102. ozymandius, thank you for your work all these years... very much appreciated.

[ozymandius]

108. Very much appreciate the send-off kgnu_fan.

Have a great new year! :toast:

[wordpix]

117. +1 the cartoons are always excellent, too

[Uben]

103. Thanks Ozy

I've been looking forward to your posts every morning. Those of us who are vested in the market appreciate your work and dedication.
I haven't posted a lot in your threads, but I read em all. You have been a priceless addition to DU. Have a great 2011, and I hope it's as good as 2010.

[ozymandius]

109. Thank you, Uben.

I hope you remain a fan of the thread under its new management. You offer me such high praise, Uben, and I humbly accept your kindness.

[Demeter]

104. 22 Statistics That Prove The Middle Class Is Being Systematically Wiped Out Of Existence In America

AS IF PROOF IS NEEDED...

http://www.businessinsider.com/22-statistics-that-prove-the-middle-class-is-being-systematically-wiped-out-of-existence-in-america-2010-7?slop=1#slideshow-start

[Demeter]

105. Capital's war against WikiLeaks

http://english.aljazeera.net/indepth/opinion/2010/12/2010122971637433801.html

Can the leak phenomenon sustain the continued assault by the corporate sector to prevail in the first ever cyber-war?

In the words of Thomas Friedman,"the hidden hand of the market will never work without the hidden fist. McDonald's cannot flourish without McDonnell Douglas..."

When your Swiss banker throws you overboard, you know you've made some very powerful enemies...

[Demeter]

106. The US Government Can't Account For Billions Spent In Afghanistan

In its bid to win the hearts and minds of Afghanistan’s teeming population, the United States has spent more than $55 billion to rebuild and bolster the war-ravaged country.

That money was meant to cover everything from the construction of government buildings and economic development projects to the salaries of U.S. government employees working closely with Afghans.

Yet no one can say with any authority or precision how that money was spent and who profited from it. Most of the funds were funneled to a vast array of U.S. and foreign contractors. But according to a recent audit by the Special Inspector General for Afghanistan Reconstruction (SIGAR), there is no way of knowing whether the money went for the intended purposes.


Read more: http://www.businessinsider.com/us-cant-account-for-billions-spent-in-afghanistan-2010-12#ixzz19hmVEf8Y

NO SURPRISE HERE...CHECK OUT BFEE..

[Demeter]

107. HOUSE OF THE DAY: Hank Paulson Loses $1 Million On His D.C. Home

Former Treasury Secretary Hank Paulson put his Washington, D.C. home on the market in April for $4.6 million, lowered it to $4.15, and finally sold it for $3.25 million (via @alea_).

Paulson certainly played a role in the U.S. housing downfall as George W. Bush's top economic advisor and now, it's even affecting him.

Paulson bought the house for $4.3 million back in August of 2006 making that over a $1 million loss.


Read more: http://www.businessinsider.com/pictures-of-hank-paulson-dc-home-2010-12##ixzz19hmuFo9C

PHOTO TOUR AT LINK!

[wordpix]

118. GOOD! He well deserves it - but I'm sure it doesn't bother this richie rich

what's a million $ to a billionaire? Hardly a blip

[Demeter]

119. Oh, but it DOES bother him!

heeheehee....too bad it wasn't a total loss.

[wordpix]

123. how do you know? articles don't say that....he's worth $700M - what's $1M of that?

it's a deal, but only a little deal to him.

Let's hope the losses keep coming until he feels the pinch like the rest of US

[Demeter]

127. Greed Is Absence of Limits

That's how I know.

[sam kane]

149. Thank you, Ozy!

I started following all the links here and sold my house right before the crash. Thanks to you, I am not a foreclosure statistic right now. You have no idea of all the good that you have accomplished. I appreciate everything and wish you the best!

[AnneD]

111. Morning Marketeers...

:donut: and lurkers...

Dear dear Ozy,

I started reading this site during the Kerry campaign. It was a while before I discovered this thread as I really didn't follow economics that much. I lurked for a while, learning what I could. Then one day I thought that I could inject some on the ground reporting-things going on locally, personal observations, etc. From the very start I was welcomed esp. by Up in Arms and Five for a Nickle. I made friends, my questions were answered, and I learned-boy did I learn.

I give this thread, under the leadership of Ozy, full credit for giving me what amounts to at least a Bachelors Degree in Economics. It has done more to help me protect my humble nest egg than any paid adviser I ever had. It has given me tools and the understanding to use those tools to make wiser choices.

I remember watching the Untouchables (movie) once. They were having trouble catching Al Capone. Finally the accountant exhorted Ness to 'Follow the money'. They never caught him on the bootleg, murder, or bribery charges. They nailed him on tax evasion. This thread really follows the money that has become enmeshed in our politics and thus our laws in a way that is distinctive. It has been a powerful indictment of many politician ON BOTH SIDES of the aisle.

This clarity of perception extends even to this thread, to those that try to influence yet offer no sound evidence to back up their statements. For all the welcoming we do, these are not your average party faithful. Democrats yes, progressives, probably, brainwashed along party lines-hardly. We give a polite listen but we come to our conclusions on our own thank you.

Ozy, we can't thank you enough for running this thread for as long as you have. We have all benefited from your wisdom, kindness, and your giving of yourself. I am sure all of us would feel as welcome in your classroom as we do on the thread. Do post, and I encourage you to do your own blog too, if you so desire-you do have a gift.. You have nothing but my thanks and respect.

For You Ozy.....

http://www.youtube.com/watch?v=XQ2HertSco8&feature=fvsr

Happy Hunting and always watch out for the bears.

[ozymandius]

115. You leave me speechless, Anne.

Respect flows both ways. I have followed your posts over the years and appreciate every syllable you utter here. We have a shared interest in education and understand the trials that our profession endures these days. I have followed your stories from the perspective of a daughter, wife and mother. These have imprinted on me with your wisdom and simple, yet profound, expressions of the human condition.

I will continue to post, after a while, and certainly blog. Even my outpost there is a quiet place, I have come to appreciate the quietude. It is a different pace and leaves me more time for my most basic obligations as a father, husband and teacher.

You have a unique voice, yourself, and I hope you will continue to share your voice here at the SMW.

[AnneD]

122. Ozy.....

We share the secret knowledge that as an educator and as a school nurse-we truly shape the future in such a direct way. The child you inspire and the life I save or help has profound reprecussions in ways we cannot as yet imagine. Only parents have more influence than we can. It takes a lot to inspire them, and we do it for little to no material reward. We do it out of the truest of reasons, love. Your wife, child, and students have won the lottery.

Again, it is an honor to know you.

[Ruby the Liberal]

113. Another daily lurker checking in to say Thank You

Your hard work has been appreciated throughout the years. Thank you for everything and my best for a happy, healthy and prosperous 2011.

[ozymandius]

124. Thank you, Ruby.

That is so kind of you to say so. I appreciate your support over the years and wish you a very happy and prosperous 2011. :hi:

[wordpix]

116. The New Voodoo by Paul Krugman

Krugman hits nail on head in this one. Should be a top advisor to the O admin. along with Robert Reich, IMO. :applause:

http://www.nytimes.com/2010/12/31/opinion/31krugman.html?emc=eta1

Op-Ed Columnist
The New Voodoo
By PAUL KRUGMAN
Published: December 30, 2010

Hypocrisy never goes out of style, but, even so, 2010 was something special. For it was the year of budget doubletalk — the year of arsonists posing as firemen, of people railing against deficits while doing everything they could to make those deficits bigger.


And I don’t just mean politicians. Did you notice the U-turn many political commentators and other Serious People made when the Obama-McConnell tax-cut deal was announced? One day deficits were the great evil and we needed fiscal austerity now now now, never mind the state of the economy. The next day $800 billion in debt-financed tax cuts, with the prospect of more to come, was the greatest thing since sliced bread, a triumph of bipartisanship.

Still, it was the politicians — and, yes, that mainly meant Republicans — who took the lead on the hypocrisy front.

In the first half of 2010, impassioned speeches denouncing federal red ink were the G.O.P. norm. And concerns about the deficit were the stated reason for Republican opposition to extension of unemployment benefits, or for that matter any proposal to help Americans cope with economic hardship.

But the tone changed during the summer, as B-day — the day when the Bush tax breaks for the wealthy were scheduled to expire — began to approach. My nomination for headline of the year comes from the newspaper Roll Call, on July 18: “McConnell Blasts Deficit Spending, Urges Extension of Tax Cuts.” more:

[Hotler]

120. Going to miss you Ozy. Thanks again

Hey we got snow in Denver. Brrrr cold also.

[ozymandius]

125. I remember Denver from 23 years ago.

The weather always did the unexpected. It was 80º outside the day I landed. The next morning, it was bitterly cold with five inches of snow on the ground.

Thank you for dropping by, Hotler. :hi:

[raouldukelives]

128. Thank you Ozy!

I like many others have learned so much from following SMW. Been a real treat!
Happy New Year and all the best!

[ozymandius]

131. Happy New Year!

I wish you all the best, as well. Thank you for stopping by to express your kind thoughts.

[CatholicEdHead]

129. Ozy, thanks for all your hard work

SMW has been the best on the web. You have been able to aggregate things that mainstream financial media misses or glosses over. Thank you for all your hard dedication during these turbulent economic times. Take a good break, you have earned it.

[ozymandius]

133. Thank you very much! I plan to slow down a bit.

I am very glad that you have found this thread so valuable over the years. I know that under Pale Blue Dot's direction, this thread will bring you what you value.

[PassingFair]

139. Thank you, Ozy...for all that you've done. Thank you PBD....for all you will do!

I'm looking forward to your stewardship,
Pale Blue Dot!

[ozymandius]

143. Everything is in good hands.

Thank you for your support. Have a great new year.

[tclambert]

144. Thanks, Ozy! And thanks PaleBlueDot!

Why do I want to start chanting, "The king is dead, long live the king?"

[ozymandius]

146. That's a wrap.

Dow 11577.51 +7.8 (+0.07%)
Nasdaq 2652.87 -10.11 (-0.38%)
S&P 500 1257.64 -0.24 (-0.02%)

It has been a pleasure and an honor to serve you these eight years. Thank you for your kind support.

With humble gratitude,

ozymandius

[UpInArms]

148. wow - it definitely feels like the end of an era

my hat is off to you, my friend

http://www.njnnetwork.com/njn/wp-content/uploads/2009/10/Hat+Tip+3.jpg

[alterfurz]

150. ave atque vale!

[Ghost Dog]

151. Damn. A lodestar moves on.

Let us all endeavor, when we have the inclination and the time, to continue here to apply critical thinking to the maze of facts, fiction, opinions and outright propaganda that infest our modern western world's economic and cultural times.

... And, I say 'western world' for a reason. The same corruption and greed that threatens to crash 'our' economic system and bring suffering to the poorest in a rich world accustomed (especially in USA) to excessive selfish resource-consumption and waste is also literally laying waste to already unjustly exploited and oppressed societies all over the rest of the world, and especially in Africa. It may be hard for those who once had more than they knew what to sensibly do with to 'fall on hard times'. It is much harder for societies which endure, generation after generation, life under the boot of internationally-approved unfettered oligarchic and colonialist crony-capitalism which, even in resource-rich regions of the world, are increasingly deprived of the little they have for themselves in the name of privatization and profit for the financially-powerful few. Societies in comparison with which, nevertheless, in terms of common humanity, one can only feel shame.

By way of illustration, I offer the Abderrahmane Sissako film from Mali, Bamako:

http://www.imdb.com/title/tt0814666/ (Summary 1)
http://en.wikipedia.org/wiki/Bamako_%28film%29 (Summary 2)
http://www.youtube.com/watch?v=ckYT_8uLxUg (Trailer and Music)

Go nÉirí an Bóthar Leat. May the Road rise with you, and Thankyou, Ozy.

...Nothing beside remains. Round the decay
Of that colossal wreck, boundless and bare,
The lone and level sands stretch far away.

:cry:

[Ghost Dog]

153. Ah. If you'd like to read a better review of the fine film referenced, see:

http://www.dvdoutsider.co.uk/dvd/reviews/b/bamako.html

If you've not been following the history of the involvement of the International Monetary Fund and the World Bank in the failing fortunes of the many countries that make up the African content, then I'd certainly advise you to do so. It's a grim story of exploitation and almost criminal economic advantage-taking, wrapped in the deceptively friendly glove of financial support – loans were granted to the world's poorest nations by the richest, but with the sort of strings attached that seem designed to exploit the recipients as a source of cheap labour and goods, with forced privatisation paving the way for foreign multinationals to undercut local businesses with their own subsidised imports...

[Karenina]

147. Guten Rutsch, Ozy!

There are no words that can express my gratitude to you for my "layman's" education. Your info, analysis and snark provided challenges to many beyond your borders. My dear departed mom always said, "NO ONE can take your education away from you." Fortunately, my primary education involved quite a bit of "critical thinking" which was at the time, up to a point, encouraged. I've long since realized that also applies to those who have been mis-educated, be they from the Tea Party or Harvard Business School.

As for you and yours, I do wish you all good things knowing you have the knowledge and ability to deal with whatever comes down the pike.

Oh dear, it's getting LOUD outside!!! 11:30 here. HAPPY NEW YEAR to you, yours and all of us!!!

[hamerfan]

155. A Pause for the cause!

For Oz!

:donut: :yourock:



Thank you.
hamerfan