STOCK MARKET WATCH, Monday, March 7, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Monday March 7, 2011

AT THE CLOSING BELL ON March 4, 2011

Dow 12,169.88 -88.32 (-0.73%)
Nasdaq 2,784.67 -14.07 (-0.51%)
S&P 500 1,321.15 -9.82 (-0.74%)
10-Yr Bond... 3.51 +0.02 (+0.57%)
30-Year Bond 4.63 +0.03 (+0.65%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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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

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This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

Read more: du

[Pale Blue Dot]

1. One wafer-thin report

Mar 07 15:00 Consumer Credit Jan $3.5B $3.3B $6.1B

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

[Pale Blue Dot]

2. Oil jumps above $106 amid fierce Libya fighting

SINGAPORE – Oil prices rose above $106 a barrel Monday in Asia as intense fighting between Libyan government forces and rebels raised the prospect of a prolonged cut in crude exports from the OPEC nation.

Benchmark crude for April delivery was up $1.71 to $106.13 a barrel, the highest since September 2008, at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract gained $2.51 to settle at $104.42 a barrel on Friday.

In London, Brent crude for April delivery was up $1.11 to $117.08 a barrel on the ICE Futures exchange.

Over the weekend, supporters and opponents of Libyan leader Moammar Gadhafi fought in several cities, heightening fears that the country is headed for a protracted conflict. Libya's oil output has fallen by at least 1 million barrels per day from 1.6 million since the uprising began last month.

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

And, so you can follow at home:

http://chart.finance.yahoo.com/t?s=CLJ11.NYM&lang=en-US®ion=US&width=300&height=180

[Roland99]

17. Gas is over $3.50/gal here in central FL

Oil's probably headed for $125 pretty soon.

So much for the "recovering economy"

[burf]

21. $3.499 here yesterday

No telling what it is this morning.

I saw a headline "Futures up as oil soars". It seems rather puzzling that in an economy that is dependent on consumer spending, that a decrease in disposable income would be good news for the markets. Maybe it just goes to prove how disconnected Wall Street is from Main Street.

Good day to all.

[Warpy]

41. It's $3.49 here in New Mexico

and this is the cheap part of the state. It's about $.20 a gallon more expensive elsewhere.

I'm expecting to start seeing bigger crowds at the bus stops again as people leave their overpowered clunkers at home.

My car is a very efficient little Kia. This hurts, but not much.

[Roland99]

33. Kloza: No good reason for $4 gas

http://www.marketwatch.com/story/kloza-no-good-reason-for-4-gas-2011-03-07

We may be spared from $4 gas if the market starts behaving rationally. And therein lies the problem, says Tom Kloza of the Oil Price Information Service.

[Demeter]

35. None Whatsoever

But don't let that stop you, guys.

[Warpy]

42. No, spot market futures are a classic bubble.

Any little fish who get into it are going to have their cash siphoned off by the big fish when it pops.

[Fuddnik]

46. Sure there is. It's simple.

The law of supply and demand.

You have a supply of money, and the oil companies demand it.

[StarburstClock]

55. There's a very good reason: we live in a corrupt country

Just like in other corrupt countries an elite few control prices and control the government "officials" in charge of regulating them. It's corruption 101, the same basic tenant of all criminal regimes. A few weeks ago an Egyptian woman blamed herself and her generation for "accepting corruption in the name of civility and now my children have to pay for it". That pretty much sums up what's going on in the U.S. right now.

[Demeter]

62. Good Point

There's so much that's gone wrong in his country since Nixon started the official lawlessness. I don't know if we can retrace the steps, undo the damage, reclaim the loot and put the crooks in prison...or if it will take several generations.

[xchrom]

3. recommend

[xchrom]

4. The Gap Between Statutory and Real Corporate Tax Rates

http://www.reclaimdemocracy.org/corporate_welfare/real_tax_rates_plummet.php

Ostensibly, the U.S. federal tax code requires corporations to pay 35 percent of their profits in income taxes.

But of the 275 Fortune 500 companies that made a profit each year from 2001 to 2003 and for which adequate information to draw conclusions is publicly available, only a small proportion paid federal income taxes anywhere near that statutory 35 percent tax rate. The vast majority paid considerably less.

[Roland99]

29. It's time for us ALL to incorporate ourselves

[Demeter]

31. It doesn't pay

You need a tremendous cash flow to fund the lawyers and accountants and lobbyists.

That's why unions were created--to counteract the inordinate power and leverage of corporations. That's why Koch brothers are so intent on destroying them, like their St. Ronnie before them.

And that's why the Hoffas nearly destroyed the unions themselves, by their corruption, and the Teamsters with the Mob ties...this isn't tiddly winks they are playing.

[DemReadingDU]

5. toon: Why is Big Bird in the teacup?

[Demeter]

6. I Assume It's the NPR Funding, or Rather Defunding

Although blaming it on the Tea Party is not even-handed. Long before there was a Tea Party, there was NPR defunding.

[DemReadingDU]

19. I originally thought it was about the funding

but I wouldn't put all the blame on the TeaParty either

[Demeter]

7. Michael Moore: "America is not broke"

http://www.youtube.com/watch?v=wgNuSEZ8CDw&feature=player_embedded

FULL TRANSCRIPT

http://www.huffingtonpost.com/michael-moore/america-is-not-broke_b_832006.html

[Demeter]

8. Michael Moore as Thomas Paine?

That's some speech!

[Demeter]

9. The Real News on Jobs by ROBERT REICH

http://archive.truthout.org/the-real-news-jobs68236

...The National Employment Law Project's new data brief shows that most of the new jobs created since February 2010 (about 1.26 million) pay significantly lower wages than the jobs lost (8.4 million) between January 2008 and February 2010. While the biggest losses were higher-wage jobs paying an average of $19.05 to $31.40 an hour, the biggest gains have been lower-wage jobs paying an average of $9.03 to $12.91 an hour.

In other words, the big news isn’t jobs. It’s wages. For several years now, conservative economists have blamed high unemployment on the purported fact that many Americans have priced themselves out of the global/high-tech jobs market. So if we want more jobs, they say, we’ll need to take pay and benefit cuts...Meanwhile, millions of non-union workers have accepted cuts in pay and benefits just to keep their jobs. Health benefits have been slashed, pension contributions from employers dramatically cut, wages dropped or “frozen.”

Millions of private-sector workers have been fired and then re-hired as contract workers to do almost exactly what they were doing before, but without any benefits or job security...The current attack on public-sector workers should be seen in this light. The charge is they now take home more generous pay and benefit packages than private-sector workers. It’s not true on the wage side if you control for level of education, but it wasn’t even true on the benefits side until private-sector benefits fell off a cliff. Meanwhile, across America, public-sector workers have been “furloughed,” which is a nice word for not collecting any pay for weeks at a time.

At this rate, the unemployment rate will continue to decline. But so will the pay and benefits of most Americans...Conservative economists have it wrong. The underlying problem isn’t that so many Americans have priced themselves out of the global/high-tech labor market. It’s that they’re getting a smaller and smaller share of the American pie.

[Roland99]

18. Too bad that conservative eCONomists are the ones running the show, though.

Fuck you very much, Obama

[Demeter]

10. How to Kill a Recovery By PAUL KRUGMAN

http://www.nytimes.com/2011/03/04/opinion/04krugman.html?_r=2&hp

...Some economists expected a rapid bounce-back once we were past the acute phase of the financial crisis — what I think of as the oh-God-we’re-all-gonna-die period — which lasted roughly from September 2008 to March 2009. But that was never in the cards. The bubble economy of the Bush years left many Americans with too much debt; once the bubble burst, consumers were forced to cut back, and it was inevitably going to take them time to repair their finances. And business investment was bound to be depressed, too. Why add to capacity when consumer demand is weak and you aren’t using the factories and office buildings you have?

The only way we could have avoided a prolonged slump would have been for government spending to take up the slack. But that didn’t happen: growth in total government spending actually slowed after the recession hit, as an underpowered federal stimulus was swamped by cuts at the state and local level.

So we’ve gone through years of high unemployment and inadequate growth. Despite the pain, however, American families have gradually improved their financial position. And in the past few months there have been signs of an emerging virtuous circle. As families have repaired their finances, they have increased their spending; as consumer demand has started to revive, businesses have become more willing to invest; and all this has led to an expanding economy, which further improves families’ financial situation.

But it’s still a fragile process, especially given the effects of rising oil and food prices. These price rises have little to do with U.S. policy; they’re mainly because of growing demand from China and other emerging markets, on one side, and disruption of supply from political turmoil and terrible weather on the other. But they’re a hit to purchasing power at an especially awkward time. And things will be much worse if the Federal Reserve and other central banks mistakenly respond to higher headline inflation by raising interest rates.

The clear and present danger to recovery, however, comes from politics —

[truthisfreedom]

20. If you're not a member...

http://www.greenewave.com/component/k2/item/6611-how-to-kill-a-recovery?tmpl=component&print=1

[Demeter]

11. Unemployment Edges Lower as Job Growth Returns BY DEAN BAKER

http://www.truth-out.org/unemployment-edges-lower-job-growth-returns68232

The number of workers unemployed less than 5 weeks is fewer than at any point in the 90s.

The unemployment rate edged down to 8.9 percent in February, as the Labor Department reported that the economy generated 192,000 new jobs. This number is undoubtedly inflated some by the weather-weakened January performance, when the economy generated just 63,000 jobs. The unemployment rate has now dropped by 0.9 percentage points in the last three months. During this period job growth as reported by the establishment survey has averaged just 136,000, only slightly faster than the 90,000 rate needed to keep pace with the growth of the labor force.

It is difficult to reconcile the sharp drop in unemployment with the weak job growth. Generally, the establishment survey is much more accurate since it has a far larger sample and it is benchmarked every year to unemployment insurance data, which provide a near census of payroll employment.

Other data in the establishment survey are consistent with the picture of modest job growth. Average weekly hours were flat at 34.2 for the month. This is up from the trough of 33.7 in June of 2009, but no higher than the level hit in May of last year. The growth in average hourly wages continues to slow slightly, falling to just a 1.6 percent annual rate over the last quarter compared with a 1.7 percent rate over the last year. These data certainly present no evidence of a marked uptick in the demand for labor.

Most of the job growth is concentrated in health care, employment services, and durable goods manufacturing. These three sectors averaged 24,000, 28,000, and 35,000 new jobs per month, respectively, accounting for nearly two-thirds of the job growth since November. While the employment services sector is often viewed as a harbinger of future job growth, it is worth noting that this sector added 34,000 jobs per month in the same months last year.

Other sectors are notable for their weakness....

[Demeter]

12. 5 Things Unions Have Done for You

http://www.alternet.org/story/150140/5_things_unions_have_done_for_you?akid=6611.227380.Z9cpqC&rd=1&t=24

America's unions have been one of the major forces in building a middle class and have fought over the past century to improve the lives of all Americans:

1. Unions Gave Us The Weekend: Even the ultra-conservative Mises Institute notes that the relatively labor-free 1870, the average workweek for most Americans was 61 hours — almost double what most Americans work now. Yet in the late nineteenth century and the twentieth century, labor unions engaged in massive strikes in order to demand shorter workweeks so that Americans could be home with their loved ones instead of constantly toiling for their employers with no leisure time. By 1937, these labor actions created enough political momentum to pass the Fair Labor Standards Act, which helped create a federal framework for a shorter workweek that included room for leisure time.

2. Unions Gave Us Fair Wages And Relative Income Equality: As ThinkProgress reported earlier in the week, the relative decline of unions over the past 35 years has mirrored a decline in the middle class’s share of national income. It is also true that at the time when most Americans belonged to a union — a period of time between the 1940′s and 1950′s — income inequality in the U.S. was at its lowest point in the history of the country.

3. Unions Helped End Child Labor: “Union organizing and child labor reform were often intertwined” in U.S. history, with organization’s like the “National Consumers’ League” and the National Child Labor Committee” working together in the early 20th century to ban child labor. The very first American Federation of Labor (AFL) national convention passed “a resolution calling on states to ban children under 14 from all gainful employment” in 1881, and soon after states across the country adopted similar recommendations, leading up to the 1938 Fair Labor Standards Act which regulated child labor on the federal level for the first time.

4. Unions Won Widespread Employer-Based Health Coverage: “The rise of unions in the 1930′s and 1940′s led to the first great expansion of health care” for all Americans, as labor unions banded workers together to negotiate for health coverage plans from employers. In 1942, “the US set up a National War Labor Board. It had the power to set a cap on all wage increases. But it let employers circumvent the cap by offering “fringe benefits” – notably, health insurance.” By 1950, “half of all companies with fewer than 250 workers and two-thirds of all companies with more than 250 workers offered health insurance of one kind or another.”

5. Unions Spearheaded The Fight For The Family And Medical Leave Act: Labor unions like the AFL-CIO federation led the fight for this 1993 law, which “requires state agencies and private employers with more than 50 employees to provide up to 12 weeks of job-protected unpaid leave annually for workers to care for a newborn, newly adopted child, seriously ill family member or for the worker’s own illness.”

In 2007, Australia’s Manic Studios produced a short film titled, “What Have Unions Ever Done For Us?” which satirically portrays a handful of employers asking that question and realizing that unions have actually done a lot for the average person in their country. Although the film deal’s with Australia’s unions and not the United States, many of the rights mentioned by the mock executives — like workers’ compensation and expanded health care — are exactly the same. Watch it:

http://www.alternet.org/story/150140/5_things_unions_have_done_for_you?page=2

[Demeter]

13. $1.2 Trillion Spent on the Military While the Rest of Us Fight Over Crumbs

http://www.alternet.org/story/150142/%241.2_trillion_spent_on_the_military_while_the_rest_of_us_fight_over_crumbs?akid=6611.227380.Z9cpqC&rd=1&t=21

[Demeter]

14. The Astonishing Stupidity of Not Raising Taxes on the Rich When Budgets Are Tight

http://www.alternet.org/story/150099/the_astonishing_stupidity_of_not_raising_taxes_on_the_rich_when_budgets_are_tight?akid=6611.227380.Z9cpqC&rd=1&t=12

The current economy is routinely and universally referred to as the worst recession since the Great Depression.

It makes sense, therefore, to look back at government tax and spending policies during the Depression and what the results were.

1932 -- Hoover raises the top tax rate from to 25 to 63 percent.

1933 -- Roosevelt comes into office. He begins spending at the same time that new tax hike comes into effect. The Depression bottoms out.

1934 -- Recovery begins. The GNP rises 7.7 percent, unemployment falls to 21.7 percent.

1935 -- New government spending on public works and rural electrification. A push to strengthen labor and raise wages. New taxes through the creation of Social Security.

The GNP grows another 8.1 percent, and unemployment continues to fall.

1936 -- The top tax rate is raised again. This time to 79 percent.

GNP grows a record 14.1 percent; unemployment falls even further.

1937 -- Roosevelt is afraid of deficits! He cuts spending for 1937.

There's a new recession. It continues for a year.

1939 -- The U.S. borrows, resumes deficit spending, this time on a military build-up. The recession ends.

1941 -- America enters World War II.

In economic terms, it's the New Deal on steroids. The top tax rate goes up to 91 percent. Nonetheless, government spending is so high that by 1945 the deficit is 123 percent of GDP. Unemployment is ended by employing 16 million people directly in the armed forces and millions more are employed producing war material and supporting the military.

The Great Depression is finally over.

When taxes were raised the economy improved. Every time. Deficits had no negative effect on the economy. Indeed, when deficits were at their highest, the economy boomed.

After spending was cut -- to balance the budget -- a recession immediately followed. When taxes were raised and government spending resumed -- with deficits -- that recession ended.

When taxes were raised again, and government spending went sky high, the Great Depression finally ended.

So here we are. We refused to raise taxes. The recession continues. Now, we're going to cut spending.

[StarburstClock]

58. Everyone who cares to know already knows the numbers and the reality

The problem isn't the stupidity of a minority of people, it's the corruption and the people who enforce it with daily propaganda and stale narratives of "gas is going up and there's nothing you can do about it".

[Hotler]

15. Kicking n/t

[Pale Blue Dot]

16. Fearless prediction

Based on futures, the sweet spot today seems to be oil @ about 106.80. Lower than that, the Dow goes up. Higher than that, it goes down.

Take it for what it's worth.

[Demeter]

22. Artless Questions:

1. Why hasn't Libya been given the severe intervention by the PTB?

Oilfield blackmail? Combined with wikileaks-style political blackmail? Or is it that Egypt's Mubarak had a son indoctrinated by the World Bank, so he would listen to reason and depart peacefully, while Gaddaffi has blood-thirsty sons who have been in contention for the throne since forever, and doesn't truckle down before the IMF and World bank?

2. Why hasn't somebody pulled the plug on Scott Walker in Wisconsin?

They STILL think they can win? Or they are still arrogant enough to think they can buy the way to overthrow?

3. Why hasn't the Administration gotten the word on how Americans want their government to work?

Obama reminds me of that Cabbots-and-Lodges doggerel, which I update:

Bartlett's gives it to John Collins Bossidy (1860-1928):

And this is good old Boston,
The home of the bean and the cod,
Where the Lowells talk to the Cabots
And the Cabots talk only to God.

My version:

And this is the good old Potomac
The home of the free and the braves
Where the Pres. listens only to Wall Street
While patriots spin in their graves

[Demeter]

23. Vision: Fighting Privatization and Corporate Control By Taking Back the Commons

http://www.alternet.org/story/150076/vision%3A_fighting_privatization_and_corporate_control_by_taking_back_the_commons?page=entire

A new book, 'All That We Share: A Field Guide to the Commons,' asserts that protecting the commons can help save the environment, the economy and democracy...

In an age of privatization in which a handful of large corporations are seeking to divvy up control over vast resources, a new "commons" is emerging with potential of generating a sharing revolution. From the worldwide web and scientific knowledge to public lands, parks, language, institutes and dot.orgs, the things that we share in common connect us with the broader community. The idea of returning to a commons-based approach is the subject of a new book, titled All That We Share: A Field Guide to the Commons, edited by Jay Walljasper. How big is the commons revival? And what is its promise?

Maria Armoudian: All That We Share suggests on its cover that through an expanded commons, we can "save the economy, the environment, the Internet, democracy, our communities and everything else that belongs to all of us." That's a heck of a lot to promise.

Jay Walljasper: I know, but I truly do believe that the commons is a breakthrough idea. It offers us a new lens, a new way of looking at the world that suddenly can change what we see as possible and what we see as impossible.

MA: Although you say it's a revolutionary idea, almost as if it's new, in fact it's as old as civilization, going back to the Romans when it was one of three types of property. Why do you think it's a new concept?

[RUMMYisFROSTED]

24. Anyone care to give me a thumbnail sketch of the fallout of this action:

Fed signals end to bond buying
http://www.boston.com/business/markets/articles/2011/03/07/fed_signals_end_to_bond_buying/


via
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x576638

[Demeter]

27. Other than panic and the collapse of paper assets?

It signals the end of the Bernank! Or at least, I surely hope so.

[RUMMYisFROSTED]

28. Is that all?

chuckle

[JNelson6563]

47. Keep an eye on metals

Julie-who had the sense to go long on gold at $400 an oz.

[tclambert]

56. Silver up 19% so far this year; Gold up 3.5% this year.

Silver has just about doubled since August of 2010. I still don't know why. I suspect Chinese involvement.

[RUMMYisFROSTED]

59. Jules!

If you're "going long" there's no help for the rest of us.

One of my very favorite posters entering the Matrix? Say it isn't so!

[A HERETIC I AM]

57. Since I rarely post on this thread, I'm curious to ask....

what it is that YOU think the fallout would be.


I find it interesting that in the 6 + years I have been reading this thread, I have yet to see a single post that mentions a change in Treasury Coupon rates. They regularly happen when the auctions occur, but it is NEVER mentioned in this thread.

Why?

Is it that no one sees changes in coupon rate as relevant? Is yield the only thing that means anything?


Here's what will happen;

If a large buyer or anticipated buyer announces a change in buying, the price for the related bonds will go down. As a consequence, yields will rise and they will rise to the point where they become attractive enough for other buyers to flock back in and buy the bonds. Since the market for US Treasuries is about the most liquid bond market in the world, it quickly and efficiently reacts to such events and is self correcting. If there is a dearth of buyers, prices fall until buyers rush back in. It has happened before and will happen again.

FWIW, the coupon on a 30 year is at 4.75% and the yield is 4.62. The 30 year has been bid up to a premium of 102 and 2 32's percent of par which means demand is still high for these assets. If at the next auction, the market price has fallen below par to the point that the yield is 5% or better, they will likely issue 30 year paper with a 5% coupon. That means the bonds will pay $50 per year for each $1,000.00 face value note held.

http://www.bloomberg.com/markets/rates-bonds/government-bonds/us/

And no, it doesn't mean a "panic and the collapse of paper assets".

That is ridiculous and unfortunately, typical of this thread, I'm sorry to say.

[RUMMYisFROSTED]

60. In a free market.

No shenanigans?

[Demeter]

63. Maybe because the Fed was monetizing the debt

and the coupon rates became irrelevant.

If you don't like the thread, there is nobody forcing you to read or comment.

[Demeter]

25. Following the Pleasure Principle: How to Create a Sustainable Economy That Makes Daily Life Better

http://www.alternet.org/story/150079/following_the_pleasure_principle%3A_how_to_create_a_sustainable_economy_that_makes_daily_life_better?akid=6608.227380.q8ntsn&rd=1&t=12

The excitement for all things having to do with sustainable agriculture is old news by now. In North Carolina, the New York Times reported last year, a phenomenon called "crop mobs" has sprouted up: willing workers converge on a farm and spend a day hammering out major projects; evidence, according to one organizer, of the momentum of the "young-farmer movement." The number of farmers' markets in the United States continues to grow, and now stands at 6,000, up 16 percent from a year ago. Micro farms have sprouted in the poorer sections of Detroit, North Philadelphia, Brooklyn and West Oakland as communities dig up ways to grow local jobs and good food. As I'm sure you've heard, even the White House has an organic vegetable garden.

In a recent online column, Time's environment correspondent, Brian Walsh, summed up the strength of the sustainable food movement: "What's amazing is how quickly the food movement has become a measurable force in American society. ... Even the Department of Agriculture -- usually a staunch ally of mainstream farming and the distributor each year of billions in often wasteful agricultural subsidies -- has gotten into the sustainability game with its 'Know Your Farmer, Know Your Food' program, which connects consumers with local producers."

But if the contours of this budding sustainable food movement have been well charted, the roots (if you will) haven't been examined as closely. What, exactly, is spurring the trend? Why are so many people hungry to get closer to their food and meet their farmers? Why the fresh emphasis on food miles, production methods, animal welfare? Why are more people interested in starting their own gardens, or joining existing ones through volunteering? Or, as I've often wondered, what makes someone think shoveling horseshit is fun?

[xchrom]

30. i have to include links to YES magazine

and civil eats.

http://www.yesmagazine.org/

http://civileats.com/

[Demeter]

26. The Moral Underground: How Ordinary Americans Subvert an Unfair Economy

http://www.alternet.org/story/150126/the_moral_underground%3A_how_ordinary_americans_subvert_an_unfair_economy?page=entire

Sociologist Lisa Dodson investigates the growing grassroots movement against unethical standards within the workplace...The following is an excerpt from The Moral Underground: How Ordinary Americans Subvert an Unfair Economy, by Lisa Dodson:

Roots of Disobedience

On the surface, the people I met who practiced economic disobedience would seem quite diverse. They included middle-aged, white Bea, managing that big-box store in rural New England and thinking that after years of hard work, you should be able to buy a prom dress for your daughter. They included Ned, white and in his thirties, the chain grocery store manager who thought working families should have enough to eat. And also Ray, in his fifties and the son of immigrants, a community-center director for a small city, who doesn’t ask for a “pedigree” before signing people up for desperately needed services. They included Aida, a Latina in her thirties, the director of a child care center, who misplaced paperwork so that children wouldn’t lose child care and parents wouldn’t lose jobs. And they included urban teacher Lenora, in her twenties and African American, who broke school rules all the time to help out a student in her class.

These and dozens of other disobedient people identified themselves as all over the nation’s social map. They were younger and older; from the West, Midwest, and East; they were Latino, black, and white; religious and not; and ranged from barely middle-income to quite wealthy. And they did not—for the most part—use words like “resistance” or “civil disobedience.” Yet they took action based on a belief in their responsibility for what was happening to people around them.

The most common explanation given for breaking institutional rules was an identification with the plight of others. As Dr. Leticia put it, “There was something... that haunted me... maybe reminded me of me.” It was particularly common for women to talk about putting themselves in other mothers’ shoes and reflect on what it would be like to have to leave their children all alone. But this was also said by numerous men who described their feelings of protectiveness and concern for children. What would it be like to be unable to keep their children safe or fed? Employers, doctors, job supervisors, executives, teachers, small business owners, and others—over and above their work identity—reflected that as a parent, you know that you put your children before anything, before regulations or laws. Protecting children from harm trumps everything else.

Intriguingly, this idea was also shared by childless people who expressed a sense of responsibility for children’s vulnerability that reached beyond genetic ties. They included childless Cora, who allowed children into the workplace, tried to get them homework help, and wrote up fantasy work schedules each week—all against the rules of the large franchise she ran—to help mothers take care of their kids. Hospital VP Linda treated people working for her like fictive kin and, from that angle, treated breaking rules as morally obligatory, worth risking her job to do.

[AnneD]

43. OK....

I confess my crimes. I won't say what it has involved and who it was for but as a school nurse, let's just say I move heaven and earth to get my kids what they need. I sometimes call in favours so much I feel like Don Corleon. And I always tell the people I help to pay it forward.

I don't miss an opportunity for communion since we don't have confession like the Catholic Church and I have a gardening kneeling pad near my bed. I have an icon of St. Michael at my desk, an icon of Gabriel, and Mary (I don't mess around) and have rosary and meditation beads that were given to me that I have been known to use. No rabbit's foot though-they need that more than I do.

[xchrom]

32. kick

[Demeter]

34. Dive! Dive! Dive!

http://www.youtube.com/watch?v=u95E__3TSN0

I think we've taken a hit in the balloon! Well, with a target that big, it would be hard to miss....

All this, just because the Fed is throwing in the towel on QE to infinity and beyond?

[xchrom]

36. what the hell?!?!?

:rofl: i don't know WHAT i was expecting.

[kickysnana]

50. They are going to have to tape another page below those graphs. n/t

[Demeter]

37. "IF YOU CAN'T BEAT THEM" CATEGORY

Russia in $10bn move to tempt investors


The Russian government is setting up a $10bn fund to co-invest with leading international private equity firms in an effort to attract foreign capital to the country, and has asked Goldman Sachs informally to guide the project, according to people familiar with the
matter.

Separately, Russia is also creating a committee to advise Dmitry Medvedev, Russian president, on transforming Moscow into an international financial centre. Members will include Goldman’s chief executive Lloyd Blankfein, Blackstone’s founder Steve Schwarzman, Jamie Dimon of JPMorgan Chase and Brian Moynihan of Bank of America, as well as representatives from BNP Paribas and UniCredit among others.

Read more >>
http://link.ft.com/r/VKY5JJ/ZBNDZE/K91WR/NSWGH1/8ATA8J/ZH/t?a1=2011&a2=3&a3=6

[Demeter]

38. Galleon billionaire to face accusers

Nearly 18 months after his arrest, Raj Rajaratnam, the hedge fund billionaire, will face his accusers at a high-stakes, criminal insider trading trial

Read more >>
http://link.ft.com/r/KC2844/GKAGPH/ULCJB/FXV378/WLQTM3/N9/t?a1=2011&a2=3&a3=7

[Demeter]

39. Duke Energy seeks fresh merger prospects

The North Carolina-based power company will be looking for more acquisitions once it has completed its $13.8bn takeover of its neighbour Progress Energy, its chairman has said

Read more >>
http://link.ft.com/r/KC2844/GKAGPH/ULCJB/FXV378/QFXNCQ/N9/t?a1=2011&a2=3&a3=7

[DemReadingDU]

40. Latest news about our Enon mayor and police chief

Some of you may be aware of the ongoing saga we have been having with our village mayor and police chief.
See previous posting from 2/16/11
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4734921&mesg_id=4735066


Not only has it been documented that Enon police chief Callahan is dishonest, but mayor Vernon made untrue statements at the last Enon meeting on 2/22/11 concerning a discussion the mayor had with village attorney Kavanagh. Because the village meetings are recorded, the audio can be re-played to hear the exact words spoken by the mayor and chief. Otherwise, some people would believe everything said by the mayor and chief.

From the article...
The mayor said "“I stated to Mr. Kavanagh that we should not be discussing this in open session and he agreed and stated that he did not believe that Chief Callahan was dishonest.”"

Kavanagh corrected two misstatements in the Mayor’s statement. He said that he found that Callahan had been honest with him, but that he had made it clear that he believed that Callahan was dishonest with Trout. He also said that he has stated that it is proper to discuss employee issues in executive session, but it is not required.

full article...
http://www.enoneagle.net/index.php/news/597-qi-feel-ashamedq.html

This is the audio link from the meeting of 2/22/11. The mayor begins ranting appx 20 minutes into the audio, and the attorney corrects the mayor at appx 32 minutes into the audio.
http://www.i-right.com/audio/enon/enon-02-22-11.mp3


Next meeting is tomorrow Tuesday 3/8/11.

[AnneD]

44. Reality, more interesting than soaps....

:popcorn:

[DemReadingDU]

45. No kidding!

We are discussing to bring our bags of popcorn to the meeting tomorrow, and wear clown suits...

Mayor Clifford Vernon lambasted the council members and the “clowns” and “unethical people” in the community at the February 8 Enon Village Council meeting.
http://www.enoneagle.net/index.php/news/580-village-council-mayor-and-residents-argue-over-chiefs-comments.html

[Demeter]

48. And Running Even Longer

Is there no way to put this mayor out of your misery?

[DemReadingDU]

52. We hope to vote him out in November

and then we hope this police chief resigns if we get a new mayor. Then a new mayor would select a new chief.

But, our attorney is in the process of filing a lawsuit because of spouse being removed from an open village meeting by the mayor, and at the same meeting, spouse was falsely arrested and booked into jail (last summer) by the police chief. So perhaps the lawsuit will get these 2 to resign sooner than November.

In the meantime, we also go to all the village committee meetings and the Township meetings too. There seems to be a some kind of meeting 3-4 days every week! We have everyone wary of what we find out, write letters and speak about.
:)

[Demeter]

49. Goldman Sachs hires law firm to shut blogger's site (GOLDMAN666)

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/5137489/Goldman-Sachs-hires-law-firm-to-shut-bloggers-site.html

The bank has instructed Wall Street law firm Chadbourne & Parke to pursue blogger Mike Morgan, warning him in a recent cease-and-desist letter that he may face legal action if he does not close down his website.

Florida-based Mr Morgan began a blog entitled "Facts about Goldman Sachs" – the web address for which is goldmansachs666.com – just a few weeks ago.

In that time Mr Morgan, a registered investment adviser, has added a number of posts to the site, including one entitled "Does Goldman Sachs run the world?". However, many of the posts relate to other Wall Street firms and issues.

According to Chadbourne & Parke's letter, dated April 8, the bank is rattled because the site "violates several of Goldman Sachs' intellectual property rights" and also "implies a relationship" with the bank itself...

[Demeter]

51. Libya's Billions Invested In U.S. Private Equity, Big Banks

http://www.huffingtonpost.com/2011/03/01/libya-investment-portfolio-us-banks-equity_n_829964.html

U.S. President Barack Obama's executive order freezing $30 billion in assets of Muammar Gaddafi, his family and the Libyan government could impact several U.S. banks and private equity firms, including Goldman Sachs, Citigroup, JPMorgan Chase and the Carlyle Group. The Obama administration described it as the largest seizure of foreign funds in U.S. history.

The oil-rich country's sovereign wealth fund, the Libyan Investment Authority, controls at least $70 billion in fixed assets and reserves. It has invested the bulk of its money in European banks and businesses, including Dutch-Belgian bank Fortis, Italian bank Unicredit, the Pearson publishing empire, Italian defense firm Finmeccanica SpA, an oil-production sharing agreement with BP and even a slice of the Italian soccer team Juventus.

In the wake of the Bush administration's lifting of sanctions against Libya in 2004, following Gaddafi's agreement to give up weapons of mass destruction, American businesses and private equity firms also came flocking to the North African country to court government and LIA officials. As The Huffington Post reported last week, a broad coalition of U.S. oil companies, defense manufacturers and businesses lobbied the U.S. government to repair relations with the longtime international pariah and to take advantage of business opportunities in the country.

The secretive Libyan Investment Authority has reportedly invested hundreds of millions of dollars in Goldman Sachs Asset Management funds, including a loan fund designed to invest in new hedge funds set up by the Kuwait Investment Authority. Goldman Sachs already has a relationship with Libya -- in 2008, Goldman was the first U.S. bank to get a contract with the country following the removal of sanctions, when it was hired by Libya's central bank to provide information on its behalf to credit rating agencies. A spokesperson for Goldman Sachs did not return calls seeking comment...

[Festivito]

53. Debt: 03/03/2011 14,182,086,199,057.01 (UP 3,561,090,789.41) (Thu, UP some.)

(Good day.)
At least a Big Boy makes me feel young. No fries though.
(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)
= 9,571,009,627,588.32 + 4,611,076,571,468.69
UP 8,400,855,808.94 + DOWN 4,839,765,019.53

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 $3.21 THAT'S 1B$, and $3,210.40 makes 1T$.
A family of three: Mom, Dad, Child: $9.63, ABOUT TEN BUCKS for a 1B$ 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 311,487,392 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,530.21.
A family of three owes $136,590.63. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 20 reports in the last 30 to 28 days.
The average for the last 20 reports is 4,082,958,908.80.
The average for the last 30 days would be 2,721,972,605.87.
The average for the last 28 days would be 2,916,399,220.57.
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$/day.
There were 106 reports in 154 days of FY2011 averaging 5.85B$ per report, 4.03B$/day.
Above line should be okay

PROJECTION:
There are 689 days remaining in this Obama 1st term.
By that time the debt could be between 15.1 and 17.7T$.
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)
03/03/2011 14,182,086,199,057.01 BHO (UP 3,555,209,150,143.93 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 +0,620,463,168,165.30 ------------* * * * * * * * * * * * * * * BHO
Endof11 +1,470,578,288,183.99 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
02/10/2011 -016,083,331,993.98 -
02/11/2011 -000,131,455,172.80 ---
02/14/2011 -001,050,366,540.96 -- Mon
02/15/2011 +048,146,191,309.44 ------------**********
02/16/2011 +000,114,208,468.26 ------------********
02/17/2011 -011,510,944,063.77 -
02/18/2011 +000,193,465,100.84 ------------********
02/22/2011 +000,575,498,293.73 ------------******** Tue
02/23/2011 +000,604,643,024.49 ------------********
02/24/2011 -006,532,296,295.79 --
02/25/2011 +025,792,712,781.54 ------------**********
02/28/2011 +054,201,582,504.95 ------------********** Mon
03/01/2011 -002,977,641,960.04 --
03/02/2011 +000,044,996,229.28 ------------*******
03/03/2011 +008,400,855,808.94 ------------*********

99,788,117,494.13 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=4756939&mesg_id=4757190

[Festivito]

54. Debt: 03/04/2011 14,182,627,184,881.03 (UP 540,985,824.02) (Fri, UP a little.)

(Good day.)
Must return to work-a-day world.
(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)
= 9,571,126,198,972.77 + 4,611,500,985,908.26
UP 116,571,384.45 + UP 424,414,439.57

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 311-Million person America.
If every American, man, woman and child puts in $3.21 THAT'S 1B$, and $3,210.33 makes 1T$.
A family of three: Mom, Dad, Child: $9.63, ABOUT TEN BUCKS for a 1B$ 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 311,494,592 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 $45,530.89.
A family of three owes $136,592.68. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 20 reports in the last 30 to 28 days.
The average for the last 20 reports is 4,140,175,678.80.
The average for the last 30 days would be 2,760,117,119.20.
The average for the last 28 days would be 2,957,268,342.00.
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$/day.
There were 107 reports in 155 days of FY2011 averaging 5.80B$ per report, 4.01B$/day.
Above line should be okay

PROJECTION:
There are 688 days remaining in this Obama 1st term.
By that time the debt could be between 15.1 and 17.7T$.
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)
03/04/2011 14,182,627,184,881.03 BHO (UP 3,555,750,135,967.95 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 +0,621,004,153,989.30 ------------* * * * * * * * * * * * * * * BHO
Endof11 +1,462,364,620,684.48 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
02/11/2011 -000,131,455,172.80 ---
02/14/2011 -001,050,366,540.96 -- Mon
02/15/2011 +048,146,191,309.44 ------------**********
02/16/2011 +000,114,208,468.26 ------------********
02/17/2011 -011,510,944,063.77 -
02/18/2011 +000,193,465,100.84 ------------********
02/22/2011 +000,575,498,293.73 ------------******** Tue
02/23/2011 +000,604,643,024.49 ------------********
02/24/2011 -006,532,296,295.79 --
02/25/2011 +025,792,712,781.54 ------------**********
02/28/2011 +054,201,582,504.95 ------------********** Mon
03/01/2011 -002,977,641,960.04 --
03/02/2011 +000,044,996,229.28 ------------*******
03/03/2011 +008,400,855,808.94 ------------*********
03/04/2011 +000,116,571,384.45 ------------********

115,988,020,872.56 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=4759525&mesg_id=4760053

[kjackson227]

61. K&R