STOCK MARKET WATCH, Friday, March 11, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Friday, March 11, 2011

AT THE CLOSING BELL ON March 10, 2011

Dow 11,984.61 -228.48 (-1.91%)
Nasdaq 2,701.02 -50.70 (-1.88%)
S&P 500 1,295.11 -24.91 (-1.92%)
10-Yr Bond... 3.34 -0.02 (-0.54%)
30-Year Bond 4.49 -0.01 (-0.20%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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    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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A cartoon doesn't feel appropriate today. In lieu of a cartoon, please consider donating to the charity of your choice that will aid the victims of the earthquake and potential tsunami.

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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. Today's reports, FWIW.

Mar 11 08:30 Retail Sales Feb 1.4% 1.0% 0.3%
Mar 11 08:30 Retail Sales ex-auto Feb 1.0% 0.6% 0.3%
Mar 11 09:55 Mich Sentiment Mar 78.0 76.5 77.5
Mar 11 10:00 Business Inventories Jan 0.8% 0.8% 0.8%

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

[Pale Blue Dot]

19. U.S. retail sales up 1.0% in February

WASHINGTON (MarketWatch) - Sales at U.S. retailers increased 1.0% in February, the eight straight monthly gain and the largest in four months, the Commerce Department estimated Friday. Sales rose an upwardly revised 0.7% in January compared with the prior estimate of a 0.3% gain. Details of the February report were strong. Ahead of the report, economists surveyed by MarketWatch expected total sales to rise 1.3% in February. Excluding the 2.4% rise in motor vehicle sales, retail sales rose 0.7%, below the 0.9% economists had expected.

http://www.marketwatch.com/story/us-retail-sales-up-10-in-february-2011-03-11

[Pale Blue Dot]

29. U.S. Michigan Consumer Sentiment Index Fell to 68.2 in March

The Thomson Reuters/University of Michigan preliminary index of consumer sentiment in the U.S. fell to 68.2 in March from 77.5 in February.

The gauge was projected to decline to 76.3, according to the median estimate of 68 economists in a Bloomberg News survey. Estimates ranged from 74 to 80. The index averaged 89 in the five years leading up the recession that began in December 2007 and ended in June 2009.

A report earlier today from the Commerce Department showed that retail sales climbed in February by the most in four months, spurred by job gains and more seasonable temperatures.

The 1 percent increase in purchases followed a revised 0.7 percent rise in January that was more than double the previous estimate.

http://www.bloomberg.com/news/2011-03-11/u-s-michigan-consumer-sentiment-index-fell-to-68-2-in-march.html

[Pale Blue Dot]

2. Oil falls to near $101 after massive Japan quake

SINGAPORE – Oil prices fell to near $101 a barrel Friday in Asia after a massive earthquake and tsunami struck Japan, triggering knee-jerk flight to safety selling in regional markets.

Benchmark crude for April delivery was down $1.30 at $101.40 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract lost $1.68 to $102.70 on Thursday.

In London, Brent crude was down $1.20 at $114.23 a barrel on the ICE futures exchange.

A magnitude 8.9 earthquake slammed Japan's northeastern coast Friday afternoon, unleashing a 13-foot (4-meter) tsunami that has killed at least one person.

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

As if we needed any more proof that the increase in oil prices was due to pure speculation.

[Demeter]

6. I thought oil would fall

Japan is going to busy for a while, cleaning up.

[mirror wall]

7. You think the falling price in oil is related to Japan reducing orders for the short term?

[Demeter]

11. I think it's the speculators realizing that their odds have gotten much worse

[mirror wall]

14. What do you mean by that? In relation to what?

[Loge23]

28. One less craps table open.

The economic impact is what's left on the floor after the gamblers move on.

[Pale Blue Dot]

3. Let's talk about the economic impact of the quake here.

My best friend has family in Long Beach, CA. I hope that everyone is ok. Please stay safe, west coast SMW readers. :-(

[mirror wall]

5. Yes, let's. What do you make of the fact that the Yen has not only stablized but has risen strongly?

Is this all in anticipation of a major event elsewhere of economic importance? http://www.marketwatch.com/story/yen-reverses-sharply-higher-after-quake-2011-03-11

[Demeter]

8. I think those who dump currencies decided to give Japan a sporting chance

No fun crashing a currency when its country is down...people will talk, make unfavorable regulations, even.

[mirror wall]

9. So what is actually driving this then? I'm not seeing it, honestly.

[Demeter]

13. There's only one thing driving all markets these days: FEAR

Fear is even trumping GREED on a regular basis, everywhere except in the US, where Uncle Sap has pledged to cover all bad bets...

[Pale Blue Dot]

4. U.S. Stock Futures Slide; National Semiconductor, Berkshire Hathaway Drop

U.S. stock-index futures declined, indicating that the Standard & Poor’s 500 Index will extend its weekly drop, as China’s inflation accelerated and the strongest earthquake in at least a century struck Japan.

National Semiconductor Corp. (NSM) dropped 1.6 percent in German trading as the chipmaker posted third-quarter sales that missed analysts’ estimates. Alcoa Inc., the largest U.S. aluminum producer, fell with metal prices. Berkshire Hathaway Inc. followed European insurance companies lower.

March contracts on the S&P 500 lost 0.4 percent to 1,284.1 at 10:46 a.m. in London. U.S. stocks fell yesterday, sending the S&P 500 to its lowest level since January following an increase in jobless claims, a wider American trade deficit and a slowdown in China’s export growth. Dow Jones Industrial Average futures lost 0.5 percent to 11,861 today and Nasdaq-100 Index futures retreated 0.4 percent to 2,271.25.

“The damage in Japan will be enormous,” said Jacques Porta, a Paris-based fund manager at Ofi Patrimoine, who helps oversee about $425 million in stocks. “It’s very bad news to add to the list of other bad news. In China, as long as we do not get confirmation that the government can contain inflationary pressures, investors will be lacking visibility.”

http://www.bloomberg.com/news/2011-03-11/u-s-stock-futures-slide-national-semiconductor-berkshire-hathaway-drop.html

[Demeter]

10. WikiLeaks: As AIG crumbled, China stepped in as broker

http://news.yahoo.com/s/nm/20110311/bs_nm/us_wiki_aig_china

U.S. officials believe China's insurance regulator passed on proprietary information about AIG to its Chinese rivals during the American firm's collapse in 2008, according to unpublished diplomatic cables.

The U.S. government bailout of American International Group Inc in 2008 sent shock waves around the world, and China seemed especially rattled.

The Chinese Insurance Regulatory Commission (CIRC) forced AIG's local operations to open their books on a daily basis after the company's September 2008 rescue, according to a series of U.S. diplomatic cables obtained by WikiLeaks and provided to Reuters by a third party. The regulator then shared the confidential information with local competitors, in part to convince at least one of them to buy the troubled assets.

The cables were based on diplomats' repeated conversations with unidentified AIG executives.

While the regulator's efforts went for naught -- AIG's various Asian operations were ultimately sold in part to MetLife and in part to the public in the IPO of AIA Group -- the cables shed new light on the way the Chinese approach large and troubled foreign companies...

-------------------------------------------------------------------
SUMMONED TO BEIJING

AIG executives told consular officials in Shanghai they were summoned to Beijing the day after the rescue to explain themselves, the speed of the request coming as a surprise.

The next day, AIG told consular officials Shanghai-based regulators threatened to immediately pull the company's licenses if it did not disclose -- and stop enforcement of -- any support arrangements with other AIG units.

The first indication of a more direct purpose came September 25, 2008, when AIG told consular officials the CIRC had had a meeting of domestic insurers to see if any wanted to buy the AIG operations, and at least one said yes. The cable did not disclose who that potential buyer was.

But by October 22 of that year, AIG said the CIRC apparently already had a favorite buyer -- China Life, the world's most valuable insurer...

[Festivito]

12. Debt: 03/09/2011 14,182,663,848,364.00 (DOWN 10,512,905,107.62) (Wed, UP a little.)

Debt: 03/09/2011 14,182,663,848,364.00 (DOWN 10,512,905,107.62) (Wed, UP a little.)
(Good day.)
8.9 in Hokaido. Better check that nuke plant up there.
(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)
= 9,572,070,258,391.50 + 4,610,593,589,972.50
UP 555,472,651.94 + DOWN 11,068,377,759.56

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 312-Million person America.
If every American, man, woman and child puts in $3.21 THAT'S 1B$, and $3,209.96 makes 1T$.
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 311,530,592 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 $45,525.75.
A family of three owes $136,577.25. (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 4,193,736,729.13.
The average for the last 30 days would be 2,795,824,486.09.
The average for the last 28 days would be 2,995,526,235.10.
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$/day.
There were 110 reports in 160 days of FY2011 averaging 5.65B$ per report, 3.88B$/day.
Above line should be okay

PROJECTION:
There are 683 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)
03/09/2011 14,182,663,848,364.00 BHO (UP 3,555,786,799,450.92 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 +0,621,040,817,472.30 ------------* * * * * * * * * * * * * * * BHO
Endof11 +1,416,749,364,858.69 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------********
03/07/2011 +000,111,602,744.60 ------------******** Mon
03/08/2011 +000,276,984,022.19 ------------********
03/09/2011 +000,555,472,651.94 ------------********

69,967,710,695.61 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=4763554&mesg_id=4763581

[bread_and_roses]

18. Just want to say thanks for doing this every day

I admit to not much understanding it, but it is very reassuring to see you posting it every day - at least I know that some understand it! Thanks!

[Festivito]

32. Debt: 03/10/2011 14,163,433,071,135.27 (DOWN 19,230,777,228.73) (Thu, DOWN a lot.)

(Good day.)
The coffehouse of movie-like dreams.
(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)
= 9,551,255,398,880.23 + 4,612,177,672,255.04
DOWN 20,814,859,511.27 + UP 1,584,082,282.54

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 312-Million person America.
If every American, man, woman and child puts in $3.21 THAT'S 1B$, and $3,209.88 makes 1T$.
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 311,537,792 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 $45,462.97.
A family of three owes $136,388.91. (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 4,004,365,252.65.
The average for the last 30 days would be 2,669,576,835.10.
The average for the last 28 days would be 2,860,260,894.75.
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$/day.
There were 111 reports in 161 days of FY2011 averaging 5.42B$ per report, 3.74B$/day.
Above line should be okay

PROJECTION:
There are 682 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)
03/10/2011 14,163,433,071,135.27 BHO (UP 3,536,556,022,222.19 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 +0,601,810,040,243.50 ------------* * * * * * * * * * * * * * * BHO
Endof11 +1,364,351,954,589.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
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 ------------********
03/07/2011 +000,111,602,744.60 ------------******** Mon
03/08/2011 +000,276,984,022.19 ------------********
03/09/2011 +000,555,472,651.94 ------------********
03/10/2011 -020,814,859,511.27 -

49,038,642,716.08 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=4765329&mesg_id=4765368

[Demeter]

15. Naomi Klein on Anti-Union Bills and Shock Doctrine

Naomi does Wisconsin and Scott Walker, its reigning moron...PODCAST

http://www.democracynow.org/2011/3/9/naomi_klein_on_anti_union_bills

[Demeter]

16. Stealing from Social Security to Pay for Wars and Bailouts By Paul Craig Roberts

http://www.informationclearinghouse.info/article27644.htm

The American Empire is failing. A number of its puppet rulers are being overthrown by popular protests, and the almighty dollar will not even buy one Swiss franc, one Canadian dollar, or one Australian dollar. Despite the sovereign debt problem that threatens EU members Greece, Ireland, Spain, and Portugal, it requires $1.38 dollars to buy one euro, a new currency that was issued at parity with the US dollar.

The US dollar’s value is likely to fall further in terms of other currencies, because nothing is being done about the US budget and trade deficits. Obama’s budget, if passed, doesn’t reduce the deficit over the next ten years by enough to cover the projected deficit in the FY 2012 budget.

Indeed, the deficits are likely to be substantially larger than forecast. The military/security complex, about which President Eisenhower warned Americans a half century ago, is more powerful than ever and shows no inclination to halt the wars for US hegemony.

The cost of these wars is enormous. The US media, being good servants for the government, only reports the out-of-pocket or current cost of the wars, which is only about one-third of the real cost. The current cost leaves out the cost of life-long care for the wounded and maimed, the cost of life-long military pensions of those who fought in the wars, the replacement costs of the destroyed equipment, the opportunity cost of the resources wasted in war, and other costs. The true cost of America’s illegal Iraq invasion, which was based entirely on lies, fabrications and deceptions, is at least $3,000 billion according to economist Joseph Stiglitz and budget expert Linda Bilmes...To put it bluntly, the $3 trillion cost of the Iraq war, as computed by Joseph Stiglitz and Linda Bilmes, is 20% of the size of the U.S. economy in 2010. In other words, the Iraq war alone cost Americans one-fifth of the year’s gross domestic product.

Instead of investing the resources, which would have produced income and jobs growth and solvency for state and local governments, the US government wasted the equivalent of 20% of the production of the economy in 2010 in blowing up infrastructure and people in foreign lands. The US government spent a huge sum of money committing war crimes, while millions of Americans were thrown out of their jobs and foreclosed out of their homes.

The bought-and-paid-for Congress had no qualms about unlimited funding for war, but used the resulting “debt crisis” to refuse help to American citizens who were out of work and out of their homes.

The obvious conclusion is that “our” government does not represent us.

The same for the Afghan war, which is ongoing. If the Afghan war lasts as long as the Pentagon says it needs to, the cost will be a multiple of the cost of the Iraq war...

YOU HAVE TO READ THE WHOLE THING!

[xchrom]

17. excellent read. nt

[Po_d Mainiac]

26. blah blah blah

Who's the next "American Idol?" :sarcasm:

[hamerfan]

30. Ha!

Too true, unfortunately....

[Hotler]

20. k&r n/t

[xchrom]

21. demeter & pbd and others --

great vid talking about the crises in capitalism.

http://www.screwtheright.org/shitexplained/index.htm

[Roland99]

22. Index Futures - ugly opening set

DJIA INDEX 11,866.00 -54.00 09:11
S&P 500 1,285.50 -4.00 09:11
NASDAQ 100 2,273.25 -7.50 09:10

[DemReadingDU]

23. Will The Japanese Earthquake Be The Straw That Breaks Europe's Back?

From ZeroHedge

3/11/11 Will The Japanese Earthquake Be The Straw That Breaks Europe's Back?

Two months ago many were scratching their heads when Japan announced it was buying Eurozone bonds. After all - why would Europe want to have a marginal buyer (or as the case may be seller) of its debt be the country that is known by all to be the most indebted entity in the world? Of course, it became promptly clear that it was not the Japanese government doing the buying, but mostly its financial companies, with an emphasis on its insurance and reinsurance companies. Fast forward to today when Japanese insurance companies are getting pummeled in local trading on concerns the payoffs to the decimated Japanese infrastructure will be unprecedented.

So what will happen? Why a scramble for liquidity of course, just like we saw back in September 2008, when cash stricken companies sold all their liquid assets first, resulting in a toxic loop of self-fulfilling prophecy selling which almost tobbled the $25 trillion shadow banking system. And what will said Japanese insurance companies sell first? Why the very same Eurozone bonds they acquired with so much pomp and circumstance, by the minions of the insolvent Eurozone, back in January of course. Furthermore, now that Japan will have no choice but to launch a mini round of Quantitative Easing and flood the market with JGBs, there will be a dramatic spike in supply for sovereign paper, which of course means yields across the board will rise. Which begs the question: if an earthquake flips its wings in Japan, does the Eurozone go bankrupt, especially in the month when its most insolvent countries face billions in debt rollover requirements, tens of billions in maturity funding needs, even more in deficit funding requirements... and no cash?

http://www.zerohedge.com/article/will-japanese-earthquake-be-straw-breaks-europes-back

[PATRICK]

24. Is it true Larry Summers

proposed the "bright side" as a truly Shock doctrine opportunity for rebuilding as a real plus from this calamity?

[xchrom]

25. very interesting take -- i must say. nt

[Po_d Mainiac]

27. The overdue "big one" on the left coast

will shake the US back to the stone age.

[StarburstClock]

31. Turn on CNBC if you feel like being sickened by the inhumanity

They're oh so concerned about how to profit from the Japan disaster and where to run with their money. I had to turn it off after watching about 5 seconds of Sue Herrera opining about where to "invest". The CNBC people really are sickening creatures who look to exploit death at every opportunity.

[Po_d Mainiac]

33. Did they mention the GE built reactors

about to go off-line permanently?