STOCK MARKET WATCH, Wednesday, March 30, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Wednesday, March 30, 2011

AT THE CLOSING BELL ON March 29, 2011

Dow 12,279.01 +81.13 (+0.66%)
Nasdaq 2,756.89 +26.21 (+0.95%)
S&P 500 1,319.44 +9.25 (+0.70%)
10-Yr Bond... 3.49 +0.00 (+0.06%)
30-Year Bond 4.54 +0.01 (+0.13%)

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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    
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Handy Links - Economic Blogs:
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Handy Links - Government Issues:
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Handy Links - Videos:
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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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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

Mar 30 07:00 MBA Mortgage Index 03/25 NA NA +2.7%
Mar 30 07:30 Challenger Job Cuts Mar NA NA 20%
Mar 30 08:15 ADP Employment Change Mar 200K 210K 217K
Mar 30 10:30 Crude Inventories 03/26 NA NA 2.131M

Read more: http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm#ixzz1I4o1q8Gr

Would anyone like to wager exactly how wrong the ADP report will be?

[Pale Blue Dot]

14. US Mortgage Applications Fall as Rates Rise

Applications for U.S. home mortgages tumbled last week as higher interest rates sapped demand for loan refinancing, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 7.5 percent in the week ended March 25.

"As rates climb back to 5 percent, fewer homeowners have both the incentive and the ability to refinance," Michael Fratantoni, MBA's vice president of research and economics, said in a statement.

"Purchase volume remained roughly flat as we enter what is typically the peak home-buying season."

http://www.cnbc.com/id/42335641

[Pale Blue Dot]

31. Planned layoffs declined in March: Challenger

(Reuters) - The number of planned layoffs at U.S. firms fell in March, despite continued downsizing in the public sector, a report said on Wednesday.

Employers announced 41,528 planned job cuts this month, down 18 percent from the 50,702 cuts announced in February, according to the report from consultants Challenger, Gray & Christmas, Inc.

The March figure was down 39 percent from a year ago, when 67,611 job cuts were announced, the report said.
...
Government has led job reduction this year, with 19,099 planned cuts in March -- the highest in 12 months, the report said.

http://www.reuters.com/article/2011/03/30/us-usa-economy-jobs-challenger-idUSTRE72T2DJ20110330

[Pale Blue Dot]

34. This month's worthless ADP number: 201K

US: ADP employment change drops to 201K in March

FXstreet.com (Barcelona) - The employment report published by ADP showed the US economy added 201K jobs over March, down from the 217K in February. The figure is slightly under expectations of an increase of 205K over the month.

The Employment Change released by the Automatic Data Processing, Inc is a measure of the change in the number of employed people in the US Generally speaking, a rise in this indicator has positive implications for consumer spending which stimulates economic growth. Generally speaking, a high reading is seen as positive, or bullish for the USD, while a low reading is seen as negative, or bearish

http://www.fxstreet.com/news/forex-news/article.aspx?storyid=51dfe87b-479b-464a-afb3-7e61da9372a2

[Pale Blue Dot]

2. Oil hovers below $105 after US crude supply jump

SINGAPORE – Oil prices hovered below $105 a barrel Wednesday in Asia after a report showed U.S. crude supplies rose more than expected last week, suggesting rising fuel costs may be crimping demand.

Benchmark crude for May delivery was down 19 cents to $104.60 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract gained 81 cents to settle at $104.79 on Tuesday.

In London, Brent crude was down 3 cents at $115.13 a barrel on the ICE futures exchange.

Crude has jumped about 24 percent since Feb. 15, and analysts say higher prices for gasoline and heating oil could eventually hurt consumer demand.

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

[Pale Blue Dot]

3. Stocks, U.S. Index Futures Advance; Yen Weakens, Portuguese Bonds Decline

Stocks rose around the world, with Europe’s benchmark index posting its longest streak in three months. U.S. futures advanced, Portuguese five-year notes fell for an eighth day and the yen weakened.

The Stoxx Europe 600 Index advanced 0.8 percent at 10:35 a.m. in London, recouping the losses from Japan’s March 11 earthquake. Standard & Poor’s 500 Index futures gained 0.3 percent and the Nikkei 225 (NKY) Stock Average climbed 2.6 percent. The yen depreciated against its 16 major peers, while the Australian dollar strengthened to a record versus the U.S. currency. The cost of insuring Portuguese debt against default rose to a record. Gold, cattle and rubber rose.

Hitachi Ltd. (6501)’s main plant will resume full operation next month, Japan’s Nikkei newspaper said. Agricultural Bank of China Ltd. (601288) and Cheung Kong (Holdings) Ltd. reported earnings that beat analyst estimates. U.S. companies probably increased jobs, economists said before a report today.

“The global economy is recovering,” said Hiroichi Nishi, an equities manager at Nikko Cordial Securities Inc. in Tokyo. “Even as Japan faces the unexpected effects of the huge earthquake, the U.S. economic recovery is looking clearer.”

http://www.bloomberg.com/news/2011-03-30/asian-stocks-gain-on-earnings-japan-production-outlook-bonds-yen-fall.html

[Pale Blue Dot]

4. House votes to kill Obama mortgage plan

WASHINGTON (CNNMoney) -- The House passed a bill Tuesday to kill a signature Obama administration program that helps homeowners stay in their homes but has faced criticism as ineffective.

The House voted 252 to 170 to stop any new funding for the Home Affordable Modification Program (HAMP). Eleven Democrats joined Republicans to defund the program.

The program taps the federal bailout that saved the big banks, providing incentives to mortgage servicers to modify mortgages for borrowers behind on their payments.

"To many struggling Americans seeking permanent mortgage relief, HAMP offered little more than false hope. More homeowners have been kicked out of the program than have received permanent relief," Rep. Darrell Issa, the California Republican who chairs the House Oversight Committee, said in a statement.

http://money.cnn.com/2011/03/29/news/economy/republicans_kill_hamp/index.htm

[Pale Blue Dot]

5. Utah: Forget dollars. How about gold?

There is a new law in the state of Utah that might be of interest.

The Beehive State has a new measure on the books that eliminates state taxes on the exchange of gold and silver coins and directs the legislature to study an "alternative form of legal tender."

The law, signed by Gov. Gary Herbert last week, also recognizes gold and silver coins issued by the federal government as legal tender in the state.

Of course, they already are. But people use them as investments, not pocket change.

The big legal change in Utah is that the state tax code now treats gold and silver coins -- issued by the U.S. Mint -- as currency rather than an asset. That means no capital gains or other state taxes will be levied when the coins are exchanged.

http://money.cnn.com/2011/03/29/news/economy/utah_gold_currency/index.htm

[Po_d Mainiac]

23. FYI

The denominations of the:
1oz 99.99% pure American Silver Eagle is $1
1oz 99.99%pure gold American Bison is $50

These are both US mint issues

[AnneD]

43. So my question is....

If I go in to Provo and pay my taxes-will that silver dollar count as just a dollar (the face value) or the actual value on the market. Other than the tax consideration on purchase and selling...I don't see the point unless they consider it's true market value.

edited to add...sounds like a rip off to me. Only useful in buying gold and on the gold you have. We already have a loophole in our laws that allow you to purchase, tax free, coin or bullion if it is over 1K.

Reminds me of the time I had just made a bullion purchase. I went to have lunch afterwards. I had to scrape change to get a burger. Over a thousand in gold and silver in my purse and I couldn't scrape togather change for a burger. Oh the cruel irony.

[Po_d Mainiac]

50. According to the article

Face value...

But I've read other pieces that state exchange rates would be based on current market pricing. With the prices jumping around several percentage points daily, several terms come to mind. Unworkable and nightmare are among them. But it would be one hellova spectator sport!

[Pale Blue Dot]

6. History Backs Bernanke Betting Volatility Variable Won’t Hurt

Federal Reserve Chairman Ben S. Bernanke is betting that surging prices for food and fuel won’t wind up breaking the cost of living for Americans. The historical record shows the odds are in his favor.

The Fed watches two key measures of inflation, known to economists as headline and core. The first is based on a basket of goods and services bought by the average American consumer. The second strips out volatile food and energy prices, providing a better picture of long-term trends.

While both have averaged about 2 percent a year since 1996, based on the personal-consumption expenditures index, headline inflation has jumped as high as 4.5 percent and fallen to minus 1 percent. In the same period, changes in core prices ranged from increases of 0.7 percent to 2.6 percent.

“From an economist’s perspective, it’s right to focus on the core,” said Vincent Reinhart, a former Fed official who is now a resident scholar at the American Enterprise Institute in Washington. “Appropriately, the Fed’s goal is headline inflation, but it’s headline inflation in the future, and therefore core is the good predictor.”

http://www.bloomberg.com/news/2011-03-30/bernanke-backed-by-history-betting-volatility-variable-won-t-hurt-economy.html

I got a Kindle last week for my birthday, and the first book I bought was Yves Smith's Econned. I think that she would change Reinhart's statement to, "From an economist’s perspective, it’s right to focus on whatever doesn't upset our models."

[Demeter]

19. Delusion and Denial Are the Hallmarks of This Nation

and I'm really getting tired of it. Since I'm not known for my patience, this is not surprising. It is merely the distractions closer to home that keep me from exploding all over....

[Po_d Mainiac]

28. meh

With the number of US households carrying record debt, little savings, and living paycheck to paycheck (or on gov't assistance) IMHO the "model" used to base this hypothesis is fukked beyond flawed.

[Pale Blue Dot]

7. G-20 Criticism of Fed Easing May Be Muted at China Meeting

Group of 20 leaders may limit criticism of the Federal Reserve for flooding the world with money when they meet in China as Europe’s debt crisis and Japan’s disaster take precedence.

U.S. Treasury Secretary Timothy F. Geithner, French President Nicolas Sarkozy, Chinese Vice Premier Wang Qishan and European Central Bank President Jean-Claude Trichet will gather in Nanjing for a one-day seminar on the international monetary system tomorrow. China, Brazil and South Korea all previously slammed the Fed’s $600 billion program for driving down the dollar and fueling asset bubbles in emerging markets.

A 9.0-magnitude earthquake in Japan, armed NATO intervention in Libya, and the heightened prospect of a bailout of Portugal are among developments since Sarkozy proposed the meeting seven months ago. At the same time, the Fed plans to end its Treasury purchases in June and officials have signaled that additional quantitative easing is unlikely as the American economy is showing signs of strengthening.

Criticism of U.S. monetary policy is “so yesterday,” said Chris Rupkey, chief financial economist at Bank of Tokyo- Mitsubishi UFJ in New York. “World leaders and monetary officials have a lot more important things on their plate.”

http://www.bloomberg.com/news/2011-03-29/criticism-of-fed-easing-so-yesterday-as-g-20-prepares-to-meet-in-nanjing.html

"So yesterday"? Really? What happens tomorrow?

[Demeter]

20. They Can't Blame the Earthquake, Tsunami and Nuclear Disaster on Bernanke

or even on the US (aside from GE), so it's America get out of jail free week.

Since there are enough real, lingering disasters of immediate, life-threatening nature, the US might have a get-out-of-jail year...

Which is too bad. We need international help to get Wall Street out of government.

[Pale Blue Dot]

8. Irish Stress Tests May Leave Government in Control of Banks

The Irish government may be forced to take controlling stakes in Bank of Ireland Plc and Irish Life & Permanent Plc, the last of the country’s biggest lenders to escape state control, following tomorrow’s stress tests.

“They’ve clearly got most to lose,” said Oliver Gilvarry, head of research at Dublin-based Dolmen Securities, who has “sell” rating on both banks. “It’s difficult to see how either will end up less than 50 percent owned by taxpayers.”

The Irish Central Bank will at 4:30 p.m. tomorrow publish its third round of stress tests. The results will determine if the two can avoid joining four of the country’s biggest banks in majority state ownership after they all logged record losses as the country’s decade-long real estate bubble burst.

Ireland may require banks to raise an additional 27.5 billion euros ($39 billion) of capital, according to the median estimate of 10 analysts surveyed by Bloomberg News. The government has pledged to provide that money if banks fail to raise it themselves from a 35 billion-euro fund set up under the country’s international bailout in November. Shares of the two lenders have declined by more than 50 percent since that rescue.

http://www.bloomberg.com/news/2011-03-29/irish-stress-tests-may-leave-government-in-control-of-all-country-s-banks.html

[Pale Blue Dot]

60. The unbelievable truth about Ireland and its banks

Ireland's central bank and new government will confirm on Thursday that the hole in the country's banks is even wider, deeper and darker than seemed to be the case last November, when those bust banks forced the country to go with a begging bowl to the European Central Bank (ECB) and the International Monetary Fund (IMF) for 67.5bn euros (£59bn) of rescue loans.

Regulators at the Irish central bank have conducted a review of how much extra capital - as a buffer against future losses - is required by Bank of Ireland, Allied Irish Bank, EBS and Irish Life and Permanent.

Unless something unexpected happens in the next 24 hours, the total amount of additional capital that will need to be injected into these banks will be a bit less than 35bn euros - including 8bn euros that was supposed to be injected into them at the end of February, but was postponed because of Ireland's political turmoil.

Anyway, let's assume that the total amount extra that these banks need is circa 30bn euros. That would take the total quantity of state investment in Ireland banks to a breathtaking 75bn euros (actually a tiny bit more than that).

That is an almost unbelievably large number. When I think about it, I have a small panic attack - because it represents 45% of Ireland's GDP and 55% of its GNP.

http://www.bbc.co.uk/blogs/thereporters/robertpeston/2011/03/the_unbelievable_truth_about_i.html

On edit: This is a must read.

[Pale Blue Dot]

9. Factchecking Banks’ Dubious Claims on Interchange Fees

The banking industry has been busy fighting to defeat or delay a proposal that would cap the interchange fees they collect from merchants when customers pay with debit cards. As we’ve noted, they’ve lobbied extensively, and some banks have warned that they’ll end free checking, end some debit rewards, or place limits on the size of debit card purchases.

Yesterday, the industry took a different tack, suggesting there's no need to cap the fees because rates aren't going up to begin with: The claim comes from a one-page paper by the industry's trade group, the American Bankers Association.
Safeguard the public interest.

“Merchant fee rates are not going up,” the paper said. “The entire increase in total fees paid is due to growing sales volumes combined with customers and merchants choosing to increase their use and acceptance of debit cards as a means of payment.”

In other words, debit interchange revenue is going up, they say, but only because people are buying more and using debit cards more often. That doesn’t square with what the Federal Reserve has said—or with what one expert told us.

http://www.propublica.org/blog/item/factchecking-industrys-interchange-fee-claims

[Pale Blue Dot]

10. Federal regulators propose 20% down payment for best home mortgages

If you want to buy a $300,000 house, you’ll need $60,000 as a down payment to get the best interest rate on your home loan, according to a proposal released Tuesday by federal regulators.

A group of federal agencies announced a high standard for home buyers to get the best mortgage rates: Only those who can make a 20 percent down payment and have not had problems paying mortgages in the recent past would be eligible.

The regulators are trying to prevent the kinds of practices that dumped so many risky mortgages into the financial system several years ago.

But the proposal has sparked concerns from some groups, which worry that a 20 percent down payment is too onerous for many working-class borrowers. Banks also oppose the heightened down-payment requirement, which regulators had considered setting as low as 10 percent.

http://www.washingtonpost.com/business/economy/housing-regulators-propose-20percent-down-payment-for-best-rates/2011/03/29/AFIRw5vB_story.html

[Po_d Mainiac]

35. If the 20% up front is too high for the average buyer

Then the price tag of the home is too high.

At some point mortgages will have to reach a level of 3X annual income to be sustainable. Either wages inflate, and RE prices remain constant or RE falls back to affordable levels.

Any other scenario just won't work.

The banks oppose because they would be forced to finally "mark to market" the REO's and face even higher number of underwater loans as RE prices falls to affordable levels.

[Tansy_Gold]

48. Exactly.

Home ownership -- which is key to the development of a middle class and equitable distribution of wealth in a society -- is dependent on affordable mortgages. Too few people can save the purchase price of a house in order to pay cash. Affordable mortgages are based on affordable housing prices and livable wages.

It's all or nothing.


TG

[Change Happens]

11. Good morning: Happy ADP day!

250K would be nice...

[Pale Blue Dot]

12. Unmanipulated US "Misery Index" Hits All Time High

While everyone knows that the CPI in the US is manipulated beyond repair (a topic far too broad to be discussed here suffice to say that as disclosed previously true inflation in the US is currently runrating at over 8%), inflation as actually represented by US consumers and reported by Zero Hedge earlier, in the form of the 1 year inflation expectation index of the Conference Board lack of confidence index, is near all time highs. So if one takes this data series and adds to it the narrow unemployment definition (U3) one would get an adjusted Misery Index for US citizens (using inflation expectations instead of manipulated CPI). As the chart below shows, the Misery Index, which is merely inflation plus unemployment, constructed as such, would now be at an all time high. Hardly in keeping with Bernanke's wealth effect prerogative, but surely in line with record food stamp usage reported month after month. That said, the silver lining to that particular mushroom cloud is our confidence that as the bulk of Americans live in record "misery", they will be comforted to know that their 20 shares of NFLX are trading at a four digit EPS multiple. And the other good news is that we have the Brits beat again: whereas the US is at a record, the UK is merely at a 20 year high, proving once again that only the US never does anything half-assed.



http://www.zerohedge.com/article/unmanipulated-us-misery-index-hits-all-time-high

[DemReadingDU]

13. good toon today!

[xchrom]

15. recommend

[xchrom]

16. Wall St. Stands at the Pinnacle of 5,000 Years of Human Exploitation

http://www.alternet.org/economy/150416/wall_st._stands_at_the_pinnacle_of_5%2C000_years_of_human_exploitation

March 29, 2011 |



In an earlier day, our rulers were kings and emperors. Now they are corporate CEOs and hedge fund managers. Wall Street is Empire’s most recent stage. Its reign will mark the end of the tragic drama of a 5,000 year Era of Empire.

Imperial historians would have us believe that civilization, history, and human progress began with the consolidation of dominator power in the first great empires that emerged some 5,000 years ago. Much is made of their glorious accomplishments and heroic battles.

[bread_and_roses]

42. whoops - sorry, I didn't see this when i posted it ...(n/t)

[xchrom]

44. lol -- can't be said enough! nt

[xchrom]

17. The GOP's Absurd Plan for the Economy: Lowering YOUR Wages

http://www.alternet.org/economy/150400/the_gop%27s_absurd_plan_for_the_economy%3A_lowering_your_wages

March 28, 2011 |

John Boehner at the AT&T National golf tournament, July 2009.
Photo Credit: Keith Allison



Earlier this month, House Republicans laid out a perverse plan to lower working Americans' wages, supposedly in a bid to get employers to hire more of them (PDF). One would be hard-pressed to find a better example of the “race to the bottom.”

Republican staffers on the Joint Economic Committee released the study in response to widespread criticism that the deep public sector cuts they've advocated threaten to derail an already anemic “recovery” -- economist Mark Zandi estimated last month that if enacted, the spending cuts would cost the U.S. economy 700,000 jobs through 2012.

[Demeter]

30. Voters' Absurd Plan--Recall All the GOP Libertarian Teabaggers

and it just might happen, with a little luck...and emboldened by success, what might the electorate do next?

[lovuian]

57. Yes Republican idiots want us to get competitive with China

Mexico Vietnam where they have socialized medicine ...and make 2 dollars a week

that is where they want the American worker

work 80 hours for 2 dollars


and even that they will be allowed to shoot you if you complain

and the Supreme Court will not allow you to organize due to healthcare or overtime


is THIS where GREAT AMERICA is headed for

because marx is right
the Worker will RISE UP

take a look at Egypt Yemen Bahrain Libya Greece England .....these are just a few

[CatholicEdHead]

59. At some point that is probably the goal

Up here in Minnesota we have Republicans in charge of the legislature idolizing Indiana and Texas to pull us down. :puke:

http://www.minnpost.com/douggrow/2011/03/25/26893/gops_frequent_praise_of_indiana_and_texas_may_give_many_a_sinking_feeling

So the starting point in other states is even lower.

[xchrom]

18. U.S. stock futures rise; ADP jobs report on tap Asian and European markets post strong gains

http://www.marketwatch.com/story/us-stock-futures-rise-adp-jobs-report-on-tap-2011-03-30

MADRID (MarketWatch) — U.S. stock futures rose on Wednesday, buoyed by gains for overseas markets with a rally in Tokyo, and the economic focus falling on ADP employment data due later.

Futures for the Dow Jones Industrial Average climbed 37 points to 12,262, and those for the Standard & Poor’s 500 index rose 5 points to 1,321.50.

Futures for the Nasdaq 100 index gained 13.5 points to 2,336.

[Demeter]

21. A Choice for States: Banks, Not Budget Crises

http://www.yesmagazine.org/new-economy/a-choice-for-states-banks-not-budget-crises

Cut spending, raise taxes, sell off public assets—these are the unsatisfactory solutions being debated across the nation, but the budget crises that nearly all the states are now suffering did not arise from too much spending or too little taxation. The crises arose from a credit freeze on Wall Street. In the wake of the 2009 financial market collapse, banks curtailed their lending more sharply than in any year since 1942, driving massive unemployment and causing local tax revenues to plummet.

The logical solution, then, is to restore credit to the local economy. But how? The Federal Reserve could provide the capital and liquidity necessary to create bank credit, in the same way that it provided $12.3 trillion in liquidity and short-term loans to the large money center banks. But Fed Chairman Ben Bernanke declared in January 2011 that the Fed had no intention of doing that—not because it would be too costly (the total deficit of all the states comes to less than two percent of the credit advanced for the bank bailout) but because it is not part of the Fed’s mandate. If Congress wants the Fed to advance credit to local governments, he said, it will have to change the law.

The budget crises that nearly all the states are now facing did not arise from too much spending or too little taxation. The crises arose from a credit freeze on Wall Street.

The states are on their own. Policymakers are therefore considering a variety of reforms designed to increase bank lending, particularly to small businesses, the hardest hit by tightening credit standards. One measure that is drawing increasing interest is the creation of a bank modeled on the Bank of North Dakota (BND), currently the only state-owned bank in the country. The BND has a 92-year history of safe, secure and highly profitable banking. North Dakota has the lowest unemployment rate in the country; and in 2009, when other states were floundering, it had the largest budget surplus it had ever had.

Eight states now have bills pending either to form state-owned banks or to do feasibility studies to determine their potential. This year, bills were introduced in the Oregon State legislature on January 11; in Washington State on January 13; in Massachusetts on January 20 (following a 2010 bill that lapsed); and in the Maryland legislature on February 4. They join Illinois, Virginia, Hawaii, and Louisiana, which introduced similar bills in 2010. The Center for State Innovation, based in Madison, Wisconsin, was commissioned to do detailed analyses for Washington and Oregon. Their conclusion was that state-owned banks in those states would have a substantial positive impact on employment, new lending, and state and local government revenue.

[burf]

29. The idea of a state bank sounds good....

There however are a couple points that are often missed in how great North Dakota is doing economically.

One is the discovery of oil. This has led to a serious shortage of workers so unemployment is low. One problem with the growth is that infrastructure is solely lacking. There is inadequate housing for the workforce and the roads are getting all torn up due to the heavy truck traffic.

The second is the fact that North Dakota is a welfare state. They receive almost two dollars in Federal funds for every dollar they send to Washington. How many states such as California, Minnesota and Illinois would be in their current financial mess if they enjoyed the same return?

[Demeter]

33. California would be in a mess no matter how much federal welfare it got

Competence is the state of an orderly, reality-accepting mind.

California believes if one doesn't mind, it doesn't matter.

A state bank would pull the claws of rentiers out of the levers of government. This could only be a good thing.

It is well worth pursuing, by those states that are reality-based, and have a few adults left in charge.

[Demeter]

22. Forbes: Stock Returns Continue To Shoot Holes In New Normal

http://blogs.forbes.com/investor/2011/03/29/stock-returns-continue-to-shoot-holes-in-new-normal/?partner=yahoofpapp

Since the stock market crash of late 2008, investors have heard a lot about the “New Normal”—the notion that we’re now in a new era of lower-than-average economic growth, and lower-than-average stock market gains.

But a new study from the Center for Retirement Research at Boston College, a group that is affiliated with M.I.T. and The Brookings Institution, argues otherwise. “The return on stocks will depend on corporations’ profitability,” write the study’s authors Richard W. Kopcke and Zhenya Karamcheva.

“Companies’ earnings have recovered strongly since the recent recession, and the valuation of those earnings reflected in current stock prices is near its historical average. If companies maintain their profitability, stocks are likely to pay returns that match their historical averages over the coming decade, even if the recovery of the economy is weaker than average.” (A tip of the cap to CBS MoneyWatch’s Carla Fried for highlighting the study...)

Among Kopcke and Karamcheva’s main points:

* Over the last couple decades, dividend yields of U.S. stocks have tumbled, and capital gains have made up a bigger portion of total stock returns;
* But capital gains aren’t necessarily linked to economic growth—share repurchases have become a key driver of capital gains. Kopcke and Karamcheva say that even if economic growth is slow, companies can use share repurchases to enhance shareholder value, as they’ve done for the past quarter-century;
* Earnings, not economic growth, are key to stock returns, and right now the earnings yield on stocks is about 6.5%—right around the historical average. If companies maintain their earnings and P/E multiples don’t fall substantially, Kopcke and Karamcheva say investors should realize real, after-inflation returns of about 6.5% over the next decade;
* The “prospect for earnings is promising,” as earnings per share of stocks have rebounded and are near pre-recession highs;
* Profit margins have also rebounded despite a weak economic recovery and are around 8.5%, which bodes well. “If margins remain near 8 percent, thereby splitting the difference between the high margins of the 1950s and 1960s and the low margins of the 1970s and 1980s, stock prices would likely remain at or above 15 times earnings as they have done in past economic expansions,” the authors write.

[Hotler]

24. k&r n/t

[Demeter]

25. US Cleantech Venture to Cleanup Japan Nuclear Crisis

http://blogs.forbes.com/joshwolfe/2011/03/29/us-cleantech-venture-to-clean-up-japan-nuclear-crisis/?partner=yahoofpapp

A VC-backed US high-tech company has revealed that it has been quietly preparing more than 100 tons of its radiation sopping material to assist in the cleanup of nuclear contamination from the Fukushima I Nuclear Power Plant.

The company, Kurion, an innovator in nuclear waste management, has a one-two punch to knock out radioactivity from the environment.

They developed one technology called “ion specific media” that targets and removes radioactive isotopes (atoms) including fission byproducts like plutonium, failed fuel like cesium and strontium and others like nickel, iodine and cobalt. Their second punch is a clever inexpensive way to permanently isolate the radioactive atoms in glass, called “modular vitrification”.

A key Kurion breakthrough: the material works in salt water, especially important since Japan’s nuclear reactors were flooded with sea water to cool them. Other existing approaches fail in salt water, grabbing salt instead of the radioactive elements. “The use of salt water for emergency cooling at Fukushima “blinds” conventional organic ion exchange resins used for decontamination,” said Kurion Chief TechnologyOfficer, Dr. Mark Denton.

Coincidentally: the same material used to succesfully clean-up liquids from the Three Mile Island nuclear plant accident is now exclusively distributed by Kurion. After that clean up, the material was volume reduced and permanently immobilized by converting it into a glass matrix using vitrification which the CEO calls “the gold standard of waste stabilization”. Kurion has since improved both the material performance and also advanced the state of the art for vitrification with lower cost and higher throughput...

[Demeter]

26. The 5 best and worst states to be unemployed in

http://www.salon.com/news/politics/war_room/2011/03/29/unemployment_best_worst/index.html

Here, then, is a list of the five least generous states in America when it comes to aiding the jobless:

1. Mississippi
Unemployment rate: 10.2 percent (42nd)
Maximum weekly benefit: $235
No. of weeks state pays for: 26
Total possible compensation: $6,110

2. Arizona
Unemployment rate: 9.6 percent (38th)
Maximum weekly benefit: $240
No. of weeks: 26
Total: $6,240

3. Louisiana
Unemployment rate: 7.9 (20th)
Maximum weekly benefit: $247
No. of weeks: 26
Total: $6,422

4. Alabama
Unemployment rate: 9.3 percent (33rd)
Maximum weekly benefit: $265
No. of weeks: 26
Total: $6,890

5. Tennessee (tie)
Unemployment rate: 9.6 percent (38th)
Maximum weekly benefit: $275
No. of weeks: 26
Total: $7,150

5. Florida (tie)
Unemployment rate: 11.5 percent (49th)
Maximum weekly benefit: $275
No. of weeks: 26
Total: $7,150

Meanwhile, the top five states for unemployment benefits are:

1. Massachusetts
Unemployment rate: 8.2 percent (22nd )
Maximum weekly benefit: $625
No. of weeks state pays for: 26
Total possible compensation: $16,250

2. New Jersey
Unemployment rate: 9.2 percent (32nd)
Maximum weekly benefit: $598
No. of weeks: 26
Total: $15,548

3. Minnesota
Unemployment rate: 6.7 percent (11th)
Maximum weekly benefit: $578
No. of weeks: 26
Total: $15,028

4. Pennsylvania
Unemployment rate: 8.0 percent (20th)
Maximum weekly benefit: $573
No. of weeks: 26
Total: $14,898

5. Washington
Unemployment rate: 9.1 (30th)
Maximum weekly benefit: $570
No. of weeks: 26
Total: $14,820

[Demeter]

27. Where the Bailout Went Wrong By NEIL M. BAROFSKY

http://www.nytimes.com/2011/03/30/opinion/30barofsky.html

TWO and a half years ago, Congress passed the legislation that bailed out the country’s banks. The government has declared its mission accomplished, calling the program remarkably effective “by any objective measure.” On my last day as the special inspector general of the bailout program, I regret to say that I strongly disagree. The bank bailout, more formally called the Troubled Asset Relief Program, failed to meet some of its most important goals.

From the perspective of the largest financial institutions, the glowing assessment is warranted: billions of dollars in taxpayer money allowed institutions that were on the brink of collapse not only to survive but even to flourish. These banks now enjoy record profits and the seemingly permanent competitive advantage that accompanies being deemed “too big to fail.”

Though there is no question that the country benefited by avoiding a meltdown of the financial system, this cannot be the only yardstick by which TARP’s legacy is measured. The legislation that created TARP, the Emergency Economic Stabilization Act, had far broader goals, including protecting home values and preserving homeownership.

These Main Street-oriented goals were not, as the Treasury Department is now suggesting, mere window dressing that needed only to be taken “into account.” Rather, they were a central part of the compromise with reluctant members of Congress to cast a vote that in many cases proved to be political suicide...

A MUST READ, SCHADENFREUDE ARTICLE

[bread_and_roses]

32. Wall St. Stands at the Pinnacle of 5,000 Years of Human Exploitation

http://www.alternet.org/economy/150416/wall_st._stands_at_the_pinnacle_of_5%2C000_years_of_human_exploitation?page=2

In an earlier day, our rulers were kings and emperors. Now they are corporate CEOs and hedge fund managers. Wall Street is Empire’s most recent stage. Its reign will mark the end of the tragic drama of a 5,000 year Era of Empire.

... most all the advances that make us truly human came before the Era of Empire—including the domestication of plants and animals, food storage, and the arts of dance, pottery, basket making, textile weaving, leather crafting, metallurgy, architecture, town planning, boat building, highway construction, and oral literature.

... Most of the economic, social, and environmental pathologies of our time—including sexism, racism, economic injustice, violence, and environmental destruction—originate in the institutions of Empire. The resulting exploitation has reached the limits that the social fabric and Earth’s natural systems will endure.

As powerful as Wall Street appears to be, its abuse of power has so eroded the economic, social, and environmental foundations of its own existence that its fate is sealed. We the People have a choice. We can allow Wall Street to maintain its grip until it brings down the whole of human civilization in irrevocable social and environmental collapse. Or we can take control of our future and replace the Wall Street economy with the values and institutions of a New Economy comprised of locally owned businesses devoted to serving their communities by investing in the use of local resources to produce real goods and services responsive to local needs.

(bold emphasis added)

[Demeter]

36. When Facts Are Not Enough: Treating Mass Psychosis

http://blogs.alternet.org/speakeasy/2011/03/29/21561/?akid=6755.227380.oB1QbW&rd=1&t=9

One of the biggest, long-lasting delusions of progressives is that people are moved mainly by rational arguments. Consequently, to get people to accept a particular policy such as universal health care, all one needs to do is to present strong and persuasive arguments in favor of it.

(I KEEP HAVING THIS DISCUSSION WITH MY SIS, WHO THINKS SHE CAN REASON WITH MY FATHER...I HAVE BEEN ADVOCATING MORE ACTIVE MEASURES....)

Nothing could be further from the truth.

As George Lakoff and many others have pointed out, conservatives are highly effective in getting their views across and their policies adopted not just because they control major media outlooks and think tanks, but because they have powerful narratives that appeal directly to gut emotions. Until progressives not only have a better understanding of how emotions fundamentally shape political issues, but also incorporate them into their appeals, they will continue to lose the hearts and minds of the wider populace.

Progressives don’t need to abandon rationality altogether. Instead, they need a better theory of it that shows how emotions and reason not only influence one another, but are interdependent. In this regard, psychoanalysis is one of the most powerful theories humans have ever invented...

(BUT ONE MUST NOT BE LED ASTRAY BY THOSE BRANCHES THAT ARE INHERENTLY IRRATIONAL...)

MORE AT LINK

[Demeter]

37. Why Don't 200,000 Americans Turn Out to Protest Nuclear Power? They Did This Weekend in Germany.

http://blog.buzzflash.com/node/12536

Because we did after 3 Mile Island, and it worked, and we are hoping that the facts will speak for themselves and nobody (not even a Democratic President) would be so foolish as to resume the irradiation of the US?

[Demeter]

39. US stores spent nuclear fuel rods at 4 times pool capacity

https://www.readability.com/read?url=http://inteldaily.com/2011/03/us-stores-spent-nuclear-fuel-rods-at-4-times-pool-capacity/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+inteldaily%2Ffeeds+%28Inteldaily.com%29

MORE FACTS THAN YOU CAN SHAKE A GEIGER COUNTER AT...

[Po_d Mainiac]

51. Is there an app for that? n/t

[Fuddnik]

52. Because we've become a nation of self-absorbed, distracted, tea-bagging assholes.

But, that's just my opinion, I could be wrong.

[AnneD]

38. Thought for the day....

courtesy of my local Italian restaurant.

Late one night a mugger wearing a ski mask jumped into a path of a well-dressed man and stuck a gun in his ribs "give me your money," he demanded. Indignant, the affluent man replied, "you can't do this – I am a United States congressman!" "In that case," replied the mugger, "give me MY money."

Have a good day at the casino and remember....the odds are always in favour of the house.

[DemReadingDU]

40. That's a good one!

:)

[Demeter]

41. Robert Samuelson's Troubled TARP Arithmetic by: Dean Baker

http://www.truth-out.org/robert-samuelsons-troubled-tarp-arithmetic68824

We know that arithmetic is not the strong suit of the Washington Post and Robert Samuelson drives this point home again today with his discussion of the TARP. Samuelson tells us that TARP is now projected to cost just $19 billion and that the final cost may actually be lower. He also tells us that the alternative to TARP, bank nationalization would have been far more costly. And, he said that without TARP the unemployment rate "would be 11 percent or 14 percent; it certainly wouldn't be 8.9 percent."

Okay, let's take these in turn. First, the idea that the TARP cost almost nothing is based on some very shoddy accounting. Samuelson apparently does not understand the idea of money carrying an opportunity cost.

Suppose the government lent me $1 trillion for 10 years at 1 percent annual interest. In the Robert Samuelson world, the government is earning a $100 billion profit on this investment ($10 billion a year for 10 years). Economists familiar with opportunity costs would instead see this as a huge loss to the government, since it is giving me an enormous loan at an interest rate that is several percentage points below the market rate.

We saw how this worked with the TARP when Warren Buffett reported earning twice the money on his investment in Goldman Sachs which was half of the size of the investment from Treasury. Buffett got the market rate of return on his investment, the difference was a subsidy from taxpayers to the shareholders and executives of Goldman. The same story was true with the other TARP loans, as well as the even larger amount of money lent through the Fed as well as the guarantees provided by the FDIC....

MUCH, MUCH MORE---READ BEFORE EATING, TO AVOID UPSETS

[xchrom]

45. have your grain of salt handy: Private sector adds 201,000 jobs in March: ADP

http://www.marketwatch.com/story/private-sector-adds-201000-jobs-in-march-adp-2011-03-30

WASHINGTON (MarketWatch) — Private-sector employment climbed 201,000 in March, according to Automatic Data Processing Inc.’s employment report released Wednesday in a preview of the more closely-followed government release later this week.

The gain was roughly in line with economist forecasts. In February, private payrolls rose by 208,000 jobs, down slightly from the initial estimate of a 217,000 increase.

[Demeter]

46. Chapter Three: Banding Together for the Common Good

http://www.truth-out.org/banding-together-common-good68845

In the beginning, there were people.

For thousands of years, it was popular among philosophers, theologians, and social commentators to suggest that the first humans lived as disorganized, disheveled, terrified, cold, hungry, and brutal lone-wolf beasts. But both the anthropological and archeological records prove it a lie.

Even our cousins the apes live in organized societies, and evidence of cooperative and social living is as ancient as the oldest hominid remains. For four hundred thousand years or more, even before the origin of Homo sapiens, around the world we primates have made tools, art, and jewelry and organized ourselves into various social forms, ranging from families to clans to tribes. More recently, we’ve also organized ourselves as nations and empires.1

As psychologist Abraham Maslow and others have pointed out, the value system of humans is first based on survival. Humans must breathe air, eat food, drink water, keep warm, and sleep safely. Once the basic survival and safety needs are accounted for, we turn to our social needs—family, companionship, love, and intellectual stimulation. And when those are covered, we work to fulfill our spiritual or personal needs for growth.

Our institutions reflect this hierarchy of needs. Families, whether tribal nomads or suburban yuppies, first attend to food, water, clothing, and shelter. Then they consider transportation, social interaction, and livelihood. And when those basics are covered, our families turn to our intellectual and spiritual needs...

MUCH MORE AT LINK

[tclambert]

61. Cavemen were socialists?

Thank the gods we're more civilized now and have Teabaggers supporting union-busting and whatnot.

[DemReadingDU]

47. FDA Chemist Charged With Insider Trading

His son also charged...

3/30/11 FDA Chemist Charged With Insider Trading

A longtime chemist at the Food and Drug Administration was charged Tuesday with insider trading by federal authorities, who alleged he made as much as $3.6 million trading drug company stocks based on confidential drug-approval information.

The Securities and Exchange Commission filed civil charges against Cheng Yi Liang, 57, an FDA employee since 1996, alleging he illegally traded in advance of at least 27 different FDA announcements involving 19 publicly traded companies. The Justice Department filed related criminal charges and also charged Mr. Liang's son, Andrew Liang, in the case. Both are residents of Gaithersburg, Md.

The charges stunned the FDA. Mr. Liang works in the division in charge of approving new drugs, the agency's most visible and sensitive role. The pharmaceutical industry has long worried about security in this area, given how much secret corporate information is shared with employees at the agency.

"This is the kind of stuff I lost sleep over," said former FDA commissioner David Kessler, because pharmaceutical companies and Wall Street depend on FDA officials never using their proprietary knowledge "to play the market."

The SEC and the Justice Department said the men traded shares dating back to 2006 of companies whose drugs were used for colon cancer, schizophrenia, insomnia, severe constipation, osteoarthritis and heart disease.

more...
http://online.wsj.com/article/SB10001424052748704471904576231000918221870.html?Mod=MKTW

[Demeter]

49. Rather than Inflict Myself Upon You All, and Likewise Have Another Unbelievable Day Inflict Itself

upon the markets, I'm going to take a break. I wish things would get better, but the odds are against us.

I'm going to go hunt out a nice dry cave, close to some fish-stocked water and berry-filled woods...Thoreau had a good idea--get away from it all, if only for a little while.

[xchrom]

53. i'm sorry to hear that demeter.

i love your postings.

[xchrom]

54. Americans are stressed about work, study finds

http://latimesblogs.latimes.com/money_co/

More than three-fourths of U.S. workers are stressed out about their jobs, according to a study by Harris Interactive on behalf of Everest College.

Low pay (14%) was the most common source of stress, followed by commuting (11%), excessive workload (9%) and the fear of being fired or laid off (9%), according to the survey of nearly 1,000 adults released today.

[AnneD]

55. When it comes to work these days....

I have achieved the blissful state of Nirvana. The cause....I don't give a shit any more. Now do not get me wrong. I deeply care about the kids and will continue to do my best.

But frankly, I don't care if they DO fire my happy ass. I don't care if they are inundated with lawsuits next year by parents whose kids did not receive required services, were injured, or died because the district chose to cut nursing services (despite our most stringent warnings that this will happen).

School Nurses have gone down fighting on this one. I am not ashamed of our efforts. We are thinking of directly presenting the school board with our letters of indemnity this fall to protect our license. It will then be a matter of public record and if the district is sued, we cannot be personally blamed in a suit.

Yes that 1/2 million dollar blowout preventer on the Deep-water Horizon looked expensive at the time but in hindsite......

[xchrom]

56. +1 -- not caring can be a blessing.

and we do seem to be surrounded by powerful yet indifferent forces.

[Festivito]

58. Debt: 03/28/2011 14,211,567,662,931.23 (UP 34,111,290.26) (Mon, UP a little.)

Debt: 03/28/2011 14,211,567,662,931.23 (UP 34,111,290.26) (Mon, UP a little.)
(Good day.)
A salad without meat is a oddity, but can be done for 3.79 instead of 4.89 and MicD's.
(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)
= 9,589,953,849,874.55 + 4,621,613,813,056.68
UP 227,402,237.21 + DOWN 193,290,946.95

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 $3,208.55 makes 1T$.
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 311,667,392 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 $45,598.51.
A family of three owes $136,795.52. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 to 28 days.
The average for the last 21 reports is 800,158,260.41.
The average for the last 30 days would be 560,110,782.29.
The average for the last 28 days would be 600,118,695.31.
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$/day.
There were 123 reports in 179 days of FY2011 averaging 5.28B$ per report, 3.63B$/day.
Above line should be okay

PROJECTION:
There are 664 days remaining in this Obama 1st term.
By that time the debt could be between 14.6 and 17.6T$.
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)
03/28/2011 14,211,567,662,931.23 BHO (UP 3,584,690,614,018.15 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 +0,649,944,632,039.50 ------------* * * * * * * * * * * * * * * * BHO
Endof11 +1,325,306,093,264.90 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
03/08/2011 +000,276,984,022.19 ------------********
03/09/2011 +000,555,472,651.94 ------------********
03/10/2011 -020,814,859,511.27 -
03/11/2011 +000,832,058,508.78 ------------********
03/14/2011 +000,380,093,829.66 ------------******** Mon
03/15/2011 +066,006,214,426.70 ------------**********
03/16/2011 +001,148,655,957.01 ------------*********
03/17/2011 -014,916,428,437.31 -
03/18/2011 +000,616,236,061.23 ------------********
03/21/2011 -000,100,873,734.64 --- Mon
03/22/2011 +000,366,066,174.28 ------------********
03/23/2011 -000,063,255,741.95 ----
03/24/2011 -015,763,143,549.40 -
03/25/2011 -000,034,574,737.25 ----
03/28/2011 +000,227,402,237.21 ------------******** Mon

18,716,048,157.18 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=4791662&mesg_id=4792046

[Festivito]

66. Debt: 03/29/2011 14,215,744,197,688.26 (UP 4,176,534,757.03) (Tue, UP a little.)

(Good day.)
Poured myself into bed. Sleep comes soon -- I hope.
(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)
= 9,590,134,857,289.87 + 4,625,609,340,398.39
UP 181,007,415.32 + UP 3,995,527,341.71

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 $3,208.47 makes 1T$.
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 311,674,592 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 $45,610.85.
A family of three owes $136,832.56. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 21 reports in the last 30 to 28 days.
The average for the last 21 reports is 2,037,457,515.79.
The average for the last 30 days would be 1,426,220,261.05.
The average for the last 28 days would be 1,528,093,136.84.
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$/day.
There were 124 reports in 180 days of FY2011 averaging 5.28B$ per report, 3.63B$/day.
Above line should be okay

PROJECTION:
There are 663 days remaining in this Obama 1st term.
By that time the debt could be between 15.1 and 17.6T$.
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)
03/29/2011 14,215,744,197,688.26 BHO (UP 3,588,867,148,775.18 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 +0,654,121,166,796.50 ------------* * * * * * * * * * * * * * * * BHO
Endof11 +1,326,412,366,004.01 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
03/09/2011 +000,555,472,651.94 ------------********
03/10/2011 -020,814,859,511.27 -
03/11/2011 +000,832,058,508.78 ------------********
03/14/2011 +000,380,093,829.66 ------------******** Mon
03/15/2011 +066,006,214,426.70 ------------**********
03/16/2011 +001,148,655,957.01 ------------*********
03/17/2011 -014,916,428,437.31 -
03/18/2011 +000,616,236,061.23 ------------********
03/21/2011 -000,100,873,734.64 --- Mon
03/22/2011 +000,366,066,174.28 ------------********
03/23/2011 -000,063,255,741.95 ----
03/24/2011 -015,763,143,549.40 -
03/25/2011 -000,034,574,737.25 ----
03/28/2011 +000,227,402,237.21 ------------******** Mon
03/29/2011 +000,181,007,415.32 ------------********

18,620,071,550.31 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=4793228&mesg_id=4793703

[Name removed]

62. Deleted message

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

[Tansy_Gold]

63. Xpost from Omaha Steve

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=367x31431

Maine Democratic party has put the "decadent" Labor Mural on their website.

PLEASE REC THIS.



TG, shameless

[hamerfan]

64. Recommended!

Thanks, TG. I enjoy Omaha Steve's posts.
hamerfan

[Hotler]

65. Evening kick! n/t

[Robbien]

67. Chemist at FDA charged with insider trading

it was alleged he made as much as $3.6 million trading drug company stocks based on confidential drug-approval information

http://online.wsj.com/article/SB10001424052748704471904576231000918221870.html


Corruption in government is getting to be the standard. What is not standard these days is that someone still brings charges against the crooks.

The FDA of course is "shocked".